Company Registration Number 04456762
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THE WORLDWIDE UNIVERSITIES NETWORK
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UNAUDITED
FINANCIAL STATEMENTS
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(A company limited by guarantee)
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THE WORLDWIDE UNIVERSITIES NETWORK
(A company limited by guarantee)
Officers and Professional Advisers
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Professor L Wei (resigned 5 March 2024)
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Professor M Hagen (resigned 15 January 2024)
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Acting President M Rogers (resigned 15 January 2024)
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Professor T Kupe (resigned 4 August 2023)
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Professor Dr R M Letschert
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Professor S E Buitendijk (resigned 31 December 2023)
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Vice Chancellor W Flanagan
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Professor R S Tuan (resigned 25 February 2025)
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President S R Goulart Almeida
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Dr D A Garza Salazar
Professor D Freshwater
Professor K Lamberts
Professor B Mahaisavariya (resigned 4 October 2024)
Professor BD Reddy (resigned 15 October 2024)
President M-R Shen
Professor E K Welch
Professor L O Roberts (appointed 22 February 2024)
Professor H-S Yu (appointed 15 March 2024)(resigned 27 February 2025)
Professor P Sritara (appointed 27 September 2024)
Professor C M Maree (appointed 27 September 2024)
Professor F W Petersen (appointed 15 October 2024)
President K Nagata (appointed 31 October 2024)
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Professor S West (appointed 27 February 2025)
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THE WORLDWIDE UNIVERSITIES NETWORK
(A company limited by guarantee)
CONTENTS
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Statement of Income and Retained Earnings
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Statements of Financial Position
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Notes to the Financial Statements
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THE WORLDWIDE UNIVERSITIES NETWORK
(A company limited by guarantee)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
The Directors present their report and the financial statements for the year ended 31 July 2024.
The principal activity of the Company is the creation of new multilateral opportunities for international collaboration in research and graduate education. It is a flexible and dynamic organisation that uses the combined resources and intellectual power of its members to achieve collective international objectives and stretch international ambitions.
The Directors have reviewed the financial health of the Company in light of ongoing global events. The Directors have consulted with the members to confirm that they remain committed to the future of the Company and intend to support the activities of the Company through continued payment of membership subscriptions.
Company activities have largely returned to pre-pandemic levels following the lifting of global travel restrictions. In the Directors' judgement, the Company has sufficient funds to meet its commitments for at least 12 months from the date of signing. As a result, the accounts continue to be prepared on a going concern basis.
The Directors who served during the year were:
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Professor L Wei (resigned 5 March 2024)
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Professor M Hagen (resigned 15 January 2024)
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Acting President M Rogers (resigned 15 January 2024)
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Professor T Kupe (resigned 4 August 2023)
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Professor Dr R M Letschert
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Professor S E Buitendijk (resigned 31 December 2023)
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Vice Chancellor W Flanagan
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Professor R S Tuan (resigned 25 February 2025)
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President S R Goulart Almeida
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Dr D A Garza Salazar
Professor D Freshwater
Professor K Lamberts
Professor B Mahaisavariya (resigned 4 October 2024)
Professor BD Reddy (resigned 15 October 2024)
President M-R Shen
Professor E K Welch
Professor L O Roberts (appointed 22 February 2024)
Professor H-S Yu (appointed 15 March 2024)(resigned 27 February 2025)
Professor P Sritara (appointed 27 September 2024)
Professor C M Maree (appointed 27 September 2024)
Professor F W Petersen (appointed 15 October 2024)
President K Nagata (appointed 31 October 2024)
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Page 1
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THE WORLDWIDE UNIVERSITIES NETWORK
(A company limited by guarantee)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
Events after the end of the reporting period
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There are no post balance sheet events.
Qualifying indemnity provision
The Company has made qualifying third party indemnity provisions for the benefit of its Directors which are made during the year and remain in force at the date of this report.
In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the Board and signed on its behalf by:
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Professor P Lennie
Director
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Helena Smith
Company Secretary
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Page 2
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THE WORLDWIDE UNIVERSITIES NETWORK
(A company limited by guarantee)
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JULY 2024
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Retained earnings at the beginning of the year
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(Loss)/profit for the year
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Retained earnings at the end of the year
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The notes on pages 6 to 14 form part of these financial statements.
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Page 3
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THE WORLDWIDE UNIVERSITIES NETWORK
(A company limited by guarantee)
REGISTERED NUMBER: 04456762
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
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Professor P Lennie
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The notes on pages 6 to 14 form part of these financial statements.
Page 4
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THE WORLDWIDE UNIVERSITIES NETWORK
(A company limited by guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
Cash flows from operating activities
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(Loss)/profit for the financial year
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Decrease/(increase) in debtors
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(Decrease)/increase in creditors
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Net cash generated from operating activities
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Cash flows from investing activities
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Net cash from investing activities
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Net (decrease)/increase in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 6 to 14 form part of these financial statements.
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Page 5
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THE WORLDWIDE UNIVERSITIES NETWORK
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
The Worldwide Universities Network is a private company limited by guarantee, registered in England and Wales under the Companies Act 2006. The address of the registered office is Nexus Discovery Way, University of Leeds, Leeds, LS2 3AA.
These financial statements have been prepared under applicable UK law and in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 4).
The following principal accounting policies have been applied:
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
Page 6
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THE WORLDWIDE UNIVERSITIES NETWORK
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
3.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Grants payable are charged in the year in which the grant is communicated to the recipient, unless it is conditional. Conditional grants are recognised when the conditions attaching are fulfilled.
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 405 of the Companies Act 2006 on the basis that its subsidiary is excluded from consolidation on the grounds that their inclusion is not material for the purpose of giving a true and fair view.
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Judgements and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company is exempt from taxation in respect of income or capital gains received within categories covered by section 478-488 of the Corporation Tax Act 2010 (CTA 2010) or section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied to exclusively charitable purposes.
The Company has no similar exemption in respect of Value Added Tax. Irrecoverable VAT on inputs is included in the costs of such inputs.
Interest income is recognised in profit or loss using the effective interest method.
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THE WORLDWIDE UNIVERSITIES NETWORK
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
3.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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THE WORLDWIDE UNIVERSITIES NETWORK
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not really apparent from other sources. The estimated and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
No critical judgements or accounting estimates have been identified by the Directors which would have a significant effect on the amounts recognised in the financial statements.
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The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
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Cost of defined contribution scheme
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The average monthly number of employees, including the Directors, during the year was as follows:
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Page 9
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THE WORLDWIDE UNIVERSITIES NETWORK
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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The Director's aggregate remuneration in respect of qualifying services was:
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The average number of remunerated directors during the year is 1 director (2023: 1 director).
No other staff are employed by the company and there are no other key management personnel remunerated other than those noted here and in note 6.
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Shares in group undertakings
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The Worldwide Universities Network has a £1 investment in its 100% owned subsidiary WUN Trading Limited. WUN Trading Limited was incorporated in the UK and is dormant. The address of the registered office is Nexus Discovery Way, University of Leeds, Leeds, LS2 3AA.
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Page 10
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THE WORLDWIDE UNIVERSITIES NETWORK
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Page 11
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THE WORLDWIDE UNIVERSITIES NETWORK
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
The company is a private company limited by guarantee and is controlled equally by its members. At the reporting date there were 23 members. Their registered offices are as follows:
Chinese University of Hong Kong, Pond Cres, Ma Liu Shui, Hong Kong
Federal University of Minas Gerais, Av. Pres. Antonio Carlos, 6627 - Pampulha, Belo Horizonte - MG, 31270-901, Brazil
Instituto Tecnologico de Monterrey, Monterrey, Nuevo León, Mexico
Mahidol University, 999 Phuttamonthon 4 Road, Salaya, Nakhon Pathom 73170, Thailand
Renmin University of China, 59 Zhongguancun St, Haidian Qu, China, 100872
Ruhr-Universität Bochum, UniversitätstraBe 150, 44801 Bochum
University of Alberta, 116 St & Ave, Edmonton, AB T6G 2R3, Canada
University of Auckland, Auckland, 1010, New Zealand
University of Bergen, University of Bergen Postboks 7800, N-5020 Bergen
University of Bristol, Senate House, Tyndall Avenue, Bristol, BS8 1TH
University of Cape Town, Rondebosch, Cape Town, 7700, South Africa
University of Exeter, Northcote House Exeter EX4 4QJ
University of Ghana, P.O. Box LG 25, Legon, Accra
University of Lausanne, Chateau de Dorigny, Quartier Chamberonne, Lausanne, 1015
University of Leeds, 11/75 EC Stoner Building, University of Leeds, Leeds, LS2 9JT
University of Maastrict, Minderbroedersberg 4-6, 6211 LK Maastrict, Netherlands
University of Makerere, Room 303, Main Administration Building, PO Box 7062, Kampala, Uganda
University of Pretoria, Hatfield, 0028
University of Rochester, Rochester, NY 14627
University of Sheffield, Firth Court, Western Bank, Sheffield, England, S10 2TN
University of Southampton, Building 37 Finance Department, University of Southampton, Highfield, Southampton, SO17 1BJ
University of Technology Sydney, PO Box 123, Broadway NSW 2007, Australia
University of York, Heslington Hall, Heslington, York, England, YO10 5DD
Page 12
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THE WORLDWIDE UNIVERSITIES NETWORK
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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Related party transactions
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In the opinion of the Directors, there is no controlling party as this is a joint venture and the control is exercised equally by the 23 members.
Amounts outstanding to/from related parties at the year-end are:
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Payable to The Worldwide Universities Network 2024
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Payable to The Worldwide Universities Network 2023
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Payable by The Worldwide Universities Network 2024
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Payable by The Worldwide Universities Network 2023
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University of Southampton
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Renmin University of China
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Federal University of Minas Gerais
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Instituto Tecnologico de Monterrey
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Page 13
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THE WORLDWIDE UNIVERSITIES NETWORK
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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Related party transactions (continued)
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Amounts charged to/from related parties on an arm's length basis during the year include:
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Charged to The Worldwide Universities Network 2024
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Charged to The Worldwide Universities Network 2023
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Charged by The Worldwide Universities Network 2024
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Charged by The Worldwide Universities Network 2023
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Chinese University of Hong Kong
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Federal University of Minas Gerais
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Instituto Tecnologico de Monterrey
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Maastricht University, ASC
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National Cheng Kung University in Taiwan
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Renmin University of China
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University College Dublin
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University of Southampton
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University of Technology Sydney
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Page 14
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