Company number: 04919576 Charity Number: 1106349 

## **International Network for Advancing Science and Policy** 

_Report and financial statements for the year ended 31 December 2021_ 



**International Network for Advancing Science and Policy** 

## **Trustees Report for the year ended 31 December 2021** 

## **Contents** 

Reference and administrative information  ......................................................................................................... 1 Trustees’ annual report  .................................................................................................................................. 2-9 Independent auditor’s report  ...................................................................................................................... 10-12 Statement of financial activities (incorporating an income and expenditure account) ..................................... 13 Balance sheet  .................................................................................................................................................. 14 Statement of cash flows ................................................................................................................................... 15 Notes to the financial statements  .............................................................................................................. 16-23 



**International Network for Advancing Science and Policy Trustees Report for the year ended 31 December 2021** 

## **Reference and administrative information** 

**Company name:** International Network for Advancing Science and Policy (INASP) **Company number** 04919576 **Charity number** 1106349 **Registered office and** The Old Music Hall, 106-108 Cowley Road, Oxford, OX4 1JE **operational address Trustees** Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows: 

   - Jo Beall (resigned December 2021) 

   - Anne Tutt  Felicity Jones  Louise Shaxson  Julian Mason  Judy Omumba (appointed July 2021)  Eleanor Sarpong (appointed July 2021) 

   - Mayyada Abu Jaber (appointed July 2021) 

   - Lizbeth Navas-Aleman (appointed November 2021) 

- **Key management staff**  John Young Executive Director  Jon Harle Director of Programmes  Les Haynes Finance Director 

**Bankers** 

National Westminster Bank 43 Cornmarket St Oxford OX1 3HA 

**Auditor** Wenn Townsend Chartered Accountants 30 St Giles Oxford OX1 3LE 

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**International Network for Advancing Science and Policy Trustees Report for the year ended 31 December 2021** 

## **Trustees Report** 

The trustees present their report and the audited financial statements for the year ended 31 December 2021. 

The reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102. 

## INASP Vision and Mission 

Our vision: Research and knowledge at the heart of development 

Our mission: To support individuals and institutions to produce, share and use research and knowledge, which can transform lives. 

## INASP Values 

We are a values-driven organisation. Our values reflect our commitment to equity, respecting others, acting with integrity, openness and transparency and provide a lens for our work, both inside and outside of the organisation: 

Our values are: 

- **In it together:** We collaborate with our partners and those we serve to understand where we are needed, and the expertise that each party brings to the table. We co-design and codevelop solutions as teams. We speak up when needed and are equally open to being challenged by others. Together, we learn and evolve. 

- **Making change last:** Lasting change is our goal. We aim for a destination where we are no longer needed, and work hand in hand with our partners to get there.  We are bold and try new ideas as an integral part of learning what works. 

- **Every voice counts:** Everyone has a contribution to make and is listened to with deepest attention. We embrace differences and believe that diversity makes our understanding of the world more robust. We recognise the innate worth of all people and actively seek to address issues of power and equity within our work. 

- **Doing things right:** We are proud of what we do and uphold the highest standards of personal and professional honesty and behaviour. We are fair, and open in our decision making and hold ourselves accountable to delivering the best work. 

## Aims and activities 

INASP has 30 years of experience of working with partners in Africa, Latin America and Asia.  We have a well-established network of international contacts and a global reputation. 

We believe that research and knowledge have a crucial role to play in addressing global challenges and that equitable knowledge ecosystems that will enable and empower knowledge producers and users to address the key development challenges and improve their lives is essential to the achievement of the Sustainable Development Goals (SDGs). 

To realise this potential, we work with individuals to support the production, communication and uptake of research, knowledge and evidence; we work with their organisations, to strengthen the 

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**International Network for Advancing Science and Policy Trustees Report for the year ended 31 December 2021** 

environment in which research, learning and evidence use is undertaken; and we also work at the system level, to convene and foster networks across knowledge systems, connecting different actors in partnership to strengthen the capacity of individuals and institutions to produce, share and use research and knowledge, in support of national development. 

## How we work 

We believe that working in an integrated and systemic way and designing sustainability from the start is more effective in realizing longer-term development. Our work is grounded in an understanding of the social and political contexts and power dynamics within which we and our partners work. 

Our approach is based on five key processes: partnership, capacity development, learning and adapting, influencing, and gender and diversity. 

In identifying and carrying out the aims, the trustees have had regard to their duty in section 4 of the 2011 Charities Act relating to guidance on public benefit. As described in the following paragraphs, all our activities are carried out for the public benefit of people in developing and emerging countries. 

## Public benefit and where we work 

The trustees have referred to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set. 

In 2021 INASP worked in partnership with organisations in 9 countries: 

**Africa** : Ethiopia, Ghana, Kenya, Nigeria, Sierra Leone, Tanzania, Uganda. 

**South Asia** : Cambodia, Pakistan 

In addition, we continued to provide support to researchers globally through our AuthorAID platform, which now has over 28,000 members worldwide. In 2021 we supported 7,606 learners in 131 countries. 

## Achievements and performance in 2021 

In 2021 we delivered a portfolio of projects, using our digital platforms and online learning expertise to continue to support partners at a distance during continued pandemic restrictions. Our work this year has focused on: 

- Transformative learning and critical thinking in undergraduate education, in Sierra Leone, Tanzania, Uganda and Kenya 

- Addressing gender and other inequities within research systems, particularly in Ethiopia and Uganda 

- Communicating and publishing research, offering a series of online courses to researchers globally 

- Strengthening the use of evidence in public policy, particularly in Ghana, Uganda and Pakistan 

Substantial multi-year projects that continued in 2021 were: 

**1. Global Platforms for Equitable Knowledge Ecosystems (GPEKE):** This forty-five-month project is funded by the Swedish International Development Cooperation Agency (Sida) until December 

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**International Network for Advancing Science and Policy Trustees Report for the year ended 31 December 2021** 

2022. It aims to improve equity in the research systems in Uganda and Ethiopia, working with the Ugandan National Council for Science and Technology and the Ethiopian Academy of Sciences to develop capacity in research communication and academic publishing and establishing national gender alliances or networks, and with a smaller partnership with the Royal University of Phenom Penh in Cambodia. In parallel, we provide globally accessible training in research communication through our AuthorAID initiative. 

**2. Transforming Employability for Social Change in East Africa (TESCEA):** This is a three-and-ahalf-year project, funded by Foreign, Commonwealth and Development Office (FCDO) until December 2021. Working with four universities in Uganda and Tanzania, TESCEA worked to improve the learning experience for students, by fostering the development of critical thinking and problem-solving skills, making learning environments more gender-responsive, and improving the ultimate employability of graduates. In 2021 we launched a new toolkit to enable us to scale the approach with other universities in the future. 

**3. Assuring Quality Higher Education in Sierra Leone (AQHEd-SL):** In 2021 we continued work with a “critical thinking task force”, working with a group of lecturers from across Sierra Leone’s university system to embed critical thinking as curricula are re-designed as part of a wider project. 

**4. Strengthening Evidence Use for Development Impact (SEDI):** In the first half of 2021 we continued work with partners in Ghana, Uganda and Pakistan as part of this FCDO-funded project and published a series of papers to document our methods and learning. The project was closed early due to FCDO cuts in 2021., 

In addition, we undertook a series of smaller projects, and provided expertise to work led by Southern partners. This included: 

**5. Small projects and consultancies:** In addition, we carried out a number of smaller projects: 

- We supported the African Centre of Parliamentary Affairs and the Ghana Statistical Service in the **Data for Accountability (DAP)** project, to provide the evidence that Ghana Parliament needs to monitor progress towards the SDGS and to advocate better for their constituencies. 

- We undertook a **summative evaluation of the Partnership for Enhanced and Blended Learning project** for the Association of Commonwealth Universities. 

- We **advised Research Consulting on the “Science, Perceptions and International Trust”** research project, commissioned by the British Council. 

- We led a three-country team to **investigate how university academics and educators in Ghana, Kenya and Nigeria are innovating to create their own digital content** , as part of British Council’s Digital University in Africa programme. 

- We completed a consultation on the **challenges and opportunities for Open Access publishing** in the Global South, on behalf of the UK Department for International Development, Department of Health and Social Care and UK Research and Innovation, to inform the development of UK government policy. 

- We completed a **user review of the Research4Life information-access programme** . 

- We worked with a team of **adolescent sexual health researchers and practitioners from Kano State** (northern Nigeria) and the University of Hull to provide training in research communication and to facilitate discussions on how to improve the local generation and use of evidence to guide policy-formulation and decision-making. Advised the International Institute for Environment and Development on the development of a new MOOC on pastoralism in development and the London School of Hygiene and Tropical Medicine on a new online course on ‘Pandemics: Emergence, Spread and Response’. 

- We ran a series of **training workshops for early career researchers** supported through the Commonwealth Scholarship Commission, and for academic staff developing global challenge 

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**International Network for Advancing Science and Policy Trustees Report for the year ended 31 December 2021** 

research projects at the University of Essex, and to academics at the University of the Philippines. 

## Plans for the future 

Our programme is framed and guided by the concept of equitable knowledge ecosystems – which value different types of knowledge, enable a more diverse group of institutions to produce and use that knowledge, and which ensure that many more voices are heard as knowledge is produced, contested and deployed. 

During 2022 we will focus our efforts on supporting early career researchers and research and higher education institutions in the global south. We will emphasise research and knowledge that addresses real local development challenges and is engaged with policy and practice. We will work with HEIs to ensure teaching is focused on critical thinking skills, problem solving and relevance to society. 

To maximise our reach and value for money we will deliver most of our support through digital platforms and digital learning. Our digital learning platforms will provide a foundation to enable us to provide bespoke support to partners and enable us to develop our business and operating model. 

Addressing gender inequalities will cut across all our work and will be a focus of the programme in its own right. That will include gender-responsive research design, gender-responsive teaching and learning, and building gender-responsive institutions. 

Our largest project in 2022 will be the Global Platforms for Equitable Knowledge Ecosystems (GPEKE). Key activities in 2022 will include continued support to gender alliances in Uganda and Ethiopia, a series of MOOCs in research writing and communication for early career researchers, piloting a course for women researchers in Africa, pilot work to enable partners in Uganda and Ethiopia to develop their own online learning capabilities, and support to the development of a research publishing platform in Uganda. 

Other smaller projects for which we already have funding will include: 

- Continuing to support ACEPA with the Data for Accountability Project (DAP). 

- Providing training in academic publishing, policy impact and proposal writing for CSC scholars. 

- Providing training for researchers in the university of Uppsala, and their partners in the global south. 

- Developing our digital “social learning platform” to enable researchers to collaborate to address local development challenges 

- Continued advice and support to the International Institute for Environment and Development and London School of Hygiene & Tropical Medicine as they develop their online learning programmes. 

## Fundraising policy 

We are aware of our obligations under the Charities Act to report our fundraising policy. We engage with statutory funders, trusts, foundations, private companies and the public in order to raise our income. 

The 3 overarching goals in our 2020-2025 business development and fundraising strategy are: 

1. **Realising our mission:** Securing projects and programmes that support our strategy and growth in how we work and what we deliver - using a programme lens to identify key business 

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**International Network for Advancing Science and Policy Trustees Report for the year ended 31 December 2021** 

development activity by workstream area, and identifying specific plans for maintaining, growing, and acquiring key donor relationships and developing new income streams. 

2. **Achieving financial sustainability:** Balancing the books with the aim to cover staff costs in full, with some moderate growth in total income by 2025. 

3. **Developing a diversified portfolio of funding:** Multiple sizes, and funding models to sustainably deliver support in a mode that fulfils our commitment to Southern leadership and responds to the rapidly changing funding environment. 

We aim to achieve these goals by: 

- **Building resilience and agility into our pipeline** through exploring new funding models and sources and strengthening relationships with existing key funders and partners, intermediaries (including UK universities, European multilaterals, trusts and foundations) and strategic partners (including national research bodies, government agencies and NGOs) from the Global South. 

- **Actively using our donor intelligence** to continually refresh our understanding and mitigation of the risks in the funding environment and conversely our most solid funding avenues and ‘big bets’. 

- **Balancing programme goals and market demand** to deliver a dual approach to income generation - leading with concepts to take ideas to market, while responding to needs and interest of target funder and partner audiences. 

## Safeguarding 

As a values-led organisation, we are committed to promoting the rights of all people to live free from abuse and coercion, we are committed to putting in place safeguards and measures to prevent abuse and to ensure that people are treated with respect. 

This year has seen a continued sector-wide focus on improving safeguarding standards. We have treated this as an opportunity to establish excellence. We are nurturing a culture where any form of abuse is unacceptable and everyone who works with us is safe. We have reviewed our policies and procedures, so that they clearly set out our standards and expectations of staff and establish clear lines of responsibility and reporting. We have also made our whistleblowing policy and procedure much clearer and easier, with a direct route to the board of trustees. 

We have established an annual training programme to ensure staff are aware of and know how to apply these policies and standards, and in 2021 will continued to prioritise this with our staff and extended it to include our partners and associates when engaged on INASP work. 

## Financial review 

With the continued impact of Covid-19 pandemic and the budgetary cuts implemented by the FCDO income for the year decreased by 9% to £1,705,513 _(2020 £1,866,969)_ . Despite some project adjustments, project delivery costs remained similar to 2020, and combined with some exceptional one-off restructuring costs, overall expenditure rose by 2% to £2,055,074 ( _2020 £2,021,644_ ). This resulted in a deficit for the year of £349,561 ( _2020 deficit £154,675)._ As per last year’s reserves policy, this decrease was not unexpected and was in line with the budget and reflects on the continuing transition INASP is going through to attract new funding in a continuing difficult funding environment. 

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**International Network for Advancing Science and Policy Trustees Report for the year ended 31 December 2021** 

## Investment policy 

The Board requires that non-working funds be placed in short-term low risk, interest earning accounts. Due to the continued prevailing low interest market environment, returns continue to be low. 

## Risk management 

All significant project activities undertaken are subject to a risk review as part of the initial activity assessment and implementation. Organisation-level risks are identified and assessed in terms of their potential impact and likelihood and tracked using a risk register designed and managed by the Executive Director and reported on and monitored by the Board. 

The continued COVID-19 pandemic accelerated our transition to delivering most of our work online and establishing the systems to support this and supporting staff working from home was a major focus of work in 2021. 

These have now been established, and a key risk for 2022 is the increasingly competitive donor environment. INASP’s organisational restructuring in 2021 is more aligned with this environment, it has led to fewer employees and a strategy to work more with external Associates and Consultants. This has substantially reduced the core salary costs, while creating the flexibility necessary to take on new projects as they emerge, and in 2022 we will substantially strengthen and diversify our fundraising capacity and effort. 

## Reserves policy 

The charity has a general reserve of £808,071 as of 31 December 2021. The reserves policy is to keep a level of reserves of at least 9 months expenditure. With the major restructuring that took place during the year, this has resulted in a much lower cost base for INASP going forward, with the current level of reserves in the region of 10 months expenditure. Although still operating at a deficit it is felt that with the restructure and change in the way we work, combined with reduced operating costs, INASP can continue to seek new funding and partnership opportunities whilst still deliver upon its existing project work commitments. 

## Going concern 

With the major restructure that took place during 2021 combined with the continued support of our major funder, and implementation of our revised fundraising strategy we believe we can deliver our current projects, and at the same time attract additional funding from donors interested in supporting our mission. 

As a result of these efforts, we are confident that the organisation is a going concern. 

## Structure, governance & management 

The organisation is a charitable company limited by guarantee, incorporated on 2 October 2003 and registered as a charity on 18 October 2004. The company was established under a Memorandum of Association which established its objects and powers and is governed under its Articles of Association (as amended June 2019). 

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 6 to the accounts. 

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**International Network for Advancing Science and Policy Trustees Report for the year ended 31 December 2021** 

The charity’s objects are: 

For the benefit of people in resource poor countries, to advance research and education by: 

- The dissemination of and improving access to scientific, technical, medical and scholarly information. 

- Training educators, librarians, publishers, researchers, students and others in the organization, management and dissemination of information and knowledge; and 

- Advising other agencies or bodies upon such matters. 

## Appointment of trustees 

The trustees are elected to serve for a period of three years after which they may be re-elected at the next trustees meeting for one more term of three years, except in the case of the Chairman/treasurer who shall be permitted to remain as a trustee until their period of office as chairman/treasurer has expired. Trustees are not remunerated for their trusteeship and trustee expenses and related party transactions are disclosed in note 6 to the financial statements. 

The Chair of the trustees is ultimately responsible for recruiting new members and consults widely on potential candidates to ensure they represent the areas of the charity’s activities and/or contribute the knowledge and skills required for the board of trustees to give good quality oversight and advice to the charity’s executive management. 

## **Trustee induction and training** 

Most candidates are already familiar with INASP and its activities, but for induction and training purposes they are made aware of their obligations as trustees and members of the Board. They are provided with the terms of reference for trustees, the articles of the charity and other key documents such as strategic and financial plans. 

## **Related parties and relationships with other organisations** 

Related party transactions in the year are disclosed in note 8 to the financial statements. 

## **Remuneration policy** 

In determining the remuneration policy, the Board of trustees considers all factors which are deemed necessary. The objective of the policy is to ensure that the Executive Director and staff team are provided with appropriate incentives to encourage enhanced performance and are, in a fair and responsible manner, rewarded for their individual contributions to the success of the Charity. The appropriateness and relevance of the remuneration policy is reviewed annually including reference to comparisons with other charities ensuring INASP remains sensitive to the broader issues e.g., pay and employment conditions elsewhere. 

We aim to recruit, subject to experience, at the lower – medium point within a band, providing scope to be rewarded for excellence. We pay the living wage for all our staff. 

Delivery of INASP’s charitable vision and purpose is primarily dependent on our staff, which is the largest single element of charitable expenditure. In 2021 INASP awarded staff a 1-8% cost of living uplift in salary depending on banding. Further information on pension arrangements and on the salary costs for the year with comparisons to the previous year are presented in note 6 to the financial statements. 

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**International Network for Advancing Science and Policy Trustees Report for the year ended 31 December 2021** 

## **Statement of responsibilities of the trustees** 

The trustees (who are also directors of INASP for the purposes of company law) are responsible for preparing the trustees’ annual report including the strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: 

- Select suitable accounting policies and then apply them consistently. 

- Observe the methods and principles in the Charities SORP. 

- Make judgements and estimates that are reasonable and prudent. 

- State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements. 

- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

In so far as the trustees are aware: 

- There is no relevant audit information of which the charitable company’s auditors are unaware. 

- The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. 

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 December 2021 was 8 (2020:5). The trustees are members of the charity, but this entitles them only to voting rights. The trustees have no beneficial interest in the charity. 

## Auditor 

Wenn Townsend were appointed as the charitable company's auditor’s during the year and have expressed their willingness to continue in that capacity. 

The trustees’ annual report which includes the strategic report has been approved by the trustees: 

On 28 March 2022 and signed on their behalf by 


Lizbeth Navas-Aleman (Chair) 

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## **Independent auditor’s report** 

## **To the members of** 

## **International Network for Advancing Science and Policy** 

## Independent auditor’s report 

## **Opinion** 

We have audited the financial statements of International Network for Advancing Science and Policy Ltd (the ‘charitable company’) for the year ended 31st December 2021 which comprise the statement of financial activities, balance sheet, statement of cashflows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charitable company’s affairs as at 31st December 2021, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: 

- the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or 

- the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. 

## **Other information** 

The trustees are responsible for the other information.  The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially 

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**Independent auditor’s report** 

## **To the members of** 

## **International Network for Advancing Science and Policy** 

misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the trustees’ report (incorporating the trustees’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the trustees’ report has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of directors’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit.; or 

- the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemption in preparing the trustees’ annual report and from the requirement to prepare a strategic report. 

## **Responsibilities of trustees** 

As explained more fully in the trustees’ responsibilities statement set out in the trustees annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report 

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**Independent auditor’s report** 

## **To the members of International Network for Advancing Science and Policy** 

that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: 

- Enquiry of management and those charged with governance around actual and potential litigation and claims; 

- Enquiry of management and those charged with governance to identify any instances of noncompliance with laws and regulations; 

- Reviewing minutes of meetings of those charged with governance; 

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; 

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

## **Use of our report** 

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 


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## International Network for Advancing Science and Policy 

Statement of financial activities (incorporating an income and expenditure account) 

For the year ended 31 December 2021 

|For theyear ended 31 December 2021|||||
|---|---|---|---|---|
|Note<br>Income from:<br>2<br>3<br>4<br>Reconciliation of funds:<br>Other Charitable activities<br>Investments<br>Charitable activities<br>Programme work<br>Total expenditure<br>Total income<br>Expenditure on:<br>Sub-total expenditure on programme work<br>Global Platforms for Equitable Knowledge<br>Ecosystems (GPEKE)<br>Transforming Employability for Social Change<br>in East Africa (TESCEA)<br>Charitable activities<br>Programme work<br>Other Charitable activities<br>Net movement in funds<br>Total funds brought forward<br>Total funds carried forward|Unrestricted<br>£<br>826,716<br>141<br>121|Restricted<br>£<br>878,535<br>-<br>-|2021<br>Total<br>£<br>1,705,251<br>141<br>121|2020<br>Total<br>£<br>1,853,294<br>10,776<br>2,899|
||826,978|878,535|1,705,513|1,866,969|
||573,612<br>-<br>602,927|-<br>878,535<br>-|573,612<br>878,535<br>602,927|549,358<br>892,206<br>580,080|
||1,176,539|878,535|2,055,074|2,021,644|
||1,176,539|878,535|2,055,074|2,021,644|
||(349,561)<br>1,157,632|-<br>-|(349,561)<br>1,157,632|(154,675)<br>1,312,307|
||808,071|-|808,071|1,157,632|



All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. 

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International Network for Advancing Science and Policy 

## Balance sheet 

## Company no. 04919576 

## As at 31 December 2021 

|Note<br>Fixed assets:<br>10<br>Current assets:<br>11<br>16<br>Liabilities:<br>12<br>19<br>Total unrestricted funds<br>Creditors: amounts falling due within one year<br>Net current assets<br>General funds<br>Total assets less current liabilities<br>The funds of the charity:<br>Total net assets<br>Unrestricted income funds:<br>Total charity funds<br>Cash at bank and in hand<br>Tangible assets<br>Debtors|£<br>197,458<br>894,041|2021<br>£<br>1,539|£<br>323,176<br>1,212,787|2020<br>£<br>4,243|
|---|---|---|---|---|
|||1,539<br>806,532||4,243<br>1,153,389|
||1,091,499<br>284,967<br>808,071||1,535,963<br>382,574<br>1,157,632||
|||808,071||1,157,632|
|||||1,157,632|
|||808,071|||
|||808,071||1,157,632|
||||||
|||808,071||1,157,632|



Approved by the trustees on 28 March 2022 and signed on their behalf by 

L Navas-Aleman Chair 


14 



International Network for Advancing Science and Policy 

## Statement of cash flows 

## For the year ended 31 December 2021 

|Note<br>£<br>£<br>15<br>(318,746)<br>-<br>-<br>(318,746)<br>1,212,787<br>16<br>894,041<br>Cash and cash equivalents at the beginning of the year<br>Cash and cash equivalents at the end of the year<br>Change in cash and cash equivalents in the year<br>2021<br>Cash flows from operating activities<br>Net cash provided by / (used in) investing activities<br>Net cash provided by / (used in) operating activities<br>Cash flows from investing activities:<br>Purchase of fixed assets|Note<br>£<br>£<br>15<br>(318,746)<br>-<br>-<br>(318,746)<br>1,212,787<br>16<br>894,041<br>Cash and cash equivalents at the beginning of the year<br>Cash and cash equivalents at the end of the year<br>Change in cash and cash equivalents in the year<br>2021<br>Cash flows from operating activities<br>Net cash provided by / (used in) investing activities<br>Net cash provided by / (used in) operating activities<br>Cash flows from investing activities:<br>Purchase of fixed assets|Note<br>£<br>£<br>15<br>(318,746)<br>-<br>-<br>(318,746)<br>1,212,787<br>16<br>894,041<br>Cash and cash equivalents at the beginning of the year<br>Cash and cash equivalents at the end of the year<br>Change in cash and cash equivalents in the year<br>2021<br>Cash flows from operating activities<br>Net cash provided by / (used in) investing activities<br>Net cash provided by / (used in) operating activities<br>Cash flows from investing activities:<br>Purchase of fixed assets|£<br>£<br>(192,069)<br>(3,940)<br>(3,940)<br>(196,009)<br>1,408,796<br>1,212,787<br>2020|£<br>£<br>(192,069)<br>(3,940)<br>(3,940)<br>(196,009)<br>1,408,796<br>1,212,787<br>2020|
|---|---|---|---|---|
||||||
|||(318,746)<br>1,212,787||(196,009)<br>1,408,796|
|||894,041||1,212,787|



15 



International Network for Advancing Science and Policy 

## Notes to the financial statements 

## For the year ended 31 December 2021 

## 1 Accounting policies 

## a) Basis of preparation 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note. 

## b) Public benefit entity 

The charitable company meets the definition of a public benefit entity under FRS 102. 

## c) Going concern 

Having taken consideration of the amount of unrestricted reserves, the trustees consider there is a reasonable expectation that INASP has adequate resources to continue in operational existence for the foreseeable future. The Trustees are also satisfied with the controls in place for monitoring and flexing the budget throughout the year. Accordingly we continue to adopt the going concern basis in preparing this annual report and financial statements. 

Despite a key continued concern for 2021 of the possible impact of the coronavirus COVID-19 pandemic, the trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. 

## d) Income 

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. 

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. 

## e) Interest receivable 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. 

## f) Expenditure and irrecoverable VAT 

- Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: 

- Costs of raising funds relate to the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose 

- Expenditure on charitable activities includes the costs of delivering services, and other activities undertaken to further the purposes of the charity and their associated support costs. 

- Other expenditure represents those items not falling into any other heading 

16 



International Network for Advancing Science and Policy 

## Notes to the financial statements 

For the year ended 31 December 2021 

- g) Allocation of support costs 

Resources expended are recognised in the period in which they are incurred. 

Resources expended are allocated to the particular activity where the cost relates directly to that activity.  However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned based on staff time involved in the activity. 

Governance costs are the costs associated with the governance arrangements of the charity.  These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities and have been allocated to activities on the same basis as support costs. 

## h) Operating leases 

Rental charges are charged on a straight line basis over the term of the lease. 

## i) Tangible fixed assets 

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. 

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows: 

- Computer Equipment - 3 years straight line 

- Office Equipment - 3-5 years straight line 

- Furniture & Fittings - 3-5 years straight line 

## j) Debtors 

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

- k) Cash at bank and in hand 

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.  Cash balances exclude any funds held on behalf of service users. 

- l) Creditors and provisions 

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 

## m) Pensions 

The charitable company operates a defined contribution group personal pension plan for the benefit of its employees, and also makes payments to other defined contribution schemes for employees who are not members of the group scheme. Pension costs are recognised in the month in which the related payroll payments are made. 

## n) Foreign currencies 

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.  Transactions in foreign currencies are translated into sterling at the spot rate on the day of transaction and for US$ are then held in the accounts at an average weighted value.  Exchange differences are taken into account in arriving at the net incoming resources for the year. 

17 



International Network for Advancing Science and Policy 

## Notes to the financial statements 

## For the year ended 31 December 2021 

## 2 Income from charitable activities 

|Income from charitable activities||||
|---|---|---|---|
|Unrestricted<br>£<br>Open Access<br>-<br>-<br>573,612<br>573,612<br>253,104<br>826,716<br>In the previous year the TESCEA income of £892,206 was restricted.<br>Sub-total for Sida programme work<br>Other income<br>Transforming Employability for<br>Social Change in East<br>Africa (TESCEA)<br>Sub-total for FCDO programme work<br>Foreign, Commonwealth and Development Office (FCDO)<br>formerly, UK Department for International Development<br>(DfiD)<br>Swedish International Development Cooperation Agency<br>(Sida)<br>Global<br>Platforms<br>for<br>Equitable<br>Knowledge<br>Ecosystems<br>(GPEKE)<br>Total income from programme work|Restricted<br>£<br>-<br>878,535<br>878,535<br>-<br>-<br>-<br>878,535|2021<br>Total<br>£<br>-<br>878,535|2020<br>Total<br>£<br>15,922<br>892,206|
|||878,535<br>573,612|908,128<br>549,357|
|||573,612<br>253,104|549,357<br>395,809|
|||1,705,251|1,853,294|
|||||



- 3 Other Charitable activities 

|Other Charitable activities|||||
|---|---|---|---|---|
|Donations<br>Government Job Retention Scheme<br>INASP administration charges/rent|Unrestricted<br>£<br>141<br>-<br>-|Restricted<br>£<br>-<br>-<br>-<br>-|2021<br>Total<br>£<br>141<br>-<br>-|2020<br>Total<br>£<br>5,821<br>2,980<br>1,975|
||141||141|10,776|



All income from other charitable activities was unrestricted in the previous year. 

18 



International Network for Advancing Science and Policy 

## Notes to the financial statements 

## For the year ended 31 December 2021 

4a Analysis of expenditure - Current  year 

|Analysis of expenditure - Current  year|||||||||
|---|---|---|---|---|---|---|---|---|
|Staff costs (note 6)<br>Foreign Exchange<br>Programme delivery costs<br>Partner costs<br>Audit fees<br>Board expenses<br>Depreciation (note 10)<br>Support costs<br>Governance costs<br>Total expenditure 2021<br>Total expenditure 2020||£<br>Global<br>Platforms for<br>Equitable<br>Knowledge<br>Ecosystems<br>(GPEKE)<br>285,798<br>-<br>207,790<br>-<br>-<br>-<br>-<br>493,588<br>80,024<br>-<br>573,612<br>549,358|£<br>Transforming<br>Employability<br>for Social<br>Change in East<br>Africa (TESCEA)<br>270,716<br>-<br>80,785<br>449,306<br>-<br>-<br>-<br>800,807<br>77,728<br>-<br>878,535<br>892,206|£<br>Other<br>Charitable<br>activities<br>523,454<br>-<br>50,868<br>-<br>-<br>-<br>-|Governance<br>costs<br>£<br>-<br>-<br>-<br>-<br>3,250<br>1,595<br>2,704<br>7,549<br>-<br>(7,549)<br>-<br>-|Support<br>costs<br>£<br>-<br>1,339<br>177,469<br>-<br>-<br>-<br>-<br>178,808<br>(178,808)<br>-<br>-<br>-|2021 Total<br>£<br>1,079,968<br>1,339<br>516,912<br>449,306<br>3,250<br>1,595<br>2,704<br>2,055,074<br>-<br>-<br>2,055,074<br>2,021,644|2020<br>Total<br>£<br>999,003<br>7,444<br>559,712<br>444,251<br>2,350<br>200<br>8,684|
|||||574,322<br>21,056<br>7,549||||2,021,644<br>-<br>-|
|||||602,927||||2,021,644|
|||||580,080|||||



19 



International Network for Advancing Science and Policy 

## Notes to the financial statements 

## For the year ended 31 December 2021 

4b Analysis of expenditure - Prior  year 

|Analysis of expenditure - Prior  year||||||||
|---|---|---|---|---|---|---|---|
|Staff costs (note 6)<br>Foreign Exchange<br>Programme delivery costs<br>Partner costs<br>Audit fees<br>Board expenses<br>Depreciation (note 10)<br>Support costs<br>Governance costs<br>Total Expenditure 2020<br>Total Expenditure 2019||Charitable activities||||Support<br>costs<br>£<br>-<br>7,444<br>204,244<br>-<br>-<br>-<br>-<br>211,688<br>(211,688)<br>-<br>-<br>-|2019 Total<br>£<br>999,003<br>7,444<br>559,712<br>444,251<br>2,350<br>200<br>8,684|
||£<br>Strong and<br>Equitable Research<br>and Knowledge<br>Systems (SERKS)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>189,284|£<br>£<br>Global Platforms<br>for Equitable<br>Knowledge<br>Ecosystems<br>(GPEKE)<br>Transforming<br>Employability<br>for Social<br>Change in<br>East Africa<br>(TESCEA)<br>270,956<br>298,742<br>-<br>-<br>181,031<br>73,168<br>-<br>444,251<br>-<br>-<br>-<br>-<br>-<br>-<br>451,987<br>816,161<br>97,371<br>76,045<br>-<br>-<br>549,358<br>892,206<br>338,033<br>1,127,237<br>Programme Work||£<br>Other<br>Charitable<br>activities<br>429,305<br>-<br>101,269<br>-<br>-<br>-<br>-<br>530,574<br>38,272<br>11,234<br>580,080<br>645,128|Governance<br>costs<br>£<br>-<br>-<br>-<br>-<br>2,350<br>200<br>8,684|||
|||451,987<br>97,371<br>-|816,161<br>76,045<br>-||11,234<br>-<br>(11,234)||2,021,644<br>-<br>-|
|||549,358|892,206||-||2,021,644|
|||338,033|1,127,237||-||2,299,682|



20 



International Network for Advancing Science and Policy 

## Notes to the financial statements 

For the year ended 31 December 2021 

## 5 Net incoming resources for the year 

This is stated after charging / (crediting): 

|Net incoming resources for the year<br>This is stated after charging / (crediting):|||
|---|---|---|
||2021|2020|
||£|£|
|Operating lease rentals:|||
|Property|19,930|37,460|
|Auditors' remuneration (excluding VAT):|-||
|Audit|3,250|3,250|
|Other services|3,000|3,000|
|Foreign exchange losses / (gains)|1,339|7,444|



6 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel 

Staff costs were as follows: 

|Staff costs were as follows:|||
|---|---|---|
|Employer’s contribution to defined contribution pension schemes<br>Other forms of employee benefits<br>Salaries and wages<br>Social security costs<br>Redundancy and termination costs|2021<br>£<br>842,115<br>51,207<br>97,111<br>70,210<br>19,325|2020<br>£<br>817,825<br>-<br>93,136<br>75,637<br>12,405|
||1,079,968|999,003|



The following number of employees received employee benefits (excluding employer pension costs) during the year between: 

|||2021|2020|
|---|---|---|---|
|||No.|No.|
|£60,000|- £69,999|1|2|
|£70,000|- £79,999|-|-|
|£80,000|- £89,999|1|1|



The total employee benefits including pension contributions and employer's NI of the key management personnel were £241,913 (2020: £256,094). 

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2020: £nil).  No charity trustee received payment for professional or other services supplied to the charity (2020: £nil). 

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £1,595 (2020: £Nil) incurred by 4 (2020: 0) members relating to attendance at meetings of the trustees. 

## 7 Staff numbers 

The average number of employees (head count based on number of staff employed) during the year was as follows: 

|Programme work<br>Support|2021<br>No.<br>14<br>6|2020<br>No.<br>15<br>6|
|---|---|---|
||20|21|



- 8 Related party transactions 

There are no related party transactions to disclose for 2021 (2020: none). There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties. 

21 



International Network for Advancing Science and Policy 

## Notes to the financial statements 

## For the year ended 31 December 2021 

## 9 Taxation 

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 

## 10 Tangible fixed assets 

|Tangible fixed assets<br> <br>purposes.|||
|---|---|---|
|Creditors: amounts falling due within one year<br>Accruals<br>Deferred income<br>Trade creditors<br>Taxation and social security<br>Funds held for partners<br>At the start of the year<br>Charge for the year<br>At the start of the year<br>Trade debtors<br>Other debtors<br>Prepayments<br>Additions in year<br>Depreciation<br>Net book value<br>Disposals in year<br>Debtors<br>Mobilisation payments<br> <br>All of the above assets are used for charitable purposes.<br>Cost<br>Eliminated on disposal<br>At the end of the year<br>At the start of the year<br>At the end of the year<br>At the end of the year|Office<br>equipment<br>£<br>10,363<br>-<br>(2,250)|Total<br>£<br>10,363<br>-<br>(2,250)|
||8,113|8,113|
||6,120<br>2,704<br>(2,250)|6,120<br>2,704<br>(2,250)|
||6,574|6,574|
||1,539|1,539|
||4,243|4,243|
||2021<br>£<br>190,136<br>-<br>7,322|2020<br>£<br>219,217<br>40,729<br>63,230|
||197,458|323,176|
||2021<br>£<br>118,616<br>17,610<br>21,066<br>25,015<br>-<br>102,660|2020<br>£<br>8,439<br>27,555<br>21,066<br>129,863<br>101,250<br>94,401|
||284,967|382,574|



## 11 Debtors 

- 12 Creditors: amounts falling due within one year 

## 13 Deferred income 

Deferred income comprises funds received in advance of the expenditure they relate to being made. 

|Balance at the beginning of the year<br>Amount released to income in the year<br>Amount deferred in the year<br>Balance at the end of the year|2021<br>£<br>94,401<br>(608,179)<br>616,438|2020<br>£<br>81,067<br>(596,594)<br>609,928|
|---|---|---|
||102,660|94,401|



22 



International Network for Advancing Science and Policy 

## Notes to the financial statements 

For the year ended 31 December 2021 

## 14 Pension scheme 

The charitable company operates a defined contribution group personal pension plan for the benefit of its employees, and also makes payments to other defined contribution schemes for employees who are not members of the group scheme. Pension costs are recognised in the month in which the related payroll payments are made. 

## 15 Reconciliation of net income/(expenditure) to net cash flow from operating activities 

|Net income/(expenditure) for the reporting period<br>(as per the statement of financial activities)<br>Depreciation charges<br>(Increase)/decrease in debtors<br>Increase/(decrease) in creditors<br>Increase/(decrease) in creditors due in more than 1 year<br>Net cash provided by/(used in) operating activities<br>16<br>Analysis of cash and cash equivalents<br>Cash in hand<br>Total cash and cash equivalents|2021<br>£<br>(349,561)<br>2,704<br>125,718<br>(97,607)<br>-<br>(318,746)<br>At 1 January<br>2021<br>Cash flows<br>£<br>£<br>1,212,787<br>(318,746)|2021<br>£<br>(349,561)<br>2,704<br>125,718<br>(97,607)<br>-|2020<br>£<br>(154,675)<br>8,684<br>158,074<br>(69,152)<br>(135,000)|
|---|---|---|---|
|||(318,746)|(192,069)|
||||£<br>894,041<br>At 31<br>December<br>2021|
||1,212,787<br>(318,746)||894,041|



## 17 Operating lease commitments 

There are no future lease payments under non-cancellable operating leases to disclose for 2021 (2020 - none). 

## 18 Legal status of the charity 

The charity is a company limited by guarantee and has no share capital.  The liability of each member in the event of winding up is limited to £1. 

## **19** Movements in funds 

|Movements in funds<br> <br>winding up is limited to £1.||||
|---|---|---|---|
|Restricted funds:<br>TESCEA<br>Total restricted funds<br>General funds:<br>Total funds:|At the start<br>of the year<br>£<br>-<br>-<br>1,157,632<br>1,157,632|Income &<br>gains<br>Expenditure &<br>losses<br>£<br>£<br>878,535<br>(878,535)|At the end of<br>the year<br>£<br>-|
|||878,535<br>(878,535)|-|
|||826,978<br>(1,176,539)|808,071|
|||1,705,513<br>(2,055,074)|808,071|



## **Purpose of restricted fund** 

TESCEA - Aims to improve the learning experience for students in four universities with partners specialising in pedalogy, social entreprenuership and industry collaboration. 

23