2022-12-31-accounts - The Linacre Institute

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

CHARITY REGISTRATION NUMBER: 01156821

The Linacre Institute

Unaudited Financial Statements 31 December 2022

HARRISON HOLT

Chartered Accountants High Park Farm Kirkbymoorside York YO62 7HS

The Linacre Institute

Financial Statements

Year ended 31 December 2022

	Page
Trustees' annual report	1
Independent examiner's report to the trustees	11
Statement of financial activities	12
Statement of financial position	13
Notes to the financial statements	14

The Linacre Institute

Trustees' Annual Report

Year ended 31 December 2022

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2022.

The Trustees present their report and the independently examined financial statements of the charity for the year ended 31 December 2022. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.

This is the second full year report since the change in reporting period which was aimed at improving the speed of reporting the outcomes and impact of the Linacre Reach Higher Programme.

Reference and administrative details

Registered charity name
Charity registration number
Principal office
The trustees
Web site
Banker
Independent examiner

The Linacre Institute
01156821
15 Queen Square
Leeds
LS2 8AJ
Jessica Asato
Helen Clapham
(Appointed 24 May 2023)
Henry Davies
Pippa Dodgshon
(Retired 3 March 2023)
Maddi Hoggatt
(Appointed 1 December 2022)
Ali Jaffer
Richard Kowenicki
Max Retberg
(Appointed 12 January 2023)
Jennifer Upton
(Appointed 1 December 2022)
www.linacreinstitute.org
HSBC Bank plc
Carmel House
49-63 Fargate
Sheffield
S1 2HD
Philip J H Holt FCA FCIA
High Park Farm
Kirkbymoorside
York
YO62 7HS

The Linacre Institute

Trustees' Annual Report (continued)

Year ended 31 December 2022

Structure, governance and management

The Linacre Institute ("the Charity" or "the Institute") is constituted as a Charitable Incorporated Organisation using the Foundation Model and was registered with the Charity Commission on 28 April 2014. Its founding document is the constitution agreed on 22 January 2014, revised on 29 April 2014 and revised again on 18 May 2021.

Trustees are appointed via an open recruitment process and final decisions on any appointments are made by a majority vote of the current board of trustees. The Trustees are the sole members of the Charity and they have no liability to contribute to the assets in the event of an insolvent winding-up.

Foundation

The Institute was founded in January 2014 to help northern state students to reach the UK's most selective universities where they are significantly under-represented. This was the Institute's ninth year of operation, during which time, the Charity has supported nearly 400 students giving them lifechanging summer school experiences and personal mentoring.

Mission

To grow friendly communities of intellectual curiosity for sparky but potentially isolated sixth former at state schools across the north of England.
To allow aspirations to grow in those communities.
To give these students the same chance of getting to selective universities and courses as those at the UK's best-performing schools.
To do that by providing support from expert staff. That support will be warm, human, personalised, subject-specific and lasting.

Trustee benefits and donations

Benefits and payments

No trustees or trustee family members received any benefit from a free place on our summer schools.

Besides the instances detailed below, all trustees gave of their time freely and no remuneration or expenses were paid in the year.

Donations from and payments to Trustees and related parties

As disclosed in Note 21, the total amount of donations made by the trustees during the year (whether they were trustees for the full year or otherwise) and their close family members totalled £232 (2021 - £258). No payments were made to Trustees in the current or previous year.

Policy on reserves

The Institute's policy is to seek to maintain reserves at levels which the Trustees view as prudent in view of likely forthcoming costs and incoming funds. This is balanced with the desire quickly to apply as much as possible of the Institute's financial resources directly to activities for beneficiaries.

The Trustees consider that the unrestricted, free reserves of the Charity should be around 3 months of operating costs, which equates to around £22,000. During the year, the total reserves of the Charity increased by £30,472 (2021 - £23,335) to £89,254 (2021 - £58,782). At the year end, the unrestricted free reserves amounted to £84,158 (2021 - £58,329), which represents around 11.5 months of operations (2021 - 7 months). The Trustees are considering ways of reducing the unrestricted reserves to the level set in their policy and expect that the forthcoming year will reduce the reserves.

The Linacre Institute

Trustees' Annual Report (continued)

Year ended 31 December 2022

Anticipated risks

Safeguarding children

Our primary beneficiaries are under 18 when we start working with them and they are legally deemed to be children. As a result, we have a comprehensive Safeguarding Policy and Procedure to mitigate any risks and work with specialist advisors to constantly review and make improvements.

Objectives and activities

The charitable objects of The Linacre Institute ("the CIO"), as set out in the Charity Constitution, as amended 18 May 2021, were:

to further the education of children in northern England who, in particular but not exclusively, are disadvantaged as a result of being a member of a socially and economically deprived community. The CIO will do this primarily but not exclusively by means of residential courses, out-of-school-hours teaching and individual mentoring.

In setting our objectives and planning our activities our Trustees have close regard to the Charity Commission's general guidance on public benefit, and in particular to its public benefit guidance on advancing education.

Charitable activities

The charity works with a network of schools in northern England as detailed in the previous sections of this report.

The charity has a fair and multi-dimensional process for selecting students to participate in its Reach Higher programme from these partner schools. Every student in the sixth form at those schools is given a chance to apply for our courses, which are widely publicised within the schools. Where possible, more than one interviewer was involved in assessing student applications and input from their schools was invited.

Whilst a relatively small proportion of the actual total costs are paid by partner schools, all benefits are provided totally free of charge to students and every effort is made to assist students with travel costs and learning resources including the provision of relevant books and temporary laptops.

Objectives in 2022

1. Maintain our previous success with the Partner Schools and Reach Higher programme

This objective has been broadly met despite all the challenges of the past two years with the COVID19 pandemic: -

The number of schools increased from 10 in 2021 to 15 in 2022.
Student participation increased from 84 in 2021 to 100 in 2022.

After the success of our partnership in 2021, the Higher Education Progression Partnership South Yorkshire (HeppSY) was hugely decisive again in extending the participation of schools across the following areas of South Yorkshire: Rotherham, Sheffield, Doncaster and Barnsley.

Projections for growth were met in 2022, by increasing the number of partner schools to 15 and the number of students to 100.

The Linacre Institute

Trustees' Annual Report (continued)

Year ended 31 December 2022

2. Ensure the quality of the Programme remains consistent despite the increase in numbers and that we are targeting the correct students

33% of our students won offers from Oxbridge,
85% won offers from a Russell Group University
59% of these students were from POLAR Q 1 and Q 2 postcodes, representing some of the lowest rates of progression to higher education in the country, and 48% were the first in their family to attend university.

3. Return to in-person activity following the transition of the Programme online during the COVID19 pandemic

We added a Welcome Event at the University of Leeds to our -in-person offering for the very first time.
This was our first residential summer school at Trinity Hall College since 2019, and the largest by quite some distance.

The trustees are confident that access to its charitable activities are not unreasonably or unfairly restricted and every effort is made to ensure that every effort is made to encourage and assist students from disadvantaged backgrounds so that they can benefit from this experience.

Public Benefit

Activities undertaken for the public benefit in pursuit of the Institute's charitable objects during 2022 included:

Visiting schools in northern England to provide information about elite universities and to encourage students to fulfil their academic potential.
Running summer schools for able students at schools in areas that rank low in England for progression to leading universities.
Providing on-going tutoring and support for those students.
Providing training for teachers on how best to support students aiming for elite universities.

Beneficiaries

The Institute's principal beneficiaries are students and, in particular, those who participate in its programmes (as described earlier in this report).

Typically, our students come from northern state schools particularly in areas where less than 15% of Higher Education entrants reach the 30 most competitive universities in the UK. This compares to a national average of 22% rising to over 50% in the best performing schools and regions, predominantly in the South East.

The Linacre Institute

Trustees' Annual Report (continued)

Year ended 31 December 2022

Achievements and performance

Annual Report & Accounts 2022

The Annual Report & Accounts 2022 covers the period 1 January to 31 December 2022. This is the second full year report since the change in reporting period, initiated in 2021, which was aimed at improving the speed of reporting the outcomes and impact of the Linacre Reach Higher Programme.

Impact for Beneficiaries (2021 student cohorts)
There is a time lag between students attending Linacre's Reach Higher Programme in the summer of School Year 12 (2022) and university places being offered and accepted in Year 13 (2023). This report covers the offered places and gives an indication of the final university destinations of the 100 students that participated in the Reach Higher programme during Summer 2022.
Financial performance (January-December 2022
In terms of financial performance, it is important to recognise the financial year does not entirely match the summer school and personal tuition timetable which can continue into the next financial year i.e. 2023.

The information relating to income and expenditure reflects the performance of the charity in 2022, and is now comparable with the previous Annual Report & Accounts 2021, which covered the full 12month period, January 2021 - December 2021.

Activities for beneficiaries

This report includes information relating to the 2021, cohort who went onto destinations in autumn 2022, and the 2022 cohort who went onto destinations in autumn 2023.

Partner Schools

Partnering with secondary schools is a key aspect of how the Linacre Institute helps to raise aspirations and improve academic attainment. It is an essential part of the Charity's activities and builds strong long-term relationships with schools, students and local communities. Partner schools increased again to 15 in 2022, due to a strong relationship with the Higher Education Progression Partnership in South Yorkshire (HeppSY) that enabled us to attract students from additional schools across South Yorkshire. We are very grateful to the following partner schools, many of which have worked with us since 2014.

Yorkshire. We are very grateful to us since 2014.	the following
School	City
Ossett Accord Sixth Form College	Wakefield
Wales High School	Rotherham
Penistone Grammar	Sheffield
Hall Cross Academy	Doncaster
Burnside College	Wallsend
New College Doncaster	Doncaster
Wickersley College	Rotherham
Brinsworth Academy	Rotherham
Thomas Rotherham College	Rotherham
Wath Academy	Rotherham
Meadowhead School	Sheffield
Trinity Academy	Leeds
Sir Thomas Wharton College	Doncaster
Ridgewood School	Doncaster
Barnsley College	Barnsley

The Linacre Institute

Trustees' Annual Report (continued)

Year ended 31 December 2022

Reach Higher Programme

Our flagship Reach Higher Programme is a highly personalised and intensive four-part programme which helps participating students form a "Community of Curiosity", where it is normal to apply to and reach world-class universities in the UK and beyond.

Reach Higher would normally consist of four core elements:

The Reach Higher Welcome Event - this is an in-person event held at The University of Leeds campus at the end of May. It allows participants to meet each other in their subject groupings at the beginning of the programme, talk with current undergraduate students and visit a leading Russell Group University.
Big Ideas, - a five-day online summer school, which is held in the first half of July, at the end of Year 12. It is aimed at stretching students’ horizons intellectually by introducing them to ideas outside of the specified curriculum in their subject.
Stepping Stones to World-Class Universities, - a five-day residential at Trinity Hall, Cambridge, held in the second half of August, between Year 12 and Year 13 and aimed at building confidence in every aspect of applications to leading universities with additional subject-specific teaching and support from leading teachers and mentors.
Phone a Friend, involving weekly online or telephone-based tuition from a subject expert, starting in or before September of Year 13.

The Reach Higher Programme 2022 returned to in-person activity for the first time since 2019. In addition to the annual residential summer school at Trinity Hall College, Cambridge, in August, the Programme included an in-person Welcome Event at the University of Leeds campus for the very first time. This gave students the opportunity to look around a leading Russell Group University and meet current students studying there. The 2022 programme also retained some of the online elements which had proven so beneficial during the COVID19 pandemic, particularly for the Big Ideas event block, which was held exclusively online. We also added an online Autumn Programme for the very first time this year, which included workshops on interview skills and personal statements across the various subject disciplines. It is likely that this hybrid format will characterise future programmes.

The Linacre Institute

Trustees' Annual Report (continued)

Year ended 31 December 2022

Achievements and performance (continued)

Impact - 2022 Student Cohort

We were successful in returning to in-person activity for the first time since 2019 and we welcomed back many of our expert teachers and tutors to support the residential summer school in August. The return to in-person delivery clearly had a positive impact on the students. For example, following the in-person Welcome Event in May;

83% reported that they found it beneficial to visit a university campus'
72% stated that they were more confident in applying to a leading Russell Group university as a result.

Oxbridge applications and offers also saw a rise in 2022 as a result of the return of the residential summer school in Cambridge, with 43% of the cohort applying to either Oxford or Cambridge, compared to just 30% in 2021. 14 students received offers.

Despite the challenges of returning to in-person activity, the quality of the 2022 Reach Higher remained high and consistent with the exceptional track record established by the Charity since 2014. Given the academic focus of the Reach Higher Programme, one of its Key Performance Indicators (KPIs) evaluates students reporting significantly improved academic confidence: in 2022, 92% of participants said that they felt sufficiently challenged by their academic sessions and 80% reported significantly improved academic confidence as a result of our intervention with them.

Participants on the 2022 Reach Higher Programme also reported on the following statements:

98% said that they now 'know more about what university might entail' than previously.
95% said that they 'feel more confident that a university education is right for them and that they are capable of succeeding there'.
91% reported that they 'feel more confident about applying to a highly competitive university' as a result of the Reach Higher Programme.
98% reported that intellectual curiosity was valued and nurtured by the Linacre Institute.
87% said that they are 'now more intellectually curious' and 85% reported that they 'recognise and value intellectual curiosity more in themselves and in others' as a result of our intervention with them.

In additional to the formal evaluation, we produced a number of case studies from our 2022 cohort:

"I have an offer from the University of Cambridge to study English! I felt that my chances of successfully applying were very low before the Reach Higher programme, as I had little support and awareness about the application process. However, I felt incredibly supported after the programme and much more confident about my application. The Cambridge residential expanded my skills and introduced me to new literature. I made equally ambitious friends and was given the most amazing tutor, Imogen, without whom I'm sure I couldn't have been so successful in my application. Through the programme, I reached a depth of engagement with my subject that the school curriculum did not allow for." - Anisa Y

"I'm holding an offer to study medicine at the University of Sunderland. The Reach Higher programme provided support for the entire application process, from interview prep to UCAT prep, and was also a great tool for personal development by forcing me to challenge myself. It was also reassuring that I was able to work with really smart people, which gave me confidence that I could compete for places in medical schools!" - Oliver H

The Linacre Institute

Trustees' Annual Report (continued)

Year ended 31 December 2022

Achievements and performance (continued)

"I have received an offer from the University of Cambridge to study History of Art at St. John's College. The Reach Higher Programme has helped me exceed my academic comfort zone. I was able to gain knowledge about my chosen subject which I otherwise wouldn't have been exposed to, given History of Art is taught in almost no schools. I would recommend the Reach Higher programme to any young person who wants to push themselves to apply and attend highly selective universities, but doesn't feel like they have the super curricular knowledge to achieve this." - Eve O

"I've had so many opportunities and advice from the Linacre Institute. I believe they've been a main factor in my Durham university application being successful. The programme gave me so many transferable skills and made me into a much more well-rounded student. I would definitely recommend the Reach Higher programme to everyone. It was such an enriching experience not only academically, but personally, as the people I have met along the way are amazing." - Abigail L

"I have an offer to study English Language and Literature at Oxford! I was initially worried I would be underprepared for Oxford's application process, however the Reach Higher Programme helped massively to bridge this gap. The opportunity to frequently discuss literature in a more academic way was really helpful and I am already seeing its influence in my A level work. I also feel the programme improved my confidence around my own ideas and developed my analytical skills in relation to new texts." - Sophie M

"I am holding an offer to study Computer Science at Caius College at the University of Cambridge. I had always been worried about the social side of university and meeting new people, but the programme has really helped with my confidence in this regard. Meeting people who are as passionate about their subject has made me excited to have those social experiences again in the future" - Cameron F

University offers

The 2022 student cohort were highly successful in attracting offers from leading universities, as shown below:

:
	2022	2022	2022
	Number	Number	Success
	offered	applied	rate %
Oxbridge	14	43	33%
Russell Group	85	92	92%
	==============	==============

The Linacre Institute

Trustees' Annual Report (continued)

Year ended 31 December 2022

Achievements and performance (continued)

Final student destinations

University	Number
Newcastle University	8
University of Sheffield	8
Durham University	7
University of Leeds	6
University of York	6
University of Cambridge	4
University of Nottingham	4
University of Warwick	4
King's College, London	3
Lancaster University	3
University of Edinburgh	3
University of Oxford	3
Resitting A levels	3
Nottingham Trent University	2
Sheffield Hallam	2
University of Birmingham	2
University of Exeter	2
University Lincoln	2
University of Manchester	2
University of Sunderland	2
Awaiting results	2
Aberystwyth University	1
City, University of London	1
Huddersfield University	1
Loughborough University	1
Northumbria University	1
Queen Mary University	1
St Andrews	1
University of Bristol	1
University of Law	1
University of Plymouth	1
University of Stirling	1
University of Westminster	1
Gap Year (applying in 2024)	5
Other	5
	--------------
Total	100
	==============

Final student destinations by university benchmark

Out of 100 (2021 – 84) students, their eventual destinations were as follows:

	2022	2022	2021	2021
	Number	%	Number	%
Oxbridge	7	7%	5	6%
Russell Group	64	64%	68	81%
Other	29	29%	11	13%
	--------------	--------------	--------------	--------------
Total	100	100%	84	100%
	==============	==============	==============	==============

The Linacre Institute

Trustees' Annual Report (continued)

Year ended 31 December 2022

Financial review

During the period, the Charity received donations amounting to £98,909 (2021 - £95,671). In addition, the generated £20,000 (2021 - £25,700) participating schools.

The total expenditure on fundraising was £9,005 (2021 - £13,886) and charitable activities amounted to £70,526 (2021 - £70,251) with governance and other resources expensed totalled £8,966 (2021 - £13,902) during the year.

The total reserves at the year end stand at £89,254 (2021 - £58,782). The total fixed assets of the charity amounted to £741 (2021 - £453).

Prior year adjustment

During the year, the Trustees identified a number of errors in the prior financial statements relating to the recording and reporting of Restricted Income and Restricted Expenditure on a number of Restricted Funds.

The overall effect of this was to recognise £21,140 as being the Restricted Funds that should have been reported as at 31 December 2021. Note 21 explains this in further detail and Note 19 provides a summary of the restatements.

The trustees' annual report was approved on 20 October 2023 and signed on behalf of the board of trustees by:

ALI JAFFER

Trustee

The Linacre Institute

Independent Examiner's Report to the Trustees of The Linacre Institute

Year ended 31 December 2022

I report to the trustees on my examination of the financial statements of The Linacre Institute ('the charity') for the year ended 31 December 2022.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

PHILIP J H HOLT FCA FCIA

Independent Examiner

High Park Farm Kirkbymoorside York YO62 7HS

20 October 2023

The Linacre Institute

Statement of Financial Activities

Year ended 31 December 2022

Year ended 31 December 2022
			2022		2021
		Unrestricted	Restricted
		funds	funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	4	68,909	30,000	98,909	95,671
Charitable activities	5	20,000	–	20,000	25,700
Investment income	6	60	–	60	3
		----------------------------	----------------------------	--------------------------------	--------------------------------
Total income		88,969	30,000	118,969	121,374
		============================	============================	================================	================================
Expenditure
Expenditure on raising funds:
Costs of raising donations and
legacies	7	9,005	–	9,005	13,886
Expenditure on charitable activities	8,9	32,707	46,785	79,492	84,153
		----------------------------	----------------------------	--------------------------------	--------------------------------
Total expenditure		41,712	46,785	88,497	98,039
		============================	============================	================================	================================
		----------------------------	----------------------------	--------------------------------	--------------------------------
Net income and net movement in funds		47,257	(16,785)	30,472	23,335
		============================	============================	================================	================================
Reconciliation of funds
Total funds brought forward as previously
reported		58,782	–	58,782	35,447
Prior year adjustment		(21,140)	21,140	–	–
		----------------------------	----------------------------	--------------------------------	--------------------------------
Total funds brought forward as restated		37,642	21,140	58,782	35,447
		----------------------------	----------------------------	--------------------------------	--------------------------------
Total funds carried forward		84,899	4,355	89,254	58,782
		============================	============================	================================	================================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 14 to 25 form part of these financial statements.

The Linacre Institute

Statement of Financial Position

31 December 2022

The Linacre Institute Statement of Financial Position 31 December 2022
		2022	2021
			*(restated)*
	Note	£	£
Fixed assets
Tangible fixed assets	15	741	453
Current assets
Debtors	16	93	203
Cash at bank and in hand		91,766	59,743
		----------------------------	----------------------------
		91,859	59,946
Creditors: amounts falling due within one year	17	3,346	1,617
		----------------------------	----------------------------
Net current assets		88,513	58,329
		----------------------------	----------------------------
Total assets less current liabilities		89,254	58,782
		----------------------------	----------------------------
Net assets		89,254	58,782
		============================	============================
Funds of the charity
Restricted funds		4,355	21,140
Unrestricted funds		84,899	37,642
		----------------------------	----------------------------
Total charity funds	19	89,254 ============================	58,782 ============================

These financial statements were approved by the board of trustees and authorised for issue on 20 October 2023, and are signed on behalf of the board by:

ALI JAFFER Trustee

The notes on pages 14 to 25 form part of these financial statements.

The Linacre Institute

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The Linacre Institute is a public benefit entity and is registered as a Charitable Incorporated Organisation in England. The address of the principal office is 15 Queen Square, Leeds, LS2 8AJ.

2. Statement of compliance

The charity constitutes a public benefit entity as defined by FRS 102. 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

3. Accounting policies

Basis of preparation

The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

There are no material uncertainties about the charity's ability to continue.

Disclosure exemptions

The charity does not include a cash flow statement on the grounds that it is applying the Charities SORP (FRS 102) for smaller charities.

Changes in accounting estimates

No changes to accounting estimates have occurred in the reporting period.

The Linacre Institute

Notes to the Financial Statements (continued)

Year ended 31 December 2022

3. Accounting policies (continued)

Judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities, within the next financial year, are the levels of future funding and expenditure on charitable activities.

Income tax

As a charity, The Linacre Institute is exempt from tax on income and gains falling within the available tax exemptions to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

The Linacre Institute

Notes to the Financial Statements (continued)

Year ended 31 December 2022

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable, and its amount can be measured reliably.
legacy income is recognised when receipt is probable, and entitlement is established.
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The Linacre Institute

Notes to the Financial Statements (continued)

Year ended 31 December 2022

3. Accounting policies (continued)

Tangible assets (continued)

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Equipment - 33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or parable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

The Linacre Institute

Notes to the Financial Statements (continued)

Year ended 31 December 2022

3. Accounting policies (continued)

Defined contribution plans (continued)

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

4. Donations and legacies

			Unrestricted	Restricted	Total Funds
			Funds	Funds	2022
			£	£	£
	Donations
	Donations from individuals (including Gift Aid)		18,259	–	18,259
	Donations from companies		10,650	–	10,650
	Donations from Trusts and Foundations		40,000	30,000	70,000
			----------------------------	----------------------------	----------------------------
			68,909	30,000	98,909
			============================	============================	============================
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2021
					*(restated)*
			£	£	£
	Donations
	Donations from individuals (including Gift Aid)		34,071	–	34,071
	Donations from companies		10,600	–	10,600
	Donations from Trusts and Foundations		10,000	41,000	51,000
			----------------------------	----------------------------	----------------------------
			54,671	41,000	95,671
			============================	============================	============================
5.	Charitable activities
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2022	Funds	2021
					*(restated)*
		£	£	£	£
	Fees from schools	20,000	20,000	25,700	25,700
		============================	============================	============================	============================
6.	Investment income
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2022	Funds	2021
					*(restated)*
		£	£	£	£
	Bank interest receivable	60	60	3	3
		==============	==============	==============	==============

The Linacre Institute

Notes to the Financial Statements (continued)

Year ended 31 December 2022

7. Costs of raising donations and legacies

	Unrestricted	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds		2022	Funds	2021
					*(restated)*
	£		£	£	£
Costs of raising donations and
legacies	9,005		9,005	13,886	13,886
	=======================		=======================	============================	============================
Expenditure on charitable activities	by fund type
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2022
			£	£	£
Education			13,108	46,785	59,893
Support costs			19,599	–	19,599
			----------------------------	----------------------------	----------------------------
			32,707	46,785	79,492
			============================	============================	============================
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2021
					*(restated)*
			£	£	£
Education			8,223	20,360	28,583
Support costs			55,570	–	55,570
			----------------------------	----------------------------	----------------------------
			63,793	20,360	84,153
			============================	============================	============================
Expenditure on charitable activities	by activity	type
	Activities
	undertaken		Support	Total funds	Total fund
	directly		costs	2022	2021
					*(restated)*
	£		£	£	£
Education	59,893		10,633	70,526	70,251
Governance costs		–	8,966	8,966	13,902
	----------------------------		----------------------------	----------------------------	----------------------------
	59,893		19,599	79,492	84,153
	============================		============================	============================	============================

8. Expenditure on charitable activities by fund type

9. Expenditure on charitable activities by activity type

The Linacre Institute

Notes to the Financial Statements (continued)

Year ended 31 December 2022

10. Analysis of support costs

Analysis of support costs
	Education	Governance	Total 2022	Total 2021
				*(restated)*
	£	£	£	£
Staff costs	4,336	5,411	9,747	46,672
Premises	329	110	439	2,036
Communications and IT	377	125	502	793
General office	524	175	699	1,025
Finance costs	23	–	23	6
Insurance	297	99	396	525
Depreciation	211	70	281	272
Legal and professional fees	–	–	–	164
Staff training	243	81	324	–
Travel and subsistence	184	62	246	30
Advertising and marketing	703	233	936	1,185
Accountancy	3,406	2,600	6,006	2,862
	----------------------------	-----------------------	----------------------------	----------------------------
	10,633	8,966	19,599	55,570
	============================	=======================	============================	============================

11. Net income

Net income is stated after charging/(crediting):

		2022	2021
			*(restated)*
		£	£
	Depreciation of tangible fixed assets	351	226
		==============	==============
12.	Independent examination fees
		2022	2021
			*(restated)*
		£	£
	Fees payable to the independent examiner for:
	Independent examination of the financial statements	600	–
	Other financial services	2,000	–
		-----------------------	--------------
		2,600	–
		=======================	==============

In the previous period, the Independent Examiner provided his services as a volunteer and accordingly had waived any fees in the previous year.

The Linacre Institute

Notes to the Financial Statements (continued)

Year ended 31 December 2022

13. Staff costs

Staff costs	Staff costs
The total staff costs and employee benefits for the reporting period are analysed as		follows:
	2022	2021
		*(restated)*
	£	£
Wages and salaries	47,190	57,911
Social security costs	3,517	5,555
Employer contributions to pension plans	1,192	2,387
	----------------------------	----------------------------
	51,899	65,853
	============================	============================

The average head count of employees during the year was 2 (2021: 2).

No employee received employee benefits of more than £60,000 during the year (2021: Nil).

14. Trustee remuneration and expenses

During the current and previous year, no remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

The trustees did not claim or receive any reimbursed expenses during the current or prior period.

15. Tangible fixed assets

15.	Tangible fixed assets
			Equipment
			£
	Cost
	At 1 January 2022 (as restated)		679
	Additions		639
			-----------------------
	At 31 December 2022		1,318
			=======================
	Depreciation
	At 1 January 2022		226
	Charge for the year		351
			-----------------------
	At 31 December 2022		577
			=======================
	Carrying amount
	At 31 December 2022		741
			=======================
	At 31 December 2021		453
			=======================
16.	Debtors
		2022	2021
			*(restated)*
		£	£
	Prepayments and accrued income	93	203
		==============	==============

The Linacre Institute

Notes to the Financial Statements (continued)

Year ended 31 December 2022

17. Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
	2022	2021
		*(restated)*
	£	£
Accruals and deferred income	2,784	355
Social security and other taxes	440	1,262
Other creditors	122	–
	-----------------------	-----------------------
	3,346	1,617
	=======================	=======================

18. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £1,192 (2021: £2,387).

19. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
	At 1				At 31
	January			Prior year	December
	2022	Income	Expenditure	adjustments	2022
	*(as*
	*previously*
	*reported)*
	£	£	£	£	£
General funds	58,782	88,969	(41,712)	(21,140)	84,899
	============================	============================	============================	============================	============================
	At 1				At 31
	January			Prior year	December
	2021	Income	Expenditure	adjustments	2021
	*(as*
	*previously*
	*reported)*				*(restated)*
	£	£	£	£	£
General funds	35,447	80,374	(77,679)	(500)	37,642
	============================	============================	============================	==============	============================

The Linacre Institute

Notes to the Financial Statements (continued)

Year ended 31 December 2022

19. Analysis of charitable funds (continued)

Restricted funds

Restricted funds
	At	1				At 31
	January				Prior year	December
	2022		Income	Expenditure	adjustments	2022
	*(as*
	*previously*
	*reported)*
	£		£	£	£	£
Big Ideas Fund		–	–	(140)	140	–
Laptop Fund		–	–	–	1,000	1,000
Pupil Engagement Fund		–	–	–	–	–
Reach Higher
Programme Fund		–	15,000	(25,000)	10,000	–
Schools and
Programme Co-
ordination Fund		–	5,000	(11,645)	10,000	3,355
Expansion Project Fund		–	10,000	(10,000)	–	–
	--------------		----------------------------	----------------------------	----------------------------	-----------------------
		–	30,000	(46,785)	21,140	4,355
	==============		============================	============================	============================	=======================
	At	1				At 31
	January				Prior year	December
	2021		Income	Expenditure	adjustments	2021
	*(as*
	*previously*
	*reported)*					*(restated)*
	£		£	£	£	£
Big Ideas Fund		–	–	(360)	500	140
Laptop Fund		–	1,000	–	–	1,000
Pupil Engagement Fund		–	10,000	(10,000)	–	–
Reach Higher
Programme Fund		–	20,000	(10,000)	–	10,000
Schools and
Programme Co-
ordination Fund		–	10,000	–	–	10,000
Expansion Project Fund		–	–	–	–	–
	--------------		----------------------------	----------------------------	--------------	----------------------------
		–	41,000	(20,360)	500	21,140
	==============		============================	============================	==============	============================

The Linacre Institute

Notes to the Financial Statements (continued)

Year ended 31 December 2022

19. Analysis of charitable funds (continued)

The restricted funds are for the following purposes:

Big Ideas Fund: The Big Ideas Fund was established by the Sidney Black Community Fund to support the costs of teachers for the Big Ideas online summer school, formerly held at The Westminster School.

Laptop Fund: The Laptop Fund was established by Leeds Building Society Foundation to acquire laptops for pupils who had completed the Reach Higher programme and who needed new laptops.

Pupil Engagement Fund: The Pupil Engagement Fund was established by the Access and Accelerate Foundation to increase pupil uptake in the Reach Higher programme.

Reach Higher Programme Fund: The Reach Higher Programme Fund was established by established by the Trustees to hold restricted funds from various donors to support the programme.

Schools and Programme Co-ordination Fund: The Schools and Programme Co-ordination Fund was established by The Fore to cover the appointment and payroll costs for a should and programme co-ordinator.

Expansion Project Fund: The Expansion Project Fund was established by the Liz and Terry Bramall Foundation to expand pupil numbers from South and West Yorkshire.

20. Analysis of net assets between funds

Analysis of net assets between funds
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Tangible fixed assets	741	–	741
Current assets	87,504	4,355	91,859
Creditors less than 1 year	(3,346)	–	(3,346)
	----------------------------	-----------------------	----------------------------
Net assets	84,899	4,355	89,254
	============================	=======================	============================
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2021
	£	£	£
Tangible fixed assets	453	–	453
Current assets	38,806	21,140	59,946
Creditors less than 1 year	(1,617)	–	(1,617)
	----------------------------	----------------------------	----------------------------
Net assets	37,642	21,140	58,782
	============================	============================	============================

The Linacre Institute

Notes to the Financial Statements (continued)

Year ended 31 December 2022

21. Prior year adjustments

The overall effect of this was to recognise £21,140 as being the Restricted Funds that should have been reported as at 31 December 2021. A prior period adjustment has been made to restate all of the Restricted Funds. In the prior year, restricted income amounted to £41,000 and restricted expenditure amounted to £20,360 and there should have been an opening balance at 1 January 2021 of £500 on the Big Ideas Fund. Note 19 restates the Restricted Fund summary for the year ended 31 December 2021.

22. Related parties

Donations were received from one from trustees totalling £232 (2021 one trustee - £258). No other related party transactions occurred in the current or previous year.