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2022-11-30-accounts

Company registration number: 07706662 Charity registration number: 1164821

IN2SCIENCEUK.ORG

(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 30 November 2022

Tahas & Co Ltd Suite 3, Second Floor 760 Eastern Avenue Newbury Park London IG2 7HU

IN2SCIENCEUK.ORG

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 5
Statement of Trustees' Responsibilities 6
Independent Auditors' Report 7 to 10
Statement of Financial Activities 11
Balance Sheet 12
Notes to the Financial Statements 13 to 20

IN2SCIENCEUK.ORG

Reference and Administrative Details

Chair Jonathan Flowers Vice Chair Gillian Channer Chief Executive Officer Colby Benari Trustees Jonathan Flowers Gillian Channer Marzia Farooqui Kate Grant Nicholas Marsden Professor John Mitchell Victoria Pope Clare Ray James Russell Paul Topping Phoebe Whitehead Prof Bryan Williams Treasurer Marzia Farooqui Registered Office 10 Queen Street Place London EC4R 1BE The charity is incorporated in England and Wales. Company Registration Number 07706662 Charity Registration Number 1164821 Bankers HSBC 39 Tottenham Court Road London W1T 2AR Auditors Tahas & Co Ltd Suite 3, Second Floor 760 Eastern Avenue Newbury Park London IG2 7HU

Page 1

IN2SCIENCEUK.ORG

Trustees' Report

The Trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 30 November 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note X of the financial statements and comply with the Charity’s governing document (Memorandum and articles of association, incorporated 15/7/2011 and amended by special resolution 1/4/2015 and 3/7/2015 as amended on 2/6/2019).

Objectives and Activities

In the UK, young people from low-income backgrounds face major barriers in pursuing their interests in science, technology, engineering, and maths (STEM). These include a lack of opportunity to experience STEM activities first-hand, engage with professional role models, and access high quality information on available degrees and careers. This contributes to the disproportionately low representation of these students in STEM higher education and subsequent careers.

In2ScienceUK promotes social mobility and diversity in STEM.

The vision of In2scienceUK is that all young people are equally represented in STEM degrees and careers, regardless of background or socio-economic status.

Our mission is to create opportunities for young people from low income backgrounds to progress to STEM degrees and careers so they can achieve their potential to become the next generation of researchers, innovators and pioneers. We achieve this by leveraging the commitment and expertise of STEM professionals in academia and industry in order to provide unique and inspiring engagement opportunities.

The principal beneficiaries of In2scienceUK are young people from the lowest socio-economic backgrounds with an interest in STEM degrees and careers. Our aim is to ensure that In2scienceUK beneficiaries have no family history of higher education and/or are eligible for free school meals

The In2science summer programme is aimed at year 12 students (16-17 years old) who are from a low income background who are studying a STEM subject. The programme involves a 1-2 week in person work placement in a STEM employer, underpinned by workshops, training and support to apply to university. In 2022 the In2science summer programme was delivered in a blended format with workshops taking place online and events and placements offered in person. We supported 669 students through the programme and 594 experienced in-person placements. This is a significant uptick in the number of 1-2 week in-person placements from 2019 when we supported 384 young people on placements. In 2020 and 2021 we only offered online and one-day placements due to the Covid-19 pandemic restrictions.

The In2research programme supports undergraduates and graduates to consider academic research as a future career. The 12 month programme involves skills training, mentoring, away days and culminates in a two month placement in the summer. We supported 50 participants to complete the programme in 2021/22.

In 2022 we also kicked off our Alumni and Careers programme, which supports alumni of our programmes as well as other young professionals of similar backgrounds to secure employment in a STEM subject. In addition to regular workshops and chances to connect with STEM employers, we initiated a peer mentoring programme in 2022. The first cohort of 30 mentees is currently being trained and onboarded into the programme, which will last 12 months.

In planning each of these activities we have carefully considered the guidance notes provided by the Charity Commission to ensure that each provides a clear public benefit.

Page 2

IN2SCIENCEUK.ORG

Trustees' Report

Since In2scienceUK was founded in 2011, over 2,000 students have participated in the In2scienceUK programme. According to benchmarking data from UCAS from our 2021 cohort, 89% apply to university with 80% applying to a top tier university. This number compares extremely favourably against relevant national averages for students from similar socio-economic backgrounds.

Volunteer contribution

In 2022 we were supported by 438 volunteers. Volunteers provided mentoring, workshops as well as application and interview advice. Volunteers delivered online lectures on a variety of subjects as part of organised online sessions. The majority of volunteers are STEM professionals within academia and industry. Volunteer mentors provided bespoke support to small groups of young people, based on young people’s interests. These include current STEM postgraduate students, early career researchers, and established professionals including clinicians, scientists, and professors. In this way the STEM research community plays a pivotal role in providing life changing opportunities to young people from disadvantaged backgrounds.

Key achievements - In2science summer programme

In 2022 we received over 1800 eligible applications from students across the UK for our In2science and In2research programmes and we were able to support 719 young people. Participants were from disadvantaged backgrounds with limited access to STEM career and higher education advice, support, and work experience.

For our In2science programme, 57% of our students were in receipt of free school meals and 83% had parents with no history of higher education. The programme impacts included:

Alongside the before and after evaluation, we also track former In2science participants through the UCAS STROBE service. This allows us to track students' university admissions journey from application to acceptance. It also benchmarks the In2scienceUK cohort with students with similar characteristics, such as background, and highlights where data for In2scienceUK students is statistically significant. We do not yet have the data for 2022 students, but the data for students from the 2021 cohort shows that In2scienceUK applications to medium and high tariff universities is statistically significantly higher than the benchmark group. Overall, students who participate in the In2scienceUK programme are not more likely to accept a place at university than those in the comparison group, but this could be affected by students deferring higher education due to Covid. The higher rate of students applying to high tariff universities in particular shows that the In2science programme successfully raises the aspirations of students in STEM - a critical factor in their future success.

Key achievements - In2research programme

In 2021 we welcomed the second cohort of In2research participants in collaboration with UCL, the University of Cambridge and City University of London. The programme impacts included:

Page 3

IN2SCIENCEUK.ORG

Trustees' Report

Financial performance

In this accounting period we received a total of £1,162,061 from a variety of funding sources including universities, professional STEM societies, corporations, and private donations. This is an increase from both 2020 and 2021 when we raised £425,701 and £779,229 respectively. These figures are reflective of the continued growth, support, and financial stability of the charity. To organise and deliver the charitable activities the funding supported the employment of the staff team, including regular paid interns on three-month contracts. We additionally engaged 6-week summer interns to support our activities.

Additional achievements

We have engaged new sponsors and collaborations with aligned STEM organisations which, in addition to funding the programme, provides us with additional STEM networks and placement opportunities.

The trustees aim to maintain free reserves in unrestricted funds at a level equating to approximately three months of charitable expenditure. The balance held as unrestricted funds at 30 November 2022 was £632,116 out of which £300,000 can be regarded as free reserves.

In addition to partnering with universities and commercial organisations which sponsor In2scienceUK students, we secure funding through fundraising activities. Fundraising is elicited through grant applications to Foundations and Family Trusts.

The major risk for In2scienceUK, like many organisations within the social space of widening participation to higher education, is securing continued funding and sponsorship. We have taken steps to mitigate this risk, notably through securing funding from a variety of sources. These include university sponsorship, grants from foundations, commercial organisations, local authorities and science societies. We review our long- term funding strategy annually, to ensure we continue to:

  1. Reduce the cost of the programme

  2. Encourage our sponsors to make multi-year commitments

  3. Increase the number of sponsors to the programme

  4. Increase governmental sponsorship and develop new partnerships with commercial organisations

Each year in March the sponsorship achieved to date is evaluated, and a decision upon the number of students to be held is made at that point. If the sponsorship secured is lower than our targets the number of participants on the programme is reduced, thus retaining quality and the continued effective running of the programme. If the funding we secure is greater than our targets, the number of participants on the programme is increased. This policy also ensures that we maintain sufficient levels of reserve funding.

Public benefit

The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Structure, governance and management

Governance is managed according to the policies and procedures outlined in the articles of association. These include the charity’s organisational structure and policies regarding relationships with related parties. The trustees’ consideration of major risks, as well as systems and procedures for their management, are also contained in the articles of association. Trustees also sit on one of five committees; Operational Assurance Group (covering financial and operational support), Growth, Policy, People and Impact. Committees meet several times a year and the lead trustee feeds back at trustee board meetings.

Page 4

IN2SCIENCEUK.ORG

Trustees' Report

As In2scienceUK has key aims in promoting social inclusion and equal access, we are committed to maintaining the utmost integrity in all aspects of our governance in order to promote our values at all levels of the organisation.

Key management personnel

The trustees consider the board of trustees and the chief executive as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis.

Trustees are required to disclose all relevant interests and register them with the chief executive and in accordance with the charity’s policy withdraw from decisions where a conflict of interest arises.

The day to day administration is delegated to the CEO. Before Trustee meetings the CEO prepares overviews of the accounts and budget with the Treasurer. Additionally, updates on fundraising, student and researcher/STEM professional recruitment and expansion strategies as well as recommendations to the trustees concerning these activities are prepared. The trustees seek to follow the good practice ‘Charity Trustees Guide’ issued by The Chartered Governance Institute UK & Ireland.

Plans for the future

There is a great need for programmes which support students from low income backgrounds to fulfil their potential. The Government has set challenging goals to double the participation of students from disadvantaged backgrounds in higher education. In2scienceUK is tightly aligned with this agenda.

We will continue to work with our key partners with whom we promote our shared interest in supporting local students from low income backgrounds to progress to university. Our medium-term goal is to expand the programme to new areas of the UK, in particular those regions outside of London with low university enrolment and encompassing rural areas with lower-than-average household incomes.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

The annual report was approved by the trustees of the charity on 4 May 2023 and signed on its behalf by:

......................................... Jonathan Flowers Chair and Trustee

Page 5

IN2SCIENCEUK.ORG

Statement of Trustees' Responsibilities

The trustees (who are also the directors of IN2SCIENCEUK.ORG for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they 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 its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that can 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.

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

Approved by the trustees of the charity on 4 May 2023 and signed on its behalf by:

......................................... Jonathan Flowers Chair and Trustee

Page 6

IN2SCIENCEUK.ORG

Independent Auditor's Report to the Members of IN2SCIENCEUK.ORG

Opinion

We have audited the financial statements of IN2SCIENCEUK.ORG (the 'charity') for the year ended 30 November 2022, which comprise the Statement of Financial Activities, Balance Sheet, 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 United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

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 responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the 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 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.

Page 7

IN2SCIENCEUK.ORG

Independent Auditor's Report to the Members of IN2SCIENCEUK.ORG

Opinion on other matter prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity 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 where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 6), the trustees 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Page 8

IN2SCIENCEUK.ORG

Independent Auditor's Report to the Members of IN2SCIENCEUK.ORG

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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Due to 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. However, the primary responsibility for prevention and detection of fraud rests with both management and those charged with governance of the charity.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Page 9

IN2SCIENCEUK.ORG

Independent Auditor's Report to the Members of IN2SCIENCEUK.ORG

Use of our report

This report is made solely to the charitable company's trustees, 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 charity's trustees 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 its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

...................................... Mr M Poonawala (Senior Statutory Auditor) For and on behalf of Tahas & Co Ltd, Statutory Auditor

Suite 3, Second Floor 760 Eastern Avenue Newbury Park London IG2 7HU

4 May 2023

Page 10

IN2SCIENCEUK.ORG

Statement of Financial Activities for the Year Ended 30 November 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Total income
Expenditure on:
Charitable activities
4
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
15		 Unrestricted
£
937,045
937,045
(840,718)
(840,718)
96,327
96,327
535,789
632,116		 Restricted
£
225,016
225,016
(225,016)
(225,016)
-
-
-
-		 Total
2022
£
1,162,061
1,162,061
(1,065,734)
(1,065,734)
96,327
96,327
535,789
632,116		 Total
2021
£
779,229
779,229
(512,874)
(512,874)
266,355
266,355
269,432
535,787

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 15.

The notes on pages 13 to 20 form an integral part of these financial statements. Page 11

IN2SCIENCEUK.ORG

(Registration number: 07706662) Balance Sheet as at 30 November 2022

Note
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
13
Creditors: Amounts falling due within one year
14
Net current assets
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
Total funds
15		 2022
£
10,935
112,850
744,320
857,170
(235,989)
621,181
632,116
632,116
632,116		 2021
£
2,431
124,800
515,077
639,877
(106,521)
533,356
535,787
535,787
535,787

The financial statements on pages 11 to 20 were approved by the trustees, and authorised for issue on 4 May 2023 and signed on their behalf by:

......................................... Jonathan Flowers Chair and Trustee

The notes on pages 13 to 20 form an integral part of these financial statements. Page 12

IN2SCIENCEUK.ORG

Notes to the Financial Statements for the Year Ended 30 November 2022

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation.

The address of its registered office is: 10 Queen Street Place London EC4R 1BE

These financial statements were authorised for issue by the trustees on 4 May 2023.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

IN2SCIENCEUK.ORG meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Exemption from preparing a cash flow statement

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Page 13

IN2SCIENCEUK.ORG

Notes to the Financial Statements for the Year Ended 30 November 2022

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Page 14

IN2SCIENCEUK.ORG

Notes to the Financial Statements for the Year Ended 30 November 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

3 Income from donations and legacies

Grants
Grants
Regular donations and fees		 Unrestricted
General
£
-
937,045
937,045		 Restricted
£
225,016
-
225,016		 Total
2022
£
225,016
937,045
1,162,061		 Total
2021
£
148,589
630,640
779,229

Page 15

IN2SCIENCEUK.ORG

Notes to the Financial Statements for the Year Ended 30 November 2022

4 Expenditure on charitable activities

Note
CEO & Director
remuneration
Employers NIC
Workplace pension
Event expenses
Allocated support
costs
5
Governance costs
5		 Unrestricted
funds
General
£
66,504
53,851
33,762
28,217
652,264
6,120
840,718		 Restricted
funds
£
-
-
-
525
224,491
-
225,016		 Total
2022
£
66,504
53,851
33,762
28,742
876,755
6,120
1,065,734		 Total
2021
£
52,136
27,977
19,432
1,730
408,707
2,892
512,874

Page 16

IN2SCIENCEUK.ORG

Notes to the Financial Statements for the Year Ended 30 November 2022

5 Analysis of governance and support costs

Charitable activities expenditure

Staff salaries
Office desk space
Volunteer expenses & student
Bursaries
Telephone and fax
Computer expenses
Printing postage and stationery
Trade and professional fees
Sundry expenses
Travel and subsistence
Advertising & marketing
Insurance
Bank charges
Depreciation of office equipment		 Unrestricted
General
£
327,192
190
168,989
1,362
11,130
1,071
120,552
6,994
9,769
783
2,514
97
1,621
652,264		 Restricted
£
196,525
-
20,616
-
2,000
-
-
350
5,000
-
-
-
-
224,491		 Total
2022
£
523,717
190
189,605
1,362
13,130
1,071
120,552
7,344
14,769
783
2,514
97
1,621
876,755		 Total
2021
£
280,764
60
12,078
1,490
15,009
4,529
87,190
4,167
585
-
2,204
97
536
408,709

Governance costs

Unrestricted

Audit fees
Audit of the financial statements
Independent examiner fees
Examination of the financial statements
Other fees paid to accountants		 General
£
5,400
-
720
6,120		 Total
2022
£
5,400
-
720
6,120		 Total
2021
£
-
1,080
1,812
2,892

6 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

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IN2SCIENCEUK.ORG

Notes to the Financial Statements for the Year Ended 30 November 2022

7 Staff costs

The aggregate payroll costs were as follows:

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

Management
Support staff		 2022
No
3
17
20		 2021
No
3
8
11

The number of employees whose emoluments fell within the following bands was:

£60,001 - £70,000
8
Independent examiner's remuneration
Examination of the financial statements
9
Auditors' remuneration
Audit of the financial statements		 2022
No
1
2021
£
1,080
2022
£
5,400

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IN2SCIENCEUK.ORG

Notes to the Financial Statements for the Year Ended 30 November 2022

10 Taxation

The charity is a registered charity and is therefore exempt from taxation.

11 Tangible fixed assets

11 Tangible fixed assets
Cost
At 1 December 2021
Additions
At 30 November 2022
Depreciation
At 1 December 2021
Charge for the year
At 30 November 2022
Net book value
At 30 November 2022
At 30 November 2021
12 Debtors
Trade debtors
13 Cash and cash equivalents
Cash at bank
14 Creditors: amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals		 Furniture and
equipment
£
2,915
10,125
13,040
484
1,621
2,105
10,935
2,431
2022
£
112,850
2022
£
744,320
2022
£
648
16,241
213,700
5,400
235,989		 Total
£
2,915
10,125
13,040
484
1,621
2,105
10,935
2,431
2021
£
124,800
13,040
484
1,621
2,105
10,935
2,431
2022
£
112,850
2022
£
744,320
2022
£
648
16,241
213,700
5,400
235,989
2021
£
515,077
2021
£
-
-
105,441
1,080
106,521

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IN2SCIENCEUK.ORG

Notes to the Financial Statements for the Year Ended 30 November 2022

15 Funds
Unrestricted
General
Restricted
Total funds
Unrestricted
General
Restricted
Total funds		 Balance at 1
December
2021
£
535,789
-
535,789
Balance at 1
December
2020
£
269,432
-
269,432		 Incoming
resources
£
937,045
225,016
1,162,061
Incoming
resources
£
630,640
148,589
779,229		 Resources
expended
£
(840,718)
(225,016)
(1,065,734)
Resources
expended
£
(364,285)
(148,589)
(512,874)		 Balance at 30
November
2022
£
632,116
-
632,116
Balance at 30
November
2021
£
535,787
-
535,787

16 Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Total net assets		 Unrestricted
General
£
10,935
830,920
(209,739)
632,116		 Restricted
£
-
26,250
(26,250)
-
Unrestricted
General
£
2,431
639,877
(106,521)
535,787		 Total funds
30 Nov 2022
£
10,935
857,170
(235,989)
632,116
Total funds
30 Nov 2021
£
2,431
639,877
(106,521)
535,787

Page 20