2024-03-31-accounts - Professors Without Borders

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Professors Without Borders

Charity No. 1189091

Company No. 10075923

Trustees' Report and Unaudited Accounts

31 March 2024

Professors Without Borders Contents

	Pages
Trustees' Annual Report	2 to 3
Independent Examiner's Report		4
Statement of Financial Activities		5
Summary Income and Expenditure Account		6
Balance Sheet		7
Statement of Cash flows		8
Notes to the Accounts	9 to	14
Detailed Statement of Financial Activities	15 to	16

Page 1

Professors Without Borders Trustees Annual Report

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 March 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 10075923

Charity No. 1189091

Registered Office

10th Floor Moor Place C/O Alfa Systems 1 Fore Street Avenue London EC2Y 9DT

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

Richard Frank Adams Appointed 18 January 2020 Andrew Warren Denton Appointed 08 June 2023 Christine Vivien Kuo Appointed 21 April 2023 Gabriel Alexis NG Appointed 18 March 2020 Dr Peter James Thomas Appointed 21 April 2023

Key Management Personnel

Chairman Andrew Warren Denton Chief Executive officer Caroline Varin Treasurer Kinna Pattani Director Richard Frank Adams Director Christine Vivien Kuo Director Gabriel Alexis NG Director Dr. Peter James Thomas Director Rachel Warnick

Accountants

Julius and Julius and Associates LLP 70 Clapton Square London E5 8HW

Bankers

National Westminster Bank Plc 250 Bishop Gate

Page 2

Professors Without Borders Trustees Annual Report

London

EC2M 4AA

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

C. VARIN

Chief Executive Officer 31 March 2024

Page 3

Professors Without Borders Independent Examiners Report

Independent Examiner's Report to the trustees of Professors Without Borders

I report to the charity trustees on my examination of the financial statements of Professors Without Borders for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.

Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

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

accounting records were not kept in accordance with section 386 of the 2006 Act ; or
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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 financial statements to be reached.

Olufemi Fajebe ACA/ ICAEW Julius and Julius and Associates LLP

70 Clapton Square London E5 8HW 31 March 2024

Page 4

Professors Without Borders Statement of Financial Activities

for the year ended 31 March 2024

Unrestricted funds 2024 £ 27,706 - -	Restricted funds 2024 £ - 25,000 -	Total funds 2024 £ 27,706 25,000 -	Total funds 2023 £ 51,358 19,898 500
27,706 24,870 16,986	25,000 25,000 -	52,706 49,870 16,986	71,756 45,919 8,180
41,856 -	25,000 -	66,856 -	54,099 -
(14,150) -	- -	(14,150) -	17,657 -
(14,150)	-	(14,150)	17,657
(14,150) 57,482	- -	(14,150) 57,482	17,657 39,825
43,332	-	43,332	57,482

Page 5

Professors Without Borders Summary Income and Expenditure Account

for the year ended 31 March 2024

Income Other Income Gross income for the year Expenditure Total expenditure for the year Net (expenditure)/income before tax for the year Net (expenditure )/income for the year	2024 £ 52,706 - 52,706 66,856 66,856 (14,150) (14,150)	2023 £ 71,256 500
		71,756
		54,099
		54,099
		17,657
		17,657

Page 6

Professors Without Borders

Balance Sheet

at 31 March 2024

Company No. 10075923 Notes Current assets Cash at bank and in hand Net current assets Total assets less current liabilities Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 10 Unrestricted funds General funds 10 Reserves 10 Total funds	2024 £ 43,332 43,332 43,332 43,332 43,332 43,332 43,332 43,332 43,332	2023 £ 57,482
		57,482
		57,482 57,482
		57,482
		57,482
		57,482
		57,482
		57,482

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 31 March 2024

And signed on its behalf by:

C. VARIN

Chief Executive Officer 31 March 2024

Page 7

Professors Without Borders Statement of Cash flows

for the year ended 31 March 2024

Cash flows from operating activities Net (expenditure)/income per Statement of Financial Activities Adjustments for: Decrease in trade and other receivables Net cash (used in)/provided by operating activities Net cash from investing activities Net cash from financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Components of cash and cash equivalents Cash and bank balances	2024 £ (14,150) - (14,150) - - (14,150) 57,482 43,332 43,332 43,332	2023 £ 17,657 474
		17,631
		500

		-
		18,131 39,851
		57,982
		57,482
		57,482

Page 8

Professors Without Borders

Notes to the Accounts

for the year ended 31 March 2024

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.

Income with related Where income has related expenditure the income and related expenditure is reported expenditure gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the the legacies SoFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the gift/donation donations and gifts to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) where and facilities the benefit to the Charity is reasonably quantifiable, measurable and material.

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value at revaluation of fixed the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 9

Professors Without Borders Notes to the Accounts

Expenditure

Recognition of expenditure

Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.

Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.

Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.

Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

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

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other shortterm highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

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

Page 10

Professors Without Borders

Notes to the Accounts

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

Page 11

Professors Without Borders

Notes to the Accounts

3 Statement of Financial Activities - prior year

3 Statement of Financial Activities - prior year
Income and endowments from: Donations and legacies Charitable activities -Gift -In - Kind Other Income Total Expenditure on: Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 4 Income from donations and legacies Donation and Legacies 5 Income from charitable activities Gift - In - Kind	Unrestricted £ 27,706 27,706 Restricted £ 25,000 25,000	Unrestricted funds 2023 £ 51,358 19,898 500
		71,756 45,919 8,180
		54,099
		17,657
		17,657
		17,657 39,825
		57,482
		Total 2024 £ 27,706
		27,706
		Total 2024 £ 25,000
		25,000

Page 12

Professors Without Borders Notes to the Accounts

6 Other income

Other Income 7 Expenditure on charitable activities Expenditure on charitable activities Refund Rau Foundation Programmes and Events Gift - In - Kind Expenses Governance costs 8 Other expenditure General administrative costs Legal and professional costs	Unrestricted £ - 24,870 - 24,870	Restricted £ - - 25,000 25,000 Unrestricted £ 1,072 15,914 16,986		Total 2024 £ -
				-
				Total 2024 £ - 24,870 25,000
				49,870
				Total 2024 £ 1,072 15,914
				16,986

9 Staff costs

No employee received emoluments in excess of £60,000.

Page 13

Professors Without Borders Notes to the Accounts

10 Movement in funds

Restricted funds: Restricted income funds: Total Unrestricted funds: General funds Total funds 11Analysis of net assets between funds Net current assets 12Reconciliation of net debt Cash and cash equivalents Net debt 13Related party disclosures *Controlling party*		At 1 April 2023 - - 57,482 57,482	Incoming resources (including other gains/losses ) £ 25,000 25,000 27,706 52,706 At 1 April 2023 £ 57,482 57,482 57,482	Resources expended £ (25,000)	Resources expended £ (25,000)
				(25,000)
				(41,856)
				(66,856) Unrestricted funds £ 43,332
					43,332
					Cash flows £ (14,150)
					(14,150)
					(14,150)

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 14

Professors Without Borders Notes to the Accounts Page 15

Professors Without Borders Notes to the Accounts

Expenditure

Recognition of expenditure

Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.

Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.

Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.

Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Freehold investment property

Stocks

Trade and other debtors

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

Cash and cash equivalents

Trade and other creditors

Page 16

Professors Without Borders

Notes to the Accounts

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are depreciated in the same way as owned assets.

Pension costs

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

Page 17

Professors Without Borders

Notes to the Accounts

3 Statement of Financial Activities - prior year

3 Statement of Financial Activities - prior year
Income and endowments from: Donations and legacies Charitable activities -Gift -In - Kind Other Income Total Expenditure on: Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 4 Income from donations and legacies Donation and Legacies 5 Income from charitable activities Gift - In - Kind	Unrestricted £ 27,706 27,706 Restricted £ 25,000 25,000	Unrestricted funds 2023 £ 51,358 19,898 500
		71,756 45,919 8,180
		54,099
		17,657
		17,657
		17,657 39,825
		57,482
		Total 2024 £ 27,706
		27,706
		Total 2024 £ 25,000
		25,000

Page 18

Professors Without Borders Notes to the Accounts

6 Other income

Other Income 7 Expenditure on charitable activities Expenditure on charitable activities Refund Rau Foundation Programmes and Events Gift - In - Kind Expenses Governance costs 8 Other expenditure General administrative costs Legal and professional costs	Unrestricted £ - 24,870 - 24,870	Restricted £ - - 25,000 25,000 Unrestricted £ 1,072 15,914 16,986		Total 2024 £ -
				-
				Total 2024 £ - 24,870 25,000
				49,870
				Total 2024 £ 1,072 15,914
				16,986

9 Staff costs

No employee received emoluments in excess of £60,000.

Page 19

Professors Without Borders Notes to the Accounts

10 Movement in funds

Restricted funds: Restricted income funds: Total Unrestricted funds: General funds Total funds 11Analysis of net assets between funds Net current assets 12Reconciliation of net debt Cash and cash equivalents Net debt 13Related party disclosures *Controlling party*		At 1 April 2023 - - 57,482 57,482	Incoming resources (including other gains/losses ) £ 25,000 25,000 27,706 52,706 At 1 April 2023 £ 57,482 57,482 57,482	Resources expended £ (25,000)	Resources expended £ (25,000)
				(25,000)
				(41,856)
				(66,856) Unrestricted funds £ 43,332
					43,332
					Cash flows £ (14,150)
					(14,150)
					(14,150)

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 20

Professors Without Borders Detailed Statement of Financial Activities

Page 21