Charity registration number: 1190102
Project Access International
known as
Project Access
Annual Report and Financial Statements
for the Year Ended 31 December 2023
Lambert Chapman LLP Chartered Accountants and Statutory Auditors 3 Warners Mill Silks Way Braintree Essex CM7 3GB
Project Access International
known as Project Access
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 5 |
| Statement of Trustees' Responsibilities | 6 |
| Accountants' Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 16 |
Project Access International
known as Project Access
Reference and Administrative Details
Trustees E B Lassen, Chairman Dr E J Tomlinson J With-Fogstrup R Probst Chief Executive Officer L Popp Charity Registration Number 1190102 Correspondence address c/o Lambert Chapman LLP 9 Perseverance Works 38 Kingsland Road London E2 8DD Accountants Lambert Chapman LLP Chartered Accountants and Statutory Auditors 3 Warners Mill Silks Way Braintree Essex CM7 3GB
Page 1
Project Access International
known as Project Access
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2023.
Objectives and activities
Objects and aims
To advance for the public benefit the education of less privileged young people, including (but not limited to), by making services available to them with the particular aim of helping them gain places and succeed at universities, colleges or institutions of higher education, and advance into further studies or employment beyond graduation.
The charity’s main activity is the delivery of its of peer-to-peer mentorship programme supporting beneficiaries across the world in applying to universities. In addition, the charity is hosting events including application bootcamps, events advancing access to careers and employment, and training/community events for its volunteers. All services provided by the charity for less privileged young people are free for such individuals.
Fundraising disclosures
The organisation is committed to follow the Know Your Donor guidance and tools produced by the Charities Commission, to ensure that rules are followed and that conditions attached to donations are not violating any rules or best practices. Specifically, the organisation's Finance Team will evaluate incoming donations and intervene if it assesses that further investigation is necessary or determine that there is a risk.
Public benefit
The charity aims to help less privileged students apply to top universities through a tech-enabled mentorship. Less privileged students are less likely to apply to top universities and struggle to finance their education. The charity's program includes one to one mentorship, hints and tips relating to the application process and provides a connection to other mentees from all over the world.
The trustees have regarded the guidance issued by the Charity Commission on public benefit.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Use of volunteers
The charity has two types of volunteers contributing to the success of the charity. The charity has team volunteers helping with the charity’s main operations and mentor volunteers helping less privileged students (mentees) gain admission to top universities, colleges and other institutions of higher education globally. 396 new mentors joined the charity and 153 team members volunteered for the organisation during the year.
Page 2
Project Access International
known as Project Access
Trustees' Report (continued)
Achievements and performance
Project Access continues to deliver successful mentorship programmes with 740 active pairings for 879 new mentees and 396 new mentors during the year to help students from less privileged backgrounds advance into top higher education institutions.
Mentors and mentees were active in 33 countries in undergraduate, graduate, and postgraduate study levels. The charity provided bootcamps in several countries including Austria, Germany, Finland, Denmark, and Singapore.
The charity continues to support under-represented youth in gaining admission to prestigious higher education institutions. High-achieving less-privileged students are less likely to apply to top universities and colleges. Given the challenges these students face in securing admission, funding, or even deciding to apply, the charity’s mentorship offers benefits including psychological support, information guidance, and application advice.
Project Access raised £12,247 in FY23, surpassing the expectation of £10,000.
The investment into a new mentorship platform led to a deficit in FY23. The new platform is expected to benefit mentees and mentors and improve programme operations.
Financial review
The charity’s persistence in helping less privileged young students secure admission in top higher education institutions has resulted in a relatively strong year-end financial position. The charity continued to execute its fundraising strategy with a focus on fundraising events, individual donations and partnerships, thus maintaining the charity’s long-term sustainability.
Policy on reserves
It is the aim of Project Access International to hold unrestricted reserves of between three to six months of operating expenditure at any point in time, in line with guidance from the Charity Commission.
At the Balance Sheet date, the charity has available reserves of £8,062.
Principal funding sources
Colleges of the University of Cambridge was the primary source of funds. Donations and contributions were sourced from private individuals, corporates, donation schemes within companies, and philanthropies. Fundraising events such as the fundraising dinner also contributed funds.
Investment policy and objectives
The charity did not make any financial investments in the period concerned.
Going concern
After making appropriate enquiries, we have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, we continue to adopt the going concern basis in preparing the financial statements.
Page 3
Project Access International
known as Project Access
Trustees' Report (continued)
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees:
E B Lassen, Chairman Dr E J Tomlinson J With-Fogstrup R Probst I Wellington-Lynn (resigned 1 April 2023) Dr P Luthra (resigned 1 May 2023)
Senior Management / Leadership L Popp Team:
Structure, governance and management
Nature of governing document
The Charity is a Charitable Incorporated Organisation, registered on 24 June 2020, and is governed by the Foundation Model constitution.
Recruitment and appointment of trustees
New trustees are elected by the existing board of trustees according to our constitution. Election of new trustees will only take place after a thorough review process where multiple factors are considered, including but not limited to:
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the trustee’s previous experience;
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the trustee’s network;
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the trustee’s skill-alignment with current priorities of the charity, and more.
Induction and training of trustees
New trustees undergo an onboarding process that covers the areas recommended by the Charity Commission alongside a thorough introduction to the charity’s programs, policies, core team members and strategy.
Organisational structure
Project Access International initially had three Trustees. At the current time, there are four Trustees who are shown on page 1. We have a delegation of authority policy in place which outlines how the charity makes decisions. The policy covers decision making in all areas of the charity, clarifying which decisions are reserved to the board and the scope of decisions are delegated to the Chief Executive or Global Leadership Team.
All operational decisions are within the decision remit of the Global Leadership Team. In addition, the charity has a Finance Policy which sets out limits and conditions whereby the Chief Executive and Global Leadership Team are authorised to commit the charity to incur expenditure within the approved annual budget plan.
Our Trustees have a fiduciary responsibility for Project Access International and provide strategic oversight and direction. Trustees have received no remuneration, financial benefits, any other compensation or any benefit in kind.
Page 4
Project Access International
known as Project Access
Trustees' Report (continued)
Major risks and management of those risks
Risks are considered by the Trustees on an ongoing basis.
The charity holds a risk register with an overview of potential risks, the potential impact of those risks and ratings of their likelihood, consequence and priority level. The risk register is evaluated and amended periodically.
There are several principal risks across seven key categories: financial, operational, compliance, governance, environmental/external, strategic, and people.
Principal financial risks include dependency on specific income sources and the potential for fraud or error. Operationally, the charity is potentially at high risk due to the security of its assets, ineffective management, a decline in product quality, poor communication and knowledge management, and low quality of impact analytics. Compliance risks are high in areas such as procedural and systems documentation, safeguarding regulation violations, GDPR breaches, and failure to adhere to internal policies. Regarding governance, there are high potential risks related to ensuring the trustee body has the necessary skills and commitment, as well as maintaining strong trademarks, copyrights, and intellectual property security. Principal environmental/external risks include the relationship with funders and university policy changes. People-related high potential risks involve high dependency on individual team members and ineffective onboarding and training structures.
The annual report was approved by the trustees of the charity on 25 October 2024 and signed on its behalf by:
......................................... E B Lassen Trustee
......................................... R Probst Trustee
Page 5
Project Access International
known as Project Access
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity 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 25 October 2024 and signed on its behalf by:
......................................... E B Lassen Trustee
......................................... R Probst Trustee
Page 6
Chartered Accountants' Report to the Trustees on the Preparation of the Unaudited Statutory Accounts of Project Access International for the Year Ended 31 December 2023
In order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the accounts of Project Access International for the year ended 31 December 2023 as set out on pages 8 to 16 from the charity's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW) we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.
This report is made solely to the board of trustees of Project Access International, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Project Access International and state those matters that we have agreed to state to the board of trustees of Project Access International, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Project Access International and its board of trustees as a body for our work or for this report.
It is your duty to ensure that Project Access International has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and surplus/deficit of Project Access International. You consider that Project Access International is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Project Access International. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Lambert Chapman LLP Chartered Accountants and Statutory Auditors 3 Warners Mill Silks Way Braintree Essex CM7 3GB
28 October 2024
Page 7
Project Access International
known as Project Access
Statement of Financial Activities for the Year Ended 31 December 2023
| Note Income and Endowments from: Donations 2 Charitable activities 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net (expenditure)/income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 11 |
Unrestricted funds £ 397 11,850 12,247 (13,664) (13,664) (1,417) (1,417) 9,479 8,062 |
Restricted funds £ - - - - - - - 4,910 4,910 |
Total 2023 £ 397 11,850 12,247 (13,664) (13,664) (1,417) (1,417) 14,389 12,972 |
Total 2022 £ 5,159 10,308 |
|---|---|---|---|---|
| 15,467 | ||||
| (15,447) | ||||
| (15,447) | ||||
| 20 | ||||
| 20 14,369 |
||||
| 14,389 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 11.
The notes on pages 10 to 16 form an integral part of these financial statements. Page 8
Project Access International
known as Project Access
(Registration number: 1190102) Balance Sheet as at 31 December 2023
| Note Current assets Cash at bank and in hand 9 Creditors: Amounts falling due within one year 10 Net assets Funds of the charity: Restricted income funds Restricted funds 11 Unrestricted income funds Unrestricted funds Total funds 11 |
2023 £ 13,950 (978) 12,972 4,910 8,062 12,972 |
2022 £ 15,366 (977) |
|---|---|---|
| 14,389 | ||
| 4,910 9,479 |
||
| 14,389 |
The financial statements on pages 8 to 16 were approved by the trustees, and authorised for issue on 25 October 2024 and signed on their behalf by:
......................................... E B Lassen Trustee
......................................... R Probst Trustee
The notes on pages 10 to 16 form an integral part of these financial statements. Page 9
Project Access International
known as Project Access
Notes to the Financial Statements for the Year Ended 31 December 2023
1 Accounting policies
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) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Project Access International meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Judgements
Apart from those judgements involving estimations, the management team have not made any judgements in the process of applying the entity’s accounting policies that have significant effect on the amounts recognised in the accounts.
Key sources of estimation uncertainty
There are no key assumptions concerning the future or other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
The organisation is committed to follow the 'Know Your Donor' guidance and tools produced by The Charity Commission, to ensure that rules are followed and that conditions attached to donations are not violating any rules or best practices. Specifically, the organisation's finance team will evaluate incoming donations and intervene if it assesses that further investigation is necessary or determine that there is a risk.
Other trading activities
Other trading activity income is recognised on a receivable basis when the income is received in the bank.
Page 10
Project Access International
known as Project Access
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including accountancy and independent examination fees.
Taxation
The charity is potentially exempt from taxation to the extent that income or gains are applied exclusively to charitable purposes.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
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 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.
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.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Page 11
Project Access International
known as Project Access
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
2 Income from donations and legacies
| Donations and legacies; Donations 3 Income from charitable activities Mentor programme 4 Expenditure on charitable activities Note Mentee direct costs Marketing (outreach) Country operations Campus events Mentorship platform Office expenses Travel and subsistence Team Event Staff entertaining Subscriptions Bank charges Foreign currency (gains)/losses Insurance General expenses Governance costs 5 |
Unrestricted funds General £ 397 397 Unrestricted funds General £ 11,850 Unrestricted funds General £ 640 946 490 55 4,580 - 80 - 597 3,928 18 141 349 8 1,832 13,664 |
Restricted funds £ - - Restricted funds £ - Restricted funds £ - - - - - - - - - - - - - - - - |
Total 2023 £ 397 397 Total 2023 £ 11,850 Total 2023 £ 640 946 490 55 4,580 - 80 - 597 3,928 18 141 349 8 1,832 13,664 |
Total 2022 £ 5,159 |
|---|---|---|---|---|
| 5,159 | ||||
| Total 2022 £ 10,308 |
||||
| Total 2022 £ 18 1,188 5,780 - 2,260 6 100 69 356 3,491 666 (441) 334 40 1,580 |
||||
| 15,447 |
Page 12
Project Access International
known as Project Access
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
5 Analysis of governance and support costs
Governance costs
| Independent examiner fees Examination of the financial statements Other accountancy services Legal fees |
Unrestricted funds General £ - 1,782 50 1,832 |
Restricted funds £ - - - - |
Total 2023 £ - 1,782 50 1,832 |
Total 2022 £ 648 882 50 |
|---|---|---|---|---|
| 1,580 |
6 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
7 Independent examiner's remuneration
| Examination of the financial statements Other fees paid to examiner Other accountancy services Independent Examiner’s remuneration |
2023 £ - 1,782 1,782 |
2022 £ 648 882 |
|---|---|---|
| 1,530 |
8 Taxation
The charity is a registered charity and is therefore potentially exempt from taxation.
9 Cash and cash equivalents
| Cash at bank | 2023 £ 13,950 |
2022 £ 15,366 |
|---|---|---|
Page 13
Project Access International
known as Project Access
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
10 Creditors: amounts falling due within one year
| Trade creditors Accruals 11 Funds Unrestricted funds General General Restricted funds Marsh Spa Total funds Unrestricted funds General General Designated Designated Total unrestricted funds Restricted PA4R UNLEASH+ Marsh Spa Total restricted funds Total funds |
Balance at 1 January 2023 £ 9,479 4,910 14,389 Balance at 1 January 2022 £ 10,660 470 11,130 3,239 - 3,239 14,369 |
Incoming resources £ 12,247 - 12,247 Incoming resources £ 5,159 - 5,159 - 10,308 10,308 15,467 |
Resources expended £ (13,664) - (13,664) Resources expended £ (10,031) - (10,031) (18) (5,398) (5,416) (15,447) |
2023 £ - 978 978 Transfers £ - - |
2022 £ 95 882 |
||
|---|---|---|---|---|---|---|---|
| 977 | |||||||
| Balance at 31 December 2023 £ 8,062 4,910 |
|||||||
| - | 12,972 | ||||||
| Balance at 31 December 2022 £ 9,479 - |
|||||||
| 9,479 | |||||||
| - 4,910 |
|||||||
| 4,910 | |||||||
| 14,389 |
Page 14
Project Access International
known as Project Access
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
The specific purposes for which the funds are to be applied are as follows:
Designated Funds
Coronavirus Tutoring Initiative (CTI): this was an independent initiative started in March 2020 in the midst of COVID-19. Seeing the urgency of the situation, CTI did not have time to register a legal entity and we therefore agreed to build the initiative under Project Access (the purpose of the initiative was fully aligned with the charitable purpose of Project Access). By building the initiative under Project Access, we also accepted donations to the initiative via our bank accounts. The remainder of this fund was released back to general funds in the year ending 31 December 2022.
Restricted Funds
PA4R UNLEASHED+: Award from UNLEASH furthering our Project Access for Refugees program. As this project has now finished, the Charity requested and was granted permission to use the remaining balance of this fund to contribute towards mentoring costs. After discussions with the donor, the Charity has been allowed to use the remainder of this fund for general purposes.
Marsh Spa: A balance of £4,910 was brought forward from the previous year. These funds relate to a Project Access bootcamp in Italy and the remaining funds reported at the Balance Sheet date have not yet been spent - whilst the charity does not have a specific programme in place at the moment, the Trustees are aware that the funds are restricted and, as such, these funds will not be spend for activities outside of those agreed with the donor.
Page 15
Project Access International
known as Project Access
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
12 Analysis of net assets between funds
| 12 Analysis of net assets between funds | |||
|---|---|---|---|
| Current assets Current liabilities Total net assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 9,040 (978) 8,062 Unrestricted funds General £ 10,456 (977) 9,479 |
Restricted funds £ 4,910 - 4,910 Restricted funds £ 4,910 - 4,910 |
Total funds at 31 December 2023 £ 13,950 (978) |
| 12,972 | |||
| Total funds at 31 December 2022 £ 15,366 (977) |
|||
| 14,389 |
13 Related party transactions
There were no related party transactions in the year.
Page 16