Company registration number.. 12482580 Charity registration number.. 1193025 The Centre for Transforming Access and Student Outcomes in Higher Education (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2024 Innovi Advisors Ltd Chartered Certified Accountants 163 Heme Hill London SE24 9LR The Centre for Transforming Access and Student Outcomes in Higher Education Contents Reference and Adrninistrative Details Trustees. Report 2to10 Independent Auditors. Report 11to14 Statement of Finanual Activities 151016 Stsiem6nl of Finanaal Position 17 Stslemenl of Cash Flows 18 Notes lo the Financi81 Stslemenls 191032 The Centre for Transforming Access and Student Outcomes in Higher Education Reference and Administrative Details Chalmian Prof E A Simmcffis Charity Registration Number 1193025 Company Registration Number 12482580 Reglstered Offlce 58 Victoria Embankment Temple London EC4Y ODS Auditor Innovi Advisors Ltd Chartered Certified Accountsnls 163 Herne Hill London SE24 9LR Page 1 The Centre for Transforming Access and Student Outcomes in Higher Education Trustees. Report Introductlon The Trustees present our slatulory report together with the financial statements of the Centre for Transforming Access and Student Outcomes in Higher Education ITASOI for the year ended 31 March 2024. The report, which conslitules a Trustees. report for the purposes of charity law and a Directors, report for the purposes of company law. has been prepared In accordance with Part 8 of the Charities Act 2011. The financial statements have been prepared in accordance with the accounting policies set out on pages 16 of the attached financial statements and comply with the charitable companls Memorandum and Articles of Association. applicable laws and Accounting and Reporting by Chanlies.. Statement of Recommended Practice applicable lo charits.es preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland comprising Charities SORP - FRS 102 The Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS1021 (issued in October 20191 and applicable law (United Kingdom Generally Accepted Accounting Practice) . OBJECTIVES AND ACTIVITIES Oblects and alms TASO is a registered charity, No. 1193025 TASO is a company limited by guarantee, registered in England, No. 12482580 The charills objects are. for the public benefit. the advancement of education by.. undertaking, supporting and disseminating the useful results of research into inequality of opportunity lo obtain access lo educatson and, in particular, barriers to accessing Higher Education supporting and promoting access lo education for those facing barriers lo access including (but not exclusivetyl as a result of socioeconomic background. age, race, disability. gender, sexual orientation or religion In 2023124 TASO interpreted these objects as:. 1. Changing policy and practice - Our research will see HE institutions change their policies and practices with the goal lo reduce equality gaps. 2.Generaling evidence reports. Our research programme will prcrtluce multiple high-quality evidence-based 3. Shaping the agenda TASO will be al the forefront of changing the narrative and influencing opinion on the importance of using evidence lo tackle equality gaps. Page 2 The Centre for Transforming Access and Student Outcomes in Higher Education Trustees. Report 4. An effective and values-led organisalion Sustainability and effectiveness of TASO, including govemance, operations and syElems, with a high-perfomiing team based on shared values. The Centre for Transforming Access and Student Outcomes in Higher Educalion ITASOI was sel up in 2019 and became an independent charity in April 2021. Before becoming a charity, TASO was managed by a consorkn'um of King's College London, Nottingham Trent University and the Behavioural Insights Team. TASO is an affiliate What Works Centre. and part of the UK Govemmenl's What Wot*s Movement. This means that TASO is committed lo the generation, synlhesis and dissemination of high-qualily evidence about effective practice in widening participatson and student outcomes. Our vision is lo eliminate equality gaps in higher educatson. Our mission is to improve lives through evidence-infomied practice in higher education. Objectives, strategles and actlvities Prlnclpal actlvltles. achlevements and perfomianca TASO'S main activities and oulpuls relate lo research and evaluation. The below graphic outlines our evidence cycle. In our first two years, TASO was focused on the first phase. idenlify'ng the gaps in the evidence. In 2023-24 we made significant progress in phases 2 (generating new evidence) and phase 3 (reviewing and disseminating eviden¢el. As the graphic indicates, this 15 a cycle, with our finding$ now indicating and informing new evidence gaps and infoming our approach to Commissioning and generating further evidence. Page 3 The Centre for Transforming Access and Student Outcomes in Higher Education Trustees. Report Our evaluation functy'on is partscularly importanl lo support Ihe wider higher education in evaluating their own activities. This includes our toolkit, our most visited webpage, as well as webinars, events, guidance and templates. Our research and evaluation work addresses inequalitses across the student life cycle and among different student demographics. Our work is underpinned by strong methodological and quality assurance procedures and during 2023124 was divided inlo four thematic areas.. Theme 1.. Effectiveness of widening parb'cipalion outreach Theme 2.. Gaps in the sludenl experience Theme 3.. Employment and employability Theme 4.. Mental health and disability Each of these themes was supported by a Theme Working Group ITWGI made up of sector representatives with experience relating lo the topic. We commission research, with a focus on causal evidence, based on the evidence base and in consultation with our TWGS. As outlined further below, TASO regularly njns in pers(m and virtual events lo support our stakeholders in their work. Over the year 2023124 TASO has also widened and deepened its relationships across the higher education landscape, collaborating with a number of higher education provHJers directly, and those working on tackling inequalities in higher education. Publlc benoflt Our Trustees have paid due regard to the guidance on public benefit produced by th8 Charities Commission, and are confident that the work of the charity meets all the criteria for public benefit. Vve are satisfied that we undertake all of our work within our chanlable objectives and the public benefit requirement as defined in Section 17 of the Charilies Act 2011. Page 4 The Centre for Transforming Access and Student Outcomes in Higher Education Trustees. Report ACHIEVEMENTS AND PERFORMANCE In 2023124 TASO continued to produce 8 large number of outputs that were widely disseminated and used by the higher education sector. These demonstrate the range of our aclivilies. and how our work is responsive to the need5 of the sector. and addresses the inequalities students experience. Some examples included. In 2023 TASO delivered a Student Mentsl Health project whica) aimed lo identify effective practice and to pilot evaluation guidan￿. The ffl8in oulpul of this project was lo pr(xJuce an online hub of evidence and evaluation guidan￿. launched in October 2023. with a SUPFM)rtive quote from the minister for higher education. This project also reflects TASO'S approach lo partnership working. as it was delivered with a consortium including AMOSSHE. Student Minds. What W(xks Wellbeing and SmartenlKings College London. TASO additionally published a report presenting the perspectives of Iho$e involved in Ihe delivery and evaluation of student mental health inlervenlions in the UK in spnng 2024. We worked with six different providers to explore the use of Theory of Change lo better understand their inleNenlions. We published a report pulling together the leaming from this work in March 2024. The $e¢lor is increasingly $eekiftg lo leam from tts use of leaming an8lyti¢s. We published a report looking into how learning analytics can identify students at risk of withdrawing from their studies, and prompt appropriate inlervenlions lo help with rfrengagement. TASO ¢ontinues lo be re$pon$ive lo the diversity of the se¢lor, and the range of sludenl groups in higher education. As part of the 'lmpa¢l evaluation with small cohorts. project, we published guidance on eight evaluation melhodologie5 5Uitable for use with small cohorts. These evaluations aimed to generate empirical enquiry evidence (whereby the data suggests that an activity is associated with better outcomes for students) and scope out the feasibility of generating causality evidence (which demon51rales that an activity has a causal impact on outcomes for students). Projecl teams from higher education providers tested four of these evaluation methodologie$. published in December 2023. We also published interim findings from our flagship project on summer schools. This examined the role of summer schools in encouraging disadvantaged and underrepresented students lo participate in higher education. The report outlines interim findings from a project designed lo evaluate whether summer schools increase higher education participation rates among students from underrepresented and disadvantaged backgrounds. and is the firsl mulb'_sile randomised conlrolled trial in UK higher education. 'School's in for the summer, presents interim findings from an evaluation of face-l(￿faCe summer schools that took place in summer 2022. In August 2023 we published a report on 'sandwich courses.. mapping out barriers and solutions for students participating in sandwich courses. This is a particulady important activity for considering how lo improve employTnenl and employability. Each of the above activities were widely shared across the sector. TASO is committed not simply lo producing evidence, bul ensuring il is widely disseminated and taken up by the sector to inform their practices and policies. Further details and metric3 are provided in the following section. Page 5 The Centre for Transforming Access and Student Outcomes in Higher Education Trustees. Report Informlng practlce and debate TASO is committed to ensuring our oulpuls are effectively disseminated. so that they shape practi￿ on widening participation and student SU￿e$S. In addition to pr￿lucIng our evidence toolkit and research, we also have held a number of online webinars, workshops and launches to better explain and support the sector. These have reached most HE providers in the sector and often have over 100 participants. TASO has regular meetsngs with key stakeholders. for example Universities UK. the various mission groups, and have been invited to speak al a number of high-profile extemal events across the sector. We also have regular meetings with officials in the Department for Education and the Office for Students lo ensure our activities infomi and are informed by their priorities. We also submitted evidence to various padiamentary inquiries, on topics including the transition from education to employTnent for disabled young people. ￿ skills for the future. and on the educational outcomes of children with experience of care. Engagement with our conlenl and resources continued to grow across our channels with increased followers on our social media channels and year-on-year increases in key website metrics. There were 189,450 page views of the website, with our evidence toolkit being the most viewed page. Vve produced 22 blog or articles for external outlets, and our newsletter now has over 3.500 subscribers. Over the 2023124 financial year, TASO hosted 24 events, provided 6 training events, involving 2438 total allendees. We reached over 350 institutions. with over 95% salisfied or very satisfied with our aclivilies. We had another very successful annual conference. our key opportunity to bring together those working on access and participation across the sector, with over 110 people attending on both days, involving 78 inslilulions or organisations. Our sector nehvork now include over 150 members. Financial r8viow TASO is in a stable position, with one main funder providing funding lo undertake all charitable actsvitses. TASO has developed robust financial planning and reFM)rting slnjclures to ensure stsbilily. Pollcy on resenies The Trustees monitor income, expenditure and cash flow through their quarterfy meetings. The Trustees remain commilled lo increasing the level of reserves held. Currently TASO does not have a fomial reserves policy. The Trustees, ambition is lo carry reserves that represent three months of the anticipated monthly expenditure. We are unable to fulfil this aim due our current funding arrangements. TASO is able lo request funds from the Ofs each month if needed. With this in mind Ihe reserves policy is suitable as it matches TASOS reserves to its requirements. As TASO relies less on a sole funder, Ofs, il aims to build up free unrestricted reserves lo provide.. a level of working capital that protects the continuity of our core work funding for unexpected opportunities cover for risks such as unforeseen expendilure Page 6 The Centre for Transforming Access and Student Outcomes in Higher Education Trustees. Report Fundlng In 2023124 TASO had an income of £1.958,434. This includes our main yearty grant from the Office for Students, plus additional income from revenue generation as well as income deferred from previous financial years. Our expenditure was £2.184.269, leaving a notional deficit of £225,835 for the financial year. This is due lo us completing projects allocated in the previous year. This is indicated in our carry forward figures.. in FY 2022123 we brought fo￿a￿d £674,675 from FY 2022123. and therefore have a carry forward for the 2023124 year of £448,840. As explained in 18sI years, accounts, we had some initial delays in project commencement due lo Covid, which we have now caught up wilh. However, there remains a slight delay between our ability lo commission and contract higher educatson providers to work with us. and expenditure on and completion of those projects, some of which are designed lo last over multiple years. The large majority of our carry forward funds are allocated for expenditure in 2024125 and beyond to analyse outcomes for those year. TASO'S funding is primarily provided by a grant from the Office for Students IOfS}. TASO works closely with Ofs lo ensure that fijnds are allocated appropriately. In 2023124 we also secured a grant from the Cabinet Office of £330.000 for work to lake place over 2024125. Looklng Ahead Alms and key obloctlves for future pfrrlods In 2024125 TASO will continue lo fo¢u$ on the Offi¢e for Studenls as its main fvnder, seeking longer tem funding where FK)s$ible. Al the dale of this report, there has been some success in generaling additional income, notably via a Cabinet Office grant bul also through revenue generation for bespoke training and related events. Our ¢urrent Ofs grant 1$ due to end in March 2025. We continue to engage with the Ofs and their sponsor department the Department for Education. bolh of whom are 5UPPOrtive of longer term multi-year funding for TASO. We have had a public commitment for an additional year of funding for 2025126, announced here- https'.Ilwww.officeforsludents.org.ukJnews-blog-and*venlslpress-and-medialwhal -s-nexl-in-equality￿f-Opp0rtunItY-regUlaIlonl Page 7 The Centre for Transforming Access and Student Outcomes in Higher Education Trustees. Report STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Charity is constituted as a company limited by guarantee and is govemed by a Memorandum and Articles of Association. Board of Trustees The Board of Trustees formally determines. in compliance with Charity Commission rules. matters $u¢h as disposal or acquisition of property. and approves the key operating policies of the charity. The Board is also responsible for the over811 risk policy and for assessing the adequacy of the risk miligalion plans. Trustees give their time voluntarily and receive no personal benefit from TASO. The Board approves the $trategi¢ and operational plans for TASO. including the annual budget. and monitors progress for each of these throughout the year by receiving reports from the Chief Executive summari$ing performance. Commlttè•$ In addition lo the Board rneelings. TASO has esL9blished tsvo su&committee$'. 8 finance and risk sub-commillee to provide additional scrutiny and oversight and a research and evaluation su￿Committee to support our research priorilisalion and lo scrulinise that area of the organisation. In addition lo these Committees. TASO ha$ a number of advisory groups. including one for ea¢h theme working group, an A¢ademi¢ Advisory Group and an Evaluation Advisory Group. to advise on our research priorities. Organizational Structuro The day-torflay running of the organisation is delegated to stsff under the leadership of the Chief Executive Officer. The Chief Executive Officer, with the support of the Deputy Chief Execub've Officer and Chief Operating Officer, develops TASO'S operating plans and budgets. both of which are approved and then monitored by the Trustees. Our current strategic plan lakes us to 2024. and we are developing a longer-tem strategy in line wlh our refunding plans. The Chief Executive Officer reports on organisalion81 perfom)ance against strategic objectives 8t each 808rd meeting. This enables Iruslees lo monitor and evaluate performance regularly. Management of Risk The risk management strategy comprises: A quarterly and annual review of Ihe major risks lo which TASO is exposed The eslablishmenl of systems and procedures lo mitigate those risks The implementation of pr￿dureS designed to minimise any potential impact on TASO should any of those risks malerialise Page 8 The Centre for Transforming Access and Student Outcomes in Higher Education Trustees. Report While overall accountability rests with the Truslees. our aim is to create a culture of effective risk management and mitigation throughout Ihe organisalion through regular reviews. training and implemenlalion of key policies. The risk management pro￿$$ covers both short and long-lerm risks and in particular concerns TASO'S financial sustainability and ability to achieve its charitable aims. The Trustees confimi that they are satisfied Ihal strategies. syElems and controls are, as far as possible, in place to mitigate significant risks, induding those presented by the coronavirus pandemic. TrustèeslDlre¢tors Indemnlty Insurance TASO provides insurance lo ils trustees against liability in respect of acb'on brought by third parties, subject lo the conditions sel out in the Companies Acl 2006. Such quali￿ng third party indemnity insurance remains in force as of the date of approving Ihe Iruslees. annual report. Trustees and officors The trustees and officers serving during the year and since the year end were as follows- Trustees.. Prof E A Simmons Mrs Maddalaine Caroline Ansell Mr David John Woolley Mrs Jane Mcneil Ms Heather Kay Hodge (resigned 31 December 2024} Mr Tahmid Rahman Chowdhury (resigned 5 October 20231 M$ Susannah Summers Hume Mr Ryan Paul Shorthouse Ms Chadotte Croffie (appointed 5 October 20231 Ms Rebecca Hanalore Hollinglon (appointed 5 October 2023) Ms Chrislal Delaurianne Kihm lappointed 5 October 2023 and resigned 19 August 20241 Ms Grace Elizabelh Pollard Simpson lappoinled 5 October 2023) Mr Joshua William Smith lappoinled 5 October 2023) Mr Hamir Patel (appointed 5 October 20231 Chair Prof E A Simmons Page 9 The Centre for Transforming Access and Student Outcomes in Higher Education Trustees. Report Statement of trustees. responsibiltties The trustees (who are also the directors of The Centre for Transfomiing Access and Student Outcomes in Higher Educab'on for the purposes of company lawl are responsible for preparing the Iruslees, report and the financial statements in accordance with applicable law and United Kingdom AccoLJnting Standards (United Kingdom Generally Accepted Accounting Praclicel. including FRS 102 "The Financial Repo￿.ng Standard applicable in the UK and Republic of Ireland". Company law requires the trustees to prepare financial slalements for each financial year. Under company law the trustees must not approve the financial slalemenls unless they are satisfied that they give 8 true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources. including ils income and expenditure, of the charitable company for that period. In preparing these finanual slalemenls, the trustees are required lo.. select suitable accountsng policies and apply them ￿nsisten￿￿, observe the methods and principles in the Charilies SORP.. make judgements and estimates that are reasonable and prudent: slate whether applicable accountsng standards, comprising FRS 102 have been followed, subject lo any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concem basis unless it is inappropnate lo presume that the charitable company will continue in business. The Iruslees are responsible for keeping proper 8c¢ounling records that can disclose with reasonable ae¢ura¢y at any lime the financial posibon of the charitable company and enable them to ensure that the financial 51alemenls 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 preventlon and detecb'on of fraud and other irregul8ritie$. The trustees are responsible for the mainlenanee and integrity of the corporate and financial information included on the charitable companls website. Legislation goveming tt)e preparation and dlssemination of financial statements may differ from legislation in other jurisdictions. Dlsclosure of Informatlon to audltor Each trustee has taken steps that they ought to have taken as a Injstee in order lo make themselve$ aware of any relevant audit infomiation and to establish that the charity's auditor is aware of that information. The Iruslees confirm that there is no relevant infomialion that they know of and of which they know the auditor is unaware. The annual report was approved by the ITuslees of the charity on ..?010112025 and signed on its behalf by: Prof E A Simmons Chair and trustee Page 10 The Centre for Transforming Access and Student Outcomes in Higher Education Independent Auditor's Report to the Members of The Centre for Transforming Access and Student Outcomes in Higher Education Opinion We have audited the financial statements of The Centre for Transforming Access and Student Outcomes in Higher Education Ithe 'charity'l for the year ended 31 March 2024. whieh comprise the Statement of Financial Activities, Statement of Financial Position. Statement of Cash Flows. 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 Accountirlg Standards, comprising Charities SORP - FRS 102 'The Financi81 ReKK)rting Stsndard applicable in the UK and Republic of Ireland, and applicable law Iunited Kingdom Generalty A¢￿pIed Accounting Practicel- In our opinion the financial stslements.. give a true and fair view of the slate of the charity's affairs as at 31 March 2024 and of ils incoming resources and application of resources, induding its income and expenditure, for the year then ended., have been properly p￿pared in a¢¢ordanek wth United Kingdom Generally A¢¢epted A¢counting Practice,. and have been prepared in acts)rdance with the requirements of the Companies Act 2006. BasS8 for oplnlon We conducted our audit in accordance with Intemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our re$ponsibilities under those stsndards 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 lo our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard, 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 lo provide a basis for our opinion. Concluslons relatlng to golng concem In auditing the financial slalemenls, we have concluded that the Injslees use of the going concem basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charity's ability lo continue as a going concern for a period of al leasl ￿e1ve monlhs from when the original financial statements were aulhorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect to going concern are described in the relevant sections of this reporL Other information The trustees are responsible for the other infom)alion. The other information comprises the information included in the annual report, other than the financial statements and our avditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly ststed in our report. we do not express any forni of assurance conclusion Ihereon. Page 11 The Centre for Transforming Access and Student Outcomes in Higher Education Independent Auditor's Report to the Members of The Centre for Transforming Access and Student Outcomes in Higher Education In connection with our audit of the financial stslements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtsined in the audil or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent malerial misstatements, we are required lo determine whether there is a material misslatemenl in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we condude that there is a material misstatement of this other information, we are required to report that fact. We have nothing lo report in this regard. Oplnlon on other mattèr prescrlbed by thè Companlès Act 2006 In our opinion, based on the work undertaken in the course of the audit: the infomialion given in the Trustees. Report for the finanryal year for which the financial statements are prepared 1$ consistent with the financial sL9tementS: and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requSred to report by exceptlon In the light of our knowledge and understanding of the charity and its environment obtsined in the ¢ourse of the audit, we have not identified material misstatements in the Truslee$' Report. We have nothing lo report in respect of the following matters Whe￿ the Companies Act 2006 requires us to report lo you if, in our opinion.. adequate accounting records have not been kept. or retums adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreemenl wilh the accounting records and returns- or ¢ertain di￿10$￿Te$ of trustees remuneration specified by law a￿ not made- or we have not received all the infomialion and explanations we require for our audit. Responsibilitiès of trustees As explained more fully in the Statement of ITuslees' responsibilities Isel out on p8ge 10}, the trustees are responsible for the preparation of the finanaal statements and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees determine is necessary lo enable the preparation of financial slalemenls that are free from material misstatement, whether due to fraud or error. In preparing the financial s18temenls. the trustees are responsible for assessing the charity's ability lo continue as a going concem. disclosing. as applicable. matters related lo going concern and using the going concern basis of accounbng unless the Iruslees either intend to liquidate the charity or to cease operations. or have no re81islic allem8tive bul to do so. Page 12 The Centre for Transforming Access and Student Outcomes in Higher Education Independent Auditor's Report to the Members of The Centre for Transforming Access and Student Outcomes in Higher Education Auditor responsibilities for Ihe audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as 8 whole are free from material misstatement, whether due to fraud or error. and lo 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 IUKI will always detect a matenal misstatement when il exists. Misstalemenls 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 stalemenls. The exlenl lo whith our procedures are capable of detecting irregularities, including fraud is detailed below= Irregularities, induding fraud, are instances of non-compliance wilh laws and Tegulations. Vve design procedures in line with our reswnsibilits'es. outlined above. to detect material misstatements in respect of irregularities, including fraud. The key laws and regulations we have considered in this context included the Companies Act 2006, pension and lax legislation. In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company s ability to operate or to avoid a material penalty. The exlenl lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. Using our general commercial and sector experience and through discussions with the directors and management, we identified areas of laws and regulatsons that could reasonably be expected lo have a material effect on the financial statements as well as those ansing from management's own assessment of the nsks that irregularities may occur either as a result of fraud or error. We examined the company and regulatory and legal correspondence and discussed with the directors and management any known or suspected instances of fraud or non-compliance with laws and regulations. We communicated identified laws and regulations and potential fraud risks lo all engagement team members and remained alert lo any indications of fraud or non-compliance with laws and regulats'ons throughout the audit. In addressing the risk of management override of conlrols, we tested the appropriateness of journal entries. We also challenged assumptions and judgements made by management in their significant accounting eslimales and judgements. There are inherent limitstions in the audit procedures described above and the further removed non-compliance with laws and regulatsons is from the events and transactions reflected in the financial stalemenls, the less likely we would become aware of it. Also. the risk of not detecting a material misstatement due to fraud is higher than the risk of not delecling one from error, as fraud may involve deliberate concealment by, for example. forgery or intentional misrepresentation, or through collusion. A further description of our responsibilities is available on Ihe Finanaal Reporting Council's website at- w.frc.org.uklaudilorsresponsibililies. This description fomis part of our audf(or's report. Page 13 The Centre for Transforming Access and Student Outcomes in Higher Education Independent Auditor's Report to the Members of The Centre for Transforming Access and Student Outcomes in Higher Education Use of our report This report is made solely to the ch8ri18ble companls Iruslees. 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 slate 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 Imjr audit work. for this report, or for the opinions we have formed. Mr Sheelal Shah FCCA (Senior Slatulory Auditor) For and on behalf of Innovi Advisors Ltd. Chartered Certified Accountsnts 163 Herne Hill London SE24 9LR Dale.. 2010112025 Page 14 The Centre for Transforming Access and Student Outcomes in Higher Education Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrlcted funds Total 2024 Note Income and Endowments from: Charitable activities Other trading activities Investment income Other income 1.702,806 128.400 5,529 121,699 1.702.806 128,400 5,529 121,699 Total income 1.958.434 1.958,434 Expendlture on: Raising funds Charitable activities 1308.5311 1,875,738 1308,5311 1,875,738 Total expenditure 2,184,269 2.184,269 Net expenditure 225,835 225,835 Nel movement in funds 1225,8351 1225,8351 Reconclllatlon of funds Total funds brought forward 674,675 674.675 Total fund$ carried forward 17 448,840 448,840 The notes on pages 19 to 32 form an integral part of these financial statements. Page 15 The Centre for Transforming Access and Student Outcomes in Higher Education Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrlcted funds Total 2023 Note Income and Endowments from: Charitable activities Investment income Other income 1.821.702 1,753 19,950 1.821.702 1,753 19,950 Total income 1,843,405 1.843,405 Exponditure on: Raising funds Charitable activities 1195,3501 1,335.571 1195,3501 1,335,571 Total expenditure 1,530,921 1,530,921 Nel income 312,484 312,484 Nel movement in funds 312.484 312,484 Reconclllatlon of funds Total funds brought forward 362,191 362,191 Total funds carried forward 17 674,675 674,675 The notes on pages 19 to 32 form an integral part of these financial statements. Page 16 The Centre for Transforming Access and Student Outcomes in Higher Education {Registration number: 12482580) Statement of Financial Position as at 31 March 2024 2024 2023 Note Fixod assets Tangible assets 13 8.570 9.001 Current assets Debtors Cash at bank and in hand 14 15 158,534 512,971 13,342 941.767 671.505 955,109 CredFtors.' Amounts falllng due wlthln one year 16 231,235 289,435 Net Current assets 440,270 665,674 Net assets 448,840 674,675 Funds of tho charlty: Unrostrlctod Income funds Unreslricled funds 448,840 674,675 Total funds 17 448,840 674,675 The financial statements on pages 15 10 32 were approved by the Iruslees. and authorised for issue on 2010112025 and signed on their behalf by: Prof E A Simmons Chair and Iruslee The notes on pages 19 to 32 form an integral part of these financial statements. Page 17 The Centre for Transforming Access and Student Outcomes in Higher Education Statement of Cash Flows for the Year Ended 31 March 2024 2024 2023 Note Cash flov￿ from operating activities Net cash lexpenditureyincome 1225,8351 312,484 AdJustments to cash Ilows from non)nstructive obligation lo that expenditure. il is probable selllemenl is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs lo 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 lime 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. Ralslng funds These are costs incurred in attracts'ng voluntary income. the management of investments and those incurred in trading activities that raise funds. Charitable actlvitles Charitable expenditure comprises those costs incurred by the charity in the delivery of ils activities and services for ils beneficiaries. 11 includes both costs that can be allocated direcuy lo such activities and those costs of an indirect nature necessary to support Ihem. Support Costs Support costs include central functions and have been allocated to activty cost categories on a basis consislenl with the use of resources, for example. allocating property costs by floor areas. or per capila, stsff costs by the lime spent and other costs by their usage. Governance costs These include the costs attributable to the charty's Complian￿ with constitutional and statutory requirements, including audit. strategic management and trustees meeting5 and reimbursed expenses. Page 20 The Centre for Transforming Access and Student Outcomes in Higher Education Notes to the Financial Statements for the Year Ended 31 March 2024 Taxation The charity is considered lo 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 corporab'on tax purposes. Accordingly, the charity is potentially exernpl 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 lo charitable purposes. Tanglble flxed assets Individual fixed assets costsng £0.00 or more are initially recorded al cost, less any subsequent accumulated depreciation and subsequent accumulated impaimienl losses. Tradè debtors Trade debtors are amounts due from customers IC￿ merchandise sold or services perfomied in the ordinary course of business. Trade debtors are recognised initially al the transaction price. They are subsequently measured at amortised cost using the effective interest method. less provision for impaimient. 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 lo the original temis of the receivables. Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-lemi highly liquid investments that are readily convertible lo a known amount of cash and are subject lo an insignificant risk of change in value. Trade credltors Trade creditors are Obl￿allOnS lo 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 setllement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer selllemenl for at least twelve months after the reporting dale. they are presented as n0n-cu￿ent liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured al amortised cost using the effective interest method. Page 21 The Centre for Transforming Access and Student Outcomes in Higher Education Notes to the Financial Statements for the Year Ended 31 March 2024 Borrowings Inlerest-bearing borrowings are initi811y rewrded at fair value. nel of transaction costs. Inlerest-bearing borrowings are subsequently carried at amortised cost. with the difference between the prtKeeds, nel of transaction costs, and the amount due on redemption being recAJgni5ed as a charge lo the Statement of Financial Activities over the period of the relevant tK)rrowing. Interest expense is re￿gnised on the basis of the effective interest method and is included in interest pay8ble and similar charges. 8orrowings are ¢la$sified as current liabilitie$ unless the ¢harity has an Un￿nditional righl lo defer selllemenl of the liability for al least twelve months after the reporting dale. Forelgn exchange Transactions in foreign currencies are recorded at the rate of exchange at the dale of the transaction. Monetary assets and liabilitses denominated in foreign currencies at the balance sheet dale are reported at the rates of exchange prevailing at that dale. The results of overseas operations are translated al the average rates of exchange during the period and their balance sheets al the rates ruling al the balance sheel dale. Exchange differences arising on translation of the opening nel assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed lo non-conlrolling interests as appropriatel. Other exchange differences are recognised in the Statement of Financial Acts'vits8s in the period in which they arise except for: 11 exchange differences on transactions entered into lo hedge certain foreign currency risks {see abovel- 21 exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and 31 in the case of the consolidated financial slalemenls, exchange differences on monetsry items receivable from or payable lo a foreign operation for which setuement is neither planned nor likely lo occur {Iherefore fomiing part of the nel investment in the foreign operation}. which are recognised in other comprehensive income and reported under equity. Fund structurg Unreslricled income funds are general funds that are available for use al the trustees discretion in furtherance of the objeth'ves of the charity. Page 22 The Centre for Transforming Access and Student Outcomes in Higher Education Notes to the Financial Statements for the Year Ended 31 March 2024 Financial instruments Classification Financial assets and financial liabilibes are recognised when the charity becomes a party lo the contractual provisions of the instnjment. Financial liabilities and equity instruments are classified according lo the substance of the contraclLJal arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Recognltlon and measurement All financial assets and liabilities are iniknally measured at transaction price (including transaction costs). except for those financial assets classrfied 8s 21 fair value through profil or loss, which are initially measured at fair value Iwhich is normally the transaction pri￿ excluding transaction coslsl, unless the arrangement conslitules a financing transaction. If an arrangement conslitules a financing transaction, the financial asset or financial liability is measured at the present value of the future pa￿￿entS di$¢ounled at a market rate of interest for a similar debt instrument. Finan¢ial assets and liabilities are only offset in the $lalemenl of finan¢ial position when. and only when there exists a legally enforceable right lo sel off the recognised amounls and the charity intends either lo settle on a nel basis. or to realise the asset and setue the liability simultsneously. Financial assets are dere¢ognised when and only when al the ¢onlraclual rights to the Cash flows from the financial asset expire or are settled. bl the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset. or cl the charity, despite having retained some, but not all, significant risks and rewards of ownership. has transferred control of the asset to another party. Financial liabilities a￿ derecognised onty when the obligalion specified in the contract is discharged, cancelled or expires. Page 23 The Centre for Transforming Access and Student Outcomes in Higher Education Notes to the Financial Statements for the Year Ended 31 March 2024 Debt instruments Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method.. lal The contractual relum to the holder is lil a fixed amount,. lil) a posilive fixed rale or a positive variable rate- or lili) a combination of a positive or a negative fixed rale and a positive variable rate. Ibl The contract may provide for repayments of the principal or the relum to the holder (but not both) lo be linked lo a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated. provided such links are not leveraged. Icl The contract may provide for a determinable variation of the relum lo the holder during the life of the inslrumenl, provided that lil the new rale satisfies condition lal and the variation is not conlingenl on future events other than111 a change of a contractual variable rale:121 lo protect the holder against credit delerioralion of the issuer,. 131 changes in levies applied by a central bank or arising from changes in relevant taxation or law., or lill the new rale is a market rale of interest and satisfies condition lal. Idl There is no conlraclual provision that could. by its lems. result in the holder losing the principal amount or any interest attributsble to the current period or pnor periods. lel Contractual provisions that pemiit the issuer lo prepay a debt inslnjment or permit the holder lo pul it back lo the issuer before maturity are not contingent on future events, other than to protect the holder against the credit delerioralion of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law. If) Conlraclual provisions may pemit the extension of the temi of the debt inslrumenl, provided that the return lo the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs {8) to Ic}. Debt instruments that are classified as payable or receivable within one year on init181 recognition and which meet the above conditions are measured al the undiscounled amount of the cash or other consideration expected to be paid or received. nel of impaim)ent. With the exception of some hedging instruments. other debt instruments not meeting these conditions are measured at fair value through profit or loss. Commitments to make and receive loans which meet the condrtions mentioned above are measured at cost (which may be nil} less impaimient. Page 24 The Centre for Transforming Access and Student Outcomes in Higher Education Notes to the Financial Statements for the Year Ended 31 March 2024 Investments Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured al cost less impairment. Investments in subsidiaries and associates are measured at cost less impaiment. For investments in subsidiaries acquired for consideration including the issue of shares qualifw'ng for merger relief, cost is measured by reference lo the nominal value of the shares issued plus fair value of other considerats'on. Any premium is ignored. Derivative financial instruments The charity uses denvalive finanual instruments to reduce exposure lo foreign exchange risk and interest rale movements. The charity does not hold or issue denvative financial instruments for speculative purposes. Derivatives are initially recognised at fair value al the dale a derivative contract is entered into and are subsequently remeasured lo their fair value al each reporting dale. The resulting gain or loss is recognised in slalemenl of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognits'on in statement of financial aclivi118s depends on the nature of the hedge relationship. Falr value measurement The best evidence of fair value is a quoted price for an ￿entical asset in an active market. Wh&n quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a signrficant change in economic circumstances or a significant lapse of lime since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a g￿d estimate of fair value, the fair value is estimated by using a valuation technique. 3 Income from charltable activlties Unrestrlcted funds General Total funds Ofs Grant Income from Partnership Projects 1.702.806 121,699 1,702.806 121,699 Total for 2024 1.824.505 1,824,505 Total for 2023 1.841,652 1.841,652 Page 25 The Centre for Transforming Access and Student Outcomes in Higher Education Notes to the Financial Statements for the Year Ended 31 March 2024 4 Incomg from othor trading activities Unrestricted funds General Total funds Trading ineome., Other trading income Events income., Other events income 8,920 8,920 119,480 119,480 Total for 2024 128.400 128,400 5 Invostment Income Unr&strlctsd funds General Total funds Interest receivable and similar in¢ome'. Other interest receivable 5,529 5,529 Total for 2024 5,529 5,529 Total for 2023 1,753 1,753 Page 26 The Centre for Transforming Access and Student Outcomes in Higher Education Notes to the Financial Statements for the Year Ended 31 March 2024 6 Expenditure on charitable activities Unrestricted funds General Total funds Note Staff costs Allocated support costs Govemance costs 570.393 1,153,674 151,671 570,393 1.153,674 151,671 Total for 2024 1,875,738 1,875,738 Total for 2023 1,335.571 1,335,571 Activity undertakan dlrectly Activity support costs Total expendlture Vvages and Salary cost Commision Evaluatson Dissemination 570,393 570,393 727,513 360,489 1,525 727.513 360,489 1.525 Total for 2024 1,089.527 570,393 1,659,920 Total for 2023 721,292 489.009 1,210.301 In addrtion to the expenditure analysed above. there are also govemance costs of £151,671 {2023 £125,270) which relate di￿llY to charitsble actNities. See note 7 for further detsils. Page 27 The Centre for Transforming Access and Student Outcomes in Higher Education Notes to the Financial Statements for the Year Ended 31 March 2024 7 Analysis of governance and support costs Governance costs Unrestricted funds Ggneral Total funds Stsff costs Wages and salanes Social $eGurily costs Pension costs Other staff costs Audit fee5 Audit of the financial statements Other fees paid to auditors Legal fees Depreciation, amortisalion and other similar costs Other governan¢e costs 67,005 6,202 3,731 623 67,005 6.202 3,731 623 3,465 2,754 39,701 5,757 22,433 3,465 2,754 39,701 5,757 22,433 Total for 2024 151,671 151,671 Total for 2023 125,270 125,270 8 Net Incomlngloutgolng resources Net loutgoingyincoming resources for the year include: 2024 2023 Audit fees Depreciation of fixed assets 3,465 5,757 3,308 3,497 9 Trustg9s rgmungration and gXPgnsgS There were no trustees, remuneratson or other ￿nefitS for the year ended 31 March 2024 nor for the period ended 31 March 2023. Trustees. expenses There were no trustees. expenses paid for the year ended 31 Marth 2024 nor for the period ended 31 March 2023. Page 28 The Centre for Transforming Access and Student Outcomes in Higher Education Notes to the Financial Statements for the Year Ended 31 March 2024 10 Staff costs The aggregate payroll costs were as follows.. 2024 2023 Staff Costs during the year wgre: Wages and salaries Social security costs Pension costs Other staff costs 661.609 67.970 47,424 623 543.174 56.281 36,714 777,626 636,169 The monthly average number of persons {induding senior management I leadership leaml employed by the charity during the year expressed as full time equivalents was as follows.. 2024 2023 No of employees 21 13 The number of employees whose employee benefts (excluding employer pension coslsl exceeded £60,000 was.. 2024 No 2023 No £60,001- £70,000 £80,001- £90,000 11 Audltors. remuneration 2024 2023 Audit of the financial statements 3,465 3,657 Page 29 The Centre for Transforming Access and Student Outcomes in Higher Education Notes to the Financial Statements for the Year Ended 31 March 2024 12 Taxation The charity Is 8 registered charity and is therefore exempt from taxation. 13 Tangible fixed assets Furnlture and èquipment Total Cost Al 1 April 2023 Additions 13,559 5,326 13.559 5.326 Al 31 March 2024 18.885 18.885 Depreciation Al 1 April 2023 Charge for the year 4,558 5.757 4,558 5.757 Al 31 March 2024 10,315 10,315 Nèt book valuo Al 31 March 2024 8,570 8.570 Al 31 March 2023 9,001 9.001 14 Debtors 2024 2023 Trade debtors Prepayrnenls VAT recoverable Other debtors 85,276 26,017 47,224 17 2,181 11,161 158,534 13,342 15 Cash and cash equivalents 2024 2023 Cash at bank 512,971 941,767 Page 30 The Centre for Transforming Access and Student Outcomes in Higher Education Notes to the Financial Statements for the Year Ended 31 March 2024 16 Crgditors: amounts falling due within one year 2024 2023 Trade creditors Other laxalion and social seujrity Other creditors Accruals Deferred income 166.885 97.751 15,629 5,063 58,648 112,344 7,537 56.813 231,235 289,435 17 Funds Balance at 1 Aprll 2023 Incomlng resourc06 Resources expended Balance at 31 March 2024 Unr8strlctad funds General 674.675 2,184,269 448,840 Balance at 1 Aprll 2022 Incomlng resources Resources expended Balance at 31 March 2023 Unrgstrlctgd funds General 362,191 1,843,405 1,530,921 674,675 Page 31 The Centre for Transforming Access and Student Outcomes in Higher Education Notes to the Financial Statements for the Year Ended 31 March 2024 18 Analysis of not assets betwegn funds Unrgstricted funds General Total funds at 31 March 2024 Tangible fixed assets Current assets Current liabilities 8.570 671.505 231,235 8.570 671,505 231,235 Total net assets 448.840 448,840 Unrestrlcted funds Gèneral Total funds at 31 March 2023 Tangible fixed assets Current assets Current liabilities 9,001 955,109 289,435 9,001 955.109 289,435 Total net assets 674,675 674,675 19 Rolatgd party transactlons There were no related party transactions in the year. 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