Annu41 Report 2924
Annual Report 202 43
Contents Page
| Intro Statistics Disadvantaged Backgrounds World Impact & Charities Of The Year Charities Supported |
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Annual Report 202 43
Extending our impact to improve the lives of people in need around the world
In our second full year of operation, we are delighted to report that we have met all of our increased goals, approving 119 grants totalling over £2.1 million. Thanks to the fantastic work of our charity partners, the funding provided will directly impact over 120,000 individuals and indirectly benefit many more.
In terms of our funding principles, the Foundation continued to focus on charities which fit into one of our three funding pillars.
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Annual Report 202 43
Our funding pillars
Bridging the Digital Divide
Organisations that prioritise the mitigation of the digital divide by supporting disadvantaged and vulnerable people through digital education and resources, as well as better access to computing facilities and services.
All three pillars benefited from significant growth in funding this year. Thanks to the support of our dedicated team of ambassadors, the total number of employee-nominated charities benefiting from a grant this year grew to 54 from the previous year’s total of 30. It was great to see the number of applications from employees outside the UK start to take off this year as well; representing over 20% of the total.
The expansion of The Access Group commercial business into new countries also enabled a significant expansion of our funding towards
Access Charities of the Year
Charities that have been selected or shortlisted as The Access Group charities of the year, with specific projects or activities.
charities of the year. This year, 10 offices around the world were able to nominate a charity for a Foundation grant to fund a specific goal. This is in addition to the general fundraising activity run by the Access employees in parallel.
Our funding for bridging the digital divide projects also increased by 34%, helping disadvantaged people across an even broader range of sectors to engage with and gain opportunities from the digital world around us.
In addition to monetary grants, we have also expanded our offering of
Employee Nominated Charities
Organisations that a member of staff of The Access Group has experienced significant support from (either for themselves or a close relative), or contributes a significant portion of their own time in supporting.
providing data SIMs and refurbished laptops thanks to our continued partnerships with both Vodaphone and The Access Group. In total, over 1000 free Vodaphone sim cards were distributed to 10 charities around the UK who submitted successful applications to the Foundation. Additionally, 70 refurbished laptops which were donated by the commercial group, were distributed to 11 charities for use by their beneficiaries.
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Annual Report 202 43
2024 Stats
Stats at a glance
We are committed to continually measuring our own performance and achievements to ensure our impact remains as significant as possible.
By continuing to develop the most relevant key performance indicators for The Access Foundation, both internally and for benchmarking against industry best practice, we will ensure we work towards our goal of becoming recognised as a world class charitable foundation.
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Annual Report 202 43
We awarded over £2.1m in
£2.18m
grant funding in 2024
Total Funding
Charity of the Year Digital Divide Employee Nominated
£1.05m £865k £271k
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In total we awarded 119 grants across our 3 pillars:
54 47 18 Employee Nominated Digital Divide Charity of the Year Organisations that assist in the mitigation Organisations that a member of staff of The Access Group has experienced of the digital divide, by supporting disadvantaged and vulnerable people significant support from (either for themselves or a close relative). through digital education and resources, projects or activities.
Organisations that assist in the mitigation of the digital divide, by supporting disadvantaged and vulnerable people through digital education and resources,
Charities that have been selected or shortlisted as The Access Group charities of the year, past or present, with specific projects or activities.
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Annual Report 202 43
6 sectors of charitable causes received our funding Young People: 29 Physical Health: 41 Elderly: 4 Mental Health: 12 Local Community: 15 Social Exclusion: 18
World-Class Efficiency
0%
100%
1 Day
31 Days
2% 98% 29 10
Amount spent on Amount given to Overheads Grantees
Days taken to Approve Grant
Days taken to pay an invoice
Annual Report 202 43
Disadvantaged Backgrounds
Bridging the Digital Divide for the Disadvantaged
Our grant funding for the digital divide has generally consolidated into six key areas this year, but the diversity of support and activity in each area has been as broad and innovative as ever.
We are continuing to learn about the digital divide from the exceptional organisations we are supporting and have renewed our relationship with a few who delivered outcomes which exceeded expectations in FY23.
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Annual Report 202 43
Social Exclusion
We have been pleased to extend our funding of organisations who work to reduce social exclusion in communities around the world. Our grants this year have impacted homelessness with continued funding for Mustard Tree in Manchester, as well as Homeless charities in Leicestershire, Hertfordshire, Tyne and Wear and Staffordshire.
Our grants have also been tackling the integration of refugees in many communities throughout the country. A grant of £30,000 to Screen Share UK, for example, has enabled a digital skills training programme to be launched in combination with a mentor scheme to deliver real sustainable change among these communities.
Local Community
Charities who work within a specific local community have also continued to be a big part of the funding we provide with 15 charities being awarded Cornwall grants for projects making a real difference in their localities. Neighbourhoods for Change received a grant for £69,825 to upskill the community through the provision of devices and courses, leading to decreased isolation and better career opportunities in the county.
The Foundation also gave funding to the Iranian Liverpool Community to help over 100 Farsi-speaking refugees to gain digital skills and become more self-reliant. Very often these community-based organisations can deliver real impact with fewer resources and so stretches every pound of funding to GJ Library , based in Gateshead is a good example of make a real difference. this in that a grant of £16,200 has provided the funding for a full digital suite within the library’s community hub, directly benefitting an estimated 2500 people per year with greater digital literacy and skills.
Physical Health & Disability
Physical health and disability can provide a significant barrier to engaging with the digital world in different ways and we are always open to receiving applications which seek to bridge the digital divide in this area. It has also been the source of two of most successful projects we have funded in the past so both organisations received additional funding for 2024.
Aspire works to rehabilitate people suffering from spinal injury and received a further grant from the Foundation to continue developing digital tools to aid in this regard. The Middlesex Association for the Blind has also been able to expand its offering and help many more visually impaired people to join the online world.
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Annual Report 202 43
Mental Health
A growing area of focus is that of mental health and we are pleased to have offered funding to charities working in this area this year.
Blackfriars Settlement in the Southwark area of London works with people with particular mental health challenges as well as older people facing digital exclusion.
Our grant has offered a lifeline to many people suffering with loneliness and isolation to get the support they need. Across Ummah has received a grant to deliver a similar programme of support in Manchester.
Young People
There is no doubt that working to bridge the digital divide for young people can offer significant long-term and far-reaching benefits for society. The Foundation has provided funding for organisations working with young people in very different ways this year to achieve just that.
The Engineering Development Trust offers learning experiences in STEM-related subjects, igniting an interest in technology careers for disadvantaged young people in specific areas of deprivation. By contrast, Fight For Peace International provides free homework clubs, offering digital learning opportunities for the most deprived children after school, giving them purpose and reducing negative influences.
The Elderly
Finally, we have always wanted to continue to offer grants which support the elderly as a cohort who can benefit hugely from greater connection to the online world. Isolation and loneliness is one of the greatest issues facing older people this decade and we’re delighted to support organisations who work to solve this issue.
NEPHRA Good Neighbours does just that improving the lives of over 200 older people in North Manchester. We were also delighted to provide a grant to the Sunny Govan Community Media Group , a local community radio and action group based in Scotland, connecting marginalised elderly people in their community.
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Annual Report 202 43
World Impact & Charities Of The Year How our grant impacts different regions of the world
The expansion of The Access Group Operations into new territories opened up additional opportunities for the Foundation this year.
A total of 10 charities across all major territories were chosen by Access employees. We were also able to direct significant additional funding to the Charities of FY23 as a result of private donations received, meaning the total funding for the chosen charities surpassed £1 million.
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Annual Report 2023
Europe
Magic Breakfast
The Access Foundation is funding ‘The Magic Menu’, which will provide an estimated 2.3 million breakfast food items to school children at risk of morning hunger. Magic Breakfast’s mission is to end child morning hunger as a barrier to learning in the UK. They bring together evidence, experience and expertise to enable children to access stigma-free, barrier-free breakfasts in schools across the UK. By the time a child leaves primary school, the effect of repeatedly going to school hungry is equivalent to having missed 9 months of lessons (Education Policy Institute). Funding these breakfasts will improve children’s educational attainment and future prospects.
Asociatia Scoala Mamei Junior Hospital
The Romanian office decided to continue their support of the Asociatia Scoala Mamei Junior this year and the funding provided from the Foundation was able to be split between four different, and very varied projects. The first project approved in September 2023 was to purchase specialised hospital equipment so that more children in Romania can be diagnosed by an ophthalmologist. The second tranche was used to purchase 10 extensive medical kits for schools to be accessible for training 200 teachers and 3000 students in using the kits for emergency first aid. The third grant purchased a portable ventilator for a children’s hospital in Timisoara and the fourth enabled much-needed renovation work in three separate educational establishments in Romania.
Irish Society For The Prevention of Cruelty to Children
The Foundation has approved a grant to expand the capacity of the Smart Moves Programme which focuses on building the psychological resilience of children ahead of their move into secondary school, arming them with coping skills they can take into their teens and beyond. Thanks to this grant, up to 40,000 students will benefit from this programme. The ISPCC betters the lives of children and young people by providing support services under the Childline brand.
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Annual Report 2023
Asia and Australasia
SANE
SANE Australia supports people affected by complex mental health issues. Their goal is to end mental health inequity through systemic change by bridging gaps in services, raising awareness, and reducing stigma. Attitudes towards people with complex mental health issues are largely driven by a lack of awareness. This can affect many aspects of people’s lives, and can even increase suicidal ideation, and discourage people from seeking help. The grant from The Access Foundation to fund significant marketing effort will enable SANE to increase their reach, awareness and impact to thousands of adults in the country.
The Malaysian Mental Health Association
The Malaysian Mental Health Association (MMHA) aims to promote mental wellbeing in the community and support those suffering from mental illness. The grant from The Access Foundation will fund The Caregiver Support & Education Program (CSE) which equips caregivers with the knowledge and skills to help them understand the illness of their loved ones whilst also learning how to care for their own mental health. This funding will improve the mental wellbeing of caregivers who will be introduced to a peer support group and gain greater confidence in supporting their loved ones with proper techniques.
Cancer Society Auckland
Cancer Society Auckland exists to reduce the incidence and impact of cancer within communities. They offer free nursing support services to patients going through cancer, fund world-leading cancer research and offer a psychology service open to family members, friends and work colleagues. The Access Foundation has approved a grant to facilitate 780 psychology sessions over one year, for cancer patients and their family, providing a safe place for people suffering with mental distress to talk openly about their feelings and learn practical strategies to manage stress, using proven therapies such as mindfulness and self-compassion to reduce anxiety and helplessness.
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Annual Report 2023
Asia and Australasia
Children’s Society
Singapore Children’s Society aims to bring relief and happiness to children in need. They protect and nurture young people of all races and religions. The Access Foundation has approved a grant to fund a residential camp for children aged 13-18 years old helping young people cultivate meaningful connections, develop their strengths and build their self-confidence.
Child Action Lanka
Child Action Lanka (CAL) was founded in 2006 with the objective of serving children from less privileged backgrounds living in Sri Lanka. The organisation is focused on four main pillars: child protection, education, health and nutrition, and community sustainability. The grant from the Foundation will equip a computer education centre to deliver IT and digital education to underprivileged children in the country.
Saigon Children’s Charity
Since 1992, Saigon Children’s Charity has been helping to enable disadvantaged children and young adults in Vietnam to reach their full potential through receiving a quality education relevant to their needs. The Access Foundation is sponsoring 92 disadvantaged children whose education is jeopardised by poverty so they can attend school untroubled by worries about the cost of education and complete their school year.
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Annual Report 2023
North America
Mental Health America
Mental Health America is the USA’s leading national non-profit dedicated to the promotion of mental health, well-being, and condition prevention. The grant funding will support a public education campaign during BIPOC Mental Health Month The campaign will use various mediums to raise awareness, reduce stigma, and promote mental well-being within these communities.
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Annual Report 202 43
Charities Supported
Employee Nominated Charities
We have continued to expand our offering in this pillar significantly this year, with 54 charities receiving a grant of £5,000 or so to continue the valuable work they are doing across a myriad of sectors, needs and locations. It would be impossible to detail every organisation nominated to receive a grant here so we’ve picked a subset to highlight the enormous variety and quality of work being done.
To qualify for consideration as an employee-nominated charity, there has to be a strong emotional connection with the member of staff nominating it. This is generally through support they or a close relative or friend have received from the charity, or through a long-standing relationship with the organisation as a volunteer. We have been constantly impressed by the quality of the nominations received during the year and look forward to continuing to grow this funding pillar in the future.
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Annual Report 202 43
Charities Supported
Healthcare
The largest selection of nominations this year came from the healthcare sector, with 32 grants awarded in total. The majority of these were also focused on cancer charities (7) and hospices (5), reflecting the impact this disease has on society. Apart from general cancer charities, the Foundation has also supported Lymphoma, Prostate Cancer and Leukaemia. We also provided funding support for the Embed Study at The Centre for Cancer Genetic Epidemiology, a study which aims to evaluate the sensitivity for detecting early-stage breast cancer prior to clinical diagnosis.
Derby Deaf Children’s Society
In addition, the Foundation approved a grant to the Derby Deaf Children’s Society to fund a monthly youth club for primary school aged deaf children. As a cultural hub, the Quad will also provide expert workshop staff to run educational creative activities for the children and Derby Deaf Children’s Society will hire BSL interpreters to translate the workshop content. Deaf children will be able to meet, socialise and make new friends. Meeting children like themselves helps to avoid feelings of isolation, especially for those that don’t know other deaf children.
Sportability
The Foundation has also offered a grant to Sportability to support their regional programme of activities for people affected by paralysis. Sportability’s mission is to create opportunities for people affected by paralysis; to transform lives, challenge societal and individual perceptions of disability, and deliver services that build confidence, self-esteem, and independence. The grant will fund activities for over 40 people with paralysis, including quad biking, gliding, sailing, canoeing, indoor skydiving, archery, and indoor wheelchair tennis.
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Annual Report 202 43
Charities Supported
Mental Health & Wellbeing
We approved 5 grants in the area of mental health this year.
The Lowdown
The Lowdown is a Mental Health Charity for young people aged 11 to 25 living in Northamptonshire providing free of charge, accessible, friendly services such as counselling, advice, wellbeing, LGBTQ+, youth groups and sexual health. The grant from the Foundation has funded 100 one-to-one counselling support sessions for 19–25-year-olds in Northampton and the surrounding area.
Andy’s Man Club
Andy’s Man Club focuses on male suicide prevention with the aim to remove the stigmas surrounding men’s mental health and normalise men being able to talk openly about their issues. The grant will fund a new male peer to peer support and suicide prevention club in Nottingham enabling a minimum of 30 men to feel supported and learn coping mechanisms that better their mental health.
Meeting of Minds
Meeting of Minds provide support, information, activities, workshops and seminars to families in Kelso and Berwickshire whose children are affected by disability. The funding from The Access Foundation will help parents and carers to gain knowledge and learn coping strategies, to have an outlet where they can share their feelings without judgement and to decrease stress, anxiety and/or depression. In turn, this has a positive impact on the whole family dynamic and changing lives for the better.
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Annual Report 202 43
Charities Supported
Social Exclusion
There can be many causes of social exclusion but this year grants in both the digital divide and employee nominated pillar have focused mostly on homelessness and refugees, perhaps reflecting the current situation in the country very accurately.
DENS
The Foundation provided funding for DENS, an organisation that tackles homelessness, poverty and social exclusion. They support and empower individuals to take the next positive step in their lives, secure and maintain long-term housing and be an active member of their community. They also ensure individuals have access to short-term accommodation, and that people have access to emergency food and provisions.
Women and Children First
The Foundation also approved a grant to Women and Children First to facilitate the delivery of their educational nutrition programme across local primary schools in the London borough of Tower Hamlets. Thanks to this grant, the nutrition programme, delivered in Bengali, will help 100 more disadvantaged parents and children to have better nutrition.
Hinckley Homeless Group
Hinckley Homeless Group provides young homeless individuals between 17 and 26 with safe, good quality accommodation. They also deliver individualised support, in order to help young people resettle in independent accommodation and fulfil their potential. The grant will fund a Project Worker to support young people living at Hinkley Homeless Group’s hostel and help them take the next steps in their lives.
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Annual Report 202 43
Charities Supported
Young People
Charities supporting the welfare of children and young people were also a popular source of employee-nominated grant funding this year with a broad range of services supported.
The Travers Foundation
The Travers Foundation is a volunteer run charity that provides financial support to young people in their local area to help them realise their dreams in sport, music, and the arts. The grant from the Foundation has been used to provide funding to several economically disadvantaged young people whom the Travers Foundation would otherwise be unable to support.
Dreams Come True
The Access Foundation also approved a grant to fulfil the dreams of over 90 children who are living with serious illnesses, disabilities, and life-limiting conditions and who live in the most socially deprived areas of the country through the organisation Dreams Come True, which is the only national wish-granting charity that solely supports children with a disability, serious illness or a life-limiting condition and who live in the highest areas of social deprivation in the UK.
West University of Timisoara Foundation
The Access Foundation also approved a grant to the West University of Timisoara Foundation in Romania to fund mobile coding workshops for kids aged 7-17, through the implementation of CoderDojo UVT. CoderDojo UVT is available to children from socially deprived families, and children with disabilities as an opportunity to express themselves through coding and working in a technology-focused community. This funding will support and train a minimum of 290 children and 25 teachers.
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Charity number: 1194267
THE ACCESS FOUNDATION
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
THE ACCESS FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Trustees' responsibilities statement | 7 |
| Independent auditors' report on the financial statements | 8 - 10 |
| Statement of financial activities | 11 |
| Balance sheet | 12 |
| Statement of cash flows | 13 |
| Notes to the financial statements | 14 - 25 |
THE ACCESS FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2024
Trustees Robert Parkinson, Chair Ian Little, Trustee Kevin Misselbrook, Trustee Piers Mcleish, Trustee Charity registered number 1194267 Principal office Armstrong Building 10 Oakwood Drive Loughborough Leicestershire LE11 3QF Independent auditors WR Partners Chartered Accountants Drake House Gadbrook Park Gadbrook Way Northwich Cheshire CW9 7RA
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THE ACCESS FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2024
The trustees present their annual report and financial statements for the year ended 30 June 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply wiht the charity's trust deed, dated 18th February 2021, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
Objectives and activities
a. Policies and objectives
The Foundation awards grants for the public benefit to charitable organisations with three broad categories.
b. Strategies for achieving objectives
The grants awarded fall into three broad categories:
• Bridging the Digital Divide
To support organisations which have the objective of mitigating the digital divide by making computing facilities, support and/or learning available to disadvantaged and/or vulnerable people.
• Access Charities of the Year
To support charities which have been chosen or shortlisted as The Access Group charities of the year. Grants are normally made for specific projects or activities.
• Staff-Sponsored Charities
To support charities that have a strong emotional connection with a member of staff of The Access Group.
c. Main activities undertaken to further the Charity's purpose for the public benefit
In order to achieve its objectives for the public benefit, the Foundation seeks, through a variety of channels, applications from charities for project funding in line with the Foundation’s objectives.
d. Public Benefit
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
e. Grant-making policies
The Charity’s Grant Making Policy (available on the Charity’s web site) sets out the broad priorities, principles and approach for awarding and monitoring grants to organisations to support initiatives which align with the objectives of the Access Foundation. Grants are restricted to charities operating in the same countries as the offices of Access Group companies.
The number of applications which can be supported by The Access Foundation Charity is, by necessity, limited to the amount of funds available for distribution in line with the Charity’s general reserves policy. The Board of Trustees will set-aside an annual budget for grant giving which will be reviewed at least bi-annually to ensure appropriate allocation of resources.
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THE ACCESS FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
Objectives and activities (continued)
Applications may only be made by bona fide charities, CICs, Educational establishments and CIOs, not individuals.
The preference for grant giving will be for applications for specific services, activities, initiatives or projects with clearly identified and measurable outcomes. Funding will not normally be provided where general overheads or operational costs of a charitable organisation are a significant proportion of the grant value.
While there is no definitive maximum or minimum value for the grants we will award, the expected ranges are different depending on the grant-giving objective as follows:
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for mitigating the digital divide, the foundation will generally award grants between £5,000 and £100,000. This funding will normally support a project that completes within a 12-month period. By exception the Foundation may consider supporting a longer running multi-year project and in such cases, would entertain applications with proportionately larger values.
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or grants awarded to the Access Group ‘Charities of the Year’, the foundation will generally award grants of between £3,000 and £500,000 depending on the size of the division within the group.
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or grants awarded to Access staff-sponsored charities, the foundation will generally awards grants in the region of £5,000.
These values are indicators only and are not set in stone so the trustees would encourage any potential applicant to contact the Foundation with proposals if they are outside of these parameters.
Any grant made by the trustees shall be made at the absolute discretion of the Trustees. The Access Foundation will not normally fund any of the following:-
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applications for grants from individuals.
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applications for organisations’ general running costs or overheads.
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religious organisations or religious activity which is not for wider public benefit
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animal charities.
The Foundation reserves the right to decline any application and there is no obligation on the Foundation to provide a reason for its decision. Each decision is final and there is no appeal process.
f. Volunteers
The charity has three volunteers who fulfil roles as Foundation Ambassadors, providing a strong link between the Foundation and staff of The Access Group to facilitate the Staff Sponsored Charity aspect of the Foundation’s giving.
g. Main activities undertaken to further the Charity's purposes for the public benefit
The Charity awards grants to charitable organisations that benefit the under privileged within the framework of its three main objectives.
Grants have been made to a wide range of organisations including:
Educational: The Charity has continued to sponsor students at Loughborough, Aston and Birkbeck universities donating over an additional £155,000 to enable attendance for those who would otherwise be unlikely to apply for higher education.
Children: £485,000 was donated via seven grants to charities including Magic Breakfast.
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THE ACCESS FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
Objectives and activities (continued)
Local Community organisations: donating £461,000 via 21 grants to projects including homelessness and poverty.
Healthcare: £354,000 via 9 grants to projects including Parkinsons.
More details can be found in the Charity’s impact report which is available on our web site.
Achievements and performance
a. Main achievements of the Charity
FY24 was the Foundation’s second full financial year. The Foundation approved 135 grants, awarding a total of £2.48m (2023: 75 grants totalling £1.15m).
b. Key performance indicators
The key performance of the charity is measured by its success in awarding grants to eligible charities in line with the charity’s objectives and grant making policies as set out above.
During this year we started measuring some key KPIs around the efficiency of our grant making process and proportion of expenditure on grants awarded (versus internal running costs). The KPIs are as follows:
Amount spent on Overheads - 1.6% Amount given to Grantees - 98.4% Days taken to Approve Grant - 29 Days taken to pay an invoice - 9
c. Factors relevant to achieve objectives
When grants are made an emphasis is placed on giving to distinct projects that can be clearly measured to ensure known outcomes. This is made clear to applicants and a condition of the grant award. This emphasis is a key factor in our drive for effective use of the Charity’s funds.
Annual budgets are set for the values of grants to be awarded for each category having consideration for the Charity’s funds held and future funds anticipated. The Trustees review actual grants issued against these budgets within the monthly management accounts reviews to ensure that they are aware of pace of grants against budgets.
Progress of all successful grant applications is monitored in a Grant Progress Worksheet to enable the Trustees to ensure that the process is undertaken as efficiently as possible and the timeframe from application to grant is as short a period as reasonably possible and the funds can be put to good use without delay.
d. Fundraising activities and income generation
The charity does not currently carry out any fundraising activities
e. Investment policy and performance
The Trustees, having regard to the liquidity requirements of operating the charity, have kept available funds in an interest-bearing deposit account and seek to achieve a rate on deposit which matches or exceeds inflation as measured by the retail prices index. Due to wider economic circumstances deposit rates have been depressed and so this aim was not achieved in the period.
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THE ACCESS FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The Foundation is well funded with strong cash reserves at the year end and with anticipated additional cash to be realised at the next re-financing round via the sale of shares in The Access Group which will take cash reserves up to a value representing more than 5 years of anticipated out goings.
During the Financial Year ended 30 June 2024 the Foundation distributed grant values as per their budgeted expectations drawing on reserves to fulfil this commitment. The current level of reserves is £15.98m (2023:£18.15m).
The Foundation has a reserves policy of retaining sufficient cash reserves to cover all anticipated grant awards and operational expenditure for a period of 5 years.
The current level of reserves together with the funds received in the next re-financing round will be utilised to enable the charity to award grants in line with its objectives and grant making policy over the next 5 years.
c. Principal funding
The principal source of funding for the Charity is The Access Group.
The Charity was gifted, at its inception, shares in the Access Group. This forms the majority of the Charity’s funds held. In addition, gifts were made to the Charity by the company’s senior management team.
Further gifts of shares are anticipated and this, along with the increase in value of the shares held will form the majority of the funding for the Charity.
The trustees will invest cash funds held in a prudent way to ensure good return on investment within the risk parameters of the Charity.
Structure, governance and management
a. Constitution
The Access Foundation is a registered charity, number 1194267, and is constituted under a Trust deed.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Organisational structure and decision-making policies
The charity’s current policy concerning the payment of trade creditors is to follow the CBI’s Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London, WC1A 1DU).
The Trustees attend two weekly meetings, an Application Assessment meeting (at which grant applications are considered and, if deemed appropriate put forward to the Trustees meeting for acceptance) and a Trustees meeting (for governance, strategy, management issues and grant awards). A minimum of two Trustees need to
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THE ACCESS FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
Structure, governance and management (continued)
be present in order to make a decision.
d. Policies adopted for the induction and training of Trustees
Each of the Trustees are employees or ex-employees of The Access Group and know the founding members of the senior Management team and their rationale for setting up the Charity. Thus, the charitable objectives are well understood. Two of the four Trustees are also experienced trustees with other charities and, adding this experience to regular awareness sessions (often using Charity Commission resources) gives a high standard of Trusteeship. The Trustees take, and have taken, professional advice when appropriate.
e. Related party relationships
All trustees give their time freely and no trustee remuneration or expenses was paid in the period. Trustees are required to disclose all relevant interests (which are regularly reviewed).
f. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, WR Partners, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Robert Parkinson
Chair of Trustees
Date: 18 February 2025
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THE ACCESS FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE 2024
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
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 adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They 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.
Approved by order of the members of the board of Trustees on 18 February 2025 and signed on its behalf by:
Robert Parkinson Chair of Trustees
Page 7
THE ACCESS FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ACCESS FOUNDATION
Opinion
We have audited the financial statements of The Access Foundation (the 'charity') for the year ended 30 June 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 30 June 2024 and of its incoming resources and application of resources for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 8
THE ACCESS FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ACCESS FOUNDATION (CONTINUED)
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,
Page 9
THE ACCESS FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ACCESS FOUNDATION (CONTINUED)
including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• We reviewed the susceptibility of the charity's financial statements to material misstatement and identified the principal risks, implementing a series of testing procedures to provide us with sufficient comfort to issue our opinion.
• We reviewed the charity's regulatory environment to ensure we could conclude that it had acted in accordance with the framework relevant to the charity and its environment and identify any instances of non-compliance.
• We also assessed the charit's internal control procedures to ensure we could appropriately scrutinise these controls and establish whether our understanding of the control environment was sufficient to supplement our additional testing procedures.
• The engagement team consisted of a team that the engagement partner believes is equipped with the relevant level of technical and charity awareness to carry out our work to the required standard.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' 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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
WR Partners
Chartered Accountants Drake House Gadbrook Park Gadbrook Way Northwich Cheshire CW9 7RA 19 February 2025
Page 10
THE ACCESS FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024
| Note Income from: Donations and legacies 4 Investments 5 Total income Expenditure on: Charitable activities 7 Total expenditure Net (expenditure)/income Transfers between funds 16 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2024 £ - - - 1,055,932 1,055,932 (1,055,932) (700,000) (1,755,932) 3,335,036 (1,755,932) 1,579,104 |
Unrestricted funds 2024 £ 93,380 296,011 389,391 1,501,113 1,501,113 (1,111,722) 700,000 (411,722) 14,812,161 (411,722) 14,400,439 |
Total funds 2024 £ 93,380 296,011 389,391 2,557,045 2,557,045 (2,167,654) - (2,167,654) 18,147,197 (2,167,654) 15,979,543 |
Total funds 2023 £ 18,290,952 175,074 |
|---|---|---|---|---|
| 18,466,026 | ||||
| 1,191,539 | ||||
| 1,191,539 | ||||
| 17,274,487 - |
||||
| 17,274,487 | ||||
| 872,710 17,274,487 |
||||
| 18,147,197 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 14 to 25 form part of these financial statements.
Page 11
THE ACCESS FOUNDATION
BALANCE SHEET FOR THE YEAR ENDED 30 JUNE 2024
| Note Fixed assets Investments 12 Current assets Stocks 13 Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 16 Unrestricted funds 16 Total funds |
57,200 13,200 8,551,740 8,622,140 (167,254) |
2024 £ 7,524,657 7,524,657 8,454,886 15,979,543 15,979,543 15,979,543 1,579,104 14,400,439 15,979,543 |
- 883,874 9,748,921 10,632,795 (10,255) |
2023 £ 7,524,657 |
|---|---|---|---|---|
| 7,524,657 10,622,540 |
||||
| 18,147,197 | ||||
| 18,147,197 | ||||
| 18,147,197 | ||||
| 3,335,036 14,812,161 |
||||
| 18,147,197 |
The financial statements were approved and authorised for issue by the Trustees on 18 February 2025 and signed on their behalf by:
Robert Parkinson
Chair of Trustees
The notes on pages 14 to 25 form part of these financial statements.
Page 12
THE ACCESS FOUNDATION
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Proceeds from sale of investments Net cash provided by investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 14 to 25 form part of these financial statements |
2024 £ (1,493,192) 296,011 - 296,011 - (1,197,181) 9,748,921 8,551,740 |
2023 £ 2,091,597 |
|---|---|---|
| 175,074 6,600,000 |
||
| 6,775,074 | ||
| - | ||
| 8,866,671 882,250 |
||
| 9,748,921 | ||
Page 13
THE ACCESS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
1. General information
The Access Foundation, is a Charitable Incorporated Organisation, limited by guarantee registered 18 February 2021.
The objects of The Access Foundation are to award grants to other charitable organisations for the purpose of public benefit as the Trustees, may at their discretion, think fit.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charity's trust deed, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of IIreland" ("FRS 102") and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accrodance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure have involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The Access FoundationThe financial statements are prepared in sterling, which is functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified on the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of convenant is recognised at the time of the donation.
Page 14
THE ACCESS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Fixed asset investments
Fixed asset investments are initially measured at market value and are subsequently reviewed for impairment on an annual basis.
2.7 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Page 15
THE ACCESS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
2. Accounting policies (continued)
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.11 Financial instruments
The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle teh liability simultaneously.
2.12 Pensions
2.13 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 16
THE ACCESS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
3. Critical accounting estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
4. Donations and legacies
| Donations and gifts Total 2023 |
Restricted funds 2024 Unrestricted funds 2024 £ £ - 93,380 3,335,036 14,955,916 |
Total funds 2024 £ 93,380 18,290,952 |
Total funds 2023 £ 18,290,952 |
|---|---|---|---|
5. Investment income
| Unrestricted funds 2024 £ Interest Receivable 296,011 Total 2023 175,074 |
Total funds 2024 £ 296,011 175,074 |
Total funds 2023 £ 175,074 |
|---|---|---|
Page 17
THE ACCESS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
6. Grants Payable
| Grants to institutions Total 2023 |
Grants to Institutions 2024 £ 2,477,944 1,150,241 |
Total funds 2024 £ 2,477,944 1,150,241 |
Total funds 2023 £ 1,150,241 |
|---|---|---|---|
The Charity has made 135 grants (2023: 75 grants) to institutions during the year. The following are material grants to institutions paid during the year:
| Name of institution Magic Breakfast - (Sector - Children) Parkinson's UK - (Sector - Healthcare) Loughborough University - (Sector - Higher Education) Other grants to institutions |
2024 £ 396,545 302,676 - 699,221 1,778,723 2,477,944 |
2023 £ - 80,000 115,585 |
|---|---|---|
| 195,585 954,656 |
||
| 1,150,241 |
7. Charitable Activities
| Direct costs Total 2023 |
Restricted funds 2024 Unrestricted funds 2024 £ £ 1,055,932 1,501,113 - 1,191,539 |
Total 2024 £ 2,557,045 1,191,539 |
Total 2023 £ 1,191,539 |
|---|---|---|---|
Page 18
THE ACCESS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
8. Charitable activities
| Charitable activities Total 2023 |
Other direct costs 2024 £ 36,343 10,178 |
Grant funding of activities (see note 6) 2024 £ 2,477,944 1,150,241 |
Share of support & governance costs 2024 £ 42,758 31,120 |
Total funds 2024 £ 2,557,045 1,191,539 |
Total funds 2023 £ 1,191,539 |
|---|---|---|---|---|---|
Analysis of direct costs
| Laptops distributed Website costs Postage Schollar vouchers Total 2023 |
Activities 2024 £ 29,900 5,882 141 420 36,343 10,178 |
Total funds 2024 £ 29,900 5,882 141 420 36,343 10,178 |
Total funds 2023 £ - 10,178 - - |
|---|---|---|---|
| 10,178 | |||
Page 19
THE ACCESS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
8. Charitable activities (continued)
Analysis of support costs
| Activities 2024 £ Staff costs 11,126 Legal & professional fees 3,148 Investment management fees - Administration costs 5,795 Bank charges 8,731 Loss on exhange 3,188 Governance costs 10,770 42,758 Total 2023 31,120 9. Auditors' remuneration Fees payable to the Charity's auditor for the audit of the Charity's annual accounts |
Total funds 2024 £ 11,126 3,148 - 5,795 8,731 3,188 10,770 42,758 31,120 2024 £ 8,550 |
Total funds 2023 £ 10,601 4,703 935 4,626 - - 10,255 |
|---|---|---|
| 31,120 | ||
| 2023 £ 8,550 |
10. Employees
| Employment costs Wages and salaries Social security costs Other pension costs |
2024 £ 10,005 455 666 11,126 |
2023 £ 9,800 301 500 |
|---|---|---|
| 10,601 |
Page 20
THE ACCESS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
10. Employees (continued)
The average number of persons employed by the Charity during the year was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| No. | No. | ||
| Administration | 1 | 1 | |
| No employee received remuneration amounting to more than £60,000 in either year. | |||
| 11. | Trustees' remuneration and expenses | ||
| During the year, no Trustees received any remuneration or other benefits_(2023 - £NIL)_. | |||
| During the year ended 30 June 2024, no Trustee expenses have been incurred | (2023 - NIL). | ||
| 12. | Fixed asset investments | ||
| Trade | |||
| investments | |||
| £ | |||
| Cost or valuation | |||
| At 30 June 2024 | 7,524,657 | ||
| Net book value | |||
| At 30 June 2024 | 7,524,657 | ||
| At 30 June 2023 | 7,524,657 | ||
| 13. | Stocks | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Finished goods and goods for resale | 57,200 | - |
Page 21
THE ACCESS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
14. Debtors
| Prepayments and accrued income | 2024 £ 13,200 13,200 |
2023 £ 883,874 |
|---|---|---|
| 883,874 |
15. Creditors: Amounts falling due within one year
| Trade creditors Accruals and deferred income Statement of funds Statement of funds - current year Balance at 1 July 2023 £ Unrestricted funds Reserves 14,812,161 Restricted funds Restricted Funds - all funds 3,335,036 Total of funds 18,147,197 |
Income £ 389,391 - 389,391 |
Expenditure £ (1,501,113) (1,055,932) (2,557,045) |
2024 £ 10,185 157,069 167,254 Transfers in/out £ 700,000 (700,000) - |
2023 £ - 10,255 |
|---|---|---|---|---|
| 10,255 | ||||
| Balance at 30 June 2024 £ 14,400,439 |
||||
| Unrestricted funds Reserves Restricted funds Restricted Funds - all funds Total of funds |
||||
| 1,579,104 | ||||
| 15,979,543 |
16. Statement of funds
Transfers between funds
Funds donated in prior years have been transferred from restricted to unrestricted funds following confirmation from the donors that they do not wish to apply any restriction to the use of the funds within the charity's objectives.
Page 22
THE ACCESS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
16. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds Restricted funds Restricted Fund Total of funds |
Balance at 1 July 2022 £ 872,711 - 872,711 |
Income £ 15,130,990 3,335,036 18,466,026 |
Expenditure £ (1,191,540) - (1,191,540) |
Balance at 30 June 2023 £ 14,812,161 |
|---|---|---|---|---|
| 3,335,036 | ||||
| 18,147,197 |
17. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Trade investments Current assets Creditors due within one year Total |
Restricted funds 2024 Unrestricted funds 2024 £ £ - 7,524,657 1,597,948 7,024,192 (18,844) (148,410) 1,579,104 14,400,439 |
Total funds 2024 £ 7,524,657 8,622,140 (167,254) |
|---|---|---|
| 15,979,543 |
Page 23
THE ACCESS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
17. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Trade investments Current assets Creditors due within one year Total |
Restricted funds 2023 £ - 3,335,036 - 3,335,036 |
Unrestricted funds 2023 £ 7,524,657 7,297,759 (10,255) 14,812,161 |
Total funds 2023 £ 7,524,657 10,632,795 (10,255) 18,147,197 |
|---|---|---|---|
18. Reconciliation of net movement in funds to net cash flow from operating activities
19.
| Net income/expenditure for the period (as per Statement of Financial Activities) Adjustments for: Dividends, interests and rents from investments Decrease/(increase) in debtors Increase in creditors Gift of shares Donated laptops increase in stock Net cash provided by/(used in) operating activities Analysis of cash and cash equivalents Notice deposits (less than 3 months) Total cash and cash equivalents |
2024 £ (2,167,654) (296,011) 870,674 156,999 - (57,200) (1,493,192) 2024 £ 8,551,740 8,551,740 |
2023 £ 17,274,487 (175,074) (883,874) 715 (14,124,657) - 2,091,597 2023 £ 9,748,921 9,748,921 |
|---|---|---|
Page 24
THE ACCESS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
20. Analysis of changes in net debt
| Cash at bank and in hand | At 1 July 2023 £ 9,748,921 9,748,921 |
Cash flows £ (1,197,181) (1,197,181) |
At 30 June 2024 £ 8,551,740 |
|---|---|---|---|
| 8,551,740 |
21. Related party transactions
The The Access Foundation has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the The Access Foundation at 30 June 2024.
Page 25