REGISTERED COMPANY NUMBER: 02355403 (England and Wales) REGISTERED CHARITY NUMBER: 802538
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
FOR
INTERNATIONAL ACADEMIC PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE)
3 Grove Road Wrexham LL11 1DY
Guy Walmsley Limited Chartered Accountants
INTERNATIONAL ACADEMIC PROJECTS LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 11 |
| Detailed Statement of Financial Activities | 12 |
INTERNATIONAL ACADEMIC PROJECTS LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of 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
Objectives and aims
The objects of the company are the continuing education and training of persons in the conservation and restoration of works of art throughout the world by the provision of training courses and relevant literature.
Activities
During this financial year we continued to offer virtual seminars and some virtual courses and continued using Eventbrite as our channel for payment (a total of 2554 attendees). We also carried out a closed online group training for the Heritage board in Singapore.
The Chemistry for Conservators correspondence course continued and was as popular as ever. 113 persons took the course over the year with 34 persons on the intake in September 2021,44 persons on the intake in January 2022 and 35 persons on the intake in March 2022.
FINANCIAL REVIEW
Principal funding sources
The main income stream was from participants' fees and from organisations / groups who asked us to run a particular course for their employees.
Investment policy and objectives
The investment strategy was discussed, and reserves were placed into an interest-bearing account.
Reserves policy
We have purposely built up the reserves in order that to cover our running and other costs in the event of expenditure being more than income - and particularly the possibility of wholescale refunding of fees due to short notice cancellation of at least one course in any 12 months (i.e when a tutor is unable to run their course) and also be able to fund more publications in the future. When the pandemic hit we were glad that this had been the policy. It is still felt that an appropriate figure for this purpose is between £50K and £100K. We continue to feel that we should use some of our capital fund to invest in assisting the education of persons in the heritage sector in parts of the world where there is less formal training (maybe supporting tutors to give courses, or finding ways of assisting individuals to come to the UK for a course).
FUTURE PLANS
In 2022-23, IAP will continue to offer the Chemistry for Conservators correspondence course and IAP Virtual Zoom seminars and some hybrid courses (in-person together with a virtual element) and possibly some in-person only courses. However, with pandemic restrictions lifted, we are looking closely to see if there is likely to be less demand for in-person training now that online has proven to work well. .
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INTERNATIONAL ACADEMIC PROJECTS LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The International Academic Projects Limited is a company limited by guarantee incorporated 6th March 1989 in England and Wales as defined by the Companies Act 2006 and is governed by its Memorandum and Articles of Association. It is a registered Charity with the Charity Commission (England & Wales), number 802538.
Directors / trustees
Mr. Cartwright, Mr. Black and Mr. Dimoldenberg have discussed the obligations of directors under charity and company law, the Memorandum of Association, and the recent and future activities of the company.
Corporate Governance
The two directors act as the governing body, maintaining control over the company and monitoring its management, having the ultimate responsibility for the financial stability of the company. The company secretary is responsible to the Board for ensuring that Board procedures are followed.
Risk management
The Board has reviewed and identified the risks to which the organisation might be exposed and has taken the requisite steps for mitigating them.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02355403 (England and Wales)
Registered Charity number
802538
Registered office
3 Grove Road Wrexham LL11 1DY
Trustees
Mr P H Dimoldenberg Mr I Cartwright
Company Secretary
Mr J Black
Independent Examiner
Guy Walmsley Limited Chartered Accountants 3 Grove Road Wrexham LL11 1DY
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
....................................................................
Mr P H Dimoldenberg - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF INTERNATIONAL ACADEMIC PROJECTS LIMITED
Independent examiner's report to the trustees of International Academic Projects Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Nigel Wynne FCCA Guy Walmsley Limited Chartered Accountants 3 Grove Road Wrexham LL11 1DY
Date: .............................................
Page 3
INTERNATIONAL ACADEMIC PROJECTS LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Charitable activities Courses 180,328 Publishing 451 Investment income 2 136 Total 180,915 EXPENDITURE ON Charitable activities Courses 160,296 Publishing 293 Total 160,589 NET INCOME/(EXPENDITURE) 20,326 RECONCILIATION OF FUNDS Total funds brought forward 143,817 TOTAL FUNDS CARRIED FORWARD 164,143 |
Restricted fund £ - - - - - - - - - - |
31.3.22 Total funds £ 180,328 451 136 180,915 160,296 293 160,589 20,326 143,817 164,143 |
31.3.21 Total funds £ 109,265 620 136 110,021 131,292 1,344 132,636 (22,615) 166,432 143,817 |
|---|---|---|---|
The notes form part of these financial statements
Page 4
INTERNATIONAL ACADEMIC PROJECTS LIMITED
BALANCE SHEET 31 MARCH 2022
| Unrestricted fund Notes £ CURRENT ASSETS Stocks 8 360 Debtors 9 6,497 Cash at bank 165,386 172,243 CREDITORS Amounts falling due within one year 10 (8,100) NET CURRENT ASSETS 164,143 TOTAL ASSETS LESS CURRENT LIABILITIES 164,143 NET ASSETS 164,143 FUNDS 11 Unrestricted funds TOTAL FUNDS |
Restricted fund £ - - - - - - - - |
31.3.22 Total funds £ 360 6,497 165,386 172,243 (8,100) 164,143 164,143 164,143 164,143 164,143 |
31.3.21 Total funds £ 653 7,420 172,151 180,224 (36,407) 143,817 143,817 143,817 143,817 143,817 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Mr P H Dimoldenberg - Trustee
The notes form part of these financial statements
Page 5
INTERNATIONAL ACADEMIC PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The trustees consider that there are no material uncertainties about the charity ability to continue as a going concern.
The financial statements are for the individual entity only.
The company's functional and presentational currency is pound sterling, rounded to the nearest pound.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably.
Turnover is amount derived from provision of goods and services stated after trade discounts and other sales taxes.
Fees received in respect of courses run are recognised at the date at which the course provided.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings
- 25% on reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
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INTERNATIONAL ACADEMIC PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
1. ACCOUNTING POLICIES - continued
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Financial instruments
Trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.
Financial assets are assessed at the end of each reporting period for evidence of impairment. If evidence of impairment is found and impairment loss is recognised in the Statement of financial activities.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| Deposit account interest NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting) : |
31.3.22 £ 136 |
31.3.21 £ 136 |
| Independent examiners fees | 31.3.20 £ 1,020 |
31.3.19 £ 1,020 |
3. NET INCOME/(EXPENDITURE)
4. TRUSTEES' REMUNERATION AND BENEFITS
The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2021: nil).
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
continued...
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INTERNATIONAL ACADEMIC PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
6.
| 31.3.22 | 31.3.21 | |||
|---|---|---|---|---|
| Administration | 4 | 4 | ||
| No employees received emoluments in excess of £60,000. | ||||
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL | ACTIVITIES | |||
| INCOME AND ENDOWMENTS FROM | Unrestricted fund £ |
Restricted fund £ |
Total funds £ |
|
| Charitable activities | ||||
| Courses | 109,265 | - | 109,265 | |
| Publishing | 620 | - | 620 | |
| Investment income | 136 | - | 136 | |
| Total | 110,021 | - | 110,021 | |
| EXPENDITURE ON | ||||
| Charitable activities | ||||
| Courses | 131,292 | - | 131,292 | |
| Publishing | 1,344 | - | 1,344 | |
| Total | 132,636 | - | 132,636 | |
| NET INCOME/(EXPENDITURE) | (22,615) | - | (22,615) | |
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 166,432 | - | 166,432 | |
| TOTAL FUNDS CARRIED FORWARD | 143,817 | - | 143,817 |
continued...
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INTERNATIONAL ACADEMIC PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
7. TANGIBLE FIXED ASSETS
| 7. | TANGIBLE FIXED ASSETS | ||
|---|---|---|---|
| Fixtures | |||
| and | |||
| fittings | |||
| £ | |||
| COST | |||
| At 1 April 2021 and 31 March 2022 | 11,902 | ||
| DEPRECIATION At 1 April 2021 and 31 March 2022 |
11,902 | ||
| NET BOOK VALUE At 31 March 2022 |
- | ||
| At 31 March 2021 | - | ||
| 8. | STOCKS Stocks |
31.3.22 £ 360 |
31.3.21 £ 653 |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Prepayments |
31.3.22 £ 5,380 1,117 |
31.3.21 £ 6,338 1,082 |
| 6,497 | 7,420 | ||
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors |
31.3.22 £ 8,100 |
31.3.21 £ 36,407 |
Included in trade creditors is accrued expenses and deferred income in the sum of £5,085 (2021:£36,330). Deferred income comprises of course fees paid in advance of the course date.
11. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.21 £ 143,817 143,817 |
Net movement in funds £ 20,326 20,326 |
At 31.3.22 £ 164,143 164,143 |
|---|---|---|---|
continued...
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INTERNATIONAL ACADEMIC PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
11. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 180,915 TOTAL FUNDS 180,915 Comparatives for movement in funds At 1.4.20 £ Unrestricted funds General fund 166,432 TOTAL FUNDS 166,432 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 110,021 TOTAL FUNDS 110,021 |
Resources Movement expended in funds £ £ (160,589) 20,326 (160,589) 20,326 Net movement At in funds 31.3.21 £ £ (22,615) 143,817 (22,615) 143,817 Resources Movement expended in funds £ £ (132,636) (22,615) (132,636) (22,615) |
|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.20 £ 166,432 166,432 |
Net movement in funds £ (2,289) (2,289) |
At 31.3.22 £ 164,143 164,143 |
|---|---|---|---|
continued...
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INTERNATIONAL ACADEMIC PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 290,936 290,936 |
Resources Movement expended in funds £ £ (293,225) (2,289) (293,225) (2,289) |
|---|---|---|
12. RELATED PARTY DISCLOSURES
During the year the company secretary, Mr J Black, was paid co-ordinator fees in the sum of £19,500 (2021: £18,500).
During the year International Academic Projects Limited recharged expenses, in the sum of £25,132 (2021: £9,970) to Archetype Publications Limited and Archetype Publications Limited recharged expenses to International Academic Projects Limited in the sum of £8,506 (2021: £13,169). In the year ended 31st March 2022 Archetype Publications limited made sales at market value in the sum of £10,1281 (2021: £9,800.61) to International Academic Projects Limited. The company secretary Mr J Black is a director of Archetype Publications Limited.
13. LIMITED BY GUARANTEE
The company is limited by guarantee. Each Member has agreed to pay the maximum of £1 in the event of the Charity being wound up.
Page 11
INTERNATIONAL ACADEMIC PROJECTS LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| 31.3.22 | 31.3.21 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Deposit account interest | 136 | 136 |
| Charitable activities | ||
| Course fees | 180,328 | 109,265 |
| Publishing | 451 | 620 |
| 180,779 | 109,885 | |
| Total incoming resources | 180,915 | 110,021 |
| EXPENDITURE | ||
| Charitable activities | ||
| Staff costs | 38,053 | 37,493 |
| Pensions | - | 288 |
| Rent, rates and water | 8,456 | 9,511 |
| Insurance | 1,184 | 1,193 |
| Telephone | 991 | 922 |
| Postage and stationery | 6,578 | 6,392 |
| Sundries | - | 233 |
| Course expenses | 95,904 | 72,011 |
| Publishing costs | 293 | 422 |
| Support costs | 151,459 | 128,465 |
| Finance | ||
| Bank charges | 7,018 | 1,097 |
| Credit card charges | 432 | 1,814 |
| Information technology | 7,450 | 2,911 |
| Website costs | 660 | 240 |
| Governance costs | ||
| Independent examiner fees | 1,020 | 1,020 |
| Total resources expended | 160,589 | 132,636 |
| Net income/(expenditure) | 20,326 | (22,615) |
This page does not form part of the statutory financial statements
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