**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 2024** 

## **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 2024** 

|||**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 2024** 

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 2024. 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** 

We continued to offer a variety of virtual seminars and courses on the IAP Virtual platform on Zoom and taking payment through Eventbrite. While the majority of these seminars were open to our enews subscribers plus other interested parties, we also were engaged by particular institutions to run a course/seminar solely for their staff. We also ran some courses in-situ. 

We, again, ran 3 virtual courses (2 x 4 hour sessions) on Hazards in Museum Collections, Integrated Pest Management in Museums and Identifying Insect Pests. 

In May we ran our in-situ course on the Conservation of Glass Objects for 10 persons in Seattle. In June we ran a hybrid 3 day course (in-situ plus online lectures) on Hydrogels for Cleaning Painted Surfaces at the Modern Art museum in Edinburgh which was attended by 20 persons in situ and more than 30 persons online. This was followed by the same course for - just for 20 persons in-situ - at Kelvin Hall, Glasgow. 

In October we held a one day course at Modern Art, Edinburgh on Watercolours…but only 7 persons attended. 

We also ran custom courses for organisations in Ireland(online), Qatar (in-situ) and Hong Kong (in-situ). 

The Chemistry for Conservators correspondence course was taken by 103 persons over the year in 3 intakes, one each in September 2023, January 2024 and March 2024. 

## **FINANCIAL REVIEW** 

## **Principal funding sources** 

The main income stream was from participants' fees (for the open seminars/courses) and from fees paid by 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** 

Until this point we had 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 and we intend to use more 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) and also to invest in the production/publication of conservation literature. 

## **FUTURE PLANS** 

In 2024-25, IAP will continue to offer the Chemistry for Conservators correspondence course and IAP Virtual Zoom seminars. We find that in-situ courses appear to be less popular now that there seems to be less money in people's budgets. We are thinking that shorter courses (less than 5 days) are perhaps preferable. 

Page 1 



## **INTERNATIONAL ACADEMIC PROJECTS LIMITED** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** 

## **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 (resigned 1.6.24) D G L B Whyte (appointed 1.6.24) 

## **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 2024. 

## **Responsibilities and basis of report** 

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the 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: 

1. 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 

3. 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 

4. 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 

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 2024** 

|Unrestricted<br>fund<br>Notes<br>£<br>**INCOME AND ENDOWMENTS FROM**<br>**Charitable activities**<br>Courses<br>194,749<br>Investment income<br>2<br>2,130<br>**Total**<br>196,879<br>**EXPENDITURE ON**<br>**Charitable activities**<br>Courses<br>174,390<br>**NET INCOME**<br>22,489<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>182,933<br>**TOTAL FUNDS CARRIED FORWARD**<br>205,422|Restricted<br>fund<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-|31.3.24<br>Total<br>funds<br>£<br>194,749<br>2,130<br>196,879<br>174,390<br>22,489<br>182,933<br>205,422|31.3.23<br>Total<br>funds<br>£<br>177,553<br>406<br>177,959<br>159,169<br>18,790<br>164,143<br>182,933|
|---|---|---|---|



The notes form part of these financial statements 

Page 4 



## **INTERNATIONAL ACADEMIC PROJECTS LIMITED** 

## **BALANCE SHEET 31 MARCH 2024** 

|Unrestricted<br>fund<br>Notes<br>£<br>**CURRENT ASSETS**<br>Debtors<br>7<br>10,120<br>Cash at bank<br>217,619<br>227,739<br>**CREDITORS**<br>Amounts falling due within one year<br>8<br>(22,317)<br>**NET CURRENT ASSETS**<br>205,422<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>205,422<br>**NET ASSETS**<br>205,422<br>**FUNDS**<br>9<br>Unrestricted funds<br>**TOTAL FUNDS**|Restricted<br>fund<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-|31.3.24<br>Total<br>funds<br>£<br>10,120<br>217,619<br>227,739<br>(22,317)<br>205,422<br>205,422<br>205,422<br>205,422<br>205,422|31.3.23<br>Total<br>funds<br>£<br>2,881<br>206,020<br>208,901<br>(25,968)<br>182,933<br>182,933<br>182,933<br>182,933<br>182,933|
|---|---|---|---|



The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. 

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 2024** 

## **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 

## **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. 

## **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. 

continued... 

Page 6 



**INTERNATIONAL ACADEMIC PROJECTS LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** 

## **1. ACCOUNTING POLICIES - continued** 

## **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** 

## **3.** 

|**INVESTMENT INCOME**|||
|---|---|---|
|Deposit account interest<br>**NET INCOME/(EXPENDITURE)**<br>Net income/(expenditure) is stated after charging/(crediting) :|31.3.24<br>£<br>2,130|31.3.23<br>£<br>406|
|Independent examiners fees|31.3.20<br>£<br>1,020|31.3.19<br>£<br>1,020|



## **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 (2023: nil). 

## **Trustees' expenses** 

||Trustees' expenses||31.3.24<br>£<br>-||31.3.23<br>£<br>377|
|---|---|---|---|---|---|
|**5.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**|||||
||**INCOME AND ENDOWMENTS FROM**|Unrestricted<br>fund<br>£|Restricted<br>fund<br>£||Total<br>funds<br>£|
||**Charitable activities**|||||
||Courses|177,553||-|177,553|
||Investment income|406||-|406|
||**Total**|177,959||-|177,959|
||**EXPENDITURE ON**|||||
||**Charitable activities**|||||
||Courses|159,169||-|159,169|
||**NET INCOME**|18,790||-|18,790|



continued... 

Page 7 



**INTERNATIONAL ACADEMIC PROJECTS LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** 

|**5.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**||
|---|---|---|---|---|---|
|||Unrestricted|Restricted||Total|
|||fund|fund||funds|
|||£|£||£|
||**RECONCILIATION OF FUNDS**|||||
||Total funds brought forward|164,143||-|164,143|
||**TOTAL FUNDS CARRIED FORWARD**|182,933||-|182,933|
|**6.**|**TANGIBLE FIXED ASSETS**|||||
||**COST**||||Fixtures<br>and<br>fittings<br>£|
||At 1 April 2023 and 31 March 2024||||11,902|
||**DEPRECIATION**|||||
||At 1 April 2023 and 31 March 2024||||11,902|
||**NET BOOK VALUE**|||||
||At 31 March 2024||||-|
||At 31 March 2023||||-|
|**7.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||||
||Trade debtors||31.3.24<br>£<br>8,987||31.3.23<br>£<br>1,753|
||Prepayments||1,133||1,128|
||||10,120||2,881|
|||||||



continued... 

Page 8 



**INTERNATIONAL ACADEMIC PROJECTS LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** 

## **8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

Trade creditors 

|31.3.24|31.3.23|
|---|---|
|£|£|
|22,317|25,968|



Included in trade creditors is accrued expenses and deferred income in the sum of £6,540 (2023:£11,655). Deferred income comprises of course fees paid in advance of the course date. 

## **9. MOVEMENT IN FUNDS** 

|**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**<br>Net movement in funds, included in the above are as follows:<br>**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**|At 1.4.23<br>£<br>182,933<br>182,933<br>Incoming<br>resources<br>£<br>196,879<br>196,879|Net<br>movement<br>At<br>in funds<br>31.3.24<br>£<br>£<br>22,489<br>205,422<br>22,489<br>205,422<br>Resources<br>Movemen<br>expended<br>in funds<br>£<br>£<br>(174,390)<br>22,489<br>(174,390)<br>22,489|
|---|---|---|



## **Comparatives for movement in funds** 

|**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**|At 1.4.22<br>£<br>164,143<br>164,143|Net<br>movement<br>in funds<br>£<br>18,790<br>18,790|At<br>31.3.23<br>£<br>182,933<br>182,933|
|---|---|---|---|



continued... 

Page 9 



**INTERNATIONAL ACADEMIC PROJECTS LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** 

## **9. MOVEMENT IN FUNDS - continued** 

Comparative net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>177,959<br>177,959|Resources<br>Movement<br>expended<br>in funds<br>£<br>£<br>(159,169)<br>18,790<br>(159,169)<br>18,790|
|---|---|---|



A current year 12 months and prior year 12 months combined position is as follows: 

|**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**|At 1.4.22<br>£<br>164,143<br>164,143|Net<br>movement<br>in funds<br>£<br>41,279<br>41,279|At<br>31.3.24<br>£<br>205,422<br>205,422|
|---|---|---|---|



A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>374,838<br>374,838|Resources<br>Movement<br>expended<br>in funds<br>£<br>£<br>(333,559)<br>41,279<br>(333,559)<br>41,279|
|---|---|---|



## **10. RELATED PARTY DISCLOSURES** 

During the year the company secretary, Mr J Black, was paid co-ordinator fees in the sum of £24,500(2023: £21,500). 

During the year International Academic Projects Limited recharged expenses, in the sum of £9,526.15 (2023: £21,297) to Archetype Publications Limited and Archetype Publications Limited recharged expenses to International Academic Projects Limited in the sum of £8,853.54 (2023: £27,780.45). In the year ended 31st March 2024 Archetype Publications limited made sales at market value in the sum of £0 (2023: £0) to International Academic Projects Limited. The company secretary Mr J Black is a director of Archetype Publications Limited. 

continued... 

Page 10 



**INTERNATIONAL ACADEMIC PROJECTS LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** 

## **11. 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 2024** 

||31.3.24|31.3.23|
|---|---|---|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Investment income**|||
|Deposit account interest|2,130|406|
|**Charitable activities**|||
|Course fees|194,749|176,953|
|Publishing|-|600|
||194,749|177,553|
|**Total incoming resources**|196,879|177,959|
|**EXPENDITURE**|||
|**Charitable activities**|||
|Trustees' expenses|-|377|
|Staff costs|51,120|43,709|
|Rent, rates and water|4,979|8,298|
|Insurance|1,231|1,220|
|Telephone|1,263|1,097|
|Postage and stationery|5,472|6,962|
|Sundries|240|-|
|Course expenses|102,620|88,853|
|Publishing costs|-|360|
|**Support costs**|166,925|150,876|
|**Finance**|||
|Bank charges|6,445|7,273|
|**Governance costs**|||
|Independent examiner fees|1,020|1,020|
|Total resources expended|174,390|159,169|
|**Net income**|22,489|18,790|
||||



This page does not form part of the statutory financial statements 

Page 12