ACCELERATE_&_ACCESS_FOUND - Accounts

The trustees present their report and financial statements for the Period ended 30 November 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 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) (as amended for accounting periods commencing from 1 January 2016).

The Accelerate and Access Foundation’s (AAAF) aim is to promote social mobility by increasing the number of students from poorer backgrounds accessing leading universities. AAAF does this by supporting programmes designed by AAAF and run by its partner schools. The flagship programme provides a multi-year programme of support to low and middle-income students focussed on raising aspirations, providing advice and guidance, academic support and enrichment.

In the year 2022-23 the Accelerate and Access Foundation continued to monitor the effectiveness of extant programmes. It did not run any additional programmes. Trustees have undertaken to wind down the charity now that the programmes supported by the charity have embedded effectively within existing networks of schools (most notably the KAN programme curated at Sevenoaks School), and that the approach of multi-year programmes of support has become a model of good practice across the sector.

Programmes

The Accelerate and Access Foundation continued to monitor the effectiveness of the KAN programme at Sevenoaks but did not develop any new programmes across the year 2022-23.The format of the KAN programme continues to follow the model of the initial programme created in 2013. The university access programmes are designed to support academically able students with a programme which extends over four years. This runs from the end of year 9 (age 13/14) to year 13 (age 16/17) and includes two residential weeks a year (during the Easter and summer holidays) and on-going input from learning mentors, as well as bespoke activities such as university visits and cultural trips.

Kent

The charity has been working with the Kent Academies Network since 2012. The Kent project today is being very successfully run through the Sevenoaks School Foundation, still in partnership with other local independent schools (such as Tonbridge School), and has grown in size and ambition under the leadership of Sevenoaks School.

REACH AND IMPACT

In the year 2022-23 the AAAF created no new programmes but continued to monitor and engage with the KAN programme.

Public benefit

AAAF is mindful of the Charity Commission’s guidance on public benefit and is confident that it works for the public benefit by increasing the educational opportunities available to young people from low and middle-income homes and improving and promoting social mobility. The charity’s work is targeted at those from socio-economically deprived and non-privileged backgrounds – those which the data shows are less likely than their peers to go to university. AAAF believes this represents a waste of talent that is not only unfair to the individual but also of economic cost to the country.

The eleven academy schools who have taken part in our programmes face significant educational and social challenges. The proportion of children eligible for free school meals averages over 40% (against a national average of 28% for 2013), and on average fewer than 46% of pupils gain five GCSEs at A*-C (placing these schools in the fourth quintile nationally). IDACI and POLAR 3 measurements place these academies in areas of deprivation and low participation rates. The pupil population includes students who have not passed the 11-plus and gained access to selective grammar schools in the county (in the case of the Kent schools) as well as other students who did not sit the tests. Within each of the schools, there are high ability students who have enormous potential; however the schools send relatively few students on to higher education and particularly to the most highly ranked universities

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The aim of the AAAF was always to incubate and seed fund and not run or manage, innovative initiatives in education which aimed to improve social mobility in the UK. With Sevenoaks School’s full adoption of the Kent programme, we have achieved realised our intention. Under Sevenoaks’s stewardship, the KAN UAP will be expanded and include a greater number of students in future cohorts. It is for this reason, and the fact that the model created has now been adopted as a model of good practice amongst other school networks, that the Trustees of the AAAF have decided to end the activities of the Charity and to grant any remaining funds to IntoUniversity – another similar multi-year programme which has social mobility through education as its’ core purpose.

FUTURE PLANS

As outlined above, the Trustees have taken the decision to wind down the activities of the Charity and to donate any existing funds to IntoUniversity, a highly successful charity which aligns with our purpose of social mobility through education.

The only costs incurred by the Charity in the year 2022-23 have been bank charges, accountancy charges and the costs associated with changes to Directorships. Any remaining funds from the year have been donated to IntoUniversity.

Reserves Policy

We also have a policy whereby we hold funds to cover administrative and other miscellaneous costs. Funds for advocacy projects are raised on a project-by-project basis. The Charity has no fixed overheads such as an office or administrative staff.

Risk Management

The AAAF board consider as part of their regular meetings the major risks facing the charity and the steps in place to mitigate those risks. These risks cover financial, legal and operational areas.

The Trustees personally have the professional expertise to ensure they manage actively the risks that the charity faces and have implemented a robust policy regarding safe-guarding in particular which can be viewed on the charity’s website.

The charity is a charitable company limited by guarantee . It was established under a Memorandum of Association which defines its objects and powers and it is governed by way of its Articles of Association.

The trustees, who are also the directors for the purpose of company law, and who served during the Period were:

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute an amount not exceeding £10 in the event of a winding up.

The directors are responsible for the recruitment of members and new trustees.

The directors were the first members of the charity. Membership is open to individuals or organisations whose application is approved by the directors.

The project is overseen by an expert trustee group and with input from senior staff in the network of participating schools.

The trustees are responsible for decision-making on long-term strategic direction and governance as well as playing a key role in ensuring that our partner schools deliver a high standard of programme.

The current trustee body of four Trustees include one who has been involved in the project since its inception, one expert in the maintained secondary sector and one who has expertise in research and philanthropy.

The results for the Period are set out on page 6.

The trustees report was approved by the Board of Trustees.

I report on the financial statements of the charity for the Period ended 30 November 2023, which are set out on pages 6 to 13.

The charity’s trustees, who are also the directors of Accelerate & Access Foundation Limited for the purposes of company law, are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this Period under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

examine the financial statements under section 145 of the 2011 Act;

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.

In connection with my examination, no matter has come to my attention:

to keep accounting records in accordance with section 386 of the Companies Act 2006; and

to prepare financial statements which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities;

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

All income and expenditure derive from continuing activities.

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the Period ended 30 November 2023.

The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Accelerate & Access Foundation Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Burns House, School Lane, Caterham, CR3 6BE.

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The trustees have not adopted the going concern basis of accounting in preparing the financial statements, see note 15 to the accounts.

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

There are no endowment funds subject to specific conditions by donors.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of recovery from HMRC.

Expenditure is recognised when a liability is incurred.

The costs of generating funds are those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.

Governance costs include those incurred in the governance by the trustees of the charitys assets and are primarily associated with the constitutional and statutory requirements of operating the charity

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.

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Donations

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Donations

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Insurance

There were no employees during the year.

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

There were no disclosable related party transactions during the Period (2022 - none).

As disclosed in the accounting policies the accounts have not been prepared on the going concern basis. The trustees are not going to explore further funding and have decided to wind up the charity. The final funds have been distributed to IntoUniversity, a charity whos aims align with the Foundation. There are no adjustments required in respect of the amounts shown in the accounts following the decision to wind up the charity.