Registered number: 02688742 Charity number: 1018750
Drive Forward Foundation
(A company limited by guarantee)
Trustees' report and financial statements for the year ended 31 March 2023
Drive Forward Foundation
(A company limited by guarantee)
Contents
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 8 |
| Independent auditor's report on the financial statements | 9 - 12 |
| Statement of financial activities | 13 |
| Balance sheet | 14 |
| Statement of cash flows | 15 |
| Notes to the financial statements | 16 - 34 |
Drive Forward Foundation
(A company limited by guarantee)
Reference and administrative details of the charity, its Trustees and Directors and advisers for the year ended 31 March 2023
| Trustees and Directors | Tracy Lee (resigned 29 September 2023) |
|---|---|
| Clive Pitts, Treasurer (resigned 24 March 2023) | |
| Maggie Collier, Chair | |
| Jordan Morgan | |
| Anthony Simpson | |
| Richard Johnston (appointed 7 June 2023) | |
| ShonaNichols (appointed 7 June 2023) | |
| Company registered number 02688742 Charity registered number 1018750 Registered office 14-15 Lower Marsh London SE1 7RJ Chief executive officer Anton Babey Independent auditor Kreston Reeves LLP Chartered Accountants Statutory Auditor Montague Place Quayside Chatham Maritime Chatham Kent ME4 4QU Bankers HSBC Bank PLC 69 Pall Mall London SW1Y 5EY |
Page 1
Drive Forward Foundation
(A company limited by guarantee)
Trustees' report for the year ended 31 March 2023
The Trustees present their annual report together with the audited financial statements of the charity for the 1 April 2022 to 31 March 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
Our Vision:
- A society where care-experienced people enjoy opportunity, empathy, and respect.
Our Mission:
- To enable care-experienced young people to achieve their full potential through sustainable and fulfilling employment.
Our plan for the next three years:
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To increase the number of young people we work with in London to 1200 per year and to research, and then replicate our services outside the capital.
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To become the go-to organisation for all matters relating to employment for care-experienced young people.
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To increase the percentage of our young people securing employment from our partners.
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To build an inclusive community of care-experienced young people.
Our Values, we are:
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Visionary - We explore, learn, and thrive. We ask bold questions seeking to expand our insight and knowledge to drive leading practice, reframe mindsets, and build better futures.
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People-Focussed - People are at the heart of everything we do. People are at the heart of everything we do. We lead with commitment, champion individuals with compassion, and nurture aspiration.
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Collaborative - We evolve together. We know our strengths and actively pursue opportunities to work with people who make us stronger; building a supportive community that strives to elevate one-another.
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Empowering - We encourage honest reflection, cultivate self-belief, and enable our community to break down barriers to promote positive change within and around them.
Policies are reviewed annually to assess their appropriateness for the Charity. This review also considers the relevant changes in legislation.
Page 2
Drive Forward Foundation
(A company limited by guarantee)
Trustees' report (continued) for the year ended 31 March 2023
Objectives and activities (continued)
The activities of Drive Forward have remained true to the core mission, vision, and values, to empower careexperienced young people aged 16-26 in London to achieve their full potential, supporting them into sustainable and fulfilling employment, further education, or training. Our approach is based on tailored 1-2-1 support, close relationships to employers and employability skills training. Underpinned by individual career guidance, our programmes cater for a broad spectrum of clients, having diverse needs and aspirations. Depending on the individual’s personal situation, experience and qualifications, we focus on building motivation and confidence, developing specific skills and building professional networks. Furthermore, our corporate partners enable us to offer exclusive, ring-fenced work experience and employment opportunities to our clients. These partners also understand the benefits of recruiting young people who bring diverse skills and experience to their workplaces.
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)'.
Achievements and performance
a. Key performance indicators
Drive Forward continues to track engagement levels, young people into work, work placements, further education and training.
b. Review of activities
Drive Forward worked with 604 young people during the year. During this period, we have transitioned 254 into employment and another 24 into further education. Additionally, Drive Forward has placed 67 young people into work placements and internships.
We have worked with young people from 25 London boroughs, received support from 79 volunteers and have collaborated with 41 corporate partners.
c. Fundraising activities and income generation
Drive Forward has successfully delivered service contracts for local authorities in Lambeth, Achieving For Children in Kingston and Richmond, Haringey and for the Greater London Authority. In addition the Charity also continued to be funded by Trusts and Foundations during the year.
d. Review of operations
At Drive Forward Foundation, we believe in the potential for all young people to achieve their career goals and succeed in life. Our staff and partners are dedicated to creating opportunities for care-experienced young people that support their professional and personal growth, ensuring that they gain the skills and tools needed to fulfil their career ambitions.
This is why we put such an emphasis on 1-2-1 work with our young people and promote a relational working approach based on trust and understanding. We aim to create a real connection with the young people we work with, allowing us to better comprehend their needs, desires and aspirations.
We understand how important it is to acknowledge and understand the entirety of a person’s character and circumstances in order to be able to give them the most effective form of support. By creating and developing connections, our Careers Specialists can harness their energy and time into pathways and opportunities that can lead to substantial outcomes.
Page 3
Drive Forward Foundation
(A company limited by guarantee)
Trustees' report (continued) for the year ended 31 March 2023
Achievements and performance (continued)
With the commitment to provide the best possible support to each young person, our Careers Specialists take the time to identify suitable training and employment opportunities that match everyone’s personal and career aspirations. That could be anything from taking part in one of Drive Forward’s activities to applying for university.
Employer Partnerships
Strong employer partnerships have always been a strong element of Drive Forward’s approach to helping careexperienced individuals successfully move into sustainable and fulfilling employment. Whilst our Careers Specialists can provide young people with the knowledge and the tools they need to get a foot in the door, it is the tremendous efforts and support of the employers working with us that truly enable individuals to succeed in the world of work.
By providing quality work experience and exclusive job opportunities for beneficiaries, our partners enable them to experience diverse workplaces and environments, as well as gain exposure to a range of different career paths available across industries.
We’re proud to have established a highly diverse network of partnerships spanning across sectors and industries, and our network is still growing. The opportunities they provide, from work experience, to full time jobs, to skilled volunteer support and industry insight days, are pivotal in helping individuals succeed in their careers.
We know that all our partners have the best interests of young people at heart and are eager to provide them with the best quality experience and support. To help them achieve this, we’ve developed a bespoke training package aimed at increasing their understanding of care experience and what measures they can put in place to provide the best possible support to young people going into their businesses.
Furthermore, to support our goal of creating a shift in how employers approach recruitment and enable a more diverse range of talent to access opportunities, we have built a care-experienced and diversity friendly business community. To this purpose, we deliver a calendar of networking and learning events every year.
In an effort to deliver more ring-fenced opportunities for our young people, we collaborate with the civil service to offer ring-fenced internships across multiple departments. From the Department of Education, to the Ministry of Defense, to the Department for Digital, Culture, Media and Sport, all of them share the ambition to become the most inclusive and diverse employer in the UK. To make these opportunities more accessible, individuals don’t need to have any previous qualifications or experience to apply. We also run similar programmes with the NHS and several Local Authorities.
Last year, over 30 young people working with Drive Forward were offered 12-months paid internship opportunities within the civil service. Whilst some of them were recent graduates, the majority of them had limited or no qualifications at all. These young people succeeded not because of their outstanding grades, above average talent or distinguished connections; they succeeded because they put in the time and energy to understand the opportunity in front of them, tailor their written applications to the job and practice their interview skills in order to impress a critical panel. They succeeded because they had the drive to succeed and progress in their lives.
Page 4
Drive Forward Foundation
(A company limited by guarantee)
Trustees' report (continued) for the year ended 31 March 2023
Achievements and performance (continued)
Early Intervention
In 2019, Drive Forward further embarked on an exciting new journey of expanding its reach, working with lookedafter children aged 13+. With the support of two London livery companies, we were able to introduce two bespoke programmes aimed at children aged 13-14 (Compass) and 15-16 (Breakthrough). Both programmes were designed to work with about 100 individuals in total over a period of three years. Compass began the three year period supporting children aged 13-14 to develop key personal and practical skills to successfully pursue their aspirations. Breakthrough worked with 14-16-year olds to foster self-belief, aspiration and an understanding of thinking patterns enabling them to create positive futures for themselves. Both programmes are further supported by our corporate engagement team looking at developing strategic business partnerships to offer project participants exclusive experiences and opportunities. We ran a further programme from April 2022, Aspire, which worked further with this cohort of young people, which provided excellent insight and solid outcomes for the group.
Learning from these three programmes was used to highlight that the key transition point for these young people was at 16 and 17 years old, when they were leaving care and preparing for their life ahead. Therefore, from April 2023, there will be a Careers Specialist specifically allocated to this age group and the focus will be on rights and entitlements, further education, and apprenticeships. The service will also be on a roll-on, roll-off basis, the same as our 18+ service, to be able to react to young people’s needs when support is needed.
Policy Forum
The Policy Forum was established in 2016/17 in response to the repeated neglecting of care-experience in the development and implementation of relevant policies. Made up of passionate individuals eager to drive positive policy change for all looked-after children and care-experienced young people in the UK, the group has since built valuable relationships with organisations around the country.
The group represents the voices of care-experienced people regularly in meetings, focus groups and consultations with MPs, Ministers, and relevant decision-makers.
We continue with our 2 main campaigns, criminalization and mental health provision. Key results for the protocol to end unnecessary criminalization of young people in care across the UK have been the roll-out of the protocol across England, barrister guidance has been commissioned and published by the Youth Justice Board.
Data has also been shared between MOPAC and CPS to aid understanding, and drafting official documents to make sure the child’s voice is heard.
Our mental health working group has been formed with NHS practitioners, service managers, charities and young people, with the aim of sharing good practice and experience in order to implement the NHS long-term plan, which sees development of a bespoke mental health service for young people 16-24 years old. Our group is actively working to specialise these services for care-experienced young people. We are also working with the University of Huddersfield to create a service map for mental health services across London.
Counselling and Advocacy
Based on our experience with young people having limited or no access to statutory services, Drive Forward introduced an advocacy and counselling service in September 2019 so that care-experienced young people can take control over their lives, overcome the challenges they face and move towards a meaningful career and ultimately independence.
After a successful pilot spearheaded by a care-experienced qualified social worker and counsellor, we have expanded the project and now offer in person and face-to-face sessions to develop the service and provide additional support.
Page 5
Drive Forward Foundation
(A company limited by guarantee)
Trustees' report (continued) for the year ended 31 March 2023
Financial review
a. Financial
The charity continues to source a wide range of funding, and although statutory funding was deliberately reduced during the pandemic, due to the unknown environment for payment by results contracts, new Trusts and Foundations were sourced to fill any gaps. Since exiting the pandemic, our strategy sees the charity increase reliance on statutory funding once more, and has started that journey with its first success on the DWP contracting website, DPS2, proving that Drive Forward is competitive in the tendering process.
We enter the next financial year in a strong position, and now have strong cash reserves to protect the charity from market and environment uncertainty, and plan to recruit another Careers Specialist to increase the numbers of beneficiaries supported to 700 in 2023.
b. 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.
c. Principal risks and uncertainties
The principal risks to the charity over the next 12 months will be the possibility of a recession which may lead to a changing employment market and the impact of working with a disadvantaged client group which will find it even more difficult to achieve and sustain employment in a more competitive environment.
The other risk is the ability of the organisation to successfully return to delivering more statutory contracts, which will also present challenges to managing cash flow and balancing the delivery of service and achievement of outcomes with the delays in payment. This will require careful negotiation of contracts and operational management.
d. Reserves policy
Drive Forward is currently dependent on a wide number of sources of funding, both statutory and Trust and Foundations to sustain its activities. This reduces risk in terms of potential lost funds, however, there is still a risk involved. To avoid closure if funding difficulties were to happen the Trustees believe the minimum level of reserves should be the equivalent of 6 months operating costs. The purpose of maintaining this level of reserves is to ensure the continuity of our programmes and services to our existing clients should there be delays in payment by public sector funders or the transfer of anticipated donations.
The level of reserves as of 31st March 2023 is £1,026,839. This represents over 6 months of expenditure against the 2023/24 budget.
The main concerns of the board are to ensure:
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that staff can continue working, whilst the charity secures funding
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• that our clients are supported
The level of reserves should be calculated and monitored every month by the Treasurer and CEO. This policy will be reviewed yearly and whenever there are significant changes.
Page 6
Drive Forward Foundation
(A company limited by guarantee)
Trustees' report (continued) for the year ended 31 March 2023
Structure, governance and management
a. Constitution
Drive Forward Foundation is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 18 February 1992. The charity is a registered charity, number 1018750.
The principal object of the charity is to assist young people leaving the care system to achieve sustainable living through sustainable employment.
b. Methods of appointment or election of Trustees
The governance of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association. A regular audit is carried out to ensure that the charity maintains the correct skills in order to gain maximum benefit.
c. Organisational structure and decision-making policies
The Governance of the organisation is broken down into two core bodies, the Board of Trustees and the Senior Leadership Team.
Core functions of the Board of Trustees are:
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To ensure that the charity remains true to its mission and values
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To support the determination of its strategy
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To act as the point of final accountability for its actions and those of its representatives and staff
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• To safeguard its assets
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Liaison between the organisation and the outside world: providing a conduit for information and ideas, representing it and acting as an ambassador for it
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Act as a pool of expertise and advice, making this available to staff and volunteers
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Line manage the CEO
In the exercise of this responsibility, the authority for day to day management and control of the charity, and the establishment of policies and procedures and other operations of the organisation, are delegated to the CEO and Senior Leadership Team. This delegation of authority requires that the Board relies on the judgment and decisions of those who operate under its authority..
Plans for future periods
As we have increased the number of Careers Specialists we employ, we will need to increase the size of our employer engagement team to ensure that we have enough exclusive employment opportunities for service users. Our plan is to employ a care-experienced young person in this team to help support employer training and facilitate employment opportunities. If the demand for our service continues to increase, we have also budgeted for another Careers Specialist to satisfy the need.
Cost of living crisis
At the time of signing the accounts the Trustees are aware of the potential economic and social effects of the cost of living crisis. The full impact of this and any subsequent recession on the UK economy is yet to be seen, but the Charity will continue to administer financial hardship funds where necessary.
Page 7
Drive Forward Foundation
(A company limited by guarantee)
Trustees' report (continued) for the year ended 31 March 2023
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the charity for the purposes of company law) 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).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they 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;
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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 Companies Act 2006. 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.
Disclosure of information to auditor
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 auditor is 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 auditor is aware of that information.
Auditor
The auditor, Kreston Reeves LLP, has indicated his willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Maggie Collier Chair of Trustees
Date: 7 November 2023
Page 8
Drive Forward Foundation
(A company limited by guarantee)
Independent auditor's report to the Members of Drive Forward Foundation
Opinion
We have audited the financial statements of Drive Forward Foundation (the 'charity') for the year ended 31 March 2023 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).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company'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 9
Drive Forward Foundation
(A company limited by guarantee)
Independent auditor's report to the Members of Drive Forward Foundation (continued)
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditor's 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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the Trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report.
Responsibilities of trustees
As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.
Page 10
Drive Forward Foundation
(A company limited by guarantee)
Independent auditor's report to the Members of Drive Forward Foundation (continued)
Auditor's responsibilities for the audit of the financial statements
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 Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (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, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and
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Assessment of identified fraud risk factors; and
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Challenging assumptions and judgements made by management in its significant accounting estimates; and
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Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
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Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
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Reading minutes of meetings of those charged with governance; and
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Review of significant and unusual transactions; and
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Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.
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.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charitable company's internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.
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Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in my Auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of my Auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.
Page 11
Drive Forward Foundation
(A company limited by guarantee)
Independent auditor's report to the Members of Drive Forward Foundation (continued)
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Susan Robinson BA FCA FCIE DChA (Senior statutory auditor)
for and on behalf of
Kreston Reeves LLP
Chartered Accountants Statutory Auditor Chatham Maritime
23 November 2023
Page 12
Drive Forward Foundation
(A company limited by guarantee)
Statement of financial activities (incorporating income and expenditure account) for the year ended 31 March 2023
| Note Income from: Donations and legacies 3 Other income 4 Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net income before other recognised gains/(losses) Net gains / (losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 715,711 4,366 720,077 52,134 454,434 506,568 213,509 (94) 213,415 813,424 213,415 1,026,839 |
Restricted funds 2023 £ 312,598 - 312,598 - 415,322 415,322 (102,724) - (102,724) 176,923 (102,724) 74,199 |
Total funds 2023 £ 1,028,309 4,366 1,032,675 52,134 869,756 921,890 110,785 (94) 110,691 990,347 110,691 1,101,038 |
Total funds 2022 £ 934,347 6,461 940,808 36,527 806,094 842,621 98,187 (69) 98,118 892,229 98,118 990,347 |
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 16 to 34 form part of these financial statements.
Page 13
Drive Forward Foundation
(A company limited by guarantee) Registered number: 02688742
Balance sheet as at 31 March 2023
| Note Fixed assets Intangible assets 10 Tangible assets 11 Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total net assets Charity funds Restricted funds 15 Unrestricted funds 15 Total funds |
57,098 1,167,942 1,225,040 (150,809) |
2023 £ 22,185 3,802 820 26,807 1,074,231 1,101,038 74,199 1,026,839 1,101,038 |
96,033 881,263 977,296 (21,570) |
2022 £ 28,101 5,606 914 |
|---|---|---|---|---|
| 34,621 955,726 |
||||
| 990,347 | ||||
| 176,923 813,424 |
||||
| 990,347 |
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Maggie Collier Chair of Trustees
Date: 7 November 2023
The notes on pages 16 to 34 form part of these financial statements.
Page 14
Drive Forward Foundation
(A company limited by guarantee)
| Statement of cash flows for the year ended 31 March 2023 Note Cash flows from operating activities Net cash used in operating activities 18 Cash flows from investing activities Purchase of tangible fixed assets Purchase of intangible fixed assets Net cash used in investing 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 19 The notes on pages 16 to 34 form part of these financial statements |
2023 £ 288,022 (1,343) - (1,343) 286,679 881,263 1,167,942 |
2022 £ 34,774 (4,790) (29,580) (34,370) 404 880,859 881,263 |
|---|---|---|
Page 15
Drive Forward Foundation
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2023
1. General information
Drive Forward Foundation is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 18 February 1992. The charity is a registered charity, number 1018750. The Charity's objectives are set out in the Trustees Report, on page 2.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Drive Forward Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Page 16
Drive Forward Foundation
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2023
2. Accounting policies (continued)
2.4 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.
2.5 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 on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
2.6 Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2.7 Intangible assets and amortisation
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.
Amortisation is provided on the following basis:
Computer software - 20 %
Page 17
Drive Forward Foundation
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2023
2. Accounting policies (continued)
2.8 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
At each reporting date the charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on the following basis:
- Office equipment 5 - 10 years
2.9 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.10 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.
2.11 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.12 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.
Page 18
Drive Forward Foundation
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2023
2. Accounting policies (continued)
2.13 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.14 Pensions
The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.
2.15 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.
Page 19
Drive Forward Foundation
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2023
3. Income from donations and legacies
| Unrestricted funds 2023 £ Donations 77,102 Grants 638,609 715,711 Total 2022 556,446 |
Restricted funds 2023 £ - 312,598 312,598 377,901 |
Total funds 2023 £ 77,102 951,207 1,028,309 934,347 |
Total funds 2022 £ 55,303 879,044 |
|---|---|---|---|
| 934,347 | |||
4. Other incoming resources
| Other incoming resources Total 2022 |
Unrestricted funds 2023 £ 4,366 6,461 |
Total funds 2023 £ 4,366 6,461 |
Total funds 2022 £ 6,461 |
|---|---|---|---|
Page 20
Drive Forward Foundation
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2023
5. Expenditure on raising funds
| Unrestricted funds 2023 £ Travel, accommodation and general expenses 850 Advertising and publicity including website 6,268 Recruitment 1,900 Wages and salaries 37,755 Social security costs 4,422 Pension costs 939 52,134 Total 2022 36,527 |
Total funds 2023 £ 850 6,268 1,900 37,755 4,422 939 52,134 36,527 |
Total funds 2022 £ - 3,822 - 28,800 3,242 663 |
|---|---|---|
| 36,527 | ||
Page 21
Drive Forward Foundation (A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2023
6. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2023 £ Charitable activities 454,434 Total 2022 411,563 Analysis of expenditure by activities Direct costs 2023 £ Charitable activities 760,162 Total 2022 713,404 |
Restricted funds 2023 £ 415,322 394,531 Support costs 2023 £ 109,594 92,690 |
Total 2023 £ 869,756 806,094 Total funds 2023 £ 869,756 806,094 |
Total 2022 £ 806,094 |
|---|---|---|---|
| Total funds 2022 £ 806,094 |
|||
7. Analysis of expenditure by activities
Page 22
Drive Forward Foundation (A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2023
7. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Staff costs Depreciation Youth programme Advertising and publicity Travel and entertainment General administrative expenses Telephone Consultancy and training Rent, rates and services Legal and professional fees |
Total funds 2023 £ 565,974 4,532 92,976 12,536 801 15,233 3,833 36,361 27,800 116 760,162 |
Total funds 2022 £ 565,826 2,178 85,714 3,822 - 14,659 3,759 7,774 28,554 1,118 |
|---|---|---|
| 713,404 |
Analysis of support costs
| Staff costs Depreciation Rent, rates and services Storage charges Advertising and publicity Travel and entertainment General administrative expenses Bank charges and interest Telephone Season ticket loans adjustment Auditor's remuneration Legal and professional fees Medical insurance Recruitment |
Total funds 2023 £ 41,836 4,531 27,798 2,007 2,090 1,068 15,282 69 676 - 6,300 4,137 - 3,800 109,594 |
Total funds 2022 £ 33,235 2,179 28,554 1,860 849 - 15,840 139 663 4,341 4,080 550 400 - |
|---|---|---|
| 92,690 |
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Drive Forward Foundation (A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2023
8. Staff costs
| Wages and salaries Social security costs Pension costs |
2023 £ 580,433 57,564 12,929 650,926 |
2022 £ 566,408 54,106 11,252 |
|---|---|---|
| 631,766 |
The average number of persons employed by the charity during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Employees | 17 | 17 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2023 | 2022 | ||
|---|---|---|---|
| No. | No. | ||
| In the band £60,001 | - £70,000 | 1 | 1 |
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL).
Page 24
Drive Forward Foundation
(A company limited by guarantee)
| Notes to the financial statements for the year ended 31 March 2023 10. Intangible assets Cost At 1 April 2022 At 31 March 2023 Amortisation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 |
Computer Software £ 29,580 |
|---|---|
| 29,580 | |
| 1,479 5,916 |
|
| 7,395 | |
| 22,185 | |
| 28,101 |
Page 25
Drive Forward Foundation
(A company limited by guarantee)
| Notes to the financial statements for the year ended 31 March 2023 11. Tangible fixed assets Cost or valuation At 1 April 2022 Additions At 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 |
Office equipment £ 14,385 1,343 |
|---|---|
| 15,728 | |
| 8,779 3,147 |
|
| 11,926 | |
| 3,802 | |
| 5,606 |
Page 26
Drive Forward Foundation
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2023
| 12. Fixed asset investments Cost or valuation At 1 April 2022 Revaluations At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 All the fixed asset investments are held in the UK. |
Unlisted investments £ 914 (94) 820 820 914 |
|---|---|
The charity's investment is comprised of IM CAF Fixed Interest Fund B Income shares managed by Charities Aid Foundation.
Page 27
Drive Forward Foundation
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2023
13. Debtors
| Due within one year Trade debtors Other debtors Prepayments and accrued income Creditors: Amounts falling due within one year Other taxation and social security Other creditors Accruals and deferred income Deferred income at 1 April 2022 Amounts released from previous periods Deferred income at 31 March 2022 |
2023 £ - 12,815 44,283 57,098 2023 £ 18,185 3,322 129,302 150,809 2023 £ (16,250) - (16,250) |
2022 £ 39,000 12,750 44,283 96,033 2022 £ 14,648 2,842 4,080 21,570 2022 £ - (16,250) (16,250) |
|---|---|---|
14. Creditors: Amounts falling due within one year
Page 28
Drive Forward Foundation
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2023
15. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Restricted funds City of London CHK Foundation YFF Big Ask CAF Total of funds |
Balance at 1 April 2022 £ 813,424 5,583 42,167 44,283 29,664 55,226 176,923 990,347 |
Income £ 720,077 16,750 48,300 177,132 40,739 29,677 312,598 1,032,675 |
Expenditure £ (506,568) (22,333) (50,217) (221,415) (36,454) (84,903) (415,322) (921,890) |
Gains/ (Losses) £ (94) - - - - - - (94) |
Balance at 31 March 2023 £ 1,026,839 |
|---|---|---|---|---|---|
| - 40,250 - 33,949 - |
|||||
| 74,199 | |||||
| 1,101,038 |
Salters - Lunch club project funding. City of London - A grant towards employment consultant costs. Clothworkers - Funding towards early intervention compass programme and salaries. Mercers - Funding towards early intervention compass programme Segelman - A grant towards employment costs and policy forum. Swire - A fund to cover corporate engagement salary. CHK Foundation - Funding for Strategic Partnerships manager salary. Allen & Overy - A grant towards employment consultant costs. AMLT - Funding for part salary of an employment consultant. FIL Foundation - Part funding for our new database YFF - Funding for employment services as part of an evaluation Big Ask - Funding for mentoring programme CAF - Funding for early intervention programme
Page 29
Drive Forward Foundation
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2023
15. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds Restricted funds Salters City of London Clothworkers Mercers Segelman Swire CHK Foundation Allen & Overy AMLT FIL Foundation YFF Big Ask CAF Total of funds |
Balance at 1 April 2021 £ 678,676 1,250 16,250 16,227 147,950 - 18,541 6,667 6,668 - - - - - 213,553 892,229 |
Income £ 562,907 - 16,750 51,000 - 35,000 - 46,000 - 12,000 20,000 88,566 39,552 69,033 377,901 940,808 |
Expenditure £ (448,090) (1,250) (27,417) (67,227) (147,950) (35,000) (18,541) (10,500) (6,668) (12,000) - (44,283) (9,888) (13,807) (394,531) (842,621) |
Transfers in/out £ 20,000 - - - - - - - - - (20,000) - - - (20,000) - |
Gains/ (Losses) £ (69) - - - - - - - - - - - - - - (69) |
Balance at 31 March 2022 £ 813,424 |
|---|---|---|---|---|---|---|
| - 5,583 - - - - 42,167 - - - 44,283 29,664 55,226 |
||||||
| 176,923 | ||||||
| 990,347 |
Page 30
Drive Forward Foundation
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2023
16. Summary of funds
Summary of funds - current year
| General funds Restricted funds |
General funds Restricted funds |
Balance at 1 April 2022 £ 813,424 176,923 990,347 Income £ 562,907 377,901 940,808 |
Income £ 720,077 312,598 1,032,675 Expenditure £ (448,090) (394,531) (842,621) |
Expenditure £ (506,568) (415,322) (921,890) Transfers in/out £ 20,000 (20,000) - |
Gains/ (Losses) £ (94) - (94) Gains/ (Losses) £ (69) - (69) |
Balance at 31 March 2023 £ 1,026,839 74,199 |
|---|---|---|---|---|---|---|
| 1,101,038 | ||||||
| Balance at 31 March 2022 £ 813,424 176,923 |
||||||
| Summary of funds - prior year | ||||||
| General funds Restricted funds |
Balance at 1 April 2021 £ 678,676 213,553 892,229 |
|||||
| 990,347 |
17. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2023 £ Tangible fixed assets 3,802 Intangible fixed assets 22,185 Fixed asset investments 820 Current assets 1,150,841 Creditors due within one year (150,809) Total 1,026,839 |
Restricted funds 2023 £ - - - 74,199 - 74,199 |
Total funds 2023 £ 3,802 22,185 820 1,225,040 (150,809) |
|---|---|---|
| 1,101,038 |
Page 31
Drive Forward Foundation (A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2023
17. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Tangible fixed assets Intangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ 5,606 28,101 914 800,373 (21,570) 813,424 |
Restricted funds 2022 £ - - - 176,923 - 176,923 |
Total funds 2022 £ 5,606 28,101 914 977,296 (21,570) 990,347 |
|---|---|---|---|
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Drive Forward Foundation (A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2023
18. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Amortisation charges Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash provided by operating activities 19. Analysis of cash and cash equivalents Cash in hand 20. Analysis of changes in net debt At 1 April 2022 £ Cash at bank and in hand 881,263 881,263 |
2023 £ 110,785 3,147 5,916 38,935 129,239 288,022 2023 £ 1,167,942 Cash flows £ 286,679 286,679 |
2022 £ 98,187 2,878 1,479 (53,227) (14,543) 34,774 2022 £ 881,263 At 31 March 2023 £ 1,167,942 1,167,942 |
|---|---|---|
Page 33
Drive Forward Foundation
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2023
21. Operating lease commitments
At 31 March 2023 the charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:
| Not later than 1 year Later than 1 year and not later than 5 years |
2023 £ 52,000 26,000 78,000 |
2022 £ - - |
|---|---|---|
| - |
22. Related party transactions
The charity has relationships with a large number of organisations and individuals who contribute funds either to support objectives or as general funding to support the administration of the charity to enable it to carry out its charitable objectives.
There were no related party transactions during the year (2022: £Nil) and no balances outstanding with any related parties at the Balance sheet date (2022: £Nil).
23. Controlling party
In the view of the charity's legal status, the charity Trustees consider that there was no ultimate controlling party to be disclosed.
Page 34