Comp*tty 02827835 (EDglaDd & Wakn) Charity 1040962 THK SWITCH CHARITY LIMITED Aeom , limited b arnntee TRUSTEES, REPORT AND FINANCIAL STATEmE1s For the Year Ended 31 Augusl 2024
THE swrrcH CHARITY LIMrrED CONfENrs Iwl And Administrative Infornt IDdep¢n4k•¢ Audltor's Report Stslemut of FID¢111 A¢ti¥ltle8 12 Bln¢¢ Skeet 13 stst¢me•t (IC#th lknl 14 Notes to the FillDciI Stteoemts Is
THE swrrcH CHARITY LIMtTED Iwl aDd AdministTrlive InfornMtiOA For the Year Emdal 31 Au st 2024 TRuKfEESIDIRECTORS Mark Campbell (Chair) Geny McDonald New City College (fjr0 Principal & CEO) Sarah Barnes Mary UDiva3ity of Lon Saiam Ahmed UCL I111U1e of Clinical TriaL% & MethLKlology Mohammed H&sw (ap)Inted on I ¢ernber 2023) EY Jemima Reiuy {reSid 24. Ju0¢ 2024) Jade Hol10n (apwinted 18° May 2024) Ih Tina Sode Anits Bhardwaj Jayant Kumar Rhe1 d$ (reSid ] JallU 2024) Big1aA Grecn Primary Sch1 London Borough of Tower Ha0cts Morgan stlleY Barclays SECRKTARY Helen sa%0 REGIERD OFFICE Norvin I lo. 45-55 (:nmmer¢ial Sirt EI 6BD COMPANY NUMBER 02827835 104(M2 IISBC. 1.3 Bithop58ate LoNlon EC2N 3AQ Santander. 298 LkaDs8aK MwKhester M3 4HH Close Brotlw 10 Crm Place. iA>ndon EC2A 4FT SOLicrroRS Rsse11.cOOke, 2 Putsw HilL Puw, Lotmkn SW15 6AB AUDrroRS Goldwins Limit&l 75 Mayw RO West Hamp London NW6 2EG
Trnsteu? Report For the Year 31 Allgllst 21124 TRUSTEE REPORT ch8ritsbk rAxnpany for the year eNled 31 Augik812024. The ststuknry infoTO)ation is slM)wn on Page l. The Swilch Charity Ltd is a i¢wil educa11 clJaTity situated in Ihe East End of London emtM)werAng children al people to dixov¢r their Fxst fijtute. Through our mlmlern and highly effeLtive programmes, we facilitatr positive engagement irtween tation and employers. helping yOUDg pwle to fulfil their wtential by &8piring to life-changing ¢aff¢rs. All our progreS benefit from direct involvement of volunteers froo) w employer Wiier& Their inputs give y¢Jung people first-hand exp¢ri¢nrK and knowledge of the world of work. worki prin¢iFolly in Tower Hanets with primary. 8ecotNJary aThl sixth fom) schwls and lg¢S we w)vide an enriching employability and careers educion that enha$ swutrry Tequir¢m¢nts and sets young pwle off on positive Fthway sTrUCTu COVERNANCL MANAGEhlENT & RISK This year we have seen stabillty atml &hievement for Tr Switch in ew awt of charity. li h been a solid year fina1ally. with Careful ciThtrol of costs matched by stroD8 fillMIrnn8 wforniarK The Switch Charity Ltd is a r¢gist¢red charity company limit¢d by guarante. We have referred to th¢ guidance contained in Ik Charity Commission's general 8uidaoc¢ on public IKtrfit when Teviewing our aims and objectives and in planning our tiVities. The goveming thument is the Articles of A&wciation. The Articles of A&8(Kiation (Section 32) (kri who STr1d be Trustres of The Switch. Trustees We [rUited witist the crituia laid out in Section 32. New TnL8tees are briefed by tlr Director and Chairmafft Two trnslees resi1 within the year 2023- 24 and two new trustees were appoiated. Tn tske decisiorL8 afftttl the strategy of'The Switch and ISS affeciing ts stalulory TesporL8ibilities of the (wnio[L The DiTectrK tskes decisio$ affecting day to day rul1[ of organisatson supwrd by a Depw Diredor. We c4)ntinually review our risk register and upjaie our oTg3nisation's risk tK)licy accordi. We NCVO'S y¢r[la17ce wheLI for help implementing be# itiCe in all aTW of gOTImre. SniATEGY: TrSleeS aye eonsuhcd on strategic directio8 and SIlfan1 matter& This year we h¢ld a true away day to set the strat¢gy for the next three years. This is the first tim¢ si¢ the wid¢mi¢ that we knve lTh)kwJ at our longer term aims. As tArt ol wing govern we Tegu]8Tly review o progre&8 on meeling our strategic objectives vi& Strategy review sessions with the whole staff in desi leam ID111 (kn ann1 8iaff strategy day ]d every SUttllDeT priorities &8pects of tk work Regular communication itten ts Chair aThI tlK. tirectr T¢mily Finance Commit¢ MeetiJ¥s
THE ScH CHAIUTY LIMITED Trnsteoq. Report For the Year Ended 31 August 2024 Board stratw away day$ BACKGROUND INFORMATION: We continue to priiKilise i)w wixk in Tow& Halldets iknugh have oFned our service5 to pwther companies and their ffgional offi. This is or of our kcy strategic aims for the ttxt few year5. Towcr Hamlets Tetnains of the most dewived ¢ou)munities An the coiuity and one of the rn05t deprived of all London's Borougbs. Nearly half (48%) of child in Tower Hamlets are living in PM)verty compared to the London average of 32%. For jny ]w work in sch(Ktyls YOnd Tower Hamlet& we will ¢ontinu¢ 10 prioritise those schools with high levcts of 1&1 and c&onomi¢ Verty. low attaintnent higher than avcrnge levels ofsEND or Free Sch1 Meal pupils. (kn work equips youn8 pe(yl¢ with the dire<tiona] resilie¢ needed to in)prove educ108] attaintDenL By showcasing the v&st array of ex¢itiDg pthiways beyoThl schcrfiL we inspiTe young p¢oplc to want to do more aThJ learn more. We want young Feople io Ak to ttir futswes with confiderKe and ex¢itemenL safe in the knowledge that they can comp¢ equalty in the global workforce. OiJR VOLUNTEERS We rely IaY11y on volunteers from our employer bring th¢ world of wixk into our programmes. This I year we hftve Worked with over 3,(KN) different volunleers r$S our wogTammes. The generosity of their time plus the kmwl¢dg4 skilL8 tMI experiences they share with the beneficiaries is the most itnportant aspect of our worl and what makes u5 so s¢t$sful. W¢ ar¢ 8rntefi to OUT employer partners allow their cmployees time out of their busy working days to suprort us. This yearwe delivcr¢d a fuu PrOe pjrfolio servin8 iKneficiariesag&l 5.25. All programme5 have been built on our fr8mework fOcUd on knowled8< skills behaviours for the kpI. propDmes conlinue to a mix of In-[sOn and (Kdinc which suits the edS of both schcK)Is and employers. Every pupil key sthge has age-aPWIPTiate prograe4 atsj iti ¢t¢ se¢0]jry school4 each year group tskes in at le&st one Switrh inlervention every year they arc at sclMM)L meeiing the Gatsby Ben¢hmark% Career Developm¢ tItute and Skills Builder UniYeThJ Frameworks. giving the pupils an ePIln81 careers and employability ll¢atiOn. Curremt PrlmAry Sebool Pro8rarnme•: Readin& Writing and NumE¢r Partne BEE Financial literacy Abacus Family Financial lite Litrracy & Numewy for Careers Modem foreign language ski]L% for work STEM (Sciew Te¢hThAogy. E[ineer1D8 & MattLS) C(xnpetstion Current Sttondry Sthool Prngr*wmes: Money Matt¢rs Skills for Su(Yess A&se&8ment Celltres InterYi¢w Practice CV Clinic
THE swfTCH CHARITY LtMrTED Thisttts, Report For tb¢ Y¢ar Ended 31 August 2024 Menloring Youth Voice Future Ski115 Wijrk Experien Thi5 yeaT we worked with 13 IK>01S a1 20 in Towtt Hamlets. plus two schooL8 An LartbIre and 6 lMary schools in the neighiK)uring i)rOU Ha¢ry. Through our Switrh programme4 our Alumni n¢twork a1 atte externally Ma] eaTeers fair4 we have served over 15.IKX) unique Studts. AcIUIVEmE & HtGHLIGHTS: We are proud to share the highlights of this year's pr0srne, celelxating the differenrz we made in tmw)weringchildr¢n and young Feople to discer their kst fukn. PRImy SCHOOL HIGHLIGI Over 5(Kl pupils h1 eiitrr a writing or numkT pwrttrr from MO than 50 different compani&s. 1260 pupils from 18 11$ twticiWd in ow fla1 lilerxy Supfftd by fH) volunteers from 48 panI¢s. SKCOI¥DARY SCHOOL HIGHLIGITrs I I.(KM) students pgrti¢iP8t¢d in Swil¢h seCMIlry ftivities sukwted by 1592 voluttrers from 104 partsr comwie W¢ 1avhcd fllst 18-25 year old Mentoring progr¢ with Balay$ directed to our Alumni ¢ohort and (kliveTed a webinar Apwenti5b1ps Vs Ultivlty to this 15CrfN tKrton community. Youth Voice (Yo)rth Adviwry (rd) met 10 times this year with 10 le[ffev¢S from LBTH SC1KlS developi their leadershtp skilL8 whilst ¢(xttr5Ijg kn strgic and pm8ramme dev¢lopnents. Future Skills with Barclays by 95 Bgrclays volunteers helFtd IA) studuts from 6 schooL8 cboo% their Fothway5 iwond xh(x)l. virt Work Exw1ee gave 538 ststhnts an intrthththon to the world of WLMks 6 diffent 10 Our in prrson Work EXrIence prowl was Srted by 215 ¢mployeTS who b)sknJ 1077 stud from 8 sclKKtyly giving a vitsl exrie¢ of 8 Workp[e. We also delivered a rdnge of rfflv 0-Off tivitieS Telknting our ambition a1 desiff to d¢velop our prngTr and giv¢ young people tM)wlyle range ofexw1ens. Some highlights include a new Susthinability evenl wtth EQ Investo 4 tsading ski115 events in SCh]S with JP MoTEan TrnJingteam.aiointveniurewith Man Groupand JPMopaanshow¢&singweers in investment banking and asset [Daement pl8 sCIalised Work EriCe for 5 Y12 students with NBC Universal. In litt0r4 we delive] 5 CV Clinics giv1T individu81 feedback to tnoTr than 8Crt) Studen we wticipthl in 9 career fairs in Tow¢r Hamlets. h(Ked 4 work experiw placements 81 The Swikh for ShNJents with SEND aryl IK6*d 5 Stnts from Bow Sch(x)I for their wirk exFTien(z wreL
THE swrrcH CILIRITY LIMrrED Tru$teu Report For the Year Ended 31 Allgllst 2024 STRATEGIC ACHIEVEhiENrs Four k¢y strategic a8 were identified for 2023-24 and we delivered many &hievetnents uoder wh strnnd. He are some of the highlights: l. C•l¢ry¢¢ Prt#erships: We achieved our aim lo revise the wimary pricing to tetter reflect s¢hool SI and deliver value for money. We Eegan new partheTships with schools in Orniskirk [A[lre and Liverythl wior6. We co-delivered a trip for our Writing PaTtners with Man Group and a fellow charity parttw. the Discover Children's Story Centre in Newham, lebratiThg the joys of ett4tivity. tcadis)g and storyiliJ)& 2. IDnovte Progrommu: We won a silver medal at the Sc¢iai Mobility Awards with Sodexo for our innovative partlShIparOach to s%inl]Ity and financial lilewy. We delivered ournew pilot one day literacy and numeracy careers events to 7 primary seh(M)Is thank8 to fimding from the Aldgate & Allhallow5 Foundation. We were also delighted to pilot BF.E fu)ancial liteTa¢y with our first cohort of students with SEMH n¢ed8 at Bowden HO scbool and to revise many of our prograrnmes to xcomm(th a raDge of Stla1 edatIO Deeds thanks to a wt from the Hedley Foundation. F4uity Diversity & Inclusion slatmenl and an ED&] task fonz. We have revis ourT¢cruitment practi to attract a more diverse talent p1 and reLru(t more k] peopl¢. We participated in a local prOnMe to 11 mirNYity ethnic and will SLKJn welcome 3 new IrKal trslee3 to incre&8e the diversity of our iK)pnJ. We •re also proud of diversifying the sectors of ¢mployers we work with incluthng Mediaal d¢siw Mmlltion% wchitecture. consulting and medical. 4. Optiwiye Operlh)M: Internally much WLYk has ireD dLxK io improve our CRM and Tewrti develop online booking systems to t suFwri¢r engagemen(8nd improve our mmuniCation tAK>king the future the Board was keen kn set a loDw.leTm strat¢8y for the Chwity following the pandemic and the utKertainty il ed. Now on tn f)11 we aeed a Dew forward.lookitig strate in May 2024 wbich will se¢ work towards the followi broAd ain Alumni developmeot and exFMDsion Beyond the Borough OPFX)rttinities Reviewing and refrIng our Prim s¢lx*)l offer Dev¢lopment of our work expeti¢nc¢ progr&mme For this past fuwLcial year, we w¢r¢ working towards a break-ev¢n ig¢t p)sition or p)tentia]ly a small surplws. A strongperfornwKe in fimdrwingthroughoutthe year enabled $10 revise ourotiwal flyast and finish the year with a go SU1$. The total Teserve5 of th¢ Cl•rity now equale lo over 12 mon expenditure. Thi%. level of te5erY¢ agrttd by the'fnjstees provide an essentidl buffer&8 the clwiiy needs to be able kn deliver its pft)8rnes fLY the length of an miC year. Reserves are ld in nl¢e from S¢hwls. Tr 21Y24r2025 Bty set at a Ixeak•eveD Itio1L
THE SWKTCH CHARITY LIMITED Trn$tee8' Rtport For the Year Ended 31 August 21)24 TrUSTEES ThLStees who served the year klow:. Mark Campb¢ll (Chair) Sarah B2ns {resid 18 Janwy 2024) Gerry McDonald (Vice Chair) Jemima Reilly (resign 24th ju XJ24) Dr Tina Sod¢ Anits Bhardwaj Jayant Kumar hel thdd5 J8de Hottton {appoinl¢d 18 May 2024) Mohammfyl Hassan (atv)inted I Derxmber 2023) The trwses del¢8atrd r¢sp)nsibiltty forthc d&y-tO-day maDabrment of Tr Switch Chlty l.ilT)itLd to the DirectOT. Helen San50n. STATEPIIENT OF RFSPONSIBILrrivs OF THE TRusfEFS The tnle£S confirni tht the finala1 stlrments e(Mnp]y th currn)t requirements. the memorandurn and articles of &ss(Kiation and the ststem¢ of Recommend Pwtic¢ . Accountin8 Reptirting by Clwities: SORP applicable to Ch8riti tryWiDg their in ac4xtrrdancc with FRS ComF•ny law requires the Iruslecs lo ppare financia] starnents for each financial year which give a true and faiT view of the state ol affairs of the charitable company and of Ihc iwKomin8 regowces and application of resour& inc1)ng the Iome and ex[11. of the charitsble company frirthat wi()d. Seka suitsbk lICIeS ar#1 then 4pply them c4)tt8istsntty Observe meth(#ts and WilpleS in the Charilies SORP ststc wther applicable UK Accounting SiaNJards Ij StsteM of rgcollunen(kd practir have en follorf subject trj 4ny materi dep8Ttwcs di1(1 atbj ¢xplainod in th¢ fmancia] slatements that the clwity will continu¢ in oall at any time the fmancial position of the cbaritable COmpY aThl ¢n&bl¢ to eTrsure that the fAnCIal statements cOPIY with the Companies Act 2(K)6. Try are al TesrM)nsibl¢ for safrgwding the a&8ets of the ¢tltable comwy aThl hence for f8kti)g re&g)nabk strps forthe prevention and detection of frnJ included on the charitable cotDpany's website. L¢giskntion in the United Kingdom 8ov¢rning tl preparation and dissemittion of financi8] Statem may differ from Iwlation in oth¢r jurisdictions.
THE SWITCH CHAIUTY LIMITED Trnstees? Report For the Year Ended 31 AuEllSt 2024 srATKMKNT AS TO DISCIA)SURE TO OiIR AUDrroRS There is no relevant alt information of which the clwi18bk company's aUdils are unaware; The It hv¢ taken all steps that ha laken to lle themselves awa of any relevant audit iDformati(m and to establish that the aAlO[S are aware of Ilwl infornialion. RKIATED PARTIFS Related parties are slMJWn inNote 20 to the finala1 stslemeiitk AUDITORS The audito Goldwins Chartered AccouD• offer themsclv¢s for appoitthent in )rd with ¢tion 485 of the CompAtiies Act 2(Xl6. ThisreportW&8approvedbyth¢ bOd¢................................. their behalf. .. 2024 and si1 on Mark Campbell Dirttti)r *•d Chairma
THE swrrcH CHARITY LIMITED Indepemdent Auditor'x Report To the members of The Switeh Charity Limited Opillio We have audited the finatKial statements ofTr Swih Ch•rity Limiltd (th¢ 'cl)arAtsb]e company,) for the year en(kd 31 Aug11512024 wbich cotDPTise the Stat¢m¢nt of Financial Activiti¢% the Balance s¢alement of cash flows a1 not to the fuwKial sithnenLK including a summary of signifi¢ant &ccow)ting p)li¢i¢s. The finatKial Yetx)rting framew(Yk that h&s applied in their preparation is applicable law and UDited Kingdom Accounting standa incIling Financial Rewting StsThJaTd 102: The FinaDciai RerM)rting Stsndard awlicable in the UK atKI Republic of Ireland (United Kingdom (knerally Accepted Accounting PTxtic¢). In our Opinio the finla] stath¢nts." give a and fair view ofthe stth ofthe charitable e4)mpany's affairs &8 31 Augiist 2024 and Pwtice: Bsb for oplnloll We coThlucted OUT a111 in cor with Inter1 Standard5 on Aliting (UK) (ISAS (UK)) and applicable law. Our respOlb)litieS Ukr those stsndarts are furthLY described in the Auditor's responsibilitie5 for the audil of th¢ firwicial stsn)ents SLttion ofour repxL We indepenkn of the Charitsble company in aca)r with the ethical requirements that are relcvont to our aj1¢ of the financial stsments in the IJK, Ilj1ng tk FRC'S Ethi1 StsThJard and we havc fulfilled OUT othcr ethical resp)nsibilities in XC0rd with tlue requir¢m¢nts. W¢ believe thaithe audiievlde we have obtaiDed is suffKieDt and approtriale to [Vide a basis f(f ouropinN)n. CoDclllslonJ reknthig to goknz emetrn In audiling . fubinLial StsC¢ts, wc have concluded Iliat lh¢ trustees, use of the goiD8 CO¢rn b19 of a¢nting in the [KeratIon of the finarKial thfrmcnLs is aF>PrOale. or Conditions thaL iThJividually or colle£tivcty. c&st significant doubt on the ch8Titsbl¢ rompany'y ability to Continue &8 a going corn for a Fri(Ml of at least twelve montlL% from wIn tr financial Stalements aR authorised for (kn $ibIlitieS and the R8p)L871 )ililics of Ihc truses wilh TW to goiDg concern are 4kscrilKd in the relevant secti(MLs of this rwL Other illfonnati included in annual re[ other than falKi&l ststements 2nd auditor's re[ thereThL Our opinion on fmancial ststrmerts does not cover the other infonnation ar& except to the extent otherwise explicitty stated in our tem do not exp[8 any forni of &8sur conclwion theTeon.
THE swfTCH CHARITY LIMrrED tndepeDdent Auditor's Report To the TrLyllbeTJ of The Switth Charity IAmite41 In connection with dj1¢ of the financial aternent% (wresibility is to re&J the other inf¢Jrniation and. in doing so. wlder wlrther dt other iDforni8tion is materially inconsistent with the fwAan¢ial ststem¢nts or our knowledge obtsitrd in the audil OT otheTh apFtaTS to be materially misslated. If we Adentify such material incotLSiStcn¢ies OT apF¢t Materi misslat¢ttient% we are TequiTed to delermine whether theTe isa material misststemurt inthe fjnancial 5tatetnents OT a material misstatement of the other infonnation. If. b&se4J on the work ¥¥t have p¢rfornied. we COlk there is a Materi mi5thyJJgnt of this other 1nf0nnatio we required to Ny)rt that f¥£L We havc n(khiDg to rcN)rt in this regu Oplmlons OD Other pr¢•¢rlbed by the Companles Act 2006 In our opiniijn. b&8ed on the work und¢th in the cour of the audiL" the infoTmation given in the trtees. rep (inyrntirE the dire¢tOTS' rert) for the fInclaI year for which the financial staiLTnents are preFwed is NsiStenI with th¢ fmarKial statements. appIlble Iwi requirernents. Matters tm wkkh we •re req•lred to report by excepth) In light of the knowledge and understsnding of ts Cjwitable compHny aTrJ its envir0runt obtained in th¢ course of the audiL Mie ha nol identified rnater1 misstat¢ments in the TnLes' Annual ReporL We have nothing to rep(Yi in resp1 of d followin8 matlcrs in relation to which the compani Act 2( requires us to rep)rt to you if. in our opinion: adequ accounting records have N)t been ke0 or Tetum8 W for ow alit hav¢ ken reczived from brheS not visited by . certsin disclosures of trusteu. remune11 specIfd by law are not mk; or we have Th)t obtainedall the iDfoThation at¥J explanations r¢cessary for the purposes of ouraudil. The director5 wert entitled to txepATe t fmwKial ststements in acc(rdawe with th¢ small ResponMI)ilitle8 of the trDsttts A% explained more fully iti the trSle¢s. tesp)nsibilities ststemenL the tn are responsible for the preparation of the financial slatrlnents arKI for Ing Satisfi that they give a true and fair view, and f swh internal control &$ they det¢Ttnine is nec&ssary to ¢nabl¢ th¢ Weation of financial ststcments that are free from material tni&stthellL wlth¢r to fiaud or ernr. In preparing the financial ststementy the trteeS are resp)nsible for asseIng the ChaTitable ¢omp8ny's ability to continue as a going disclosin& &% wlic8ble. matters related to going COnM aod SiDg the going wicern FASiS of xcountin8 the trStee5 eithtr intrnd to liquidate the Charitabk C4)mpany or to cease operatior4 Ix have no Te4li5ti¢ alternative but to do so.
THE SWITCH CHARITY LIMITED Independent Auditoex Report To the m¢berS of The Switch Charity Limited Omr reswmsibilitia br the •dit ofthe rwa•¢1 statemettts Our objectives are to obtsin nxsonable aswrartt al1 the fin18] state1 a wlM)ie are free from mial Milemen( whethe¥ to fra1 or eryor. and to iswe an auditr's retM)rt that our opinion. Re&8onable urdnce i8 a bigh kvel of assur but is Th)t aguardntee thatau audit condu¢ied in a¢¢ordAn¢¢ with ISAS (UK) will always detect a m8tui81 mi8#atement WI il exis DAis&tatements can arise from fiaj orerror a1 orr ¢o]ksidered material if. IlIViduallY or in the aggregate, they cilld reL8onably be exprcl to iollutnce the ¢cowllic dLS1O8 of users tak¢n on tl bASiS ofthe rinancial ststements. Irregularitie& ilUding fra a iTla of noTr-CAJmpliaX wilh laws and latiOns. We design pr(Kedwcs in line with our resrM)nsibilitie4 outlined av4 to detect matrrial misstalements in respect of irregularitie4 incIlIng frnud. The extcnt io which our lwd$ are c4ble of thiectirjg irregu]aritie includin8 frawl are set out FKIOW. Capbillty ofthe udh in d¢lertl•g lThylritie8 In identtfying and &8sessing risks of mala1 misststrment in resrttt ofirregularitie4 inc]ling fra and non-complianr£ with laws and regulalions our FYrKaures inrlth the following: WeenquireAlof managetnenL Wh1 Iluthd obtsinin8aThl rvi¢wiD8 SUPWtingthumeo concerning the charity's wllicies aTrJ UTeS relating to: IdentifyiD& evaiilltin& complyiTE with laws and and whetkn dxy were aware of any iThIlan of noRCOMplianCe. tklecting and reSFthdi kn the risks OffraJ wbcuw trKy hve knowledge of any actual, sSPec or alleged fra. The internal controls eslab1i4d to miti8ale risks related ¢0 fra1 or non-comp11ae with laws and ltiOn We obtsined an Un&[Ing of the legal and Yegulatrffy framework that the charity otxrat&% ir4 roc18 on those laws regulations that h1 a mial effect on the firAncial statements or that had a fundamental effect on the oFmliorL8 of the charity from our pro[Sion a1 sector eriee. ry)mpliance with 8prAicabk laws and indicate ri8ks of material misslatement to frawj. In addrlln8 risk of fra thr mar• override of ¢ontrol4 we leste4J the appropriatrne&s of jownal ¢ntri¢s atKI Ott adj1& assessed whether the jtyments math in making accoullting estimates are ilicative of a Frfrtential bias and tcsled SIlficant transtiO% that are Unu81 or those outside the Th)rnial Course of business. BeuSe of the inherent limitstions of an I14 tkn is & risk that we not detect all irregularities. inclwling those leading lo a matrrial io th¢ fu10noi81 statements or non-complianrz with regulation. This risk Increa the more that complion(t wtth a law or Tegulation is removed fn)m the events atMI tranwtiO Tefkctcd in the financi &¥ we will les5 likety to become aware of instatw of rK)TrmpllaNe. The risk is also gTeater rgardinE irregularities (tturring due to fra] ratkr io
THE sWCH CHAIUTY LIMITED Independent Auditor's Report To the members of The Switch Charity Lirnited A furtber duuitAion of our re5WE ilities is available the Fina11 Reltill8 Council's websAte at: www.frc.org.uklauditorsresp(4isibilities. This description forn part of our alitOr'S rep)rt. Uje of our rnport This report is made g)l¢ly to th¢ CFwitsbl¢ rpanY'S MemE[S a Ix)dy. in accord with Ch8Oer 3 of Part 16 of the Companies Act 2(KhS. (hjr audit work h&s been urthrtaken so that we might stats to the Charitable comwiy's mcmtus matter5 we are rwuired to them in an auditor's r¢IKYt and for no other purFrf)se. To the fullest exnt MIllIed by law. we do nol acccptor&&sume TesN)Dsibility to anyon¢ other than the Charitable )MpOny.3 rnemi as a ix)dy. for ow awlil worK for this repotL or for the opinions w¢ have f(xme Anthony F.pton (. nlor Stathtory Auditor) for on behifof Golthvins lJimited Sta¢ut•)ry Auditor Chartered AttouDtnts 75 M4ygrov¢ Road West Hmpxte*d la)ndoll NW6 2EG li
THE sWCH CHARITY LIMITED Statement of Financial Activities OAcorporatiDg Income *•d penditure AcLY>unt) For the Year Ended 31 t 2024 Fuuds 2•24 Ads 2024 Fvnds Totsl Funds 2024 21)23 Note ]F4COMK FROM: Ik)nations 19.134 19.134 23.918 Charitable #tivities 732,812 364.880 1.(In.692 I.IM6.123 35.569 35 19,146 TOTAL INCOM 15 95 EXPEND ON: ChIlable tivitiES 704225 344J98 1.048.623 1,037.7¥2 TOTAL EXPEiYDrruRE 704 Net iBcom¢ l (¢xpe•dithre) for the ye•r 103.7n $1,405 Total futh fonvard 631323 403,992 ,036J15 984.910 71 13 42 74 15 12
THE SWITCH CHAIUTY LIMITED Balance Sheet Asa131.Au st 2024 2024 21124 2023 21123 FIXED ASSETS Tangibl¢ awts 23,052 28242 178.740 I JOl.320 368270 1,316,995 Cash at bank and in hard 1,480.060 1,685265 CREDTTORS: Atnounts falling due within on¢ year 677.192 NET CURRENT AssKrs 1117035 I C(18 073 TOTAL NET ASS R¢%tricted funds Unrestricted lunds: Getwal funds 424.474 403.992 715 613 715.613 632J23 TOTAL FUNDS Mark Campbel] Dlre¢tor *nd Ckairnan Comp•ny Registjll 02K17835 i. att&bed not¢5 f<xm pth of these financial stalEtDenl& 13
THE SWITCH CHARITY LtMtTED Statement of Cash Fklws For the Year Ended 31 A• st 2024 Note 2024 2023 2023 Cash flows from op¢rting ¢tivitiu'. Nei provided by l (usLd in) urdn A6 (49378) 258J97 35569 19,146 Salesl (pwch&8es) of red &8sets (1.966) (1819) C85h provided by l{Dxd invMtiDg tiyities 33,603 16J27 Ch•D8e h ush ••d ¢•sb equfvakllts In the yur (15.675) 274,724 C&%h and cash equivalents at ttr* Ik%inni of they lJ16.995 1,041271 Cash #nd eth Cq•1le•ts at the of the year 17 14
THE swfTCH CHARITY LIMITED Noto8 to the Financial Stst¢ments For tbe Year Ended 31 Au ust 2024 ACCOUNfllYG POLICIFS Basis of aecountxz Charities: Staiement ofR¢wmmended Practice applicable to clwities pretwing their accounts in aC0)rdw with the Financial ReP)rti Stsndard applicable in th¢ UK and Republic of Ireland (FRS 102) (effe¢tiv¢ l January 2015) - (ChltieS SOPP FRS 102). the Fin8ncial RertIng Stsndard applicable in th¢ UK and Republic of Ireland (FRS 102) and the CcAnpanies Act 2(K)6. The charity is coTrsidered &8 a public Inefit entity. The ry11p KOuntIng N)licies adwd in th¢ pre[110 of th¢ fuwKial statements are &8 follows: Taution Th¢ ¢haritsble company is ex¢mpt from iaxation UD(kr stiOn 466 to 493 of the Corwrntion Tax Act 2010. IJ Income lrtcome is recognised when the charity has entitle1nI to the * any [KrfOrnw¢ ci)ndition5 attached to the income have been ID¢k it is Pro1b]e that the iOme will be Teceived and that the amount can be Mred liablY. Income from govemment and I)d wktheT '¢8pitsI' wts or 'menue' grant4 is Tecognised wkn the charity h&s entitlement any Ferf(mance cnnditions attached the grants have bwh mel it is woithl¢ that the Ion% wll be rtteived and the amount can i me&sured reliably. GrnnL8 are credited to Incomi rcsouw WI they ale Tettivable &8 the chwity's own molley. unless they are for tivitieS that relth to aspecific future PEri(rf in which case they are defe£%1 to that peri(l rUWla1 slatell in line with the pcen of compldion of the collt at the year eTr IrKAime Te£eived in advwtt of the Eyovision of aspecIfd serviL% is defen until the critLTia for Exwditure activity. Try incl Irre¢oveIe VAT. Tr adminislTabon and management o)sts of each activity are apportione on an estimate of the #aff time attributable. to of the orgaDiSation's pmjects aJMJ activxties. 15
THE swrrcH CHARITY LtMrfED NotÉ% to the Financial Statements For the Yr Ended 31 A t 2024 ACCOUNfn¥G POUCIFS. (COrnED) F•Nd accouBtimg the objerts of the charity. ExtlluTe which meets this criteria 1derrtlf to the togetkn with a fair all(allOn of Tm8lble fue41 ets dq)rtcl•th All ets more than £5(Ki ffe e4pitsJAsed. Tangible red &ts are slatd at cost less dewecIati. tkpreciation is wovided at rntes calculated to write off the c(6t1¢5s estimatrd residual Val of asset over its exFe£t&l useful life. &8 ftluows: cOmtter equiRent 25% 11])8 bal8 P¢msknn8 ¢08ts The eomtAny makes pension CLmtrilxth(XLS equivalent to a minimum of 5% of gross salaTies on thalf of its employe. fADployees we ¢rtitled to join sclme after king in pK)st for three onth& The tribUtiS we char8L.d il% Ststsment of FirJatKial Activilie5 on an Cfjing ¢ODeerA The trustees consider that there ore maknial uertsln11CS aix)ut the cPlIable WFY's ability to continu¢ &s a going conrznL Tr trustee5 do rKA C{$]der that there are any source5 of estimation uncet• at the reWing date that liav¢ a significant of CA)8 a material 16
THE SWITCH CHARITY LIMrfED Not£9 to the Financial Statements For tbe YearEDded 31 Au ust 2024 DETAILED STATEME OF FINANCIAL ACTivirtWS FOR YEAR ENDED 31 AUGUST 21)23 (COMPARATIVLS) Unrestrnted Restricted Futhds FuDds 2023 21)23 Totsl Funds 2023 INCOME FROM: 23.918 23,918 Charitable xtivities 691.(KY2 355,121 1.046.123 Inveytmcnt in¢ome 19.146 19,146 TOTAL INCOME 35 121 EXPENDITURE ON: Charitable fAiviiie5 367,842 1,037,782 TOTAL EXPEND 1037 782 Net income l (expenditure) for ts ye4r 6(126 (12,721) SiA05 Net moveuKDt in funds 126 (11721) 51805 568.197 416,713 984.910 Total funds urried fornrd 632 15 17
1¥4otes to the Thnancial Statements For the Ye*r Ended 31 Au ult 2024 INCOME FROM DONATIONS Fulldj 2024 Ads Totsl 2024 Total 2023 Aldgate commIty FuThl Beaziey Management Ltd Ctrop l(Kal community fund Worshipfvl Company of Mak¢rs of Playing CaTds HCR Hewitsons National Lottery (Mer donations Silicon Valley Bank 1520 2.520 1620 1,493 1.493 1769 1769 6,165 10.070 1,401 iJ46 1,346 Wogen Anniversary TrLL5t 19 134 23 9A8 18
Notes to the Financial Statements For the Year Ended 31 An st 2024 Totsl nds 2023 nds F•nds 21)24 2024 Funds A & O Sheamian ADM Tnvestor Servvs Ltd AIG Allen & Ov¢ry B8nk of England Barclays Bisbop Challoner SchLN)I Blackrock Investment BlOoMrg BNP Parib&s malgeI 928 10.486 7.822 85(Kl 9,428 10.486 7.822 8.814 22.062 11.524 122,750 10.0 15,581 5.768 5,950 5,950 112,3CIJ 112J(K) 3,696 5,382 15,(KKI 5J50 32 15.IKX) 5,350 5J50 C4stleforge Clifford CharK¢ Clyde & Co LLP Company of Actuaries Charilable ThLSt Fund Credit Suisse Fitch Ratlly Ltd Foundation for Future LOJMI Crtorge Green's SclKKJl Herrt Smith FehI3 ICE Fututes 22. 23,fK 11.5(X) 13.356 15.000 9,380 5.500 2.814 5.174 60,5(KI 1056 21,141 JJ75 21.141 3J75 7(N) 25.IXX) 5J50 5J50 73.472 25.IXKI 5J50 SJSO 73.760 14.800 16.128 25.IKK) 161.833 3&W5 25.(MKI 6.650 31510 5J50 5350 303M35 683 687,715 5.000 ION JPM Jack PetclKy KPMG LBTH Lloyds Lloyd'3 of Lo L4)Ddon Borough of Tower Hamlets tndOn Entetprisc Athy 288 14,8(Kl 128 51.8 10.680 15,608 16.(KMI 25,1XKI 21998 31665 138.835 22A052 25,(KiO 6.650 31510 30.408 Morrison & Foerster (UK) LLP Totsl c*rried forw•rd 3WA7A 19
THE sWCH CHARITY LIMITED Not¢9 to the Statements For the Year Ended 31 A t 2024 INCONtK FROM CHARr[ABI ArnIFS conti•wl Total Funds 2024 Total Funds 2023 FllDds 2024 2024 Brought fornard 3W71 303A15 906 687,715 MulFrry Spn¢y (Jre Matt4 CIxDTAth8 and S¢ience College Paul H&stings 14.735 14,735 5,350 5J50 5J50 26.782 23.31K) J3.450 13.4 5,032 5.350 5J50 5.350 6,7(K) Sodexo St Paul's Way Tn Scknl Stepney All Saints C of E Sch(x)I Talbot UTrJ¢rwriting Ltd Th¢ Bur2acolt Stuart Defries MenKffi81 FWMI Travers Smith UBS 26.782 23JTh) 13.450 205 Six) 5.350 10. 8542 20J52 13,542 21.352 &582 13224 34.974 33.545 68.519 72.922 S¢rvi¢¢ L*velA8reemenLf.' SLA- Primary SLA . Se)ndary 32.450 1525LM) 32,450 152.51K) 24.fl)) 178.(KK) 73 12 123
Notes to the Thanciydl Statements For tb¢ Year Ended 31 August 2024 ANALYSIS OF EXPKNDTfuR of aMrllaN¢ Swpport G•vernmet Totsl 21n4 Tolxl 2•23 Audit fees Bad Debts Bank cbargas Bursaries paid Cleaning servic Consultancy DepcIall0 6.3 6.3 17,821 Dirc¢ 17J21 649 20JOO 5.707 3.878 3J78 7.156 7.156 79.955 5.333 59.045 iJ98 5.818 17.983 3.184 87J79 683.419 43.732 19.671 8.757 76289 5.331 67.125 79.955 5J33 59.045 ).598 & Telephone Gosts Marketing #nd wet8ite developrne•t Diff4 Dire¢g 5,818 Other sundry exp Prirfin& rrt)sts8e & stationery Rent and tat6s sthff costs Subcontra¢iors TrBinin8 & eItment 3.967 14.016 3,184 87.379 4.434 78,661 681.209 45.572 20.742 Direcl Diffkx Staff time Dirna 679.647 16J08 27.424 19.671 12 762 1048 623 1037 782 S¢•ff time 132.456 (231456) Stsff time 11762 {11762) Tothl upetiditsre 2023 l.lJ37,78Z 7.7S2 SupwTrrt and govern¢ ¢(ts fff¢r to th¢ i1M)Iv in r4watiwl x¢ivity whKh sllpFrt the d¢li¥¢ry of the tharitable aims. Tlw are alk)cated the tsis of proithj lirne spent by stsff on exh ivity. Of the totsl ex11 £344J98 was restricted (2023: £36742) £704.Z25 wJ5 wtilleA (2023: £669.940). 21
THE SWITCH CHARITY LIMITED Not to lh¢ Financial Statements For the Year Eoded 31 Au%u4 2024 I¥ET INCOME I (EXPKND 2024 2023 This is stated afterclwging: Operating lease renta15 OD proFrty IkIlatiOn of tangible fix &wts Auditots. remwwation- alt servi 06.374 7.156 5250 71.705 7,158 5250 Duri the year. rK¥ trwttts rccetved any TernuncTrti(Jn (Jr any Eenefits in kiThJ {2023-Nil). aryl no trustee was r¢Ambursed for exLS¢s (2023 - Nil). STAFF cosr& 2024 21n3 Employee costs Ihe year arno1¢d to: Salaricg &Kial 5WUTity CAJsts Pe10n costs care Costs 597.277 54.988 27J82 3.772 683,419 595.692 55.711 27.382 681209 The number ofemployets whose ts)tal employee nefIts (excllingeP1oy¢vS Fnsicffj Cost) f the rep)rting period amounted to ovu £1,() was &8 follow5: 2024 2023 The average nwnlv of empbyS Clmwrt based on number of staff employed) thrin8 the year w&$ 18 (21Y23: 18). The t(Aal empbye¢ in¢hMling pensi(m ¢Mtribl0s and FP10YeT s National iDswanr of the key mar lSOnnel *tre £133,3 (2023: £131,918).
Not to the FiDaDcial Statements For theyear EDded 31 An st 2024 TANGIBLE FIXKD ASSM Computer Fittittgs & ipme•¢ F4uipment Totsl COST At the beginning of the year Additions At the eThJ of the ye 75.591 44.410. 120.001 77.557 44.410 12J.967 DEPRECIATION At the beginni of th¢ year Charge for the year At the end of the year 55237 5.579 60.816 36,522 91.759 38.(F)9 98.915 NET BOOK VAI.UE At the end ofthe ye•r IA741 At the *inning of the ycar DEoRs I4 2023 Grants a1 COIrtT debtors Prepayments Other debtots 151,125 11.153 16.462 740 341,619 10.189 16.462 368 70 10. CIiEDrroRS: Amounts rlg dw within year 2024 21>23 Trade creditLYS Accruals Taxation and s(Kial seci Defrrrtd irKom¢ 14.755 5.851 19.992 617.915 18,679 6,380 10.359 327.425 12.852 25
THE sWCH CHAIUTY LIMITED Not¢s to the Financial Statements For the Yeydr Ended 31 Au ust 2024 11. ANALYSIS OF A& BETWEEN FUNDS FOR THE YEAR ENDED 31 AUGUST 2024 Fwnds Totsl FuDds 21)24 2024 Funds BnlaDCeS at 31 August 2024 are repre%{led by: Tangibk fixed assets 23.052 23.052 1.117.035 424.474 Total Net 71 13 74 12. ANALYSIS OF A&8rrs BEIWfKN FUNDS FOR THE YKaR KNDED 31 AUGUST 2023 UAreAtrnted Restrleted Funds 2011 Total FMDds 2023 21n3 Fuods at 31 A•g•st 2•23 Ire repruented br. Tangible fu(ed &ts 28242 604.081 28,242 l.(K18,073 403,W2 Total Net Assets 403 15
THE sWCH CHAIUTY LtMrfED Note3 to tbe Finan¢ial Ststements For the Year Ended 31 Au St 2(124 MOVEMENT IN FUNiXS FOR THE YKAR EIWED 31 AUGUST 2024 At th¢ start of the year At tbe end In¢ome Expe•ditsre TrDsfera of the yer Restricted funds: Become Mote . AspiratioJL (Aim 2 Attain) 87556 286.6T7 29.759 403992 12295 327585 25.(KK> (12,856) (331.542) 86.99) 281720 NNP.cUICuluM Total restrirted f•nd8 42 474 Unreslrkted hmds: General funds 632J23 787515 (7N225) 715.613 Total U•TeStricted fands 2JLI 787JlS (704225) 7J5 13 Total funds 1.036JiS 1,152J95 (IW623> 1.140.087 I& MOVEMENT IN FUNDS FOR THE YEAR ENDED 31 AUGusf 2023 At th¢ sl•rt of the year At ihe ud IDeome FApeDdh•re Tr•n$f¢n of the yer Restrled fvnds: Become More . Aspiralions (Aim 2 Attain) BLi4iness mentrfjing NNP-Curricu]um Totsl res¢rTt¢d funds 91,484 295,470 29.759 41A713 16.536 338.585 (20,464) (347,378) 87.556 286.677 29.759 403 121 U•ru¢rieted f•uds: C¢Deral fwmds 56&1 734.066 (669.940) 632J23 Total unT¢strd fumds 56&1Y7 73 (669.940) (J2?23 Totsi fund• 984,910 I,089,J (L037.782) 1.036a15 25
THE SWITCH CHARITY LIMITED Notes to the ¢1%1 StatemeDts For the Etsded 31 A st 2024 I& PURPO8F OF RLSTRICTED FUN Aim 2 Attai To provide 8 Frfoiio ofaspirntion adedth)nal xtivilies for pre aDdp)st.16 stthnts in Tower Fl.iiii d&sigwl toencorye ouryoung Fople to the cl&)Ke atbj OpptUnItieS open to BMsines¥ MeDtoriDg The Business Mentoring herne aims to equip plIS with belter WiderStln8 of cwr OPFM)rttmilie& developtheiremployability ski]ISal widen lT view of the OPkMitieS available to dKm. A6. RONCILIATIoN OF Nrr TNCOME I (EXPENDITUILE) TO NET CASHFIKIW FROM OPERATING AcrivrriLS 2•24 21)23 Net movemeM¢ im f•nds for the reportiAg perknd (8 p¢r th¢ s¢¢¢n¢D¢ of l]Dm¢ll •rtlYiUu) ipclAI10n Inleres¢ rent and dividends from investm (Increasey de¢rt%e in debtor5 IreaSe1(de¢reLqe) in CTeditotS Net Ush provide41 by l (uged il) operathi% #tfvldes 103,772 51,405 7,156 (35.569) 189,530 ,757 (19,146) (151,140) 368,521 149 78 17. ANALYSIS OF CASH AND CASH EQUIVALKNfs FOR THE YEAR ENDED31 AUGUST 2024 At the slart At the end of tht year c Ilowy of tht year C&8h at bank and in haTr Totsl cash amd cash e4•lv2knts lJ16.995 15,675 15 1.301.320 20 18. ANALYSIS OF CASH AND CASH EQUIVALETh FOR THE YF.AR EI¥DED31 AUGUST 223 At the start of the year Cash At the end ofthe year C&sh at bank a1 in haThJ Totsi tsb and eq•iv•knts 1.042.271 71 274.724 274.724 1.316,995 26
Not to the FiDaneial Statements For the Year Ended 31 u$t 2024 19. LEASE COMMfTMEI Tl* charitsble company Si8d a 3-Y lease ¢)n offre ptemises in E&sl Lndon in Augusi 2024. The mtnimum amlual rentsls wabk the leases are &8 follows: 2024 2023 Within l ycar Within 2-5 years 77,5(M) 71.463 232 147 926 REIATED PARTY TRANSACTIONS are employ by 0rgani8ati0S which give fjnancial sUwrt to the charity. The organisations for which the tru¥tees work fjre slThn Tr) I. Tr fidi PTovidcd is sirn in Notes 3 and 4. 27