Compan), No. 02827835 (Ellg14nd & Wale5) ChAYIty ND. 1040962 THE SWITCH CHARITY LIMITED Acom an ' limited b uarantee TRUSTEES, REPORT AND FINANCIAL STATEMENTS For the Year Ended 31 August 2025
THE SWITCH CHARITY LIIIqITED CONTENTS Page Legal and Adminlstrative Informatlon Tru5tees' Report Independent Auditor's Reporl Statejnent of Financial A¢tlvitfres 12 Balance Sheet 13 Statement of Cash floivs 14 Notes to the Financigl Statemeuts 15
THE SWITCH CHARITY LIMITED Legal and Administrative InformAtion For the Year Ended 31 August 2025 TRUSTEESIDIRECTORS rk Cai))pbcll (Cliair) Gerry McDonald Clifford Chance New City College (GroLlP Principal & CEO) Saiaiii Ahmed Mohammed Haysan UCL Insiilute of Clinical Trials & Meil)odolo8y EY Jad¢ Hop¢ton Dr Tina Sode Anita Bhardwaj Jayant Klimar Rach¢l Dodds Bigland Green Primary Sch(H)I London Boroiigh of Tower Hamlets Morgan Stanlcy (resigned I I, November 2024) Barclays KPMG Betna Mazici (appointed 28, NoveInb¢r 2024)Parent Repr¢s¢ntatii'e Fatima JohLira lappoinled 28 ' Noveinb¢r 2024) St Paul'5 Way Ttust School Ricardo Lobo {appoinl¢d 28, Novenibcr 2024)IVilli5 Towers Watson Suet-Li Wong (appointcd 281h Noveiiiber 2024)Citigroiip SECRETARY Megan HLinter REGISTERED OFFICE Norvin House, 45-55 Commercial Streel, London, El 6BD COMPANY NU,NIBER 02827835 CHARITY NUMBER 1040962 BANKERS HSBC. 1-3 Bi5hopsgate London EC2N 3AQ Sanlander, 298 Deansgate, Manche5t¢r M3 4HH Close Brothers. l O Crown Pla¢e, Loykdon EC2A 4Fr SOLICJTORS Russell-cooke, 2 Puliiey Hill, Putney. tA)ndon SWI 5 6AB AUDITORS Goldivins Limited, 75 Maygrove Road. West Hampstead, London NW6 2EG
THE SWITCH CHARtTY LIMITED Trustees, Report For the Year Ended 31 Augiist 2025 TRUSTEE REPORT The trustees (Ivl)o are 21s0 the directors) prc5ent iheir report and ihe auditcd fitiancial statements of the charilable company for the year cnded 31 AugLisr 2025. The statutory inforiiiation is sliown on Page l. OWECTS AND ACTIVITIES Th¢ Sii'itch Charity Ltd is a leading education charity siftialed in the Easi End of London empowering ¢liildren and yoiing people lo discoi'er tlieiT best firture. Thro[17 our inodem and highly effective programmes, Iv¢ facililale positiyc engagctnent betwccn education and cmployers, helping young people to) fulfil thcir potential by aspii'ing io lifc-cliangÉng careers. All our pro8ramme5 benefit from diicct inN'olvem¢nt of volunteers froin our cmploycr pai1ners. Their inpuls gii'e young people fit5t-hand cxperirnce and knowlcdge of the world ol N¥'ork. IAforking principillly in Tower Hamlets with primary, secondary and sixth form schools and colleg¢s ive provide an enriching cmployability and Gareers ¢diication that ¢nhances slatutory r¢quirements and s¢ts young people off on positiv¢ patliways. STRUCTURE, GOVERNANCE, MANAGEMEYf & IUSK This year we hal'e seen stabilit}. and achievement for The Switch iii every aspect of the charity. It lias been a solid year fiiiancially, Ivith C<ireful coiitrol of costs inatched by slrong fundraisiiig pcrfotmaiice, resLilting in a moderate siirplLI5. Our Direcior has chang¢d from Hclen Sanson to M¢gaii Hunt¢r {with tl)e p051tioii title updated to CEO) in June 2025 after a competitive recruilmeiit proce55 overseeii by our truslL*s. Megan Hulller has been il'orking ai The Sivitch for over 17 years alld has b¢eiD Deputy Director sin¢¢ 2017. The Swiieh Cliarily Ltd is a restered charity aiid ¢onip<2ny limited by guai'atit¢¢. 14'e have referred ¢0 the guidancc eontained in the Charity Cotnniission's gcneral guidaiice on public bcnefil M,hcii reviewiiig our iins and objectives and in planning oEir funire activities. The govcrning d[linent 15 the Articlc5 of Associatioii. The Articles of Association (Sttiion 32) defiiie who should Et Tjustees of Th¢ Switch. TNsl¢es are recrnil¢d agaii)sl the ¢ritcria laid oul in Seciioii 32. New Tnistees are briefed by tlie CEO and the ChaiTman. One tnTStee resigiied within tlie ypAI' 2024-25 and foiw iiew Inistees wcre appointed. Twstees rake decisions thff¢ciing the strategy of Tlie Switcli aiid issiies affccling the stttttilory responsibilities of the org2¢ nisation. The CEO ¢Akes decisions affecting the day to day runningofthe orgallisation siipportd by our Senior Management Team. Il'e contiliL]ally review our iisk register and update oiir orgaiii5ation.s risk policy accordingly. We iise NCVO'S Gov¢iiiaiic¢ whe¢1 for help implementing best practic¢ in all areas of governance. STRATEGY: Trnstees are consulied on stralcgic direciions and significant tllait¢rs. We continue to follow our strategic plart set last year. coverii)g 2024-27. As part of ongoiiig goi'ernance proc¢5ses. we I'egiilarly r¢s'iew oiir progress 01) meeting oiir strategic objeciiv¢s via: Sirategy review sessions with the w'holc stalT in designated team nieeting$ Oiir annual staff strategy day lield every 5Utnmer Aiinual and 6-Inonths appraisals where objeciivc5 are set which directly fecd into our strategic priorities RegLilar olle-tovone manager and employee monihly Incetiiigs to discuss progress on very d¢tailed aspects of the H'ork Updates for TteeS b¢ttveen board meeting5 and r¢p(>rts for tneetin85. Regular cominuniration betsveen the Chair and the CEO
THE SWITCH CHARITY LIMITED TrusÉee5' Report For the Year Ended 31 Aiigust 2025 Tennly Finance Committee Meetings Tenmly Board Meetings aiid an Anniial General Mceting Board strategy away days BACKGROUND INFORIIIATION: W¢ coiitinue to prioritise our iyork in Tower HaTnl¢ls ihough have opeiied our sci'Niees to partiicr coinpanies aiid their regional offices. This is 01 of our kcy slrategi¢ aiii)s for tlie iicxt lew ycars. Tower Haiiile15 remains OD¢ of the most deprived cominunities in ihe country and one of the most deprived of all London's Boroiighs. Nearly haif(470/•) olchildreii in Towel Hamlets are liviiig in poveity comp&tred to the London average of 320/0. For any new ivork iii schools beyond I'owcr Hamlcts, ivill coiitiiiiie to prioritisc those scliools with high levels of social ]d ecoiioiiii¢ poverly. low attaiilliicnt or liigher th) averag¢ levels of SEND or Fre¢ School M¢al pupils. Oiir work ¢qiiips yoiing people ivith the directional r&silience needed to improve ediicjtional attainment. By shO,Co$11IQ tlie vast array of cxeiting pathiyays beyond school, we illSPiEe j'ouiig people to want to do more aiid leam inore. We want young p¢ople to look to ihcir ftitures 1th coiifid¢iice and excitemeiit, 5af¢ in the knowl¢dge thal they Can coinpctc equally in ihc global w0fOrCe. OUR VOLUNTKERS We irly heavily on vollteerS from our employer partners to bring the ivorld of wol* into oui. programmes. This lasi year we hav¢ '0[ked with over 3.500 different volunl¢ers acTOSS our progranimes. The gencrosity of their time pliis th¢ knowledgc, skills and experienc&8 thcy share with th¢ bencfi¢iaries is th¢ niost iniportant asPC¢t of oiir work, and iyhat makes 115 so successftil. We are grateful lo oiir employer pl11¢[$ who allow their eniployees lime oul of their biisy working day5 to suppoit us. THE SWITCH PROGRAMME PORTFOLIO: Tl)is year we liave ¢ontiiiiied to dcliver a ftill progtaintne portfolio serl'ing beneficiaries aged 5-25. All progranimes liaye bccn built on our frdmeivotk fociised oll knowledgc. skills and behaN'iours for th¢ woikplace. Our prograniDies continLlC to b¢ a inix of ii)-persoii and online ei'ents wljich suits Ilie needs of both schools and cmployers. Every pupil key siage lias ag¢-appropriate programtncs. and in ihe secondary schools, ach year group takc5 part in at leasi one Switch activity evcry year they arc ai school, mectiiig the Gatsby Beiichinarks, Carccr Deltelopment Institute and Skills Biiilder Universal Frnni¢works, giving thc pupils an ¢x¢¢ptional careers and ¢mployabiliiy ¢ducalion. Ciirrent Primary School Programmes: Reading, Ivriling and Number Parln¢rs BEE Financial literacy Abacus Family Fiiiancial literacy Lit¢ra¢y & Niinieracy for Cai¢¢rs STEM (Seience, Technology, Engineeiins & Maths) Compclilion Ciirrent Secondari, School Programmes: Moncy Matlei's Ski115 for Siiccess Options and Carcers A55¢5$1neni Centres
THE SWITCH CHARITY LIMITED Trustees. Report For the Year Ended 31 August 2025 Interview Prarlice CV Cliiiic Mentoring Futiirc Ski115 Work Experielice Young Talent for 16- 25-year-olds SCHOOLS WE WORKED WITH.. This ycar we worked with 14 secondary schools and 26 priinaries in Tower Haml¢ts, plus one sehool iii Lancashire and 6 priinary schools in the neighl)oiiriiig bon)ugh of Hacki)ey. Thmiigh our Sivitch prOgrnmcs, our Yoiing Talent (previoiisly knoivn a5 "Alui))ni") n¢twork and att¢ndan¢e ai externxlly Inanaged careers fairs, Ivc have rVed over 14,000 uniqiic students. ACHIEVEMENTS & HICHLIGHTS: Ille ale proud to share tlie highlights of ihis year's programme. celebraling tlie differeiice we made in empowering childreii and yoiing peopl¢ lo discover their best ftiture. PRIMARY SCHOOL HIGHLIGHTS Over 6W pupils had ¢ither a ading, writing or nutnber patlner froni more tlian 50 different companics. We have distribiited thgiisands of pounds ivorth of donai¢d learning materials and gam¢s in a neiv effort to 511pport social and cultural rapilal at Iiome. SECONDARY SCHOOL HIGHLICHTS I I.OIM) students participaled in Switch Secondary School a¢tivities supported by ¢irva 2,000 volunt¢¢rs froin approx. l 00 partner eotnpaiiies. We doiibl¢d our 18 - 25-year-old's Mentortng programme with two compani¢$ now laking prtrt following last year's successful pilol. Fiittire Skills with Barclays suppotted by over l(Ml Barclays voluntcers help shidcnls froni 6 schools choos¢ iheir paihways kyond school. Our iii-pcrson Work Ixperience prograiiitnc M'as supported by 249 employers who host¢d 1,215 stiidenls from 8 secondary schoo15, giving a vital expericnce of a workplace. We also deli%'ered range of new and one-off activities reflecliiig our ainbition and desii'c to develop oiw programnies aiid give yOLing people the widesi po&sible ranse of experiences. Oi)¢ of our 11105t POPLilar groivth areas wa5 Énsigl)t days based at coiiipany olTices, of ivhich we held more than 10, gii'ing students direct insight iiito opportuiiities and pathways iiito specific iiidL15¢ry's roles.
THE SWITCH CHARITY LIMITED Trustees, Report For the Year Ended 31 August 2025 STRATEGIC ACHIEVEMENTS Foli¥ key stratcgic arca5 wcr¢ idcntifi¢d for 2024-27 and we are making significaiit progress linder ca¢h l¢iiient. Hcrc ar¢ some of thc highligl)ts= Alllmni dci'elopmcnt and cxpansio We have coinpleled an in-depth strategy cliallcngc with Morgan Stanl¢y volunteers to innovate 11115 programme and expand OLir breadth of stLidents and deptli of suppon we provide for each iiidii'idiial. Thc programme has been renained 'Youiig Talent. to refl¢¢l a positiv¢ and engaging name. Beyond the Borough opportiiuitie5 We havc woiked ivith 6 schools in Hackney and hai'e secured theni agaiii for this ¢urrenl academic year. We are txploring some projects with primary sch(x)Is on th¢ Kent ¢oasl' particiilarly Folkestone which ha5 sigllificant deprivation. Revitiving and refre5hlng our primary School offer Wc have held focus groups ii'ith our primary scliool leads ai)d corporate coiiipanics to ui)derstand how oiir progtanim¢s Gan continii¢ to itiiprol'e and bc fit for purpose for the ncxt three yeArs. Tliis LS part of oiir comjnilment lo contini1 improvement and our ethos of getting feback froni as many stakeholders as possible. Development of our Ivork experience programme We liave iiitroduccd a new way of matching siudents to placenients which einpoiver8 them to hoose placements thai suit them beiier and lye will be piloting this thr(>iigl)oiit our ¢oliorts in 2026. This is with the expectation iliat it will improve reported student Satisfaction levels and r¢diiG¢ absenteeistn froin 50/D down to 2-3Q/o. FII%ANCIAL REVIEW: For this pasl financial year. we were working towards a small surpliis budget position. A steady perfotTnancc in fundi'aising throughout the year enabled us lo finish tlie year in this position despite a significaiit iiivestiiicnt in upgrading our CILM sysieni. the appointment of a Liew CEO aiid lower than anlicipaled fidraiSIng caparity in our partn¢rthip ieam. The total reseeS of the c.harity reiiiaiii al niore than 12 nionths expendittire. This level of reserve u'as agr¢¢d by Ihe Trustees lo provide an essential buffer to ensiire tlie charity is able to deliver its progratnm¢5 for thc l¢ngth of a]1 araderni¢ year, wl)atevei' tlie fiiiidiiig environm¢nl. Re5erv¢s held in notice interesi bcarii)g accouiits with Santaiider. Closc Bros and HSBC. Unrestricted res¢ri'¢s represent 63010 of the totsl and rcstrict¢d rescrvcs tlic balancc of 37Y.. Fiinding sources for ihc charily ar¢ a coinbination of private sector and charitable trnst grant5, plus incomc from Seh(M)Is. The 202512026 BLidget has b¢¢n Kt close to a break-even position.
THE SWITCH CHARITY LIMITED Tru$tee$' Report For the Year Ended 31 August 2025 TRUSTEES Tnistee5 who scrv¢d during thc ycar are shown below.. _ Mark Campbell {Chair) Gerry McDoiiald {Vic¢ Cliair) Di Saiam Ahmed Dr Tiiia Sode Anita Bhardwaj Jayant KuT)iar Rachel Dodds Jade Hopeton Mohainmed Hassan Berna Mazici (appointed 28 November 2024) Fatima Johura (appoinied 281h Nov¢iiiki 2024) Ri¢wdo Lobo (appointed 281h Noi'ember 2024) Suet-Li Wong (8ppoinled 28 ' Noveniber 2024) The triistees have delegaled responsibility for ihe day-to-day inanageiiient of The Switch Charity Liinited to the CEO, Megan Hiiiiter. STATEMENT OF RESPONSIBILITIES OF THE TRUSTEKS The trustees confimi that the financial stateTnents comply with ciirrcnt statutory requirtmci)ts, Ihe meinoraiidiim ai)d artic1¢5 of association and the Statcmcnt of Recoiiimended Practice Accounlii)g and RepLirliiig by Chariti¢5.' SORP applicable lo cliarities preparing their accounts in ac¢ordance willi FRS 102. Coiiipaiiy law requires the trustees lo prepare fii)aiicial StatnentS for earh financial year which give a true and fair view of the slate of aftairs of ihe charitable conipany and of ihc in¢oniing resolirces knd application of t¢soiirc¢5, incliidiiig the income aiid eXpdIture, of the cliaritable conipaiiy for that period. In prcparing thes¢ fin2n¢i#l statemcnts, lh¢ Inistccs are qllir¢d to. Select siiitable accounting policies and ihen apply theni consistently Observe the methods and principles in the Charities SORP Make jlidgements and estimates that ar¢ reasonable and prudcnt Slate wh¢ih¢r applicable UK Accounting Staiidard5 and stalements of reconiinended practice liave been followed, subject to any Inaterial departures disclosed and explained in the financial statements Prepare the financial statements on the going concern basis unless it is inappropriate to presillne ilial th¢ rhaiit}' i%'ill conliniie in op¢talio Tl)e trLlStees are responsible for keeping prOr accoiinring records that disclose with reasonable acciiracy ai any lime the financial WltIOn of ihe chariiable coiiipany and enable then) ia engiire that the financial slat¢ni¢nts comply with the Conipanies A¢t 2006. They are also responsible for 5af¢giiaTdiiig the assels of Ihc charitable Coinpany xnd hencc for taking reasonable steps for thc prevention and detcction of fraud ancl other irregularities.
THE SWITCH CHARITY LIMITED Trustees, Report For the Year Ended 31 Augusl 2025 The trLlStees are responsible for the maintenance and inlegrity of the corporate and financial inforniation iiicluded on the charitable rompany's iyebsite. Legislation in tl)e United Kijigdoin govei'iiing the pi'eparation and disseniination of financial statciiients may diffLY from Icgi51ation in oiher jurisdictions. STATEMENT AS TO DISCLOSURE TO OUR AUDITORS Insotar as the trustees are aware= There is no relevant audit infom]ation of which the charitable company's audilors ar¢ unaware,. and The trustees hav¢ taken all steps that they oughi to have taken to mak¢ theins¢lves ttware of any relei'ant audit infonnatioii aiid lo establish that the auditors are aware oftl)al infoTmatioi). RELATED PARTIES Related parties are sliown in Noie 20 10 the financial statem¢ntS. AUDITORS The Auditors, Goldwins Chartered Accounlanls, offer tlieniselves for appointtnenl in accordance with s¢Glion 485 of the Coiiipanies ACÈ 2006. This reportwasapproved by theboardon............................. tlieir belialf. 2025 and 5igll¢d on l¥lark Campbell Director and Chairma
THE SWITCH CHARITY LIMITED Independent Auditor's Report To the members of The Siyitch Charity Limited Oplnion We have audited the financial stai¢menfs of The Siiitcli Chariry Liinited (rlie 'charitablc company'} for the year ¢iidcd 31 Aiigiisi 2025 ivliich coinprise the Siateincnt of Fiiiwicial Aclivilies. the BalaIice Sheet, stat¢in¢t]l of cash floivs and notes to the financial siAtenients, including a sutnmary of significanl accouiiting poli¢ies. The financial reporting fraineiyork ihat has beeii applied in tlieir pr¢paration is applicable law and United Kingdoin Accouniing Standards. in¢ludii)g Fii)ai)cial Reportiilg Standard 102.. The Financi21 Reporting Standard applicable in the UK and Repliblic of Ireland (United Kingdom Geiierdlly Accepled Accoiiiiting P17Ctice). In our opinion. Ihe finoiicial statements= give a true and fair view of the stalc of the cliarilable company's affairs as at 31 August 2025 and of its in¢oiiie and Cxpenditure for the >ear then ended- have been properly preparcd in accordance with United KTngdoni GencrallyAccepted Accoiinliiig Praeticc., have been prepared in a¢¢oTdance ivith the requirements of ihe Companics Aci 2006. Basls for opinion We conducted oiir audit in a¢rordance with Intemational Standards on Aiiditing {UK) {ISAs {UK)l and applicable law. OLir rcsponsibilitics und¢r those standards ar¢ fLlrther d¢5cribed iii the Aiiditor's r¢sponsibililies for thc £ludil of the financial stalem¢T]Is section of our report. We ar¢ indcpendent of ihe Cliaritable coinpaiiy in accordanc¢ with the ethical requiremcnts thal are relevant to oiir audit of the financial statcmeiits in the UK, incliiding the FRC'S Ethical Standard and w¢ have ftiifilled Qlir other cihical r¢swnsibilities in accordance ivitli thes¢ Tcquirenients. We klieve that tli¢ audit eviden¢¢ we liav¢ obtained is siifficient and appropriate to providc a basis for our opinioii. Conclusions relating to going concern In aiiditing ihe financial staleiiients, we have concliided that tlic trust5, use of thc going concern basis of accoiinting in the pparatIOn of ihe flnancial statements 15 appropriate. Based on the work we liave performed, Ive hal'e not identified any Tnalerial unccrtainties r¢lating to events or conditions ihat. iiidividually or Gollectiyely, Inay cast Significlt doubi on the ehaIilable Lompany's ability to ¢ontiniie as a going conc¢m for a petiod of at least twelve month5 from when the financial stat¢inrnts are allthoiised for issue. Our responsibilitl¢s aiid the responsibilities of the truslce5 Ivith respect to goiiig concerji ai'¢ descFib¢d iii tlie relei'anl sections of thi5 report. Other irtforniation The tnist¢es are responsible for thc other infoniialion. The other iiiforn)ation coiiiprises the inforiiiation includEd in the annLLal report othei. than the financial SiAteinents and our auditor's report thereon. Oui opinion OLI the fin¢iiicial siatements does nol covei the other infonnalion aiid, except lo the extent othenvise ¢xplicitly stated in 01 r¢port. we do not ¢xpress any forni oFassuran¢¢ concliision tlier¢on.
TIIE SWITCH CHARITY LIMITED Independent Auditor's Report To the members of The Switch Charfity Llmited In conncction with our audit of the fin8llciiil siatements, our resw>nsibilily is to rvdd ihe other inforn)ation aiid, in doiiig so, consider ivheih¢r the other inforn)ation is materially inconsistent with tlie finaiicial statemeiils or oiir knowlcdge obtained in ihc Judil or oth¢rni'i5¢ apP¢a to bc mat¢rially Inisslal¢d. If ,¢ identify such inat¢rial inconsistencies or apparent Diatcrial misstatcn)cnts, w¢ are reqiiired to d¢terniine wliethei. there is a material misstatement in the financial statenieiits or a material mis5taleni¢iit of tlie other infonnation. If, based on tlie ivork we have perfornied, w'e conclude that there is a Inaterial n)isstaiement of this oihci infomiation, we rcqlild lo r¢port that facl. We have nothing to report in ihhs rcgard. Opinions oih otller matters prescribed by the Cornpanies Act 21MI6 In oiir opinion, based on the ivork undertaken in the coiirse of the audit= the infoniiation given in the tn]stees' report (incorporaling the directors, report) for the fiiiaiicial ycar for wlii¢h lh¢ fitLanGial slal¢m¢niS ar¢ pr¢pared 1$ ¢onsist¢nt wilh lh¢ financial stateIiients; and the tru51ees' report (iiicorporaiing ilie direciors. ttport) has been prepar¢d iii ac¢ordance witl) appli¢able l¢gal reqiiir¢nients. Matters on which wt are required to report by exception lil liglil ol th¢ knowledge and und¢T5tanding of the Charitable conlpany and its environment obtained in the coiirse of thc aiidil, Ivc hav¢ not identificd malcrial misstat¢m¢nts in ihc Tn15tCC5' Aiiniial Report. Ile hai'e nothing to report in respect of the followiiig Tnattets in relation to which tl)e Companies Act 2006 i¢qiiires us to report to you if. in our opinion= adeqiiate accounting records have not been kept or TetUTn5 adequate for our aiidii have not been received froiii branches not i'isited by us,. Ilie fiiiancial slat¢m¢nts arc not in a1¢111 with the xcouiiting record5 alld rclunis- certain disc10511rcs of Itee5. remiineralion specifi¢d by law are not madc- or we have not obtained all thc inforniation and explanations nece&sary for the Plirposes of oiir aiidit. Th¢ dir¢¢tors wer¢ not entitl¢d to ppart tlie financial statein¢nts in ac¢ordanc¢ with the sinall otnpani¢s' regim¢ and iakc advantage of ihe small ¢onipanic5' Excinptions in preparing the trustces. aiiiiual rcporl and froni the requircmcnt to preparc a sirategic rcport. Responslbllities of the trustees As explain¢d more Fully in the trust5, [POnsibl]it1eS statement, th¢ I[U5tS arc iesponsible for the preparation of the financial slatcmcnts and for bcing satisfied that they give a tni¢ and fair view, aiid for such intemal control as they detemiine is necessary to enable the preparalion of financial statenients tliat are free from mal¢tial Tnisslat¢m¢nt. ii.heth¢r du¢ lo fraud or ¢tror. Iii pr¢paiing thc financial 5tat¢nicnls, the tru5tee5 are responsible a55cssing thc Charitable conipllny'g ability to continile as a going concern: disclosing, 8$ appli¢abl¢, Inotters related to going ¢onc¢m and using the going concern basis of accounting unl&ss the Iru5tccs either inlend to liquidale the Chariiablc oiiipany or to c¢ase operations, or I¥¢ no r¢alisiic altematii'e but io do so.
THF, SWITCH CHARITY LIMITED Independent Auditor's Report To tlie member5 of The Sivitch Charity Limited Our responsibilities for the audit of the fiJan¢ial $tatemenls OLir objectives are to obtaiii reasonable assurAn¢¢ about whether the fiiiancial statemeiits as a whole are free fn)iii iiiaterial i))isstalem¢nt, wh¢ih¢r du¢ lo fraud or C0[, alld to issue ali aiidilor's report that includes oiir opinion. Reasonable assuranc¢ is A high level of a5511ranee but is not a giiaranlee tliat an aLLdit conducted in accordaiice with ISAS {UK) will alii'ays detect a material misstutemei)t wl)en it exists. Misslalcmenls cali arisc froni fraiid oremir and are coiisidered inat¢rial if, individually or it) th¢ aggregate, they could reasonably be expected to infliience the economic decisions of users takcn on th¢ basis of tliese financial statements. Irregularitics, including fraud, are instances of noii-¢oniplianr¢ wi(li laws aiid regulations. We design procedures in line with oiir responsibilities. oiitlined above. to dctcct ii)aterial Iiiisstatenients ii) respect of irr¢giilaiili¢s, inGliiding fraiid. The extent lo which our procedures are capable of detecting irregiilarities, iiicludiiig fraud arc 5Ct out below. Capability of the audit in deteeting irregularities ILI identifying and assessing risk5 of mai¢rial tnisslat¢m¢nt in r¢specl of irregularities, tncluding fraiid and noii-con)pliance with Iclws aiid regiilations, oiir proccdiir¢s inclLid¢d the follo,11]g= W¢ enqui<1 of management, which included obtsiningand reviewingsiipporting documentation, coiicerning the charity's policies and procedures relatiiig to= Id¢utifying, ¢valu#tiiig, and coinplying with laws and regulations and whether they were aware of any instances of non4ompliance' D¢tcctiii¥ and respoiidiiig to the risks of fraud athd wliether they have knowledge of aiiy actiial. sllspccted, or alleged fraiid. The inlernal ¢onlrols eslablished lo Jnitigote risks related to fraud or non-compliance with laws and r¢giilations. We iiispected the niiniites of meetings of those chargcd '11h gov¢rnanr¢. W¢ obtained an iind¢rslanding of the legal and regulalory framcwork rhat the eharity operaies in, fociising on thosc laws and regulations Ihat had a ii)aterial elrect on ihe financial staleiiienls or that had a Iiindainental effect on the operations of the chariiy from our profes5ioiial and sector expericiice. We reviewed the financial slatemcni disclosityes )nd tested these to supporting dociimentation to a5S¢5s complianc¢ with applicable laivs and regulations. We perfonkned analytical proccdiires lo idcntily any unusual or un¢xp¢¢led r¢lalionships that may indicate risks of material missiaiement diie io fr8LId. In addressing the risk gf fraiid throiigh tuanag¢tll¢nt override of controls, we tested the appropi'iatene&s of joiirnal entries and other adjustments, asscsscd whether the judgements made in n)aking a¢counling ¢slim21¢s are indicalive ola potential bias aiid tested signifilt transactioiis tliat are iinusiial or those QLilside the norn)al course orbiisiness. Because of the inherent limitations of an audit. th¢te 15 a Ti5k that we will not detect all ii'regularities, iiicludiiig those leading to a n12teri)I misstatement in the financial slatetnents or non-cotnpliaiice '1th rcgulalion. This risk increase5 the more that compliance wilh a law or regulation is r¢inoved froiii the cvcnls and transactions reflected in the financial sialements, as w¢ will be less likely to become aware of instan¢es of noll-¢ompliance. The risk is also greater regarding irregLilarili¢s oCcU1ng duc lo fraiid rather IhAn error, as fraiid involves intentronal concealm¢nt, forg¢ry, collusion. omission or niisrepresentatioii. 10
THE SWITCH CHARITY LIMITF.D Independent Auditor's Report To the member5 of The Sivitch Cbarity Limited A fiiiiher description of oiir re5ponsibililic5 15 availablc on thc Financial Rcporting Coiin¢il's w¢bsite at.. wivw.frc.org.iiklaiidilorsresponsibilities. This description fornis part of oiir auditor's report. Use of our report This Irport is inade solely to the Cliaritable Comply'S nicmbers, as a body, ii) aceordancL Illltli Chapter 3 of Part 16 of ihe Compani¢s Act 2006_ Our aiidit ii'oik l)as been undetiaken so ihal we inight slate lo the Charitablc company'5 nicmbc15 thosc niatt¢15 Nv¢ ai¢ required to 51at¢ lo theni in an auditor's rcporl and for no othcr purpose. To thc fiillcst cxtcnt pcrniitttd by laiv, we do J)ot acccpt or assume Icsponsibility to clnyone other thali the Cliaritable con)pai)y's nieinbers as a l)od). for our audil work. for this i'eport, or for the opinions we hav¢ formed. Anthon}, F.ptott (Semior Statutory Auditor) for and on behalf of Goldivins Liniited Statiitory Aiiditor Chartered Ateountants 75 MaygroTre Road IVe5t Hampstead Loiidon NW6 2E
THE SWITCH CHARITY LIMITED Statement of Financial Activities (Incorporating The Income And Expenditure Aceount) For the ¢ar Ended 31 Au ust 2025 Unrestrlcted Restricted Funds 2025 Fund$ Total Funds Total Funds 2025 2025 2024 Note INCOME FROM.. Doiiations 37.652 950 38,602 19.134 Cha'itable activities 507.740 385.855 893,595 1.097,692 Investment income 47.997 47.997 35.569 TOTAL IfqcoME S93,389 386,805 980,194 1,152,395 EXPENDITURE OIY: Cliaritable actlVLti¢s 593.554 385,925 979,479 1,048.623 TOTAL EXPENDITURE 593,554 385,925 979,479 1,048,623 Net income l {expenditure) for the year (165) 880 715 103,772 Total flinds broiight fon¥ard 715.613 424,474 1,140.087 1,036,315 Total funds ¢arrled forivard 14 715,448 425,354 ,140,802 1,140,087 The allachcd notes forni part of these financi#l Statements. 12
THE SWITCH CHARITY I.I.MITED Balance Sheet Asat31Au u$t 2025 2025 2025 2024 2024 Notes FIXED ASSETS Iiitaiigible asgets Tangible assets 59.153 19,072 78,225 23.052 23,052 CURRENT ASSETS Debtors Casli at bank and in hand io 333,970 1,161,774 1,495.744 178,740 1,301,320 1,480,060 CREDITORS: Atnounts falling du¢ within oiie year Ai (433.167) (363.025 r4ET CURRENT ASSETS .06?,577 1,117.035 TOTAL NET ASSETS 1.140,802 1,140,087 FUNDS Reslricled funds 425.354 424,474 U]estrIcted fiiiids 715,448 715.613 TOTAL Fuf*DS 14 1,140,8D2 1,140,087 The accoiinis were approved by ilie board of dire¢iors oii...................-.. M#rk Campbell Direetor and Chairman Company Reglstration No.11282783S Tlie attaclied notes fomi part of these financlal statements. 13
THL SWITCH CHARITY LIMITED Statement of cash floii's For the ear Ended 31 Au ust 2025 Note 2025 2025 2024 2024 Cash floiys from operating a¢tivitie5: Ncl cash provided by l (used in) op¢r8ting activities 17 (111,645) {49,278) Cash flow5 from investing oCtSvitie5: Int¢resU rentl dividends from inv¢siTtthts Salesl (piirchases) of tangible fixed assets Sales, (pui'chases) of intaiigible fixed asseis 47.997 {1,957) (73,941) 35,569 11,966) Cash provided by l (used in) inyestlng •clSYlties {27.901) 33,603 Change in cash and cash equii'alents in the year (139,546) (15.675) Cash #nd casli cqiiivalents at th¢ b¢ginniTJg of the year 1,301,320 1.316,995 Cash and cash equivalents at the end of the year 18 1,161,774 1,3OlJ20 14
THE SWITCH CHARITY LI.MITED Notes to the Financial Statements For the 'ear Ended 31 Au ust 2025 ACCOUNTING POLICIES Basis of accounting The financial stc1teinenls have been prcpared in accoidance ivith Accoiinting and Reporting by CliaritleS.' Staten)cnt of Recotimi¢nded Practicc applicable to charities prcparino tlieir accounts ii) accordance ivith tlie Fiiiancial R¢portiii¥ Standard applicable in the UK and Republic of Irelaiid (FRS 102 effective I Jai)iiary 2015) ~ {Chariiies SORP FRS 102) and ihe Compani¢s Act 2006.Tlie charity is ¢oi)sidered as a piiblic bcncfit entity. The principal accountinE policies adopted in the preparation (Trf the financial 61atemeiits are as follows: Going £on¢er The Irust¢¢s consider that thcre are no material unc¢rtainties about the charitable con)panls ability to continue as a going coneern. The iruslees do noi ¢on5ider that ihcre ar¢ any soiirces of e5tiinalioii uii¢ertainty at the reporting dai¢ that have a significaiii risk of causiiig a Iiuterial adjustmei)t to ilie carrying ainouiils of assets and liabilities within the next rcpoiting period. Income Incoiiie is r¢¢ognised when thc charity ha5 entirlement to the fLinds, wiy perfomiance conditions atlached to the ineoinc have be¢n i)iet, it is probable ihai the incomc M'ill be received and Ihal tli¢ amount can bc measured rcliably. Iiicome from governmetit and other grants. wheth¢r 'capital' gtanls or 'r¢venue' graIits, is rccognised Ivhen the charity has ¢ntitlement to the fun(ts. any perfom)ance conditions atttlched to the grants have b¢¢n met, it is probable that ihe income ¥Yill bc received and tlLe ThoU1 can be Ms11red reliably and is not deferr¢d. Tnconie rec¢ived in advancc for th¢ provision of sp¢cifi¢d service is deferr¢d ui)til ihe criteria for income recognitioii ar¢ met. GFaiils are crediied to incoming resources when ihey ar¢ weceivable a5 the charitYs own mon¢y. unless thcy are for activities that relalc to a specific fiihire perio( iii which case ih¢y a deferred to that period. Income received under contra¢ts for services which cross over ihe year end arc recognised in the financial stalcments in line with the pcrceniage of ¢oJJ)pletion of the contract at the year End. Incom¢ rcceived in advance of the proyision of a specifid service is deferred until tli¢ criteria for iii¢oinc recognitioi) are met. Expellditure PaL'lncr costs are r¢cognised in the year in which they are incurred all other resoiirces expelldcd are rcCo)Is¢d oil an accruals basis. Resource8 expcnded are allocated to J particular activity ii.here the cost relatcs directly to tliat activlly. They include irrrKoverabl¢ VAT. The administration and manageiiient costs of each a¢tivity are apportioned, bascd on an ¢sliii)ate of th¢ slaff tart atlribiitable. to ¢acli of ihe organisation's projects llnd activities. 15
THE SIIqTCH CHARITY LIlITED Notes to the Financial Statement5 For the ear Ended 31 Au U5t 2025 ACCOUNTING POLICIES- (COP4Trf*L'ED) Fiind aecounting Unr¢strictcd fvnd5 comprise income reIved. without a Sc[ried purpose. and expendittire for the obj¢cts of th¢ chilrity. Restricted fund5 comprise inconie received for srffiecificd purpose as laid down by (he donor. Exp¢ndirtire Ivhich ineets this criteria is idenlifie(I to the fw]d. together ivith a fair allocation of Inanageinent and support costs. Designalcd funds are unrestricrcd fiinds earn]arked by tlie truslces for particular purposes. Tangible fixed asset5 Assets costing more than £500 are capitali5ed. Tangible fixed assets are stated at cosi less depreciatioii. Depreciation is provided Rl rates calculaled to write off (he cost less eslimatcd r¢sidual iialue of each asset over its ¢xpected useful life. as follows.. Coiiipuler equiprnent Fixtiires and fittings 250/• reducing balance 200A reducing balanc¢ Intgngible fixed a55ets Intangible fixed asset5 relate to Cuslotner Relationship Manag¢ment systeni (CRM) aiid is slated at historical cosi. less accumulated amortisation and aiiy provision for impairmeiit. Amortisatioi) is cliRrged over the estimat¢d iiscful ecot]omic lite of 5 years. Pe115lOIJ$ The coinpany makes pcnsion coiitribLLtions equivalent to a minimiin) of 5 % of gross salarie5 on behalf of its employ¢es. Employecs arc ¢ntitled io join the scheme aft¢r bcing in post for three months, The contributions are charged to the Statement of Finats¢ial Activit1¢5 ofh an accrual basis. 16
THF. SWITCH CHARITY LIlITED Notes to the Financial Statements For the ear Ended 31 Au ust 2025 DETAILED STATEMENT OF FINANCIAL ACTIVITES FOR THE YEAR ENDED 31 August 2024 {CONIPARATIVES) Unresfricted Restri¢led Funds Fund5 2024 2024 Total Funds 2024 INCOME FROIVI: Donations 19.134 19,134 Charitablc activities 73? 812 364,880 1,097.692 Inveslment In1¢ 35,569 35,569 TOTAL INCOME 787515 364.880 1,152,395 EXPENDITURE ON: Chai'itable activili¢s 704,225 344.398 1.048,623 TOTAL E.XPENDITURE 704,225 344,398 1.048,623 Net in¢ome for the year 83290 20,482 103,772 Net movement in funds 83,290 20,482 103,772 Total fiinds broiight forward 632,323 403,992 1.036,315 TotAI funds earried forward 715,613 424,474 1,140.087 17
THE SWqTCH CHAtUTY LI.MtTED Notes to the Financial Statements For the ear Ended 31 Ali ust 2025 3 INCOME FROM DONATIONS Unrestricted Restricted FildS Fund5 2025 2025 Total 2025 Total 2024 Actionfunder ADM Carcs AldgAte Community Fund Bea71ey Maiiagenient Lid c(0p local conimlltiily fulld HCR Hewitsons Micr050ft Developni¢nt Fiind McGill New Relic Otlier Donations Save the Children SMBC Baiik Int¢n)atiottal PIC Tesco Conmiut)ity Grattts Tides Fouudation Verisk Maplecroft Wog¢n Aniiivetsary Trust Worshipfiil Company of Makers of Playing Cards 950 950 9,707 9.707 2,520 1,000 1.493 4,006 1,590 8.000 1,590 8.000 3,212 1,204 813 3.139 700 1,524 1,204 813 3.139 70(1 1,524 2,769 975 3.788 1,346 975 3,788 3,000 3,000 3,000 19,134 37.652 950 38,602 18
THE SWITCH CHARITY LIMITED Notes to the Finan¢lal Statemenls For the ear Ended 31 Au ust 2025 INCOIVIE FROM CHARI'fABLE ACTIVITIES Unrtslricted Res¢rl¢ted Funds Fund5 Total Funds Tolal Fiinds 2025 2025 2025 2024 A & O Shearnian ADM Invc5tor Servi¢es Intemalional Lid AIG Allen & Ovcry Arbiithnol Latham Aventum Groiip Ltd Batth of England Bai'clays BNP Paribas Asset Managemcnt Luxcmboiirg Bow School Canary WliarfGroiip Casilcforge CFC Ui)dei'wriling Ltd Cliffoi'd Chance Clyd¢ & Co LLP Company of Actuaries Charitable Trust Flind Foiindation for Futiir¢ London ICE Fiitures tNG ION Trading J P Morgan Jack Petcliey KPIMG LBTH Lloyds Lloyds of Londoii London Borough of Tower Hanilets London Enl¢ryrise Acadeiny Man Group Mai"sh McLennan Morrison &. Foerster (UK) LLP Total carried foTh'ard 35 13,450 13.485 9,428 10,486 7.822 2,900 3.833 3,833 8.500 20.000 8,500 20,000 5.950 112,300 84,400 35,400 119.800 5.650 5,650 18,025 5.650 5,382 15,000 5,350 5.000 18.025 5,650 5,250 22,IX)O 7,200 5,250 23,000 7,200 1.000 23,000 13,356 5,150 24.159 5,150 24.159 25,00 5,720 3,000 81,810 6,120 16,800 4.900 21,141 25,000 5,350 5,35 73,760 14.800 16.128 25,000 l61,833 38,905 25,000 6,650 31,510 25.000 5.650 3,000 81,810 70 6.120 16,800 66,365 66.365 6,375 32,352 6,375 32,352 7.950 7.950 5,350 676.651 247084 263JlO 511,194 19
THE SWITCH CHARITY LIMITED Iyotes to the Financial Statements For tlie ear Ended 31 Au V5t 2025 1cOmE FROM CHARITABLE AcrivtTES {contÉnued) LTnre8tricted Re$tricied Funds Funds Total Funds Total Fiinds 2025 2025 2025 2024 Broiight forii-ard 247,884 263,310 511,194 676,651 Mulbcrry Stepney Gi'een Math5, Computill¢y and Science College Paiil Haslings Reddie and Gros¢ SEI Sodexo St Paul's Way Tnist School Stepncy All Saillts C of E School Thc Bu72acoit Siiiart Defri¢5 Meinorial Fiind Tokio Marine Kiln Travers Smitli UBS Vangiiard Worldpay 14.310 14,310 5,650 5,650 6,700 14.735 5,350 5,350 5,350 26,782 23,300 13,450 5,650 5.650 6,700 23.975 13.IIK> 23,975 13,100 5,650 6,91K> 3.000 25,109 5.650 6,900 3,000 25,109 5,606 13,542 21.352 25,000 5.190 5,190 Others Seivice Level Agi'eefvieiEI.f.' SLA- Prijnary SLA- Secondary lJ,451 58.696 72,147 76,274 30.770 164.250 32,450 152,500 164.250 TOTAL 507,740 385,855 893.595 1,097,692 20
THE SWITCH CHAIUTY LIMITED Notes to the Fin*ncial Stat¢menl$ Forthe ear Ended 31 Au ust 2025 5 ANAYLSIS OF EXPEE¥DITURE Ba51$ of Charitable allocstio xctivilie5 Support Goi'ernance costs costs Total 2025 Total 21124 Audit fe¢5 6.000 {5,421) 441 6,300 17,821 644 5,707 3.878 7.156 79.955 5,333 59.045 1,59 5,818 17,983 3.184 87,379 683,419 43,732 19.671 Bad Debts Bank eharges Buisari¢s paid Cleaniiig s¢rnqces Deprecicilio Dir¢¢i piDje¢i cxpendilu InsiiTaTice/ liealth & safety IT & Telephone costs Marketing and ivebsite development Other governaii¢e costs Ollier sulldry expeleS Priiilii)g. postage & srationery Rent and rat¢s Staff costs Sub¢oniia¢iors Trainiiig & recNttineni Direct DiTe¢l Dite¢i 15,421) 5.750 5.750 3,496 20,725 77.934 7.968 62,174 1,706 6,555 18,448 3,886 85.084 621.721 37.677 25,335 DIrt 3,496 20.725 Direct Dire¢i Ditect Di[1 Direcl 77.934 7,968 62,174 1.706 Direct 6,555 3,528 14,920 3,886 85.084 Direct Direct Dite¢t Staff lime 621,721 37,677 25.335 Dirttt 703.512 262.971 12,996 979.479 1,048,623 Support costs Staff li 262.971 (262,971) Governance costs Stsff tijthe 12.996 (12,996) Total txpendlture 2025 979,479 979,479 Total expendlture 2024 1,048.623 1.048,623 Siipport ajid goiemancc costs r¢fET to the ¢osis Invol'ed iij operational aclii'ity hLeh SLlPPOrt the delivery of th¢ charitable aii)is. They are allocaied ot] the basL5 of proje¢ied lirtle spelli by staff on each activity. Of tlie lolal expejidilure £385,925 was restrici¢d (2024.- £344.3981 aTrd £S93,554 was w)restricted12024.. £704.2251. 21
THE SWITCH CHARfrY LIMITED Notes to the Financial Statements For the ear Ended 31 Au ust 2025 NET INCOhlEI {EXPENDITURE} 2025 2024 This is stated after charging: Operating leas¢ rcnlals on property Dcpre¢iaiion of tangibl¢ fixed asseis Aiidilors, rcmiineration aiidit s¢n'i¢es 58,522 20,725 5.000 66,374 7.156 Dliring th¢ y¢ar. no trustees receiv¢d any remun¢tation or any benefits in kind (2024.. Nil}, and no tlllSt¢¢ was reiinburscd for ¢xpeiises {2024.. Nil). 7 STAFF COSTS 2025 2024 Employcc costs during thc year amounled io: Salaries Social seciuily ¢osls Pension cosrs Hcaltli costs 554,975 43,347 23,399 3.528 625 249 597,277 54.988 27.382 3,772 683 419 The niiiiiber of etnployees whos¢ lolal eniployee b¢nefils (cxeluding cinployer's pension cost) for the repoi'ting pciiod nOnI¢d to ov¢r £60.000 was as follows-. 2025 2024 £60,01)0 _ £69,999 The average nuniber of ¢mployees (hcad coiint bascd on nuInber of staff employed) during the year was as 18 (2024: 18). Thc total employcc ben¢fils including pension Coiitribiiiions and Employer s National insiiran¢c of the kcy managFemeni personnel iv¢r¢ £163,657 (2024.. £133,903). 22
THE SWITCH CHARITY LIMITED Notes to the Financial Stalements For the ear Ended 31 Ali ust 2025 INTANGIBLE FIXED ASSETS CRM System Total COST At the beginning of the year Additions Al the end of the y¢ar 73,941 73,941 73,941 73,941 AMORTISATION At thc begiiining of the y¢ar Cl)arge for the year At the end of the year 14,788 14.788 14.788 14,788 NET BOOK VALUE At the end of thc year 59,153 At tlie beginning of the year TANGIBLE FIXED ASSETS Flxtures Compiiter Fittings & Equipment Eqiiipment Total COST At the beginning of the year Additions At the end of ihc year 77,557 1.957 79.514 44,410 121,967 1,957 123,924 44.410 DEPRECIATION Ai the begiiming of the year Charge for th¢ year At the eiid of the year 60.816 4,675 65.491 38.099 1,262 39,361 98,915 5,937 104,852 NET BOOK VALUE At the end of the year 14,023 5,049 19,072 At the b¢gin])ing of the year 16.741 6,311 23,052 23
THE SWITC.H CHARITY LIMITED Notes to the Finantixl Statements For the ear Ended 31 Au ust 2025 10 DEBTORS 2025 2024 Granis and contract debtors Pr¢pay]nents Other debtors 298.617 18,891 16,462 333,970 151,125 11,153 16,462 178,740 II CREDITORS: AmounLs falling due within onc year 2025 2024 Trade creditors Arrruals Taxation and so¢ial sccurity Deferred ii)Lome Otlier creditors 1,779 6,380 14,780 395,711 14,517 433.167 6,01 6,380 10,359 327.425 12,852 363,025 12 ANALYSIS OF NET ASSETS BETEN Fuf*DS FOR THE YEAR ENDED 31 AUGUST 202S UnrestTirled Restricted Funds Funds Total Flind5 2025 2025 2025 Funds BalAn¢es at 31 August 2025 are represented by: Intangible fix¢d as5Cts Tangibl¢ fixed assets Net curreiil assets 59.153 19,072 637.223 59,153 19,072 1,062.577 425,354 Total Net A$$ets 715,448 1,14D 802 24
THE SWITCH CHARITY LI.IqITED Notes to the Financial Statem¢nts For the ear Ended 31 Au ust 2025 13 ANALYSIS OF NET ASSETS BETWEEN FbNDS FOR THE YEAR ENDED 31 AUGUST 2024 Unre5tricled Restricted Funds Funds 2024 2024 Total Fiinds 2024 Funds Balances at 31 August 2024 are represented by: Iiitai)gible fixed asscts Tangible fixed assets Net ciirrent Jssets 23.052 692,561 23,052 1.117,035 424.474 Total Net A55ets 715 613 424 474 1 140 087 14 MOI'EMENT IN FUPIDS FOR THE YEAR ENDED 31 AUGUST 202S At the starl of the year At the end of the year lucome Expenditure Tr8n5fers Restricted funds: Fiiture Skills {pi"¢N'iously- Become More AspiTalioi)s} Primary- R¢stricted Pri1?ry- ABACUS (previously- NNP-CurricLiluml Secondary- Resiri¢i¢d Iprcviou51y' Busiiiess Inentoriiig} Yoiing Talent Total restricted fujids 86,995 40,890 30,619 {40,931) (29,989) 86,954 630 54,759 35,2(N) (35,219) 54,740 282,720 275.146 (279,786) 278,080 4,950 425,354 424.474 386.805 (385.925) Unrestricted funds: General funds 715,613 593,389 (593,5541 715,448 Total iinresli'icted funds 715613 593.389 593 554 715,448 Total fiinds J,140087 980.194 979 479 1140102 25
THE SWITCH CHARITY LIMITED Notes to the Financial Statements For the ear Ended 31 Au U5t 2025 15 IVIOVEMENT IN FUNDS FOR THE YEAR ENDED 31 AUGUST 2024 At the start of the year At the end Inconie Expenditure TrAnsfei's of the year Becoin¢ More- Aspiraiions (Aim 2 Attaiii) BLisin¢ss Inentoring NP-clirr1ClIIl1tll Total restrlcted flind5 87,556 286.677 29.759 403,992 12.295 327.585 25.000 364,880 {12.856) (331,542) 86,995 282,720 54,759 424,474 (344J98) Unrestricted funds.. General funds 63? 323 787.515 (704,225) 715,613 Total unrestrlcted funds 032 323 787,515 704 225 715,613 Total funds 1036,315 1 152,395 1,048 623 1140 087 16 PURPOSE OF RESTRICTED FUNDS Futllre Skills (prevlou51v_ Beeome More- Aspirallons) Fuiiwc Skills is a bcspoke scheme to boosi skills and aspirations, niatcl?ing oli¢ en7ployer who fiiiids a Cohort from a specific school. All sessions miist happen in the one agreed acadciiiic year. PrimRry- Restricted Primary r¢51ricied fiiiids are grants and donations thal must be spent within thi$ 5pecifit acad¢mic yeai. to ¢ither fa¢ilit?cte extra cohorts of our prInry programmes or proi'ide specific equipineni for, or iIDprovenienls to, the schLN)l. Prim#ry- ABACUS (prevlouslv_ NNP-Currieulum Primary ABACUS support our financial litera¢y proJo amin¢ eohort5. where on¢ en]ploycr is match¢d with a primary school aild fiinds tli<lt sp¢cific school cohort wilh ABACUS. SecondaTy- Restricted {previou$ly- Business mentoring) Secondary restricted fiinds 5UPPOrt prograinmes wher¢ one enwloyer is 5UPPOrting a specific group of stiidcnts on one-off tailored events. including office visits. Young T*lcnt Youiig Talent fiiIids are restricted from our Ineiitoring groiips. with employcrs fuiiding a specific groLIP of yoiing people to lake part in a 6 month Iii¢ntoring heMe. 26
THE SIVITCH CHARITY LIMITED Notes to the Flnancial Statements For the ear Ended 31 Au ust 2025 17 RECONCILIATION OF NET INCOIIE I {EXPENDITURE) TO IYET CASHFLOW FROM OPF.RATING ACTII'ITIES 2025 2024 Net movenient in funds for the reporting period (as per the staienient of fjnancial a£ti%'itie$} Depreciatiot) Interest, renl and dividends from ini'estmenrs (IncaSe)/ deciease iji dcbtors Incirasel {decr¢a5e) in crcditOT¥ Net cash pJ'oTr'ideil by / (used in) operatlll2 actii'ilies 715 103,772 20,725 {47,997) 1155,230) 70,14? (111,645) 7,156 (35,569) 189,530 (314,167) (49,278) 18 ANALYSIS OF CASH AND CASH EQLTIVALEP4TS FOR THE YEAR ENDED 31 AUGUST 2025 At the stArt At the end of the year Cash floivs of the year Cash ai bank and li) hand Total cAsh and cash equivalents 1,301,320 1.301 J20 (139.546) 1,161,774 (139,546) 1,161,774 19 ANALYSIS OF CASH A.YD CASH EQUIVALEIYTS FOR THE YEAR ENDED 31 AUGUST 2024 At ¢lie start of ihe year Cash flows At tlie end of the year Cash at bank and in hand Total £a$h cash eqllivalen15 1,316,995 lJ16,995 (15,675) 1,301,320 (15,6751 1,301.720 20 LEASE COMMITMENT The miniinuni annual reiitals payable under the Icases are as follows.. 2Q25 2024 Wiiliin l year Within 2-5 years 77,500 77,500 155,QOO 77,51 155,000 232.500 21 RELATED PARTY TRANSAcfioNS Tlie charity does Iiol eiigage in relai¢d party traia¢ll011S directly with ils tniste¢s. Sonie inistecs are mployed by organisaiions which give financial siipport to the charity. The organisalions for which tlie trusl¢¢$ wotk are shown on page l. The funding PTovided is shown in Notes 3 aybd 4. 27