DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
**Registered number: 03162045 Charity number: 1058648**
## **MAKING THE LEAP**
**(A Company Limited by Guarantee)**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2023**
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 11|
|**Independent Auditors' Report on the Financial Statements**|12 - 15|
|**Statement of Financial Activities**|16|
|**Balance Sheet**|17|
|**Statement of Cash Flows**|18|
|**Notes to the Financial Statements**|19 - 35|
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023**
|**Trustees**|Mr A Boucher|
|---|---|
||Mr J Williams|
||Mr W Chapman|
||Mr A Nooriala|
||Mr N Cheffings|
||Ms K Eden-Green|
||Mr O Akunmu Babarinde|
||Mrs A Chhania|
|**Company registered**
**number**
03162045
**Charity registered**
**number**
1058648
**Registered office**
Harriet Tubman House
Hazel Road
Kensal Green
London
NW10 5PP
**Independent auditors**
Peters Elworthy & Moore
Chartered Accountants
Statutory Auditors
Salisbury House
Station Road
Cambridge
CB1 2LA
**Bankers**
The Co-Operative Bank
PO Box 250
Delf House, Skelmersdale
WN8 6WT||
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DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(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 year 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 th e 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 (FRS 102) (second edition - October 2019).
Since the Charity qualified 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.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **a. GOVERNING DOCUMENT**
The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 21st February 1996. It is a registered charity, number 1058648. The objectives are the benefit of the public in London and elsewhere in the United Kingdom who may be young and disadvantaged by improving social mobility through the provision of advice, information, support training and education. There have been no changes in the objects since the last annual report.
## **b. RECRUITMENT OF TRUSTEES**
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.
## **c. TRUSTEE INDUCTION AND TRAINING**
An induction has been developed to ensure that any newly appointed trustee receives training on all matters necessary to enable them to perform their duties effectively. This may be tailored to their specific needs but covers as a minimum: governance and management; equal opportunities; a thorough induction to the history and current activities of the organisation; sufficient explanation of the charity’s financial accounts and reporting procedures to enable them to exercise effective fiscal oversight; explanation of all the charity’s policies including those relating to trustee expenses and how they can be claimed. The Chief Executive is responsible for ensuring that the induction process is arranged and completed.
## **d. ORGANISATIONAL STRUCTURE**
The Trustees provided governance and oversight of all Making The Leap operations during the year. There were four board meetings within the year. The Finance & General Purposes Committee is the only standing committee of the charity. The Chief Executive had delegated authority to manage day to day activities and to sign contracts on behalf of the Management Committee in line with the organisation's objectives.
## **OBJECTIVES AND ACTIVITIES**
The objectives for which Making The Leap is established are for the benefit of the public in London and elsewhere in the United Kingdom and in particular for the benefit of those members of the public who may be young and disadvantaged by relieving poverty and distress through the provision of advice, information, support, training and education.
The Trustees review the aims, objectives and activities each year and this report looks at what the charity has achieved and the outcomes of our work in the reporting period.
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DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **FINANCIAL REVIEW**
## a. **FUNDERS, GRANTS, PARTNERS AND DONORS**
Every year, Making The Leap welcomes the support we get from companies, trusts, foundations and individuals. This support is what enables us to transform the futures and raise the aspirations of young people—helping them to develop the skills behaviours and attitudes needed to succeed in any career they choose.
With this in mind, we would like to say a huge thank you to HSBC, Barclays, The Stone Family Foundation, The Mercers’ Company, The PA Foundation, The Henry Smith Charity, TapIn Media Ltd, Co-Operative Group Limited, Youth Futures Foundation, The Peter Cruddas Foundation, Pentland Brands Ltd, Candriam Belgium, Alpha Sights Ltd, Howard Kennedy LLP, Amanda May, Mark John & Sarah Crosbie, Hedley May LLP, SKY UK, Capita Plc , Foxtons, PwC Foundation, Lidl Great Britain Ltd, CallSign, CMC Markets UK Plc , Amazon, TapInMedia Ltd, Snap Group Ltd, Ocreus Group Limited, BP International Ltd, HYVE Group Plc, StepStone GroupEurope LLP, Thought Machine, BNP Paribas Securities Services, Pentland Brands Ltd, Trust For London and Neighbourhood Community Infrastructure Levy (Brent). Your support means so much.
## **b. OVERVIEW**
The figures shown in the financial statements of these accounts for the financial year of 2022-2023 saw the charity effectively break even, with a positive movement in funds of £8,068. Our total income for the year was £1,476,117, which is down from the previous year’s 1,7469,695 (though this figure includes £250k that had been held on account from 2021-2022 that was reinstated). Of that £1,476,117, £819,902 came from Donations and Legacies, which was down on the £954,507. We are grateful to all the trusts, foundations, companies and individuals, who generously supported the organisation's activities. Income from Charitable Activities was £652,677, with £470,809 coming from the SOMOs. Though at first glance this looks a significant drop off from the £693,908 in 2021-2022, the latter figure is where the £250k mentioned above was placed, so if that were not there it would show that we secured £26,901 more UK Social Mobility Awards (SOMOs) income in 2022-2023. We also generated £34,842 more other generated charitable income. We are grateful for the greater number of funders, who generously supported the organisation's activities.
## **c. RESERVES**
Making The Leap hold a mix of restricted and unrestricted reserves.
Restricted reserves represent the unspent balance of restricted income received by the charity, where the funding is allocated to specific charitable activities and projects. Restricted reserves will be applied to the future funding of those specific activities and projects to which the funds were intended.
Unrestricted reserves are held to fund and support the overall operation of the charity and can be applied by the charity to fund any aspects of the charity’s operations. Unrestricted reserves are also held as a buffer to enable the charity to a) withstand any short term cashflow and working capital shortfalls; b) mitigate against the financial impact of identified and monitored risks; and c) to cover any unforeseen expenditure. Our reserves policy is to build up reserves of up to six months of operating costs.
Unrestricted reserves have decreased from £1,929,273 to £1 , 815,258 at March 2023. Excluding the net book value of tangible fixed assets, free unrestricted reserves have decreased from £1,357,277 to £1,243,886.
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DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **d. INVESTMENT POLICY**
Making The Leap does not have a formal Investment Policy and any cash is kept in current or deposit accounts with Co-Operative Bank. It is the Charity’s ongoing intention to be generally conservative and risk adverse with any cash held.
## **e. FUNDRAISING**
Historically most of our fundraising has been from trusts, statutory sources, corporate donors and from the SOMO awards. We do not at present solicit donations from the general public, although individual donations can be made on our website.
## **f. RISK MANAGEMENT**
Risk Management remains one of the most important responsibilities of the Board of Trustees and risks are considered regularly on an informal basis. The Trustees have accessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that the systems and procedures are in place to mitigate our exposure to the major risks. The following have been identified as the key risks to Making The Leap: funding, loss of key staff, reputation, safeguarding, and cyber security.
## **ACHIEVEMENTS AND PERFORMANCE**
## **a. INTRODUCTION**
Making The Leap is a grassroots societal change charity that aims to make a big difference. From direct delivery to advocacy and leadership, we refuse to stay in our lane and believe passionately that those we exist to serve have the right to be anything they want to be.
Our mission is to transform the futures of less advantaged young people in the UK by providing training to raise their aspirations and develop their skills, confidence, and outlook to choose and succeed in a career. We work directly with young people in London, and using evidence from our delivery work, we raise awareness and encourage action on social mobility among UK employers and educators.
Our vision is that every young person in our country will have the chance to succeed, and every employer and educational institution will have a part to play in making it happen.
Why does social mobility matter? At Making The Leap, we see social mobility as having two key goals:
- A good standard of living, no matter what your occupation or background. Whether you have a ‘working-class’ or professional job – and regardless of your race, class, gender or other characteristics – your pay and employment conditions mean that you have (among other things): the ability to feed yourself and your family, decent housing, and financial security.
- Equality of opportunity, no matter what your parents’ occupation or background. Whether your parents have a working-class or professional job, you have fair access to any education and training opportunities, which in turn means that you have fair access to any employment opportunities you wish to pursue. And linking back to our first goal, you will have access to a good standard of living regardless of whether you choose a working class or professional job.
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DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
Why does this matter? Because social mobility is not yet a reality in the UK:
- Employment does not guarantee a good standard of living: One in six working households face relative poverty in the UK.
- People from less advantaged socio-economic backgrounds (SEBs) do not have fair access to professional occupations: while 29% of the UK workforce are from less advantaged SEBs, only 7% of doctors, 12% of journalists and 13% of lawyers are from these backgrounds.
- Even when they are in professional jobs, working-class people face a class pay gap. On average, working class people in professional occupations earn 17% less than their colleagues from more affluent backgrounds.
## **b. UK SOCIAL MOBILITY AWARDS 2022**
The UK Social Mobility Awards (SOMOs) is a nationwide leadership initiative which has recognised and celebrated UK employers and educators working to improve social mobility since 2017. In 2022, we received the highest number of entries to the awards since the initiative started. In total, employers who entered the SOMOs in 2022 employed over 1 million people across the UK. Employers came from 15 employment sectors, with finance, law, media, and professional services as the most represented sectors. Other sectors such retail, facilities management, hospitality, and real estate were also represented.
We returned to an in-person Awards Gala in 2022, which was a huge success. Hosted at the Royal Lancaster Hotel, the Awards Gala was attended by 484 people. Beyond the Awards, we continued to deliver a year-long programme of research, advocacy, and thought leadership activities linked to the SOMOs. We hosted a hybrid version of the 2022 Social Mobility Business Seminar, which was attended by 58 key stakeholders from the private, public, and third sectors. Our distinguished speakers and panel of experts included Nadhim Zahawi MP (then Secretary of State for Education), Alderman Vincent Keaveny (then Lord Mayor of London), Steve Murrells (then CEO, Co-operative Group), Laura Hinton (UK Tax Leader, PwC UK), Catherine Hearn (Director of Talent Acquisition, Amazon), and Helen Mahy CBE (Non-Executive Director, SSE plc). We also published our two annual SOMO research reports in 2022: Widening the gate? Advancing social mobility in 2021-22 (https://www.somo.uk/publications/somos-2022-key-findings-report/), and the UK Social Mobility Awards 2022 Winners’ Case Studies Report (https://www.somo.uk/publications/somos-2022-winners-case-studies-report/).
## **c. SOCIAL MOBILITY CAREERS FAIR 2022**
Our annual Social Mobility Careers Fair aims to bridge the gap between young people from less advantaged socio-economic backgrounds (LSEBs) and employers, and to improve social mobility by giving young people insights into a range of organisations, access to job opportunities, and ultimately empowering them in their journeys to successful careers. Making The Leap also facilitates speed interviews at the Careers Fair, helping young people to develop their interview skills and their confidence before speaking to employers.
We were pleased to return to an in-person Fair in 2022, with 14 employers acting as exhibitors: Allen & Overy, Amazon, BlackRock, Bloomsbury Institute, bp, BNP Paribas, Cancer Research UK, CMC Markets Plc , Code First Girls, Hyve, Lidl, PA Consulting, Pentland Brands, and Wates.
262 young people attended the Fair. Sharing their feedback on the event, comments included:
- “The speed interview session provided great feedback on what I did well, especially with how I structured my answers. I enjoyed speaking with the organisations participating the event, learning about the opportunities provided and narrowing down my career options.”
- “[The Careers Fair] was very helpful in finding opportunities and getting to know many people. The speed interview was one of the main things that boosted my confidence. I’m glad that I attended this fair and felt more confident at the end.”
- “The information provided was wonderful and there was a great range of opportunities.”
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DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
Feedback from employers at the event included:
- “This has been a fantastic event, great to hear people speaking so positively about MTL and to being a part of this - here’s to everyone finding the right job for them!”
- “I think it was fantastic to hear from the young people… it showed what we need to do as a business to create more opportunities.”
## **d. ACTIVITY REVIEW 2022-23**
In 2022-23 we were delighted to expand our school-based delivery, working with 32 schools in 16 London boroughs and reaching 4,000 pupils in total. This increased activity compared to 2021-22 was partly due to fewer Covid 19-related restrictions, and was also particularly commendable given ongoing disruption in schools due to frequent industrial action in 2022-23.
Our delivery activities with young adults also continued to expand steadily in 2022-23. We saw an increase in young adults who participated in our flagship ACE Programme over this period, and we delivered 2,088 hours of ACE Programme activities (up from 1,172 hours in 2021-22). We were also able resume the delivery of inperson Insight Days with our corporate partners. These visits were highly valued by our young people as opportunities to develop their confidence, expand their networks, and gain exposure to the world of work across a number of sectors.
## **Delivery in schools**
||**Actual FY21/22**|**Actual FY22/23**|
|---|---|---|
|Schools|17|32|
|Pupils|2,277|4,000|
In 2022-23, our delivery in schools included:
- 2,827 secondary school pupils participated in mock interviews organised by Making The Leap and our corporate partners, helping them to develop their communication skills and confidence in an interview setting.
- 300 secondary school pupils and sixth-form students attended Raising University Aspirations, our annual event which connects young people with Russell Group Universities and encourages them to consider a prestigious higher education pathway.
- 100 secondary school pupils attended insight visits with our corporate partners, exposing them to a range of workplace environments and increasing their motivation to apply for careers they hadn’t considered before.
- 100 secondary school pupils participating in our Youth Futures Foundation-funded Career Ahead Programme, which focused on developing soft skills and employability skills for those most at risk of becoming NEET (not in employment, education or training).
- 26 sixth-form students joining our new Pathways For Success programme. Funded by The Mercers Charitable Foundation, the programme focuses on developing skills and supporting alternative pathways for 16-18 year olds who are not planning to go to university.
- 605 pupils participated in other school-based delivery activities facilitated by Making The Leap, including ACE for Schools, work experience with Kraft Heinz, an SEN Skills Fair, and the Excalibre Project Challenge. 42 pupils also attended the Social Mobility Careers Fair, as described above.
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DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **Delivery with young adults**
||**Actual FY21/22**|**Actual FY22/23**|
|---|---|---|
|Initial
advice
and
guidance|855|1,792|
|Participated
in
MTL
delivery activities|136|152|
In 2022-23, our delivery activities with young adults from less advantaged socio-economic backgrounds (LSEBs) included:
- 1,792 young people reached by our Engagement Team and given initial advice and guidance on careers and professional development
- 152 young people participated in 2,088 hours of our flagship ACE Programme – this included our essential skills and employability workshop, follow-up support with job applications and CV development, and ongoing support once they entered the workplace.
- 12 insight days delivered by Making The Leap and corporate partners including BNP Paribas, Candriam, CMC Markets Plc , Howard Kennedy, HSBC, Hyve, Ocreus, Snapchat, State Street, and Wates.
The ACE Programme had a highly positive impact on our young people. 134 of the young people who graduated from the programme in 2022-23 entered education, employment, or training – a placement rate of 91%. Additionally, our young people highlighted a range of ways the ACE Workshop directly benefitted their personal and professional development:
- “I enjoyed how, with each session, I grew in **confidence** and came out of my shell and comfort zone. Each session **challenged me to push myself** and I was able to notice things and skills I never knew I had. I can say with the utmost of confidence that, from the first day of the programme and upon graduation, **I’m a completely different person** .”
- “Every aspect of the 3 weeks was **enjoyable and engaging** . From the individual tasks, the group projects, the morning jokes, and the Zoom meetings; everything felt thought-out and important.”
- “ **I learned so much about myself** , especially what my strengths and weaknesses were and how to identify them, as well as work on them.”
- “I enjoyed **visiting different companies** and seeing where they work and the cultures and taking part in the workshops that they presented us with.”
## **Volunteers**
||**Actual FY21/22**|**Actual FY22/23**|
|---|---|---|
|No. of Volunteers|266|501|
In 2022-23, 501 people volunteered their time and helped support a total of 2,049 delivery hours across a range of programme activity for young adults and school students.
## **e. BLACK CHARITY LEADERS**
In 2022, we launched Black Charity Leaders – our brand-new initiative focused on leadership development for racially minoritised charity professionals to improve race equity in the charity sector. Our first cohort consisted of 13 charity professionals from seven national charities: ACEVO, Asthma UK and the British Lung Foundation Partnership, Diabetes UK, Turn2Us, Macmillan, Sue Ryder, and Volunteering Matters.
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DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
Over a 12-month period, our Leaders took part in over 50 hours of delivery activities focused on developing the knowledge, skills, and networks required to be a charity leader, including:
- A Clifton Strengths assessment and one-to-one session with a leadership coach to explore participants’ key strengths as potential leaders.
- 8 in-person Leadership Development modules, covering the following topics: Charity Governance, Charity Finance, Volunteer Management, Fundraising, Project Management, Communications, Managing Upwards, and Mindfulness.
- 8 virtual Masterclasses with CEOs from major UK charities: Career Ready, Voice4Change, Making The Leap, Taylor Bennett Foundation, Black Thrive, RECLAIM, UK Youth, Equality Trust.
Feedback from our Leaders indicated the positive impact of the programme on their confidence and motivations to become charity leaders, and their career progression outcomes:
- "I definitely feel more inspired to believe in my own ability as a leader... Since joining BCL, I feel a lot more confident.”
- “I think it's absolutely brilliant and I just think it's inspiring, it's motivating, it's challenging… it opens your eyes to areas you may not have learned about…”
- “I left [the Charity Governance module] thinking that I could do this, I could become a trustee. It doesn’t have to be an older person from a white background with years and years of experience […] somebody like me could do it.”
- “I applied and got [a] job as Project Manager, which I wouldn’t have done without the skills and confidence I gained from BCL... A massive thank you!”
## **f. PLANS FOR FUTURE PERIODS**
The trustees of Making The Leap approved a new organisational strategic plan that would begin in the year 2023-2024 and run through to 2027-2028.
The summary of that plan is:
## **Our Mission:**
Our mission is to transform the futures of disadvantaged young people in the UK by providing training to raise their aspirations and develop their skills, behaviours and attitudes to choose and succeed in a career. We work directly with young people from deprived backgrounds in London, and we aim to increase our reach and impact through replicating our model with partners nationwide. We use what we learn in our delivery operations to raise awareness of the importance of social mobility among UK businesses & organisations and encourage them to take action to improve it.
## **Our Vision:**
Every young person in our country will have the chance to succeed; and every company, organisation and institution will have a part to play in making it happen.
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DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **g. STRATEGIC AIMS**
We have aligned the organisation’s activities with our vision and we have four strategic aims, which will define the way we will operate for the next five years. Underpinning our priorities are a number of goals that will be used both as a guide and a measurement towards the fulfilling of our aims.
## **Strategic Aim 1 – To Provide Our Users and Partners with The Highest Standard of Service by Adopting Best Practice in All We Do**
## **Goal 1**
We will leverage our increased cash reserves to invest in a digital transformation of our organisation to further enhance the efficiency and effectiveness of how we work.
## **Goal 2**
We will continue to invest in training and development opportunities for our staff and work towards them being fully engaged and empowered to provide the highest service standards.
## **Goal 3**
We will avail ourselves of external professional expertise, where we don’t have it internally, to enable us to achieve best practice in all areas.
## **Goal 4**
We will commit to continuous improvement by regularly reviewing our operational processes and evaluating what we do.
## **Goal 5**
We will constantly review the programmes we deliver to ensure that they are the most effective way of meeting the needs of our young people.
## **Goal 6**
We will develop and implement a quality framework for all our delivery to ensure it remains of the highest possible standard.
## **Strategic Aim 2 – To Increase the Number of People we Reach through Our Programmes**
## **Goal 1**
We will increase the number of people we directly deliver programmes to in London.
## **Goal 2**
We will increase the number of corporate partners and deepen relationships with existing ones to give us the resources to the work that we do.
## **Goal 3**
We will implement a strategy for nationwide delivery of our programmes via partners.
## **Strategic Aim 3 – To Further Enhance our Standing to Give us the Leverage to Increase the Importance of Social Mobility within All Sectors and Employers**
## **Goal 1**
We will continue to increase our brand awareness to ensure our message is consistently and increasingly shared with external audiences about the work we do, the impact we are having on young people from deprived backgrounds and social mobility in the UK.
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DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **Goal 2**
We will build on the success of the UK Social Mobility Awards and its spin-off initiatives (the Social Mobility Business Seminar, the Social Mobility Podcast and Social Mobility Day).
## **Goal 3**
We will develop new social justice advocacy initiatives that place us in a position of leadership in the charity sector.
## **Goal 4**
We will build on our internal research expertise and the relevant data that we amass, to produce content that provides the evidence that encourages action to further equality.
## **Strategic Aim 4 – To Further Improve Our Financial Sustainability to Provide a Platform to Achieve Our Ambitions**
## **Goal 1**
We will build on our success since 2019 by both further diversifying and increasing our overall income, to ensure we continue to maintain our financial sustainability and invest into developing our organisation to be fit for the future workplace.
## **Goal 2**
Strengthening the balance sheet by demolishing Harriet Tubman House and Hazel Road Community Centre and replacing them with a custom-built training centre, community centre and Making The Leap offices that will be a hub for young people for decades to come.
## **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 period. 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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 with 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.
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DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **DISCLOSURE OF INFORMATION TO AUDITORS**
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
- so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
- 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 auditors are aware of that information.
Approved by order of the members of the board of Trustees and signed on their behalf by:
**Mr A Boucher Trustee**
Date: 21 December 2023
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DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAKING THE LEAP**
## **OPINION**
We have audited the financial statements of Making the Leap (the 'charitable company') 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:
- 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;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- 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 Auditors' 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 12
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAKING THE LEAP (CONTINUED)**
## **OTHER INFORMATION**
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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:
- the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
- 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:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- 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.
Page 13
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAKING THE LEAP (CONTINUED)**
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.
## **AUDITORS' 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 Auditors' 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the charitable company through discussions with directors and other management, and from our knowledge and experience of the charity sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company, including the Charities Act 2011, the Companies Act 2006 and UK taxation legislation. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items;
- in addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid material penalty;
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
Page 14
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAKING THE LEAP (CONTINUED)**
To address the risk of fraud through management bias and override of controls, we;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias;
- investigated the rationale behind significant or unusual transactions;
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the charitable company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
## **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 Auditors' 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.
**Kathryn Hebden (Senior Statutory Auditor)** for and on behalf of **Peters Elworthy & Moore** Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA
> Date: 21 December 2023
Page 15
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(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
4
Charitable activities
5
Investments
6
**TOTAL INCOME**
**EXPENDITURE ON:**
Raising funds
7
Charitable activities
8
**TOTAL EXPENDITURE**
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
Net movement in funds
**TOTAL FUNDS CARRIED FORWARD**|**Restricted**
**funds**
**2023**
**£**
**596,629**
**177,681**
**-**
**774,310**
**-**
**652,227**
**652,227**
**122,083**
**20,000**
**122,083**
**142,083**|**Unrestricted**
**funds**
**2023**
**£**
**223,273**
**474,996**
**3,538**
**701,807**
**136,603**
**679,219**
**815,822**
**(114,015)**
**1,929,273**
**(114,015)**
**1,815,258**|**Total**
**funds**
**2023**
**£**
**819,902**
**652,677**
**3,538**
**1,476,117**
**136,603**
**1,331,446**
**1,468,049**
**8,068**
**1,949,273**
**8,068**
**1,957,341**|Total
funds
2022
£
954,507
840,934
1,254|
|---|---|---|---|---|
|||||1,796,695|
|||||79,705
1,131,467|
|||||1,211,172|
|||||585,523|
|||||1,363,750
585,523|
|||||1,949,273|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 19 to 35 form part of these financial statements.
Page 16
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee) REGISTERED NUMBER: 03162045**
## **BALANCE SHEET AS AT 31 MARCH 2023**
|**Note**
**FIXED ASSETS**
Tangible assets
14
**CURRENT ASSETS**
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
**NET CURRENT ASSETS**
**NET ASSETS**
**CHARITY FUNDS**
Restricted funds
17
Unrestricted funds
17
**TOTAL FUNDS**|**26,949**
**1,439,999**
**1,466,948**
**(80,979)**|**2023**
**£**
**571,372**
**571,372**
**1,385,969**
**1,957,341**
**142,083**
**1,815,258**
**1,957,341**|231,213
1,285,779
1,516,992
(139,715)|2022
£
571,996|
|---|---|---|---|---|
|||||571,996
1,377,277|
||||||
|||||1,949,273|
|||||20,000
1,929,273|
||||||
|||||1,949,273|
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:
## **Mr A Boucher Trustee**
## Date: 21 December 2023
The notes on pages 19 to 35 form part of these financial statements.
Page 17
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(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
19
**CASH FLOWS FROM INVESTING ACTIVITIES**
Dividends, interests and rents from investments
Purchase of tangible fixed assets
**NET CASH (USED IN)/PROVIDED BY 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**
20
The notes on pages 19 to 35 form part of these financial statements|**2023**
**£**
**171,042**
**3,538**
**(20,360)**
**(16,822)**
**154,220**
**1,285,779**
**1,439,999**|2022
£
241,004
1,254
(396)
**858**
**241,862**
1,043,917
1,285,779|
|---|---|---|
Page 18
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
**(A Company Limited by Guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **1. GENERAL INFORMATION**
Making The Leap is a private company limited by guarantee and incorporated in England and Wales. Its registered office is Harriet Tubman House, Hazel Road, Kensal Green, London, NW10 5PP.
Its functional and presentational currency is GBP.
## **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.
Making the Leap 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 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.
Donated services or facilities, which comprise donated services, are included in income at a valuation which is an estimate of the financial cost borne by the donor where a set cost is quantifiable and measurable. No income is recognised where there is no financial cost borne by a third party.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
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.
## **2.3 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 is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
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.
Page 19
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **2. ACCOUNTING POLICIES (CONTINUED)**
## **2.3 EXPENDITURE (CONTINUED)**
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Governance costs are those incurred in conncection with administration of the charity and compliance with constitutional and statutory requirements.
All expenditure is inclusive of irrecoverable VAT.
## **2.4 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.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
|Freehold property|-|2%|
|---|---|---|
|Fixtures and fittings|-|33%|
|Office equipment|-|25%|
## **2.5 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.
## **2.6 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.
## **2.7 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 20
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **2. ACCOUNTING POLICIES (CONTINUED)**
## **2.8 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.
## **2.9 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.
## **2.10 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.
Investment income, gains and losses are allocated to the appropriate fund.
## **3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT**
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Critical accounting estimates and assumptions:
- Useful economic lives of tangible fixed assets. Depreciation is charged annually based on the management's estimate of useful economic life of the asset per the accounting policies above.
- Indirect tax on SOMOs income. Management have investigated the appropriate VAT and corporation tax treatment on net profits arising from the SOMOs, as such no provision has been made to cover potential tax liabilities. There is an element of estimation and uncertainty in the conclusions made.
Page 21
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **4. INCOME FROM DONATIONS AND LEGACIES**
|Grants and Donations
Grants and Donations|**Restricted**
**funds**
**2023**
**Unrestricted**
**funds**
**2023**
**£**
**£**
596,629
223,273
Restricted
funds
2022
Unrestricted
funds
2022
£
£
756,897
197,610|**Total**
**funds**
**2023**
**£**
**819,902**|
|---|---|---|
|||Total
funds
2022
£
954,507|
## **5. INCOME FROM CHARITABLE ACTIVITIES**
|Generated income SOMOs
Other generated income
Generated income SOMOs
Other generated income|**Restricted**
**funds**
**2023**
**Unrestricted**
**funds**
**2023**
**£**
**£**
-
470,809
177,681
4,187
177,681
474,996
Restricted
funds
2022
Unrestricted
funds
2022
£
£
-
693,908
48,800
98,226
48,800
792,134|**Total**
**funds**
**2023**
**£**
**470,809**
**181,868**|
|---|---|---|
|||**652,677**|
|||Total
funds
2022
£
693,908
147,026|
|||840,934|
Page 22
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **6. INVESTMENT INCOME**
|**Unrestricted**
**funds**
**2023**
**£**
Rental income - Community Centre
2,078
Investment income - bank interest
1,460
3,538
Unrestricted
funds
2022
£
Rental income - Community Centre
1,013
Investment income - bank interest
241
1,254|**Total**
**funds**
**2023**
**£**
**2,078**
**1,460**|
|---|---|
||**3,538**|
||Total
funds
2022
£
1,013
241|
||1,254|
Page 23
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **7. EXPENDITURE ON RAISING FUNDS**
## **COSTS OF RAISING VOLUNTARY INCOME**
|**Unrestricted**
**funds**
**2023**
**£**
SOMOs
132,540
Fundraising
4,063
136,603
Unrestricted
funds
2022
£
SOMOs
79,434
Fundraising
271
79,705|**Total**
**funds**
**2023**
**£**
**132,540**
**4,063**|
|---|---|
||**136,603**|
||Total
funds
2022
£
79,434
271|
||79,705|
Page 24
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **8. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES**
## **Summary by fund type**
|Wages and salaries
National insurance
Pension cost
Event costs
Staff recruitment and subsistence
Maintenance
Utilities
Project costs
Other costs
Governance costs
Wages and salaries
National insurance
Pension cost
Event costs
Staff recruitment and subsistence
Maintenance
Utilities
Project costs
Other costs
Governance costs|**Restricted**
**funds**
**2023**
**Unrestricted**
**funds**
**2023**
**£**
**£**
403,948
496,982
43,757
54,821
39,698
43,240
16,891
-
10,411
-
12,993
-
1,628
-
86,284
-
36,617
43,769
-
40,407
652,227
679,219
Restricted
funds
2022
Unrestricted
funds
2022
£
£
672,115
120,076
71,321
7,730
72,299
7,187
2,157
-
5,104
-
12,039
-
2,085
-
53,205
-
34,555
37,244
-
34,350
924,880
206,587|**Total**
**2023**
**£**
**900,930**
**98,578**
**82,938**
**16,891**
**10,411**
**12,993**
**1,628**
**86,284**
**80,386**
**40,407**|
|---|---|---|
|||**1,331,446**|
|||Total
2022
£
792,191
79,051
79,486
2,157
5,104
12,039
2,085
53,205
71,799
34,350|
|||1,131,467|
Page 25
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **9. ANALYSIS OF EXPENDITURE BY ACTIVITIES**
|Wages and salaries
National insurance
Pension cost
Event costs
Staff recruitment and subsistence
Maintenance
Utilities
Project costs
Support costs
Governance costs|**Activities**
**undertaken**
**directly**
**2023**
**£**
784,905
85,025
77,137
16,891
10,411
12,993
1,628
86,284
-
-
1,075,274|**Support**
**costs**
**2023**
**£**
116,025
13,553
5,801
-
-
-
-
-
80,386
40,407
256,172|**Total**
**funds**
**2023**
**£**
**900,930**
**98,578**
**82,938**
**16,891**
**10,411**
**12,993**
**1,628**
**86,284**
**80,386**
**40,407**|
|---|---|---|---|
||||**1,331,446**|
|Wages and salaries
National insurance
Pension cost
Event costs
Staff recruitment and subsistence
Maintenance
Utilities
Project costs
Support costs
Governance costs|Activities
undertaken
directly
2022
£
710,191
70,171
75,386
2,157
5,104
12,039
2,085
53,205
-
-
930,338|Support
costs
2022
£
82,000
8,880
4,100
-
-
-
-
-
71,799
34,350
201,129|Total
funds
2022
£
792,191
79,051
79,486
2,157
5,104
12,039
2,085
53,205
71,799
34,350|
|---|---|---|---|
||||1,131,467|
Page 26
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **10. SUPPORT COSTS**
|Wages and salaries
National insurance
Pension cost
Utilities
Telephone
Printing, postage and stationery
Storage costs
Computer costs
Premises insurance
Consultancy costs
Subscriptions
Other costs
Governance costs|**Restricted**
**funds**
**2023**
**Unrestricted**
**funds**
**2023**
**£**
**£**
-
116,025
-
13,553
-
5,801
2,743
-
7,317
-
4,683
-
9,282
-
7,637
-
-
6,468
-
16,181
-
8,004
-
18,071
-
40,407
31,662
224,510|**Total**
**funds**
**2023**
**£**
**116,025**
**13,553**
**5,801**
**2,743**
**7,317**
**4,683**
**9,282**
**7,637**
**6,468**
**16,181**
**8,004**
**18,071**
**40,407**|
|---|---|---|
|||**256,172**|
Page 27
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
|Restricted
funds
2022
£
Wages and salaries
-
National insurance
-
Pension cost
-
Utilities
2,214
Telephone
6,684
Printing, postage and stationery
4,346
Storage costs
7,237
Computer costs
11,826
Premises insurance
-
Consultancy costs
-
Subscriptions
-
Other costs
-
Governance costs
-
32,307
**11.**
**AUDITORS' REMUNERATION**
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
Fees payable to the Charity's auditor in respect of:
All non-audit services not included above
**12.**
**STAFF COSTS**
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|Unrestricted
funds
2022
£
82,000
8,880
4,100
-
-
-
-
-
5,591
25,950
5,995
1,956
34,350
168,822
**2023**
**£**
**10,100**
**3,000**
**2023**
**£**
**900,930**
**98,578**
**82,938**
**1,082,446**|Total
funds
2022
£
82,000
8,880
4,100
2,214
6,684
4,346
7,237
11,826
5,591
25,950
5,995
1,956
34,350|
|---|---|---|
|||201,129|
|||2022
£
7,900
2,300|
|||2022
£
792,191
79,051
79,486|
||||
|||950,728|
Page 28
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **12. STAFF COSTS (CONTINUED)**
The average number of persons employed by the Charity during the year was as follows:
|Senior Management
Training
Corporate Partnerships
Management, Admin & Finance
Development
Engagement
Education Partnerships|**2023**
**No.**
**2**
**6**
**1**
**3**
**4**
**3**
**2**
**21**|2022
No.
2
4
2
3
3
3
1|
|---|---|---|
||||
|||18|
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|
|In the band £80,001|- £90,000|**-**|1|
|In the band £90,001|- £100,000|**1**|-|
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Charity. They consist of the Chief Executive and the Operations Director. The aggregate cost of Key Management Remuneration was £214,596 (2022 - £203,593).
## **13. 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 29
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **14. 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|**Freehold**
**property**
**£**
**700,026**
**12,311**
**712,337**
**140,010**
**14,001**
**154,011**
**558,326**
560,016|**Fixtures and**
**fittings**
**£**
**1,300**
**4,770**
**6,070**
**1,300**
**1,312**
**2,612**
**3,458**
-|**Office**
**equipment**
**£**
**22,227**
**3,279**
**25,506**
**10,247**
**5,671**
**15,918**
**9,588**
11,980|**Total**
**£**
**723,553**
**20,360**|
|---|---|---|---|---|
|||||**743,913**|
|||||**151,557**
**20,984**|
|||||**172,541**|
||||||
|||||**571,372**|
|||||571,996|
Page 30
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **15. DEBTORS**
|Trade debtors
Prepayments and accrued income|**2023**
**£**
**6,065**
**20,884**
**26,949**|2022
£
177,800
53,413|
|---|---|---|
||||
|||231,213|
## **16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 April 2022
Resources deferred during the year
Amounts released from previous periods|**2023**
**£**
**2,518**
**24,629**
**24,718**
**29,114**
**80,979**
**2023**
**£**
**20,000**
**-**
**(20,000)**
**-**|2022
£
63,230
22,378
17,304
36,803|
|---|---|---|
||||
|||139,715|
|||2022
£
-
20,000
-|
||||
|||20,000|
Page 31
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **17. SUMMARY OF FUNDS**
## **SUMMARY OF FUNDS - CURRENT YEAR**
|General funds
Restricted funds
**SUMMARY OF FUNDS - PRIOR YEAR**
General funds
Restricted funds|**Balance at 1**
**April 2022**
**£**
**1,929,273**
**20,000**
**1,949,273**
Balance at
1 April 2021
£
1,224,567
139,183
1,363,750|**Income**
**£**
**701,807**
**774,310**
**1,476,117**
Income
£
990,998
805,697
1,796,695|**Expenditure**
**£**
**(815,822)**
**(652,227)**
**(1,468,049)**
Expenditure
£
(286,292)
(924,880)
(1,211,172)|**Balance at**
**31 March**
**2023**
**£**
**1,815,258**
**142,083**|
|---|---|---|---|---|
|||||**1,957,341**|
|||||Balance at
31 March
2022
£
1,929,273
20,000|
|||||1,949,273|
Restricted funds relate to funds received for specific programmes during the year. The funds relating to programmes yet to be completed are carried forward at the year end. These funds relate to the following programmes run by the Charity:
- Aspirations, Careers, Employability Programme
- Future Skills & Employability Programme
Page 32
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **18. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR**
||**Restricted**|**Unrestricted**
**Total**|
|---|---|---|
||**funds**|**funds**
**funds**|
||**2023**|**2023**
**2023**|
||**£**|**£**
**£**|
|Tangible fixed assets|-|571,372
**571,372**|
|Current assets|142,083|1,324,865
**1,466,948**|
|Creditors due within one year|-|(80,979)
**(80,979)**|
|**TOTAL**|142,083|1,815,258
**1,957,341**|
|**ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR**|||
||Restricted|Unrestricted
Total|
||funds|funds
funds|
||2022|2022
2022|
||£|£
£|
|Tangible fixed assets|-|571,996
571,996|
|Current assets|20,000|1,496,992
1,516,992|
|Creditors due within one year|-|(139,715)
(139,715)|
|**TOTAL**|20,000|1,929,273
1,949,273|
Page 33
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
|**19.**
**RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW**
**ACTIVITIES**
Net income for the year (as per Statement of Financial Activities)
**ADJUSTMENTS FOR:**
Depreciation charges
Dividends, interests and rents from investments
Decrease/(increase) in debtors
Decrease in creditors
**NET CASH PROVIDED BY OPERATING ACTIVITIES**
**20.**
**ANALYSIS OF CASH AND CASH EQUIVALENTS**
Cash in hand
**TOTAL CASH AND CASH EQUIVALENTS**
**21.**
**ANALYSIS OF CHANGES IN NET DEBT**
**At 1 April**
**2022**
**£**
Cash at bank and in hand
**1,285,779**
**1,285,779**|**FROM OPERATING**
**2023**
2022
**£**
£
**8,068**
585,523
**20,984**
19,508
**(3,538)**
(1,254)
**204,264**
(192,107)
**(58,736)**
(170,666)
**171,042**
241,004
**2023**
2022
**£**
£
**1,439,999**
1,285,779
**1,439,999**
1,285,779
**Cash flows**
**At 31 March**
**2023**
**£**
**£**
**154,220**
**1,439,999**
**154,220**
**1,439,999**|
|---|---|
Page 34
DocuSign Envelope ID: CCCCF790-6DCD-443F-A0B6-4E5A199C8F8D
## **MAKING THE LEAP**
**(A Company Limited by Guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **22. PENSION COMMITMENTS**
The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and contribution of £11,834 (2022 - £9,772) were payable to the fund at the balance sheet date and are included in creditors.
## **23. RELATED PARTY TRANSACTIONS**
The Charity has not entered into any related party transaction during the year (2022 - none), nor are there any outstanding balances owing between related parties and the Charity at 31 March 2023 (2022 - none).
During the year 6 Trustees (2022 - 5) made donations towards the SOMO Awards totalling contributions of £3,300 (2022 - £1,150).
Page 35