Absolute ReiurnJorKids CARIQ
Con¥xTny limTtEdby guarantee registration number." 0458945X
Chority registrotion number.. Jo95322
Annual Report and Accounts
For the year ended 31 August 2023
A12
2￿2024
COMPANIES H￿SE
#128 1

Ark
Contents
IEgal. TefeTtD￿ and administrative details...
Trustees, Report including Strategic Report........................................................................ ...
Statement of T￿￿tees. RespoThsibilities...............................
Independent auditor's report....................-...-........-..-........... .
Consolidated Statement of Financial Activities (including income and expenditure account)
-21
Charity Staternent of Financial Activities (including income and expenditure account) .......
Consolidated Balance Sheet......................................................................................
Charity Balan￿ Sheet.......... ........................................ ...
Consolidated Statement of Cash Flows..........-..... .
Notes to theAccounts.......................................................................................................-
.25
..26

Ark
l£gal, reference and administrative details
Absolute Return for Kids (ARX) (referred to tbroushout as'Ark'. or'the charityj is a company
limited by guarantee. registered in England and Wales. number 04589451. and is a UK
registered charity. number 1095322.
Directors
The directors of the charity are its trustees for the purposes of
charity law and the mernbeTS of the company limited by
guarantee. Throughout this report. they are eollectively
referred to as the trustees. The following indi￿dualS served as
t￿￿eeS during the year:
lan Wace (Chairman)
Anthony Clake
rd Fink
Sir Paul Marshall
None had any beneficial interest in the ebarity and
remuneration of trustees is neither paid by the charity nor
perrnitted under its Artieles of A￿)CiatIon.
Company Secretary
Senior Management
Elizabeth Dawson
Luey Heller, Chief Exeeutive
Michael ClarL Deputy Cbief Executive
Jacqueline Russell. Chief Operdting Offieer
Sarah Pearson, Director of External Relations
Registered Office
The Yellow Building
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iA)ndon. EC2V 6DL
+44 20 7556 1200
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95 George Street
Croydon
CR9 2NS
Stone King LLP
Boundary House
91 Charterhouse St
IA)ndon E￿m 6HR
+44 20 7796 1007
Investment Managers Aurum Funds Lirnited
Ixworth House
37 Ixworth Place
London SW3 3QH
+44 20 7589 1130
Auditor
Bankers
Solieitors

Ark
Overall approach
ATk is an edueation ebarity tbat aims to make sure that all ehildren. regardless of their
background. have acc&8s to a great education and real choices in life.
ATk supports Ark Schools. a separate legal entity that is a succthl academy network. witb
39 schools and around 30.000 pupils.
ATk also delivers a range of programmes and ventures tbat all aim to improve education
beyond our schools. We want Ark to be a home for people with great ideas that have the
potential to improve education. Manyof these id&7S start￿ in Ark's schools, while others have
come from partners outside Ark.
Trustees, Report including Strategie Report
Activnties, achievements and performance
Ark Sthools
Ark Schools is a network of academies. We opened our first school in 2006 and now run 39
academies in London, Birmingham. Portsmouth. and Hastsngs. T¢)day. 30.000 students and
3.000 staff make up the Ark Schools network
Achievements andperformonce
Our prirnary results were a particular highlight this year. witb Arvs KS2 perfornian
surpassing the national average by 16 percentage points. making us the top performing
primary MAT in England. Across the network. 75 percent of pupils achieved the expected
standard in reading. writing and maths, comparedto 59 percent nationally. This is particularly
impressive as we have one of the highest proport10￿8 of disadvantaged students amon8
national MATS.
In line with the anticipated national trend, we saw a deflation agaiDSt last year's secondary
results. Against this backdrop. the steady increase in our network average for KS4 and KS5
against pre-coirid bencbmark% (2019) is encouraging. There w&% particulary good news on
Progress 8 perf0rrnan￿ with three Ark schools in the top two percent of all schools across the
Country. Ark's students aeTOSS 20 secondaries in tA)ndon, Birmingham. Portsrnouth and
Hastinss, scored an aggregate progress score of +0.15.
There were li Ofsted I￿peCtiO￿￿ acrim the network this year. This means that 86 pereent of
Ark schools now have an inspection grade of Good OT better. with more than one in four in the
Outstanding category.
Futureplans
The coming year ￿11 be the final year of our current strategic plan. The priorities outlined in
this plan
to build excellent schoob within a sustainable network that supports the
development of wider capacity ac[¢￿ the systeTn - remain our guiding focus. Within this
framework. key priorities for 2023124 will be:
Continuing to develop the mechanisnLS that have allowed us to recruit and develop our
teacher workforce.
Fully ernbedding tbe foundational strengths of our reading strategy into every school. -
Building on the work achieved through our extracurricular programme and investment in
rnental health $upport.

Ark Programmes and Ventures
This year has seen some substantial cbanges and developments in the scope of our ventures
activity. As we have grown. many of our ventures and initiatives have been tightly associated
with schools. They either share lessons that we have learned from that frontline experience
and expertise - as in the case of Ark Curriculum Plus or fill gaps that we identify - in the way
that the need for early years support focused on education which led to the ereAtion of Ark
Start.
However. schools are onty part of the story. Over the years. our ventures have ranged far over
the educational landscape - from extra-curricular support and sfEM-focused campaigns to
approaches that explore solutions beyond schools or addre&s challenges in other sectors like
health and social care.
Both school-inspired ventu￿$ and these more wide-ranging projects are eritical to achievins
our Tnission. we continue to grow, we want to ensure that we do not lose foc￿ by taking on
too many projects.
Our approach has always been to incubate great ideas but then allow individual organisations
to flourish independently. Farlier this year. we decided that our incubation activity had
reached a point where it had suffieient scale and demand to suptrt)rtthe currentventures team
to thrive as an independent charity.
This new organisation - Purposeful Ventures - was set-up as an independent charity in
November 2023, Post year end. and will work to solve intractable challenges iu education and
society. l£d by Michael Clark, the long-standing Deputy CEO of Ark. it will focus on creating
a fairer society. where all young peoplethrive. The new organisation will work dosely with Ark
and other partners to help tackle a wider range of challenges facing families, children and
young people- froTn incubating a national network of baby banks to supporting postgraduate
careers in sfEM. Lucy Heller. Ark's CEO is a Trustee of Purposeful Ventures.
Ark will continue to create new initiatives that innovate and learn lessons from our schools to
address the challenges we learn from the frontline. Most immediately this will be with the
development of Ark Curriculum Plus and Ark Start as well as the excitins eornpletion of
Edcity. Further infortnation on these plans is set out below.
Alongside the substantial work to shape the new strategy and support the spin-out of
Purpose￿1 Ventures, it wa5 a busyyear for our ventures. Below is a summary of activity for all
the ventutes supported through the year.
Ark Start
Ark Start was founded to transform early education for disadvantaged children. It provides
high-quality, teaeher-led early education with a focus on working with parents to improve the
home learning environment for pre-school cbildren.
Ark Start is creating a new model of flexible. affordable nursery education and aims to create
an exemplar group of nurseri&8 that will accelerate outcomes for the most disadvantaged
children and transfoTm the fiu]ding of earlyyears so that the pupils who need the most support
attract the most funding.
Achieuements andperfomionce."
Ark Start's two open nurseries are now fully established and full (Ark Start John Archer in
Clapham Junction and Ark Start Oval in East Croydon).
Ark Start developed a growing coalition of partnets advoe2ting for increased funding in
disadvantaged areas.

Ark Start (continued)
Futureplans
In 2023124, Ark Start plans to:
Iaunch the evaluation of Ark Stsrt in partnership with our evaluation partner. SQW.
Open at least two new nurseries.
Build stratesic partnerships to support the longer terni expansion of Ark Start.
Work with a coalition of partners to continue to infiuence early years policy within the DfE
and across the key political parties.
Embed the Ark Start offer for under-twos in advance of expanding to children aged nine
rnonths and upwards.
Given the early success and the need to maximise impact on policy makers. Ark Start is
PIJTsuing plans to expand to eight nurseries to strengthen its proof of concept, with secure
plans in place to open at least two additional nurseries this year.
Ark Curriculum Plus
Ark Curriculum Plus (AC+) was fornied in 2019 following the merger of Mathematics Mastery.
a venture sinee 2012, and English Mastery. a venture sinee 2017. and has since launched new
programmos in Science, History> and Geography.
AC+ partners with schools to achieve subject excellence. etnpowering teachers to ellsure that
every child has the subject knowledge to succeed. Sehools follow a five-step improvement
process, with support from a subjectexpertat each stage. Teacbers are given all the ingredients
they need to ensure every child can aeeess an ambitious curriculum, includins comprehensive
researeh-based curriculurn and assessment resources and integrated CPD. The AC+
curriculum programmes are having the greatest impact in schools with a hish proportion of
inexperienced or non-specialist teachers. helping them reach proficiency as quieldy as
possible. Ark Curriculum Plus continued to grow steadily this year with over ii.ooo teaehers
supported by our prograEnrnes.
Achieuem¢nts andperforniance..
With increasing curriculum resources available free to the seetor from the Government-
funded Oak National Academy and others. AC+ has renewed its original focus on higher
intensity programmes that are shown to enable more significant transforniation in schools.
Prograrnrne numbers are expected to grow more slowly. asAC+ seeks a greater impact for each
student reached> prioritising schools with greatest unmet need. In particular this year we:
Launched a Geography KS3 programme to the ￿der sector for the first time.
We introduced three-year CPD programmes for teaehers and leaders to build subject
excellence p￿)gr￿1vely over time.
We introdcued a currieulum-aligned. ful]ystandardised assessmentsolutionacross maths.
science and geography at KS3 as well as primary maths.
We developed new EDglish KS3 units to provide richer opportunities for creative writing
and choice of texts.
Ark Curriculum Plus (continued)

Futureplons
Ark Curriculum Plus's priorities for 20231¥ are:
To launch the fidl 11-16 scientr offer to the wider sector.
To complete the English primary pilot for years 3-6.
To continue the scale up of the maths primary programme. with support from the
FAucation Endowment Foundation ('EEF) - marAaged DfE accelerator fvnd.
To kick off a two-year EEF evaluation of maths at KS2.
To conclude a three-year EEF randomised control trial of AC+'s English KS3 programme.
To create, maintain. and deliver programmes that have a high impact on pupil progress
and attainment, evidenced by impaet studies aDd data.
For all Ark Schools to benefit from all AC+ programmes, and for Ark Schools teachers and
Principals to feel part of programme developments.
Edueation Partnerships Group
Education Partnerships Group (EPG) was oneofArk's iDternationalven￿res. Since 2015. EPG
has worked in io different countries in sub-saharan Africa and A8ia. In 2022, EPG'S nine
active projects with five governments reached almost five million children and over 220,000
teachers from pre-primary to senior secondary school.
It provided advisory services and delivery suptK>rt to governments in low and rniddle income
countrie5 to help them shape and strengthen their education systerns. Working within io
different eountrTres, EPG'S workbecame increasinglyfocused on providing technical and policy
assistan￿ with consultants embedded within the education ministries of low- and middle-
income countries.
Sadty. following the shock of the pandemic. there were significant challenges in sustaining
EPG'S historic b￿sInesS model. The team WOTkedfor over a year with the support of its funders
and partners to find ereative solutions to sustain the long-temi legacy of their projects. In
October 2023, EPG transferred all its programmes to new proTriders to take forward this
important work
Next stepsfor legacypmjects
South Africa Instructional I£adership Institute
In 2016, EPG launched the Instructional I£adership Institute (ILI). A school leadership
development programme established to provide leaders with the training and skills needed to
run outstanding schools in under-resourced communiti&s. ILI had a success￿1 spin-out in
March 2023 and is now a thriving independent not-for-profit providing a positive impaet
across schools in South Africa: Instructional l£adership Institute.
Sierrn I£one
Since 2019, EPG worked with the Ministry of Basic and Senior Secondary FAlucation on the
Sierra I£one Education Itnprovement Pry)gramme {&SEIP) funded by the UK'S Foreign,
Commonwealth. and Development Office (FCDO). In partnership with FABINC and
Education Development Center (EDC). the programme undertook a systems-level analysis of
education servite delivery. focusing on identifying the disconnects between policy design and
implementation. EPG handed this project back to tbe FCDO who Mryll work with Dew delivery
partners to complete the project.
Education Partnerships Gnwp (continued)

Zambia
Since 2021. EPG worked with the Ministry of Education in 7ambia OD the USAID CATALYZE
EduFinance project. Funded by USAID and UBS Optimus Foundatlon, EPG worked ￿th
partner organisations. the Palladium Group and Protnotillg Equality in African Schoo
IPL4S) to support the Ministry on the review. development. and implementation of education
policy* in areas that are aligned to the Ministy's most itnmediate objectives. The Palladium
Group will eontinue to drive this work fon¥ard.
Cote D'IuoTre
EPG were commissioned in 2017 to conduct r&seareh into how the Ministry of National
Education and Technical Training in Cote d'Ivoire could increase enrolment in pre-primary
education to ensure children are prepared to enter primary school. In 2018 they reviewed the
country's secondary school subsidy scheme. to improve edueation quality through stronger
accountability progrdmrnes. Thanks to the long-tenn filliders of this project. AKO Foundation
and UBS Optirnus Foundation, Catalyica Consulting continue to deliver the secondary
school subsidies pro￿aMMe.
Global.. Non-state Partnershipsproj¢ct
In joint partnership. Global Schools Forum (GSF) and EPG launched a global Non-state
Partnerships project in 2022. With support from the Vitol Foundation, UBS Optirnus
Foundation and the Waterloo Foundation. tbe Project aitned to develop innovative and
sustainable partnerships between governments and the non-state sector to strengthen
edueation systems at scale. The project is developing a toolkit for practitioners and
policymakers to understand the breadth of EX￿1ble partnersELiPS and the tooLs to initiate and
build these partneTships, with the aim of ultimately seeding more s￿illable, innovative and
impacthLI Public-Private Partnerships (PPPS). GSF will take over the management and
delivery ofthe project until completion in April 2024.
Martingale Postgroduate Foundation
Launched in 2022, the Martingale Foundation supports talented students faeing financial
barriers to pursue Masters and PhDs and excel in them.
People from low soeioe(x>nomic baekground8 are fifteen times less likely to pursue a PhD
compared with their privileged peers. With postgraduate degrees increasingly associated with
academic and career advancement, this leaves many talented individuals behind.
Through generous scholarships and access to a community of pioneering leaders, Martingale
enables people from low socioeconomic backgrounds to pursue Masters and PhDs in STEM
subjeets at leading UK research institutio￿￿.
Achievements andperforniance..
Since its launch in 2022. Martinsale welcomed the iDaugura] cohort of 21 Martingale
Scholars onto the prograTnrne in September 2023, Studying Mathematieal Sciences across
five founding universities: Cambridge. Imperial, King's. Oxford and UCL. Bristol.
Edinburgh and Manchester ioined &$ university Partners in 2023, growing our reach out
of the south-east of England.
In auturnn 2023, Martingale also recruited 32 Seholars-in-prineiple who are now working
hard on their postgraduate applications to our eight partner universities, and are due to
commence their Masters this Septernber.

Martingale Postgraduate Foundation (continued)
All of the Scholars-in-principle for the 2024 cohort are from homes with a combined
income of less than £4ok. witb 44 percent coming from homes with a combined income of
le&s than £25L
Futureplons
Martinsale FoundatTron is now looking to expand beyond Mathematical Sciences. with
ambitions to provide funding for postsraduat&s from low socioeconomic backgrounds acro&s
STEM. The team are also reviewing the wider role Martingale ean play within Frf)licy and
research culture for systemic change witbin postgraduate higher education.
From October 2023. Martingale joined the new spin-out Purposeful Ventures and will
eontinued to be inelubated by them.
Sctence Technology Engineering andmaths (STEM) Excellence Porlfolio
This was a priority area identified by the Ark Ventures team and is being carried forward and
expanded by the new Purposeful Ventures organisation. The aim of the portfolio is to support
projects that help to uncover hidden talents and passions, Ternove barriers to progression, and
support all young people to recognise the potential of sfEM-related careers. Too few young
people from under-privileged or under-represented backgrounds excel in Science,
Technology, Engineering and Maths (STEM), meaning they miss out on this p)werful driver
of social mobility.
The STEM Excellence portfolio has a focus on maths as a foundational subject for success in
broader STEM studies. The team is prokiding ongoing financial and strdtegic support to
chariti&% such as Dr Frost IEarning. MFSME and Get Further.
In June 2023, Ark launched the Maths Excellence Fund and in December 2023 the Fund
announeed its first grants of £7.om to support four partners to trial and evaluate programtnes
to improve the maths attainment and progression of high-potential students from
disadvantaged backgrounds. The Venture Builder is also supporting initiatives focused on
some of the most talented young people through a STEM Talent Fund and by organising the
65th International Mathematies Olympiad in July 2024 in Bath, U
MESME
The year Started with Mathematits Education for Social kfobility & Excellenee (MESME)
becoming an independent charity on i September 2022 (Charity No. 1199281) with the
charitable objectives to grow the impact of Maths Circles and similar programmes. As noted
above. they continue to stay closely eonlleeted to Ark through partnership with the new
Purposeful Ventures eharity. As of January 2024, it rebranded to Axiom Maths.
Edcity
Edcity is a £15om not-for-profit project in White City, London. The project is a partnership
between Ark, the I￿ndOn Borough of Hammersmith and Fulharn. and the charity Onside
Youth Zone. Ark has incorporated three Special Purpose Vehielos to oversee tbe construction
and ongoing rnaDagement of the venture: Edcity Office (also a registered charity), Edcity
Development limited and Edcity Management Company Limited. Construction started in
Summer 2021, and the scheme will be completed in two phases. with the first now due for
eompletion by Summer 2024, and the whole scbeme finished by the end of 2025.

Ark
£dCity (continued)
Edcity will bring social and educational benefits to the local community. and will indude:
A rebuilt two-forn) Ark primary academy, which will benefit from modern teaching
environrnents, new outdoor learning spaces. improved IT, and sports and perfortning arts
facilities. Students started attending Ark White City Privnary in October 2023.
A newly redeveloped Harniony Nursery. nearly doubling its current capaeity.
A rebuilt Adult Cornmunity Education Centre, which will offer an extended service to
adults taking their first steps back into education. training, and employment. The centre
will provide training and life-long learning opportunities for lo￿1 ￿Sidents. with the main
aim of supporting people back into employrnent.
A new &ioo.ooosqft office building which will include offiee space for ArK mission-
aligned organisations. and commercial tenants.
132 affordable homes. hvith a mix of social tenures including an allocatlDn for local key
workers like teachers.
An Onside Youth 7K>ne. offering after-school. weekend. and evening activities and
opportunities for people in tbe local community aged between eight and 19, together with
those aged up to 25 With a disability. Facilities and activities will include a climbing wall. a
3G pitch, boxing room. a fully equipped gym. music. art. dance. mentoring, a training
kitchen. a four-court Sports Hall. and a multimedia suite.
A new publie square and a ped￿lan and cyele route. which will halve the time it takes to
walk from the White City Estate to the underground station and other atnenities.
Achievements andperformance..
Building on the site has prosressed rapidly this year-
The school was the first building completed with the 400 Students of Ark White City
Primary moving into their new school building in October 2023.
Delivery of the first homes and the WEsfYouth 7￿ne, the new puryose built Onsideyouth
Zone, is due by Spring 2024.
The office, which will complete in Summer 2024. will provide a new home for Ark. Ark
Sehools, Ark Ventures and the new PurpOSefi￿ Ventures charity alongside other mission
aligned charities as well as commercial tenants.
Futureplans
With the finalisation of the first stage of the build. this year will see Ark, Ark Schools and
partner organisations moving into the o￿lee block iEdCity. This will bring new opportunitie5
to WOTk togetheT and this year will see the development of a programme of content for the
2024125 yeai.
In parallel. the rnarketing campaign is underway to lease out the rest of the building with the
long-term expectation that income generated from the building will support Ark's work

Principal risk8 and uncertainties
Risk management
The major risks to whieb the cbarity is extM)5ed. as identified by the tntstees, have been
reNiewed and systems have been established to manage those risks. Sub-committees of the
Board of Trustees meet resularly and consider the risks that relate to IDdividual programmes
as part of the annual review of b￿sInesS plans. In addition, the Finance and Risk Cornmittee
(FRC) reviews the risk register to monitor and manage risk5 and to report to the Board. The
FRC rneets regularly and at least three times per year. The main risks and mitisatins actions
are deseribed below.
Openitional risks
The principal operational risk relates to a decline in income which. in turn. could limit the
ability of the organisation to fund programmes and to cover central administrative costs. To
lirnit this risk. we develop long terni relationships with a diverse group of donors. including
individuals, tru5t5 and foulldatioTLS, and corwrates. Typically. donated fun¢l8 are restricted to
specific pro8rammo% and can be both annual and multi-year support.
AC+ is continuing to face additional o)mpetitive pressures. including tbe conversion of Oak
National Aeademy into a new national curriculum body. To mitigate the risk of this, a full
Strate￿ review is underway including a rewew of prosramme design.
Financial risks
Ark invests its reserves to achieve the best return consistent with the stability of, and ease of
access to. eapitsl. The main risks arisiThg from tbe charity's pursuit of its objectives and the
polieios agreed by the tr￿tee5 for managing each of th&se risks are summarised below:
The effect of increasing costs. as a result of infiation. especially in staffins. Salary budgets
are reviewed and controlled as part of the annual budget setting process. Any in year
iDcreases in salaries or new positions are subject to strict review and approval processes.
Market price risk. arising over the future value of the charity's In￿tMents. The tharity
engage5 professionals to manage the investTnent portfolios and ensures that they are
suitably diversified and consistent with the trustees. investment strategy.
Market pri￿ risk relating to the eost of materials for the Edcity project. The charity is
limiting this risk having entered into a design and build agreement which transfers most
of the risk to the contractor.
Currency risK arising over the future value of the charity's IDvestments, which are partly
US denominated. The FRCconsiders the portfolio of foreign curreneyassets and liabilitie5
as a whole and has adopted a policy whereby forward currency contracts cover the
majority of any net imbalanee. The risk may be further managed by holding a rnaxirnum
amount of 6-12 months. budgeted expenditure iu the relevant currency of overseas
operating programrnes.
Credit risk. reP￿Senting the tK)tential financia) loss that the charity might suffer thTough
its supporters failingto honourthe financial pledges that theyhave made to it. The charity
manages this risk by regularly monitoring outstanding pledges. especially the small
number of high value pledg&8 that derive generally frotn supporters who are well kno￿￿1
to the charity and the t￿￿ees. Furthermore. pldses are not recognised as income in the
accounts of the charity until cash is received.
Iiquidity risK representing the ability of the charity to meet its liabilities as and when
they fall due. The charity continues to direct considerable effort to improving cash flow
management and forecasts. The cash and investments assets have an adequate level of
liquidity to meet the chariws financial liabiliti&s as they fall due.

Ark
Prineipal risks and uneertainties (continued)
Fin(mcial risks (continued)
Supplier fraud, especially due to the increased sophistication of attempts, eontinues to
concern the trustees. Multi-factor authentication has been impletnented to ￿rther protect
the organisation, with strict new supplier checks imposed.
Financial instrument risks
Ark invests the majority of liquid ￿ndS in a portfolio that is mostly comprised of hedge fund
investments. The majority of these investments are denominated in US Dollars and hence
there is both a currency risk and a market risk on the performance of these investments. The
risk is limited through diversification of the portfolio across investment strategies and across
investment funds. The investvnent objective is to outperform eash without signifieantly
increasing risk and historically this portfolio has proved to be sisnificantly le&s volatile than
global equity markets. with EK)sitive returns in each of the last io calendar years. Currency risk
is managed by monitoring the net imbalance of foreign currency assets and liabilities and the
Board has approved the use of forward foreign currency contracts to limit currency gains and
losses where the imbalanee is regarded as excessive. The forward contracts in place effectively
offset rnost of the foreign currency risk
Low and regulation risks
There are currently no significant legal or regulatory non-compliance risks perceived by the
charity and its subsidiaries.
Financial review
Ark recorded a net surplus of £9.3rn fi)r tbe year, largely due to funding received ill advan
for both the Edcity project and for the sfEM Excellen￿ Programme as reported in the
consolidated Statement of Financi￿ Activitios (SOFA), Compared to a £2.4m surplus in the
previo￿8 year. As a result, group reserves encreased to £44.3m at 31 Auwt 2023 (2021/22 -
£35.om).
Ark's consolidated income ID the yearto 31AUg￿￿t 2023 totalled £60.3m (2021122- £24.4m).
The cost of raising funds. at É0.8m. w&$ verysimilar to the previous years (2021122- £0.9m).
The cost of rdising funds ineludes a proportion of the cost of the Development Team incurred
by the charity based utM)n the percentage of staff time spent on ￿ndraISIng.
Group expenditure during the yearwas £28.6m higher than previous year at £52.8m (2021122
£4.2m). The largest component of this was direct cbaTitable expenditure on grants and
project operdting costs. representins 98% (2021/22 - 96%) of total expenditure excluding
reserves transfers and discontinud activites.
Expenditure by the cbaritydiffers from the group in that where a srant is made to a subsidiary
company. the total amount committed is shown as expenditure (on grants and Project
operating costs) for the charity. whereas for the group* the value offim(Is actually spent by the
subsidiary is shown. as ail intergroup transactions are eliminated. The charity makes grants
to subsidiary companies and programmes to support their charitable activities. The aims and
objectives of the progranun&s supported by the charity are consistent with its own and so
support of these programmes contributes to the aehivement of the charitys own aims and
objectives.
During the period, expenditure at the charity level on grants and project operating costs was
£27.9rn (2021122- £10.6m). This includ&s support costs of £2.6m (2021122 - £2.om).
io

Core Fund income and expenditure
2023
£'ooo
2022
£'ooo
2.063
Contributions arranged by trustees and patrons
Bank interest
Investment fee rebates
Return on investments
Other income
Total income raised for o)re costs
l*ss: Expenditure on eore costs
(Deficit) Surplus on core funds for the year
Transfer to restricted fund
Balance at i September
Balanee at 31 August
22
186
1.619
321
1,963
1.853
(3,386)
(1,533)
(620)
4,082
1,929
4.378
(2,782)
1,596
2.486
The Core Fund is a desisnated fund within the unrestricted fund of the charity and group
balance sheets. The incorne and expenditure in this fmnd is included in the unrestricted section
of the eharity and group SoFAs and is further suprK)rted by Note 4 to the accounts. It has been
established by trustees to meet the central. or eore. administrative costs of the charity.
Trustees are major supporters of the eharity and make donations to support the core Costs.
£22k was donated in the year for this purpose (2021122- £2.Im). The trustees are confident
that these fimds, together with investment income andArk's other sources of eore income, will
be more than sufficient to eover core cost expenditure in the period ahead.
This undertaking is eentral toArk's operating pbilosophyas it gives other donors the assurance
that loo% of every donation to programme funds ean go directly to specific programmes. As
the above table shows. at 31 August 2023. a reserve of £1.9m (2021122 - £4.Im) has been
established to cover core eosts.
Investment fee rebates. included wdthin core income. arise from fimds that rebate their fees as
a donation to Ark. Where capital is invested in a fund controlled by trustees of ArL loo% of
fees are donated in this way.
Ark also maintains a general programrne fund for fiujding specific projects as approved by the
Trustees. At 31 August 2023, a balance of £nil was held in this fund (2021122 - £79k). as a
number of projects were pending Trustee approval and funding.
Balance Sheet
The typical life cycle of non-UK programmes is 3 to 5 years and Ark may Unde￿Ite part or
all of the cost and set aside reserves at the outset. In the group balance sheet. these programme
committnents are shown as grant Creditors. UK-based prograrntnes typically have a longer life
and Ark ￿ndIng is often focused in the early years of incubation and development. For these
programmes, grants are awarded mainly on an annual basis and therefore there is little or no
grant ereditor relating to future period funding. The total value of grant creditors in the group
balance sheet at 31 August 2023 was £2.4rn (2021122- £3.Otn).
In addition to the core costs fund, the group also holds an additional amount of £424m'
(2021122 - £30.9m): £5.Im as endowment fiu)ds 1202II22 - £6.Im) held for the benefit of
individual acadeTnies within Ark Sch(K)Is, £37.3m as restricted fun(Ls (2021122- £24.8m) and
£nil as unrestricted funds held in its General Programme Fund (2021122 - £o.Im).
li

Balanee Sheet (continued)
This funding model is considered by the trustees to be reasonably prudent and results in a
significant balance of cash and investments due to the receipt of fi￿aS in advance of
application in programrnes. Due to fimding for programmes received in the year, the total of
cash and investments in the group balanee sheet is £2m higher than the prior year at £55.6m
(2021122- £53.6m).
The FRC Overs￿ the charity's cash management. During the year, the charity's main bank
accounts were held with Lloy(Ls Bankins Group. At 31 August 2023. 100% of the cbaritys cash
was invested in the Uoyds accounts (2021122 - 100%). The profile of the charity's cash
holdings is dependent on the working Capital needs of Ark's programmes.
At 31 August 2023, the non-cash investments held bythecharity represented 48% of total cash
and invested funds (2021122
56%) and the FRC has approved this as reasonable. The
objeetive forArk's investments is to outperfonn cash without significantly incTeasing risk The
investment portfolio managed by Aurum includes a range of inv&stment strategies aiming to
ensure an absolute return on investment that is notcorrelated to the UKequity market. Having
taken independent advice oll tbis investment strategy. the trust￿ believe this is an
appropriate inv&stment of the charitys funds.
The t￿￿te&S consider that the investtnents, which are largely US dollar denominateds provide
a foreign curreDCy match for programme grant liabilities denominated in foreign currency. In
the event that foreign eurrency assets and liabilities do not match, a eurrency hedge contract
is in place to larsely mitigate currency risk.
Funds and Reserves
Total reserves at the year end atnounted to £44.3m (2021122 - £35.om) for the group and
£3.om (2021122
£4.7m) for the charity. Ark's policy on reserves is to maintain an
unrestricted ￿lld (General Prosramme Fund and Core Costs Fund) at a level that ensures Ark
is able to meet its financial comrnitments and obligations as they fall due. fund unexpected
expenditure when unplanned events or programmes oceur, and safeguard the eharity from
uncertainty over ￿tUre incorne. The appropriate level of reseryes is set at an amount suffi¢ient
to cover unfunded expenditure from unrestricted funds for a rninimutn period of six tnonths
in the event of a significant fall in income. The value of six months. core (unrestricted)
operating expenditure approximates to £1.7m with the year-end unrostricted reserves
standing at £1.9m.
Costs are closely monitored to ensure that unr&%tricted reservo8 remain sufficient to meet
financial cornmitments and obligations.
Restricted funds
ATk achieve5 its charitable objeetives through direct implementation of projects by its own
charitable subsidiaries and by way of grants to partner organisations. At the launch of a new
prograrnme, Ark may underwrite a portion of the cost with a transfer of unrestricted funds
from the General Programme Fund to the relevant restricted fund. This allows the Project to
be launched with ￿nding in place for the initial grant period. without the time delay of having
to raise specifie fijnds up front and without the risk of having to scale baek the PTogramme due
to lack of resources.
Note 14 shows how these reserves are split aeross Ark's various progrdmmes.
Unrestricted funds- General Programme Fund
A significant proportion of the funds raised by Ark must be ￿Sed to fund charitable projeets
(i.e. they cannot be used to cover the organisation's core Costs). Where income is not
committed to a specific project at the point of receipt, it is credited to Ark's General
Programme Fund and stays tbere until such time as it is committed to a specific project.
12

Unrestrieted funds- Core Costs Fund
The trustees ensure that the central administrative costs of the charity are met through funds
set aside specifically for that purpose. In the balance sheet. these fiuyds are shown under
unrestricted ￿ndS - core costs. The balance held on this ￿nd is broadly equivalent to six
months. expenditure on core costs at 2022123 levels (2021122 - 17 months).
Investment PolACy
The Ark charity had a portfolio of iDvestments with a market value as at ￿ August 2023 of
£20.8m (2021122 - £23.4m). Ark invests in order to further the cbarity's charitable aims,
taking into consideration the environmental, social, aud governance aspects of the
investments in line with our values. There are no restrictions on the Chari￿s power to invest.
The investment strategy is set by the trustees and takes into account income requirernents.
with the risk profile andthe investment rnanager'sviewof the market prospeets in the medium
terni. The overall investment policy is to outperforni cash Mthout signifieantly increasing risk
Grant-making Policy
The trust￿ apply the funds of Ark at their discretion and in accordan(% ￿t￿ the charitable
purposes and objectives of the charity. Grants are made to prograTnTnes mostly operated
within the Ark family of organisations. Grants are awarded basedon thestrategic and financial
requirements of each programme. Requ&sts are reviewed by the Board and are subject to
regular reviews of performance against the grant. Expenditure on grant-makins is recognised
annually in the Consolidated Statement of Financial Activities.
Statement of public benefit
TTh￿ees have paid due regard to the Charity Commission's public benefrt guidance and are
satisfied that the charity eompli&s with Section 4 of the Charities Act 2011. The sections at the
beginning of this trustees. report dealing with objectives and aehievevnents explain in detail
the activities of the charity and the sections of the international community that benefit from
Ark's work. The charity does not rety to any significant extent on the services of volunteers,
with the eX￿ptiOll of the corAtribution of time and skills from the trust￿ and a small number
of patrons and advisors.
Approach to fundraising
Ark fundraises from a defined list of individuals. companies. and eharitable t￿￿ and
foundations. Ark does not conduct ma&% mailing or telephone carnpaign fundraising and has
no plans to start this kind of ￿ndraISing aetivity. Ark's network of schools conduct their own
fundraising and may use fundraising plarf0rn￿ to promote specific school campaigns.
including J￿$t Gi%ing. Ark bas a small team of professional fiu]draisers and support staff. The
eharity does not out-source fundraising activities. Donor data is handled with eare
information is held on a secure database and files managed by Ark. Ark is a paid member of
the Fundraising Regulator and we comply with advice and guidance set by the b)dy. The
charity has not received aDy fundraising complaints.
Trustees. a$$essment of golng concern status
The trustees have considered the risk% faeing the charity. the forecast of cash flows, and the
level of reserves and are satisfied that Ark will be able to meet all financial obligations as they
fall due over the next 12 tnonths following approval of tbe accounts and therefore conclude
that the charity is a going concern.

Ark
Covernanee
Governing document
Ark is a company lirnited by guarantee governed by its Memorandum aDd Artieles of
Association dated 12 November 2002, and is registered as a charity with the Charity
Commission.
Organisation
The Board of Trustees. which have up to 12 metniws. oversees the charity. The Board
meets at least two times a year. There 15 also a programme board to oversee each venture, and
a Finance and Risk Committee (FRC). The committee reports to the Board and make
recommendations in their areas of responsibility. Tn]stee Vdcancies are advertised and
prospective candidates will meet with rnembers of the Ark Management Team and the Chair
of the Board of Trustees as part of the appointment process. New trustees underso an
induction programrne that includes meetingthe Exeeutive Team andbriefing ontheir role and
responsibilities. and meetings with existing trustees and our advisors.
Executive DirectOTS are appointed by the tr￿SteeS to oversee the day to day operations of the
charity. The Exeeutive Directors bave delegated authority for operational matters including
finance and emplo￿￿ent.
Remuneration statement
Pay and benefits for the Chief Exeeutive Officer ICEO) are determined by the Chair of the
Board in consultation with other Board members and the Ad￿SOrtothe Board. When deciding
pay and benefits for the rest of the organisation, including the E¥ecutive team (except the
CEO), salary survey inforrnation and other relevant data is used as a benchmark to compare
against similar Organisations in the voluntary seetor.
Ark's key management salari&s are set on appointment and reviewed annually in accordance
with pay review procedures. The CEO of Ark approves all salaries on appointment and any
base salary in excess of £75,000 per annum is aLso approved by Ark's Advisor to the Board,
who is an employee of the charity and has delegated authority from the Ark Board.
Relatedparties
The charity has established a number of companies to implement its programmes.
Subsidiaries are listed in Note 18.
Ark Schools is a multi-academy tn￿ that is responsible for the schoob that Ark runs in the
UK. Ark is sole member of Ark Sehools. Ark Schools is registered in England and Wales as a
company limited by guarantee (company number 05112090) and an exempt charity. It has the
same Tegistered address as Ark. Ark Schoo]s receives the majority of its incorne from the UK
Government and, due to the requirement for ultitnate government control of these funds, does
not form part of the sroup in these accounts.
Ark UK Programmes is responsible for Ark's work in UK education beyond Ark Schools. Ark
UK Programmes is registered in England and Wales as a company limited by guarantee
(company number 05932797: charity number 1137932). It is wbolly owned by Ark and
consolidated in these accounts. It has the same registered address as Ark.
The Edcity PD)ject is being delivered out of three s￿la1 Purpose Vehicles (SPVS):
FAICity Office. incorporated i October 2018. is a registered charity and company limited
by guarantee {eharity number 1184547" company number 11596797). It is responsible for
re¢eiving and disbursing project funds. oversight and commissioning of marketingtr
leasing and fit out aetivity to Edcity Development Litnited. and running an offiee once
construction is eomplet
14

Ark
Governance (continued)
Relatedparlies (continued)
Edcity Development Limited. incorwrated io August 2018. is a company limited by
guarantee (company number 11511870). It is responsible for construction delivery and
implementing marketing. leasing activity and fit out commissioned by Edcity Offiee and
the other development partners.
Edcity ManageTnent Company Limited, ineorporated 21 August 2018, is a company
limited by guarantee {eompany number 11528726). It is responsible for the Estate
Managementof Edcityonbehalf of theowneTS andtenants including managing the public
realm and energy centre.
AII FACity SPVS are wholly owned subsidiaries of Ark and are consolidated in these accounts.
They are all registered in England and Wales at the same address as Ark
Ark (South Africa) Limited, an association incorporated in South Africa under section 21
(registration number 20041003952/10) and registered in England and Wales as a charitable
company limited by guardntee (company number 04957091. charity nuTnber 1108175), runs
the charity's prograrnmes in Sub-saharan Africa and is part of these Group accounts. Its
registered address is 4th Floor. Sunclare Building. 21 Dreyer Street. Claremont. Capetown,
7708.
Ark is also affiliated to Absolute Return for Kids US. Inc. (Ark US), a US philanthropic
organisation which shar&s Ark's mission, and which supports the work of the charity through
grants. This entity is therefore not included as part of the group accounts.
15

Ark
Statement of Trustees, Responsibilities
The trustees (who are also the directors of Absolute Return for Kid8 (Ark) for the purposes of
company law) are responsible for preparing the trustees. report and financial statements in
accordance with applicable law and United Kingdom Accountins Standards (United Kingdom
Generally Accepted Accounting Praetice).
Cornpany law requires the tn￿eeS to prepare financial statements for each financial year
which give a true and fair view of the state of affairs of the group and the charitable company
and of the income or expenditure of the group for that perio& In preparing tbose financial
statements the trustees are required to:
select suitable aecounting policies and then apply them Co￿sIStentlY*
observe the methods and principles in Accounting and Reporting by Charities: statement
of receommended practice appliable to charities preparing their accounts in accordance
with the Finan¢ial Reporting Standard appliable in the UK and Republic of Ireland (FRS
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed. subject to any
material departure disclosed and explained in the financial statements. and
prepare the financial staternents on the going concern basis unle&8 it is inappropriate to
presume that the charitable (ompany and sroup will continue in operation.
The tn]stees are responsible for keeping Proper accounting record8 and disclosing with
reasonable accuracy at any time the financial position of the group and charitable company
and enable them to ensurethat the financial statements cornplywith the Companio% Act 2006.
They are also responsiblefor safeguarding the a&sets of the group and ebaritable company and
hence for taking reasonable steps for the prevention and detection of fraud and other
irregularities.
Eaeh of the trustees ¢onfirms that:
so far as the tr￿stee is aware there is no relevant audit inforniation of which the charitable
compan￿5 auditors are unaware.
the trustee ha5 taken all the Steps required of trustees to make thernselves aware of any
relevant audit infonnatioD and establish that the charitys auditors are aware of that
information.
The eonfirmation is given and should be interpreted in accordance with the provision of 418
of the Companies Act 2006. The trustees are responsible for the maintenance and integrity of
information included on the charitable company's website. 14islation in the United Kingdom
governing the preparation and dissemination of financial statement rnay differ from
legislation in other jurisdictions.
This report was Approved by the Board of Tn￿teeS and signed on its behalf by:
Ian Waee
Trustee
Approved by the Board on: li March 2024
16

Ark
Independent auditor's report
to the members of Absolute Return for Kids (Ark)
Opinion
We have audited the financial statements of Absolute Return for Kids (Ark) (the 'eharitable
parent company,) and its subsidiaries (the'group,) for the year ended 31 Auyt 2023 which
comprise the group and charitable parent company statement of financial activities. the group
and charitable parent company balance sheets and consolidated statement of casb flows, the
principal accounting polieies and the notesto the financial statements. The financial reporting
framework that has been applied in their preparation is applicable law and United Kingdorn
Accounting Standar&s, including Financial Rep)rting Standard 102 kne Finaneial 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 group's and of the eharitable parent company's
affairs as at 31 August 2023 and of tbe group's income and expenditure for the year then
have been properly prepared in accordan￿ with United Kingdom Generally Accepted
Accounting Practice. and
have been prepared in accordance with the requirements of the Qfympanies Act 2006.
Basis for opinion
We condueted our audit in accordance witb International Standards on Auditing (UK) (ISA8
(UK)) and applicable law. Our responsibilitie5 under those standards are ￿rther described in
the auditor's responsibilities for the audit of the financial statements section of our report. We
are independent of the group in accordance with the ethical requirements that are relevant to
our audit of the financial statements in the UK including the FRC'S Ethical Standard. and we
have fulfilled our other ethieal r&sponsibilities in accordance with these requirements. We
believe that the audit eviden￿ we have obtained is sufficient and appropriate to pro￿de
basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements. we have eoncluded that the truste￿, use of the going
Concern basis of accounting in the PTepaTation of the financial statements is appropriate.
Based on the work we have perfonned, we have not identified any material uneertainties
relating to events or conditions that. indi￿duallY or collectively. may cast significant doubt on
the group and charitable parent cornpany'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 r&sponsibilities and the responsibilities of the trustees with respeci to going concern are
described in the relevant sections of this report.
Other inforniation
The trustees are responsible for the other information. The other information comprises the
information ineluded in the annual report. other than the financial statements and our
auditor's report thereon. Our opinion on the financial statements does not Cover the other
information and. except to tbe extent otherwise explicitly stated in our report, we do not
express any forn) of assuraDce conclusion thereon.

Ark
Other information (continued)
In connection with our audit of the fiDancial statements. our responsibility is to read the other
information and, in doing so, consider whether the other information is rnaterially
inconsistent with the financial statements or our knowledge obtained in the audit or otherMse
appears to be materially misstated. If we identify such material inconsisteneies or apparent
material misstatement5. we are required to determine whether there is a material
misstatement in the financial statements or a material tnisstatevnent of the other infortnation.
If, based on the work we have performed. we conclude that there is a material misstatement
of this other inforniation, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion. based on the work undertaken in the course of the audit:
• the inforniation given in the trustees. report, whieb is also the direetors, report for the
purposes of eompany law and includes the strategic report. for tbe financial year for which
the financial statements are prepared is consistent with the financial staternents: and
• thetrustees. report, which is also the directors'reportforthe purposes of eompanylawand
includes the stratesic report. has been prepared in accondance with applicable legal
requirements.
Matters on which w¢ are required to report by exception
In the ligbt of the knowledge and understanding of the group and the charitable parent
eompany and its environment obtained in the course of the audit, we have not identified
material misstatements in the trustees. report including the strategic report.
We have nothing to TeEK)rt in respect of the following matters in relation to which the
Companies Act 2006 requires us to report to you if. in our opinion:
• adequate aeeounting recortis have not bttn kept by the charitable parent company. or
returns adequate for our audit have not been received frorn brallthes not I￿51ted by us" or
• the charitable parent company financial statements are not in agreernent 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 inforn]ation and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the tn￿t￿. rnsponsibilities statement. tbe trustees {who are a]so
the directOTS of the charitable company for the purposes of company law) are responsible for
the preparation of the finaneial statements aDd forbeing satisfied that they give a true and fair
view, and for such internal control as the trustees detennine is necessary to enable the
preparation of financial state￿ents that are free fry)m material rnisstatement, whether due to
fraud or error.
In preparing the financial statements, the tntstees are respo￿81ble for a￿eSsing the group's
and the charitable parent company's ability to continue as a going coneern. disclosins. as
applicable, matters related to going concern and using the going Contrrn basis of accounting
unless the trustees either intend to liquidate the group or the charitable parent company or to
cease operations. or have no realistic alternative but to do so.
18

Ark
Auditor's responsibiliti￿ for the audit of the financial statements
Our objectives are to obtain reasonable a&surance about whether the financial statements as a
whole are free from material mi&statement. whether due to fraud or error, and to i&sue an
auditor's report that includes OUT opifAion. Reasonable a&8urance is a high level of assuranee,
but És not a guarantee that an audit CODducted in accordanee with ISA% (UK) will always detect
a material rnisstatement when it exists. Mi5Statements 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 ￿ser$ taken on the basis of these financial statements.
Irregularities, including fraud, are iDStances of non-compliance with laws and regulations. We
design procedures in line with our r&8ponsibilities. outlined above. to detect material
mi&statements in respect of irTegularities. including fraud. The extent to which our procedu￿5
are eapable of detecting irregularities, induding fraud is detailed below.
Our approach to identifying and asS￿81n8 the risks of material misstatement in respect of
irregularities. including fraud and non-compliance with laws and regulations. was as follows:
• the en8asement partner ensured that the engagement team Collectively bad the
appropriate competence. capabilities and skills to identify or reeognise non-eompliance
with applleable laws and regulations"
• we identified the laws and regulations applicable to the charitable company and group
througb discussions with trustees and other management. and frorn our knowledge and
experience of the sector.
• we focused on specific laws and regulations which we eonsidered may have a direct
material effeet on the financial statements or the operations of the charitable company.
includins the Charities Act 2011. Companies Act 2006. data PTOtection legislation. anti-
bribery. employment, health and safety legislation. and. in resFect of the Edcity projects.
the CIS scheme in relation to taxation-
• we assessed the extent of compliance with the laws and regulations identified above
through making enquiries of management and inspeeting legal correspondence. and
• identified laws and regulations were communicated within the audit team regularly and
the tearn remained alert to instances of non-cotnplianee throughout the audit.
We assessed the susceptibility of the charitable company's financial statements to material
misstatement. includins obtaining an understanding of how fraud rnight 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
Itb laws and regulations.
To addr￿ the risk of fraud through management bias and override of controls, we:
• performed analytical procedures to identify any Un￿sUal or unexpected relatiODships'
• tested journal entries to identify unusual transactions.
assossed whether judgements and assumptiotts made in determinins the accounting
estimates were indicative of potential bias. and
• ￿sed data analytics to investigate the Tationale behind any significant or unusual
transactions.
19

Ark
Auditorfs responsibilities for the audAt of the financial statements (continued)
In response to the risk of irregulariti&s and non-compliance with laws and rewlations.
we designed procedures which included. but were not limited to:
• agreeins financial statement disclosures to underlyins SUPEK)rting documentatlOD'
• reviewing the minutes of meetings of those charged with governance:
• enquiring of management as to actual and potential litigation and claims. and
• reviewing any available cOrres￿ndence tbe cbaritable company's legal advisors.
There are inherent lirnitations in our audit procedures described above. The more
removed that laws and regulations are from finaneial transactions, tbe l&ss likely it is that
we would become aware of non-compliance. Audtting standards also limit the audit
procedures required to identify non-complian￿ with laws and regulations to enquiry of
the trustees 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 concealrnent 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
ww.frc.org.uk/
auditorsresponsibilities. This description forn]s part of our auditor's 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 tnight state to the eharitable company's rneTnbers those matters we are required
to state to them in an auditor's report and for no other purpose. To the fullest extent
permitted by law. we do not accept or assume r￿pOnsibl11ty to anyone other than the
charitable company and the charitable company's members as a body. for our audit work.
for this report. or for the opinions we have fornied.
Katharine Patel (Senior Statutory Auditor)
for and on behalf of Buzzacott LLP, Statutory Auditor
130 WIK)d Street
tnndon
EC2V 6DL
21 May 2024
20

Ark
Consolidated Statement of Financial Activities (including
income and expenditure account)
For the year ended 31 August 2023
Yearended
YeareRded
31-Aug e2
Tottsl
-Aug.?3
Total
Unrestrlcted
Notes
Irtts)Tr￿t)Rdehdo1u￿e￿tsfrOm.'
Dollatio￿5 aod WiE5
DollatiODS
22.976
3.296
2.897
199
22.998
3tr296
2,897
408
30.717
IOAs6
293
2J65
616
cbarit1ble￿iVi1itS
209
30.714
9.644
23.374
1,014
24.388
CoDlilluiDgtwetatioDS
Dis(x7tttithud opttatYJfLS
60.082
60*316
2&22
Torol
234
60.082
60.316
on..
791
848
885
antableactl￿tLt8
Supporttopwy*mA
GDDts fmm thdowmeots
4&5
2S95
47,908
50.503
950
496
22.234
950
TraDrfers to MESME
496
48*404
CoutUllllDgoperatious
3a86
1,007
52,797
23.119
DiscMtillud ￿p￿tK)rLs
Totol
4&22
1.031
3,386
48,404
A.007
52.797
24,159
NttiucoThe(expEodilure)bdoTe
illsorl I￿*Y￿￿￿e0tAttdlo5SeS0
forei8llexebattg¢
Cy52)
11,678
{I.007)
7.519
238
Netsaiw on iDVUtmeDts
IT￿Se5)Sa￿lson fore4p¢llrrw
traDsactiODS
6&9
1,651
1?7n
1.755
(23)
9,273
427
￿et(e￿AdIt￿)1r￿
(1.533)
IlJrJs
{929)
2.420
FknndtroNJers
(699)
NetM¢￿￿tNtI￿fvnd$
(2.232)
12.434
(929)
9.2TJ
2.420
Re&>naliatti)nrffvJ
Tt)ial fiLfLds brnugbifon¥atd
4.161
24.819
6.055
35,035
32,615
Total tuud5 for￿rd
1,929
37,253
5,126
44?308
35.035
The notes on pages 28 to 52 forn) an integral part of these financial statements.
There are no reeognised gains and lo&ses other than those shown above.
21

Ark
Consolidated Statement of Financlal ACti￿tieS (including
income and expenditure account) (continued)
For the year ended 31 August 2023
Continuing Dlseontinued
operations
operations Year ended
2023
2023
2023
£'ooo
£'ooo
£'ooo
Continuing Di$￿￿tIn￿ed
0￿ratiOnS
operations Year end
2022
2022
2022
£'ooo
E'ooo
Total income
Total expenditute
Net Income
{¢￿enditUre) for
the year
60,316
ts1.790)
60.316
(51,790)
23374
{23.oF/)
1.014
(k,031)
24,388
(24.088)
8&26
81526
317
{17)
300
The income and expenditure account above exclud&s the movement on the endowtnents
fund. It is stated before losses/gains on investments and transfers.
The summary income and expenditure account is derived from the stateTnent of financial
activities on page 21 which, together with the notes to the financial statements on pago$ 28 to
52, proTrides full information on the movements during the year OD all the funds of the
charity.
Total ineome of £60.316k (2021/22 - £24,388k) comprises £234k (2021122- £2,958k) in
relation to unrestrirted funds and £60.082k (2021122- £21.43ok) in relation to restricted
funds. A detailed analysis of income and expenditure by source is provided in the statement
of financial activities and the notes to the f￿anCIal statements.
Net income for the year of £8.526k (2021122- net income of £3ook) compriw net
expenditure of £3.152k (2021122 - £176k net ineome) in relation to unrestricted fun(Ls and
net income of £11.678k (2021122- £124k net income) in relation to restricted funds. as
shown in the statement of financial activities.
22

Ark
Charity Statement of Financial Activities (including
income and expenditure account)
For the year ended 31 August 2023
YeaT¢nded
3A-Au9-23
Tofol
31-Aitg-22
rorol
£000
Ineo*nefrom."
D(mations a￿llegael
DonatioDS
21.833
1O5S
96
Donate￿5e￿I
Charitablearti%ities
Iwe*ment ineome
293
209
321
continuing0￿r*tiollS
Dwlltinuedorerations
Total
25129
25a63
10.553
2&t
109
It>,662
234
251129
25a63
Rai5LngfuDds
Cbarirableactivities
823
10,558
4&5
IS95
3a86
25,295
27.890
28.681
ConiiDuingoperaiions
Discontinueit operati
Tot(Il
*S,295
4&22
109
3¥386
Z5p29S
28.681
IIA90
Net l£YtendibJTel bdore8ainson
inve51rnentarw] kBses on fortysn
exchaDge
Netgainsoj) Investyiients
(3.￿)
11661
(3ai8}
1.651
{828)
1.536
trntjsactions
(32)
(ZJ)
(1.690)
425
(I
(157)
1,133
Fund tronsfo
14
Ifty91
14232)
11.6w)
t,133
Total fullds brwght forward
161
512
6n
3&40
Total ￿ndS ¢4nied forwvd
1.9*9
1,054
2.983
4,673
The notes on pages 28 to $2 forni an integral part of these financial statements.
There are no recognise"d gains and losses other than tbose showii above.
23

Ark
Consolidated Balance Sheet
As at 31 Augiist 2023
Company numFKt 04589451
2023
£'ooo
2022
£'ooo
Notes
F￿ed0$sets
Tangible assets
Investment property
lthvestments
36,303
642
26,215
63.160
Ila74
656
29.7S3
41.783
cUrrenta￿tS
Debtors
io
23.031
15,079
23,891
38.970
Cash at bankand in hand
29.393
52.424
LiobiliriÈS
Creditors.. amounts falling due within oneyear
Nerturrentossets
12
(35*991)
16.433
136.641)
2.329
Creilitors.. amounts talling due after 0￿year
Total Retossets
12
(35,285)
44,308
(9.0771
35.035
TotalFundsofthe Group
Endowment thjnds
Restricted inLvme ￿ndS
S*126
37.253
6.055
24,819
Unrestricled funds:
General Progrdnjme Fu￿1
Coreco&s fund
79
A.929
4,082
TottslGroupfynds
44,308
35.0
The notes on pages 28 to 52 form an integral part of these financial statements.
Approved by the Board of Trustees and sisned on its behalf by
lan Wa
Tn￿tee
Date:
11 Mareh 2024
24

Ark
Charity Balance Sheet
As at 31 August 2023
Company numbero4589451
2023
£'ooo
2022
2,000
2qotes
Fixed assets
Investments
*1.022
23.711
jan receivable
io
1,000
22.022
23.711
Current assets
Debtors
io
4.633
8.950
989
Cash at bank and in hand
Iaabililies
Creditor5.' amounts fallingduewithin oneyear
Net eurrent Mabt]itie$
J2
(31,542)
(¥.920)
(24.932)
Iw.993)
Cr¥litor5: amounts (alling due afteroneyear
Total net assets
12
(4,A19)
2.983
(4045)
4.673
Total Fwids of the Ch*rity
Restricted income fvtlds
Unre5trieied fijtth..
1,054
512
General Prograrnme Fund
cO￿¢0$ts
79
4,082
1.929
Total eharity futLd5
2,983
4,673
The notes on pages 28 to 52 forrn an integral part of these financial statements.
Approved by the Board of TnISte￿ and signed on its behalf by
Ian Wace
Trustee
11 March 2024
25

Ark
Consolidated Statement of Cash Flows
For the year ended 31 August 2023
Year ended
3A-Aug-23
Totsl
£'ooo
Year e[￿ed
31-Au8 22
Totsl
£'ooo
Notes
Net tash (tt8ed in) ptovided by operating aelivitits
20
{1.214)
4.339
Cash flows from financAns activitiu:
New Borroknings
Net ca$h (wed in) PrO￿ded by fin*n¢ing atli%qties
26,u9
26*149
5.000
5,000
Cash flows from Investingaclivities
Dividertd$, itxteffst and rent from inv¢sthJefftts
Purchase of property. plant, and equipment
Pr(￿eedS from sale of In￿tInents
408
(24,929)
7.568
(950)
(1?7OA)
(x9.604)
616
(8,420)
8585
Trdosferof endowments fvt)ds
Purchase of iThv£%tments
(2,183)
(1,402)
Nel cash (used in) investment acti￿tieS
Chats8e in tash and eash equivalents due to
exchange rate movements
X7
¢h4nge in c￿￿ and ¢ash ¢quivalents
5.348
8.268
Reeonelliation of net fun
Year ended
YeareTrJed
31.Aug-23
Totsl
31-Aug-22
Total
£'ooo
£'ooo
Cash and cash wuivalentsat i Septemttr
Change in cash and cash equivalents
Cash and cash eqwva]ents at 3iAugust
24*238
5,348
29.586
15.970
8,268
24,238
Reco￿lI1ati0n of netfun(Ls
Yearended
YeareThJed
31-Aug-23
Total
31-Aug-22
Total
£'ooo
É'ooo
Cash atbankand in hand
29?393
23,891
347
24.238
Cash held by inyeslment manage[5
Cash and eqwvalents at 31 August
193
29.586
26

Consolidated Statement of Cash Flows (continued) Ark
ear
Analysts olehan9ts in netdebt
Other
At3X
August
2023
£'ooo
Septemttt
2022
E'ooo
Cash
non-cash
d)ang¢s
É'ooo
£'ooo
Cash at bankand in hand
C&sh held by investment managers
iA)ans
23￿91
347
18500)
15,738
5002
29,393
193
{34,649)
(5.063)
(26.1491
{20.801)
Financelease obligations
Total
{32)
15.706
(17)
(5,080)
(20.7861
The notes on pages 28 to 52 form an integd part of these financial statements.
27

Ark
Notes to the Accounts
For the year ended 31 August 2023
A. Aceounting policies
Basis of preparation
These financial statements have been prepared for the year to 31 August 2023.
The financial statements have been prepared under the historical cost convention with items
reeognised at cost or transactioll value unle&5 Otherwise stated in the relevant accounting
policies below or the notes to these financial statements.
The finaneial statements have been prepared in accordancewith Accounting and Reporting by
Cbarities.. Statement of Recommended Practi￿ applicable to charities preparing their
financial statements in accordan(* with the Financial Reporting Standard applicable to the
United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), the Charities
Act 2011 and the Q)mpanies Act 2006.
The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements are pr￿Trted in sterling and are rounded to the nearest thousand
pounds.
The accounts consolidateArkand Itsproj￿ implernenting subsidiaries activeduring theyear:
Ark (South Africa) Limited, Ark UK Programmes. FACity Development Limited, Edcity
Management Company Limited and Edcity Office. It also Consolidates its dorniant
subsidiaries Ark Mozambique and Ark Uganda. All intra-group balances, transactions.
incomes, and expenses are eliminated on consolidation.
Critical accounting estimates and areas ofjudgement
Preparation of the aecounts requires the tr￿SteeS and management to make significant
judgements and estitnates.
The items in the accounts where these judgements and estimates have been made include:
Estimating the impact of inflation on the charity's income and expenditure, and asso8sing
ineome from new sales and activities, forthe purpose of preparing cash flowforecasts and
budgets to assist in the asS￿MeTrt of going concern:
A]loeating support costs across charitable activities.
Timing of income recosnition for programme fees.
Classification of leases as finance or operating- and
Measurement of fair values of the investtnent property.
28

Ark
Notes to the Accounts
For the year ended 31 August 2023
i. Aeeounting policies (continued)
Assessment of going ¢oneern
The truste05 have asso&sed whether the use of the going concern assumption is appropriate in
preparing these aecounts. The trustees have madethis assessment in respect to a period of one
year from the date of approval of these accounts.
The trnstees are confident that despite the challenses fry)m the current eeonomie climate Ark
and its subsidiares have access to sufficient resourees to continue for the foreseeable future.
The trustees have looked at the financial position. including income. expenditure and resen
and acknowledged that some area of work continue to be challenging namely the delivery of
EPG activity overseas and AC+ a¢tii¥ity in UK schools. It was for this reason tbat the trustees
decided to transfer all of EPG programmes to new pro￿derS to take fomrd this important
work. AC+ is undertaking a full Strate￿ review including a review of programme design to
ensure it remains resilient to market and cost pressures.
Anumberof significant areas of judgement that affect items inthe accounts aredetailed above.
In addition. tbe most significant areas that affect the carrying value of the assets held by the
eharity in the next accounting period (the year ending 31 August 2024). are the level of
investment return and the perforrnanee of the investment maTkets (see the investment EK)liey
and the risk management seetions of the trl￿tees, report for more infornlation). Whilst this is
likely to lead to a reduction in income, the trustees remain of the opinion that the charity will
have sufficient resources to meet its liabilitios &% they fall due.
The trusiees have concluded that there are adequate resources to continue in operational
existenee for the foreseeable ￿rtUre and there are no material uncertainties related to events
or condition5 that may cast significant doubt on the ability of the Charity to continue as a going
concern, thus they continue to adopt the going Concern basis of accounting in preparing the
financial statements.
Fund accounting
Unrestrieted fimds are those which the donor gives to the charity hTrthout stipulating a specifi¢
purpose. They are to be ￿Sed for tbe furtherance of the objectives of the charity in general and
may be applied to specific projects at the discretion of the trustees. Wtthin unrestricted funds,
the eharity maintains two separate funds: Core Costs, and the General Programme Fund
(GPF). The Core Costs fund covers income and expenditure relating to the central
administrative costs of the charity. The GPF holiLs iDcorne which must be used to fund spe¢ifi¢
charitable projects as approved and funded by the TnL8tees (i.e. cannot be used to cover the
organisation's core costs). The relevant income is credited to the GPF and when the Board
commits funds to a specific project. the required amount of funding is either managed dirertly
through the GPF or transterred to the relevant restricted fund.
The endoN%inent fund repr￿nts moni0% invested on behalf of individual Ark academies. Any
returns generated on these funds can be used ￿thOut restriction, but only by the aeademy in
question, and are therefore recognised as restricted income. The initial capital can only be
used with agreement of the Secretary of State for Education. unless it is spent on'equipment.
facilities, aeeornrn¢)dation. landscaping and signage, at the relevant aeademy. The ATk All
Saints Acaderny elldowment is a pernianent endowment for which Ark UK Programmes has
been appointed as the trustee.
All income and expenditure is shown in tbe Ststement of Financial ACtI￿tieS.
29

Ark
Notes to the Accounts
For the year ended 31 August 2023
i. Aceounting policies (continued)
ncome
Income is recognised when the charity has entidement to the funds. any perforrnance
conditions attached to the income have been met, it is probable that the income will be
received and that the amount can be measured reliably.
Unrestricted ineorne is aeeounted for OD a receipts basis. Restricted income is aeeounted for
on a receipts basis but subject to recognising any donor restrictions. Where the corresponding
programme expenditure can be clearlyidentifiedand tnatchedwith donor receipts, the income
is recorded in the same accounting period as the expenditure and income is deferred if not
fully spent. Incorne is not accrued ex￿pt where there is a clear contractual entitlement and
such income is then only recognised to the extent that the corresponding expenditure is
recorded in the same accounting period. Deposit inter&st is recosnised on an accruals basis.
Donated services and facilities provided to the ebarity are recognised in the period when it is
probable that the economic benefits will flow to the charity, provided they can be measured
reliably. This is norrnally when the Servi￿ is provided. An equivalent amount is included as
expenditure.
Donated seTrices and facilities are recognised on the basis of the value of the gift to the charity
which is the amount the charity would have to pay to obtain facilities or services of equivalent
economic benefit on the open market.
Expenditure
Liabiliti&s are recosnised as expenditure once there is a legal or constrnctive oblisation to
make a payrnent to a third party, it is probable that settlement will be required and the amount
of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis,
and has been classified under headings that aggregate all costs related to the category.
Ark and Ark UK Programmes are registered as a VAT Group with Ark Schoob and reclaim
VAT on business-related expenditur& Irrecoverable VAT is included in expenditure when
incurred.
Costs of generating fimds are those incurred in seeking donations for the charity and in
publicising the work of the charity.
Expenditure on eharitable activiti&s eomprise expenditure related to the direct furtherance of
the charity's objectives. In the accounts of the charity. the award of a grant is recorded as
charitable expenditure and the unexpended amount is beld in the balance sheet as a srant
ereditor. In the accounts of the group. any such grant to a subsidiary company is not
recognised as expenditure: instead the expenditure in the subsidiary is recognised as the
charitable expenditure when incurred. Any uTrspent grant is recognised in the group balance
sheet as a rs￿leted ￿nd.
30

Ark
Notes to the Accounts
For the year ended 31 August 2023
i. Accounting policies (Continued)
Allocation of overhead and support costs
Support costs are those functions that assist the work of the charity but do not direetly
undertake cbaritable activities. Support costs include baek offi￿ eosts, fiThallcei payroll, and
governance costs whieh support the ehariws pro￿aMMe$ and activities. Governance costs are
those incurred in connection with the management of the Chari￿s assets. orsanisational
administration, and compliance with constitutional and statutory requirements.
Where costs cannot be directly attTibuteiL they have been alloeated to activities in line with
the time spent by individual meTnbers of staff or the department on each activity.
Diseontinued operations
Where a decision been made to discontinue or tenninate an activity in accordance with
the definitions contained within FRS 102, income. costs and obligations associated ￿th the
discontinuing operation are recognised within the year. The income. costs and obligations are
disclosed separately on the face of the statement of financial activities.
Tangible fixed assets and depreciation
Tansible fixed assets are stated at cost including any incidental expenses of acquisition.
Depreciation is provided on all tangible fixed assets at rates Calculated to write off the cost on
a straight-line basis over their expected useful economic life. The rates of depreciation applied
to each class of asset are:
Leasehold improvements
land and Building
Office equipment
Computer equipment
Motor vehieles
Investments
depreciated over the term of the lease
overseas assets 4% per annurn
25% per annum
33% per annum (covers iM)th hardware and software)
20% per annum
Investments are a form of basic financial instrument and are initially recognised at tbeir
transaetion value and subsequently measured at their fair value as at the balance sheet date.
Realised and unrealised gains (or Iosso8) are credited (or debited) to the statement of financial
activities in the year in which they arise.
A fair value hieraTchy that prioritises the inputs to valuation teehniques is used in measuring
fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active
markets for identical a&8ets or liabilities (IEvel I measurement) and lowest priority to
unobservable inputs (L£vel 3 measurement). The levels of fair value hierarcby are described
below:
l£vel i (listed investments) - Unadjusted quoted process in active markets that are
aeeessible at the measurement date for identical. unrestricted assets or liabilities.
IEvel 2 (unlisted investments) - Quoted prices in markets that are not active or financial
instruments for which all significant inputs are observable either directly or indirectly- and
Level 3 (unlisted investments) - Pri￿ or valuation that requiros IDputs that are both
significant to the fairvalue measurernent and unobseNable.

Ark
Notes to the Accounts
For the year ended 31 August 2023
Accounting policies (continued)
Investments Icontinued)
Investments that trade in markets that are not considered to be active, bLLt are valued based
on quoted market prices for an ideutical instrument. dealer quotations. or alternative pricillg
sources supported by observable inputs are classified within I￿e1 2. As Level 2 investments
include positions that are not traded in active markets and/or are subjeet to transfer
restrictions. valuations may be adjusted to reflect illiquidityandlor non-transferability. which
are generally based on avdilable market infortnation.
The main form of financial risk faced by the charity is that of volatility in equity markets and
investment markets due to wider economic conditions. the attitude of investors to investment
risk. and changes in sentiment concerning equities and within particular sectors or sub.-
sectors.
The method of calculating realis&4 gains on withdrawal of investsnents is on an average
historical cost basis.
Investment Property
Investment property is held byArk UK Progratntn&s since May 2016 to earn rental income and
for capital appreciation. rather than for use in the ordinary course of business. Investment
properties are measured at cost and subsequently at fair value at the reporting date.
Professional advice is sought as appropriate to deterniine the valuation of iDvestment
property. Changes in fair V￿UeS are recognised in the statement of financial activities.
Investment property is subject to renovations or irnprovernents at regular intervals. The cost
of major renovatio￿ and improvements is capitalised. The cost of maintenance. repairs and
minor improvevnents is recognised in tbe statement of financial activities when occurred.
On dis￿>SaI of an investment property. the difference between the disposal proceeds and the
carrying amount is reeognised in the statement of finaDcial aetivities.
Foreign currencies
Charity
Transactions in foreign currencies are recordedatthe rate ruling at thedate of the transaction.
Monetary assets and liabiliti&s denominated in foreign currencies are restated at the rate of
exehange ruling at the balance sheet date.
Group
The income and expenditure of overseas subsidiary undertakings are translated into sterlins
at average rates of exchange for the relevant periiml.
Assets and liabilities denominated in foreign currencies are translated into sterling at rates of
exchanse effective at the balanee sheet date.
All exchange differences are recognised through the Statement of Financial Activities.
Operating lease
Operating lease rentals are charged on a straigbt line basis over the terni of the lease. These
are included in Charitable Activities expenditure in the Statement of Financial Activities.

Ark
Notes to the Accounts
For the year ended 31 August 2023
Accounting polle1￿ (Continued)
Finance lease
A finance lease is recosnised when it is detennined that the lease arrangement traosfers
substantially all the risks and rewards of ownership to the lessee.
At the commencement of the lease terni, Ark recognises its rights of use and obligations under
the finance lease as an asset and a liability in the balance sheet at arA amount equal to the fair
value of the leased asset or. if lower. the present value of the minirnum lease payments,
determined at the inception of the lease. Where the implicit rate cannot be determined the
charity's incremental borrowins rate is used.
Any initial direct costs are added to the amount recognised as an a￿et. Subsequentlyj the
minimum lease payments are apportioned between the finanee charge and the reduction of
the outstanding liability using the effective interest method. to produce a constant rate of
change on the balance of the capital repayments outstandins.
Debtors and prepayThents
Debtors are recosnised at their settlement amount. less any provision for non-recoverability.
Prepayments are valued at the amount prepaid. Tbey have beell discoullted to the present
value of the ￿tUre cash receipt where such diseounting is material.
Accrned income
Accrued ineotne is ineorne whieb has been earned but not yet received. It must be recosnised
in the accounting peri¢)d in which it arixs rdthertban in the subsequent period in which it will
be received.
Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on
detnand or have a maturity of less than three months from the date of acquisition. Deposits
for more than three months but less than one year have been disclosed as short term deposits.
Cash placed on deposit for more than one year is disclosed as a fixed asset investment.
Creditors and provisions
Creditors and provisions 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 ecoDomic benefit ￿￿11 be Tequired in
settlement, and the amount of the settletnent Can be estimated reliably. Creditors and
provisions are recognised at the amount the charity anticipates it will pay to settle the debt.
They have been discounted to the present value of the future cash payment where such
discounting is material.
IA)ans
Concessionary loaThs. (philanthropic loans which have been re￿iVed at below the prevailins
market rate of interest). and commerical loans are initially recognised at the arnount reeeived.
The balanee outstanding at the re￿rtIng date includog any interest accrued as per the loan
terms agreed.
33

Ark
Notes to the Accounts
For the year ended 31 August 2023
2. Donations and legaci
Grow)
2023
£'ooo
Charity
2023
£'(Joo
Group
2022
£'ooo
Charity
2022
E'ooo
Unrestricted funds
Contributions to corectssis
22
2,063
2,063
General donatioAs
22
22
2,606
2,606
Rcstrieted fun4ts
12
Continwngoperations
Discontinued operations (ste note 22)
Total
The tn￿teeS ensure that the core costs of the charity are covered. either from grants and
donations or in year investment returDS. Grants and donations indude £22k (2021122 -
£2.06m) raised for this purpose.
The GTOUP reeeived donated services in the arnount of £3.3m {2021122 - £0.3m). which
Telated to pro knno services provided by Bain & Co in the form of UK educatioD Consultancy
ser¥ices and is included in restieted grants and donations above.
3a. Investment Rneome
Investment incorne arises from dividend income from investrnents. fee rebates and interest
receivable on funds held in interest bearing bank accounts and on fixed term deposits. During
the year. investment income was £408k (2021122
£616k) for the group and £209k
(2021122- £321k) for the charity.
3b. Other
Other ineome includes recharges frotn Vario￿ group entitios. Ark charges ead) of its group
entities for central resources such as Finance. Htunan Resources, rr. and a deskcharge for the
use of space within its office. At group level. this includes recharges frotn Edcity Development
Limited to London Borough of Hammersmith and Fulham and Onside for construction Costs.

Ark
Notes to the Accounts
For the year ended 31 August 2023
4. Analysis of expenditure
Group
Restrickd ￿ndS
rvstricted
funds
SuptK)rt
Activities
undertake
dirtttly
E'ooo
Grant
fundinsof
adivities
E'ooo
Total
2023
Totsl
2022
(note5)
£'ooo
£'ooo
£'ooo
Expenditure on eharitable
activities
UK Edueation
UK Education- main fund
Edcity
1.297
778
AO.238
31.046
15?233
31,824
8,228
9.931
International FAlueation
EducAtion Partnetships Group
InteTnational EducatioTh- Other
Continuing operations
Global SchcK)Is Forum
MFSME (see tLOte 22)
Discontinued operatiotL8
Tt)tal
520
2.346
2.866
580
50>503
3.265
810
580
41278
2.$95
43.630
22.234
109
496
496
922
1,031
23,265
2￿95
44.126
4*278
SO J999
Endowmethtfunds
Cost of ratsins fil Thds."
Investmertt mana
ement fe
GraTLts to Ark Schwls
Uttrestrieted funds
Cost of raising funds.. Other
Total
Total ¢xpendttur¢
57
62
950
950
823
885
24 J59
950
5.228
1.798
52.797
3a86
44.183
35

Ark
Notes to the Accounts
For the year ended 31 August 2023
4. Analysis of expenditure (continued)
Charity
Unrestricted
bJTh(Ls
Rffitricted bjnds
ActI￿tieS
Grani
fundrngof
activities
£'ooo
Supwrt t￿￿ts
(note 5)
Total
2023
É'ooo
Total
2022
£'ooo
direLtty
£'ooo
Expenditure on charitable
actLTrTrti¢s
UK Education- rnain fut*1
&912
17.900
938
23)109
1.716
5.962
903
Edcity
International Edwat¥)n
718
Edu¢xtion Partnership Gr￿p
International Educatw)#- Other
$20
2A85
580
27,890
2,883
810
580
19.418
Continuin8opetations
Global Sch(x)]s Forum
DisLt)ntinued 0￿rationS
Totsl
2.595
5.877
LO.558
109
2.595
5.877
19.418
27.890
10.667
Expenditure on rdising fvnds
Cost of raising fi]nds
Total exFenditure
791
823
3.386
S?877
A9.4x8
28,681
IIA90
Group activities undertaken directly represent programmatie work by the central charity and
its operating subsidiaries. Forthe central eharity. this represents wherecharitable expenditure
(as opposed to the cost of raisins fimds) relates primarily to research and development of new
programmes.
Grant funding of aCtI￿tieS represents programmatic work carried out bygroupand non-gTOUP
companies and funded by grants from the central charity.
Supp)rt costs relateto Ark's core staff team and the London offi￿. andare coveredbythe Core
Costs Fund. These costs are allocated to programmes to refiect the estimated share of staff
time and related cost.
36

Ark
Notes to the Accounts
For the year ended 31 August 2023
5. Allocation of support Costs
Group and Charity
Other
Covernttn￿ fftrheads &
suP￿rt stsff
£'ooo
Managernent
Total
2023
£'ooo
Total
2022
£'ooo
FinanLT
£'ooo
£'ooo
£'ooo
Expenditurt on
charitable artI￿tieS
UK Ed￿￿tio
Edeity
375
225
375
396
237
1.297
980
490
Internationa]
Education
Education Partnership
Group
International
Educ2tion- ￿her
Continuing
activities
520
432
57
750
750
302
793
2.595
1.959
￿￿endi￿re on
raising funds
Total expenditure
261
58
808
472
1,265
823
2,782
302
3J86
Support costs relate entirely to Ark's London office and the core staff team covering
fundraisins. ¢ommunicatioDs. finance, human resour￿￿, general managemellt, and
administration.
Ark uses this broad definition of COTe costs and then covers these costs from funds raised and
set aside specifically for this pUT[￿e.
The table above shows how the resources covered by the Core budget are allocated using the
two broad eategories required under the Charities SORP FRS102, i.e. eharitable activities and
raisins funds. and isbased upon an allocation of thetimespent byindividual members ofstaff.
37

Ark
Notes to the Accounts
For the year ended 31 August 2023
6. Investrnents
Group
2023
£'ooo
Group
2023
£'ooo
2022
E'ooo
Market valueat i SeptemFtr
Additions to investmertts at tsxt
Di$￿saL8 at market walue
Nei unrealised investmenl gains
Market ￿l￿t at 31 August
29Ao6
1.701
*31388
34,288
2.183
(8.5851
1.520
29Ao6
28.038
(7￿8)
2.483
26.022
(4.389)
1.836
20.835
(6,276)
1.626
23J88
Cash held by investment
mana8eTS for reinvestment
X9
26,215
x87
21,022
347
29.753
323
23,711
C481 of listal itwestments at 31
AuyJ$t
12.185
7.282
16.701
11.070
Disposals are ana]ysed as follows:
Group
2023
£'ooo
Charity
2023
£'ooo
£'ooo',
É'ooo,.
ProLwJ5
Realised l¢xA on MV
D]Sw￿￿¥t market value
(6a59)
(1,209)
(7s68)
(3.788)
(6ox)
(4.389)
(5,795)
(2,7w)
(8s851
(352L}
{2.755)
{6.276}
All listed investments were traded on a recognised stock exchange. Investments held by the
gTOUP at 31 August 2023 comprised the following:
2023
£'ooo
2022
Overseas equlties
Fixed interest
Alternative a&%ts
Foreign exchange
Cash and short term dwits
2,878
1,677
21A24
3,523
1,889
23,994
193
26,215
347
29,753
Alternative assets include investments in hedge funds. These include foreign exchange
forward contracts which are used to atneliorate the risk a&sociated with holditjg investments
in foreign curyencies. These are held by the investment managers and form part of their
strategy for managing risk
38

Ark
Notes to the Accounts
For the year ended 31 August 2023
6. Investments {eontinued)
Group
2023
£'ooo
Charity
2023
£'ooo
Group
2022
Charity
2022
£'ooo
£'ooo
Unrealised gains include above:
On investments
.837
53
12.705
12Ji8
12a18
X3>553
12,705
Reconciliation of movements in
unrealised sains:
Unrealised gains at i September
t*ss.' in respttt of disposals ITh the year
.' tjet gains ari5ingoTL rmluation in the
12367
12319
(602)
1.836
14378
(3.093)
IS20
13d48
{2.756)
1.626
1210
260
Unr¢41ised gains at3A Av8USt
13.837
13.SS3
12.705
12.318
7. Net movement in funds
Net movement in fun(l% is stated after eharging:
Group
2023
£'ooo
Charity
2023
£'ooo
Group
2022
Charity
2022
£'ooo
Avdittsrs, remunet3tion
- audit of ¢otL80lIdat￿ acctyjrtts
- audit of Subsid￿ries
- other audit athd tsx lees
39
46
39
33
Toial
94
40
36
39

Ark
Notes to the Accounts
For the year ended 31 August 2023
8. Fixed assets
Group
Assets urtder
construction
E'ooo
Total
£'ooo
Cost:
Ai I Septemt*r 2022
Additions
lia74
11.374
24.929
36.303
24,929
36,303
At 31 Ausll512023
Depreciation:
At I Septemlxr 2022
Charse in theyear
At 31 August 2023
Net Bookvalue:
Al 31 Augjst 2023
36J03
36?303
Al 31 August 2022
Ila74
11.374
During the year, £¥.9m was ineurred in respttt of exwiditure on Edcity. This expenditure
was capitalised on 31 Augiist 2023 as an asset under construction.
No fixed assets are held by the Charity (2021122 - £nil).
9. Investment property
É'ooo
t or valuation..
At I Sepiember 2022
Dttrease in fairvalue
656
(14)
642
At
IAU
t202
In the group, long leasehold investtnent property is held at fair value. As the property was
purchased on 20 May 2016, the trustees of Ark UK Programmes have perforrnedthe valuation
of the property based on publicly available inforn)ation.
Included in the amount for investment property is £17k (2021122 - £32k) relating to assets
held under a finance lease (note 13).
40

Ark
Notes to the Accounts
For the year ended 31 August 2023
io. Debtors
Group
2023
£'ooo
Charity
2023
£'ooo
Group
2022
Charity
2022
£'ooo
Receivable within x year
Ttadedebto
Prepayments and (Aher debtOTS
Agency debtors (note ii)
Accrued ints)me
VATdebtor
Related eompanydebtor5 (Edcity Offi￿)
Related eompany debtors (Edcity Desrlopment)
Related eompany debtors (Ark UK
Pn￿raMme$* Ark Sehoo4s)
853
698
17.405
863
712
528
10.166
92
56
919
k&32
1.169
2.141
7.518
35
23.031
.079
8,950
Reeeiuable in more than i year
During the year a £im cash advance was made frorn Ark to FAICity Office as part of collateral
for the loan wth Inndon Borough of HaTnmersmith & Fulham. This was Converted into a
fonnal loan between Ark and Edcity Offi￿. This is due for repayment alongside tbe LBHF
loan upon the tenth anniversary of Practical completion of the office building at Edcity
(2021/22 - £nil).
ii. Transactions undertaken a$ agent
As part of the wider Edcity project. Ark's subsidiary, EACity offi￿ is acting as a conduit for
funding in reS￿t of the Youth 7A)ne. Scb(K)I, Nursery and Adult Edueation Centre. Cash
eontributions received in relation to these eomponents of the project are being used to settle
invoieos charged by Edcity Development Limited in relation to those aspects of the build for
and on behalf of third parties in line with a pre-agreed contractual arrangement. Neither
FAICity Office nor its ultimate beneficiario% directly benefit from these cash contributions or
have control over the use of those funds. For inforniation. the following amounts have been
received and paid during the year by FJCity Office on behalf of third parties:
On behalf of
LBHF for
Nursery and
Adult
EducaiLOTh
Centre
deve]opThÈnt
OThsidefor
Iheyouth
7AbDe
de%rk)pment
£000
On behalfof
forArkSwift
deAreiopmeAt
Totsl
£000
Balan* held at i SepiettLber2022
Cash rtteived during the year
Cash tostttle In￿1￿ on t*halfof
third paTty
Balance owed at 3iAIAgust 2023
{note io)
2.950
7.188
(831
10,166
(83)
126
7.196
7*322
076
4,301
17J405

Ark
Notes to the Accounts
For the year ended 31 August 2023
12. Creditors
Group
2023
£'ooo
Charity
2023
£'ooo
Group
2022
Charity
2022
E'ooo
Amounts falling due wrythin i year
Trade£r￿ltorS
912
17.085
47
16.754
188
iio
Related eotnpany ereditors (Ark Schcds)
Relat￿ company creditors {Ark UK
Programmes)
Amounts due to Purwthl Venture5
Grantcreditors
Tax and ¥xya15ecuritycrnAitors
VATcreditor
15,062
14,793
616
10.263
1.758
233
2>331
2A50
8A66
97
120
205
2.648
12,607
3A81
36.641
OthereredilOIS
10.426
561
850
Deferred income (seebelow)
5.5T7
35.991
31￿42
24,932
Movements in deferred income are analysed below (note that there is a £25k deferred
income balance in the charity received for a specific event).
Croup
At31
Auysi
2022
£'ooo
Rdeased Deter￿d in
current
year
£'ooo
At31
August
2023
É'ooo
previous
£'ooo
ProgrdTnme fees
Frogratnme srant
Total deferred income
628
2.853
3.48R
{628)
{2.853)
13A81)
1,039
4.538
5577
1.039
4.538
5>577
Group
At31 August Relwsedfvrn Deferred w At31 Augttst
2021 previotss yeor currentyeor
2022
£'ooo
Programmefee$
PrograrnTne grant
ArkSoLtthAfvca
Totol d
rred inttsme
621
(621)
628
2,853
628
2.853
49
670
149)
(670)
3A81
3.481

Ark
Notes to the Accounts
For the year ended 31 August 2023
12.Creditors (eontinued)
Amounts fallinsdue after x year
Group
2023
£'ooo
Clwity
2023
£'ooo
Gtoup
2022
Charity
2022
E'ooo
E'ooo
Finance lease liability (Dote
17
34*649
619
35.285
32
8500
545
3>5¢)0
619
4.119
3SOO
545
4,045
GraDler&litotS
The Charity holds a £3.5m loan froTn Ambition Institute. This loan accrues iThter￿t at 0.25%
above base and is repayable in any amount on 3 months, notice. Confirmation has been
obtained from the ￿nder that thi5 loan will not be recalled in the next 12 months.
Philanthropic loans included in the aEK)ve balance include the following:
Loan 1 - £24m - This loan was agreed with The Sequoia Trust in February 2023 at 0%
interest. The loan is repayable in full on the earlier of the 31 March 2033 or the sale of the
office building.
Loan 2 - £2.4m- This loan was agreed with The Jagelif Cbaritable Trust in Febn￿ry 2023
at 0% interest. The loan is repayable in b￿1 on tbe earlier of the 31 March 2033 or the sale
of the office building.
Loan 3 - £16.4m - agreed with Elba Charitsble Foundation. The fijll loan amount Mll be
repaid by the fifth anniversary of the agreement date. December 2027. Ef not repaid at this
point, the loan incurs interest of 2%. Of the £16.4m balance, £14.4m was in respect of
amounts drawn down in 2022123 and £2.4m in respect of amounts drawn down in
2021122.
Loan 4 - £3m - agreed with the Resolution TnLSt in 2021/22. The loan plus interest are
repayable on the 20th July 2031. Interest accrues at 3%.
Commercial ￿an agreements."
Durins the year. Edcity 0￿1￿ drew down £6.8m of a loan facility with the IA)ndon Borough
of Hammersrnith & Fulham (LBHF). Under the tern￿ of the loan, a maximum facility of £39m
has been Tnade available to Edcity Office by LBHF in supp)rt of the Edcity project. Any
amount drawn down from the available faciltty is repayable in full by the tenth anniversary of
the practical eotnpletion of the project. The debt facility was asreed with the iDcal Authority
in November 2021. and fixed at a rate of 8.94% in September 2022. sisnificantly higher than
had been anticipated in the orisinal b￿lnesS plan due to chang&s in the wider economic
environrnent. The interest rate is due to drop overthe life of the loan and will reduce to 7.19%
once building occupancy exceeds 80%. The loan is secured on the office building and Ark.
Edcity Offiee's parent. has provided a guarantee in respect of the loan to the value of £10
million. All other debt is subordinate to tbe LBHF debt.
43

Ark
Notes to the Accounts
For the year ended 31 August 2023
13.Finanee L£ase
2023
£'ooo
2022
Éooo
Not later than one year
tater thaTh one yearand notlaterthan yeats
Later than five years
Total Er055 payment
L£ss.' financeeharges
CarwngaTnouni of liability
300
302
{285)
A7
301
303
(271)
32
14.Analysis of eharitable funds
Grou
31 Aug
2022
Ineome
Gainsl
{losse$)
Expenditure
3xAug
2023
transfers
£'ooo
£'ooo
£'ooo
£'ooo
£'ooo
Restrieted funds
UK Edueation
UK Education-
5.242
699
48
(13.936)
(31,046)
16,404
20.849
Edcity
International Edueation
20.511
31J36
Education Partnership
Grou
International Education-
Other
MESME (sct note 22)
Total
(IA30)
3.767
(2a46)
ts80}
496
24.819
(4961
(48A04)
60.082
756
37.253
Endowment Fund*
Endowment held forArk
Schools
6.055
78
(1,007}
5,126
6.055
(1.007}
5.126
Unr¢stricled funds
Core funds
4.082
999
(3J86}
J,929
General pro8rammefunds
Totsl
(79)
4,161
234
920
(3.386)
1>929
Total Group funds
35.035
60.316
1.754
{52.797)
44>308

Ark
Notes to the Accounts
For the year ended 31 August 2023
A4. Analysis of charitable funds (continued)
Charity
Gainsl
{losses) and
transfers
31 Aug
2022
31Aug
2023
Income
F￿penditllre
£'ooo
£'ooo
£'ooo
£'ooo
£'ooo
Restrbcted funds
UK Educ•th)n
Edcity
Education
Partnetship Group
Global Schools Forum
& Inil Edu.
Total
S12
21.655
938
{21.8121
(938)
1,054
1,956
{1,965)
580
{580)
(25,295)
25,129
708
Unrestrx¢tsd fwids
Core eo$ts fund
General
prts8ramme fwids
Total
4.082
999
(3J86)
1.929
(79)
4.161
920
{3.386)
1,929
Total Charity
Funds
673
25a63
1.628
(28.681)
2.983
Income is the amount receivable as income for each fund during the year including gains and
losses on investments and foreign exchange.
Transfers are the net value of funds received as unrestricted funds committed in year to
specific prograTnTnes. Unrestricted funding transferred to programmes is agreed annually by
tkLe Board and is used to further the charitable aims of each programme. Unrestricted funds
Committed to programmes but not used in full are transferred back to the geneTal programme
fimd unless there is all agreement with the Board to hold these funds for future use.
Expenditure is the amount expended or committed as grants to other entities including other
group companies.
45

Ark
Notes to the Accounts
For the year ended 31 August 2023
15.Analysis of net assets between funds
Unrestsicled
Cenernl RestrAeted Ettdowmenl
2023
fimd
fwidg
ftsnds Totsl
£'ooo
É'ooo
£'ooo
£'ooo
2022
Tolal
£'ooo
Grou
20
Fund balancesat31
August 2023 ate
represented by..
Investment asse15
58.034
50.397
5.126
63,160
52.424
41,783
38,970
Cutrent assets
Creditors.. amounts fallin
due wrythin oneyear
CreAitots'. amounts falling
due in more than one year
Total net assets
{98)
ts&893)
ts5*991) (36.641)
28
126
308
Unrestrirted
General Restrieted
fwids
£'ooo
2023
To￿1
£'ooo
2022
Total
£'ooo
Chari
20
£'ooo
Fuod balan￿ at 31 Augusi
2023 are represented by..
Investment assets
21,022
21.022
23,712
Non-cu￿￿1 assets
i.ooo
Current assets
2.OZ7
14&95
16.622
9.938
CrditOTS'. amountsfallingdue
withio oneyear
Creditors.. amounts fallingdue
in more than oneyear
Total net assets
(98)
tsiA44)
[31￿2)
(24.931)
IL
16.Staff costs and numbers
Group
2023
£'ooo
Charity
2023
£'ooo
Group
2022
£'ooo
Charity
2022
£'ooo
Salaries and wa8¢9
Social 5￿u[Ity crffjts
Pension etrts
6>098
628
2.605
252
266
&699
627
563
6.889
88
2.905
338
279
620
Total salary costs
Otherstaff cO￿S
7.346
3522
75
20
49
Total staff cost
7.42A
6.9TA
3.S71
Other staff costs include aD accrual for untaken annual leave in the financial year.
46

Ark
Notes to the Accounts
For the year ended 31 August 2023
Included in salaries and wages were redundancy and ex%ratia severance payments
totalling £51.000 (2021122- £51,580).
The average Dumber of staff employed. ana]ysed by fwietion. was".
Group
2023
No.
Charity
2023
GrDUP
2022
Charity
2022
No.
Programmes
Support services
Fundraisins
93
20
27
21
125
42
iio
47
47

Ark
Notes to the Accounts
For the year ended 31 August 2023
16. Staff costs and numbers (continued)
Tbe number of staff whose emoluments (exeluding employer pension Contributions) were in
excess of £60,000 during the yeAr were as follows.
Group
2023
No.
ChaTity
2023
Group
2022
Charity
2022
No.
No.
É220,001- É230.000
É160,001- £170,000
£150,001- £160,000
£140.001- £￿0.000
£120.001- £￿0.000
£iio,ooL- £120,OIJO
£ioo,ooi- £iio.000
£90.001- £100.000
£80.ooi- E90.000
£70,001- £80,000
g60.001- £70.000
XA
The pension contributions made on behalf of the above employees were £220k (2021122 -
£210k) in the group and £iiiK (2021122- £14ik) in the charity. Nobenefit other than pensioD
has been provided to employees.
Total remuneration paid to charity keymanagement personnel was £78ok (2021122- £625k).
Key Management personnel comprise the CEO. Deputy CEO, COO and Director of External
Relations.
17. Direetors. remuneration and expens
The charity did not pay any remuneration to its trustees (2021122- £nil). No expenses were
reimbursed to or paid on bebalf of tr￿St￿ during the year.
18. Investments in subsidiari
nl
Ark UK Programmes
United Kingdom
Ark (South Africa) LimiteA
&>llth Africa
Ark Moy2mbiqlle
M07AmbHiue
Ark Uganda
Uganda
Edcity Development Limited unit￿ Kingdo
Edcity Offi
unit￿ Kingdom
Edcity Manasement
Uniied Kingdom
an
Limited
nsolidati
loo% owTetship
loo%owne￿iP
Loo%owThetship
ioo%owne￿hip
loo% ownetship
loo% ¢)wnership
loo% rvner5hip
ststus
Trading
Trading
Dormant
Dormant
Trading
Trdding
Tradins
Education
HealthlEducation
Health
Edueation
Construchon
Real Estate Holding
Real Estsle
Mana
metlt
48

Ark
Notes to the Accounts
For the year ended 31 August 2023
18. Investments in subsidiaries (continued)
2023
Edcity
MaDagement
Company
lamited
£'ooo
Ark{Sovth
Aftic3)
latnit&J
Edcity
Development
ArkUK
Prwamm
£'ooo
FACity
£'ooo
Income
18J87
(7,829)
576
ts87)
55A67
ts5A67)
ExpenditurE
Net Oosses) gain8
on investments
ts02)
tsi
78
Net movement
in funds
10.636
(xi)
tsi
Total fujjds
brought forward
Total funds
carried
forward
9.756
19
20591
16)
20,392
20.935
(li)
FIX￿ assets
Current assets
5,835
17520
(2,963)
36380
30.683
(46.128)
16,852
(16.8521
Liabiliti45
Share capital
Total fwids
(12)
(2)
{Ji)
20.392
20.935
19. Related party transactions
Ark made no new grants to its sister Charity Ark Schools (2021122 - £nil) to cover the core
sts of the charity to 31 Aubnlst 2023. £1.6m grants were made by Ark in support of Ark
Schools. programmes (2021/22 - £6.3m). £0.6m grants were made by Ark in support of Ark
Schools. academies (2021122 - É0.4Tn). At the year end, the unpaid grant allocated to Ark
Schools wa5 £15.om (2021122- £13.6m), all of which is due in less than one year. The charity
also shares its office with Ark SchooLs. with each charity a&sun]ing a reasonable proportion of
the costs.
Arkholds investments in the MW Eureka Fund. a hedge ￿nd managedby Marshall Wace iLP.
Anthony Clake. Sir Paul Marshall and Ian Wace are members of Marshall Wace LLP and are
also trustees of Ark. Ark Group received £286k fee rebates from MW Eureka Fund for its Core
operations and Edcity (2021122- £483k). This was loo% of the fee charged for managing the
investments.
The earrying value of all shares sifted to the charity at 31 August 2023 was £7.4m (2021122-
£11.5m). No shares were disposed outside of the group during the yeaT.
£0.4m (2021122- £2.Im) income was received in the year from the Jagclif Charitable Trust.
lan Wace is a trustee of the Jagclif Charitable Trust and is also a trustee of Ark. This ino)me
was restrirted to Ark Academy. an Ark Schools academy. Some of the ￿ndS restricted to Ark
Academy were transferred to the school during the reporting period.
49

Ark
Notes to the Accounts
For the year ended 31 August 2023
19. Related party tr￿sactIonS (continued)
£1.5m (2021122
£nil) ineome was received in the year from the Sequoia Trust. Sir Paul
Marshall is a trustee of the Sequoia Trust and is also a trustee of Ark This in(x)rne was
restricted to Ark Start. £0.8m (202II22- £nil) was remaining at year-end and is included in
creditors at 31 August 2023.
£1.8m (202II22 - £nil) income was received in the year from the Eureka Charitable T￿￿.
Anthony Clake, Sir Paul Marshall and lan Wace are tr￿Stee5 of the Eureka Trust and are also
trustees of Ark. The income was restricted to Ark Schools. programmes and Ark's bursaries
programtne. £1.5m (2021122- £nil) was remaining at year-end and is included in creditors at
31 August 2023.
Marshall Wace Asset Management Limited match fimded £2k of donations made to Ark
Sehools (2021122- £32k). They also contributed £5k (2021122- £nil)towardsArk core costs.
Anthony Clake, Sir Paul Marshall and lan Wace are Directors of Marshall Wace Asset
Management Limited.
During the year, Ark spent £nil with Summer Islo% Entery)rises tirnited (2021122- £9k). Ian
Wace was a director of this Company until 12 January 2023. This amount was fully paid at
year end.
£55k (2021122
August 2023.
£nil) of other trustee donations were re￿]Ved durins the yeaT ended 31
20. Notes to the eonsolidated statement of cash flows
Reconciliation of net rnovement in funds to net cash provided by operdting aetivities:
Group
2023
£'ooo
Croup
2022
E'ooo
Net income as per the Stalementof Financial Activities
Adjusiments for:
(Gains) on investments
Dividends, ittte￿t. and rellts from investments
Realised gain in the year
Expetlditureon etKiowrnents
{Ihcreasel in debtr&rs
{Deere45e) in ¢￿01t0T$ {ex¢ludingertdoknTrent and loans)
Net cash (used in) prO￿ded by operating actI￿tte5
9,273
2A20
(1.777)
(408)
(709)
950
17)952)
(591)
(1,24)
(1,755)
(616)
(10,384)
.674
4a39
21. Taxation
Absolute Return for Kids (Ark} is a company limited by guarantee, registered in England,
number 4589451, and i5 a UK registered charity. number 1095322. Given the nature of its
actimties. the charity will not be subjeet to income tax or corporation tax on income derived
from its charitable activities, as it would fall within the various exemptions available to
registered chariti&8.
so

Ark
Notes to the Accounts
For the year ended 31 August 2023
22.Discontinued operations
On i September 2022, MESME became an independent eharity and was included within Ark
consolidated accounts for the last time in full during the year ended 31 AugLlSt 2022 as shovm
below.
Year ended
31 Au8USt
2022
Total
Eooo
Income from:
t*>nations and lega¢ies:
Grnnts aRd donations
Tothl income
1,014
1,014
Expettdltsire on:
Charitable activities
(1.031)
(1.031)
Restricted fund balance at i September 2021
Net expenditure for the year ended 31 Ausiist 2022
R¢stri¢t¢d fund ba]an¢e #131 August 2022
513
117)
496
The closing balance of £496k relatins to MESME has been shown as a transfer out in the
2022123 accounts on the face of the statement of financial activiti&s.
In addition to the above. GSF became an independent charity and discontinued on i October
2021. The comparative value for discontinued operations as presented on tbe statement of
financial activities includes £109k and £109k within income and expenditure resE)ectively.
23. Post balance sheet events
In response to the signficant growth over recent years. the Ark Board approved the spin-out
of a new organisation that would enable Ark UK Programmes, non-school ventures to be
independent and continue to expand. Purpose￿1 Ventureswas set up as an independent chaity
and will work to solve intractable ch￿leDgeS in education and society. Aceordingly on i
November 2023,the STEMVenture Builder andthe Martingale Foundation movedto this new
organisation. For clarity Ark Curriculum Plus and Ark Start will remain part of Ark UK
Prograrnmes.
In October 2023 EPC transferred all of its programmos to new providers and wound down its
operation within Ark. The teatn worked for over a year with the support of ￿nderS and
partners to find creative solutions to sustain the long term legacy of their project. many of
which now eontinue with new partners.
51

Ark
Notes to the Accounts
For the year ended 31 August 2023
24. Comparative consolidated statement of financial activities for the year
ended 31 August 2022
Year ended
3A-Aug-24
Tot￿1
£'ooo
DoAtstiortSOndle4aaes
Donations
ItsAs6
Donatedserv
993
c￿n[￿bleacti￿ttts
2.365
616
295
Other
9.613
9p644
C•nbiturJt9 owrations
958
20AI6
23ts74
2&22
I￿14
1.0
rotal
2.958
21A30
24Fy88
823
88s
(￿aritableachV1lies
4*5
20￿5
22.234
Tron5Jer51rpAbw To]ch
2OA75
23.119
&2
03L
Totol
4782
21ao6
24pl50
Neti1￿ornerCYpell0t￿lfjIRfv*
goinson inuestmÈrtt¢xndlosxso
JL)roign exchang¢
162)
1224)
Xi755
(LossesJoRfore47n Curreiiey
tronsoctions
427
N¢sth¢Oin¢/(expeMdi￿ye)
&139
(2861
2A20
Rtndm7n¥ers
14
(4641
N¢tJnovement*nfftm
X,031
(286)
2A20
TotalfyndsbTwhtfvr¥*rrf
6.341
32,615
Totolfyrtd*e&Tri¢dJ(vwy7d
4.161
819
6bOSS
35.OJS
52