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Docusign Envelope ID". C76F66AO-2C14-4661-94BC-C62F6EF2EA6E Teach First Teach First annual report and accounts 2021/22

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A welcome from our Chair, Dame Vivian Hunt ................................................................................. 3 Chief Executive Officer's Introduction .............................................................................................. 4 Trustees' Report Our purpose ........................................................................................................................ 6 Our activities ........................................................................................................................ 8 Strategic Report Our year in numbers .......................................................................................................... 11 Achievements and performance ........................................................................................ 12 Financial review ................................................................................................................. 14 Our risks and uncertainties ................................................................................................ 17 Future plans ...................................................................................................................... 18 Our governance and management ................................................................................................ 19 Administrative details ......................................................................................................... 26 Independent Auditor's report to the members of Teach First ......................................................... 27 Consolidated Statement of Financial Activities .............................................................................. 31 Consolidated and Charity Balance Sheets ..................................................................................... 32 Consolidated Statement of Cash Flows ......................................................................................... 33 Notes to the financial statements ................................................................................................... 35 Thank you ...................................................................................................................................... 52

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A welcome from our Chair, Dame Vivian Hunt

This year, Teach First insights highlighted some stark realities. Just five years after their GCSEs, 33% of young people from poorer backgrounds are not in employment, education or training, compared to 14% of their wealthier peers. Without access to the opportunities they need to succeed, these young people are more likely to end up out of work than attending university.

The continued effects of the pandemic and now the rising cost of living only exacerbate the inequalities found in our education system, meaning Teach First’s work supporting schools facing the toughest challenges is more vital now than ever before. We can’t afford to stand still as we strive to regain the progress that’s been lost. This past year, the growth both in scale and impact of our programmes, aided by advances in how we’re using technology has been and will continue to be key in making sure more pupils get the opportunities they deserve and more schools can thrive.

Two years absent from university campuses means awareness and understanding of Teach First’s mission has lessened. Despite this, I’m proud of what we have achieved in recruiting more new teachers, and of our commitment to reaching our goals, including introducing our first-ever Autumn Institute.

We will be back on campus this year, inspiring more people to take up the challenge - to become teachers and to lead change where it matters most.

Amongst the successes of the past 12 months, I am immensely proud of the outcome of Ofsted’s review of our Lead Provider role in both the Early Career Framework and National Professional Qualifications programmes. Helping teachers flourish in a role that is so vital to the future of our young people and of our nation is a huge part of what we do, and the recognition of our relentless focus on quality in these areas is a welcome acknowledgment. This year marks twenty years since the first Teach First teachers entered the classroom. This landmark, along with our 2023-2030 strategy is a chance to galvanise our community, giving us greater determination to see our vision realised, as the needs of the poorest communities grow.

Our corporate partners have made an enormous difference, with an increase in our voluntary income this year of £2.1 million – extending our reach and helping us change the lives of even more children across the country. We’ve got big plans for the future, and it’s the increased generosity of our partners that will enable us to fulfil our ambitions.

I would like to thank the trustees for their contributions of time, money and expertise during the year. I want to make special mention to thank Aziza Ajak, Richard Meddings CBE and Dame Alison Peacock as they step down from our Trustee Board, for their valued service. And to welcome Humphrey Battock, William Bickford Smith, Djamila Boothman, Paul Geddes, Clare Gilmartin, Lord Jonathan Kestenbaum, Richard Taylor and Professor Samantha Twisleton OBE, whose vast and varied experience will be an asset to our Board. I would also like to thank our partners, funders, Teach First ambassadors and staff for all they have done this past year.

We know there is more to do. Together, we will continue our fight to make our education system work for every child.

Dame Vivian Hunt DBE

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Chief Executive Officer's Introduction

Many annual reports for the past year will speak about the exceptional conditions we have faced: the uneven recovery from Covid, war in Ukraine, the rapid increase in energy prices and the cost of living, new dynamics in the workforce, political turmoil. It has been a challenging year for all organisations. In education, we have also seen a major review of the delivery of initial teacher training and the large-scale implementation of new professional qualifications for early career teachers and leaders.

This annual report shows that Teach First has navigated these operational conditions to fulfil our commitments and to deliver a balanced budget (including a significant investment in technology). Of greater concern is the impact of these events on the institutions and communities we seek to serve.

Our mission is to tackle educational inequality, to ensure that every young person gets the start in life they deserve. We pursue this mission in a society where education outcomes are strongly tied to family wealth and background. Schools can do a great deal to break this link, and we see schools across the country who virtually eliminate the gap in results between the rich and poor. But schools can only do so much and schools themselves face the same challenges as every other institution. They have large energy bills, mental health concerns in young people and real troubles recruiting and retaining both teachers and support staff.

Childhood poverty is on the rise. The number of young people showing signs of malnutrition is on the rise. Access to mental health services and social work support is increasingly restricted; housing is a challenge. Children who come to school hungry, ill, exhausted or scared will not learn to their full potential.

We should therefore not be surprised to see the gaps in educational outcomes widening between the rich and the poor. Recent research by the Educational Endowment Fund shows that children on pupil premium in year two are now six months behind their more affluent peers. In year three, they are nine months behind. When children start their education this far behind, the task of catching up is daunting. Thus, the annual report card of the Fair Education Alliance shows these gaps extending to GCSEs, A-Levels and to work destinations. A young person who was eligible for pupil premium is twice as likely not to be in employment, education or training after school as those who were not eligible.

We cannot build a fair, prosperous or united country on such foundations. Economic growth, optimism and a sense of shared endeavour begin with the education system.

As we come to the end of our most recent five-year strategy, we reaffirm that we see the school as a central agent of change – a trusted institution in the heart of local communities with a unique relationship with families. We see our role as partnering with those schools who face the toughest challenges to get them what they need in terms of talent, leadership and support– all vital ingredients for their success.

But we do not believe that schools can do this alone. They must have access to a local and national web of services and support, so that they can do what they do best. We have two ways to contribute here. We have strong partnerships with organisations willing to fund and support this work at a local level. And we have an ambassador community of 16,000 leaders working both inside and around the education system. Connecting this community together will help create the context in which schools can do their best work.

We will spend the early part of the year consulting on our new strategy and launch it during the summer. The timing is apt as it marks the twentieth anniversary of our first trainee teachers starting work in schools. In 2003, it was 180 trainees in London. In 2023, we hope for over eight times this number across England. Members of that 2003 cohort are doing incredible things: leading schools, charities, businesses and policy making. The same is true of the eighteen cohorts which have followed them. What could the next twenty cohorts achieve on this foundation? Answering that question is at the heart of our next strategy.

Russell Hobby, Teach First CEO

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Our purpose

Our vision

No child's educational success should be limited by their background.

Our mission

Transforming education with great teachers, leaders and networks.

Our work

Society is failing too many children from disadvantaged backgrounds. They don’t start with the same chances and the inequality continues throughout childhood. It’s not their fault and it isn’t fair.

We think of our strategy in terms of the ‘why’, the ‘what’ and the ‘how’: the reason we exist, the change we want to see and the methods we choose to achieve that change. Our ‘why’, our purpose, remains unchanged. No child’s success in education should be limited by their background. Too many children from disadvantaged backgrounds are being failed by the system. They don’t start with the same chances and that inequality continues throughout childhood. We look to the day when every young person gets the choices and chances they deserve at the start of their life.

The impact of the cost of living crisis means the importance of our mission is as clear now as it has ever been. Children from disadvantaged backgrounds start school behind their more advantaged peers, and the gap in performance widens as they progress through the education system. Our analysis shows that, on average, disadvantaged pupils are 4.5 months behind in the early years phase, 7 months behind in primary school and 18 months behind at the point they leave secondary school. Our research shows that 74% of the UK’s poorest children won’t make it to university. 70% won’t achieve a standard pass (grade 5) in GCSE maths and English (compared to 43% of non-disadvantaged pupils). And 33% will not be in any form of work, education or training by the time they are 21 years old.

Our ‘what’ has evolved over the years we have worked as a charity. We increasingly see the school as the agent of change. We know that when young people from disadvantaged backgrounds get to go to a great school, they can achieve great things. So, our aim is simple, let’s help more schools, in the most challenging areas, progress on this journey that we know they all want to make. Put it another way: the children who need it most, should get to go to the best schools in the country.

This is a credible goal because some of these schools already are the best schools in the country. Focusing on supporting schools will give us an enduring impact, because the institutions will persist long after our interventions.

Our focus on addressing disadvantage means that we work in schools and communities where either; a high proportion of children are eligible to receive means-tested free school meals; a high number of children have English as a second language; or Ofsted has rated the school as requiring improvement in an Opportunity Area. And what do these schools want from us? Teachers, leaders, networks and a voice in policy. This is our ‘how’. And in this report, you will see the progress we have made in strengthening and scaling up each of these contributions.

1. Great teachers

We recruit, train and support trainee teachers on our Training Programme to become inspiring teachers and leaders. The unique nature of our Training Programme – placing new trainees in schools who need them most to support the most disadvantaged pupils - enables us to attract many people who were not considering teaching as a career. As well as working with university students and graduates, an increasing number of our trainees are becoming teachers having started their career elsewhere.

Our trainees are tackling disadvantage head-on. And we'll continue to recruit quality teachers for the schools that need them most. But, if we're to beat the teacher recruitment challenge, we must find new ways of attracting even more people to the best job in the world. We are continually striving to remove the barriers that prevent inspirational teachers from choosing a career in the classroom.

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We are also a lead provider of the Early Career Framework, which enables us to extend our support for people on their journey to becoming the best teachers they can be, through two years of continuous professional development.

2. School Leadership

We offer training for teachers working in schools in low-income communities to help them progress to all levels of school leadership. We offer training for individuals as well as for school leadership teams. All our training is designed specifically to meet the needs of disadvantaged pupils. We also gather research to inform our leadership programmes. These programmes help create stronger school environments, offer exciting career opportunities and help teachers stay in the profession.

We are accredited to deliver National Professional Qualifications (NPQs), for current and aspiring school leaders. This year our suite of NPQs has grown to include the NPQ in Leading Literacy and the NPQ in Early Years Leadership, as well as the Headship Coaching Offer to supplement the NPQ in Headship. As well as being available to ambassadors of our Training Programme, our programmes are available to non-ambassadors. We believe it takes a team of leaders for schools to truly thrive.

3. Powerful Networks and the policies schools need

We connect our ambassadors (those who have completed one of our programmes) and our community together in networks to support each other and tackle educational disadvantage. Schools serving disadvantaged communities will always need a broad base of support, however strong their teaching and leadership, to remove all the barriers that young people face. We now have over 90 active networks both inside and outside the education system. These include subject specific networks, networks for senior leaders and headteachers, and networks for ambassadors working in government, social impact enterprises, in business and overseas.

The philosophy of our networks is that they are self-directed: unleashing the leadership capacity we have selected for and nurtured during our programmes.

We deliver a tailored training package to network leaders to ensure they create networks that are sustainable and impactful. 81% of network leads agree our support is crucial or important in the existence of their network. Our training includes: 1:1 support from a network connector (85% rate this highly), strategy development, infrastructure building, membership management, and effective event delivery. Network leadership can also apply to our network fund, benefit from promotion via Teach First communication channels, and enter our network of networks.

Schools and the young people they serve exist within a wider system and policy framework. This system can support or hinder the schools serving the most disadvantaged communities; and the policies can likewise make things easier or harder. We aim to use our experience and the credible voice of the frontline practitioners in our community to advise on policy and draw together the wider system serving young people. We seek a constructive relationship with government and realise we are one organisation among many seeking similar aims.

We are a proud participant in the Fair Education Alliance and have conducted research and campaigns on funding, digital access, careers guidance and representation in literature and the curriculum.

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Our activities

Great Teachers

TRAINING PROGRAMME

Trainee teachers on our two-year Training Programme are placed in the schools facing the biggest challenges. They begin teaching in the classroom after five weeks of intensive training over the summer.

Our trainee teachers earn a Postgraduate Diploma in Education and Leadership (PGDE), which is informed by research, as well as feedback from schools and current teachers. It allows trainees to gain the practical skills needed to become effective in the classroom quickly. Throughout the programme, they're supported by a university tutor, a Teach First expert with experience in teacher education and an in-school mentor. The PGDE is worth twice as many credits towards a master's degree as a PGCE, and it enables our ambassadors to complete a master's degree in just one more year.

We also run a number of programmes designed to give undergraduates and people thinking of changing career to become a teacher, the opportunity to find out more about teaching as a career.

EARLY CAREER FRAMEWORK

The Department for Education's Early Career Framework (ECF) is a two-year training package for early career teachers. It outlines the knowledge and skills all early career teachers need to know, giving them the support they need to start a fulfilling and rewarding career in teaching. We are delighted to have been selected by the DfE as one of the six lead providers of the programme. As well as delivering the ECF programme directly to schools, we also support a number of delivery partners to deliver our training in their own regions.

Our programme builds schools’ mentoring capacity by training and providing support to their mentors and ensures early career teachers have access to high-quality training and support. Our ECF programme places a greater emphasis on subject-specific training and development than other providers.

School leadership

LEADING TOGETHER

Our Leading Together programme supports schools to build effective leadership across the whole school. School leadership teams are given training and support from a former headteacher, as well as benefiting from coaching and partnering between schools. The aim of the two-year programme is to help schools develop and sustain an environment where teachers and pupils can thrive.

SCHOOL LEADER PROGRAMMES

We are one of a small group of national providers of the DfE accredited National Professional Qualifications (NPQs), giving training and support to teachers and school leaders at all levels. Designed around the specific needs and time constraints of teachers, they provide access to research-based leadership training.

We offer four specialist NPQs for those who want to broaden their expertise in particular areas. They are in Leading Teaching (NPQLT), Leading Behaviour and Culture (NPQLBC), Leading Teaching Development (NPQLTD), and Leading Literacy (NPQLL).

We also offer four NPQs to support teachers looking to progress into more senior leadership roles. The NPQ in Senior Leadership (NPQSL), Early Years Leadership (NPQEYL), Executive Leadership (NPQEL), and Headship (NPQH). We also offer an NPQH Early Headship Coaching Offer.

We deliver all NPQs directly as well as working with delivery partners in certain regions.

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CAREERS LEADER

Our Careers Leader programme provides a 12-month package of training to develop careers leaders in schools who can design, implement and evaluate a school-wide careers and employability strategy. This enables more young people to make informed choices about their futures and succeed beyond school.

Powerful networks and the policies schools need

We place emphasis on building connections between programme members to foster a shared commitment to addressing educational inequality. We cultivate new networks to bring people together and enable knowledge sharing and collaboration.

Our in-programme networks build relationships between programme members centred on their shared purpose and facilitate collaboration between programme members on our cohorts.
We build a shared purpose, values and identity amongst ambassadors in the broader community, centred on addressing the issue of disadvantage and inequality in educational outcomes.

We cultivate and support new networks, including affinity groups, local networks, subject, phase, and pastoral teaching networks; businesses and other professional networks.

Docusign Envelope ID". C76F66AO-2C14-4661-948C-C62F6EF2EA6E Strategic report

Docusign En¥ÈlopÈ ID." C76F66A(k2C14-4661-948C-C62F6EF2EA6E Teacher development 1,394 279 13,940 ew traine8 tèachers recruitèd and placed rW iralSTEN ieachefs in s&tsMdary sthools ety carèèr tè&chèrs developed Ihrough OLrr larly Career FramewfKk progranin)e School leadership 5,831 119 33 toachèrs SLSPPQrtèd ro develop zheir C8roor ihrou9h our NPQS Schoo are kttÈr able lo support their pupils pogt schcM)I careÉY opiions Ihanks io our CarèÉ>rs Le8d8r prc¥Jrarnme school leadershlp lean supported through our Leadin9 Toqetb progr8mm@ Networks and ambassadors 105 102 Teach First ambassadof% now headlear.herx networks supportèd In their Wofk wlih schts)1$ and puplls 2,280 amb459ddor5 in senlor leadership roles iri 5chc*J15 Effective organisation £67.7m £67.3m total incorne total exFenditure £iom 821 Voltary Incorne Tèach First 8rnployees

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Achievements and performance

The challenges continue for the schools we partner with, as well as the teachers we train and support. But not least for the pupils from disadvantaged backgrounds who we are here for. But in these challenging times we are proud to have achieved a great deal.

Teacher development

RECRUITMENT

We were able to recruit 1,394 trainee teachers for schools across England (2021: 1,521). Although this figure is below our target of 1,750 trainees, it is still an achievement to be proud of. We operated in a challenging recruitment market where demand from those seeking to enter teaching fell across all routes into teaching. We sought to innovate by running a second training period (called Autumn Institute) And our numbers compare well with the sector. Across all teacher training routes, entries into teaching are 29% below the targets whilst ours was 20% below. We recruited 80% of our targeted cohort of secondary school teachers, significantly exceeding the 59% performance to target across the market.

The impact of the pandemic and our consequent lack of presence at universities for two years has undoubtedly made a difference to our on-campus recognition. For the first time in fourteen years we slipped out of the top ten in The Times Top 100 Graduate Employers list (the list is voted for by 20,000 final year students). Our position of 14[th] is still strong – especially when you see the blue-chip companies that surround us – and we are confident we can improve again this year as we return to campus.

This year we placed 26 teachers in early years settings (2021: 23), 260 in primary schools (2021: 227) and 1,108 in secondary schools (2021: 1,294). 279 (34%) are teaching shortage STEM subjects - science, technology, engineering and maths (2021: 584 (38%)). We also continue to grow our reach across the country. This year 65% of our new cohort are teaching outside of London (2021: 66%).

We were pleased to recruit a high level of STEM teachers. We were also pleased to see how levels of satisfaction and retention with the programme were maintained despite a very challenging and uncertain environment.

Our task continues to focus on matching the brightest and best candidates into the classrooms in disadvantaged communities. The challenge remains particularly acute across shortage subjects including STEM.

TRAINING AND DEVELOPING TEACHERS

86% of our 2021 trainee teacher cohort completed their first year and have now started the second year of their teaching career (last year 88%). And in 2022, 93% of headteachers at our partner schools were satisfied with the quality of our Training Programme (2021: 86%).

We are proud to continue as a Lead Provider of the Department for Education’s Early Career Framework (ECF). We deliver our ECF programme both directly and in partnership with training delivery partners. These partnerships have enabled us to increase our reach. Across the cohorts we started this year we have 13,940 programme members (2021: 2,678). 73% of programme members rated the programme good or very good (2021: 75%). The quality of our programme was recognised in Ofsted’s Lead Provider Monitoring Visit this year. The report highlighted a number of areas we are proud of including our impact on schools, which quoted a delivery partner: “We have been very pleased to work with Teach First whose values and commitment to continuous improvement have been invaluable.”

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School leadership

We had 33 school leadership teams forming the third cohort of our Leading Together programme. Satisfaction levels with the programme are high. 95% of schools rated the programme good or better. 98% rated their achievement partner (the experienced senior leader who leads the programme) as good or better. And 85% confirmed that taking part in the programme had given them evidence-based knowledge to inform strategies for school improvement.

We are proud to remain a Lead Provider of the Department for Education’s suite of NPQs. Delivering our NPQs not only directly, but also by working in partnership with training delivery partners, has enabled us to reach many more schools and aspiring leaders this year. We currently have three active programme cohorts across the eight programmes we now offer. 1,831 programme members started their NPQ in November 2021. 1,360 started in February 2022 and 2,640 in October 2022. A total of 5,831 active programme members. In their midpoint programme survey, 95% of November 2021 programme members were satisfied with their training and 86% rated the quality and effectiveness as good or better. And a high proportion of programme members feel their NPQ has supported them to meet the needs of their current role and take on a position of more leadership. Importantly our own survey data was backed up by this year’s Ofsted Lead Provider Monitoring Visit. Ofsted highlighted a number of areas we are proud of including the curriculum we have developed with schools. They commented that “…clear thinking and understanding of relevant educational research have enabled [Teach First] to establish an effective curriculum for the professional development of NPQ participants.” Our survey of headteachers from schools who took part in last year’s programmes showed that 75% thought that partnering with Teach First had raised the attainment of their pupils (2021: 76%).

We have also had strong feedback on our Careers Leader programme, with 97% of this year’s cohort feeling confident in their ability to develop and lead an effective careers and employability strategy in their school. This year we have 119 schools starting the programme (target 110). And we are beginning now to see feedback that careers leaders are having the impact on pupil outcomes that were intended. 89% of Headteachers at schools where we ran the programme last year said that it had raised pupil attainment.

Powerful networks and the policies schools need

Our investment in and support of our ambassador-led networks is continuing to build momentum. Our annual networks survey showed that 75% of members agree that their networks has helped to spread knowledge and resources between schools (2021: 81%). This slight decrease is explained by the larger number of networks whose primary function does not involve knowledge or resource sharing. This year the number of networks working to support schools increased from 90 to 102. Since 2020, networks have delivered over 140 community events, welcomed over 3600 attendees, and 75% agree that disadvantaged children had benefitted from networks.

The work of our networks is varied and far reaching. For example, our Heads Forward network enables headteachers to work together to navigate the changes and challenges brought about during the pandemic and the cost of living crisis. The Be Bold Computing Network gives resources and support to new and developing computer teachers across the UK. Black Men Teach is a network promoting and amplifying the voice of Black men in education.

And the number of ambassadors having completed our training grew beyond 16,000. Of the ambassadors we have trained as teachers since 2003, 62% are still teaching and 60% of those are teaching in a school in a low-income area. We believe having Teach First ambassadors at every level of leadership in schools in disadvantaged communities will accelerate our impact on educational inequality. The number of ambassador headteachers is now 105 (2021:95). In addition to this there are more than 2,280 ambassadors in senior leadership roles.

We used our strong network of ambassadors and other supporters to inform our manifesto and policy work. The manifesto spelled out to government what is required over the years to come to close the gap in attainment between children from disadvantaged backgrounds and their wealthier peers. Our Missing Pages campaign calls for a more diverse curriculum.

Technology developments

This year we have implemented a new customer relationship management (CRM) system, as well as new portals for engagement with candidates, trainee teachers, schools, Teaching School Hubs and our staff. We have been able to run assessment processes for applicants through the new CRM as well as it being a vital new content source for Early Career Framework and NPQ programme members. These system changes have enabled us to expand the reach and scale of our programmes. And we will continue to refine the functionality of these systems to improve our customer and candidate experience.

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Financial review

Introduction

We achieved a financial surplus of £0.4m in 2021/22 (£0.3m in 2020/21). Our income and expenditure both reduced following the end of additional one year programmes we ran in response to Covid-19 last financial year.

We continued to review our expenditure carefully during the year, particularly given the continuing uncertainties. Whilst we maintained a ‘digital first’ approach to programmes, it was pleasing to return to some face-to-face programme delivery during the Summer Institute. We launched a new Salesforce CRM platform to replace an antiquated system, which has led to new portals for schools, programme members and candidates, who increasingly access our content online. We invested £5.7m in digital and customer transformation this year and will continue to need to invest further in our systems to improve the experience for our key stakeholders.

	2022 £m	2021 £m	Change £m
Total income	67.7	70.0	(2.3)
Operating expenditure	(61.6)	(64.5)	2.9
Operating surplus	6.1	5.5	0.6
Investments/non-recurring costs	(5.7)	(5.2)	(0.5)
Total surplus for year	0.4	0.3	0.1

Income

The Training Programme generated 72% of our total income (2021: 80%), funded by the Department for Education (DfE) and fees charged to schools. The decrease reflects two separate trends that we faced. Firstly, income for teacher recruitment and training programmes have fallen as a result of the challenging recruitment market. Teach First’s income in this area is driven by the number of Initial Teachers we recruit and train at one point.

Secondly, our range of programmes changed during the year. We deliver the Golden Thread of training from Initial Teacher Training, early career teachers up to qualifications for Executive Headteachers. We expanded our role in delivering the Golden Thread of training has meant that an increase in the scale – and income – from our Early Career Framework and National Professional Qualifications, leading to 63% growth in income. However, our income and a number of Covid-19 related programmes and campaigns ended in FY21, including the Academic Mentoring Programme.

Within Donations, our voluntary income grew during the year by £2.3m (28%) as we secure longer term partnerships that allow us to amplify the work that we do. In the future, the support from our donors will be become increasingly important to extend our impact and reach. Thank you to all of our donors and supporters for the important contributions they have made.

Expenditure

Our operating costs decreased by 6% as a direct result of the scale of programmatic work overall. We ran a hybrid initial teacher training Summer Institute, including a return to in-person school based training. The feedback on this has been positive to date. We also created a new part-time option for those in employment to be able to train

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alongside. Our focus was to ensure high quality online provision augmented with face-to-face practice opportunities. Given the positive feedback and impact to date, we intend to continue this approach going forward.

We delivered the vast majority of our programmes online for the year. Learning outcomes remained strong, but we recognise that there are times when face-to-face interaction and support are important; we intend to return to a hybrid model in the future where we can improve both the programme member and staff experience.

Non-recurring costs

One Teach First was launched in February 2022. The new Customer Relationship Management system (CRM) is based on the Salesforce Lightening and is intended to improve the processes and experiences for our key customer groups. The system handles the wider range of programmes that the organisation now delivers, in aiming to create a unified experience. Our legacy platform was ending its life; and we used this opportunity to leverage technology to expand our programme reach. We run our recruitment and Enrolment processes through our new platforms thereby contributing towards income of £48.8m from school fees and initial teacher training. In addition, we have used the new system to serve a significant increase in programme size on the Early Career Framework and National Professional Qualifications of £3.2m. Work, and investment, to refine our underlying systems will continues as we seek to improve functionality over the next 2-3 years.

||2022
2021
Change
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a|2022
2021
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a|2022
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a| |---|---|---|---|---| |Investment in:||||| |• customer experience and digital|||5.7
5.1
(0.6)|| |• new pilot programmes|||-
0.1
0.1|| |Total investments/non-recurring costs|Total investments/non-recurring costs||5.7
5.2
(0.5)||

Balance Sheet

We continue to maintain stable cash-based reserves. Whilst cash balances and liabilities have decreased as a result of contractual payment mechanisms changes, we continue to hold significant cash to fund day to day operations.

Reserves policy

Our unrestricted (or 'free') reserves are the net current assets of our general unrestricted funds.

We hold these funds to:

provide a safeguard against the risk of a downturn in our activities (which could lead to expenditure exceeding income)
provide working capital to finance our day-to-day operations
provide a safeguard against failure to deliver contractual obligations we have entered into
protect our solvency in the event of any curtailment of our income-generating activities.

We review our reserves policy on an annual basis and carry out a risk-based assessment of factors likely to reduce our income or increase our expenditure, to make sure our free reserves are appropriate. We believe two to three months of future operating expenditure provide a sufficient reserve to cover these risks. Based on forecast expenditure for 2022/23, the trustees have approved a range for free reserves of between £10.0m and £15.0m.

As at 31 August 2022, total reserves were £12.3m, of which £0.4m were restricted and £0.3m were designated, leaving free reserves of £11.6m (2021: £11.3m). Designated funds relate to fixed assets. The Trustees are forecasting

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a small increase in free reserves over the medium term in line with our future financial plans. We didn't hold any investments in financial instruments during the financial year, including those with a social investment focus.

Going concern

In adopting the going concern basis for preparing the financial statements, the Board has considered the organisation’s business activities, liquidity and strategy, as well as the risks to the Charity and the applicable controls. The organisation’s business activities, financial performance and liquidity position are reviewed annually by the Board as part of a full business planning process and thereafter considered on a regular basis to ensure the plan accurately reflects the position of the Charity. In particular, a significant proportion of the Charity’s income and expenditure relates to contracts with the Department for Education and the Board regularly reviews the latest multi-year position in relation to the securing, extending and renewing such contracts.

The Board has considered a variety of income and expenditure scenarios prepared by management which stress-test the organisation's ability in the current and forecasted economic environment, to manage its monthly liquidity position, flex its resources to customer demand and deliver against its mission. These scenarios, which covered the period to 31 August 2024, provided sensitivity analyses and reverse-stress tests based on key factors such as programmeparticipant numbers and voluntary income.

Based on these multiple scenarios and their divergence from the organisation’s base-case income and expenditure and cashflow forecasts, as well as the liquidity and unrestricted reserves available to the Charity, the Board is satisfied that the Charity has adequate resources to operate for the foreseeable future and considers it appropriate for the organisation to adopt a going concern basis in preparing its financial statements.

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Our risks and uncertainties

Effective risk management is vital in meeting our vision and mission and achieving our goals. All employees should be able to identify, mitigate and manage key risks within their areas and communicate and escalate these as appropriate. This ensures that responsibility for risk is distributed across, and embedded in, the operations of the charity.

We manage risks in accordance with our risk-management policy. All key organisational risks are included on a risk register; tracks the internal controls in place and actions taken to reduce, eliminate or mitigate against them; and sets future mitigating actions that would further reduce the likelihood and impact of the risk materialising.

The Executive Committee has accountability and responsibility for the risk register. The Trustee Board holds overall accountability for ensuring that effective risk management arrangements are in place. It is supported in this role by its Finance Committee which also reviews risks escalated from the executive on a quarterly basis. The principal risks in relation to 2022/23 and their main mitigations are as follows:

 Recruitment and placement of our Training Programme teacher cohort for 2023: failure to meet school need

We are focusing on increasing our presence on university campuses and in finding talent in under-represented groups to increase the scale and mix of our cohort. This will better enable us to respond to school needs. We are building our school engagement capabilities and strengthening our strategic partnerships with schools to generate increased placement opportunities and allow for enhanced forward planning.

 Child safeguarding: risk of a child safeguarding incident occurring

All trainee teachers and Teach First staff receive DBS checks and are required to comply with their schools' safeguarding policies and procedures. Our Child Safeguarding Committee, chaired by the Child Safeguarding Officer and includes Executive and Trustee members, is in place. All employees have completed mandatory online training on child safeguarding annually.

Government funding: failure to secure sufficient funding for our activities
We have been successful in securing government funding for the Training Programme to August 2025. We are continuing to improve and refine this programme so that it continues to deliver value for money, high-quality delivery and impact.
Voluntary income: failure to secure voluntary income to fund our strategic plans Voluntary income is an important source of income for us to continue to support schools serving disadvantaged pupils. We have fundraising goals that build on Teach First’s 20[th] anniversary. We are working closely with our Business Leaders Council and Giving Club to develop deeper partnerships and explore new ones.
Data protection: protecting ourselves from threats

We have made improvements in this area and boosted the Information Governance team to respond to the risks we face. There are data working groups, and Data Protection Impact Assessments completed at the start of each new project. In-depth mandatory information security and data protection training of all Teach First employees takes place annually.

Cyber security: protecting ourselves from threats

Teach First is exposed to higher levels of risk by virtue of the sector, the volume and nature of its data, and its operational interfaces with other organisations, particularly schools and government. We use technical controls, including email protection and anti-virus, perform ISO27001 testing and regularly review risks. Awareness will continue to be raised with staff through training.

Market context and competition for new programmes
Through changes to the structure of the way training is procured and delivered, we work closely with a number of Teaching School Hubs and Multi Academy Chains to deliver on some of our programmes. As we seek to further diversify our offering, we continue to work closely with our Delivery Partners to ensure that we are serving the needs of the communities they serve.

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Future plans

In 2022/2023:

Recruit and place trainee teachers into schools serving disadvantaged communities. We will do this by focusing on recruitment, strengthening existing school relationships, and attracting new school customers, while continuing to adapt our Training Programme offer across our three current contracts.
Increase the number of schools using multiple programmes and gaining value from networks - to improve outcomes for pupils.
Improve our technology, processes, and systems by implementing required business changes. This will enable employees to spend more time on activities that will benefit pupils from disadvantaged communities, and customers to work with us more easily.
Embed the new ways of working required to act through delivery partners.
Meet our increased voluntary income target through clear communication of our purpose and our impact.

Beyond 2023:

We are revising our strategy to set out our ambitions for the 2023-2030 period. We aim to positively impact over half a million children, their schools and communities through:

Expansion of our recruitment and training of new teachers through the variety of routes into the profession
Expanding our work in supporting school leaders: both in professional development as well as training the next cadre of school leaders
Harnessing the impact from our growing alumni community, as they strive towards Headship, form networks to improve their school practice or champion our mission from their positions in business, academia and policy.
Focussing on careers progression, bringing together our links with schools and businesses to improve the prospects of those in low income communities
Increasing our Voluntary Income to meet the growing needs of the communities we serve

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Our governance and management

Teach First is a charitable company limited by guarantee and not having share capital. We operate in England (company number 04478840 and charity number 1098294).

We're governed by our Memorandum of Association and Articles of Association, which were last amended in April 2012. Our Memorandum of Association sets out our charitable purpose, which is to advance the education of the public.

Trustees are also Directors of the charitable company. They are appointed by the Board of Trustees and appointments are for a term of three years. Trustees may be reappointed by the Board to serve for a maximum of two further three-year terms (nine years in total).

During the financial year the Board appointed one new trustee (Djamila Boothman), with three trustees retiring (Richard Meddings, Dame Alison Peacock and Aziza Ajak). The Board reappointed Caroline Carr for a further three year term. At 31 August 2022, there were ten trustees.

The balance and diversity of trustees is kept under review by the Board. Emphasis is placed on ensuring that our trustees provide the specific mix of skills and experience that have been identified as important to our objectives and activities, as well as the charity's ongoing development. Four of the trustees during the year were Teach First ambassadors, having completed our Training Programme – the presence of ambassador trustees ensures the voice of a key stakeholder group at Board level. Recruitment of new trustees was undertaken during the year to enhance membership of the Board’s Finance and Technology Committees. All new trustees receive a full induction programme to ensure they understand the organisation, their role and their responsibilities. New and existing trustees are also offered development opportunities to help them meet these responsibilities.

The Board of Trustees meets regularly to govern the Charity. This year it held six meetings, including two additional meetings to discuss the Charity’s strategic plans. There is a written schedule of matters reserved for decision by the Board. Matters not reserved for decision by the Board are delegated to one of the Board committees or to the Chief Executive Officer (CEO). The schedule of matters reserved was updated in August 2021.

At its meetings in 2021/22, the Board reviewed organisational performance and impact and risk throughout the year. In addition to matters formally reserved to the Board, it considered the Charity's fundraising strategy, recruitment strategy, organisational strategy and performance, equity, diversity and inclusion, child safeguarding, networks, digital transformation and plans for its 20[th] anniversary of the Charity.

The likely consequences of decisions in the long term (as covered in the section on ‘Risks and uncertainties’ and ‘Future plans’ on pages 17-18)
The interests of employees (as covered in the section on equity, diversity and inclusion and employee engagement on page 21)
The need to foster the Charity’s relationships with third-party stakeholders, including the Department for Education, schools, candidates, trainees, participants, donors and funders, and contractors and suppliers (as covered in the section on ‘Achievements and performance’ on pages 12 and 13)
The impact of the Charity’s operations on the community and environment (as covered by the section on ‘Environmental reporting’ on pages 22 and 23)
The desirability of the Charity maintaining a reputation for high standards of business conduct (as covered by the Welcome from our Chair and Chief Executive Officer’s Introduction on pages 3 and 4).

Finance Committee

The Finance Committee assists the Board of Trustees with: financial review; review of internal financial controls; risk management policy and processes; monitoring the effectiveness of the internal and external audit functions and making recommendations to the Board on the appointment of the auditors; and employee salary and benefits management, including the CEO's remuneration. This year the Finance Committee held six meetings. The Finance Committee also held four additional meetings jointly with the Technology Committee to discuss the One Teach First transformation programme.

The Finance Committee regularly reviews the financial performance of the Charity and ensures appropriate financial planning and policies are in place. As part of this, it reviews and recommends the Charity's budget to the Board on an

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annual basis. To assist with risk management, the Finance Committee regularly reviews the organisational risk register and reviews and recommends the risk management policy to the Board. It is the responsibility of the Finance Committee to recommend the appointment of the external auditor; review audit findings and meet with the internal and external auditors; and report to the Board on matters of significance arising from the annual audit. The Finance Committee also reviews the Trustees' Annual Report and Accounts and recommends these to the Board for approval.

During the year the Finance Committee approved the Charity’s budget and business plan and the staff annual salary review. During the year the committee also reviewed the internal audit reports for the following key business areas: Risk Management, Safeguarding (Suitability to Teach), Personal Data Requests, GDPR and Purchase Ledger.

As a result of their work in 2021/22, our internal auditors – RSM – were able to conclude that “The organisation has an adequate and effective framework for risk management, governance and internal control.” RSM’s work also identified several further enhancements that could be made to the framework for risk management, governance, and internal control to ensure that it remains adequate and effective. Recommendations in relation to these enhancements have been or are being actioned and we have introduced formal follow-up reviews to ensure continuing progress.

In 2021/22 the Committee reviewed its Terms of Reference and conducted an annual review of some of the charity's policies including the reserves policy and the acceptance and refusal of donations policy. Additionally, the Committee received an update on strategies to grow voluntary income from the fundraising team.

Technology Committee

The Technology Committee was established in November 2020 and assists the Board of Trustees with technology related matters.

The Technology Committee provides governance oversight of the charity’s technology and systems. It reviews and monitors progress on the One Teach First business transformation programme from a technology perspective and considers how technology can play a key role in re-shaping the design and delivery of professional development for teachers and school leaders. It also considers the charity’s strategic partnerships with large technology organisations.

This year the Technology Committee held six meetings, including four additional meetings held jointly with the Finance Committee to discuss the One Teach First transformation programme.

Nominations Committee

The Nominations Committee assists the Trustee Board with succession planning.

The Nominations Committee recommends to the Board suitable candidates for Board appointments, including the Chair. Where appropriate it also recommends the reappointment of trustees. This year the Nominations Committee recommended the appointment of one new trustee and the reappointment of one trustee.

Organisational structure

The Board of Trustees delegates the day-to-day management of Teach First to the CEO and the Executive Team. The CEO and Executive Team meet regularly as the Executive Committee to manage activities undertaken by Teach First.

The names of the members of the Executive Committee can be found on page 25.

Teach First subsidiaries

Teach First has one subsidiary company, Teach First Trading Limited. Teach First Trading Limited continues to raise funds to support the delivery of Teach First's charitable purposes. Details of the financial performance of Teach First's subsidiary are included in note 10 to the financial statements.

The other subsidiary company of Teach First, Teach First Initial Teacher Development Limited, was struck off the companies register on 4 January 2022 as it had been dormant for 2 years. It was established to manage a nowfulfilled contract awarded by the Department for Education.

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Equity, diversity and inclusion

We work with our organisation and within our sector to bring greater equity, diversity and inclusion. Only with a diverse workforce that has personal experience of our mission and an inclusive culture will we be able to unlock our potential. We continue to look for ways to create a culture where everyone, from any background, can do their best work.

As an employer our aim is to create a place where everyone can perform, learn and contribute while having the confidence to be themselves. To do this we must remove the systemic biases and barriers that have become all too familiar within the workplace. For example, we’ve made significant changes to our employee recruitment and selection processes. This year we have embedded significant changes to our employee recruitment and selection processes. Building on rules to ensure diverse shortlists, anyone taking part in interview panels must complete training on inclusive hiring practices, with decision-making at the interview stage distributed equally amongst a panel which is diverse on both gender and ethnicity.

We’ve created clear policies and guidance to embed equity, diversity and inclusion across the charity at key moments in a person’s life, improving our provision year-on-year. This year we introduced a policy on Domestic Abuse, training members of our HR team to support employees in this area. We’ve also created flexibility around all Bank Holidays except those that fall in our Winter Shutdown. Employees can now flex these days to use them at a time that suits, whether that’s for a birthday, religious festival, family event or anything else they would like. These policies are underpinned by training and a programme of events to celebrate our diversity and better understand the experiences of those from historically marginalised and under-represented groups. This year we added a new employee-led network on socio-economic class to our existing five affinity groups.

Transparency is vital in our commitment to increase the representation of our workforce to better reflect the UK working population and the communities we serve. We publish all our employee demographic data twice a year and have targets for the representation we want to see in our workforce by 2024.

In our 2022 Gender Pay Gap Report we were delighted to report a median pay gap of 0%. This compares to a national pay gap of 15.4% (Office for National Statistics, 26 October 2021). This hasn’t happened by accident. It’s the result of a five-year journey we’ve been on to reform pay at Teach First. However, whilst we’re really proud to see this work succeed, we’re not going to lessen our focus on the full scope of our diversity and inclusion work. We remain committed to ensuring gender equality and increasing the representation of historically underrepresented groups, at all levels and in all areas of our business. We do have an ethnicity pay gap (2.08% median and 5.85% mean). This is driven by us having lower ethnic minority representation at management and senior leadership levels. We have worked to address this imbalance in recent years, but we have more to do as our 2022 Ethnicity Pay Gap Report shows. Our ongoing actions to increase diverse representation at senior levels will help us to close our ethnicity pay gap.

Recognising that the internal progression of those from under-represented groups is vital to us growing a representative workforce we have introduced a dedicated leadership development programme for those from underrepresented backgrounds. Over the next year we will focus on further targeted development opportunities to make sure we are increasing diversity through nurturing talent from within the charity, in addition to recruiting new talent and improving our culture of inclusion. Whilst we have much more to do to address systematic inequalities, we were proud to be awarded Gold in the 2021 Inclusive Employer’s Standard.

Across the sector, we are actively seeking to promote increased diversity. We recognise the power that teachers and school leaders from marginalised backgrounds have as role models to their pupils and communities. Our Missing Pages campaign, which highlighted the dearth of non-white British authors in our curriculum, reached 18 million people. We are also working to increase the number of Black teachers in our classrooms through our recruitment efforts, in part funded by F1 driver Lewis Hamilton’s Mission44 foundation. Furthermore, we actively support and design our content so it is accessible – and we are implementing changes to how we operate so we can promote trainee teachers that may need reasonable adjustments.

Employee engagement

Our employees’ contributions make real differences to how we work and all our experiences here. Each of our directorates is represented at our elected Employee Engagement Forum that meets regularly through the year. Employees can contribute ideas to improving their experience at work and how we operate. In the past year the forum has addressed our COVID-19 response, our future ways of working post COVID-19, capacity and how we focus our time, as well as neurodiversity and disability inclusion.

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Through our employee surveys we’re continually hearing from our people on what’s going on and can see what’s making things better – and what’s not. Staying close to our purpose is so important to us that we offer our people three days a year where they can do voluntary work that gets them close to our purpose. In the past year our employees have used this time to provide career coaching to pupils, volunteer as student mentors, take up school governor positions and much more. The summary outcomes of this work are shared with the Executive Committee and the Board of Trustees. We also work with a wide range of corporate partners, whose staff engage in volunteering on our programmes to broaden our reach and impact.

Remuneration

The Board of Trustees is responsible for the CEO's remuneration and our employee salary and benefits management framework. These are reviewed by the Finance Committee regularly and are recommended by the Committee to the Board for approval.

Environmental reporting

Teach First operates from eleven offices across the country and our energy use is related to:

 Administrative activities, including the use of electricity for office equipment and fuel and electricity for heating and cooling purposes; and

 Business travel, using employee-owned vehicles, for which the corresponding business mileage is paid by the organisation.

During the year ended 31 August 2022, we consumed 405 MWh of energy (2021: 457 MWh) on scope 1 and 2 activities.

We have worked with an environmental consultant to quantify that Teach First emissions in the year were as follows:

Ton CO2e	2022	2021
Scope 1: direct emissions	-	-
Scope 2: indirect office-space emissions	81	95
Total	81	95

The chosen intensity measurement ratio is total gross emissions in ton CO2e per Full Time Equivalent member of staff (FTE), the recommended ratio for the sector. For the year ended 31 August 2022, we caused the emission of 0.10 ton CO2e per FTE (2021: 0.14 ton CO2e).

Our emissions on business travel increased to 120 Ton CO2e (2021: 16 Ton CO2e; 2020: 135 Ton CO2e) this year. Our staff resumed face to face visits in schools for face to face mentoring, teaching and supervision after the ending of Covid-19 restrictions. We expect to reduce our emissions with the use of technology and video conferencing services.

Measures taken to improve energy efficiency

Scope 1 and 2 emissions reduced in the year as the charity spent much of the period working virtually. We reduced our office space to reflect changing working patterns. Teach First has limited control over energy consumption and greenhouse gas emissions, as we do not own our office spaces and the vehicles used for business travel are owned by staff.

In these circumstances, we have implemented the following actions to improve our energy efficiency:

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maintaining air-conditioning units to enable maximum energy efficiency
turning off heating and other equipment on all floors in London when the building is not occupied
setting an ambient temperature in the office to use less energy
active engagement with staff on how to improve their own personal footprint at work

Teach First is committed to the achieving net zero emissions by 2030, ahead of the Government’s target of 2050.

Quantification and reporting methodology

We have complied with The Companies (Directors’ Report) and Limited Liability Partnerships (energy and carbon) Regulations 2018, incorporating the UK Government’s policy on Streamlined Energy and Carbon Reporting (‘SECR’), which came into force on 1 April 2019.

Public benefit

All our activities are undertaken to further our charitable purpose, which is to advance the education of the public. More specifically, the charity is working towards a day when no child's educational success is limited by their socioeconomic background. ln working towards this vision, we also envisage having a positive impact on wider society.

The trustees have a duty to consider public benefit guidance published by the Charity Commission. We are satisfied that the purpose and activities of the charity continue to satisfy the requirements of the public benefit test set out in section 17 of the Charities Act 2011. We have demonstrated how we have worked towards our charitable purposes, by setting out our achievements during the year in our Trustees' Report (on pages 6-9).

Compliance information

Modern Slavery Transparency Statement

We are required to publish an annual statement on the steps we have taken to ensure that modern slavery is not present in the charity's supply chains or operations. We are committed to upholding the letter and spirit of the Modern Slavery Act, and our Modern Slavery Transparency Statement for 2021/22 is published on our website. This sets out what steps we have taken to prevent modern slavery from occurring within the charity and our supply chains, along with future plans in this area.

Supplier relations

The organisation, as governed by the Board of Trustees, has taken into account the impact of business changes on donors, funders and suppliers. We have reviewed our payment terms reporting, which showed that over 95% of invoices were paid within 60 days.

Fundraising

The Charity Act 2011 (as amended) requires all charities subject to audit to provide information on their fundraising practices within the trustees' annual report. This is to help protect the public from intrusive practices.

The majority of our income comes from statutory contracts and school fees for the provision of initial teacher training. However, voluntary funding is important to enable us to deliver our vision and mission. We therefore undertake a range of fundraising activities in support of our charitable aims. Our approach to fundraising includes:

partnerships with corporate supporters
securing grants from trusts and foundations
donations from individuals (mainly from philanthropists but also, on a smaller scale, the wider public)

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entry fees and sponsorship raised by individuals for challenge events (such as Run the River)
sponsorship related to other events

Most of our fundraising activity is managed in-house. During the year we did use the services of some specialist providers to support us in certain areas. This included a specialist research agency, to support our efforts to seek donations from philanthropists; use of advertising agencies to publicise our fundraising events; and events management companies, to provide logistical support in organising larger events. All of this is undertaken under the supervision of our in-house fundraising team.

We did not engage the services of any professional fundraising agencies to undertake direct response fundraising solicitation or cultivation either by phone, online or face-to-face, during the year.

We strive to achieve the highest possible standards of fundraising and undertake a number of measures to ensure we are accountable for our practices. We’ve had no complaints with regards to our fundraising practices. We are registered with the Fundraising Regulator who holds the Code of Fundraising Practice for the UK. We work within these regulations, as well as carrying out our activities in line with the expectations of our supporters.

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Trustees’ statement of responsibilities

The trustees, who are also directors of Teach First for the purposes of company law, are responsible for preparing our Annual Report and Accounts in accordance with applicable law and regulations. Company law requires that trustees prepare financial statements for each financial year. Under this we are required to prepare the group and parent company financial statements in accordance with United Kingdom Accounting Standards and applicable law (United Kingdom Generally Accepted Accounting Practice), comprising FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group, and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities Statement of Recommended Practice (SORP) (FRS 102);
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the charitable group will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The trustees confirm that:

so far as each trustee is aware, there is no relevant audit information of which the group’s auditor is unaware; and
the trustees have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the group’s auditor is aware of that information.

Grant Thornton UK LLP, having expressed their willingness to continue in office, will be deemed reappointed for the next financial year in accordance with Section 487 (2) of the Companies Act 2006 unless the company receives notice under Section 488 (1) of the Companies Act 2006.

Liability of members of the Board of Trustees

Teach First is limited by guarantee and has no share capital. The trustees are members of the company and every member is liable to contribute a sum not exceeding £1 in the event of the company being wound up while he or she is a member or up to one year thereafter. At 31 August 2022 there were 10 members.

Declaration

This Trustees’ Annual Report on pages 6-25, including the Strategic Report on pages 11-18, is presented and approved by the Board of Trustees and signed on its behalf.

Signed Date 19/4/2023 Dame Vivian Hunt Chair of the Board of Trustees

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Administrative details

Registered name: Teach First Charity number: 1098294 Company number: 04478840 Principal and registered office: 6 Mitre Passage, London, SE10 0ER

Patron

His Majesty King Charles III

Vice Patron

Richard Meddings (until 9 February 2022)

Technology Committee

James Bilefield (Chair) Aziza Ajak (until 30 June 2022) Paul Geddes (from 1 September 2022) Tom Harbour Faisal Karjikar (Co-opted member until 30 June 2022) Maud Miller (Co-opted member from 30 June 2022) Mike Page (Co-opted member) Stuart Riley (Co-opted member)

Dame Julia Cleverdon DCVO CBE

Executive Committee

Founder and Honorary President Brett Wigdortz OBE

Board of Trustees

Dame Vivian Hunt (Chair) Aziza Ajak (until 30 June 2022) Humphrey Battcock (from 12 December 2022) Sarah Bibi James Bilefield William Bickford Smith (from 1 October 2022) Djamila Boothman (from 20 June 2022) Caroline Carr Alison Duncan Paul Geddes (from 1 September 2022) Clare Gilmartin (from 1 February 2023) Tom Harbour Lord Jonathan Hill Lord Jonathan Kestenbaum (from 1 November 2022) Dame Mary Marsh Richard Meddings CBE (Senior Independent Director) (until 9 February 2022) Nick Owen CBE (Senior Independent Director from 9 February 2022) Dame Alison Peacock (until 31 October 2021) Richard Taylor (from 1 September 2022) Professor Sam Twiselton OBE (from 1 December 2022)

Company Secretary

Russell Hobby CBE, Chief Executive Officer Francis Chou, Executive Director of Strategy, Research and Performance (until 1 April 2022) Kate Evans, Chief Information Officer (from 3 October 2022)

Rajit Gholap, Chief Financial Officer (13 June 2022 to 10 October 2022)

Shelley Gonsalves, Executive Director for Programme Delivery Rob Halkyard, Executive Director for Engagement Flora Letanka, Executive Director for Network Development

Sujata McNab, Chief Operating Officer (from 10 October 2022)

Amy Mitchell, Executive Director for Development (from 1 February 2022)

Reuben Moore, Executive Director for Development (until 31 January 2022)

Andrew Oliva-Hauxwell, Executive Director for Recruitment Steve Porter, Chief Financial Officer (until 10 June 2022)

All members of the Executive Committee are deemed key management personnel.

Bankers

Barclays Bank plc 1 Churchill Place London E14 5HP

Gillian Budd

Solicitors

Finance Committee

Alison Duncan (Chair) Sarah Bibi Paul Geddes (from 1 September 2022) Richard Meddings CBE (until 9 February 2022) Nick Owen CBE Richard Taylor (from 1 September 2022)

Clifford Chance 10 Upper Bank Street, London E14 5JJ

Ashurst London Fruit & Wool Exchange, 1 Duval Square London E1 6PW

External Auditor

Nominations Committee

Nick Owen CBE (Chair) Caroline Carr Alison Duncan Tom Harbour Dame Vivian Hunt Dame Mary Marsh

Grant Thornton UK LLP 30 Finsbury Square, London EC2A 1AG

Internal Auditor

RSM Risk Assurance Services LLP The Pinnacle, 170 Midsummer Boulevard Milton Keynes MK9 1BP

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Independent Auditor's report to the members of Teach First

Opinion

We have audited the financial statements of Teach First (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 August 2022, which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 and The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the group’s and parent charitable company's affairs as at 31 August 2022 and of the group’s incoming resources and application of resources including its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We have been appointed as auditor under the Companies Act 2006 and report in accordance with regulations made under that Act. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ section of our report. We are independent of the group and parent charitable company 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 ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We are responsible for concluding on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s and the parent charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the group or parent charitable company to cease to continue as a going concern.

In our evaluation of the trustees’ conclusions, we considered the inherent risks associated with the group’s and parent charitable company’s business model including effects arising from macro-economic uncertainties such as Brexit and Covid-19, we assessed and challenged the reasonableness of estimates made by the trustees and the related disclosures and analysed how those risks might affect the group’s and parent charitable company’s financial resources or ability to continue operations over the going concern period.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s and parent charity’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.

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In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

The responsibilities of the trustees with respect to going concern are described in the ‘Responsibilities of trustees for the financial statements’ section of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Accounts, 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 the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and the Directors’ report, prepared for the purposes of company law, included in the Trustees’ Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors’ Report included in the Trustees' Annual Report have been prepared in accordance with applicable legal requirements.

Matter on which we are required to report under the Companies Act 2006

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report included in the Trustees' Annual Report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent charitable company; or
returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees for the financial statements

As explained more fully in the Trustees' Statement of Responsibilities set out on page 25, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

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Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and the sector in which it operates. We determined that the following laws and regulations were most significant: the Charities SORP (FRS 102), The Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102), the Companies Act 2006 and the Data Protection Act 2018;
We understood how the charitable company is complying with these legal and regulatory frameworks by making inquiries of management and those charged with governance. We enquired of management and those charged with governance whether there were any instances of non-compliance with laws and regulations, or whether they had any knowledge of actual or suspected fraud. We corroborated the results of our enquiries through our review of board minutes, and through our legal and professional expenses review;
We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including how fraud might occur and the risk of material override of controls. Audit procedures performed by the engagement team included:
Identifying and assessing the design effectiveness of certain controls management has in place to prevent and detect fraud;
Challenging assumptions and judgments made by management in its significant accounting policies;
Identifying and testing journal entries;
Identifying and testing related party transactions;
Inspecting the board minutes; and
Assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item.
These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it;
The assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s:
Understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation;
Understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation; and

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Understanding of the legal and regulatory requirements specific to the entity including the provisions of the applicable legislation.
The team communications in respect of potential non-compliance with laws and regulations and fraud included the potential for fraud in revenue recognition through manipulation of income.
We did not identify any matters relating to non-compliance with laws and regulation and fraud.
In assessing the potential risks of material misstatement, we obtained an understanding of:

 The charitable company’s operations, including the nature of its revenue sources, to understand the classes of transactions, accounts balances, expected financial statement disclosures and business risks that may result in risks of material misstatement; and

The charitable company’s control environment, including:
Management’s knowledge of relevant laws and regulations and how the charitable company is complying with those laws and regulations;
The adequacy of procedures for authorisation of transactions and review of management accounts; and
Procedures to ensure that possible breaches of laws and regulations are appropriately resolved.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Dean BA (Hons) FCA DChA Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP Statutory Auditor, Chartered Accountants London

19/4/2023 Date:

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Consolidated Statement of Financial Activities

(Incorporating an income and expenditure account) For the year ended 31 August 2022

	Note	Unrestricted funds £'000	Restricted funds £'000	Total 2022 £'000	Total 2021 £'000

Income
Charitable activities	2	57,178	-	- 57,178	61,232
Donations	2	6,038	3,975	10,013	8,304
Investments		56	-	- 56	65
Income from other trading activities		478	-	- 478	418
Total Income		63,750	3,975	67,725	70,019

Expenditure
Cost of raising funds	3	2,531	-	- 2,531	2,535
Expenditure on charitable activities	3	61,064	3,693	64,757	67,228
Total Expenditure		63,595	3,693	67,288	69,763
Net result for the year	5	155	282	437	256

Reconciliation of funds
Total funds brought forward at 1 September	14	11,694	322	12,016	11,760

Total funds carried forward at 31 August	14	11,849	604	12,453	12,016

All income and expenditure derive from continuing activities.

The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 35 to 51 form an integral part of these financial statements. A Statement of Financial Activities for the Charity is set out in note 19.

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Consolidated and Charity Balance Sheets

As at 31 August 2022

Note Group 2022 Charity 2022 Group 2021 Charity 2021 £'000 £'000 £'000 £'000

Fixed Assets
Tangible assets 9 266 266 383 383 ~~a~~
Investments in trading subsidiaries 10 - - - - Total Fixed Assets 266 266 383 383 Current Assets ~~a~~ ~~ee~~ ~~ee ee ee~~ ~~ON~~
Debtors 11 23,994 24,274 27,744 27,873 Cash at bank and in hand 19,194 18,891 25,047 24,731 Total Current Assets 43,188 43,165 52,791 52,604 ~~a~~ ~~a Oe~~ ~~a~~
Creditors: amounts falling due within one year 12 (30,294) (30,271) (40,436) (40,249) Net current assets 12,894 12,894 12,355 12,355 Total assets less current liabilities 13,160 13,160 12,738 12,738 ~~es~~ ~~ee~~ ~~ee ee~~ ~~a~~ ~~ee eee~~ ee ee ~~OO~~
Provisions for liabilities 13 (707) (707) (722) (722) ~~a~~
Net assets 12,453 12,453 12,016 12,016 Funds ~~a~~ ~~ON~~
Restricted funds 14 604 604 322 322 ~~a~~
Unrestricted funds 14 11,849 11,849 11,694 11,694 TOTAL 12,453 12,453 12,016 12,016 The notes on pages 35 to 51 form an integral part of these financial statements. The financial statements on pages 31 to 54 were approved and authorised for issue by the Board of Trustees on , and were signed 19/4/2023 ~~a~~ ~~ee~~

on its behalf by: Jats Dame Vivian Hunt

Chair

C o mpany Registration Number 04478840

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Consolidated Statement of Cash Flows

For the year ended 31 August 2022

	Note	2022 £'000	2021 £'000
Cash flows from operating activities
Net cash inflow from operating activities		(5,835)	81
Cash flows from investing activities
Interest from investments		54	64
Purchase of tangible fixed assets	9	(72)	(267)
Net cash outflow from investing activities		(18)	(203)

Net movement in funds
Change in cash and cash equivalents in the reporting period		(5,853)	(122)
Cash and cash equivalents at beginning of the year		25,047	25,169
Cash and cash equivalents at end of the year		19,194	25,047

The notes on pages 35 to 51 form an integral part of these financial statements.

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Reconciliation of net result for the year to net cash inflow/(outflow) from operating activities
Note 2022 2021 £'000 £'000 Net surplus for the year 437 256 Adjustments for: Deposit interest and investment income receivable (54) (65) Depreciation and amortisation charges 5 189 206 Increase/(decrease) in debtors 11 3,750 (3,585) (Decrease)/Increase in creditors 12 (9,742) 3,286 Decrease in provisions 13 (15) (17) Net cash (outflow)/inflow from operating activities (5,835) 81 ~~—=~~

		~~a,~~	2022 £'000 ~~a,~~	~~a,~~	2021 £'000 ~~a,~~
	Cash at bank and in hand		19,194		25,047
	Net cash used on operating activities		19,194		25,047

Analysis of changes in net debt

	At 1 September 2021 Cash flows Other non-cash charges At 31 August 2022 £'000 £'000 £'000 £'000 ~~a~~ i
Cash	25,047 (5,853) - 19,194

The notes on pages 35 to 51 form an integral part of these financial statements.

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Notes to the financial statements

1. Accounting Policies

Based on these multiple scenarios and their

A) BASIS OF PREPARATION

The financial statements are prepared under the historical cost convention and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of lreland (FRS102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and the Republic of lreland (FRS 102) and the Companies Act 2006. Teach First meets the definition of a public benefit entity under FRS 102. The Financial Statements are presented in Sterling (£) which is the functional currency of the group and entity. Teach First, and its subsidiary is incorporated in England and Wales.

B) GOING CONCERN

The organisation’s business activities, financial performance and liquidity position are reviewed annually by the Board as part of a full business planning process and thereafter considered on a regular basis to ensure the plan accurately reflects the position of the Charity. In particular, a significant proportion of the Charity’s income and expenditure relates to contracts with the Department for Education and the Board regularly reviews the latest multi-year position in relation to the securing, extending and renewing such contracts.

The Board has considered a variety of income and expenditure scenarios prepared by management which stress-test the organisation's ability in the current and forecast economic environment, to manage its monthly liquidity position, flex its resources to customer demand and deliver against its mission. These scenarios, which covered the period to 31 August 2024, provided sensitivity analyses and reverse-stress tests based on key factors such as programmeparticipant numbers and voluntary income.

divergence from the organisation’s base-case income and expenditure and cashflow forecasts, as well as the liquidity and unrestricted reserves available to the Charity, the Board is satisfied that the Charity has adequate resources to operate for the foreseeable future and considers it appropriate for the organisation to adopt a going concern basis in preparing its financial statements.

C) GROUP FINANCIAL STATEMENTS

These financial statements consolidate the results of the charity and its wholly-owned subsidiary on a lineby-line basis.

A separate statement of financial activities and income and expenditure accounts are not presented for the charity itself in accordance with the applicable exemptions afforded by section 408 of the Companies Act 2006. All group entities have uniform accounting policies.

D) INCOME

lncome is recognised when the charity has entitlement to the funds: any performance conditions attached to the term(s) of income have been met; it is probable that the income will be received, and the amount can be measured reliably.

The following specific policies apply to categories of income:

Fees paid by schools

Fees are paid by schools for each trainee placed with them. A deposit element is recognised in the year in which the trainee is placed. Fees for year one and year two of the placements are recognised over the period the trainee is teaching in the school over the two-year programme. lf a trainee withdraws from the programme before the October half-term of their first year, a refund is issued to the school for the full fee and deposit. For withdrawals thereafter, refunds are calculated based on the number of complete months the trainee is not at the school.

Initial Teacher Training

lncome for Initial Teacher Training relates to income received in respect of our contract with the Department for Education for delivery of the Training Programme in England. lncome is recognised in line with the delivery

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of the contracted service provided less any clawback due.

Other Government contracts

All income to which the Charity is entitled at year end is recognised in the accounts, except where there are conditions attached to the contracts which we are uncertain will be met, or where the charity is yet to meet performance-related conditions attached to the contract.

Voluntary income

lncome from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. ln the case of a grant or corporate donation, evidence of entitlement will usually exist when the formal offer of funding is communicated in writing to the charity. ln exceptional circumstances, Voluntary Income may be recognised in advance of a formal signed agreement where an authorised individual confirms that a signed agreement has been delayed due to administrative procedures (e.g. where a Foundation Board only meets quarterly to confirm grants). ln these cases, an assessment will be made on the basis of the probability of receipt of income. Some donations and grants will contain terms or conditions that must be met before the charity has entitlement to the resources. This income is deferred until the conditions have been met.

Other donations are recognised when received.

Sponsorship/licencing income

lncome on sponsorship or licencing in Teach First Trading Limited is earned at the date that agreement is signed between Teach First and the donor. Where it is possible to identify the period in which the customer receives the benefit of the service, the income will be recognised when benefits are conferred to the customer.

lnvestment income

lnvestment income is earned from interest on funds held on deposit. Income is recognised when receivable and the amount can be measured reliably.

E) DONATED GOODS, FACILITIES AND SERVICES

Donated goods, professional services and facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated goods, professional services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on

the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

F) FUND ACCOUNTING

Restricted funds are those funds received with specific conditions attached and are restricted for use in those activities only. All other funds received are considered unrestricted funds and are available to spend on activities that further any purposes of the charity.

Designated Funds are unrestricted funds set aside by the trustees in respect of fixed assets or for use on specific future projects.

G) EXPENDITURE

All expenditure is accounted for on an accruals basis and has been listed under headings that aggregate all the costs related to that activity. Where costs cannot be directly attributed, they have been allocated to activities on a basis consistent with the use of resources.

Support costs include the management and administration of Teach First and include staffing and the associated costs of supporting, monitoring and evaluating the work of the charity and irrecoverable VAT. These costs have been split between costs of generating funds and charitable activities. The bases on which support costs have been allocated are set out in note 4.

The direct costs of raising funds and charitable activities, including directly attributable salaries, are allocated on an actual basis to the key strategic areas of the charity.

Contributions in respect of the charity's defined contribution pension scheme are charged to the income and expenditure account in the year in which they are payable to the scheme.

Transactions in foreign currencies are recorded at the rate ruling at the time of transaction.

H) OPERATING LEASES

The charity classifies the lease of office space and photocopying equipment as operating leases. The title to the assets remains with the lessor and the items are held for significantly less than the useful life of the asset. Payments under operating leases are charged to the income and expenditure account on a straightline basis.

I) TANGIBLE FIXED ASSETS

Tangible fixed assets are stated at their purchase price, together with any incidental costs of acquisition. Individual assets are capitalised only when their cost of

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acquisition is over £500.

Tangible fixed assets are depreciated based on original cost or valuation, less any residual value, on a straight-line basis over the expected useful economic lives of the assets concerned.

L) CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short term highly-liquid investments with a short maturity of less than 12 months from the balance sheet date.

M) CREDITORS AND PROVISIONS

Depreciation is charged from the month of purchase, and none in the year of disposal.

The annual rates used for this purpose are:

Creditors and provisions are recognised where the charity has a present obligation as a result of a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably.

Computer equipment - 33.3%
Equipment, fixtures and fittings - 20%
Leasehold improvement - depreciated over the term of the lease

Impairment reviews are conducted on an annual basis to ascertain whether the fixed asset generates net economic benefit.

J) INVESTMENTS

Investments held as fixed assets are stated at cost, less any provision for impairment.

K) DEBTORS

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid, net of any trade discounts due.

N) VOLUNTEERS

Volunteers give their time freely to nurture and develop the young people and teachers we work with. The value of this is not recognised in the accounts.

O) SIGNIFICANT JUDGEMENTS AND ESTIMATES

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. It is the opinion of the Trustees that there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. In assessing the liabilities and obligations of the charity, management have assessed their compliance with all taxes including VAT and have recognised these taxes accordingly.

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2. Incoming resources

	Unrestricted £'000	Restricted £'000	Total 2022 £'000	Total 2021 £'000

Charitable Activities
Fees paid by schools	16,334	-	- 16,334	16,761
Initial Teacher Training	32,492	-	- 32,492	39,355
Early Career Training	6,314	-	- 6,314	4,143
Other Contracts	2,038	-	- 2,038	973
Total Charitable Activities	57,178	-	- 57,178	61,232

Donations
Voluntary income from Corporates, Trusts and Foundations and Major Donors	5,694	3,975	9,669	7,375
Donations in kind	344	-	- 344	929
Total Donations	6,038	3,975	10,013	8,304

Further information is provided on the support of gifts and services donated in kind:

2022 Total 2021 Total £'000 £'000 Training and professional 344 406 services IT services - 523 Total 344 929 ~~———~~

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3. Expenditure

		Support costs £'000	Direct expenditure £'000		2022 Total £'000	Support costs £'000	Direct expenditure £'000	Direct expenditure £'000	2021 Total £'000
Expenditure on raising funds		440	2,091		2,531	420		2,115	2,535

		Support costs £'000	Direct expenditure £'000		2022 Total £'000	Restated Support costs £'000		Direct expenditure £'000	2021 Total £'000
Teacher recruitment	1,384	1,384	5,374	5,374	6,758	1,949		7,164	9,113
Teacher trainee development	5,990	5,990	31,513	31,513	37,503	6,097		36,213	42,310
Leadership programmes, networks and other activities	1,613	1,613	6,369	6,369	7,982	1,447		5,428	6,875
Early career training	1,275	1,275	5,495	5,495	6,770		796	3,003	3,799
Charitable Operating Expenditure		10,262	48,751		59,013	10,289		51,808	62,097
Non-recurring digital and other costs		-	5,745	5,745	5,745		-	5,131	5,131
Expenditure on
charitable		10,262	54,496		64,758	10,289		56,939	67,228
activities

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4. Allocation of support costs and non-recurring costs

Support costs are allocated as a proportion of the associated staff costs in these areas.

Allocation of support costs 2022 Total £'000	2021 Total £'000
Expenditure on raising funds 440	420
Expenditure on charitable activities 10,262	10,289
Total 10,702	10,709
Support costs are constituted of the following types of costs:
Support costs 2022 Total 2021 Total £'000 £'000 Salaries and staff costs 6,079 6,288 Premises cost and rent 1,242 1,161 Operations and office management 1,525 1,240 Information technology 1,381 1,377 Depreciation and amortisation 188 206 Governance costs 287 437 Total 10,702 10,709 ~~=~~
Non-recurring digital and other costs 2022 Total 2021 Total £'000 £'000 Salaries and staff costs 2,178 833 Information technology 3,567 4,298 Total 5,745 5,131 ~~—~~

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5. Net income for the year

This is stated after charging:

	2022 Total £'000	2021 Total £'000
Depreciation	188	206
Auditor remuneration payable: Fees payable to the company's auditor for the audit of the company's annual accounts relating to the current year	41	37
Fees payable to the company's auditor for other services:
 Audit of the accounts of subsidiaries	8	7
Operating lease charges: rent and equipment	859	1,007

6. Analysis of staff costs and the cost of key management personnel

	2022 Total £'000	2021 Total £'000
Wages and salaries	34,747	32,275
Employer's national insurance costs	3,385	3,081
Pensions and other staff costs	1,655	2,186
Total	39,787	37,542

DocuSign Envelope ID: C76F66A0-2C14-4661-94BC-C62F6EF2EA6E Salary bands: 2022 2021 60,000 – 69,999 17 23 70,000 – 79,999 11 10 80,000 – 89,999 7 3 90,000 – 99,999 2 - 100,000 – 109,999 3 2 110,000 – 119,999 1 3 120,000 – 129,999 - 1 160,000 - 169,999 1 1 = The cost of key management personnel, comprising the Executive Committee, was £870,661 (2021: £929,940). The members of the Executive Committee are listed on page 25. Employer pension contributions paid in respect of these employees amounted to £58,797 (2021: £53,771). The total of termination payments was £96,195 (2021: £161,670). The nature of these payments were lump-sums and they have been recognised when the charity became legally obliged to make these payments.

PENSION CONTRIBUTIONS

Teach First contributes to defined contribution pension policies for its qualifying employees. Employer contributions payable for the year amounted to £1,601,045 (2021 - £1,468,359), of which £293,519 (2021 - £270,557) was outstanding at the balance sheet date.

7. Staff numbers 2022 2021 The average number of employees on a Full Time Equivalent basis during the year were: 780 771 The average number of employees on a Headcount basis during the year were: 821 814 DocuSign Envelope ID: C76F66A0-2C14-4661-94BC-C62F6EF2EA6E~~—~~	7. Staff numbers 2022 2021 The average number of employees on a Full Time Equivalent basis during the year were: 780 771 The average number of employees on a Headcount basis during the year were: 821 814 DocuSign Envelope ID: C76F66A0-2C14-4661-94BC-C62F6EF2EA6E~~—~~	7. Staff numbers 2022 2021 The average number of employees on a Full Time Equivalent basis during the year were: 780 771 The average number of employees on a Headcount basis during the year were: 821 814 DocuSign Envelope ID: C76F66A0-2C14-4661-94BC-C62F6EF2EA6E~~—~~	7. Staff numbers 2022 2021 The average number of employees on a Full Time Equivalent basis during the year were: 780 771 The average number of employees on a Headcount basis during the year were: 821 814 DocuSign Envelope ID: C76F66A0-2C14-4661-94BC-C62F6EF2EA6E~~—~~	7. Staff numbers 2022 2021 The average number of employees on a Full Time Equivalent basis during the year were: 780 771 The average number of employees on a Headcount basis during the year were: 821 814 DocuSign Envelope ID: C76F66A0-2C14-4661-94BC-C62F6EF2EA6E~~—~~	7. Staff numbers 2022 2021 The average number of employees on a Full Time Equivalent basis during the year were: 780 771 The average number of employees on a Headcount basis during the year were: 821 814 DocuSign Envelope ID: C76F66A0-2C14-4661-94BC-C62F6EF2EA6E~~—~~	7. Staff numbers 2022 2021 The average number of employees on a Full Time Equivalent basis during the year were: 780 771 The average number of employees on a Headcount basis during the year were: 821 814 DocuSign Envelope ID: C76F66A0-2C14-4661-94BC-C62F6EF2EA6E~~—~~
8. Taxation
Teach First is a registered charity under the Charities Act 2011 and as such is exempt from tax on its income and			Teach First is a registered charity under the Charities Act 2011 and as such is exempt from tax on its income and		Teach First is a registered charity under the Charities Act 2011 and as such is exempt from tax on its income and	Teach First is a registered charity under the Charities Act 2011 and as such is exempt from tax on its income and
gains to the extent that such income and gains are applied for charitable purposes. Teach First is parent to Teach							gains to the extent that such income and gains are applied for charitable purposes. Teach First is parent to Teach	gains to the extent that such income and gains are applied for charitable purposes. Teach First is parent to Teach
First Trading Limited. The company made a profit of £561,000, which it will distribute under a deed of covenant and
has been recognised in 2022.
9. Consolidated and Charity tangible fixed assets

			Leasehold improvements £'000		Computer equipment £'000		Equipment, fixtures and fittings £'000	Total £'000
	Cost
	At 1 September 2021	3,276	3,276		1,040		543	4,859
	Additions		-	72	72		-	72
	Disposals		-		(91)		-	(91)
	At 31 August 2022		3,276		1,021		543	4,840
	Depreciation and impairment
	At 1 September 2021	3,276	3,276		707		493	4,476
	Charge for the year		-		167	22	22	189
	Disposals		-		(91)		-	(91)
	At 31 August 2022		3,276		783		515	4,574
	Net book value
	At 31 August 2022		-		238		28	266
	At 1 September 2021		-		333		50	383

Teach First is a registered charity under the Charities Act 2011 and as such is exempt from tax on its income and gains to the extent that such income and gains are applied for charitable purposes. Teach First is parent to Teach First Trading Limited. The company made a profit of £561,000, which it will distribute under a deed of covenant and has been recognised in 2022.

DocuSign Envelope ID: C76F66A0-2C14-4661-94BC-C62F6EF2EA6E

10. Charity investment in trading subsidiary
Cost and net book value Subsidiary undertakings £ At 31 August 2022 and 2021 1 ~~—EE~~

Country of incorporation		% held	Activity
Teach First Trading Limited 1 Ordinary share of £1 each England	100	100	Sponsorship and service fees

Voluntary income from Corporates, Trusts and Foundations and individuals includes service fees from supporters who license the Teach First brand. This non-primary purpose trading is recognised through the wholly-owned trading subsidiary Teach First Trading Limited (company number: 08159283), which distributes the entirety of its profits to the charity by gift aid. The charity owns the entire share capital of the company of 1 share at £1.

A summary of the trading results of Teach First Trading Limited is shown below:

	2022 £'000	2021 £'000
Turnover	639	324
Cost of sales and administration costs	(126)	(56)
Net profit	513	268
Tax on profit	-	-
Profit for the financial year	513	268
The assets and liabilities of the subsidiary were:
Current assets	677	524
Current liabilities	(677)	(524)
Retained in Subsidiary	-	- -	-

DocuSign Envelope ID: C76F66A0-2C14-4661-94BC-C62F6EF2EA6E

11. Debtors

		Consolidated 2022 £'000	Charity 2022 £'000	Consolidated 2021 £'000	Charity 2021 £'000
	Trade debtors	18,253	17,879	21,232	21,028
	Accrued income	4,677	4,677	5,618	5,614
	Prepayments	1,064	1,064	894	894
	Intercompany debtors	- 654	- 654	-	337
	Total	23,994	24,274	27,744	27,873
12. Creditors
Consolidated 2022 Charity 2022 Consolidated 2021 Charity 2021 £'000 £'000 £'000 £'000 Creditors: amounts falling due within one year Trade creditors 2,773 2,773 2,326 2,326 Other creditors 276 276 269 269 Accruals 5,918 5,910 6,658 6,652 Taxation and social security costs 4,095 4,095 6,418 6,418 Deferred income (see i) 16,830 16,815 24,213 24,032 Rent provision 402 402 552 552 Total 30,294 30,271 40,436 40,249 ~~=~~
	I. DEFERRED INCOME
Consolidated Brought forward Received Recognised Carried forward £'000 £'000 £'000 £'000 Analysis of movements School fees 15,973 13,081 (16,334) 12,720 Initial Teacher Training and other Government contracts 6,886 29,533 (32,492) 3,927 Other income 1,354 369 (1,540) 183 Total 24,213 42,983 (50,366) 16,830 ~~—~~
School fees
Some of our schools' fees for trainee teachers are billed in advance. This income is recognised upon achievement of			Some of our schools' fees for trainee teachers are billed in advance. This income is recognised upon achievement of
specific milestones.

DocuSign Envelope ID: C76F66A0-2C14-4661-94BC-C62F6EF2EA6E

Initial Teacher Training and other Government contracts

This represents contractual income relating to future periods, which is recognised on achievement of specific milestones. Following a change in contractual terms and the timings of billings, there has been a reduction in deferred income.

Other income

This represents voluntary income relating to future periods, which is recognised on achievement of specific milestones and after agreement with the donor.

	Charity	Brought forward £'000	Net invoiced £'000	Recognised £'000	Carried forward £'000

	Analysis of movements
	School fees	15,973	13,081	(16,334)	12,720
	Initial Teacher Training and other Government contracts	6,886	29,533	(32,492)	3,927
	Other income	1,173	369	(1,540)	168
	Total	24,032	42,983	(50,366)	16,815
13. Consolidated and Charity Provisions
Brought forward Provided in the year Used in the year Carried forward £'000 £'000 £'000 £'000 Analysis of movements Dilapidations 690 17 - 707 Restructuring provision 32 - (32) - Total 722 17 (32) 707 ~~—~~
Dilapidations
Dilapidation costs expected to be payable on the termination of the lease of Teach First’s London office in FY2026.

Restructuring

The provision is in respect of redundancy costs paid in 2021/22.

DocuSign Envelope ID: C76F66A0-2C14-4661-94BC-C62F6EF2EA6E

14. Analysis of charitable funds at 31 August 2022

	Consolidated	Brought forward £'000	Incoming resources £'000	Resources expended £'000	Carried forward £'000
	Restricted funds
	Teacher trainee development	90	1,123	(913)	300
	Leadership programmes, networks and other activities	232	2,852	(2,780)	304
	Total restricted funds	322	3,975	(3,693)	604
	Unrestricted funds	11,694	63,749	(63,594)	11,849
	Total	12,016	67,724	(67,287)	12,453
Charity Brought forward Incoming resources Resources expended Carried forward £'000 £'000 £'000 £'000 Restricted funds Teacher trainee development 90 1,123 (913) 300 Leadership programmes, networks and other activities 232 2,852 (2,780) 304 Total restricted funds 322 3,975 (3,693) 604 Unrestricted funds 11,694 63,624 (63,469) 11,849 Total 12,016 67,599 (67,162) 12,453 ~~———~~
Teacher trainee development
Funds that are specifically restricted by donors towards our Training Programme, including supporting additional
activities to ensure we run a high-quality programme.

Leadership programmes, networks and other activities

This restricted fund includes networks to support our alumni groups in order that they continue to be advocates for our mission. The carry forward funds are restricted to our Career Leader and National Professional Qualification programmes, aimed at supporting middle and senior leaders.

Unrestricted

Unrestricted funds are received from a range of donors and supporters.

DocuSign Envelope ID: C76F66A0-2C14-4661-94BC-C62F6EF2EA6E

15. Analysis of net assets between charity funds

Consolidated General unrestricted funds £'000	Restricted funds £'000	2022 Total £'000	2021 Total £'000

Fund balances at 31 August 2022 are represented by:
Fixed assets 266	- 266	- 266	383
Debtors 23,994	- 23,994	- 23,994	27,744
Cash in bank and in hand 18,590 604	18,590 604	19,194	25,047
Creditors: amounts falling due within one year (30,294)	-	- (30,294)	(40,436)
Total 12,556 604 13,160	12,556 604 13,160	12,556 604 13,160	12,738
Provisions (707)	-	- (707)	(722)
Total funds carried forward 11,849 604 12,453	11,849 604 12,453	11,849 604 12,453	12,016
Charity General unrestricted funds Restricted funds 2022 Total 2021 Total £'000 £'000 £'000 £'000 Fund balances at 31 August 2022 are represented by: Fixed assets 266 - 266 383 Debtors 24,274 - 24,274 27,873 Cash in bank and in hand 18,287 604 18,891 24,731 Creditors: amounts falling due within one year (30,271) - (30,271) (40,249) Total 12,556 604 13,160 12,738 Provisions (707) - (707) (722) Total funds carried forward 11,849 604 12,453 12,016 ~~an~~
Free reserves, which are defined as General Unrestricted Reserves excluding fixed assets, were
£11.6m at 31 August 2021 (2021: £11.3m).

DocuSign Envelope ID: C76F66A0-2C14-4661-94BC-C62F6EF2EA6E

16. Financial commitments

There were capital commitments of £nil existing at 31 August 2022 (31 August 2021: £nil). The company was committed to making the following total future payments in respect of operating leases:

	2022 £'000	2021 £'000
Leases which expire:
Within one year	1,189	1,223
Within two to five years	2,359	3,349
Over five years	-	-
Total	3,548	4,572

17. Related party transactions

There was one transaction between the charity and related parties that require disclosure as per the charities SORP (2011). T Harbour is CEO of Learning with Parents, who were paid £5,040 during the year for the provision of services to assist our programmes. The pricing was set on an arms’ length basis.

The charity has taken advantage of the exemption in FRS102 from disclosing transactions with other members of the group. Trustees were not remunerated and no expenses were claimed for travel and out of pocket expenses (2021: £nil).

DocuSign Envelope ID: C76F66A0-2C14-4661-94BC-C62F6EF2EA6E 18. Comparative Consolidated Statement of Financial Activities Note Unrestricted funds Restricted funds Total 2021 £'000 £'000 £'000 Charitable activities 2 61,232 - 61,232 Donations 2 5,114 3,190 8,304 Investments 65 - 65 Income from other trading activities 2 418 - 418 Total Income 66,829 3,190 70,019 Cost of raising funds 3 2,535 - 2,535 Expenditure on charitable activities 3 64,033 3,195 67,228 Total Expenditure 66,568 3,195 69,763 Net result for the year 261 (5) 256 Total funds brought forward at 1 September 14 11,433 327 11,760 Total funds carried forward at 31 August 14 11,694 322 12,016 ~~=~~ 50

DocuSign Envelope ID: C76F66A0-2C14-4661-94BC-C62F6EF2EA6E

19. Charity Statement of Financial Activities

For the year ended 31 August 2022	Unrestricted funds £'000	Restricted funds £'000	Total 2022 £'000	Total 2021 £'000

Income:
Charitable activities	57,178	-	- 57,178	61,232
Donations	5,399	3,975	9,374	7,980
Investments	56	-	- 56	65
Income from other activities	478	-	- 478	418
Income from subsidiaries	513	-	- 513	268
TOTAL INCOME	63,624	3,975	67,599	69,963

Expenditure:
Cost of Raising funds	2,404	-	- 2,404	2,479
Expenditure on Charitable activities	61,065	3,693	64,758	67,228
TOTAL EXPENDITURE	63,469	3,693	67,162	69,707

Net income for the year	155	282	437	256

Reconciliation of funds
Total funds brought forward	11,694	322	12,016	11,760

Total funds carried forward at 31 August 2022	11,849	604	12,453	12,016

20. Post balance sheet events

There have been no material post-balance sheet events.

DocuSign Envelope ID: C76F66A0-2C14-4661-94BC-C62F6EF2EA6E

Thank you

For those who have supported Teach First in our financial year to August 2022

ACCA
Accenture
AKO Foundation
Amazon UK
Ashurst LLP
AXA UK plc
Barclays
BDO LLP
Bettys and Taylors
James Bilefield
Bloomberg
Bupa Foundation
BNP Paribas Bank
Boston Consulting Group
BP plc
Burberry plc
Caroline Carr
Capital Group
Careers and Enterprise Company
Citi
Deloitte  DHL UK Foundation  Alison Duncan  E B M Charitable Trust  The Elevate Giving Club  Ernst & Young Global Limited  FINHUMF Ltd  Garfield Weston Foundation  Goldman Sachs International  Government Communications Headquarters (GCHQ)  The Green Foundation  Matthias Hieber  Hopscotch  Dame Vivian Hunt  Huo Family Foundation  IG Group  Independent Franchise Partners  Institution of Engineering and Technology  The John Laing Charitable Trust  Karen Cook
Lone Pine Foundation
Marshall Wace
Dame Mary Marsh  McKinsey & Company
Richard Meddings CBE
Mission 44
Sarah & Dominic Murphy
Nick Owen CBE
Northern Powergrid
Ørsted (UK) Limited
PricewaterhouseCoopers LLP

DocuSign Envelope ID: C76F66A0-2C14-4661-94BC-C62F6EF2EA6E

Quadrature Capital Limited
Rolls Royce plc
Russell Reynolds Associates
Salesforce.org
Siemens
Sofina Foundation
SSE plc
Steve Morgan Foundation
Temasek
The Swire Charitable Trust
Urenco
The Worshipful Company of Butchers
The Worshipful Company of Innholders
XTX Markets
Zurich Community Trust (UK) Limited

We would also like to thank all our supporters who wish to remain anonymous. Details on how to donate can be found on our website: www.teachfirst.org.uk

Donations in Kind

We would like to thank Ashurst LLP, Clifford Chance, Deloitte, McKinsey & Company, Mishcon de Reya LLP and Salesforce.com who supported our work with gifts-in-kind or pro-bono support including legal support, consultancy support and IT software licences. Thank you also to all the organisations who donated items or services to our events.

University partners

We would like to thank our university partners for playing a vital role in the delivery of our Training Programme and enabling our trainees to maximise their impact on the lives of children and young people from disadvantaged communities in England and Wales.

 Bath Spa University  Birmingham City University  Canterbury Christ Church University	 Northumbria University  Sheffield Hallam University  University of Manchester

Governmental partners

We would like to thank the Department for Education for their funding and support during the year

Volunteers

We would like to thank the hundreds of volunteers who gave their time to support our work throughout the year. Their commitment and enthusiasm enabled us to help even more disadvantaged young people around England and Wales.

Support of our campaign events and policy reports

Over the course of the year we have hosted a series of events, and policy reports, which wouldn’t have been possible without the generous support of our sponsors and event partners. These have included:

Run the River

Headline Sponsor – Citi
Event Partner – IG Group

teachfirst.org.uk

Registered charity, no. 1098294

2022-08-31-accounts

Contents

A welcome from our Chair, Dame Vivian Hunt

Dame Vivian Hunt DBE

Chief Executive Officer's Introduction

Russell Hobby, Teach First CEO

Our purpose

Our vision

Our mission

Our work

1. Great teachers

2. School Leadership

3. Powerful Networks and the policies schools need

Our activities

Great Teachers

TRAINING PROGRAMME

EARLY CAREER FRAMEWORK

School leadership

LEADING TOGETHER

SCHOOL LEADER PROGRAMMES

CAREERS LEADER

Powerful networks and the policies schools need

Achievements and performance

Teacher development

RECRUITMENT

TRAINING AND DEVELOPING TEACHERS

School leadership

Powerful networks and the policies schools need

Technology developments

Financial review

Introduction

Income

Expenditure

Non-recurring costs

Balance Sheet

Reserves policy

Going concern

Our risks and uncertainties

 Recruitment and placement of our Training Programme teacher cohort for 2023: failure to meet school need

 Child safeguarding: risk of a child safeguarding incident occurring

Future plans

In 2022/2023:

Beyond 2023:

Our governance and management

Finance Committee

Technology Committee

Nominations Committee

Organisational structure

Teach First subsidiaries

Equity, diversity and inclusion

Employee engagement

Remuneration

Environmental reporting

Measures taken to improve energy efficiency

Quantification and reporting methodology

Public benefit

Compliance information

Modern Slavery Transparency Statement

Supplier relations

Fundraising

Trustees’ statement of responsibilities

Liability of members of the Board of Trustees

Declaration

Administrative details

Patron

Vice Patron

Technology Committee

Executive Committee

Board of Trustees

Company Secretary

Bankers

Solicitors

Finance Committee

External Auditor

Nominations Committee

Internal Auditor

Independent Auditor's report to the members of Teach First

Opinion

Basis for opinion

Conclusions relating to going concern