| Page | |||||
|---|---|---|---|---|---|
| Reference and Administrative | Details ofthe Charitable | Company, | its Trustees and | ||
| Advisers | |||||
| Trustees' Report |
2-7 | ||||
| Independent Auditors' |
Report | 8-11 | |||
| Statement of Financial | Activities | 12 | |||
| Balance Sheet | |||||
| Statement ofCash Flows | 14 | ||||
| Notes to the Financial | Statements | 15-34 |
| Trustees | Rt Hon Alan Milburn, | Rt Hon Alan Milburn, | Chairman | Chairman | ||
|---|---|---|---|---|---|---|
| Namrata Patel |
||||||
| Ann Doherty | ||||||
| Lee Cain | ||||||
| Fiona Dawson | ||||||
| Dr Bandhana | Rawal | |||||
| Heider Ridha | ||||||
| Ben Rodham | ||||||
| Ruth Owen | ||||||
| Company | registered | |||||
| number | 05488354 | |||||
| Charity registered | ||||||
| numbers | 1115888and SC051842 | |||||
| Registered | office | The Timber Yard | ||||
| 17Drysdale Street | ||||||
| London | ||||||
| N1 6ND | ||||||
| Chief Executive | Sarah Atkinson | |||||
| Independent | auditors | Lubbock Fine | LLP | |||
| Chartered Accountants |
& Statutory Auditors | |||||
| Paternoster House |
||||||
| 65St Paul's Churchyard | ||||||
| London | ||||||
| EC4M 8AB | ||||||
| Bankers | Coutts 8 Co | |||||
| 440 Strand | ||||||
| London | ||||||
| WC2R OQS | ||||||
| Legal Advisors | Baker 8 McKenzie | |||||
| 100 New Bridge Street | ||||||
| London | ||||||
| EC4V 6JA |
| Unrestricted | Restricted | Total | Total | |||
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2022 | 2022 | 2022 | 2021 | |||
| Note | ||||||
| INCOME FROM: | ||||||
| Donations and grants |
3 | 1,233,543 | 1,504,588 | 2,738,131 | 2,457,547 | |
| Charitable activities |
4 | 67,075 | 67,075 | 45,690 | ||
| Investments | 159 | |||||
| Other income | 8,181 | 8,181 | 2,429 | |||
| TOTAL INCOME | 1,308,799 | 1,504,588 | 2,813,387 | 2,505,825 | ||
| EXPENDITURE ON: | ||||||
| Raising funds | 7 | 10,469 | 10,905 | 21,374 | 13,570 | |
| Charitable activities |
8 | 1,163,032 | 1,375,114 | 2,538,146 | 1,782,097 | |
| TOTAL EXPENDITURE | 1,173,501 | 1,386,019 | 2,559,520 | 1,795,667 | ||
| NET MOVEMENT | IN FUNDS BEFORE | |||||
| OTHER RECOGNISED GAINS | 135,298 | 118,569 | 253,867 | 710,158 | ||
| RECONCILIATION | OF FUNDS: | |||||
| Total funds brought | forward | 1,313,077 | 431,654 | 1,744,731 | 1,034,573 | |
| Net movement in funds |
135,298 | 118,569 | 253,867 | 710,158 | ||
| TOTAL FUNDS CARRIED FORWARD | 1,448,375 | 550,223 | 1,998,598 | 1,744,731 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Note | ||||||
| FIXEDASSETS | ||||||
| Tangible assets | 12 | 26,748 | 5,264 | |||
| CURRENT ASSETS | ||||||
| Debtors: amounts | falling due after more than | |||||
| one year | 13 | 8,490 | 8,490 | |||
| Debtors: amounts | falling due within one year | 13 | 352,099 | 277,893 | ||
| Cash at bank and | in hand | 1,846,244 | 1,725,699 | |||
| 2,206,833 | 2,012,082 | |||||
| Creditors: amounts | falling due within one | |||||
| year | 14 | (168,758) | (272,615) | |||
| NET CURRENT ASSETS | 2,038,075 | 1,739,467 | ||||
| TOTAL ASSETS LESSCURRENT | ||||||
| LIABILITIES | 2,064,823 | 1,744,731 | ||||
| Creditors: amounts | falling due after more | |||||
| than one year | 15 | (66,225) | ||||
| TOTAL NET ASSETS | 1,998,598 | 1,744,731 | ||||
| CHARITY FUNDS | ||||||
| Restricted funds |
20 | 550,223 | 431,654 | |||
| Unrestricted funds |
20 | 1,448,375 | 1,313,077 | |||
| TOTAL FUNDS | 1,998,598 | 1,744,731 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Note | |||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||
| Net cash used in operating |
activities | 22 | 148,208 | 549,818 | |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||
| Interest from investments | 159 | ||||
| Purchase oftangible fixed |
assets | (27,663) | (2,564) | ||
| NET CASH USED IN INVESTING ACTIVITIES | (27,663) | (2,405) | |||
| CHANGE IN CASH AND |
CASH EQUIVALENTS | IN THE YEAR | 120,545 | 547,413 | |
| Cash and cash equivalents | at the beginning ofthe year |
1,725,699 | 1,178,286 | ||
| CASH AND CASH EQUIVALENTS AT THE END | OF THE YEAR | 23 | 1,846,244 | 1,725,699 | |
| The notes on pages 15to | 34 form part ofthese financial statements |
| 2022 | 2021 | |||
|---|---|---|---|---|
| F | F | |||
| Depreciation oftangible |
fixed assets | 6,152 | 4,766 | |
| Auditors | remuneration | 27,840 | 14,953 | |
| Operating | lease expense | 52,200 | 45,147 |
| Unrestricted | Restricted | Total | ||
|---|---|---|---|---|
| funds | funds | funds | ||
| 2022 | 2022 | 2022 | ||
| F | F | |||
| Donations | and grants | 1,005,274 | 1,504,588 | 2,509,862 |
| Gifts in Kind | 228,269 | 228,269 | ||
| Total 2022 | 1,233,543 | 1,504,588 | 2,738,131 | |
| Unrestricted | Restricted | Total | ||
| funds | funds | funds | ||
| 2021 | 2021 | 2021 | ||
| Donations | and grants | 957,805 | 1,280,001 | 2,237,806 |
| Gifts in Kind | 219,741 | 219,741 | ||
| Total 2021 | 1,177,546 | 1,280,001 | 2,457,547 |
| Unrestricted | Total | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2022 | ||
| F | |||
| Pro bono legal fees | 5,278 | 5,278 | |
| Marketing | 184,254 | 184,254 | |
| Venue | hire | 1,737 | 1,737 |
| Mentoring | 37,000 | 37,000 | |
| Total | 2022 | 228,269 | 228,269 |
| Unrestricted | Total | ||
| funds | funds | ||
| 2021 | 2021 | ||
| Pro bono legal fees | 36,596 | 36,596 | |
| Marketing | 183,145 | 183,145 | |
| Total | 2021 | 219,741 | 219,741 |
| Unrestricted | Total | |||||||
|---|---|---|---|---|---|---|---|---|
| funds | funds | |||||||
| 2022 | 2022 | |||||||
| Income | from | charitable | activities | - Contracts | for | services | 67,075 | 67,075 |
| Unrestricted | Total |
|---|---|
| funds | funds |
| 2021 | 2021 |
| 45,690 | 45,690 |
| Unrestricted | Total |
|---|---|
| funds | funds |
| 2021 | 2021 |
| F | F |
| 159 | 159 |
| Unrestricted | Total |
|---|---|
| funds | funds |
| 2022 | 2022 |
| F | F |
| 8,181 | 8,181 |
| Unrestricted | Total |
| funds | funds |
| 2021 | 2021 |
| 2,429 | 2,429 |
| Unrestricted | Restricted | Total | ||||
|---|---|---|---|---|---|---|
| funds | funds | funds | ||||
| 2022 | 2022 | 2022 | ||||
| Staff | costs of raising | funds | —wages and salaries | 7,725 | 9,387 | 17,112 |
| Staff | costs of raising | funds | —Nl | 985 | 1,122 | 2,107 |
| Staff | costs of raising | funds | - pension costs | 220 | 396 | 616 |
| Other | costs of raising | funds | 1,539 | 1,539 | ||
| Total | 2022 | 10,469 | 10,905 | 21,374 |
| Unrestricted | Restricted | Total | ||||
|---|---|---|---|---|---|---|
| funds | funds | funds | ||||
| 2021 | 2021 | 2021 | ||||
| Staff | costs of raising | funds | —wages and salaries | 7,500 | 3,983 | 11,483 |
| Staff | costs of raising | funds | —Nl | 913 | 428 | 1,341 |
| Staff | costs of raising | funds | - pension costs | 219 | 83 | 302 |
| Other | costs of raising | funds | 444 | 444 | ||
| Total | 2021 | 9,076 | 4,494 | 13,570 |
| Unrestricted | Restricted | ||||
|---|---|---|---|---|---|
| funds | funds | Total | |||
| 2022 | 2022 | 2022 | |||
| Student | programme | 867,976 | 1,039,282 | 1,907,258 | |
| Employer | Index | 42,617 | 85,437 | 128,054 | |
| Department | for Opportunities | 252,439 | 250,395 | 502,834 | |
| Total 2022 | 1,163,032 | 1,375,114 | 2,538,146 | ||
| Unrestricted | Restricted | ||||
| funds | funds | Total | |||
| 2021 | 2021 | 2021 | |||
| Student | programmes | 163,083 | 1,014,308 | 1,177,391 | |
| Employer | Index | 15,928 | 55,677 | 71,605 | |
| Department | for Opportunities | 210,467 | 322,634 | 533,101 | |
| Total 2021 | 389,478 | 1,392,619 | 1,782,097 |
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Support | Total | |||
| directly | costs | funds | |||
| 2022 | 2022 | 2022 | |||
| Student | programmes | 1,622,183 | 285,075 | 1,907,258 | |
| Employer | Index | 102,965 | 25,089 | 128,054 | |
| Department | for Opportunities | 458,893 | 43,941 | 502,834 | |
| Total 2022 | 2,184,041 | 354,105 | 2,538,146 |
| ANALYS | IS | OF EXPENDITURE BYACTIVITI | ES (CONTINUED) | ||
|---|---|---|---|---|---|
| Activities | |||||
| undertaken | Support | Total | |||
| directly | costs | funds | |||
| 2021 | 2021 | 2021 | |||
| Student | programmes | 1,031,171 | 146,220 | 1,177,391 | |
| Employer | Index | 66,763 | 4,842 | 71,605 | |
| Department | for Opportunities | 516,865 | 16,236 | 533,101 | |
| Total 2021 | 1,614,799 | 167,298 | 1,782,097 |
| Department | ||||
|---|---|---|---|---|
| Student | Employer | for | Total | |
| programmes | Index | Opportunities | funds | |
| 2022 | 2022 | 2022 | 2022 | |
| f. | F | F | f. | |
| Staff costs | 66,351 | 3,903 | 7,806 | 78,060 |
| Depreciation | 6,152 | 6,152 | ||
| Other staff costs | 8,416 | 1,804 | 1,804 | 12,024 |
| Printing, postage and stationery |
33,490 | 1,155 | 3,850 | 38,495 |
| Premises costs | 82,673 | 4,863 | 9,726 | 97,262 |
| Travel and subsistence | 30,133 | 5,318 | 35,451 | |
| Miscalleneous | 35,252 | 2,074 | 4,147 | 41,473 |
| Legal and professional | 22,581 | 11,290 | 11,290 | 45,161 |
| Loss on disposal of fixed assets | 27 | 27 | ||
| Total 2022 | 285,075 | 25,089 | 43,941 | 354,105 |
| ANALYSIS | OF SUPPOR | T CO | ST | S (contin | ued) | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Department | ||||||||||
| Student | Employer | for | Total | |||||||
| prog rammes | Index | Opportunities | funds | |||||||
| 2021f | 2021 | 2021 | 2021 | |||||||
| Staff costs | 11,681 | 403 | 1,342 | 13,426 | ||||||
| Depreciation | 4,766 | 4,766 | ||||||||
| Other Staff costs | 4,663 | 166 | 536 | 5,365 | ||||||
| Printing, postage and stationery |
8,539 | 294 | 981 | 9,814 | ||||||
| Premises costs | 48,767 | 1,682 | 5,605 | 56,054 | ||||||
| Travel and subsistence | 1,040 | 116 | 1,156 | |||||||
| Miscalleneous | 17,623 | 608 | 2,025 | 20,256 | ||||||
| Legal and professional | 48,988 | 1,689 | 5,631 | 56,308 | ||||||
| Loss on disposal of fixed | assets | 153 | 153 | |||||||
| Total 2021 | 146,220 | 4,842 | 16,236 | 167,298 | ||||||
| 10. | AUDITORS' | REMUNERATION | ||||||||
| 2022 | 2021 | |||||||||
| Fees payable | to the Charitable | Company's | auditor | for the audit of | the | |||||
| Charitable | Company's | annual | accounts | 27,240 | 14,820 | |||||
| Fees payable | to the Charitable | Company's | auditor | in respect of: | ||||||
| All non-audit | services not included | above | 600 | 133 |
| 2022 | 2021 | |
|---|---|---|
| Wages and salaries | 1,375,827 | 1,015,648 |
| Social security costs | 135,913 | 93,496 |
| Other pension costs | 41,121 | 32,969 |
| 1,552,861 | 1,142,113 |
| 2022 | 2022 | 2021 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| No. | No. | ||||||||||
| Average | number ofemployees | 48 | 37 | ||||||||
| The | number | of employees | whose | employee | benefits | (excluding | employer | pension | costs) | exceeded | |
| F60,000 | was: | ||||||||||
| 2022 | 2021 | ||||||||||
| No. | No. | ||||||||||
| In the | band f70,001 - 680,000 |
| Fixtures and | Computer | |||
|---|---|---|---|---|
| fittings | equipment | Total | ||
| Cost or valuation | ||||
| At 1 October 2021 | 2,701 | 16,474 | 19,175 | |
| Additions | 5,041 | 22,622 | 27,663 | |
| Disposals | (130) | (130) | ||
| At 30September 2022 | 7,612 | 39,096 | 46,708 | |
| Depreciation | ||||
| At 1 October 2021 | 1,974 | 11,937 | 13,911 | |
| Charge for the year | 486 | 5,666 | 6,152 | |
| On disposals | (103) | (103) | ||
| At 30September 2022 | 2,357 | 17,603 | 19,960 | |
| Net book value | ||||
| At 30September 2022 | 5,255 | 21,493 | 26,748 | |
| At 30September 2021 | 727 | 4,537 | 5,264 | |
| 13. | DEBTORS | |||
| 2022 | 2021 | |||
| F | F | |||
| Due after more than one year | ||||
| Other debtors | 8,490 | 8,490 | ||
| 2022 | 2021 | |||
| Due within one year | ||||
| Other debtors | 14 | 14 | ||
| Prepayments and accrued income |
352,085 | 277,879 | ||
| 352,099 | 277,893 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| Other taxation | and social security | 49,580 | 31,089 | |
| Other creditors | 8,074 | 2,472 | ||
| Accruals and deferred | income | 111,104 | 239,054 | |
| 168,758 | 272,615 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Accruals | and | deferred | income | 66,225 |
| payme | nts | under non-cancellable operating leases as |
follows: | |
|---|---|---|---|---|
| 2022 | 2021 | |||
| Within | 1 | year | 58,940 | 31,892 |
| Between | 1 and 5years | 89,275 | ||
| Total | 148,215 | 31,892 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Financial | assets | ||||
| Financial | assets measured | at amortised | cost | 449,069 | 252,149 |
| 2022 | 2021 | ||||
| Financial | liabilities | ||||
| Financial | liabilities measured | at amortised | cost | 52,953 | 127,642 |
| Balance at | |||||||
|---|---|---|---|---|---|---|---|
| Balance at 1 | 30 | ||||||
| October | September | ||||||
| 2021f | Income | Expenditure | 2022 | ||||
| Unrestricted funds |
|||||||
| General funds | 1,313,077 | 1,308,799 | (1,173,501) | 1,448,375 | |||
| Restricted funds | |||||||
| Health Education |
England | 101,336 | 224,000 | (226,896) | 98,440 | ||
| JP Morgan Chase | (2017-21) | 198,391 | (88,285) | 110,106 | |||
| JP Morgan Chase | (2022-25) | 264,900 | (259,354) | 5,546 | |||
| Eurofins | 17,000 | (17,000) | |||||
| Readman Foundation |
Fund | 22,750 | (2,534) | 20,216 | |||
| Macquarie Group |
Foundation | (2022) | 100,000 | (41,853) | 58,147 | ||
| Matthew and Sian |
Westerman | 3,332 | 113,284 | (116,616) | |||
| Generation Foundation |
(17,145) | 250,000 | (240,028) | (7,173) | |||
| Steve Morgan | (27) | 25,000 | (24,973) | ||||
| The Robertson Trust |
(187) | 35,000 | (34,813) | ||||
| BP International | 18,100 | (18,100) | |||||
| Linklaters | 12,114 | 66,907 | (79,021) | ||||
| Catalyst for Impact Fund | 67,000 | 62,000 | (89,826) | 39,174 | |||
| Cognizant Foundation |
(2021) | 51,572 | (51,572) | ||||
| Freshfields Bruckhaus |
Deringer | 15,268 | 57,523 | (57,968) | 14,823 | ||
| Cognizant Foundation |
(2022) | 244,524 | (33,580) | 210,944 | |||
| Merton College | 3,600 | (3,600) | |||||
| 431,654 | 1,504,588 | (1,386,019) | 550,223 | ||||
| Total offunds | 1,744,731 | 2,813,387 | (2,559,520) | 1,998,598 |
| Balance at | |||||||
|---|---|---|---|---|---|---|---|
| Balance at | 30 | ||||||
| 1 October | September | ||||||
| 2020f | Income | Expenditure | 2021 | ||||
| Unrestricted funds |
|||||||
| General funds | 485,807 | 1,225,824 | (398,554) | 1,313,077 | |||
| Restricted funds | |||||||
| Sofronie Foundation | 50,000 | (50,000) | |||||
| Health Education |
England | 136,009 | 224,000 | (258,673) | 101,336 | ||
| JP Morgan Chase | (2017-21) | 201,548 | 193,064 | (196,221) | 198,391 | ||
| Alstom | 1,004 | (1,004) | |||||
| Credit Suisse (Cardiff) | 74,423 | (74,423) | |||||
| Readman Foundation |
Fund | 584 | (584) | ||||
| Macquarie Group |
Foundation | (2021) | 50,000 | (50,000) | |||
| Matthew and Sian |
Westerman | 49,671 | 124,944 | (171,283) | 3,332 | ||
| Generation Foundation |
161,176 | 250,000 | (428,321) | (17,145) | |||
| Steve Morgan | 25,000 | (25,027) | (27) | ||||
| The Robertson Trust |
(1,226) | 35,000 | (33,961) | (187) | |||
| BP International | 15,000 | (15,000) | |||||
| Linklaters | 54,132 | (42,018) | 12,114 | ||||
| Catalyst for Impact Fund | 67,000 | 67,000 | |||||
| Cognizant Foundation |
(2021) | 53,817 | (2,245) | 51,572 | |||
| Freshfields Bruckhaus |
Deringer | 35,606 | (20,338) | 15,268 | |||
| The Mullany Fund |
18,415 | (18,415) | |||||
| Merton College | 3,600 | (3,600) | |||||
| Close Brothers | 6,000 | (6,000) | |||||
| 548,766 | 1,280,001 | (1,397,113) | 431,654 | ||||
| Total offunds | 1,034,573 | 2,505,825 | (1,795,667) | 1,744,731 |
| ANALYSIS O | F NET ASSETS BETWEEN FUNDS | - CURRENT YEAR | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| funds | funds | funds | ||
| 2022 | 2022 | 2022 | ||
| Tangible fixed | assets | 26,748 | 26,748 | |
| Debtors due after more than one year | 8,490 | 8,490 | ||
| Current assets | 1,515,670 | 682,673 | 2,198,343 | |
| Creditors due | within one year | (102,533) | (66,225) | (168,758) |
| Creditors due | in more than one year | (66,225) | (66,225) | |
| Total 2022 | 1,448,375 | 550,223 | 1,998,598 |
| ANALYSIS OF NET ASSETS BETWEEN FUNDS | - PRIOR YEAR | ||
|---|---|---|---|
| Unrestricted | Restricted | Total | |
| funds | funds | funds | |
| 2021 | 2021 | 2021 | |
| Tangible fixed assets | 5,264 | 5,264 | |
| Debtors due after more than one year | 8,490 | 8,490 | |
| Current assets | 1,458,054 | 545,538 | 2,003,592 |
| Creditors due within one year | (158,731) | (113,884) | (272,615) |
| Total 2022 | 1,313,077 | 431,654 | 1,744,731 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Net income | for the year (as per Statement of Financial Activities) | 253,867 | 710,158 | ||
| Adjustments for: |
|||||
| Depreciation | charges | 6,152 | 4,766 | ||
| Dividends, | interests and rents from |
investments | (159) | ||
| Loss on the | sale of fixed assets | 27 | 153 | ||
| (Increase) in debtors |
(74,206) | (105,267) | |||
| (Decrease) | in creditors | (37,632) | (59,833) | ||
| Net cash provided by operating |
activities | 148,208 | 549,818 | ||
| 23. | ANALYSIS | OF CASH AND CASH | EQUIVALENTS | ||
| 2022 | 2021 | ||||
| Cash at bank | 1,846,244 | 1,725,699 |
| At 1 | At 30 | |||||||
|---|---|---|---|---|---|---|---|---|
| October | September | |||||||
| 2021 | Cash flows | 2022 | ||||||
| Cash | at | bank | and | in | hand | 1,725,699 | 120,545 | 1,846,244 |