Registered number: 05488354 Charity numb•rs: 1115888 & SC051842 THE SOCIAL MOBILITY FOUNDATION (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 *AD69GET5 Alo #240 COWANIES HOUSE THE SOCIAL MOBILITY FOUNDATION IA Company Llmited ty Guarantee) CONTENTS Page Rof8rence and Admintstrative Details of th• Charity. its Tntstees and Advi5•rs Trustees. Report Ind8pend•nt Auditors. Report on the Financial Stalements Statement of Financial Activiti•s 10-13 14 Balance Sheet 15-16 Statsmont of Cash Flows 17 Notes to the Flnancial Statements 18-36 THE SOCIAL MOBIUTY FOUNDATION IA Company Llmited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Trustees Rt Hon Alan Milbum. Chair Lee Cain Fiona Dwrton Ann Doherty Ruth fven Namrata Pat Ntgel Raitton (appointed 5 Juty 2023} Dr Bandhana Rawal Hekler RKlha Tom R¢xkhill lappointed 5 Juty 2023) Ben RO￿harn Lord Stuart Rose IresNJned 8 February 2023) Company reglstered number 05488354 Charlty registered urnbe 111S888 and SC051842 Registered office The Socral Pknbilty Four•Jth"c Timber Yard 17 Drysdale Street London N1 6ND Company ￿¢retary Sarah Atkinson Chlef executive officer Sarah Atkinson Independent audito Goodman Jones LLP Chartered Accountants 29-30 Fitzroy Square London W1T 6LQ Bankers Coutts & Co 440 Strand London WC2R OQS Pa9e 1 THE SOCIAL MOBILITY FOUNDATION (A Cornpany Lifflited by Guarant•8) TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 The Twstees (who are also diwtors of the Charty for the purposes of the C¢ynpanies Act) present their annual report toyelher wrth the aud.rted finarKial sl*ements of The Social Mobilrty Foundation Ilhe Charity) for the year ending 30 September 2023. The annual report serves the purpose of both a Trustees. report and a directors report under Company law. The Trustees confim that the Annual Report and financial statements of the Charity eomply with the cyr￿n1 ststulory requirements, the reqU1￿MentS of the Charitls governing document and the provisions of the Ststement of Recommended Practti ISORPI, appluble lo charities preparing their acGounls in accordance wlh the Financial Reporting Star￿ard appluble in the UK and Republ￿ of Ireland IFRS 1021 (effective 1 Januwy 20151. Since the Charty quaIrf￿s as Small under sectrt￿ 383. the slrategic reporl required of medium and large ompanvJ under The Companies Act 2006 {Strategic Report and Direclorfs Report) Regulslions 2013 is not required. Objectives and actlvlties a. About The Soclal Moblllty Foundation Over the last year the Social Mobilty Found*"on has cOntinl￿ to demonstrate the continued relevance of our work and the drflerence we make. Mowng LFP the social ladder in Britain is harder no4V than rt has been for half a century. with this drf[￿U[ty c￿pOunded by overall earnirrfJ5 Stagnation. and grvwing wealth gaps belween different parts of the UK. More young pe¢)ple are Iwiro in poverty. and the gap in educational outcomes betsveen them and their better-off peers is gr¢)wing. We see first-hand the negative effects on our student cohort ol the continuing effects of the Covhl 19 pandemic folbwed by the cost of INing crisis in reducing access to careers and enrrhment actwities, and there 1$ grcswing evidence of the lon*temi wnpa¢t on th￿"[ mental health and on their confiden¢8 and socLal skills. Against this backdrop. and a drficult operats.ng environment for charits"es, we have continued to support thousands of young peopfe directy on our programmes, influenced employers and p)licyYnakers to take action on sKial mobilty, and strengthened our athocacy and campawns work to amplfy the voices and experiences of young people and cr8al8 Change. As we Iwk ahead, tho Iru$lees are ccmmrtted to building on these successes and keep increasing the impact of our three strateg￿ interventions.. our student prcgrammes, our work influencing employers and our campaigns for systemtc change. Twstees are also keen to ensure the $u$tainabie groYAh of the charity. supporting the wellbeing and devetwment of our skilled staff and continuing to invest in our Operat￿)nal infrastructure and digitsl services. Page 2 THE SOCIAL MOBIUTY FOUNDATION IA Company Llmlted by Guarantsè) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Objectives and activltie5 (continued) b. Pollcies and objectlvgs The S¢xki1 Mobilty Foundation is a charity. registered in 2(KE. lo advance the lrfe than¢es of bright but financrally disadvantaged young people. Our vtsion is of a socigty where tslenl from all backgrounds is nurtured. hamessed and rewarded. Our mission as a charity is to unlLxk potential. broaden hori1c￿5 and cre*e opportunities with and for ambitious young people who face sliuclural baryier5 in education and th because of grew up. ￿nI to Sch￿￿. or the jobs of their pa￿nIsI9uardIan$. We undertake cyjr mi5sK)n through three Strateg￿ interventions" Directly supporting young people. we nurture the knowledge. confKlence ne￿rkS of high4chieving young people through our Aspiring Professhjnds programmes. Influencing employers." we influence employers to erb5ure pecple fr￿n ￿1)rkir￿lass baCkgr￿ndS can get in and get on in professional lrfe. Advocating for social Mobil￿.. ￿ campawn on structural 50co1 mobilty issues and amplrfy the voices of young people from workinwlass backgrounds. The eligi￿.1￿ crrteria for our student programme are.. Socio-economic.. young people are elMJible for free sch￿1 meals, andlor are care experienced, andlor meet * least ￿ of the fdbwng.. kjw income househokl. main household eamer is in a tow4kitled job, first generation lo go lo university. Academic.. have obtained 4 AIT grades at GCSE or 4 ￿ gr&Jes at Nationaj S. We take s￿*>econOMiC cont into account when considering academic eligbilty- In shaping our obiectNes for the year and planning &IivTi￿s. the Twstees have considered the Charty Ccxnmission's guidance on public benefft. including the gukdance'public benefft". running a chanty IPB2)'. In setting objectives and planning fcA actMtEs. the Trustees have gr¥en due conshleraticm lo general guidance published by the Charity Commission relating lo Publ￿ benefrt. including the gu￿anCe 'Public benefil.. rursning a charity IPB2}'. Pagg 3 THE SOCIAL MO8IUTY FOUNDATION (A C¢)mpany Limlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Obixtlves and a¢tiviti¢s {contlnued) c. Aspirlng Professiona15 Programme The Aspiring Professionals Projramme hdps talented young people reach their full potential. Students on our programmes gain new sk￿1$. ￿￿yorkS and cpportunities lo hdp them aC￿sS and thrive in hNJheT education and highty skilled Careers. We wofk people vtho face strudural ba￿r5 to &cessing opportuniti8s in educatKJn and work because of where they grthv up, went lo school ty the o¢cup*'on oftheir parentslguardians. Students join the programme in Year 12 (England and WalesySS {ScotlandllYear 13 (Nl) and oui $upp)rt continues until they gain their first professp)nal rLIe. APP City - For students INing in and near Bwmingham. C¥diff, Glasgow. Leeds, Liverpool, Lendon, Manehester. and Newcastle. APP Employer Insights - For 51udenls an￿￿ in the UK offen.ng in4epth support a lop employer like Akin Gump, BP, Freshfiekls, Herbert Smrth Fffjehills, J.P. Morgan, Linklalers, NHS England. PA Consulting, and While & Case. APP Reach - For all other young people acro￿ the UK elyible for our support. Schoow students on the prcgramme are offered: Mentoring from a volunteer ￿￿rkIng in their chosen career sector Tailored support lor unNersty apPI￿at￿nS, includiry visits. guidance and support with m*ing infomied choices, and help personal statements Careers advice and work experience placements in employers wthin their chosen sector Workshops lo devekp skills including confidence. lle￿￿rkIng. public speaking and ccrfnmercial awarenes5 We also offer a tailored prograrnme for under9￿U&e5 with mentoring. skills ¢are8rs workshops, internships and graduate recruitment pipeline support. Page 4 THE SOCIAL MOBIUTY FOUNDATION (A Company Llmited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Achlevements and perfomiance . Main achi•vem•nts of the Charity 2022123 programme h￿hIwhts We launched a new student app￿"¢all￿ semce for 2023 m￿e Tl much eaS￿r for students to understand and apply for our programmes., a nthv elw￿lIty questionnare aThJ Integrat￿ft wih our Salesforce CRM meant big lime savirvJs for staff and students In March we tegan a pibt programme of SLPWt for SMF ahjmni in their early eareers. based on insghts from research with The Brty Group into eaty careers exFeriences of first generathjn professionals For the first time since the paThJemi¢ ￿ *Ere able to delNer an in-person medicine summer S¢￿>?1 for 50 students al James Cc4)k Universty Hospital: we aEso ran a technolo￿ summer resKlenlial al JP Morgan in Glasgow We created a new guN4e on preparing for results day and dearing. which was accessed by over 7(*) Y131S6 students,. on results days in August 2023 we gave indNidual supw)rt 10 30 students who needed immediate ad¥￿e OutCC4res and irrwact 78% of students in the 2022 cohort accepte(l a unr¥ersty plxe. 54% al a high tarrff univefsity yo of students who graduated in 2022 are nrMI in ful time employment or further study, 86% in highly- skilled employment12021'. 98%. 88%} 760A of students who graduated in 2tr22 say th* the support ol the SMF has been beneficial to th￿r career 770A of students who graduated in 2022 say that through the SMF they heard aboul job opportunities that they otherwise would not have kntrwn about 'The SMF was integTrl to my pe￿onal developmenf helped gwe me cOnf￿enCe in my abilities and a peer nehvoth of simKar like-mindedpeople, many ol wlK)m I'm sbll fn8nds wifh to IhAS date. I could not have asked for a betterexperignce"_ 2022 graduate, now in a hvJhty skilled rd8 in the technoloJy sector 'Without t￿ SPAF'S support l am confident that I would nol have rocgwod all my univewty offws. Th intemship gave me plenty lo talk atoul in ffly peTr￿al sÉatfjmenl and my mentor realty helped me to ljecome more confthnl."_ 2023 APP student Socral M¢**ilty Employer Index The Social Mobility Empkryyer Index benehmarks empl¢)yers on the xtions they are already taking to improve social mobilty and encourages them to lake further ath"¢Jn lo ensure they are open lo accessing and progressing talent from all backgrounds. The Index encourages firms lo share their inrtth.ves and progress in becoming more inclusive employers and provkdes organisatt.ons wrth a comprehensive feedback report to inform their social mobility strategy. Each year we publish the top 75 emknrs and share key data, trends ar￿ case studies aeross all aspects of employer-led social mobilty. We draw ¢Jn the insights frc¥n the Index to develop and improve our student programme and lo infomi our advocacy and Camps￿nS through the Department for Opportunities. 143 employers, Collectively employing over 1 millK)n peop￿, entered the Index in 2023. Reluming enlTanls scored fvlice as high as fitst time entrants, and 94% of retuming entrants told us they enter the Index because the feedback helps them improve tt￿1r txganlsatr￿. Page 5 THE SOCIAL MOBILITY FOUNDATION IA Company Limited by Guarantv) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Achievements and performance Icontlnued In 2023 for the first time we introduced a Charge for emph)Ye￿ to enter the Index. ￿th exemptions foi charlties and SMES. This change enables us lo generate Un[estr￿ted inccwne as well as building infiuence and insights. The Deparlment for Opportunities The Department for Opportunit*s is SMF'S campavjn and •thacy ami., we aim to influence and infom decisionqmakers to drNe Systern￿ change, amplfy the v*ws and voices of young people and connect them wlh those who can drive change. and raise awareness of the probl&n$ and rwats've ttffisequ8nces of lthy levels of social mobility lo buikl our advocacy base and drive change. Our flagship ￿mpaign in 2023 vras on the ¢lass pay gap. We urKlertook research on the UICS class pay gap and published it alongsKle a guide for employers wanting to measure their class pay gap with The BrKlge Group. We have campaigned for mandatory class pay gap reporting for big employers, wlh an FCAJBank of England consuttation on reporting launche(l in autumn 2023. We have continued lo use our short film, 'Stay Down,. to raise awareness and gener*e discussion with slv•Mngs in the UK Parfiament, Scottish Parliament and Welsh Senedd a5 well as with a number of employers. Other advocacy and campaign activrties have included Unheard V¢iees. our annual survey of over 2,000 young people including 1.000 from kjw-income backgrounds", arKI Flexible Futures, a social media campaign limed to coincRle wth summer exam resLlts to higNyht drfferent r(Mrtes to eareer success. We have continued to take every opportunty to amplty the v(Mce and influence of disadvantaged young people, securing rnedia opportunities including interviews on Sky News, BBC Radio 1 Newsbeat and BBC Radio 4. wlh three front page media stoi*s on resutts day in England and Wales. We CO•hosled an event at the politi￿1 paty Onferen￿ wrth the C¢>cp featuriro an SMF student ￿ the panel. other 2022123 highlights Working with New Philanthropy Capital. we devew our first organisational Iheory of chan9e. whth sets out our activities and intended outcomes and impxt for our direct projramme work and our vK)rk seeking lo influence systems. This will guide development of our strategy. evaluation and ￿npacI framework and business planning and prK)rities across all our wNk. Foll¢)bMng a peTKd in whKh we experienced rapid growth in our staff team. ar#J keen to invost in staff develcpmenl and retention. we created fi￿t dedi¢*ed HR fUnd￿n in 2023 with tsvo HR staff, a new HR plattomi and a new online training provvjer. We established an Employee As$i$lance Programme for staff and have made signrfK*t impr¢)vements to staff pay and benefits. including increases to sickness and maternity benefrts. We launched a new website in September 2023, co4lesNJned Trmth students, teaehers, fvnders and cNil society partners through interviews and workshops. As wdl as significantly improved desyn and content, the changes meet the latest accessibilty and user experience standards and mean$ conlenl is oplimised for mobile as well as desktop. We also made a number of back-office prccess changes and tschnobgy updates including a new foms and file-sharing sdulion, and development of our Salesfofce CRM, in order lo create efficiencies and 9et better quality data. Page 6 THE SOCIAL PAOBILITY FOUNDATION IA Company Llmited by Guarantee} TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Achlevements and perfomiance (continued) b. Fundraislng No professional fundraisers were used in the pericd, nor does the Charity have plans lo engage any in the foreseeable future, and so no monitoring of fundraising *Nities by third parties is currentty undertaken Inor does the Charity currenuy subscribe to any fundraising slandards or ￿heMes}. No complaints were received regarding fundraising and fundraising practtes during the perK)d. The Trustees seek to protect all indivhluals. especially those considered vulnerable. when raising funds using its e￿$tift9 safeguarding policies. Financial r8view a. Going concern After making appropfiale enquir*s. the Trustees have a reasonable expectatw that the Charity has adequate resources to continue in cperalional existence for the foreseeable future. For this reason, they continue lo ad¢¥)t the going Con￿rn basis n preparing the financial stslemenls. Further detsils regarding the adoption of the going concern basis can be found in the accounliry pol￿￿. b. Reserves poli¢y The Trustees are pleased lo report that total funds at 30 September 2023 amount to £1.118,818 of vthich unrestricted reserves arnount to £996,745 and restricied funds amount to £122.073. The Tfuslees aim to maintain a level of unreslTiCted reserves sufficient to cover 6 months running costs of the charity - at the current operth.ng budget this is approximalety £900,000. Thi5 pOI￿Y was met throughout the Followng pwous years in vthich ￿ generated a surplus and increased our unrestricted reserves, the Trustees agreed to set a deficit budget in 2022r23 and dr￿ on our unrestricted reserves lo invest in the Charitys digital and operating systems. including a nth¥ HR platfomi. finance platfomi and development of a new website and slLpJenl application serrice. The Trustees are confKlenl that the Charity will te ab￿ to conlinue its operations beyond the next 12 months given a healthy level of free reserves and a number of ￿cOMe sources secured or in the pipeline for future years. c. Financial summary Income for the year tOtal￿d £2.528.87012022.. £2.813,387}. Expendrture in the year totalled £3.408,65012022'. £2,559,520}. As noted above. the Trustees agreed to a der￿t budget for FY23 folknving fvKJ years of surpluses and increases to our Un￿striCted funds. This has resulte(l in a deficit for the year of £879.780 compared lo a sU￿luS of £253,867 in 2022. ReseNes remain heathy and in line wth the reserves. polKy as nc4ed above. d. Prlnclpal rlsks and uncertalntle5 The Trustees will continue to m￿ltOr and re¥￿￿¥ the risk assessment process on an orwng basis. In the opinion of the Truslees thwe are adequ*e internal ¢cffllrol$ in p*e to ￿Ver any significant risks lo the Foundation. Pa9e 7 THE SOCIAL MOBIUTY FOVNOATION (A Company Limited by Guarantee TRUSTEES, REPORT (CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Structure. governance and rn•nagemgnt a. Constitution The SMF is a company limrted by guarantee. In the event of a winding up the members. liabihty is rests￿e￿ lo contributin9 an amount not exceeding £10 each. The Company was incorporated ¢)n 22 June 2005.. the goveming document is the Memorandum and Articles of Association, as amended by special resolutions tl*ed 16 July 2006, 8 November 2006, 30 April 2020 and 6 July 2022. The Company was registered as a charity in ErKJland & Wales on 22 August 2006 and in Seotland on 13 July 2022. b. Methods of appointment or election of Trustees Truslees are 8ppoinled only by resolut¥)ns passed by existing Trustees to ctrcpt new Trustees. This is carried out in accordance wrth clauses 3.9 and 4.5 of the Art￿e$. Trustees are apwnted for 2 temis of three years, th a third lem ol three years possible under exceptiona circumstartes. c. Organisational structur• and de¢ision4naking poli¢i•s The Charity is administered by the board of Trustees. ao also direclors of the Chartsble Company and are listed on page 1. The board meets at knt 4 times a year to ensure the proper administration of the Chariy and applic*ion of its resources. Th8 day-ttrday management of the Charity 1$ delegated by the Twstees lo Chief Executive who reports lo the TNStees on a Tegular basis. d. Pollcles adopted forthe Inductlon and tralnlng of Trnstees The training needs of each Trustee a￿ assessed on an indiwdual basis and &cess to training is offered where n￿eSSary. On appointment each new Twstee is given the opportunty lo meet wth the staff of the Charity and is provKled with a copy of the Chanty Commission's Essential Trustee guljance. the charitls governing document. latest acce￿ntS and recent board papers and minutes. Plans for future peeiods The tNsleès arè cc*nmitted to build4￿ on the successes of 2023 by continuing to carry oul activities wth thé inlents'on of continuing lo increase the impact of three strategic interventNJns." our student programrnes. our work influencing employers. and our caTnpaigns for systemic change. Trustees are a150 keen to ensure the sustainable growth of the charty, supporting the wellbeing and developrnent of our skiffed staff and ￿ntInuing to invest in our operational infrastructure and digtal setvw. Page 8 THE SOCIAL MO8IUTY FOUNDATION (A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Statement of Trustees. responsibilities The Trustees Iwho a￿ also the directots of the Charity for the purposes of company lawl are responsible for preparing the Trustees. Report and the financial stslements in xcordance wrth applicablg and United Kingdom Accounting Standards (United lfjngdom Generalky Accepted Accountsng Practice). Company law requires Ihe Trustees to prepare fin￿¢1￿ ststements for each fina￿la7 yw. Under company law, the Tnjslees must not approve the financial statements UN￿$S they are satisf*d that they gwe a true and fair Mew of the slate of affairs of the Charity and of ts incoming resources and application of iesc￿rces, including its income and expendrture, foi that pefiod. In preparing these financol statements. the Trustees a￿ required lo.. sdecl suitable accounting po[￿leS and then appty them ￿nSIStenI￿. observe the methods and principles of the Charities SORP {FRS 1021. rnake judgements and aecounling estimates that are reasonable and prudent.. stale whether applicab￿ UK Accounting Stsn¢Jards IFRS 1021 have been folltmed. S￿leCt lo any material departu￿$ disclosed and explained in the fina￿la1 $talements,' prepare the financial stslemenls w the going ¢on¢ern basis un￿$ it is inappropriate lo presume tha the Charty continue in business. The Trustees are responsible for keeping adequae accounting records that are sufficient to sh¢)w and explain the Charitys transactions and disckjse with reasonable accuracy at any time the financwl posrtion of the Charty and enable them to ensure that the financial statements comply ￿ryth the Companies Act 2006. They are also responsible for safeguardin9 the assets of the Charty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitw. Dlsclosure ol inforniatlon to auditovs Each of the persons who are Truslees at the time when thts Trustees. Rewt is approved has confimed thatr. so far as that Trustee is aware. there is no relevant audit inf0m1at￿n of which the charitys audrtors are unaware, and that Trustee has taken all the steps that ougm to have teen taken a5 a Trustee in order lo be aware of any relevant audit inforn)ati￿ and to establish that the chartys audil¢xs are aware of that infomalion. Audltors The auditofs, GO￿lman Jones LLP. were appointed during the year and have ind¢cated their wllingness to continue in olfKe. The designated Ttustees wll proF(Ise a moti1￿ reappoinling the auditors at a meeting of the Trustees. Approved by order of the members of the board ofTruslees and signed on ltreir beh* by. Rt Hon Alan Milburn Chair of Trustees Dale.. 27-0&24 Page 9 THE SOCIAL MOBILITY FOUNDATION IA Company Llmlied by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE SOCIAL MOBILITY FOUNDATION Opinion We have audited the financrdl statements of The Social Mobilty Foundali¢)n Ilhe 'charrtable companll for the year entjed 30 Seplernber 2023 which ¢¢)mprise the Statement of Financ￿￿ Activities, the Balance Sheet. the Slalemenl of Cash Fk>vs and the related notes, including a summary of signfficant xcounling policies. The financial reporting framewofk that has been applied in Iheir preparation is applicable law and Unrted Kingdom Accounting Stsndards. induding Financial Reporting Stsndard 102 The Financial Reporting Standard applicable in Ihe UK and Republ￿ of Irelanrf (United Kin•lom Generaty Accgpted Accounting pract￿). In our opinion thg financial ststements.. give a true and f￿r view of the state of the chatitati￿ cl￿panIS affairs as at 30 September 2023 and of its incoming reS(yjr￿S and appl&*NJn of resiyjrees. ir￿ludI￿j its and expenditure for the year then ended,. have been propety prePa￿d in xcordance with United Kingdom Generalty Accepted Ac¢ounlirKJ Practice.. and have been prepared in accordan￿ wrth the requirements of the Charities Act 2011, the Charities and Trustee Investment {Scotlandl Act 2ts)S and regukilion 8 of the Charit￿S Accounts {Scotland) Regulations 20C6. Basls for opinion We con¢Jucled our audit in xcordance Intemational StaThJards on Auditing {UKI IISAS IUK)} and applicable law. Our responsibilities under those stsndards are further described in the Auditors, responsibilities for the audit ol the financial statements seclion of our ￿P)rt. We are independent of the ¢haTitsble company in accordance with the ethical requirements that are rdwanl to our audrt of the financial stslernent5 in the Uniled Kingdom. including the Financial Reporting Councifs Ethical Standard. and we have fuffill&l our other ethical respon5ibiljb.es in accordance with these requirements. We believe that the audit evhlence we have obtained 1$ SLrfficienl and appr¢)priale to provide a basis for our opinion. Conclusions relating to going ¢oncem In auditing the financial slatemenls. we have concluded lh* the Trustees. of the going concem basis of accounting in the pieparalion of the financial statements is apPropr￿te. Based on the work we have perfomed, V•e have not Klenlffied any material uncertaintv&s relating lo events or condili¢)ns that, individually or collectNety. may cast signtficant doubt on the chantable company's abilrty to continue as a going concern for a penod of at least tWe￿e months from then th8 financial statements are authorised for issue. Our responsibilits.es and the responsib￿rt*S of the Trustees v4th respect to wng concem are descr*bed in the relevant sections of this report. Page 10 THE SOCIAL MOBILITY FOUNDATION IA Company Llrnlt￿ by Guarante•} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE SOCIAL IA081UTY FOUNDATION (CONTINUED} Other Infornlalion The other infomiation compfises the information included in the Annual Report other than the financial statements and our Auditors. Report the￿On. The Trustees are responsible for the other information contained thin the Annual Report. Our opinion on the financol Ststemenls does not cover the other information and. excepl to the extent otherwise expl￿rt￿ ststed in our report. we do not express any form of assurance conclush)n Ihereon. Our responsibilty is to Tead the other infomation and. in doing so, consider whether the other informats.on is materialty ineonsi51ent vthh the fin8n¢ial statemenls or our knovAedge obtsined in the ¢ourse of the aLKlil, or otherwise appear5 to be materialty misstated. If we identrfy such m*erial inconsistencies or apparent material missLitements. we are required to detemiine whether this gives rise to a material misststemenl in the financial statements themselves. If, based on the work we have performed. we conclude that there 1$ a m*erial misstatement of this other informats"on, V•E are required to report that fact. We have nothing to report in this regard. Matters on which we are requlred to report by exception We have nothing lo report in respect of the folbmng matters where the Charities (Accounts and Reports} RegulatKJns 2008 and the Chariknes Accounts (Scolland) RegulatM)ns 2006 (as amended) requires us lo report lo you if, in our opinion.. infcrfmation gNen in the Truslees. Report ts inconsistent in any material respect with the financial stslements-, or sufficient and proper accounting records ha* not been kept.. or the financk21 statements are not in agreement ￿th the aecountiryj records and retums.. or we have not reeeNed all the information and e¥F4anations require for our audil. Responsibilities of tn￿teaS As explained more fLdty in the Trustee5' Responsibilities Statement, the Trustees (who are also the diredors of Ihe charitable ccffjpany for the purposes of ccrfnpany lawl are responsible for the Preparation of the financial statements and for being satisfied that they give a true and fair vivw. and for such inlemal control as the Truslees del8miine is necessary lo enable the PreParat￿n of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the fmancial statements, the Trustees are responsible for assessir¥J the charitable compan￿5 abilty to continue as a going con￿m. disclosirwJ. as applicable. matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to bquidate the charrtable company or to ease operations. Of have no realistic altemalive but to do so. Page11 THE SOCIAL M081UTY FOUNDATION IA C¢)fflpany Lirnitod by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE SOCIAL M081UTY FOUNDATION ICONTINUED) Auditors. rnsponsibilities forlhe audit of th• financial Stat•m￿ts We Iiave been appoinled as auditor under sediw 144 of the Charibes Act 2011 and section 44111{c} of the Charities and Trustee Investment {ScotLqndl Acl 2005 and report in ￿￿rdance with the Act and relevant regulations made or having eff&t thereun¢Jer. Our objectives are lo obtsin reasonable assurance ab¢yJt whether the financi* statements as a whole are free from material misstatement. whether due lo fraud or error, and to issue an Auditors. Report that includes our opinion. Reasonable assuranee is a h￿h level of assurance. but is not a guarantee that an audit conducted in accordance wlh ISAS (UK) will a￿VayS detect a material rni5Stalwnent when (( exists. Misstalemenls can arise from fraud or error and are consmdered material rf. indivKlualty or in the aggregate, they could reasonably be expected to influence the econcrfnr decisions of users taken on the basis of these financial statements. Irregularrtie5, including fraud. ar8 instances of ncfrc(￿P1larbce 7Mth I￿￿ and regulations. We design procedures in line with our responsibilities, outlined above, to detect material missl*ements in resp8cI of irregularities, including ftaud. The extent lo v*hich our procedures are capable of detectsng irregularf(ies, includir¥J fraud is detaiw below. Based ￿ our understsnding of the company and industy. ￿ KIentif￿d that the principal risks of non- compliance vrith laws and regulats'ons related lo industry sect¢y regulations and unethical and prohibited business practices, and we considered the exlenl to wh￿h n￿COMpliance might have a material effect on the financral statements. We also consi(Jered those L•vs and regU￿lOnS that have a direct imp8Ct on the pieparalion of the financial statements such as Ihe Companres Act 20C6. Charities Act 2011. Charity Commission and sector regulations, arKI UK Tax Legislation. We evaluated management's incentives and opportunicies for fraudulent manipulation of the financrdl ststemenls {including the risk of override of contro15). Appropriate audit pr¢Jc&Jures in res￿nSe to these risks were orried. These procedures induded.. Discussions with management. inC￿ding conspjeraticffl of kn(r￿n or susFected instances of non-compliance with laws and regulati￿ and fraud". Reading minutes of meetings of those Charged with governance. Obtaining and reading correspondence from legal regulatory 1K￿leS including HMRC: Identifyirvj and leslirvJ joumd entries.. Challenging assumplKJns and judgements made by management in their sNJnrThcanl accounting esl*m*es. We also communuted relevant identified laws regul*KJns and Wential fra￿ risks lo all engagement team members.. and femair￿ alert lo any indications of fraud or non arKI the Companies Act 20C6. The SLxial Mcknilty Foundakn"on meets definition of a publK benefft entrty under FRS 102. Assets and liabi1rt￿S are inilidty reccgni5ed at historical cost or transaction value unless cAherwise stated in the relevant accounting polw. The financral ststements are prepared in Steilrb3, the fvnelional currency of the Charity. 8nd monetary amounts are rounded to the nearest £. 12 Company status The Charity ts a company limited by guarantee incrxpor8ted in EngL4ThJ and Wales. The members of the Charty are the Trustees named on page 1. In the event of the charity being wound up, the Iobilrty in respect of the guarantee is INnrted to £10 per member of the Charity. 2.3 Going concem Folknving ts¥o pre￿uS years in which we generaled a surplus and increased ￿Jr ￿n￿StriCted reserves, the Trustees agreed to set a deficii budget in 2022r23 and draw on our unrestricted reserves to invest in the Charrtys d￿rtaI and operating systems, including a new HR plafform, new finance platlorm, arKI devetopment crf a new website and student appI￿allOn service. The Trustees are ¢onfident th* the Charty will be a)le lo ￿tinUe its opeiatsons beyond the next 12 months gNen a healthy level of I￿e resew and a number of inccmne scAJrces secured or in the pipeline fol fuiure year5. Page 18 THE SOCIAL MOBILITY FOUNDATION (A Company Limited by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 A¢¢ounting policies Icontinuedl 2A Fund accounting General furKl$ are unreslricled funds t*dhich are available for use at the discretion of the Trustees in furtherance of the general ofy'ectives of the Charty and have not been designated for other purposes. Restricted funds are funds vthich are to be used in accordance wth specrfic restr￿t￿n$ imposed by donors or which have been raised by the Charty for particular purposes. The costs of faising and &Jminislering such fvnds are charged ￿aInSt the spe¢ifi¢ lund. The aim and use of each ￿strIcted fund is sel out in the notes to the financial $￿t￿ents. Investment ine¢)me. 98ins and losses are allocated to the appropriate furKI. 2.$ Foreign currencies Monetary assets and liabilities denominated in fwn eurTencie$ are translated into Stertiry at rates of exchange ruling al the reporting date. Transxlions in foreign currencies are translated into Sterfing at the r* ruling on the date of the transaction. Exchangg gains and losses are recognised in the Statement of Financial ActNiknes. 1.6 Income All incchme is recognised once the Charty has enlillement to the income, it is probable that the income wll be received and the amounl of income receivabie can be measured reliably. Grants are included in the Ststement of Financial Adivibes on a recervable basis. The balance of incorne ￿e1ve(l for specrfic purposes but not expende(I during the peric#J is shown in the relevant funds on the Balance Sheet. Where income is received in advance of enlitlemenl of receipt, its recDJnit￿fi is deferred and included in creditors as deferred income. Where enlrtlement occurs before income is receNed. the income 15 accrued. On receipt. donated wofessional seivices arKI facilities *e recognised on the basis of the value of the grft to the Charty whtth is the amount rt woukl have been willing lo pay lo obtain services or facilities of equNalenl e￿noMiC benefrt on the open market., a corresponding amount is then recognised in expendrture in the perDJ of re￿p1. Other incryne ts rewnised in per1￿j in which it is raceivable and to the extent the goods have been provKled or ￿ coMple￿n of the semce. 2.7 Interest receivable Interest on funds held on deposii is included when re¢eWe and the arnount ean be measured reliably by the Chanty., Ihis is nonnalty upon not[[Kal￿n of the interest Pa￿ or payable ty the instrtution with whom the funds are deposited. Page 19 THE SOCIAL MOBILITY FOUNDATION IA Company Limited by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accountlng pollcles (conllnuedl 18 Expendi¢ur¢ Expenditu￿ is recognised once there is a legal or conslnJctNe otAigalion to transfer economic benefrt to a third party. rt is probab￿ that a transfer of economic beneffts will be required in settlement and the amount of the obligation can be measured reliabty. Expenditure is classified by aclNrty. The costs of exh actimty are made up of the total of direct costs and shared costs. including support Costs involved in undertaking each activty. Direct c05t5 attributable lo a single aclivty are alkncated diredy lo that actiwty. Shared costs which contribute to more than one activity and support cos15 vthich are not attn"butable to a single xtivty are apportioned between those aclivrties on a ba515 consistent vthh the use of resource5. Central staff costs are allo&*ed on the basis of lime spent. and depwigtw charges alktaled on the portion of the asset's use. Expenditure on raising funds i￿ludeS all expendrture incurred by the Charity lo raise funds for its charrtabk purposes and in¢￿deS costs of all fundraising a¢tNities events and non-charrtable trading. Expendrture on charrtable a¢b"vit￿$ is incurred on directly undertaking the activities vthich further the Chartys objectives. as well as any a$$￿1*ed support costs. Atl exp8ndrture is inclusNe of Irrecove￿19 VAT. 2.9 Taxatl¢n The Charty is ￿nsIdered to pass the tests set in Paragraph 1 Schedu18 6 of the Finance Act 2010 and therefore rt meets the definit￿n of a Charrtab￿ company for UK corporation tax purposes. Accordingly, the Chanty is potentsalty exempl from taxalron in respe¢t of income or capital gains received within categor￿$ covered by Chapler 3 Part 11 of the Corporatson Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exlent that such income or gains are applieil exdusivety to charikble purposes. 2.10 Tangible fixed assets and deprn¢iation Tangible r￿ed assets costing £500 or are capitslised and re¢c•3nised when future economic benefits are probable and the eost or value of the asset be measured ieliabty. Tangible frxed assets are in￿"alty recognised at cost After rectsjnition, under the cost model, tangible fixed assets are measured al cosl less accumulated deprecotion and any accumulated impaimienl losse5. All costs incurred to brirg a tsngible fixed asset into ts intended working condrtion shoukl be induded ￿ the measurement of cost. DepreCiat￿n is charged so as to a￿￿ate the cctst of tangible fLxed assets less their residual value over their estimated usefvl INes. . Dep￿lat￿n is provhled on the fClhJv￿n9 bases.. Fixtures and filb'ngs Computer equipment - 2S% straight I - 33% straight I 2.11 Debtors Trade and other debtors are reeognised al the setuement amount after any trade discount offered. Prepayments are valued * the amount Prepa￿ net of any trade diseounls due. Page 20 THE SOCIAL MOBILtrf FOUNDATION IA Company Limited by Guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accountlng pollcies {¢ontinued) 2.12 Cash at bank and in hand Cash at bank and in hand includes cash and S￿￿-tem7 highty liquid investments wtth a short maturity of three months or less from the date of acquisition or opening of the deposit or simli ar account. 2.13 Llabilities and provisions Liabilitses are recognised vthen there ￿ an oblwjation at the Balance Sheet date as a resull of a past evenL it is probable that a transfer of ￿OnOMiC benefrt will be required in settlement, and the am￿nt of the settkment be estimated reliabty. Liabilities are recognised al the amount th* the Charty anlicipal8s it will pay to settle the ¢Jebt or the am￿nt it has received as advanced payments for the go￿j$ or $er¥i¢e$ it must provide. Provisions are measured at the best estimate of the amounts required to settle the oblKJalion. Where the effect of the time value of money is malerial. the proM$ion is based on the present value of those amounts. discounted * the pre-tsx discr￿n1 rate that refle¢ls the risks s￿￿1C to the liabilty. The unwnding of the discount is recognised in the Ststement of Finan¢ial Actmties a$ a finance cost. 2.14 Financial instruments The Charity onty has ffinancK41 asset$ and fin*cial 1obi1itses of a kind th* qualify as basic financial inslruments. Bas￿ financwl instruments are inthalty rec(>ynised al transaction value and Subsequent￿ measured at Iheir settjement value wilh the exception of bank loans which are subsequenty measured at amcrfbsed cost using t￿ effethe interest method. 2.15 Operating leases Rentals paKI under operating leases tre char9ed lo the Stalement of FIn￿e1￿ ActiV￿leS on a StraIght4r￿ basis over the lease temi. 2.16 Ponsion$ The Charity ¢)perates a defi￿ ￿ntrIbutI￿ pensw)n scheme and the Pensi￿ charge repiesents the amounts payable by the Chaiity lo the fund in resF*¢t of the year. The pension charge is albcated between funds in accordance with the alk*ation of wages and salaries. Any pension contributions outstsndI￿ at the balance sheet dalelond included within ¢￿ditOrs) ¥e unrestricted funds. Pa9e 21 THE SOCIAL MOBILITY FOUNDATION (A Company Limit¢d by Guarantw) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Crftical accounting osllmates and areas of judgement Estimates and judgements are continualty evaluated and are based on historicaf experience and other factors, including expectati￿$ of future events that are beI￿Ved lo be reasonable under the cumslances. Critical accounting estimates arKI a5sumpts"¢)n5.' The Charity makes estimates arKI assumptsons concerning the future. The resutting accounting estimates an¢J assumptions wll, ty definrthjn, seldom equal the related actual resutts. The estimates and assumptions that have a svjnrficant risk of causing a m*erial adjustment to the ￿rying amounts of assets and liabilities wthin the next financial year are discussed belrm. Income R nrtion The Charty receives inccme from contracts and perforrnance grants. These agreements include ¥ar￿S quanlilalive and qualiL*ive milestones and performance conditions lo be mel in order for the Charity lo have enlrtlement lo the funds. The Charity makes var*)us assumptK￿s ￿ determining the st4e ol completion of these contracts and performance grants. In¢ome from donations and legacies Unrestricted funds 2023 R•strictod funds 2023 Total funds 2023 Donations and grants Gifts in kind 879,826 229.842 1.263.671 2.143,497 229,842 1.109,668 1,263.671 2.373,339 UnrestrKted funds 2022 Restricted funds 2022 Tolal funds 2022 Oonalions and grants Gifts in kind 1.005.274 228.269 1.504,588 2,509.862 228.269 1.233.543 t.504.588 2.738.131 Grfi in kind in both years comprise venue hire. student accommodation. mthets'ng support. and mentoring service5 that have been provided free of charge to the Charty and have been recognised in accordance with the Chaws accounting pdty per note 2.6. Page 22 THE SOCIAL M081LITY FOUNDATION IA C¢)mpany Llmitgd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FQR THE YEAR ENDED 30 SEPTEM8ER 2023 Income from charftable adivitles Unrestricted funds 2023 Total funds 2023 Income from charrtable athibes- C¢)ntr¥ts for sen*icg 138,681 138.681 Unwtricled funds 2022 Total funds 2022 Inccxne from charitable a¢tMties . Contracts for serV￿e fjT,075 67,075 Investment income Unrestricted funds 2023 Total funds 2022 funds 2023 Investment inccme- Bank interesl 16,850 16.850 Other In￿MIng resources Total funds 2023 Unrn.slricle(I funds 2022 Total funds 2022 Cxher income 8, 181 8, 181 Page 23 THE SOCIAL MOBIUTY FOUNDATION (A Company Llmit•d by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Expenditure on raislng funds Costs of rai51ng voluntary income Unr•stricled Restricted funds fund$ 2023 2023 Total funds 2023 Other costs of fundraising Costs of raising voluntary incune- v4es and salaries Costs of raising voluntary inccffle- Nl Costs of raising voluntary rtome- pensK)n Costs 7.200 18.371 2,216 597 25.571 2,216 697 21,184 Page 24 THE SOCIAL M081LITY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Exp8nditure on rai$•ng funds leontinued) Costs of raising voluntary Incoffle (continued) Unrestricted Resfricted unds funds 2022 2022 Tof81 fvnds 2022 Other costs of Msing funds Staff cosls on raising funds ￿e5 and sal¥*s Costs of raising voluntary inc¢Jme- Nl Costs of raising voluntary income- pension costs 1,539 17.112 2,107 616 7.725 985 220 9.387 1. 122 396 10.469 10.905 2t.374 Anatysi5 of exp•nditure on charitable activities Summary by fund type Unr•s¢rict•d Restricted fund5 funds 2023 2023 Total 2023 student programme Employer Index Department for opp￿In￿leS 1.467.326 1.327.807 11Y),271 242,SS9 2.795.133 153.734 430.719 188.160 1.708,949 1.670,637 3.379.586 Page 25 THE SOCIAL MOBIUTY FOUNDATI(Y4 (A Company Limlled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Analysls of expendbture on charitable activities Iconlinuedl Summary by fund type {continuedl UnTrstricted fUl￿S 2022 Reslncted funds 2022 Tof81 2022 Student programme Employer Index Department for Opportunrties 86T.9T6 42.61T 252.439 1,039,282 85,437 2&1.395 1,907,258 128,054 502.834 1. 163,032 1.375. 114 2.538, 146 10. Analysls of expenditure ty actlyltles Actlvltles ndertaken direc 2023 Support costs 2023 Total funds 2023 Student programme Employer Index Department for op￿UnitieS 2.263.984 144.879 395.835 531,149 8,855 34,884 2.795.133 153.734 430.719 2.804.698 574.888 3.379.$86 Actrwilies undertaken d1￿CtlY 2022 Support Total funds 2022 2022 Student programme Employer Index Departmenl for Opp¢)rtunities 1.622, 184 102,965 458,893 285,074 25,089 43,941 1,907,258 128.054 5Q2.834 2. 184,042 354, 104 2,538, 146 Page 26 THE SOCIAL MOBIUTY FOUNDATION IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 10. Anatysis ol expendllure by activilies IMntinu¢dl Analysis of support ￿sts Department Employer for Index Opportunities 2023 2023 Student programm¢ 2023 Total funds 2023 Depreciatson Staff costs Printing, postage, and stationery Prernises eosts Miscellaneous expenses legal and profeSs￿nal fees Subscriptsons Travel and subsistence Marketing 10.592 55,004 12.007 121.049 54.199 48.278 62.469 57.353 110,198 10.592 60.068 12.752 137.741 63,298 52,860 62,652 63,725 111,200 1.401 172 3.852 2.1¢)0 1.057 42 3,663 S73 12,840 6,999 3,525 141 6,372 771 231 531,149 8.855 34,884 574,888 Department Studenl Employgr Index Opportunities 2022 2022 Tolal funds 2022 2022 Staff costs Depiecialion Other staff costs Printing, postage and stationary Premises costs Travel and subsk%lence Miscalleneous Legal and professional Loss on disposal of frrted asset$ 66,351 6. IS3 8.416 33,490 82,673 30. 133 35,251 22.580 27 3.903 78.060 6, 153 12,024 38.495 97,262 35.451 41.472 45.160 27 1, 155 4,863 3,8 9.726 5.318 4, 147 11,290 2.074 11.290 2810T4 25.089 43,941 354, 104 Page 27 THE SOCIAL MOBILrrY FOUNDATION {A Company Limitgd by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 11. Auditorn. refflunerntion 2023 2022 Fees payable lo the Chartys a￿JitOr for the audit of the Chartys annual accounts 18,500 27,240 12. Staff costs 2023 2022 WaJes and salaries Socral security costs Conth'bub"on to defined contrbutiw pension schem 1.793,307 383,576 126,697 1,375.827 135.913 41.121 2.303.580 1,552.861 The average number of FÉrsons emp￿￿1 by the Charity during the year %fdS as follows.. 2023 No. 2022 No. Average numbw ol empbyees 62 48 The numter of wnployees whose empbyee benefits (excluding empbyer pension costs) exceeded £60.OW was". 2023 2022 No. In the band £60,001- £70.0 In the band £70,001- £80,OIXI In the band £80,001- £￿,000 The total cost of key management perS￿ne1 for the year. including empw Fensicffl and natIc￿l insurance contrbub"ons, £463,944 (2022." £427,707). All members of Senior Management Team ￿ cmsthred to be key management personnel. No trustee ￿e1Ved remuneration or benefits in kind during the Current year or prior period. No trustees were reimbursed travel expenses. Page 28 THE SOCIAL MOBILITY FOUNDATION IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 13. Tanglble fixed assets Fixtures and fittings Compuler equipment Total Cost or valuation At 1 October 2022 Additions 7,612 39.096 46.708 3.141 At 30 September 2023 8.247 41,602 49.849 Depr8clatlon At 1 October 2022 Charge for the year 1357 1.605 17.603 8.987 19.960 10.592 At 30 September 2023 3.962 26,590 30.552 Net book valu• At 30 September 2023 4285 15.012 19.297 At 30 Seplemb8r2022 5255 27.493 26, 748 14. Debtor& 2023 2022 t￿t after more than one year Other debtors 8,490 8.490 Du¢ within one year Trade debtors Other deblots Prepayments and èc¢nRd irKome 331,129 95,455 36,931 14 352,085 463,515 360,589 Page 29 THE SOCIAL M081UTY FOUNDATION IA Company Llmitod by Guarant99) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Creditors: Amounts falling du¢ within on• y•ar 2023 2022 Trade credilors Othèr taxatwm and social $e¢urity Other creditors Accruals and deferred income 16,604 126.064 49,581 8,OT4 111,103 564.913 707.581 168, 758 2023 2022 Deferred In￿Me at 1 October 2022 Resources deferred during the year Amounts released frc¥n prevK)us periods 66.225 517.243 166,225) 113.884 66,225 {113,884) 517.243 66,225 Deferred in¢￿)e relates to income ffjceived in advance of the Ch*ty beiTrJ entrtled to rt recognise il due to tems and ￿nd￿0fts of the grant agreements. 16. Creditorn: Amounts falling due •fter more than one year 2023 2022 Accruals and deferred income 66,225 Deferred income relates to inccme rec*ved in athance of the Charity being entilkd to it fecognise il due to left￿s and ￿nditionS of the giant agreements. Grant agreement brought forward of £66,225 was released in the year. No income over one year was deferreil in the current peritrl. 17. Financial instTurnents 2023 2022 Flnancial assets Financial assets measured at fair value through irKfxne ar¥J expendilure 1.343.587 1.846,244 Page 30 THE SOCIAL MOBILITY FOUNDATION IA Company Lirnited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 18. Statement of funds Statem•nt of funds- current year Balance al Balance at 1 October 2022 September 2023 Income Expendrture UnTestri¢ted funds Gener81 Funds- all furKIs 1.448.375 1.265.199 11.716.829) 996,745 Restricted fvnds PA Consutting Health Educ*ion EnglaThJ JP Morgan Chase Readrnan Foundation Furwj Macquarie Group F￿ndalK General￿n Foundabon The Robertson Trust BP Intemat￿naI Linklalefs Catsly3t for Impact Fund Cognvzanl Foundatir Freshfiekjs Bruckhaus Deringer Merton College Freshfeihjs Inlemshp support 57,000 242.000 264,900 22.750 11)0.000 350,000 8.750 53.766 52,884 62.01)0 28.120 156.8371 1340.4371 1317,6261 122.7501 1158,1471 {342.829} 18.7501 136.2031 {52.8841 1101.1741 1219.5601 113.2931 {3,6001 117,7311 163 98.437 115.652 20.216 58.147 ,171) 62.926 20,216 17.563 39.174 210.944 14.824 19.504 1.531 3.600 17.901 170 550.223 1.263.671 {1.691,8211 122.073 Total funds 1.998.598 2.528,870 {3.408.650) 1,118,818 Page 31 THE SOCIAL MOBILITY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 18. Stat8rnent of funds (continued) Stat•mont of funds- prior year Balan￿ al 30 September 2022 Balance at 1 October 2021 Income Expenditure Unr8strict•d funds General Funds- all funds 1.313.077 1.308. 799 (1. 173,Xt1J 1.448,375 BalanG8 at 30 September 2022 Balance al l October 2021 Income Expenditu Restricted funds Health Educatson EnglaTr JP Morgan Chase12022-251 JP Morgan Chase Eurofins Readman Foundation Fund Mxquarie Group Ftyjndation Matthew and Sian Westeman Gener*ion Foundation Steve Morgan The Robertson Trust BP InlematK*nal Linklaters Calatysl for Imp¥t Fund Cognizant Foundati Freshfiehds 8ruckhaus Deringer Cognizant Foun¢Jaticm12022) Merton College 101,336 224,LK 264,9CQ (226,896) {259,354J (88.285) (1T,OOOJ (2.534) (41, 853) (116, 676) (240.028) (24,973) (34, 813) (18, 700) (79,021) (89,826) (51,572) (57,968) (33.580) {3.600) 98,440 5.546 110, 106 198,391 17.LXXI 22,7 ICKI.CIg0 113.284 2￿.(£ 25.￿ 3&0CXI 20.2t6 58, f47 3,332 (17, 145) (27) (187) (7. 173) 12,174 67.0 51,572 15,268 66,90T 62,C 39,IT4 57.523 244.524 14,823 210.944 431.654 1.504.588 (1.386,019) 550,223 Total funds 1. 744.731 2,813.387 (2,559,520) 1.998,598 Page 32 THE SOCIAL MOBILITY FOUNDATION IA Company Llmlted by Guardnlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 18. Slatemenl of funds {continuedl 8P Intematlonal Funding to support students on Ihe engineering residential F￿graryThe. Catatyst for Impact Fund To develop and expand the APP reach in Scotland arKI fund a SiX4monlh intemstip for an SMF student. Cognizanl Foundation Fundirwj for delNery and devel¢Jpmenl irf the Digital Aspiring Professionals programme for th Department of Oppurtunities and for the slaries of leh data, evaluation and impact lead and the campauns Off￿r. Generation Foundation To fund the Department for Oppurtitunit*s and to support the develcynenl of a sustainability offer across the programme. Freshfields Bruckhavs Deringer Funding an intemship for an SMF student to support defwery of the F￿shrIekI$ Asyring Professionals Programme. Health Education England Funding for the Medicine Aswring ProfessiOn￿S Programme in England. JP Morgan Chase Foundation Funding lor the JP Morgan Aspiring prOfe￿Onal Programffle and for projects to support the charitys development. Linklaters To fund the Making Links pr(¥rarrwne. Macquarie Group Foundation Funding lo support students in Birmingh￿. Merton College To fund activil*s for SMF students lo gain instqhts into app￿ing for and studying at the University of Oxford. Readman Foundation Fund Funding for the SMF Guy R&idrn￿ RI￿ng Stars in NevKast￿. The MullaAy Fund Funding for the secondee to support th8 Medicine Awring Professionals Programme. The Robetston Trust Funding to support student5 in Glasgtrw. Page 33 THE SOCIAL MOBIUTY FOUNOATION IA c¢￿panY Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER X123 19. Analysis of net assets between lunds Anatysis of net assets belween funds - cuvrent year Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within year 19.297 1.167.786 (190,3381 19,297 1,807.102 1707.581} 639,316 1517,243) T*Xal 99S.745 122,073 1,118.818 Analysis of net assets betwwn funds- prior year UnrBstrKt&J fvnds 2022 Restiicled funds 2022 Tot funds 2022 Tangl￿e fixed asset5 Debtors due after more than c￿e year Current assets Creditors due ￿thIft one year Creditors due in more than one year 26,748 8.490 1.515,670 (102.533) 26, 748 8,490 2.198,343 (168, 758) (66.225J 682,673 (66,225) (66,225) Total 1,448,375 .223 1.998.598 Page 34 THE SOCIAL MOBILITY FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Reconciliation of net movement In funds to net cash Ilow fvom operating activities 2023 2022 Nel incomelexpenditure for year las per Statemenl of Financ ActNth"esl (879.780 253.867 Adjustments for: Depreciation charges Dividends. interests and rents fnjm investments Loss on the sale of fixed assets Increase in debtors 10.592 (16.8501 6, 152 2T (74,206) (3T,632) 1102.9261 472.598 In¢reaselldecrease) in creditors Net cash provided byllused Inl opgrating activities 1516.3661 148,208 21. Analy$is of cash and cash equivalents 2023 2022 Cash at bank and in hand 1.343.587 1.846.244 Total cash and cash equlvalents 1.343.587 1.846,244 22. Analysis ot Changes in n81 debt At30 S•ptembeT 2023 October 2022 Cash flows Cash al bank and in hand 1,846,244 1502.657) 1.343,587 1.846,244 {502,657) 1,343,587 23. P•n$ion Commilments The Chanty ¢Jperates a defined contributron pension scheme. The 8$sets of the scheme are held separatety from those of the Charity in an independenty administered fund. The pension cost represents eontribution$ payable by the Charty to the fund and amourbted to £63,050 (2022.. £41,121) for the year. Page 35 THE SOCIAL MOBILrrY FOUNOATION IA Company Llmlted by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Pension commltments Icontlnuedl At the balance sheet date. conlritmrtions totalh'rKJ £12.305 (2022.. £7.032} were pa￿e to the fund and are included in crediloTS. 24. Operntlng lease commltmgnts At 30 September 2023 the Charty had ccxnmibnents to make future minimum lease Pa￿entS under non-cancdlable cperabNJ leases as folkm: 2023 2022 Land and buildings Not later than 1 year Later than 1 year and not later than 5 years 65.019 27.177 58.940 89.275 92.196 748.215 25. Related party trnnsactlons During the year. donations of £500 were receNed Irom trustees. There were rKJ reStr￿lI0n$ attached ta these donations. Except as noted elsewhere in these financi* statements, there were no reLgled party transactions requiring disclosure in eilher the turrent or prw years. Page 36