Registered number: 05488354 Charity numbers: 1115888 & SC051842
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 12 |
| Independent Auditors' Report on the Financial Statements | 13 - 16 |
| Statement of Financial Activities | 17 |
| Balance Sheet | 18 - 19 |
| Statement of Cash Flows | 20 |
| Notes to the Financial Statements | 21 - 40 |
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Trustees | Alan Milburn, |
|---|---|
| Chair Lee Cain | |
| Fiona Dawson | |
| Ann Doherty | |
| Paul Kett (appointed 5 February 2026) | |
| Dr Elizabeth Miller (appointed 5 February 2026) | |
| Ruth Owen | |
| Namrata Patel | |
| Nigel Railton | |
| Tom Rockhill | |
| Ben Rodham | |
| Company registered | |
| number | 05488354 |
| Charity registered | |
| numbers | 1115888 and SC051842 |
| Registered office | The Brew Eagle House |
| 163 City Road | |
| London | |
| EC1V 1NR | |
| Company secretary | Sarah Atkinson |
| Chief executive officer | Sarah Atkinson |
| Independent auditors | Goodman Jones LLP |
| Chartered | |
| Accountants Statutory | |
| Auditors | |
| 1st Floor Arthur Stanley House | |
| 40-50 Tottenham Street | |
| London | |
| W1T 4RN | |
| Bankers | Coutts & Co |
| 440 Strand | |
| London | |
| WC2R 0QS |
Page 1
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025
The Trustees (who are also directors of the Charity for the purposes of company law) present their Annual Report together with the audited financial statements of The Social Mobility Foundation ("the Charity") for the year ending 30 September 2025. The Annual Report serves the purpose of both a Trustees’ Report and a Directors' Report under company law. The Trustees confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Since the Charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.
Objectives and activities
a. About The Social Mobility Foundation
Over the last year, the Social Mobility Foundation has continued to demonstrate the need for our work, and the impact we’re having on thousands of young people.
Social mobility rates continue to stagnate, conversations around inclusion are coming under scrutiny, and continued economic precarity is trapping young people, presenting them with obstacles rather than opportunities. With every cohort of students we support, we see the impact of increasing wealth gaps and the differences in access to education and employment for our community, in comparison to their better off peers.
In an environment where resources are even more limited and there is higher demand for our support, the SMF has continued to build our movement for change – ensuring all young people are able to thrive in education and in employment, as well as explore and nurture their talents. We’ve worked alongside changemakers and supporters, from employers to MPs, to journalists and other charity partners, to change policy and practice – breaking down the barriers young people from lower socioeconomic backgrounds face.
We are now over two years through our three-year strategy. We’re pushing forward with our two primary objectives: make a bigger difference for young people from lower socioeconomic backgrounds, and influence systems change so everyone can truly thrive in education and employment. We will continue to be agile and responsive to the world around us, developing our systems, structures, and team to ensure we’re best placed to achieve our mission.
Page 2
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Objectives and activities (continued)
b. Policies and objectives
The Social Mobility Foundation is a charity, nearly 20 years old, that seeks to make opportunity a reality for brilliant young people from lower socioeconomic backgrounds, who face barriers to education and employment.
Our vision is a society where people from all social backgrounds can thrive, and all young people can explore and nurture their talents. As a charity, our mission is to make opportunity into a reality with and for brilliant young people who face structural barriers because of where they grew up or went to school. We do this by opening doors to top quality education and career pathways, and campaign so all young people have access to opportunities, not obstacles.
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We fulfil our mission by working with and for young people to create impact in two ways:
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Directly supporting young people: Through our Aspiring Professionals Programme, we support thousands of young people every year to access top quality education and high quality employment opportunities. With mentoring, university support, work experience placements and skills development, we equip brilliant young people to thrive.
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Campaigning for systems change to break down the barriers that our community face: We work to influence and shape policy to open access to opportunities and continue to guide employers to creating inclusive workplaces.
To push this work forward, we’ll continue to optimise our systems and resources, as well as continue developing our team.
Our Aspiring Professionals Programme supports brilliant young people. To run a Programme that’s as impactful as possible for our community, our eligibility criteria are:
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Socioeconomic: our young people are eligible for free school meals, and/or are care experienced, and/or meet at least two of the following: low income household, main household earner is in a low-skilled job, or first generation to go to university.
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Academic: have secured 4 A/7 grades at GCSE or 4 A/B grades at National 5. We take socioeconomic context into account when considering academic eligibility. We find students need to hit these requirements to make the best out of the Programme.
In shaping our objectives and planning our activities for the year, the Trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2)’.
Page 3
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Objectives and activities (continued)
c. Aspiring Professionals Programme
The Aspiring Professionals Programme supports brilliant young people to fulfil their potential. Our Programme runs across the UK, spanning career sectors from the creative sector to medicine.
Our young people face barriers because of where they grew up or their parents’ occupations. They join our community in Year 12 or S5, or Year 13 if they are in Northern Ireland.
On our Programme, students:
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Are matched with an expert mentor in a sector they are interested in.
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Attend workshops that help them to gain important skills, including networking and confidence building.
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Are given tailored guidance on university applications or Degree Apprenticeship applications, with visits, personal statement support, and guidance.
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Are connected to a work experience opportunity, given tools and guidance that will guide them in their careers.
We’re there at the beginning of our young people’s journeys into further education and the workplace – we walk with them along this journey.
APP City : Our Programme for people living in and around Leeds, London, Newcastle, Birmingham, Cardiff, Manchester, and Liverpool.
APP Reach : Our Programme for young people who can’t attend our in-person sessions. We’ll provide virtual support and online resources.
We also provide residential work experience, where students are selected to spend one or two weeks with a top employer in Glasgow or London, or at James Cook University Hospital for medicine students. These residentials are the highlight of the Programme for many of our students.
"As someone who went to a state school, I was never taught how to network, write a strong CV, or prepare for interviews. If you want real exposure to top industries, then the SMF is where it begins. The support is unmatched.
- “The APP has helped me grow professionally and personally... I never imagined having these opportunities and it’s thanks to the SMF.”
Abdullah, SMF alumni.
Page 4
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Achievements and performance
a. Main achievements of the Charity
2024/25 Direct Support Highlights
Our Aspiring Professionals Programme has continued to go from strength to strength.
We have worked with the young people on our programme to help us improve the support we give for graduate applications. We know securing a good job is important to the young people on our Programme and navigating the process requires expert support and knowledge that lots of people don't have access to. This type of support ultimately helps hundreds of aspiring professionals get a top job. This year 87% of our 2024 graduates are employed full time in highly skilled roles. We’re not just supporting access, we’re supporting long-term opportunity.
This year we’ve focused on our offer for young people who live in rural areas who we’ve struggled to reach in the past. Like our in-person Programme, young people on our Programme get a full suite of support to help with skills development for their careers and support for accessing university. Across the cohort 83% of our students received top university offers, with 60% going on to top universities. With the right support, our young people can truly explore their potential.
We also host our flagship summer residentials across the UK. We enabled 360 young people to experience and understand the workplace, often whilst staying in a new city.
We’re proud of our impact, with 78% of our students saying that the SMF has had a positive impact on their career, evidence that long-term targeted support like ours makes a real difference.
----- Start of picture text -----
“The support I received gave me not just opportunity, but belief.”
Irsa, SMF alumni.
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THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Achievements and performance (continued)
Systems Change Work
This year, we have continued to campaign and advocate for the change we need to see to bring about equitable access to opportunities for all young people, regardless of socioeconomic background.
In November we marked Class Pay Gap Day to highlight that professionals from working-class backgrounds are paid an average of £6,287 – or 12% – less per year than their more privileged counterparts in the same occupation. In response to our activity, we secured meetings with seven MPs including Alison McGovern MP, Minister for Employment. We secured media coverage in a range of publications including the Times and the Sun.
On Social Mobility Day we officially launched the Social Mobility Alliance at an event in Parliament. We're a group of 10 organisations working together to influence change for social mobility collectively. This is the first alliance across organisations in our sector, and we know there's great potential to make change together.
As part of our work to break down barriers for young people, we hosted a panel at Labour Party Conference in partnership with LV= about our Unheard Voices research. Irsa, our alumna, shared the stage with MPs Helen Hayes, Peter Swallow and Seema Malhotra to talk about supporting Gen Z from all backgrounds to thrive in the workplace.
Page 6
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Achievements and performance (continued)
Social Mobility Employer Index 2025
The Social Mobility Employer Index is the leading authority on employer-led social mobility. We all share a responsibility to create workplaces where everyone can thrive, no matter their background.
That's why we created the Social Mobility Employer Index: an annual benchmarking and assessment tool. Each and every employer that joins the Index is a leader in building inclusive cultures, leading to more representative, innovative, successful organisations.
In 2025, over 150 organisations entered the Index, committing to making their workplaces more inclusive for the million people they collectively employ, but also standing up for change across the wider workforce. A range of organisations joined this year’s Index, speaking to the multi-sector realisation of the importance of social mobility – which is not only the right thing, but the smart thing for businesses.
Now, 37 organisations measure their Class Pay Gap (a 37% increase on last year), and 72% of our entrants measure at least three socioeconomic data points for their workforce, in the knowledge that what gets measured, gets done.
We are proud to work alongside our Top 75 employers to advocate for change, and of the community of employers that we are cultivating who are taking charge of improving their workplaces.
From next year, we are updating our system for recognition – moving towards a banded structure, ranking entrants as Pioneering, Progressive, Established or Committed. This update marks a decade of proven Index impact, and gives entrants clearer, fairer recognition for their work in building workplaces where everyone can thrive, regardless of their social background.
“Taking part in the Social Mobility Index has given us invaluable insights, allowing us to make real change within our business. It’s shaped how we design our access programme, recruit and build career pathways. It’s been a real catalyst for embedding social inclusion more deeply into our culture, and I’d recommend it to any employer who wants to make real progress.”
Martin Currie, Chief Executive, Citypress
Enabling Our Impact In 2024/25 - Youth Voice
We work with and for young people from lower socioeconomic backgrounds, making sure they can thrive in education and in employment. Across the SMF we’ve sought to build in Youth Voice to ensure we are reflecting the ideas and insight of our community.
This year our Youth Voice work has been embedded across the organisation, with scaffolding created that includes our Youth Voice Network of campaigners and volunteers, who champion our work together and reflect their experiences in the systems change work.
We’ve also built out our Youth Advisory Panel pilot, onboarding ten young people from our Programme to offer strategic insight and decision making to the SMF. Through their support, we have been able to ensure we are truly sharing decision making power with the communities we work alongside.
Their insights have been invaluable in supporting us to develop our online presence, refining our campaigning approach, and refining parts of our Programme including supporting our young people onto the first step of their careers.
This coming year will see us expand the Youth Advisory Panel, moving from pilot to a fully embedded part of our commitment to ensuring young people are central to our work.
Page 7
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Achievements and performance (continued)
“THE SMF has been... actively listening to young people, valuing their ideas and recognising their contributions as vital to shaping discussions and decisions.” Tee*, 2024 cohort
*Name changed
Page 8
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future.
For this reason, they continue to adopt the going concern basis in preparing financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The Trustees are pleased to report that total funds at 30 September 2025 amount to £649,656 (2024: £495,648) of which unrestricted reserves amount to £544,880 (2024: £453,635) and restricted funds amount to £104,776 (2024: £42,013).
In 2024/25, after operating a planned deficit budget in previous years, we returned to an in-year surplus. Despite a difficult funding environment, we were able to continue running our services, supporting our students and making efficient use of resources. We continue to expect a challenging economic landscape and are seeking to diversify our income sources and strategies to be responsive.
The Trustees aim to maintain a level of unrestricted reserves sufficient to cover 2.5 months running costs of the Charity - at the current operating budget this is approximately £695,000. During the 2025/26 financial period, we are seeking a small surplus budget to ensure this level is achieved. Free reserves at the balance sheet date were £543,413 (2024: £277,070).
c. Financial summary
Income for the year totalled £3,267,972 (2024: £3,022,773). Expenditure in the year totalled £3,113,964 (2024: £3,022,773).
As noted above, the Trustees agreed to a deficit budget for FY24 following two years of surpluses and increases to our unrestricted funds. This surplus for the year was £154,008 (2024: deficit of £623,170).
d. Fundraising
No professional fundraisers were used in the period, nor do we have plans to engage any in the foreseeable future, and so no monitoring of fundraising activities by third parties is currently undertaken (nor does the Charity currently subscribe to any fundraising standards or schemes).
No complaints were received regarding fundraising and fundraising practices during the period. The Trustees seek to protect all individuals, especially those considered vulnerable, when raising funds using existing safeguarding policies.
e. Principal risks and uncertainties
The Trustees will continue to monitor and review the risk assessment process on an ongoing basis. In the opinion of the Trustees there are adequate internal controls in place to cover any significant risks to the Charity. The Trustees consider fundraising to be a key area of a focus in a challenging funding environment, and the Charity continues to invest time into exploring different ways of raising funds at the SMF.
Page 9
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Structure, governance and management
a. Constitution
The SMF is a company limited by guarantee. In the event of a winding up the members' liability is restricted to contributing an amount not exceeding £10 each.
The Company was incorporated on 22 June 2005; the governing document is the Memorandum and Articles of Association, as amended by special resolutions dated 16 July 2006, 8 November 2006, 30 April 2020 and 6 July 2022.
The Company was registered as a charity in England & Wales on 22 August 2006 and in Scotland on 13 July 2022.
b. Methods of appointment or election of Trustees
Trustees are appointed only by resolutions passed by existing Trustees to co-opt new Trustees. This is carried out in accordance with clauses 3.9 and 4.5 of the Articles of Association. Trustees are appointed for two terms of three years, with a third term of three years possible under exceptional circumstances and with unanimous approval.
c. Organisational structure and decision-making policies
The Charity is administered by the Board of Trustees, who are also directors of the Charitable Company and are listed on page 1. The Board meets at least 4 times a year to ensure the proper administration of the Charity and application of its resources.
The day-to-day management of the Charity is delegated by the Trustees to the Chief Executive who reports to the Trustees on a regular basis.
The following individuals served as trustees from 1 October 2024 to the date of approval of these financial statements: Alan Milburn (resigned 13 February 2026 and re-appointed 14 February 2026) Lee Cain (resigned 13 February 2026 and re-appointed 14 February 2026) Fiona Dawson Ann Doherty Paul Kett (appointed 5 February 2026) Ruth Owen Namrata Patel (resigned 13 February 2026 and re-appointed 14 February 2026) Nigel Railton Dr Bandhana Rawal (resigned 3 June 2025) Heider Ridha (resigned 13 February 2025) Tom Rockhill Ben Rodham
- these individuals remained trustees throughout the period and were recorded as such at the Charity Commission. Their resignation and immediate re-appointment at Companies House reflects an administrative issue when processing the verification confirmation at Companies House.
Page 10
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Structure, governance and management (continued)
d. Policies adopted for the induction and training of Trustees
The training needs of each Trustee are assessed on an individual basis and access to training is offered where necessary.
On appointment each new Trustee is given the opportunity to meet with the staff of the Charity and is provided with a copy of the Charity Commission’s Essential Trustee guidance, the Charity’s governing document, latest accounts and recent board papers and minutes.
e. Pay policy for key management personnel
Remuneration of key management personnel is set by the Board after having due consideration for the role, the skills required, and the economic environment.
Plans for future periods
In 2025/26 we will be continuing to scale our impact across our interventions.
On the Aspiring Professionals Programme, we will be increasing our support to young people who are interested in a Degree Apprenticeship as an alternative route to university. We know that Degree Apprenticeships offer highly competitive routes into top jobs and there's limited support available on how to navigate the system. We'll also continue our investment in our digital delivery to continue developing our highquality online offer wherever you live.
At the end of this financial year we will be launching our new strategy, focusing on how AI is revolutionising the job market and how we guide young people and employers to prioritise social mobility.
Page 11
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, Goodman Jones LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ Alan Milburn Chair of Trustees
Date: 11-06-26
Page 12
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SOCIAL MOBILITY FOUNDATION
Opinion
We have audited the financial statements of The Social Mobility Foundation (the 'charitable company') for the year ended 30 September 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 30 September 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 13
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SOCIAL MOBILITY FOUNDATION (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:
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the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
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sufficient and proper accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Page 14
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SOCIAL MOBILITY FOUNDATION (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the company and industry, we identified that the principal risks of noncompliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Charities Act 2011, Charity Commission and sector regulations, and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out. These procedures included:
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Discussions with management, including consideration of known or suspected instances of noncompliance with laws and regulation and fraud;
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Reading minutes of meetings of those charged with governance;
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Obtaining and reading correspondence from legal and regulatory bodies including HMRC;
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Identifying and testing journal entries;
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Challenging assumptions and judgements made by management in their significant accounting estimates.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Page 15
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SOCIAL MOBILITY FOUNDATION (CONTINUED)
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Goodman Jones LLP
Chartered Accountants Statutory Auditors 1st Floor Arthur Stanley House 40-50 Tottenham Street London W1T 4RN Date: 11-06-26
Goodman Jones LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 16
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Note Income from: Donations and legacies 4 Charitable activities 5 Investments 6 Total income Expenditure on: Raising funds 7 Charitable activities 8 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ 1,199,582 160,102 41,151 1,400,835 60,403 1,249,187 1,309,590 91,245 453,635 91,245 544,880 |
Restricted funds 2025 £ 1,867,137 - - 1,867,137 - 1,804,374 1,804,374 62,763 42,013 62,763 104,776 |
Total funds 2025 £ 3,066,719 160,102 41,151 3,267,972 60,403 3,053,561 3,113,964 154,008 495,648 154,008 649,656 |
Total funds 2024 - restated £ 2,149,731 843,470 29,572 3,022,773 54,847 3,591,096 3,645,943 (623,170) 1,118,818 (623,170) 495,648 |
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 21 to 40 form part of these financial statements.
Page 17
THE SOCIAL MOBILITY FOUNDATION (A Company Limited by Guarantee) REGISTERED NUMBER: 05488354
BALANCE SHEET AS AT 30 SEPTEMBER 2025
| Note Fixed assets Tangible assets 12 Current assets Debtors 13 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 15 Net assets excluding pension asset Total net assets Charity funds Restricted funds 17 Unrestricted funds 17 Total funds |
109,507 1,058,668 1,168,175 (441,846) |
2025 £ 1,467 1,467 726,329 727,796 (78,140) 649,656 649,656 104,776 544,880 649,656 |
2024 - restated £ 8,837 8,837 688,023 665,066 1,353,089 (866,278) 486,811 495,648 - 495,648 495,648 42,013 453,635 495,648 |
|---|---|---|---|
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
However, an audit is required in accordance with section 144 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
Page 18
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2025
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
Alan Milburn
Chair of Trustees
11-06-26 Date:
The notes on pages 21 to 40 form part of these financial statements.
Page 19
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Net cash provided by investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 21 to 40 form part of these financial statements |
2025 £ 352,451 41,151 41,151 - 393,602 665,066 1,058,668 |
2024 - restated £ (708,093) 29,572 29,572 - (678,521) 1,343,587 665,066 |
|---|---|---|
Page 20
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. General information
The Social Mobility Foundation is a company limited by guarantee, registered in England and Wales, and is registered as a charity with the Charity Commission in England and Wales and with the Office of the Scottish Charity Regulator in Scotland. The objects of the Charity are set out in the Trustees' Report.
The registered office address is The Brew Eagle House, 163 City Road, London, EC1V 1NR.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Social Mobility Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are prepared in Sterling, the functional currency of the Charity, and monetary amounts are rounded to the nearest £.
2.2 Company status
The Charity is a company limited by guarantee incorporated in England and Wales. The members of the Charity are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the Charity.
2.3 Going concern
The Trustees are confident that the Charity will be able to continue its operations beyond the next 12 months given a healthy level of free reserves and a number of income sources secured or in the pipeline for future years.
Therefore, after making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees consider that there is no material uncertainity about the Charity's ability to continue as a going concern based on their review of budgets, cashflow forecasts, reserves, cash balances, and future plans of the Charity.
Page 21
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
2. Accounting policies (continued)
2.4 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
2.5 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into Sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of Financial Activities.
Page 22
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
2. Accounting policies (continued)
2.6 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it 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.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.7 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 23
(A Company Limited by Guarantee)
THE SOCIAL MOBILITY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
2. Accounting policies (continued)
2.8 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.9 Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2.10 Tangible fixed assets and depreciation
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
Fixtures and fittings - 25% straight line Computer equipment - 33% straight line
2.11 Debtors
Page 24
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 25
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
2. Accounting policies (continued)
2.12 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.13 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.14 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.15 Operating leases
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.
2.16 Pensions
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. The pension charge is allocated between funds in accordance with the allocation of wages and salaries. Any pension contributions outstanding at the balance sheet date (and included within creditors) are unrestricted funds.
Page 26
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
3. Critical accounting estimates and areas of judgement
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Income recognition - The Charity receives income from contracts and performance grants. These agreements include various quantitative and qualitative milestones and performance conditions to be met in order for the Charity to have entitlement to the funds. The Charity makes various assumptions in determining the stage of completion of these contracts and performance grants.
4. Income from donations and legacies
| Donations and grants Gifts in kind |
Unrestricte d funds 2025 £ 1,169,486 30,096 1,199,582 |
Restricted funds 2025 £ 1,867,137 - 1,867,137 |
Total funds 2025 £ 3,036,623 30,096 3,066,719 |
Total funds 2024 - restated £ 2,046,585 103,146 |
|---|---|---|---|---|
| 2,149,731 |
5. Income from charitable activities
| Contracts for service | Unrestricte d funds 2025 £ 160,102 |
Restricted funds 2025 £ - |
Total funds 2025 £ 160,10 ~~2~~ |
Total funds 2024 - restated £ 843,470 |
|---|---|---|---|---|
Page 27
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
6. Investment income
| Unrestricte | Total | Total | |
|---|---|---|---|
| d | funds | funds | |
| funds | 2025 | 2024 | |
| 202 | £ | £ | |
| 5 | |||
| £ | |||
| Bank interest | 41,151 | 41,151 | 29,572 |
7. Expenditure on raising funds
Costs of raising voluntary income
| Other costs of fundraising Wages and salaries National Insurance Pension costs Total 2024 |
Unrestricte d funds 202 5 £ 4,997 47,819 5,693 1,894 60,403 39,381 |
Restricted funds 202 5 £ - - - - - 15,466 |
Total funds 2025 £ 4,997 47,819 5,693 1,894 60,403 54,847 |
Total funds 2024 £ 681 52,099 1,629 438 |
|---|---|---|---|---|
| 54,847 | ||||
Page 28
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
8. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2025 £ Direct support 776,480 Influencing for a system change 472,707 Department for Opportunities - 1,249,18 7 Total 2024 2,253,78 5 |
Restricted funds 2025 £ 1,804,374 - - 1,804,374 1,337,311 |
Total 2025 £ 2,580,854 472,707 - 3,053,561 3,591,096 |
Total 2024 - restated £ 3,387,355 87,318 116,423 |
|---|---|---|---|
| 3,591,096 | |||
9. Analysis of expenditure by activities
| Activities | Total | |||
|---|---|---|---|---|
| undertaken | Support | Total | funds | |
| directly | costs | funds | 2024 - | |
| 2025 | 2025 | 2025 | restated | |
| £ | £ | £ | £ | |
| Direct support | 1,623,11 | 957,736 | 2,580,854 | 3,387,355 |
| 8 | ||||
| Influencing for a system change | 340,674 | 132,033 | 472,707 | 87,318 |
| Department for Opportunities | - | - | - | 116,423 |
| 1,963,79 | 1,089,769 | 3,053,561 | 3,591,096 | |
| 2 | ||||
| Total 2024 | 3,152,43 | 438,658 | 3,591,096 | |
| 8 |
Page 29
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
9. Analysis of expenditure by activities (continued)
Analysis of support costs
| Staff costs Depreciation Other staff costs Printing, postage and stationary Premises costs Printing, postage and stationary General and office expenses Miscellaneous expenses Legal and professional fees Subscriptions Travel and subsistence Marketing Bad debts Irrecoverable VAT Total 2024 |
Direct support 2025 £ 703,061 6,075 1,532 370 61,382 568 40,123 5,883 43,928 917 7,011 269 4,878 81,739 957,736 390,170 |
Influencin g for a system change 2025 £ 86,454 - 2,638 1,295 1,773 121 31,101 318 6,931 196 978 228 - - 132,033 8,900 |
Department for Total Total funds Opportunitie s funds 2024 - 2025 £ 2025 £ restated £ - 789,515 - - 6,075 9,576 - 4,170 56,770 - 1,665 11,731 - 63,155 166,766 - 689 - - 71,224 25,747 - 6,201 - - 50,859 76,587 - 1,113 4,685 - 7,989 33,520 - 497 464 - 4,878 - - 81,739 52,812 - 1,089,769 438,658 39,588 438,658 |
|---|---|---|---|
10. Auditors' remuneration
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's auditor for the audit of the Charity's annual | ||
| accounts | 20,395 | 19,425 |
| Fees payable to the Charity's auditor in respect of: | ||
| Accountancy | 2,755 | 2,625 |
Page 30
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
11. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2025 £ 1,916,813 220,159 67,599 2,204,571 |
2024 £ 2,154,065 221,800 73,399 |
|---|---|---|
| 2,449,264 |
The average number of persons employed by the Charity during the year was as follows:
| 202 | 2024 | |
|---|---|---|
| 5 | No. | |
| No. | ||
| Average number of employees | 54 | 66 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2025 | 2024 | ||
|---|---|---|---|
| No. | No. | ||
| In the band £60,001 | - £70,000 | 2 | 3 |
| In the band £80,001 | - £90,000 | - | 1 |
| In the band £90,001 | - £100,000 | 1 | - |
The total cost of key management personnel for the year, including employer pension and national insurance contributions, £508,463 (2024: £506,070).
All members of the Senior Management Team are considered to be key management personnel.
No trustee received remuneration or benefits in kind during the current year or prior period. No trustees were reimbursed expenses.
Page 31
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
12. Tangible fixed assets
| Cost or valuation At 1 October 2024 Disposals At 30 September 2025 Depreciation At 1 October 2024 Charge for the year On disposals At 30 September 2025 Net book value At 30 September 2025 At 30 September 2024 Debtors Due within one year Trade debtors Other debtors Prepayments and accrued income |
Fixtures and fittings £ 8,247 - 8,247 5,583 1,419 - 7,002 1,245 2,664 |
Compute r equipmen t £ 41,602 (17,374) 24,228 35,429 5,951 (17,374) 24,006 222 6,173 2025 £ 45,299 13,323 50,885 109,507 |
Total £ 49,849 (17,374) 32,475 41,012 7,370 (17,374) 31,008 1,467 8,837 2024 - restated £ 647,476 14,220 26,327 688,023 |
|---|---|---|---|
13. Debtors
Page 32
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
14. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Other creditors Accruals and deferred income Deferred income at 1 October 2024 Resources deferred during the year Amounts released from previous periods |
2025 £ 24,202 64,290 9,984 343,370 441,846 2025 £ 757,280 394,925 (569,243) 582,962 |
2024 £ 16,444 49,303 10,910 789,621 866,278 2024 £ 517,243 757,280 (517,243) 757,280 |
|---|---|---|
Deferred income (including long-term deferred income) relates to income received in advance of the Charity being entitled to it recognise it due to terms and conditions of the grant agreements.
15. Creditors: Amounts falling due after more than one year
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 78,140 | - |
Deferred income relates to funding received specifically for activities in the 2026/27 year.
16. Financial instruments
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 1,058,668 | 665,066 |
Financial assets measured at fair value through income and expenditure comprise cash and short-term deposits.
Page 33
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
17. Statement of funds
Statement of funds - current year
| Balance at 1 Octobe r 2024 - restated £ Unrestricted funds Designated funds Long Harbour 15,000 Newton 24,728 The Charles and Elsie Sykes Trust 5,000 The Ogden Trust 2,500 PwC Foundation 60,000 Clarke Willmott 12,000 CNX Therapeutics 8,500 The Dulverton Trust 40,000 167,728 General funds General Funds - all funds 285,907 Total Unrestricted funds 453,635 |
Income £ - - - - - - - - - 1,400,835 1,400,835 |
Balance at Transfers 30 September Expenditur e £ in/out £ 2025 £ - (15,000) - - (24,728) - - (5,000) - - (2,500) - - (60,000) - - (12,000) - - (8,500) - - (40,000) - - (167,728) - (1,309,590) 167,728 544,880 (1,309,590) - 544,880 |
|---|---|---|
Page 34
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 17. Statement of funds (continued) Restricted funds PA Consulting NHS England JP Morgan Chase Foundation The Portal Trust Macquarie Group Foundation Intermediate Capital Group Catalyst for Impact Fund Cognizant Foundation Freshfields Merton College Community Foundation SMF Bursary Total funds |
Balance at 1 Octobe r 2024 - restated £ - - - - - - - - 42,013 - - - 42,013 495,648 |
Income £ 75,000 269,000 762,953 25,000 127,000 158,950 62,000 167,824 71,829 9,220 99,361 39,000 1,867,137 3,267,972 |
Transfers Expenditur e £ in/out £ (75,000) - (269,000) - (686,187) - (25,000) - (95,510) - (158,950) - (62,000) - (167,824) - (123,377) - (9,220) - (93,306) - (39,000) - (1,804,374) - (3,113,964) - |
Balance at 30 September 2025 £ - - 76,766 - 31,490 - - - (9,535) - 6,055 - 104,776 649,656 |
|---|---|---|---|---|
Page 35
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
17. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Long Harbour Newton The Charles and Elsie Sykes Trust The Ogden Trust PwC Foundation Clarke Willmott CNX Therapeutics The Dulverton Trust General funds General Funds - all funds Total Unrestricted funds |
Balance at 1 October 2023 £ - - - - - - - - - Balance at 1 October 2023 £ 996,745 996,745 |
As restated Income £ 15,000 24,728 5,000 2,500 60,000 12,000 8,500 40,000 167,728 As restated Income £ 1,571,816 1,739,544 |
Balance at 30 As restated September Expenditure £ 2024 £ - 15,000 - 24,728 - 5,000 - 2,500 - 60,000 - 12,000 - 8,500 - 40,000 - 167,728 Balance at 30 As restated September Expenditure £ 2024 £ (2,282,654) 285,907 (2,282,654) 453,635 |
|---|---|---|---|
Page 36
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
17. Statement of funds (continued)
Statement of funds - prior year (continued)
| Restricted funds NHS England JP Morgan Chase Foundation The Portal Trust Macquarie Group Foundation BP International PA Consulting Catalyst for Impact Fund Cognizant Foundation Merton College Freshfields SMF Bursary Total funds |
Balance at 1 October 2023 £ - 62,926 - - 17,563 163 - 19,504 - 1,701 - 122,073 1,118,818 |
As restated Income £ 256,000 264,900 25,000 100,000 58,149 75,000 62,000 252,343 7,500 99,524 39,000 1,283,229 3,022,773 |
Balance at 30 As restated September Expenditure £ 2024 £ (256,000) - (327,826) - (25,000) - (100,000) - (75,712) - (75,163) - (62,000) - (271,847) - (7,500) - (59,212) 42,013 (39,000) - (1,363,289) 42,013 (3,645,943) 495,648 |
|---|---|---|---|
Page 37
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
17. Statement of funds
(continued) Designated Funds
Due to differences between income recognition in our accounts and the planned operational spending of funding, the decision was made to designate £167,728 of general unrestricted fund to be spent in 2024/25. The transfers to general funds represent the use of these funds in 2024/25.
Restricted Funds
BP International
Funding to support students BP Employer Insight/Residential.
SMF Bursary
Funds provided for university bursaries for SMF students.
Catalyst for Impact Fund
To develop and expand the APP reach in Scotland.
Cognizant Foundation
Funding for delivery and development of the Digital Aspiring Professionals programme and to build and develop organisational capacity by funding key salaries and digital infrastructure.
Freshfields
Funding an internship for an SMF student to support delivery of the Freshfields Aspiring Professionals.
Intermediate Capital Group
Funding towards SMF's development of a full apprenticeship programme for students.
JP Morgan Chase Foundation
Funding for the JP Morgan Aspiring Professional Programme and for projects to support the Charity's development.
Linklaters
Funds for the Making Links programme.
Macquarie Group Foundation
Funding to support students in Cardiff.
Merton Colleg e
To fund activities for SMF students to gain insights into applying for and studying at the University of Oxford.
NHS England
Funding for the Medicine Aspiring Professionals Programme in England.
Community Foundation
Funding for the SMF Guy Readman Rising Stars in Newcastle.
The Portal Trust
Funding received for the Aspiring Professionals programme.
Page 38
THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
18. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Total Analysis of net assets between funds - prior year Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricte d funds 202 5 £ 1,467 875,362 (253,809) (78,140) 544,880 Unrestricted fund s 202 4 £ 8,837 822,897 (108,998) 722,736 |
Restricted funds 202 5 £ - 292,813 (188,037) - 104,776 Restricted fund s 202 4 £ - 799,293 (757,280) 42,013 |
Total funds 2025 £ 1,467 1,168,175 (441,846) (78,140) 649,656 Total fund s 2024 £ 8,837 1,353,089 (866,278) 764,749 |
|---|---|---|---|
19. Prior year adjustments
The Charity has made two adjustments to prior year figures to adjust for income recognised twice (on invoice and on receipt) and for irrecoverable VAT held on the balance sheet rather than charged to expenditure in the Statement of Financial Activities.
The impact of these adjustments on the prior year figures is:
-
Reduction of unrestricted income by £216,289
-
Reduction of debtors by £216,289
-
Increase of unrestricted expenditure by £52,812
-
Reduction of VAT debtor by £52,812
-
Reduction of carried forward general funds (and 2025 brought forward reserves) by £269,101
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THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
20. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Dividends, interests and rents from investments Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash provided by/(used in) operating activities 21. Analysis of cash and cash equivalents Cash at bank and in hand Total cash and cash equivalents 22. Analysis of changes in net debt At 1 Octobe r 2024 £ Cash at bank and in hand 665,066 665,066 |
2025 2024 - restated £ £ 154,008 (623,170) 7,370 10,460 (41,151) (29,572) 578,516 (251,081) (346,292) 185,270 352,451 (708,093) 2025 2024 £ £ 1,058,668 665,066 1,058,668 665,066 Cash flows At 30 September 2025 £ £ 393,602 1,058,668 393,602 1,058,668 |
|---|---|
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THE SOCIAL MOBILITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
23. Pension commitments
The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost represents contributions payable by the Charity to the fund and amounted to £67,600 (2024: £73,399) for the year.
At the balance sheet date, contributions totalling £9,984 (2024: £10,910) were payable to the fund and are included in creditors.
24. Operating lease commitments
At 30 September 2025 the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Land and buildings | ||
| Not later than 1 year | - | 26,577 |
25. Related party transactions
Except as noted elsewhere in these financial statements, there were no related party transactions requiring disclosure in either the current or prior years.
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