Annual Report 2020 Ii?6NK ¢I?6NK The why Half of young people in the UK worry they will never be financially stable. A decade of austerity and the economic fallout of the pandemic has disproportionately impacted young people. Financial wellbeing for society is helped by better products, protection and positive nudges. For individuals. choices are key. Regrettably, much of the guidance available is irrelevant, unproven. inaccurate or linked to selling. MyBnk offers independent, trusted, relevant and proven financial education and guidance to help young people make the right choices. Who are we? MyBnk is a UK charity that delivers expert-led financial education programmes to 5-25- year olds - directly, virtually and online. Our Mission To empower young people to take charge of their future by bringing money to life. Our Wision "A financially capable generation. Our Values O #YouthAtTheHeart of @MyBnk. why do we do it? It's all about the young people #obvs. O #Impact #quality. MyBnk, always delivering the best possible outcomes for young people O #LaughAsYouLearn fresh, focused and fun. MyBnk, bringing money to life for young people, staying #Driven @MyBnk. being relentless in the pursuit of our mission #pacesetting. #Straightup @MyBnk. telling it how it really is - helping young people make informed decisions. www.mybnk.org- info@mybnk.or9-020 35819920-Q UyBnk 2021 lyBnk is A company Imltad by gugrantee (No. 6215005) and p reyis16r8d charfjty (No. 11¥J7911. SC050175 in SrotFand 12?6NK Chair's & CEO'S Welcome The UK prides itself on being a leader in financial servicesi yet we have some of the lowest levels of financial literacy in the OECD. Barely half (52 % ) of 7-17 year olds could recall they received financial education at home or school. The full economic effects of the global pandemic are yet to come but young people have already been hit the hardest. We cannot continue creating generations of young adults who cannot budget or make informed decisions. For those who are vulnerable, the margins are just too thin. It drives inequality and blights mental health. I was therefore honoured to be appointed Chair of MyBnk to help address one of the deepest root causes of poverty. l am grateful to Lily Lapenna MBE, MyBnk's Founder, outgoing Chair and now Trustee, for building the incredible foundations of a charity who have helped 275,000 young people since 2007. This year MyBnk, by spend, became the UK'S biggest specialist charity investing in the financial futures of young people. There is considerable work to be done and we have mapped a 2024 Vision to scale reach and impact. We are grateful to the individuals and organisations that fund and support us. Asesh Sathar, Chair of MyBnk. It goes without saying that this has been an incredibly challenging year for young people and educators. Yet, despite the disruption caused by Coronavirus, we were able to equip over 20,000 children and young people with vital money skills and knowledge. MyBnk's experts delivered 5,000 hours of financial education and we opened a fourth location of our youth homelessness prevention scheme, The Money House, in London. Over 600A of the training delivered was with 16-25 year olds in vulnerable circumstances. "Source." Money & Pen&ons Service, 2020. WW4YJnybnk.org- inlo@mybnLorg- 020 3581 9920-@ MyBnk 2021 MyBnk Is a company IFmlted by guaraTrtee (No. 62150051 and a reglst8r8d ch#lty INO. 11237911- SC050175 In Scolthnd Ii?6NK We are thankful to funders who granted us increased flexibility to adopt a 'ready for anything, approaGh to the pandemic. We created an exciting suite of virtual programmes, free online home school resources and digital tools to complement and expand our expert-led model. Accredited remote sessions for vulnerable young people have been a standout success. Cross-cutting themes included gender and race. MyBnk have formed an Anti-Racism Committee to ensure we are an organisation that reflects our participants, employees and values. Analysis of our programmes found young UK females disproportionat@ly lacked financial confidence and suffered anxiely due to money troubles. Our interventions saw them overcome this financial capability gap. The need for impactful financial education remains clear. With your continuing support, we will help young people make the right choices for their future. Guy Rigden, CEO, MyBnk. wvrn.mybnkJJrg- Info@rnybnk.org-020 3581 9920-@ MyBnk 2021 Bnk Is o company firnited by guarantee (No. 62150051 a*tl a regislered chArity INO. 11237911- SC050175 in Scotland 12?6NK Contents Trustees, Report Independent Auditors, Report Statement of Financial Activities Balance sheet & Statement of Cash Flow Notes on the Financial Statements Page 2-28 Page 29-31 Page 32 Page 33-34 Page 35-42 Reference & Administrative Details Trustees.. Elisabetta Lapenna-Huda MBE (Chair until 8th April 20201 Asesh Sarkar ff rustee and Chair from 8th April 20201 Karim Kefi ffreasurerl Gary Coyle Carol Knight Viral Kataria Margaret Morrissey Simona Paravani-mellinghoff Yasmin Drakes CEO: Guy Rigden Company Secretary: Manfred Meyer Company Registered Number: 6215005 Charity Registered Number, in England and Wales.. 1123791, in Scotland: SC050175 Principal and Registered Office Address: 5-15 Cromer Street. London WC1 H 8LS. Auditors: Haysmacinlyre LLP, 10 Queen Street Place. London EC4R 1AG. Bankers: The Co-operative Bank plc, Head Office, P.0. Box 101, Balloon Street, Manchester M60 4EP. Lloyds Bank plc, 25 Gresham Street, London EC2V 7H. The purpose of the charity as set out in our governing document All purposes which are charitable under the laws of England and Wales including- to act as a resource for young people by providing advice and assistance and organising programmes of educational and other activities as a means of: WW4Y.mybnk.org" info@mybnk.ory- 020 35B1 9920-@ MyBnk 2021 MyBnk is a company Omlled by guarantee INQ. 62150051 and a reglstW8d ¢hÈrity INO. 117J7911- SC050175 in Scottand 12?6NK 1} Helping young people to advance in life by developing their skills and capabilities to enable them to participate in society as independent, mature and responsible individuals- or 21 Advancing education. or 31 Relieving financial hardship. These activities are undertaken to further the charity's purposes for the public benefit. ¥￿AI.MYbThk.ory- info@mybnk.org-020 35819920- MyBnk 2021 MyBnk Is a company ThmSted by guarante8 INO. 62150051 and a regist8¥8d charity INO. 11TJ7911- SCO50175 In Scotland fi?6NK Strategic Objectives MyBnk's core function is to directly educate 5 - 25 year olds in money knowledge and skills and motivate them to take control of their lives and futures. For All- Inclusive Cater for a variety of needs and circumstances. Leveraging impact Beyond delivering programmes, we use our platform to demonstrate what is required to deliver impactful financial education consistently at scale. Active and open communications are primarily directed at stakeholders who can help us drive systemic change. Delivering Education; 1.&,_&11 year olds: Behavioural - Introduce monetary concepts, develop positive mindsets and habits and involve teachers and fgmllies. The Need 4 1*.11-18 year olds: Prevention - velop core money knowledge, skills and confidence to bulld f inan¢ial capability. Since the start of the first lockdown, 2.8 million people have fallen into arrears. Over 20 million of us can't manage our money. 11.5 million have less than £100 in savings, and nearly g million of us are in serious debt. 19-25 year olds: Sutvival - Help those transltioning to adulthood, especially the vulnerable but also students and new workers, learn how to live independentty. Young adults are more likely and more willing to use Buy Now Pay Later schemes such as Klarna. Youth unemployment is on course to triple. 800/0 rise in poor mental health caused by economic insecurity among 18- 29- year-olds compared to a year ago, the biggest increase of any age group. Sources." Stepchange. Money & Pensions Service and the Resolution Foundation, all 2020. www.mybnk.org" info@mybnLorg- 020 3581 9920-@l MyBnk 2021 MyBnk Is a company Ilmlted by guarantee (No. 62150051 and a regSslered charity INO. f1237911- SC050175 In Srotland 6NK Programmes MyBnk provides a range of expert-led financial education programmes for 5-25 year olds - directlyj Virtually and online. These can be integrated into PSHE, Citizenship and Maths in schools and moving on and employability programmes for young adults. School age These programmes aim to build financial capability at key transitional moments, create positive mindsets, attitudes and behaviours and help young people understand the world of money. Money Twist (Key Stsge 1 A teacher-led training programme involving resources, lesson plans and online CPD (Continuing Professional Development). Money Twist (Key Stage 21 Aimed at 7-11 year olds in primary schools. This combines a full year assembly, workshops and teacher and family resources to improve financial confidence and habits such as saving and budgeting. Upper and Lower KS2 versions available. Money Twist (Key Stage 31415 Aimed at 11-18 year olds in secondary schools. Designed to get young people thinking and caring about their finances, both now and in their futures. Covers practical and relevant everyday financial matters including budgeting, needs versus wants, tax, banking, interest, savings, credit. pensions and investments. Versions available for each Key Stage. Uni Dosh Aimed at 16-18 year olds considering going to university. A comprehensive overview of student finance and repayment. the costs of living independently, employment, pitfalls and the importance of budgeting. Young adults These programmes equip young adults with 'survival' money skills and knowledge that they can implement immediately in their transition into independent living. Money Works Aimed at 18-25 year olds not in mainstream education. This accredited survival money management programme focuses on independent living. digital finance skills and debt prioritisation. *Y￿.Myts￿k￿ry- info@mybnk.ory-020 3581 9920-@ UyBnk 2021 MyBnk Is a company Ilmiled by guarant88 (No. 62150D51 and a reglslerad chDrity INO. 11237911- SC050175 In Scotland 12?6NK The Money House A specialist accredited programme helping 16-25 year olds in. or about to move into social housing. manage their money and remain independent. Over five days, in real flats. experts help young people gain the practical financial skills and confidence to pay their rent. bills and living costs. They learn how to prioritise debts, manage spending, avoid scams and navigate the banking and benefits system. Trainers use games, role play and activrties mined from youth culture to help bring money to life. Studying or working Work Dosh A specialist money management programme that empowers young professionals, aged 18-30, to gain control of their finances. MyBnk's experts help to build their money skills, knowledge and confidence. We debunk the jargon and offer helpful hints and impartial tips. #MoneyHacks A programme designed to help students manage their money at university. Undergraduates in, or at risk of. rent arrears gain vital information and skills including how to tackle debt, FOMO, the gig economy. loans and living costs. Can be tailored to specific year groups. 6NK www.mybnk.org- Info@rnybnk.org- 020 3581 9920-@ MyBnk 2021 MyBnk 15 a company1Smlt8d by guarants8 INO. 62150051 and a registered ch8tlty (No. 11rJ7911-SC050175 In Scotrand ¢&?6NK How we do it MyBnk takes a holistic approach to education, using real life case studies, colourful resources, games, videos and links to popular culture to bring money to life whilst catering for all learning types. Sessions challenge negative financial attitudes and build self-belief. Super Methodology Specialist- Delivered and created by experienced trainers. Unique: We embrace innovative teaching methods to maximise learning. O Participatory: Young people learn by doing. MyBnk's Youth Advisory Panel meets regularly to advise us, preview programme content and act as ambassadors. O Effective: Programmes are suitable for a wide range of young people in difterent settings. Relevant: We use raal life stories and examples to talk about money in a relatable way. Programme Development The needs of young people are ever evolving and MyBnk evolves with them. Reacting to the global pandemic, we created an exciting range of online courses, tools and virtual workshops. This included a new learning platform for parents, teachers and independent learning and guides on saving, spending and university finance. Core school and accredited young adult programrnes moved to Zoom. We also broadcast 10 weeks of financial education content though a social media livestream, My Moneycast. MyBnk piloted a teacher-led Key Stage 1 course whereby teachers develop knowledge through Continuing Professional Development and receive materials for 5 lessons to use in their classroom. Content, such as scams. was updated across all core programmes in line with the national curriculum and Financial Education Planning Framework. wvM.mybnk.org- info@mybnk.ory- 020 3581 9920-@ IAyBnk 2021 MyBnk Is a compgny Iomlled by guafant* INO. 62150051 and a TeglstgTed ¢hArity (No. 11ZJ7911- SC050175 in Stotland to 12?6NK Youth Participation and Trainers Keeping 'youth at the heart. of everything we do is a core value at MyBnk. A new Youth Ambassador Scheme with key schools and individuals saw young people helping their peers tackle financial education. contribute to MyBnk Strategy Day and share their stories via case studies and press appearances. We welcomed a new ambassador school, Haberdashers, Aske's Slade Green Temple Grove Primary. whose students joined those from Walthamstow School for Girls, Noadswood School and Wingfield Primary to take part in Talk Money Week events. Young adults receive a newsletter to keep them informed of new paid and voluntary opportunities with MyBnk as well as vital money knowledge. This resulted in a previous graduate of The Money House joining the full-time staff. We are also exploring options to allow young people to be more involved with the prograrnmes as volunteers- for example, being able to shadow trainers as work experience for a day. Trainers MyBnk trainers are selected for their proven ability to engag8 young people. Our team of 17 in-house trainers and 17 freelancers is recruited from those with at least two years teaching or youth work experience. High quality is ensured through ongoing professional development, such as behaviour management and safeguarding of young people. This is coupled with regular observations and frequent core subject knowledge tests. This year saw us upskill the trainer pool to rlleet the additional challenges of delivering virtually. Anti-Racism MyBnk is committed to fostering an inclusive working and learning environment that promotes a sense of safety and belonging for our staff and beneficiaries to feel supported to achieve their potential. We know there is further to go and have established an externally facilitated Anti- Racism Committee. This works with the wider MyBnk team and trustees to ensure that we are listening, karning and constantly evolving to root out and tackle racism in all its forms. www.mybrbk.ory- Info@mybnLorg-020 35BI 9920.@ MyBnk 2021 MyBnk15 a e<>mpany Ilmited by guav8ntee (No. 62150051 and a teglstèrtrd charity (No. 11237911- SCO50175 In Srotlatwj ¢&?6NK Our Delivery Up until mid-march 2020, we were on target to increase overall delivery hours by 200/0. However, coronavirus restrictions saw MyBnk-s total delivery of financial education fall by 250/0. We increased our reach in Scotland. Unfortunately, delivery in London. the South East and North West decreased. Including The Money House, a weeklong programme. we delivered 28 % less hours in London. Through the period of CV-19 restrictions we re- focused the team on innovation and development. In mid-march MyBnk withdrew from deliveries and the office as a matter of priority, for the safety of our staff and beneficiaries. We then responded with an immediate provision of essential and relevant educational content. We focused on young adults, uploading content to The Mix's money platform and creating other digital products. Taken together we estimate these efforts have helped us reach around an additional 5,000 young people. 17,390 Young people reached in 2019120 Next, we assessed resources and capabilities within the team and the potential for digitalisation of our suite of programmes, whilst communicating with funders regarding alternative outputs and securing their ongoing support for our activities. Lastly, we developed our programmes in order of priority to provide a digital alternative for each, ensuring that we maintain quality, impact and support for our beneficiaries. We continued to increase focus on young adults in vulnerable circumstances, which saw us spend more time per young person in non-school settings. New online offerings MyBnk's new online learning platform hosts home school and digital school-age offerings. It has seen 758 unique users register for at least one course with 37,777 page views. The Money Twist Online Key Stage 3 course continues to be the most popular, with 324 users having completed at least one session. 275,000 Young people reached via 1,260 hosts since 2007 52 vulnerable young adults attended Virtual Money House sessions and 80 went through Virtual Money Works. Our young adult-tocussed livestream show My Moneycast has had 4,162 views. www.mybnk.ory- Inlo@mybnkorg- 020 3581 9920-@ MyBnk 2021 MyBnk is a Company ffimlted by guar8ntse INO. 62150051 and a iegistered charity INO. 11237911- SC050175 In SGOtbnd 6NK Hours split 630A in out of school settings. Generally. with vulnerable young people. in partnership with organisations such as Leaving Care se￿ices, sheltered housing and employability course providers. 370A in primary and secondary schools. UK Regional Hours ex. TMH Greater London- 1,898 = 61 %. 4,914 South: 430 - 140/0. Hours of training delivered via 215 hosts in 117 local authorities North West.. 388 = 12 %. Scotland.. 297 = 100/0. Other: 111- 30A. Programme Hours Money Twist KS3/415, Uni Dosh: 969. The Money House: 1,790. Money Works: 1,256. Money Twist KS2 & Money Buzz: 729. Money Twist KS1: 107. Enterprise-in-a-Box - 63. vnYw.mybnk.org- Info@mybnk.OTg-020 3581 9920- @ MyBnk 2021 MyBnk Is a cl￿panY Imlted by yugrantee (No. 62150D51 and 8 ieylslered charity (No. 11237911- seo50175 In Scolland ¢&?6NK Impact Since 2007, MyBnk has worked to secure the best possible outcomes for each of the 275,000 young people we have supported. We are a s8ctor ￿ader in robust impact measurement. By designing. delivering and scaling financial education we can effectively evaluate what works and how to improve. From independent assessment and feedback from participants and stakeholders, we know how to maximise impact at a reasonable cost. MyBnk interventions aim to: Instil good money habits. O Prepare for the future and prevent problems later on. O Build capability for money survival. Despite coronavirus disruption. during the last year we: O Supported the publishing of two new external @valuations.. a third report on Money Twist Key Stage 2 and an updatad cost benefit analysis report on The Mon8y House. Created and piloted evaluation tools for the new digital, home learning and teacher-led interventions. Created a new organisation-wide Theory of Change supporting our updated vision and individual programme Theory of Change. 14 ¥n￿.mybn￿.Qrg- info mybnk.org-020 35B1 9920-Q MyBnk 2021 MyBnk Is a company ￿mIted by guBr8ntse INO. fj215005) and a r*glsl8fEd charfty (No. 11rJ7911- SCO50175 In Scothnd CI96NK Selected outcomes for young people Instilling good money habits in the very young 68% Who could not delay spending gratrfication, now can Pupils wor￿n9 towards a savings goal 3 monlhs after Interventlon Months after intervention 470/0 stsrted a good money habit Source.. Substance 2018-20. Preparing for the future and preventing future problems in teenagers 22% 56% Increase In understanding of how adverts try to Influence spending decisions Increase in understsnding of personal and publlc finances Will keep closer track of their spending Source.. MyBnk 2019120. Building capability for money survival in young adults entering independence 39% 28% Reduction in those failing to keep up with priority payments Increase in those paying off debts Increase in regular saving Source.. NEF Consulting 2019120 WWw.mybnk￿- Info@rnybnk.org-020 3581 9920-@ AlyBnk 2021 MyBnk Is a c¢ryny lrnited by guarantso (No. 62150051 and a regislered charlty (No. 11237911- SC050175 ScOt￿nd 15 Ii?6NK Preventing Youth Homelessness - The Money House This year, existing funders. JP Morgan. The Berkeley Foundation and the L&Q Foundation, were joined by a fourth partner, PIMCO. TMH worked with 322 young adults in vulnerable circumstances across London. This year also saw an expansion of the project to a fourth borough, Haringey. and the creation of a virtual altemative. The youth homelessness prevention scheme is now a mandatory requirement for young people accessing social housing within several local authorities and has 45 referral partners including Centrepoint and Depaul UK. Key findings: 3X 64% Participants less likely to have unstainable rent arrears Drop In evictions for those 'at risk, of losing their home £1,638 78% Average benefit to participants Of the benefit coming from reduction in money related anxiety and depression 16 wvrn.mybnk.org. Info@mybn￿org- 020 3581 9920-@ MyBnk 21)21 PAyBnk18 & company ￿Mited by guarantse INO. 621500518nd a reyisteved ch81fjty INQ. 11237911- SC050175 Scotlwnd 12?6NK Participants who said TMH greatly improved their knowledge and skills: 58% How to budget and manage bills How lo protect themselves from scams and Iraud 66% How to navlgat the ben811ts systsm Financial products and credit scores Sources.. ERS Ltd & NEF Consulting 2018-20 Returns for stakeholders and society MyBnk continues to push boundaries in demonstrating the benefrt of financial education for wider stakeholders and society through independent evaluations. With young adults, we conducted an updated cost benefit analysis on TMH in partnership with New Economics Foundation. For individuals, It monetised benefits on reduced money related anxiety and depression, reduced debt and improved financial comfort. For wider stakeholders it monetised reduced evictions, rent arrears, anxiety and the cost saving for local authorities on their statutory obligation for care leavers. The programme was shown to have a return of £1 to £1.56-£2.92. with an average of over £6,000 worth of value being generated per week-long course. There are strong incentives to boost value by maximising participant numbers at little extra cost. The £383,000 generated this year means almost £1.5 million has been generated since 2018. For school age outcomes. with SUPF)Ort from Pro Bono Economics, we know that the possibility of monetising the benefit of financial education outcomes is restricted. www.mybnk.ory- into@mybnk.o¥g- 020 3581 992D- MyBnk 2021 MyBnk 15 a company ￿mIlad by guaianteè (No. 62150051 and a r8glste¥ed charity INO. 11237911- SC050175 in Scotknd ¢I?6NK We continue to support Maths, Citizenship and PSHE {Personal, Social, Health and Economic Education} subjects through financial education as part of the national curriculum, Insights & What Works As we develop internal systems and capabilities, we have made new strides in utilising MyBnk data for insights and progress. During Talk Money Week we released analysis showing how female MyBnk participants started notably behind their male peers. Nearly half of girls (430h) were not financially confident, 180h less so than boys. And 100A more young women suffered anxiety and depression about money than their male counterparts. This capability gap is starker at school age but, with intervention, it closes and exceeds male's abilities as girls get older. After expert-led lessons with 16-25 year olds, we found a 48 % increase in regular saving and a 400/0 decrease in owing money for women - versus a 29Yo rise in saving and 31 % drop in debt for men. Evaluation of MyBnk's new digital interventions highlighted the strength of how impact can be articulated from different methodologies. Our future programme development strategy has be@n influenced by the extent to which we can create strong feedback loops to ascertain effectiveness. After a year-long review, 2020 saw us retire our last remaining enterprise programm@ Enterprise-in-a-Box. The programme continued to show good outcomes in developing young people's personal employability attributes. However, its modest outcomes in enhancing financial capability through completing enterprising activities led us to the decision to focus on alternative offerings in the future. 18 wwwJnybnkA)rg- Info@mybnkArg- 020 3581 W20-@ MyBnk 2021 MyBnk Is o ¢ampany Imited by guarantee (No. 6215DD518nd a regist8ved ¢harity (No. 11237911- SCOS0175 kotland 6NK Partnerships UK Hubs MyBnk delivery across England and Scotland flourish8d in the first half of the year and was curtailed by coronavirus restrictions in the second. However, remote working and reorganisation have allowed us to create a stronger team network. utilising previously untapped skill sets. In London, the Education Team delivered the complete suite of programmes and were on track for a record year of delivery. In the second half of the year, they turned their hand to product development, producing an array of online and virtual leaming products. In Scotland. demand outstripped supply in the first hatrf of the year with Money Works making up most of our delivery. In lockdown, our Regional Education Officer spearheaded the development of a Virtual Money Works alternative for youth organisations which allowed us to work remotely with young people nationwide. In the South of England, we broadened delivery across Hampshire and surrounding counties, offering all school age programmes and Money Works. In lockdown, the Southern team supported an overhaul of our internal subject knowledge platform. In the North West, the beginning of the year saw us recruit two new freelance trainers and expand bookings in Greater Manchester. In the second half of the year, we utilised our regional officer's digital skills to produce a series of videos to support home schooling. Money and Pensions Service (MaPS} MyBnk collaborated with MaPS on two financial education 'Pathfinder' projects. The first involved a partnership with The Mix and the provision of digital resources on their website for young working age adults. This included a financial health check tool, an eLearning course, a text savings app and money management articles and videos. The goal of the second project was to evaluate different paths for scaling financial capability workshops for 16-17 year olds in schools and colleges and involved four charity partners, led by MyBnk. Kickstart Money MyBnk continued to deliver Money Twist Key Stage 2 workshops for 7-11 year olds in UK primary schools, supported by Kickstart Money, an alliance of 20 of the UK'S leading investment firms. MyBnk reached 4,559 young people in 60 schools. www.mYbnk￿ry- Info mybnk.org. 020 3581 9920-Q MyBnk 2021 lthfBnk Is o wmpany Imiled by guarantee (No. 62150051 and a regislered Charity INO. 11237911- SC050175 in Scolland Ii?6NK We also developed virtual and online home school versions, an app with digital consuStancy Capco and trialled a KS1 teacher training programme for 5-7 year olds. Quilter Foundation Over a five-year relationship, the Quilter Foundation have supported MyBnk's work in London secondary schools. our Southern hub and an annual 'Money Week, on the Isle of Man. This extensive support and their involvement in Kickstart Money demonstrates their deep commitment to effective financial education for young people and how our values align. Hymans Robertson Foundation (Strategic Partner) Committing to a three-year partnership, the foundation was instrumental in establishing MyBnk's Scottish hub. Their support in crealing digital solutions for young adults has enabled the growth of our vital work for young Scots. Money Mechanics via The Thomas Pocklington Trust MyBnk continued to build on the legacy of our Money Mechanics schema providing financial education for young people with sensory impairments. In collaboration with Thomas Pocklington Trust, we developed accessible versions of MyBnk resources for primary school pupils and our Uni Dosh programme for would-be students. This included providing specialist knowledge and resources for their Student Support Service which offers information and help to students aged 16 and over. Money Buzz We continued our partnership with UK Power Networks to deliver 'Money Buzz,. This year the energy efficiency sessions reached 221 pupils across eight primary schools, backed up with teacher and family resources. This extension of our school offering targets 9-11 year olds in areas with high pupil premiums to help reduce fuel poverty. We also developed an online version: Money Buzz- Energy Detectives for use during lockdown. Youth Financial Capability Group (YFCG) The YFCG brings together UK charities with a significant focus on developing the financial capability of young people. Current members include MyBnk. The Money Charity, London Institute of Banking and Finance. and Young Money- with the Money and Pensions Service in an observer role. wb*w.mybThkA)rg- Info@mybfikorg-020 35B1 gV20-@ MyBnk 2tr21 MyBnk18 a company limlted by guarantee (No. 621500518nd 8 reglst8r8d charity INO. 11237911- SC050175 in ScotlttrTd 20 12?6NK Volunteering Corporate volunteers support young peop16 by bringing financial topics to life and providing career insights. This year MyBnk hosted 29 volunteers from funders, including Kickstart Money. Quilter and Citadel. Going forward, we are exploring how supporters can contribute to virtual lessons. w4Yw.mybnk.org- Info@mybnk.org-020 3581 9920- @ MyBnk 2021 yBnk Is a company Imited by gvaronteo (No. 62150051 and a registered charlty INO. 11237911- SC050175 Scolland 21 Ii?6NK Communications This year communications played a vital role in helping us fulfil our core mission. With MyBnk's traditional delivery model disrupled, it was crucial that stakeholders were kept informed of our new offerings and that financial education remained high on the agenda. Campaigns included launching and promoting MyBnk's virtual and online programmes and digital tools, including producing the My Moneycast livestream show. Other projects included a young gender-based financial capability gap report and Talk Money Week. These efforts resulted in national coverage from the Financial Times, BBC Radio 4, The Sun, Daity Mail and others including numerous specialist finance and youth sector publications. The voice of young people shone through in case studies and opinion pieces in press and marketing. BBC Radio 4's Moneybox show shared how TMH programme helped a young care leaver transition into independent living. Together with funders, TMH won the Consortium Award at the Third Sector Business Awards. External Relations MyBnk supported wider efforts that promote financial education for young people. We gave insights and research to the All-Party Parliamentary Groups on Ending Homelessness and the national Financial Education Forum. MyBnk collaborated with the youth advice websites The Mix and National Citizenship Service and produced podcasts and articles for AJ Bell and RBS and Barclays Bank. MP visits to MyBnk primary school workshops, in partnership with funders, Kickstart Money, included the Economic Secretary to the Treasury and City Minister John Glen MP. Our CEO, Guy Rigden, promoted our values as a member of the Challenge Group for Children and Young People for the Money and Pensions Service and the Consumer Advisory Board of UK Finance. With members of the Youth Financial Capability Group, a joint sector organisation, we are building towards a unified marketing campaign to educators. MyBnk continues to make the case for proper funding for financial education in UK schools and youth services and adequate support of young adults in vulnerable circumstances. wYM.mybnk.org- info@mybnk.ory-020 3581 9920- MyBnk 2021 MyBnk 1$ a Mmparry limlt8d by gugTantpe (No. 62150051 and A regislered charfjty (No. 11237911- SC050176 in SEotl•nd 22 12?6NK Plans for the Future MyBnk's innovation and development throughout the pandemic strengthens our position as the UK'S leading specialist in financial education for young people. MyBnk's 2024 Vision draws on 14 years of evaluated interventions, demonstrates where we make the most difference. and is framed in the context of need. MyBnk's future priorities are: O Young adults in the greatest need - Who cannot afford mistakes. O The very young - When habits are s@t. O All young adults entering independence - Making choices now. In 2020121 we are seeking increased investment to take one of our major offerings, Money Works. a survival money management programme, truly nationwide and to offer the virtual version to those in rural areas or who cannot physically attend. We will expand virtual provision of our youth homelessness prevention scheme, The Money House, and target expansion into cities of high deprivation such as Liverpool or Glasgow, in addition to our presence in London. We will scale Work Dosh (for young people just starting work, university or apprenticeships, including through government schemes) and complement with online resources. For the very young, Kickstart Money is funding us to maintain direct in-person or virtual delivery. With their support, we will leverage our platform and evaluation to drive systemic change - towards all 4.7 million primary-aged children receiving a meaningfu financial education. We are also developing a new teacher training programme complemented by structured, relevant content for 5-7 year olds. We are leading and are a core component of a major project for MaPS comparing the eff icacy of four approaches to achieve common financial outcomes for ages 16 and 17. Coronavirus disruption threatens completion, but we are confident we will be able to draw important insights. Behind our frontline work. we are examining themes on how gender and inequalities intersect with money, employment, education and mental health. Our plans can only be made possible by you continuing this joumey with us. w4¥w.mybnk.ory- Info@mybnk.org- 020 3581 9920-iQ MyBnk 2021 MyBnk 15 a ￿mPanY Imited by guarant8e INO. 62151￿} and a regi51ered chorlty INth 11237911- Sco501￿ In Scotknnd 23 ¢&i6NK Structure, Governance & Management Constitution The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 17 April 2007. The company number is 6215005. MyBnk is also a registered charity in England and Wales Inurnber 11237911 and in Scotland (number SC0501751. Method of appointment or election of Trustees The management of the company is the responsibility of the Trustees who ar8 elecled and co- opted under the temis of the Memorandum of the Articles. The Board approve the vision and objectives of the organisation. Plans, budgets and strategies are regularly reviewed and approved. Publications from the Charity Commission and other organisations regarding Trustees, roles and responsibilities are made available and training for the general and specrfic role of Trustees is available when required. The Board meets quarterly. Organisational structure and decision making The Board appoints and delegates the responsibility for the day-to-day manageTnent of MyBnk to the CEO, who provides leadership to the organisation. The CEO is resF)onsible to the Board in the execution of his duties and leads the Management Team, which is organised functionally, consisting of Business Development, Communications, Education, Expansion and Impact, and Operations. MyBnk has a Finance Committee, overseeing income and expenditure. and a Risk Committee covering all aspects of risks management. Each meet quarterly and report to the main Board. Public benefit The Trustees are mindfLJI of their duty under the Charities Act 2011 to ensure that the Charity's activities exist for the public benefit. They have considered Charity Commission guidance on public benefit and are satisfied that the performance and achievements of the Charity during the year have benefited the public. Fundraising with the public We are not pro-actively fundraising with the wider public and do not engage in street, door-to- door or private site fundraising but we do get occasional donations from individuals that know us or hear about us in the media or through our work. We adhere to the rulebooks of the Fundraising Regulator. No complaints were made in the reporting period. Remuneration Policy MyBnk are comrnitted to ensuring that we pay our staff fairTy and in a way which ensures we attract and retain the right skills to have the greatest impact in delivering our charitable objectives. MyBnk's CEO. COO and relevant team leaders propose changes to staff salaries to www.mybnk.ory- info rnybnk.org - 020 3581 9920-rb MyBnk 2021 MyBnk Is a company fimiled by yuaranteE INO. 62150051 and a regis18red charlty (No. 11237911- SC050175 in Seotlftnd 24 Ii?6NK the Board of Trustees for their approval. The CEO'S salary is set by the Chair of Trustees. taking into account the perfomiance and development of the organisation. Management of risk The Trustees are ultimately responsible for risk management at MyBnk. The Executive continually monitors risk, formally updating a monthly risk register to be addressed by the Team Leaders. The Risk Committee meets quarterly to oversee the management of organisational. repulational and other risks. Risk.. MyBnk's core model is ta send trainers, who travel by public transport, to deliv8r education face-to-face to groups of young people at schools. colleges and other host organisations. The Covid-19 pandemic has intermittently led to school and host closures and social distancing rules have also made deliverles on location in The Money Houses more difficult. Many of our grant agreefflents are linked to the delivery of programmes and lower delivery risks a reduction in restricted income linked to programme delivery. Mitigation.. We have had discussions with all of our funders, who have been very understanding and, in most cases, have let us use their funds for a￿ernatIVe outcomes such as the deveSopment of virtual courses. We are now able to deliver many of our programmes virtually without visiting hosts and this means we are able to reach young people particularly those in vulnerable circumstances even when face-to-face delivery is not possible. We keep extending our oriline offering. Risk.- The Covid-19 pandemic has increased the risk of staff or young people falling ill and has disrupted our work. Mitigation.. We are always following government guidelines and have pro-actively communicated to all our staff and stakeholders Ihe new rules for all our work settings. In particular we introduced measures to minimise the risks for our trainers when working with hosts and we enforced Covid-19 safety rules for our office in Cromer Street. We also sel strict rules for deliveries in The Money Houses where we host beneficiaries. This was based on detail&d risk analysis. Our flexible freelancer delivery model reduces the risk of delivery staff shortages. Risk.. Changes in funder trends, public spending cuts, policy changes and deteriorating economic Gonditions could lead to a reduction in our access to income. Mitigation.. We have put measures in place to increase the flexibility of our expenditure and the robustness and diversity of our income. Our Income stralegy emphasises income diversification and conservatively estimales the success rate of bids. We also work to maintain a strong pipeline of prospectiv& funders. Risk- We arè working with a large number of young people every year and we hold data on a relatively small number of them. There is a risk of our staff failing in their safeguarding duties, and there is also the potential for loss of data of vulnerable people. In either case this could have wide ranging consequences for the young people affecled and MyBnk. www.mybnk.org- Info@rnybnk.org-020 3581 9920- @ MyBnk 2021 MyBnk is a company Thmlled by guar8ntse INO. 621500518nd a registev8d charlty INO. 11YJ7911-SC0501751ts SCOt￿nd 25 Ii?6NK Mitigation= We regularty train all our staff on how to spot and deal with children and vulnerable adult safeguarding issues and we run DBS checks for all our workers. We have a full range of policies and procedures in place, including Data Protection and Child and Vulnerable Adult Protection. which we annually review and update. In 2020 we have introduced new safeguarding guidelines for online education. Risk= High staff turnover and difficulties in attracting and retaining quality staff and the related loss of unique MyBnk knowledge and culture. Mitigation: Our People are recognised as key enablers of our work and we focus on them. In 2020 we have supported the formation of an Anti-Racism Committee to inform and advise the MyBnk Execulive and Trustee Board towards a more inclusive organisation. In 2019 we introduced a Wellbeing Policy and signed the 'Time to Change, pledge run by the mental health charity Mind. We undertake an annual salary review and have a policy of personal development and training for all employees. Our staff appraisal system gives opportunity for 360° feedback and is designed to recognise issues eady. 26 wwwJnybnk.org- bnfo@mybnk.org-020 35819920-@ MyBnk 2021 MyBnk Is a wrnpany16mlted by guaraftlee (No. 62150051 and a regisle¥ed chgrity (No. 11237911- SC050175 In SrotlBnd 12?6NK Financial Review & Reserves Policy Income received for the period totalled £2,087,546 of which £2,012.798 was received as grants and donations and £21,952 was generated in contractual income. This included sales to schools {£19,3501 and consultancy fees1£2.6021. We also received £52,796 in government grants from the job retention scheme. In the period we have additionally received grants totalling £275.632 that are deferred lo the financial year 2020/21. Further forward commitments from a range of funders total £953,978 at 31 August 2020 for the financial year 2020121. Expenditure totalled £1,948,569 and the charity's activities during the year resulted in an increase in funds for the period of £138,977, which was carried fo￿ard. MyBnk's trustees set a reserve policy with the aim that reserves will build to cover al least three months of expenditure Icurrently £494,000). Our income targets include a surplus in unrestricted funds. Reserves are defi'ned as unreslricted funds excluding fixed assets. Under this dèfinition the charity had reserves of £382,523 on 31 August 2020. Going Concem The trustees consider that there are no material uncertainties about MyBnk's ability to continue as a going concern. The Covid-19 pandetnic has had an impact on the charity's ability to deliver our programmes particularly in schools, however most of our funders either lifted restrictions or agreed to fund atternative outcomes such as development of virtual programmes or online resources. This had a positive impact on reserves in 2019120. Our cash flow is healthy and our operation in the financial year 2020121 is secure with over 900/0 of our budgeted casts covered by funder commitments. A continued inability to deliver our programmes face-to-face mighl lead to less young people reached and a fall in income but we have mitigated those risks by developing alternative modes of delivery (see the risk management section of the annual report for more Information) and positive relationships with key supporters. Principal Funding Principal funding for MyBnk came from Allan and Nesla Ferguson Trust, Allan & Gill Gray Philanthropy Foundation, Berkeley Foundalion, Building Society Trust, City Bridge Trust. Cily of Westminster, Garfield Weston Foundation, Goldsmiths, Company Charity, Hymans Robertson, Interactive Investor. John Ellerman Foundation, JP Morgan Chase Foundation, Kickstart Money, London Borough of Newham, London Stock Exchange Group, L&Q, Man Group Charilable Trust, Money and Pensions Service, NDL Foundation, Qctopus Giving, Paul Hamlyn Foundation. the Players of People s Postcode Lottery, PIMCO. The Quilter Foundation, Royal Borough of Greenwich, Step Change, St James's Place, Thomas Pocklington Trust, UK Power Networks and Wellington Management UK Foundation. We have also been fortunate to receive pro bono support in the course of the year. Octopus supported with providing ongoing Salesforce advice and help with our costing model. Alexander Beard Wealth LLP are handling our pension and staff benefit administration. wvMJnybnk.ory- Info@mybnk.org. 020 3581 9920- @ MyBnk 2W21 MyBnk is o romp4ny Ilmlled by guarantee (No. 62150051 and a regislered charity (No. 11237911- SCO50175 in SeotFar 27 Ii?6NK Statement of Responsibilities of the Trustees The Trustees are responsible for preparing the annual report and the financial statements in accordance wilh applicable law and regulations. Company law requires the trustees lo prepar8 financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepied Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under company law the trustèes must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company, and of the result of the charitable company for that year. In preparing these financial statements, the trustees are required to.. O Select suitable accounting policies and then apply them consistently., O Observe the principles in the Charities SORP. O Make judgments and accounting estimates that are reasonable and prudent: O State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; Prepare the financial statements on the going concern basis unless it is inappropriate to presume that Ihe charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that are Slrfficient to show and explain the Charity's transactions and disclos8 with reasonable accuracy at any time the financial position of the Charily 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. So far as each of the Trustees is aware at the time the report is approved: There is no relevant audit information of which the Charity's auditors are unaware; and The Trustees have takell all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Auditors Haysmacintyre LLP have indicated their willingness to continue in office and a resolution will be proposed for reappointment in accordance with section 485 ot the Companies Act 2006. In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board on 8. February 2021 and signed on its behalf by.. Asesh Sarkar www.mybnk.org. info@mybnk.org-020 3581 9920-@ IAyBnk 2021 MyBnk Is A company Ilmited by yuarant8è (No. 621600518nd a re9iStered ch8rSty (No. 11237911-SCO50175 In S¢otFand 28 C&i6NK Independent Auditor's Report to the Members of MyBnk Opinion We have audited the financial statemenls of MyBnk for the year ended 31 August 2020 which comprise the Statement of Financial Acliviti6s, Balance Sheet, Statement of Cash Flows and notes to the financia1 statements, including a sumrnary ol significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom A¢counting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generdly Accepted Accounting Practice). In our opinion, the financial statements= give a true and fair view of the slate of the charitable company's affairs as at 31 August 2020 and of the Gharitable company's net movement in funds, including the income and expenditure, for the year then ended- O have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Cornpanies Acl 2006 and Ihe Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotlandl Regulations 2006. Basis for opinion W8 conducted our audit in accordance with International Slandards an Auditing IUIQ IISAS (UK)) and applicable law. Our responsibilities under Ihose standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibililies of trustees for the financial statements As explained more fully in the trustees, responsibilities statement, set out on page 27, 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 inlernal 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 Goncem and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to Gease operations, or have no realistic altemative but to do so. bKY¥*.mybnk.ory- Info@mybnk.OTg-020 3581 9920- @ MyBnk 2021 yBnk 15 4 Gvrnpany lin411ed by uuaTanlee (No. 62150051 and a regislered charity (No. 11Td7911- SC050175 scot￿￿￿ ¢&?6NK Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstaternent when it exists. Misstalements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at- www.frc.org.ukjauditorsresponsibilities. This description forms part of our auditor's report. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAS IUKI require us to report to you where.. O the trustees, use of the going concern basis of accounting in the preparation of th8 financial statements is not appropriate., or O the trustees have not disclosed in the financial statements any identrfied material uncertainties that may cast significant doubt about the charitable company s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. other infomiatlon The trustees are responsible for the other information. The other information comprises the information included in the Trustees, Annual Report. Our opinion on the financial statements does not cover the other information and, except to the ext&nt otherwise explicitly stated in our report, we do nol èxpress any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibilrty is to read the other infomation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Opinlons on other matters prescribed by the Companie5 Act 2006 In our opinion. based on the work undertaken in the Gourse of the audit.. the information given in the Trustees, Annual Report (which incorporates the directors, report) for the financial year for which the financial statements are prapared is consistent with the financial statements: and *%*w.mybnk.org- Info@fflybnk.org- 020 35819920-@ MyBnk 2021 MyBnk 18 4 comwdny Ilmiled by guarairtee INO. 62151)051 and a registered charity (Nts. 11237911- SC050175 In Scolthn 30 Ii?6NK O the Trustees, Annual Report Iwhich incorporates the directors, report) has been prepared in accordance Wlth applicable legal requirements. Matlers on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we havo not identified material misstalements in the Trustees, Annual Fleport (which incorporates the directors, report). We have nothing to report in respect ofthe following matters in relation to which the Companies Act 2006 and the Charity Accounts {Scotland} Regulations (as amended) require us to report to you if, in our opinion.. adequate accounting records have not been kept by the charitable company., or O the charitable company financial statements are not in agreement with the accounting records and retums,. or certain disclosures of trustees, remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit-, or the trustees w8re not entitled to prepare the financial statements in accordance with the small companies, regime and take advantag8 of the small cornpanies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Use of our report This report is made solely to the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, section 4411llcl ot the Charities and Trustee Investment (Scotlandl Act 2005 and regulation 10 of Ihe Charities Accounts (Scotlandl Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and the charitable company's embers as a body, for our audit work, for this report, or for the opinions we have formed. Adam Halsey (Senior Statutory Auditor). For and on behalf of Haysmacintyre LLP, Statutory Auditors, 10 Queen Street Place, London, EC4R 1AG. Date: 22 February 2021 vww.mybTrk.org- Info@mybnk.org- 020 3581 9920- @ AlyBnk 2021 MyBnk18 a Company Imiled by guarantee (No. 62150051 and a registered charity (No. 11237911- SC050175 in Scotthnd 31 ¢&?6NK STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expendlture account) FOR THE YEAR ENDED 31 AUGUST 2020 Unre5trieied unds Resli'icted ds. 2020 -I'utal 2019 Tot81 r*ote Income from.. Doiiations and LegaLie 100,146 ?00,181 10fl,146 1.987.4no 64,421 1,76? 748 529 1,787,219 Inve%tinent income Total income 300.3?7 1,787.?19 ?.087,546 1.8?7,6y8 Exp¢'nditurLb un: Cliaritable activities EduLarioiial activities 1.948,569 1.65? 1?9 Totul expenditure 127.542 1.948,569 1,652,119 Net Movenient ID Funds 12 133.8081 138,977 175,569 RecoiTr¢ili?I tion of fund5 Tiilal ftiiids bTuukht forward at I Septctiiber 019 ?15_f97 484.094 699.691 514.1?) Total Funds Carried For+v&rd at 31 August 2020 -388.381 4£ U.186 8.38,668 699.6L)I Tht Statement of financial Activities inLluJcs all gai11s and losscs reco8iiised in the year. Th¢ pirvious yLai s Stattment of fiiiaiicsal ALllVitjC5 cali be seeii in iiote 22. Th¢ nolts tsn pagcs 35 to 42 forni part of thcsc fiJ)anLidl siaiLm¢nts. www.mybnk.ory- Inlo@mybnk.OTg- 020 3581 9920- Q MyBnk 2020 MyBnk 18 a company Ilmrled by guarantee (No. 62150051 ond a register6d chHrity INO. 11237911- SC050175 In Scotland 32 12?6NK BALANCE SHEET {Reglstered Company No: 62150051 AS AT 31 AUGUST 2020 2020 2019 Notes FIXED ASSE'I'S Tallgible tixcd assets 5,859 7.381 CURRkN4"1' A8SF.TS Debtors Ca%li at bonk and in l)and 137,875 I,Q74,35n 232.86) 7U2.96i ,212,175 935,830 CREDITORS". aniounlb falling due wilhin one year 1379,41CIl 1?43,5?111 NET CURRF.NT ASSETS 3? 809 fi91.310 TOTAL YF.T A55ETS 838.668 699,C)91 CHARITY FLINDS Restricted funds UJrestriLled liiiids 4%0.?¥6 388.38? 484.094 215.5Y7 838.66¥ 6C)9.6C) I The tiJiJncidl 5tatcm¢nts ha¥e be¥ii pi'cpai'ed in JEc()rdallc¢ ivitli thL specidl p￿)viSIojlS of Part 15 ot. thL Con)paiii¥s ALt ?UU6 rL,lating lo bmall Lompani¢s. The fiiiaucial statenilnts WLie appi'o¥td ajid authoi'isLd issu¢ by tl)e B02ry1 ot TruilLLS tkn 8 Februaiy 2021 and iVeTe 5ign¢d on its behalt by.. AsL_%h Sarkar The Jioics b¢loii" fTrrm p¥i1 of these financial $taieinenlS. www.mybnk.org- Info@mybnk.org- 020 3581 9920- @ AtyBnk 2020 yBnk is a cornpany Ilmlted by guaranlee INO. 62150051 and a regislered charlty (No. 11237911- SCO50175 In Scotlattd 33 Ii?6NK STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020 2020 2019 N and which have not beeii designated for otl)er i?urposes. 1nN'estM￿7r inLome. ¥aills aiid l(15S¢S Éire dllocat¢d to thc appropiiat¢ fiiiid. 1,5 INCOMF, RF.COGYITIO IiiLoiiiL is inLludLd in iliL StatLmLiil ijf Financial ALtivities whtii Ilie Luillpdlly Is tyntitlcd io ilic u)Loine, it Is prob. Suppurt costs are ihusc c051s in¢iiiYed dir¢cily in siippufl or expcnditiire on Ihc nhjecis ()l-tlie charilv. 1.7 1-ANGIBLC FIXF.I) AS8Tr.'I'S AND DEPRF.CIAI'ION All a%.%cl% Losrings m()rc Ihan £300 are Lapiiali%cd. TanLMble fixed &%.4ets are 5tdleLI ai cost les% depTeiiaiion. Depreciatioii is provided al rale% to wrile oll. the LOSI of fixe(l a%selb, lebs their csliinule(I re%idtsal valuc, QVCT thLir expeited useful live% on the follnwing bases.. Fixture%. Fittings & tQlLiipmenl Coimputer eqiiipinenl 15,/0 Strdighi line basi5 ?5,/0 stszighi line basis 1.8 DEBTORS Trail¥ and oilier debtor% are reLo¥nise(l at Ilie seiile1n￿]i aiiiount diie after any trade Iliscoullt oflered. Prepayinent aiy vallled al tli¥ aiiiouni prepaid iiel of aiiy trade dib¢ount% due. 1.9 CASH AT BELYK AYD I.Y H.IND Cash dl b&illk diid iii halld iiiiludLs bank accoiiiiis. ¢ash aiid 5horr terni higl)l)' li4uid iniiestniLJits ivith a shoi1 m4lturiry of tliree iiionih5 ur ILSS Iroin the datl ol ac(ILliSltioii oi. opeiiingw (If thl deijosit f)r sujiilar acLOlllIt. 1.10 CREDITORS AND PROVlSlOh'S CrcESitOls ajid prui'i%ions ar¥ i'LcogTnistd where ihL charity lia￿ a prLscnr oblibFar tTrVii IL5111ting froin a past LvLiil that ii'ill pix)bably i-LS1111 ITI thL trniislLr of fuiJds to tliird paity dnd thc aniount Llue r(1 seitli tliw obligalioii Ldli be m¥a.%urLX] oi. Cstilli￿1tl.d rLliin cuneni activities Amoiini deferred ill ilie year 166.412 Ilfih.4121 275.632 146,559 1146.5591 165,987 De1c￿ed incoine ut the end ol-lhe ycar ?75,612 165,987 DeFerrEd income at tliv end of Ilie year relates 10 ¥1'an1￿ ¥e¢eived in advance foi. Ilie next aciounling period. 12. NIOVF,MENT IN FIIryDS. 2020 Brought Forward Carricd Forward Income ExpL>iidiliire Restricted fuiid5 F_(luLatioii Worksliop DeliN'ery Fiii)d Tlie Money Hoiise Fuiids F.(luvation DtiLlI)pnieiit Fuiid5 Urgajiisation Dei'Llopiiient Fiinds 198.40 ?53 775 748.6YI 775.86? ?14,813 97.853 186? 1301 1()49.93()1 1.14.8131 194.1451 84.966 379.198 3?.414 36.12? 484.094 1.787 •1 11.8?1.0271 450.186 Lnrestricted Funds GeiiErdl ?1!.597 300,327 (127.54? 388.38? Total funds 6()y,691 .1187 546 11,948.5691 838.668 13. MVVEMEPIT IN FUNDS - 2t)19 Brought For%Trard Carrled Forivard Income Ewenditure Re5tri¢ted fiind5 Educdtioii ￿"OlkShOp dulii'ery fjjnds The iM()nkny Hoube fuiids EducatiDn dc￿elOpMe17t funds Organisation Je1'elop￿cnt Funds 181.412 107.322 72C).(>29 563 ?87 90.560 1712.U361 (417.7341 {90,i601 1gC}.772) 198.405 753.275 19.983 1?.414 308.717 1.495.079 11.319,7021 484,094 LnrestrÉcted Funds General ?1.5.4nS 33).619 13.32.427} 15,597 Total funds j?4.12 1,827.698 11.652.129) 699.691 w¥VwJnybnk￿ry- info mybnkA>ry-IYIO 3581 9920- @ My8nk 2020 MyBnk is4 company ￿rnIted by guarAntee INO. 62150051 and a reglstered charlty (No. 11237911- SC050175 ￿ Scotland 40 Ii?6NK Education )vorkshop deli%'ei-}' funds: Funds 10 dclii-cr our financial educatlon Worksho￿ Money Twist for Key Stagcs 1 314 5, Money Buzz, Money Works. Urri tknsh and ￿nterprise-]n-a-BOx. Tbe IllottL}' 11011se funds: Funding lo deliN'ei' Thc Money House projeii in fow. London b(Ir()ughs. Edueatlon developtnent funds.. Funding Eo dcveli)p.. impi'otre and eTrRliiate f￿anCial educalion prograinmes Loi young people. Or¥#nl&ation develDpini'Dt fuiids.: Fundin¥ to impmi'e our or¥ii)isational systcllls and processes. 14. AIYAI.YSI8 OF NET ASSF.I-S BLI'WLEY TrUYDS 2020 'nrestrict¢d RcstriLIL.d Funds Total Fixed a5setb CLl￿ellI aJ¥els cL￿re1)I liabiliiies 5.859 761,L)39 1379.4161 5,859 1,212,:25 1379,4 Ih) 450,?86 Net as8els ai 31 Augubt ?O?(I 38%.382 4.50.786 838,668 15. .4YAI,YSIS OF INET A.SSETS BF.TWEF.Y FUNDS 2U19 Lnrestricted Fund5 Restricted Fund5 Total Funds Fixed as5¢r. C(IrrLyit HS5Vt5 Ciirmit li&bilittes 7,381 4$1.736 1?43,5?01 7.3¥1 935.¥30 1?43.5_701 484,094 Nci assLts at 31 August 20?0 71f $97 484,0()4 099.6YI 16. OPEtL4TING I.F.ASE COMMITMENTS Property Z020 2U19 At 31 August ￿0?0 rhe C.hdrity hdd tliL tollom'ingtr coinmiitneiits und¢r lion- caiicellable operutiii¥ leasL5 16-hich cxpirL in.. Less tha￿ l year 1-2yLars y¥ars 13.431 26.R63 26.861 l i.670 17. RECONCILI.ITION OF NET INCOMEIIEXPEYDITUREI TO NET CASH FLOW FROM OPERATING ACTII'ITIES 2020 2019 Net incotne tor the Teporting period DepFecialion Interest rcceiiable Decrcase in dcbiori Inci'case.(decreasel in ciediiors 138,977 175.569 94,990 135,896 ?3,009 121.338} Net cash prD%'ided bv OPLratimg ac'tii'itit5 373.1117 179.461 ww*.mybnk.OTg- Info@mybnk.ory-020 3581 9920- MyBnk 2020 yBnk Is a company Mmlted by yuardniee IND. 6215UOS18nd a reylstered charlty (No. 11237911- SC050175 In Scottsnd 41 ¢￿?6NK 18. CASH FLI)w's FRO￿7 IN1'EsT￿*c AcfivITIES 2020 21119 Iniei'esl receivcd Puj'chase of taji￿￿ jl?le ftted assets 529 14.7361 11,72?) Plet cash (used by) illvesling 8ctivlt5es {1.72?1 14.2071 19. ILYALY.%IS OF CASH CASH EQUIVALENTS 2020 2019 Cash in hand and ai bank 1,074,350 702.96) 20. AYAI,YIS Oty CH.INGTr.S lli NI LT DEBT At I Sept¢mbcr 2019 Cash flom's Othc'r non*#sh cha¥Lges At 31 Auxust 2020 C35h #nd bgnk 702,965 371,38f ,074.350 21. RELATF.D PARTIES There w¢re no related party tTansaLtIOl18 to be reported iii tlie fiiianLial year l?019- rlie saniel. 22. STATF.MEf*T OF FINthCIAL ACTIVITIES- 2019 Unrestricted Restricted Funds 2019 Total In¢0￿e from: Doiialions i?nd LLIT