Education And Employers Taskforce Annual Report and Financial Statement5 31 March 2024 Company Registration Number 06886359 IEngland and Wale51 Charity Registration Number 1130760
Education And Employers Taskforce Contents Page Reference and administratlve information Trustees, report 2-11 Independent auditorfs report 12-16 Statement of financial activities 17 Balance sheet 18 Statement of cash flows 19 Notes to the financial statements 20-29
Education And Employers Taskforce Reference and administratlve informatlon For the year ended 31 Marth 2024 Dirertors and Trustees Kymberlie Andrew Saeed Atcha MBE DL Kenneth Bristow (Resigned 31 May 20231 David Cruitkshank Professor David Docherty OBE (Resigned 23 September 20241 lan Ferguson Nicola Freeman (Resigned 23 September 20241 Karen Giles {Resigned 22 March 20241 Stuart Meldrum (Appointed l May 20241 Professor Sir Steve Smith Post year end oppointments.. James Anderson (Appointed 23 September 20241 Will Harding IAppointed 23 September 20241 Charlie Maynard (Appointed 23 September 20241 Clare Moore-Bridger (Appointed 23 September 20241 Louise Scott (Appointed 23 September 20241 Henry Faure Walker {Appointed 23 September 20241 Senlor Management Nick Chambers CEO Dominic Judge Charlotte Thurston Charity reglstered number 1130760 Company registered number 06886359 Registered offlce and princlpal office Quantum House Red Lion Court London, EC4A 3EB Auditor Buzzacott LLP 130 Wood Street London, EC2V 6DL Bankers The Cooperative Bank PO Box 101 Balloon Street Manchester, M60 4EP Sollcitors Freshflelds Bruckhaus Deringer 65 Fleet Street London, EC4Y IHS
Education And Employers Taskforce Trustees, report For the year ended 31 March 2024 The Trustees present their annual report together with the financial statements of Education and Employers Taskforce {'the Charity'l for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policie5 set out in notes to the account5 and comply with the Charity's governing document, the Charities Act 2011 and 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 published on 16 July 2019. The Charity operate5 under the working name of 'Education and Employers,. STRuuRE, GOVERNANCE AND MANAGEMENT . Education and Employers was incorporated on 23 April 2009 with the company number 06886359 and registered as a charity on 27 July 2009 with the charity number 1130760. The company's governing instrument is its Memorandum and Articles of Association. Education and Employers is a company limited by guarantee and has no share capital. The Board of Trustees act a5 Trustees of the Charity and Director5 of the Company. Trustees ensure the Charity complies with charity law and they oversee the strategic direction. The Board meets once per quarter. Board of Trustees meeting5 are closed and attended by Trustee5 and the Executive Team (Senior Management Team) who report on progress against mission and provide administrative support. Trustees appoint the Senior Management Team15MTI and consider the Chief Executive, Director of Operations and Programme5 and Director of Governance Programmes as key management personnel. The Board of Trustees oversees the performance of SMT including collaborations with the partner organisations. In this year and up to the date of the approval of the financial statements, the following people acted as Trustees.. Kymberlie Andrew Saeed Atcha MBE DL Kenneth Bristow (Resigned 31 May 20231 David Cruickshank Professor David Docherty OBE (Resigned 23 September 20241 lan Ferguson Nicola Freeman (Resigned 23 September 20241 Karen Giles (Resigned 22 March 20241 Stuart Meldrum (Appointed l May 20241 Professor Sr Steve smith Jame5 Ander50n (Appointed 23 September 20241 Will Harding (Appointed 23 September 20241 Charlie Maynard (Appointed 23 September 20241 Clare Moore-Bridger (Appointed 23 September 2024) Louise Scott (Appointed 23 September 20241 Henry Faure Walker (Appointed 23 September 2024} The Board of Trustees undertakes recruitment of new members based on a skills review of the Board. New Trustees have an induction and are provided with ongoing support and training to meet their responsibilities. Trustees fulfil a valuable role as ambassadors for the Charity to strengthen our influence with key stakeholders and decision-makers. The Charity works in collaboration with leading organisations representing education. employment. government and intermediaries. approved by the Trustees. Their role is essential to achieving the vision and by coordinating their activities they will provide greater clarity for schools and colleges and minimise unnecessary duplication for employers.
Education And Employers Taskforce Trustees. report (continued} For the year ended 31 March 2024 STRUCTURE, GOVERNANCE AND MANAGEMEKf Icontinuedl We believe that by working together with our partners and collaborators acros5 all sectors that we can help ensure that every young person in the UK, wherever they live. whatever their parentslcarers, circumstances, ha5 the opportunity to hear first-hand about jobs and the world of work. We want our young people to become excited by learning and by their potential, to see the diversity of what 15 Possible and to make informed decisions about their future. Senior Management Team ISMT) The team is led by the Chief Executive who manages daily operation5 including finances and strategy as directed by the Trustees. He is responsible for liaising with Trustees. partners and all other stakeholder5. He reports directly to the Trustees who are responsible for monitoring and assessing his performance and that of the team. Remuneration policv The Board of Tiustees set5 the remuneration levels for the SMT. In setting remuneration, Trustees have regard to the need for the Charity to attract and retain highly effective people who can further the aim5 of the organisation. In doing so they wish to minimi5e any unnecessary expense and ensure that the differential between the highest and lowest paid member of staff 15 kept to a minimum. Public benefit The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives las set out below) and in planning future activities and setting appropriate policies for the year. Small company exemption The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. OBJECTIVES AND ACTIVITIES The vision of Education and Employers is to "provide young people with the inspiration, motivation, knowledge, skills and opportunities they need to help them achieve their potential" The objectives of Education and Employers are: To help ensure that all young people achieve their potential and leave education with the relevant skills, knowledge. aspirations and motivation to enter further learning and the workforce; To contribute to ensuring that the UK'S future workforce is equipped with the 5ki115 that employers seek and thereby to help employers realise the benefits from their involvement in education,. To provide clarity, simplicity and efficiency in linking education to employers- To support the leadership and management of schools and colleges by providing highly skilled volunteers to serve as governors and Trustees,. To Support schools and colleges in in5pirin& guiding and motivating young people about the world of work,. and To inspire and motivate employers. Our Values As a charity, we are committed to embodying our values in our work with young people, schools, volunteers, employers. staff, partners and supporters. We strive to be inspirin& inclusive, innovative and impactful, and to act with integrity in all that we do.
Education And Employers Taskforce Trustees, report (continued) For the year ended 31 March 2024 OBJEcfivES AND ACTIVITIES Icontinuedl Inspiring: This value stands for what our Charity is about, linking the world of work with education. to inspire children from all backgrounds to seek the very best future possible. We will encourage and support our energetic staff, empowering them to do a great job. Inclusive: We will work collaboratively with employer, volunteer and education partners to champion equality, offering inclusive solutions that meet the diverse needs of all children. particularly those from disadvantaged backgrounds. Innovative: We will undertake and share our pioneering research. using our Innovative technology to offer creative solutions for the times. We will look to form new partnerships in the interests of children, do things differently and have a 'can do, attitude. Impactful: We will seek to ensure that everything we do makes a real difference on children's lives. We will ensure we draw on the diversity and talents of all our staff to do this, encouraging and challenging each other to improve ourselves as colleagues and to deliver a better service. Integrity: We will work with integrity to achieve our aims. This final value underpins all our other values. In everything we do we will be respectful, open and honest. We will operate with a strong ethical foundation and build Trust with stakeholders and between colleagues. Main activities of the charlty The principal activitie5 of Education and Employer5 are carried out through the following programmes that target state primary and secondary schools and institutions in the UK. These are supported by funded projects and campaigns which sit within these programmes: Inspirin8 the Future Primary Future5 Inspiring Governance (until 30 September 2024 when it will be closed) Research A key overarching activity of the Charity is to level the playing field for all state schools and colleges, focusing our resources as appropriate on supporting those most in need including children and young people who are living with social, economic and environmental disadvantage. We work in partnership with local stakeholders and other organisations to achieve our outcomes and we are deeply grateful for the input of schools. employers and our incredibly diverse range of volunteers who are passionate about helping young people achieve their potential. All of our programmes leverage the power of technology to enable a low-cost national approach. providing value for money and an ability to remain flexible and innovative through changing circumstances. Our Salesforce technology platform was developed for Education and Employer5 Wlth pro bono support from Deloitte and Ordnance Survey providing a pioneering approach to connect volunteers frorn the world of work to state schools which is efficient, effective, equitable and scalable. The aim is to give all young people the opportunity to meet and interact with people doing a wide range of jobs, from different sectors. levels and backgrounds. It 15 available to all state schools but enables the Charity to provide focused support for young people who need it most. It also enables the Charity to run local and national campaigns based on location, economic sector, School subjects, diversity, social mobility etc. Teachers. governing boards. employer5 and volunteers from the world of work sign up to the platform for free and are then able to connect for a range of activitie5 5UPPOrting career related learning or as governors to school boards. When Inspirin8 the Future was first launched the focus was solely on in person visits and talks. Over the last four years we have developed and refined a very effective way of connecting schools virtually with diverse role models from across the country. It has opened up a world of opportunities for young people that simply was
Education And Employers Taskforce Trustees, report (continued) For the year ended 31 March 2024 OBJECTIVES AND ACTIVITIES (continued) not possible before. So for example. if you are a primary-aged child living in Wolverhampton, with Inspiring the Future you can now meet and ask questions of an engineer working on green energy wind turbines off the Norfolk coast- if you live in the centre of Liverpool you can hear from an agricultural scientist working in Hampshire,. if you live in Sunderland, you might talk with a cancer specialist in Swansea,. and if you live in a rural hamlet in Cornwall you can quiz a digital animator working in film production in Salford The online service is Supported by resources, guidance and our team who help Share good practice and ensure a successful match. Feedback is gathered from key Stakeholders to monitor activity and continuously improve outcomes. A number of dynamic dashboards and automated reports give instantaneous access to activity data with the option to drill down to filtered results which helps to monitor progre55 and ensure effectiveness. Education and Employers Research has a small research team that has been acclaimed for pioneering research in careers education. The team works in partnership with several research institutions enabling the Charity to bring key findings to the attention of key stakeholders in the field of education and employment. The Charity is fortunate to be working alongside highly regarded institutions such as OECD Education, World Economic Forum to further our research agenda and improve the quality of careers education for children and young people in the UK and beyond. ACHIEVEMENT AND PERFORMANCE Insplrln8 the Future Inspiring the Future IITFI was the first employer engagement in education programme designed and developed by Education and Employers aimed at engaging tens of thousands of schools and volunteers across the country. It remains our flagship programme for schools with 26.000 teachers and school leaders from 11,000 schools and colleges registered,185%+ of secondary and 35% of primary) and 90,000 volunteers from diverse backgrounds and professions. It has enabled over 4.5 million interactions between young people and volunteers to date. The programme offer5 an unrivalled database of diverse volunteers available for both in person and virtual activities. Coupled with our team'5 expertise in facilitating impattful activities for a range of age groups and demographics. schools across the country come to us with tonfidence in helping to inspire their students, navigate potential future opportunities and motivate them around subjects. During the 2023-24 financial year, our programme reached over 410,000 children and young people. We supported schools to deliver impactful face to face and virtual employee encounters that successfully delivered against Gatsby Benchmarks. We also provided schools with a range of resources explicitly designed to support in delivery of the Gatsby benchmarks and delivered training and guidance to help strengthen this. Over this financial year we have continued to work closely with key stakeholders across the sector including local authorities, Multi-Academy Trusts including Asset Education and Future Academies and with the Careers and Enterprise Network I CEC"). We have continued our ongoing partnership with Education Development Trust IEDTI, who run the West London Careers Hub. where we have created new teaching resources for schools and delivered teacher training and events supporting pupils to connect with employers, including SEND schools. We continue to run national campaigns with key sectors and through funded partnerships. This includes our NHS Ambassador5 programme. our lead corporate supporter Bank of America and partnerships including WorldSki11s UK, Vestey Holding5, Maritime UK and Queen Elizabeth Scholarship Trust IQESTI, We have also partnered with Department for Transport via their Reach for the Sky Challenge Fund on a national campaign to inspire the next generation of aviation profe55i0nals. Through these partnerships we are able to help employers and industry sectors create better links to local communities, reaching out to support young people in considering the range of roles and career pathways available to them and help secure and diversify their future talent pipeline. We are grateful for their continued 5UPPOrt and look forward to working Wlth them and new partners over the coming year.
Education And Employers Taskforce Trustees, report (continued) For the year ended 31 March 2024 ACHIEVEMENT AND PERFORMANCE Icontinuedl Primary Futures We know that for children of primary age, making a connection between what they learn in the classroom and how it relates to the world of work isn't easy. Primary Futures, developed in partnership with the National Association of Head Teachers {NAHTI and launched in 2014 is changing that. Getting the chance to meet a wide range of people doing different jobs is particularly important for those children from disadvantaged backgrounds who have few successful role models, either at home or in their local communities. Primary Futures helps children understand how achieving at school can lead to a sat15fyin& fulfilling career. Alongside our support to over 7,000 registered primary schools across the country. this financial year we have focused on delivery of a number of regional and sector focused projects. Regional projects included working with the Greater London Authority to create teaching resources which focused on the built environment sector. delivering events to support London Careers Festival for both primary and secondary schools, as well as supporting the delivery of the Department for Education funded Dream Big Start Small primary programme in areas including North East. Cambridge. Derbyshire and Nottingham. Dorset and Cornwall. Our programmes continue to receive positive feedback from schools and volunteers, with 90% of teachers rating activities as impactful or highly impactful and 95% of volunteers likely to recommend volunteering with us to a colleague or friend. This is further evidenced by the positive feedback we have received from schools with some examples provided as follows.. l just wanted to contact you to say how wonderful David. one of your volunteer5, was todoy. David, o pilot from Jet 2, responded to my invitotion to speok ot an aviotion session we were hoping to hostfor our Year5 children. to inspire them around the types of careers availoble in the sector. ... the session he delivered today wos reolly engoging ond perfectly pitchedforprimory school children. Lots of the children were talking about becoming engineers. 5teward5 Gndflight traffic controllers after the session which 15 exactly whot we wantl He has made such a difference just by coming along. Thank youfvr connecting us. Teacher. South Tyneside School This h05 been a hugely positive experience for both staff and children at our5chool. It has provided a platform from which we can basefuture work ond help raise aspin7tions in on oreo of deprivation - thank youl Communication has been brilliant, and I have always left each planning meeting feeling well-informed and confident to Use the Primary Future5 platform in thefuture. Teacher. Cornwall School It's not whot you give. but what you get bock that makes this such as delight and a chollenge. Being a volunteer gives you a whole different perspective on the work you do and has been invaluable to me and my company, and I would Say to anyone think about doing this to embrace all that Inspiring the Future gives and does us it will inspire you as o person and os o pmfessionol to seek greater things also. Brian. Inspiring the Future volunteer Further afield, we have continued to work with the Ministry of Education in British Columbia to share our learning5 from the UK to schools there through a project connecting 5tudentS to employers. We look forward to building on this work over 2024/25 both here in the UK and through international partnerships. We would like to thank all our funders including the AKO Foundation and T.U.U.T. for their fsnanclal support and our volunteers, employer partners and teachers who continue to support us in our work to inspire the future generation.
Education And Employers Taskforce Trustees, report {continued) For the year ended 31 March 2024 ACHIEVEMENT AND PERFORMANCE Icontinuedl Governance Programmes Inspiring Govemance IIGJ In 2023-24 we continued to deliver the Inspiring Governance {IGI school governor recruitment service for the Department for Education IDfEI. Financial year 2023-24 was the last full year of the contract. but based on our performance the DfE exercised the option to extend this contract for a further six months. and it will now be delivered to the end of September 2024. At this point the contract will formally end after eight years of successful delivery. The focus of this contract includes the recruitment of skilled volunteers to governing boards of maintained schools and local governing boards of academy trusts. It doe5 not include recruiting academy trustees. The governor recruitment service works using our unique Salesforce and Ordnance Survey mapping technology platform. where volunteers can re8iSter their interest in becoming a governor and school/ academy trust recruiters can p05t their governing board vacancie5 whi15t also searching for suitable skilled volunteers in their local area. Those governors appointed in schools have been provided with Supporting induction materials and online training modules from the National Governance Association INGAI. During the 2023-24 financial year we comprehensively met the DFE'5 KPIS. securing full performance payment5 for contract delivery. We successfully placed 1.274 governors in schools, reaching 102% of the DfE's increased matching target for year two of the contract. We also significantly exceeded many other KPIS, including exceeding the targets for appointing Black, Asian and minority ethnic governors by 221% and appointing younger governors under 50 by 164Yo. We also easily surpassed our gender band targets, our non-London regional appointment targets, and our required governor skills targets. As part of our governance work and our desire to secure a diverse civic democracy, we have continued our commitment to diversifying school governing boards under ourjoint Everyone on Board campaign with the National Governance Association. As part of this commitment the charity used its own reserves to produce a compelling new campaign video and we would like to thank all the passionate partners who have promoted the campaign and video on our behalf- such as Operation Black Vote, the Church of England Education Office, and the brilliant Civil Service Race Forum. amongst many others. In financial year 2023-4, over a third135%) of the governors we placed in schools and academies were from an ethnic minority background. In response to governing boards continued articulation that they often lack the education expertise in their membership to effectively challenge headteachers. we have continued our joint Educators on Board campaign. Kindly supported by leading educational stakeholder5 such as the Association of School and College Leaders, the National Association of Headteachers. the DfE. the Chartered College of Teachin& Teach First, and the Independent Schools Council we have been able to recruit hundreds of extra education professionals in 2023- 24. across all English regions and school phases, to bring much needed education skills and insight onto school boards. In addition to education volunteers. we have worked with a nationwide network of employers (both private and public sector e.g. the NHSI and professional associations and member networks to talk to volunteers about the responsibilities and benefits of becoming a school governor. These have included our growing number of School Governor Champions, who have actively promoted the role of school governor to their staff and supported them to undertake this important role. We have a150 continued a wide range of communication campaigns throughout the year. including our Volunteers Week. 'back to school,, and Christma5 and New Year ampaign5. We have also continued to produce numerous case studies featuring young and diverse professionals who have become governors, persuading their peers to consider volunteering as a governor.
Education And Employers Taskforce Trustees, report {continued> For the year ended 31 March 2024 ACHIEVEMENT AND PERFORMANCE Icontinuedl We have enjoyed strong relationships throughout 2023-24 with wide range of governor and trustee recruiters. These have included Local Authorities, Academy Trusts, Dioceses and a wide range of schools, colleges, and academy trust local governing boards themselves. 2023-24 saw over 1,100 more single school and academy trust recruiters sign up to use the 5ervice1162 of these recruiting for multiple schools) and we undertook numerous virtual (beginner and mastercla5s} briefings for recruiters on how to best use the online platform to support their recruitment needs. Our Inspiring Governance service has achieved consistently high customer satisfaction rates throughout FY 2023-24. The last Q4 survey of our placed volunteers and recruiters was consistent with quarters 1-3 and showed- 95% of volunteers were satisfied with the Service provided by Inspiring Governance; 95% of volunteers would recommend the IG service- and 95% were happy with the information and onboarding support provided to them throughout the proce55. Surveys of our recruiters showed.. 97% of recruiters were satisfied with the service provided by Inspiring Governance and 100% would recornmend the IG service to others. This is an exceptionally strong endorsement of our work judged by any industry standards for customer satisfaction. This is further evidenced by the positive feedback we have received from recruiters; typical examples of which are below: "I wa5 delighted with the quality of govemors ond gratefvl the website made it so simple to appoint such great odditions to our board.- "It is an exceptionol service. and I've managed to recniit muny volunteers onto our governing boord- "I wanted to drop a quick line as I will be leaving my trust in afew weeks and so wanted to offer a quick note of thonksfor your support in our governor and trustee recruitment over the yeor5. I've used your5eNice for mony years. and it's always offered greatpeople to get involved in my schools so thonk you." In 2023-24 the Inspiring Governance contract was focused increasingly more on supporting 'high needs, settin8s. These were defined as those schools/ academies rated 'requires improvement, or'inadequate, bv Ofsted. or school governing boards causing concern referred to us directly by a local authority. diocese. or academy trust for extra recruitment support. These governor placements have required significantly more time and bespoke work from our team, but our governor appointments have made a considerable impact for these'high needs. settings. Trustx is a recentlyformed. two school MA Tbased in Coventry in the West Midlond5. The Executive Head Teocher contacted usfor urgent help recruiting new locol governorsfvr one of the primorie5 afterfailing to find ony through any other met7ns. The School wa5 judged as 'requiring improvement, at it5 last inspection before becoming acodemized. The key things they were lookingfvr in governors were an undetanding of the community, finance skills. and cultuml diversity. We pn?vided honds-on assistance using the IG platform ond bespoke recruitment help resulting in two new governors being Gppointed. One was a young profr55ional male in his twenties who work5 fvr the Finuncial Ombudsmen Service and the other an NHS proftssional. Both were ofsouth Asian heritage. Thank5 to allyour support we huve 5ucce55fvlly 5ecured2 new q¢)vernorsfvr5chool x which Is brilliant.-
Education And Employers Taskforce Trustees, report (continued) For the year ended 31 March 2024 ACHIEVEMENT AND PERFORMANCE (continued) The charity is immensely grateful to all the brilliant employers and professional associations that have supported the service and all the fantastic individuals who have volunteered to become a governo[/ trustee. Our Value of Volunteering research highlights four clear benefits to volunteering as a governor.. benefits to schools from skilled volunteer5, professional skill development for volunteers from undertaking the role- motivation and productivity gains for employers who support their staff to volunteer; and additional personal health and well-being gains for those individuals who volunteer. We would also like to thank our funder5 the Department for Education,. and all the governor recruiters who have worked with us from individual schools to local authorities, diocese and multi academy trusts. Our focus in 2024-5 will be to ensure we work with schools and volunteer5 to ensure we place as many volunteers as P055ible in the right governance role, before ensuring an orderly c105ure of the service by the end of September 2024. Following thi5 closure, the Department for Education will not be funding any governor recruitment for the first time in 25 years. Research Bulletin and Llbrory The Charity produces an international free monthly research digest which combines the latest research, reports and publications worldwide to support policy makers and researchers interested in employer engagement in education. It contains detai15 Of forthcoming conference5 and events, calls for evidence, tenders, articles and blogs on careers, skills. jobs and education. The more notable reports are included in the CharitV'5 online library which provides a comprehensive repository of the different and effective approaches to employer engagement and careers education. It brings together the latest thinking with selected research published over the past 40 years. Free to access and searchable by keyword, it features summaries of a wide range of studies with abstracts and links to the full reports. Over the last decade the library has become a valuable asset for researchers, academics and policy makers. With research articles and reports from leading figures and education bodies, visitors can examine issues such as employer-led learning, youth employment, career-related learning in primary schools, and social mobility. as well as information on gender, ethnicity, and specific subject study such as STEM. Internatlonol Our programmes and research continue to attract international interest. We have a number of partnerships in place, the most notable being Wlth New Zealand where we are working with the Tertiary Education Commissionne Amorangi Matauranga Matua which is responsible for all careers provision in the country. We are also working with partners in Australia, Sweden. Iceland. Uganda and British Columbia, Canada whose Ministry of Education and Childcare have commissioned the charity to develop a programme for pupils in Grades K-8 (ages 4-14 years) with the aim of: Exposing K-8 student5 to different career options Broaden their horizon of possibilities Create links between learning and career development Bring learning to life Thank you The Trustees are grateful to the support given to the Charity by many individuals and organisations. We would like to take this opportunity to thank the thou5and5 of volunteers, organisation5 and partnerships without whom our work would not be p055ible and to all the schoo15 and teachers who work so hard to inspire the next generation. Education and Employers works with and through partners and special thanks should go to Bank of America. AKO Foundation, National Association of Head Teachers, Health Education En8land, Department for Education, TUUT Charitable Trust. Department for Transport. Freshfields and Ordnance Survey amongst many others.
Education And Employers Taskforce Trustees, report (continued) For the year ended 31 March 2023 FINANCIAL REVIEW The total income of Education and Employers was £1,187,79412023- £1,267,768) and a deficit of £53,143 12023- £60,033) for the year ended 31 March 2024. Funding and going concern The income of the Charity has been supported in the year by the continued activity of a major supply contract for the Department for Education, Inspiring Governance. Under this contract the Charity has used the technology developed under the Inspiring the Future programme to match volunteer school governors with suitable vacancies. This is a major undertaking for the Charity which has involved considerable development of our technology platform and recruitment of regional staff in areas where school governors have been difficult to recruit. The Charity makes forecasts of future funding based on different outcomes to funding bids and dependant on whether significant contracts are renewed when they come to their contract renewal date. In respect of the Inspiring Governance contract that comes to an end in September 2024 the Charity has made forecasts to ontinue operations without this funding after making appropriate changes to staffing levels. The Charity regrets that it has been necessary to make some redundancies during this adjustment and would like to thank all of the employees for their continued hard work through this difficult transition. Our accounting policy on going concern on page 20 goes into further detail on future funding. The Charity has always sought to broaden its income sources to include grants from charitable Trusts and foundations. develop corporate partnerships. and relationships with prospective major donors. The Charity is positioning itself as a specialist partner to potential partners for projects and contracts offering our expertise to add value. Reserves pollcy The total reserve5 held by the Charity at the year-end were £335.045. Thi5 is made up of £16,122 restricted, £19.246 designated and £299,677 general unrestricted reserves. The value of the restricted, unrestricted and designated reserves is monitored by the charity and reviewed annually when the statutory accounts are presented for approval. The Trustees consider that the Charity should retain reserves sufficient to cover three months basic running costs. This equates to £250,000 and at the year end this target had been met. Thi5 15 on the ba515 of the total restricted and unrestricted funds held at the balance sheet date. as the majority of charitable expenditure is within restricted funds. Principal risks and uncertainties Management and the Board of Tru5tee5 continuously monitor the major risks to which the Charity is subject. namely continuation of its funding and its reputation. Funding. Funding is regularly and closely reviewed by the Trustee5, Wlth the strategy to maintain medium term funding. The Charity remain5 small, low cost and flexible and, in the event of a sudden 1055 of funding, an orderly close-down could be affected. Having reviewed the strategic risks facing the Charity as well a5 the cash flow forecast models for various scenarios. the Trustees consider that there are sufficient reserves held at 31 March 2024 to manage those risks and achieve their business plan. Reputation. The Charity ha5 taken centre stage in the area of education and employer engagement: management and Trustees recognise that the future of the Charity depends on maintaining this P051tion. To thi5 end, all programmes and events that the Charity runs are professionally managed. and all research work the Charity sponsors is carried out and reviewed in a thorou8h, professional and independent manner. io
Education And Employers Taskforce Trustees. report (continued) For the year ended 31 March 2024 STATEMENTOF TRUSTEES, RESPONSIBILITIES The Trustees, who are also the directors of Education and Employers Taskforce for the purpose of companv law. are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity, and of the income and expenditure of the charitable company for that year. In preparing these financial statements, the Trustees are required to- select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP,. makejudgements and estimates that are reasonable and prudent- and prepare the financial statements on the going concern basis unle55 it 15 inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracv 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 AUDITOR Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit. but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. The Trustees, report was approved by the Board ofTrustees and signed on their behalf by: Trustee Dated- l................. li
Buzzacott DRAFT Independent auditorfs report to the members of Education and Employers Taskforce For the year ended 31 March 2024 Oplnlon We have audited the financial statements of Education and Employers Taskforce (the 'charitable company'l for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, and statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard5, including Financial Reporting Standard 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. + give a true and fair view of the state of the charitable company's affair5 a5 at 31 March 2024 and of it5 incorne and expenditure for the year thenended,. • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and • have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial Statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to goin8 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 corNpany'5 ability to continue as a going concern for a period of at least twelve month5 from when the financial statements are authorised for issue. Our responsibilitie5 and the responsibilitie5 of the trustees With respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Ou r 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 12
Buzzacott DRAFT Independent auditorfs report to the trustees of Education and Employers Taskforce For the year ended 31 March 2024 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 themselve5. If, based on the workwe have performed. we conclude thatthere 15 a rnaterial misstatement of this other information, we are required to report that fact. We have nothing to report in thi5 regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. • the information given in the trustees, report, which is 0150 the directors, report for the purposes of ompany law, for the financial year for which the financial statements are prepared is consistent with the financial statements,. and • the tru5tees' report, which is a150 the directors, report for the purpose5 Of company law, ha5 been prepared in accordance with applicable legal requirement5. Matters on which we are required to report by exceptlon In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us.. or + the financial statements are not in agreement with the accounting records and returns,. or certain di5c105ures of tru5tees' 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 were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the tru5tees' report and from the requirement to prepare a Strategic report. 13
Buzzacott DRAFT Independent auditorfs report to the trustees of Education and Employers Taskforce For the year ended 31 March 2024 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees Iwho are also the directors of the charitable company for the purposes of company lawl 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, disclosin& 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 operation5, or have no realistic alternative but to do so. 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 misstaternent, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable a55urance 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. Mi55taternent5 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 user5 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: • the engagement partner ensured that the engagement team collectively had the appropriate competence. capabilities and skills to identify or recognize non-compliance with applicable laws and regulations; we identified the laws and regulations applicable to the Charity through discussions with management, and from our knowledge and experience of the sector- we focused on specific law5 and regulations which we considered may have a direct material effect on the financial statements or the operations of the Charity. including the Charities Act 2011, Companies Act 2006. data protection legislation, anti-bribery, 5afeguardin& employment. health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence- and identified laws and regulations were cornmunicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 14
Buzzacott DRAFT Independent auditorfs report to the trustees of Education and Employers Taskforce For the year ended 31 March 2024 We assessed the susceptibility of the Charitls financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was a susceptibility to fraud, their knowledge of actual, suspected and alleged fraud,. and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the rlsk of fraud through management blas and override of controls, we.. + performed analytical procedures to identify any unusual or unexpected relationships.. • tested journal entrie5 to identify unusual transattions; and assessed whetherjudgements and assumptions made in determining the accounting estimate5 set out in the accounting policies were indicative of potential bias. In response to the risk of irregularities and non-compliance with laws and regulations. we designed procedures which included. but not limited to: agreeing financial statement disclosures to underlying supporting documentation; reviewing the minutes of Trustees, meetings- enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise froffl error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.or auditorsres onsibilities. This description form5 part of our auditorf5 report. 15
Buzzacott DRAFT Independent auditorfs report to the trustees of Education and Employers Taskforce For the year ended 31 March 2024 Use of our report This report is made solely to the charitable company's Trustees. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's member5 those matter5 we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's Trustees as a body. for our audit work. for this report, or for the opinions we have formed. Katharine Patel (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL 11 VvvowbLf %2 * 16
Education And Employers Taskforce Statement of financial activities for the year ended 31 March 2024 Unrestricted Restricted 31 March 31 March Notes fund5 funds 2024 2023 Income from". Donations and legacies Charitable activities 17,586 261,915 11,054 Z90,555 3.506 893,733 21,092 1.155,648 11.054 1,187.794 632 1.261,558 5,578 1,267,768 Investment5 Total income 897,239 endItU on: Charitable activities Research Inspiring the future icould 15.217 1,158,026 15,217 1,187,073 38,647 1.240,937 8,367 1,279,016 40.418 29,047 38,647 Total expendlture 67,694 1,173,243 1,327,801 Net incomel{expend•ture) for the year 222,861 {276,004) 153,143) {60.0331 Transfer between funds 115,217) 207,644 15,217 {260,787} Net movements in funds {53,1431 160,0331 Reconciliation of funds: Total funds at l April 2023 111,279 276,909 388,188 448,221 Total funds at 31 March 2024 318.923 16,122 335,045 388,188 The statement of financial activities includes all gains and losses recognised in the year. All of the Trusvs activities derived from continuing operations during the above two financial periods. The notes on pages 20 to 29 form part of these financial statements. 17
Education And Employers Taskforce- Registered number: 06886359 Balance sheet 31 March 2024 Notes 2024 2024 2023 2023 Fixed assets: Tangible assets 12 3.823 2,750 Current assets Debtors 13 47.125 149,902 Cash at bank and in hand 439,397 486.522 507,814 657,716 Credltors: Amount5 falling due within one year 14 (155.300) 1272,2781 Net current a$5etS 331,222 385.438 Total assets less current liabilities 335,045 388,188 Income funds Restricted funds 17 16,122 276,909 Unrestrlcted funds Designated funds General unrestricted funds 19 19,246 299,677 19.246 92.033 18 318,923 111,279 Total funds 335,045 388,188 The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accou nting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provi5ion5 of FRS102 section IA- sm311 entities. The financial statements were approved by the Trustees and signed on their behalf by: rustee Date: [.. The notes on pages 20 to 29 form part of these financial statements. 7R
Education And Employers Taskforce Statement of cash flows For the year ended 31 March 2024 2024 2024 2023 2023 Note Cash flows from operating activities Cash (used in) operating activities 23 176N13) 1166,787) Investing activities Purchase of tangible fixed assets Interest received (3.0581 11,054 14.0411 5,578 Net cash funded by investing activities 7,996 1.537 Net decrease in cash and cash equlvalents {68.417) 1165,250) Cash and cash equivalents at l April 2023 507,814 673,064 Cash and cash equivalents at 31 March 2024 439,397 507,814 19
Educatlon And Employers Taskforce Notes to the financial statements For the year ended 31 March 2024 General Informatlon Education And Employers Taskforce is a private company limited by guarantee and is incorporated in England and Wales. The registered office is Quantum House, Red Lion Court, London, EC4A 3EB, England. In the event of the charity being wound up. the liability in respect of the guarantee is limited to £1 per voting member of the charity. The Charity's objectives and aims are disclosed in the Trustees, and Director5, Report. Accounting Policies Basis of preparation of financial statements These financial statements have been prepared in accordance with FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland" the requirements of the Companies Act 2006 and under the historical cost convention. The financial statements have also been prepared in accordance with the accounting policies set out in more detail below, to comply with the charity's governing document. the Charities Act 2011 and 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. The Charity constitutes a public benefit entity as defined by FRSIO2. The financial Statements are prepared in sterlin& which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. Going concern The Trustees have prepared the accounts on a going concern basis. It is the Trustees. opinion that the Taskforce has sufficient income by way of grants and donations, from a variety of entities which secures their funding for at least the next twelve months from the date of approval of the financial statements I'the forecast period"). In making that assessment consideration has been given to the anticipated renewal of contracts due to expire within the forecast period were probable, with plans in place to mitigate against the loss of income should that be the case. The Trustees have reviewed the cash flow projects for the forecast period and the charity has sufficient cash at bank to meet its liabilities as thev fall due. The Trustees and management continue to work to secure medium- and longer-term funding, where appropriate in partnership with others. but always retaining the guiding principles of independence and that services are free. The Trustees believe that the charity has sufficient funds to continue its activities for at least twelve month5 from the date of signing the financial statements and that there are no material uncertainties impacting on that assessment. Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the fund5 have been designated for other purposes. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of a work strand. Income Grant income received from the Department for Education, Education and Skills Fundin8 Agency and other organisation is recognised using the accruals model and spread over the length of the contract. 20
Education And Employers Taskforce Notes to the financial statements {continued) For the year ended 31 March 2024 Donations and Legacie5, which include grants from non-governmental organisations (NGOS) are recognised when the Charity is entitled to it after any performance condition5 have been met, the amounts can be measured reliably, and it is probable that income will be received. Investment income is recognised on a receivable basis, net of management fees. 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 bank. Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. Charitable expenditure comprises those cost5 incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance cost5 include those cost5 associated with the general running of the charity and include the operations of the Board and addressing constitutional, audit and other statutory requirements. All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly.. others are apportioned on an appropriate basis. 2.6 Trademarks Internally generated trademarks and logos are treated a5 an expense and written off to the Statement of Financial Activities in the year that the expenditure is incurred. Allocation of support ¢0Sts The costs of functions, which support more than one of the charit¢s activities, have been allocated to those activitie5 based on time spent in furtherance on the charitws objectives. 2.8 Tanglble and intangible fixed a55ets Tangible fixed asset5 are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases.. Furniture. fittings and equipment 20% & 33% straight line It is the charity's policy not to capitalise items costing less than £l.000. All trademarks. logos and intellectual property are written off in the year incurred. Impairment of fixed a55et5 At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment1055. If any such indication exi5t5, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 2.10 Cash and cash equlvalents C35h and cash equivalents include cash in hand and deposits held at call with banks. 21
Education And Employers Taskforce Notes to the financial statements (contlnued) For the year ended 31 March 2024 2.11 Financial instruments The charitable company applies the provisions of Section 11 'Basic Financial Instruments, of FRS 102 to all of it5 financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements. when there is a legally enforceable right to set off the recognised amounts and there is ar) intention to settle on a net basis or to realise the asset and Settle the liability simultaneouslv. 2.12 Financial instrument5 Basic financial assets, which include debtor5 and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortlsed c05t Using the effective interest method unless the arrangement constitute5 a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 2.13 Baslc financlal liabilities Basic financial liabilities, including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 2.14 Taxation The Taskforce is a re8lStered charitable company and as such its income and 8ains falling within Sections 466 to 493 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 are exempt from corporation tax to the extent that they are applied to its charitable objectives. 2.15 Employee benefits The costs of short-term employee benefits are recognised as a liability and an expense, unless these costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any used holiday entitlement is recognised in the period in which the employee's services are received where deemed material by the Trustees. 2.16 Pension The charity operates a defined contribution scheme, and the pension charge represents the amounts payable by the charity to the fund in respett of the year. The costs of the defined contributions are charged to each activity based on the methodology in note 16. 2.17 Operating lease Rentals paid under operating leases are charged to the Statement of Financial Activities as incurred over the term of the lease. Critical accounting estimates and judgements In thp. applir.Htinn nf thp r.harity's ar.r.niJnting pnlir.ip4. thp Trijstpps arp rpqiiirpd tn makp jiJdgpmpnt£, eetimater Jnd J""umption" about tho carrying amount of arrot and liabilitiov that aro not roadily appareiit from otlier sources. èslimale5 and a550ciaLed a5SUII)PLion5 are based on liislorical experience and other factors that are considered to be relevant. Actual results may differ from these estlmates. The estimates and underlying assumption5 are reviewed on an ongoing basis. Revlsions to accounting 22
Education And Employers Taskforce Notes to the financial statements {continued) For the year ended 31 March 2024 estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Gifts in kind Gifts in kind are measured at their fair value. Calculation of the fair value of each gift in kind received by the charity involves a degree of judgement to be made. which includes looking at the market value of the gift in kind at the date of receipt, and what would be expected to be paid at an arm's length transaction. This calculation has no net itnpact on the result for the year. Donations & legacies Unrestricted funds Restricted funds 2024 Unrestricted funds Restricted funds 2023 Donations 17,586 17,586 3,506 3,506 21,092 21,092 500 500 132 132 632 632 Charitable activitles Unrestricted funds Restricted funds 2024 Unrestricted funds Restricted funds 2023 ITF icould 237,890 24,025 261,915 893,733 1,131,623 24,025 1.155,fA8 116,126 29,750 145,876 1,115.682 1,231,808 29.750 1,261,558 893,733 1,115,682 Income from Investments 2024 2023 Interest receivable 11,054 11,054 5,578 5,578 23
Education And Employers Ta5kforce Notes to the flnancial statements (continued) For the year ended 31 March 2024 Charitable activities Research Inspiring the futu Icould Total 2024 Total 2023 Staff costs Other direct Costs Depreciation 3,584 11,633 609,660 108,927 1,987 720,574 613,244 159,207 1,987 774,438 550,346 198,120 1,417 749.883 38,647 15,217 38,647 Share of support cost5 (see note 81 Share ofgovernance costs (see note 81 439.439 439,439 554.168 27.060 Z7,060 23,750 15.217 1,187.073 38,647 1,240,937 1,327,801 Analysis by fund: Forthe year ended 31 March 2024 Unrestricted funds Restricted funds 29,047 1.158.026 1,187.073 38,647 67,694 1,173,243 1,240,937 15.217 15,217 37,647 For the year ended 31 March 2023 Unrestricted funds Restricted fund5 25,167 1,253,849 1,279,016 40,418 65,585 1,262,216 1,327,801 8,367 8,367 40,418 The allocation of staff costs 15 based on time spent on each activity. Support costs Support costs Governance Costs Total 2024 Total 2023 Staff costs Other costs 306.856 132,582 439,439 306,856 132,582 439,439 18,750 8,310 466,499 370,389 183,779 554.168 18,750 5.000 577,918 Audit fees Legal and professional 18,750 8,310 27,060 439,439 Support and governance c05ts are allocated in proportion to the direct costs incurred in respect of each activitv. 24
Educatlon And Employers Taskforce Notes to the flnancial statements (continued) For the year ended 31 March 2024 Net movement In funds 2024 2023 Net movement in funds Is stated after charglng Fees payable to the charity's auditor Depreciation on tangible fixed assets Operating lease charges 12,000 1,987 32,147 12,000 1,417 32,147 io Trustees None oftheTrustees lorany persons connected with them) received any remuneration or reimbursement of expenses from the charity during the year12023- none). li Employees Number of employees The average monthly number employees during the year was.. 2024 Number 2023 Number Research Inspiring the future Other support staff 19 19 24 25 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 809,288 77,212 42,509 929,009 799,348 79,972 33.275 917.595 The charity offers all employees a season ticket loan which is repayable by employees within the year from the date the loan is issued. The number of employees whose annual remuneration was £60.000 or more were: 2024 Number 2023 Number In the band E60.001- £70.000 In the band £70.001- £80,000 In the band £80,001- £90.000 The charity considers the Board of Trustees, the Taskforce Dirertor and the ITF senior management a5 their key management personnel. The total employment benefits {includin8 employer's national insurance contributions and employer pension contributions) ot key management personnel wa5 £249,30412023: £270.396}. 25
Educatlon And Employers Taskforce Notes to the financlal statements (continued) For the year ended 31 March 2024 12 Tangible Assets Furniture, fittings and equipment Cost At l April 2023 Additions At 31 March 2024 53,800 3,058 56.858 Depreciation At l April 2023 Charge for the year At 31 March 2024 51.048 1.987 53.035 Net book value At 31 March 2024 At 31 March 2023 3A23 2.750 13 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Prepayments & accrued income 36,518 10.607 47,125 118,190 31,712 149,902 14 Credltors: amounts falling due within one year 2024 2023 Trade creditors Other taxation and social security Other creditors Accruals and deferred income 7304 8,336 81,392 58.268 155,300 12.654 79.239 8,655 171.730 272,278 26
Education And Employers Taskforce Notes to the financial statements (continued) For the year ended 31 March 2024 15 Deferred Income 2024 2023 Deferred income at l April 2023 IrTrcome received requiring deferment Release of irlcome during the year Deferred income at 31 March 2024 127,723 12,780 (127.723) 12,780 135.000 127.723 {135,0001 127,723 16 Retirement benefit scheme5 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The charge to Statement of Financial Activities in respect of defined contribution scheme was £42,509 12023.. £33,275). At the balance sheet date, the charity had total pension contributions outstanding totalling £3.39512023.' £3,315). 17 Restricted funds Movement in fund5 Balance at l April 2023 Income Expenditure Transfer Balance at 31 March 2024 Research Inspiring the future (15,2171 11.158,0261 {1,173,2431 15,217 276,909 276,909 897,239 897,239 16,122 16,122 15,217 Movement in funds Balance at l April 2022 Income Expenditure Transfer Balance at 31 March 2023 Research Inspiring the future 18.3671 11.253.849) 11.262,2161 8.367 414,944 414,944 1,115,814 1,115,814 276,909 276,909 Research fund: Ensijring thp latp£t qpminArs and confprpnces arp made available to those who reqiiire it. Insplrlng the future fund: Inspiring the future is a free and easy way for schools, college5 and volunteer5 from the world of work to connect. 27
Education And Employers Taskforce Notes to the financial statements (continued) For the year ended 31 March 2024 18 General funds Movement In funds Balance at I April 2023 Income Expenditure Transfer Balance at 31 March 2024 General unrestricted 92,033 92,033 290,554 290,554 (67,693) 167,6931 115,2171 115,2171 299,677 299,677 Movement in funds Balance at i April 2022 Income Expenditure Transfer Balance at 31 March 2023 General unrestricted 14.031 14.031 151,954 151.954 165,585) 165,585} 18,367) 18,367) 92,033 92.033 19 Designated fund5 The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the Trustees for specific purposes: Movement in funds Income Expenditure Balance at l Aprll 2023 Balance at 31 March 2024 Staff personal development fund 19,246 19,246 19,246 19,246 Movement in funds Income Expenditure Balance at l April 2022 Bè13nce at 31 March 2023 Staff personal development fund 19,246 19,246 19.246 19.246 The staff personal development fund is expected to be used within the next two years. 28
Education And Employers Taskforce Notes to the financial statements (continued) For the year ended 31 March 2024 20 Analysls of net assets between funds Unrestrirted fund Restricted funds Total 2024 Fund balances at 31 March 2024 are represented by.. Tangible a55ets Current assets 3,823 315,100 318,923 3,823 331,222 335,045 16,122 16,122 Unrestricted fund Restricted funds Total 2023 Fund balance5 at 31 March 2023 are represented by: Tangible assets Net Current assets 2,750 108,529 111,279 2,750 385.438 388,188 276.909 276,909 21 Operating lease commltments Operating lease payments represent rental payables by the charity for land and buildings. Leases are negotiated for an average term of 4 years. At the reporting date, the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due 35 follows: 2024 2023 Within one year Between one and five years 49,000 39,067 88,067 49,000 88,067 137,067 22 Related party transactions The Charity received income from the Bank of America during the year totalling £58,325 {2023: £59,889). There were no amounts outstanding at the current or previous year end. lan Ferguson is a Trustee of the Charity and has an interest in that business. There were no further transactions with related parties to be disclosed under FRS 102. 23 Cash generated from operations 2024 2023 Deficit for the year 153,1431 160,0331 Adjustments for: Interest receivable Depreciation of tangible fixed assets 111,0541 1,987 15,5781 1,417 Movements In workln8s capital: Decreaselllncrea5el in debtors (Increase) in creditors Cash (used in) operating artivlties 102,777 {116,9781 176,4131 197,354} 15,2391 {166,7871 29