DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 Ambition Institute Company number.. 07984030 ANNUAL REPORT DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 CONTENTS WELCOME > Message from the Chair ofTrustees Message from the CEO PURPOSE AND ACTIVITIES > Who we are and what we do Our programme5 > Spotlight.. Claudenia Williams ACHIEVEMENTS AND PERFORMANCE Over¢iew of our year > Spotlight.. Expert Edits > Spotlight.. Keren Davies > Advancing racial equality in the School workForce > Creating the golden thread > StH)tlight. Pathfinder Multi-Academy Trust > Supporting schoo15 Wlth strategic profe55ion31 developnient > Our People > Spotlight.. Kyle Prati io li 12 14 15 17 18 FINANCIAL REPORT 19 Financial performance > Spotlight.. Steplab Fundraising > Managing risk Governance 5trurture 20 22 23 > Charity information Structur&, governance and management > Spotlight.. our new trustees > Looking to the futurÈ > Independent auditor's report Statement5 of financial activities 25 26 26 27 28 31 KEEP GETTING BETTER AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 CHAIRIS WELCOME A recent survey said that almosttwo-thirds of parents value the work of tea¢hers MO￿ now than before the pandemic began. At Ambition Institute, we believe- and have always believed- thatthe workof teachers and school leaders is crucial. The hard work, dedication and expertise of th05eworking in 5choo15 plays a fundamental role in 5UPPOrting all children, and parti¢ul)rlythe most disadvantaged, to a¢hieve their potential, no matter their background. Whilst there hBve been lots of chBnges overthe last year, we atAmbition have continued to focus on our corÈ mission.. designing and delivering excellent quality professional development, which supports teachers and leaders to become more expert overtime, with a key focus on disadvantaged communities and individuals. Thank you to &veryone involved- at Ambition Institute itself, our delivery partners, and of course our pBrticipant5.. by working together, we can have the best P055ible impart on the education sector, and the children we Serve. I want to paytribute to the great work of teacher5 and school leader5 throughout the pandemic.. the profession has risÈn to enormous challenges through this period, with skill and compassion. Rich Jefferson is Interim Board Chair of Ambition Institute and Chair of the Finance and Risk Committee. Through all of this, we have seen the demand for and engagement with professional development grow exponentially. Tho introduction of the Early Career Framework and the new National Professional Qualifications ar? important steps in making sure that high quality professional development 15 available to as many people BS P055ible, and l Bm proud of the role that Ambition is playing in deliveringthese programmes. AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 WELCOME FROM HILARY At Ambition Institute, we are now working with more teachers and school leaders than ever before. Our aim is to give each of them the best possible experience of high quality professional development, $0 thatthey are ableto support every ¢hild to develop and learn. all of our Internal systems develop to support our work effectively. We continue to Innovate in our use of technology. how it Serves our p3rticipant5, how it works with other sy5tem5, and how it supports our internal ways of working, particularly through the Pandemic. We are focusÈd on how best we support our people.. through better and fairer recrLJltment systems, continually building our expertise In both core and new disciplines, and an increased focus on diversity and inclusion. We have invested Significant time and energy In every a5pett of our external operBtion5 over the last year.. our programme design, recruiting participBnt5, working with partners, delivering our programmes in-person and virtually, and Èvaluating their impact. These are crucial to our ability to offer every participant a strong service, and vital for being able to operate at a IBrger 5cBle. We are now working right across the country, with dedicated and professional partners, and we are excited about the impact we a able to havo together We havo achiÈved 8 huge amount over the last year, and we are excited about the opportunities ahead. We are in a strong position as an organisation, and we are looking forward to continuingto work with individu315, schoo15 and partner5 up and down the country in the years ahead, and to keep focussing on our core mission of tackling disadvantage. We have also focussed on our Internal operBtion5- 5 we grow and increase our Scale, it 15 Important that Hilary Spencer 15 the Chief Executive Officer of Ambition Institute AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 WHOWE AREAND WHAT WEDO Ambition Institute has one purpose: to help educators serving children from disadvantaged backgrounds to keep getting better. We train teachers and leaders at all levels to get betterat the things that make the biggest difference: what they teach, howtheyteach it, and how they create the conditions for pupils to thrive. We share what works. Everyone can benefitfrom evidence of how great teaching and leadership can improve schools and change lives, so we connect people to the latest research and best practice. We champion every teacher and school leader's potential to develop, as the driving force for sustainable school improvement. Children from disadvantaged backgrounds, on average, do not do as well as their peers at school. When disadvantaged young children stBrt primary School, they are often over four month5 behind non-disBdvBntaged peers This gap doubles by the time they finish primary school and doubles again by thÈ timÈ thoy complÈte secondary school. At this stage, they are over a year and a half behind in terms of their attainment. We know that improving teaching and school leadership Is the best way to address this gap. No other aspects of the school 5y5tem have a5 much influence on pupil achievement, particulBrly the Bchievement of pupils from disadvantaged backgrounds. AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 OUR PROGRAMMES Through our programmes, we want to ensure thÈre aro expert teachers in every classroom being led by expert school leaders at all levels. We deliver.. The Early C8rÈor Framowork, working with over 14.000 new teachers and their mentors Research te115 US that.. > Professional development for teachers is proven to support their rotention in the sector The new National Profe55ional QualificatlOn5, working with 9,000 middle and senior leaders > This is particulBrly 5ignificBnt for new teacher5. Support 5ignific8ntly increases retention over the first five ye8rs of teachors, careers > Programmos focussÈd on developing d&&p teacher expertise". Master's in Expert Teaching Teacher Education Fellows Improving the performance of serving teachers Is three time5 more effertive in raising standards than the combined effect of all the èttempts to improve teaching through replacement, TransformingTeachinE- a whole.school programme > Programme5focus5ed on School leBder5hip'. Expert Middle Leaders Curriculum for Senior Leaders High quality continuing professional development for teacher5 has a significant effect on pupils, learning outcome5 Most teachers stop improving after the first five to ten years of their caroer, but effective professional development can prevent this plateau and enable teachers to continue improving at the same rate Future Leaders Trust Leaders Next year, we will be working with our netr￿ork of 40 delivery pBrtner5 to bring these programmes to ore teachers and leaders than ever before, bringing a coherent approach to professional development throughout thoir carÈÈr. > And beyond the influence on individuals and their pupils, thÈ impact of profossional development can be even greater if whol& schools or groups of schools We'll support more than 26,000 teachers and leaders, who between them serve more than three million children. For almost 15 yeBf5, we and our predece550r charities have been delivering high quality professional development programmes. As 8 charity. we do not make a profit from our work- any surpluses that we generate contribute to either making development programme5 more affordable or are invested back into re5eBrch Bnd programme design. Iz￿(011)&F1e1ch￿r-vthd.2o20. 3Ronfeldt&M(Queern2017.'SL4LtonTNx2011. SZUccdh)&Fletcher-V¢￿d.202O. IKFaft&Paw,2014. 'SutNTwst,201L AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 t4,1 POTLIGHT: CLAUDENIA'S STORY Assistant Principal Claudenia Williams, is a participant on Future Leaders a programme designed for aspiring headteachers looking to make a transition to headship. career. She said.. "I wanted to ensure that I was the best possible teacher I could be. Stepping into my first Assistant Head role, I knew I could not take it lightly. I need to be equipped so I can be a leader who has impact. It 15 important l am os effertive as I can be, that means taking time tsutto invest in my own learning sts that the decisions I m8ke are in line with the best bets, and what we know works. At Claudenia's school, KingsleyAcademy in Hounslow in West London, one in four students are on free school meals. When Clavdenia grew UP* just down the road, she faced similar challenges to her pupils. The focus of herjourney has been to become a champion that her students can look up to. "Every single second counts. Every moment in that le550n for that child counts. The risk 15 too high, we cannot afftjrd notto be research-informed, we cannot afford not to have teachers who are excellent at what they do. -seeing that tangible impact is powerfull And something you can very easily get addirted to. She said.. 'When you are working in schools like mine, you hsve to be B cheerleader. There are lots of barriers that those students have that are outside of our control. So you need cheerleaders.. you need champions that can Ilow those students to be successful. "Seeing teachers talking about teaching and learning in the corridor and getting excited about it, ortslking bout retrieval, how learningworks, and having an understanding. Knowing that IS Something you started, and knowing you've got Someone excited in teaching, and knowingthey can pass it on is a great feeling. It is about unlocking the potential in people." Investing time and energy in continuous profe55ional development hès helped Claudenia through0￿ her AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 OVERVIEW OFOUR YEAR This yÈ8r we havo continued to deliver against our 202 1- 23 Operating Plan to provide high quality programmes for our participants and customers. From bidding for new opportunitie5 to 5UPPOrtteacher5 nd leaders, to design, delivery and evaluation, we have put tho toachors and school leaders that WÈ serve at the heart of our work. We worked with partners and experts to offer freo resources to help teachers and leaders tackle the challenges they faced. We launched a series of online webinars and downloadable publications. They cover a range of tOPiC5, from mastering online teaching to motivating pupi15 upon returning to the cla55room, and from a£sÈssing pupils. needs to supporting early Career teachers. We have 3150 been developing and implementing a compelling PBrtnership model, securingtenders for the Early Career Framework and National Professional Qualifications, and strongthening how we work with our network of 40 delivery partners. This ha5 helped us lay the foundation for 5ucce55ful growth. We believe thi5 mean5 we can 5UPPOrt even more teachers and school leaders, and tske 4 step closer to achieving OLJr vision for tho education sector Supporting the sector in a challenging time The Covid-19 PBndemic ha5 been chBllengingfor 5choo15 in many ways. School leaders have been dealing with unprecedented pressure, from managing staff absence, testing, and responding to the effects of learning loss. All team5 Bcr055 Ambition Institute have been focused on responding quickly to these emerging needs. Feedback from our network of partners indicated that Participants need an agile and flexible way of accessing profe55ional development in the current context. We have continued to adapt our programmes to ensure we have the most effective blend of face-to-face and onlinÈ content. and support participants to access learning and development in the way that best meets their needs. The events and recordings were free to Bcce55 for 811 teacher5 and school leader5 and reached an audience of more than 10,000 people. Research published by the Education Endowment Foundation made it clear that disadvantaged pupils were being disproportionately affected by School closure5 and the sudden move to online learning. The Sutton Trust also estimated there has been a 34%10ss in learning for childron from lower socio-Èconomic groups. Our generous donors helped us to launch a new product specifically to t3ckle105t learning as 3 result of the pandemic. We secured funding to supportthe delivery of the Closing the Gap programme, which adapted our successful TransformingTeaching programme. Schoo15 had long period5 of disrupted profe55ionBI development. Closing the Gap helped schoo15 to regain their focus in this area Over six months, it helped teachers work on classroom behaviour, pupil attendance and staff morale. C105ingthe Gap focused on supporting schools in areas of the highest deprivation. From the beginning of the pandemic, we were Bble to work with several Schools Bcr055 the country, includingthe North East of England where WÈ wÈrÈ ÈblÉ to support eight schools and 168 toachors and schools leaders, collectively reaching almost 6,000 pupils In that region Blone. AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 SPOTLIGHT ON: EXPERT EDITS We share what works Everyone can benefit from evidence of how great te3ching and leadership can improve schoo15 and change live5, $0 we connect people to the latest research and best practice. On& of the ways in which we do this is through our Expert Edit series. INSTRUCTIONAL COACHING These free, downloBdable public8tion5 are a collection of the latest thinking around teaching and school lÈadorship. They are curated by our internal experts- they share a selection of the latest and best-lnformed content from a range of different authors, providing an analysis of their idea5 and Some reflective prompts so that teacher5 and leaders can apply them in their own setting. They Include questions like-. > How cèn we creète 8 world-clèss education system? > What is leadership success dependent on. > What rllakes a great curriculum. > How to implement school improvement? > What defines system leadership. > How do you get the best OLrt of your NQTS. Our Expert Edits have bÈÈn downloaded almost 11.000 times. We hope they add extra value and build both knowledge and capacity across the education system. AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 .IPOTLIGHT: KERENIS STORY When the first lockdown was announced, Keren Davies of Oasis Academy Southbank was faced with a challenging scenario: a group of teachers at the start of their career without access to their usual structured development. teaching and I wanted the session to have a similar structure to our normal training." Itwas goingto be h3rd to maintain the ac3demy's usual CPD Cultu￿ when her team was not all together in the same room, so could not see each other prartice. They are normally a group of 18, so cjiscussions were going to be hard, and due to a range of technical facilities, modelling clips and break out room5 were goingto have to be relied on. To tackle the issue, Keren quickly devised her own nine- step digitised development sessions, which mimicked the in-person training her NQTS were used to. Keren was a participant on the Teacher Education Fellows programme. a two-year programme developing the expertlse and practice of teacher educators. Keren says='This remote training was a great success. I was really pleased with the trainees, engagement with the activities as this allowed me to see what they were all thinking and meant that I could facilitate rneaningful discussions, which also served as a model of how they could checkfor understanding with their students. Keren used the principles embedded in the progrèmme, alongside conversations with her fellow participants on the Fellows programme, to support teachers both at home, and in the classroom. She said..-I wanted to continue to train ourteachers online, focussing on skillsthat would be useful for online AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 io DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 ADVANCING RACIAL EQUALITY IN THE SCHOOL WORKFORCE There are around 450,000 tÈ8chÈrs in England, of which around 18.40016.31%1 are BAME heritage and around 3% are black. Of the 22,400 principals or headteachers however, just 1.7% are 8AME heritage IDfE, 20201. The workshops, in April and May 202 1, wÈrÈ helpful in surfacing some of these gaps, and led us to commission educational research experts, the National Foundation for Educational Research, to conduct a new study. Existing research suggests people from ethnic" backgrounds aro loss likÈly to be accopted on toacher training courses, be retained in the profession, and progress to more senior levels, Including headship and executive leadership p051tion5. There Is a lot of personal experience which demon5trate5 and exemplifie5 the same point- and we are keen to contribute to developing 8 clear and robust evidonco base for how best to tackle it as a system. The research will seek to highlight the stages of the teachor career path whÈrÈ action to improve racial equality Is likely to be most effective. Their report is due to be PLJblished in May. We have a150 been reviewing our programme5 to make sure we attrad, retain and develop the widest talent pool.. looking at rocruitment trends to identify specific areas of focus, increasing the diversity of voices represented within our programme content, and evaluating how itfeels to be a participant with us. Alongside our partners Teach First, the Chartered College of Teaching and the ConfederBtion of School Trusts, we convened a series of evidence-gathering workshops to try to botter understand tho challenge. We wanted to pool our collertive knowledge and put plans In place to fill the gap5 In that knowledge. Internally, we have been working hard to make sure that Ambition Institute itself is an organisation which is genuinely inclusive. You can read more on page 17. *Worth. MrLe?n,Sh?rp. 2022. R¥ri?l Equ￿litylntheIP￿(hEr￿0￿￿r(e AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 li DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 CREATING THE GOLDEN THREAD Much of our organisation s work in the latter part of 2020/2 1 was supporting the education sector to mobilise for the launch of significant changes In professional development. Support for newly qualified toachers has been extÈndÈd from one year to two years Prtstectod time In their second year will be supported by additional funding- providing them with an eKtra 5% non-teachingtime In their second year. Three major changes were due to be implemented.. > The Early Career Framework, with its focus on supporting new teachers Ambition Institute was proud to bo a providÈr of the pilot and early roll-out programmes in 2019 and 2020. > A re[￿sh of the National Professional Qualifi¢atsons We designed our Early Career Teachers programme by incorporating insights and lessons From our experience on the early roll-out and pilot progr8mmÈs. Our designers developed a scaffold from the'what and how, statements from the DfE's framework, which set out whBt participants should know and be Bble to do. They supplemented that with their understBnding of what the programme would look like in the classroom. > A new delivery model for professional development, usingthe skills and links of teaching school hubs within local communities From initial teacher training and tho first, tontative terms in the classroom, to the training required to become a headteacher or an executive head of a large group of schools- there 15 now a golden thread, of learning. Schoo15 and tru5t5 have confidence that all their educators, from classroom teachers to leaders of multiple schools. are building and developing thÈir practice from the same evidence-based framework. This shift In policy supports our theory of change". more teBcher5 acce551ng high quality profe55ional development which build5 on their existing 5ki115 3nd knowledge can help accelerate school improvement, which in turn supports better pupil outcomes. This resulted in a carefully sequenced, structured curriculum that Includes a blend of face-to-face conference5', virtual clinics th8t SUPPOrtteachers to translate their learning into practice., weekly modules of online learning,. and weekly instruclional coaching sessions with thoir mentor. providing a spocific, bite- sized action step to practice each week that responds to their own classroom context and practice. A look atthe NPQS To that end, we focused our activity in five main areas". National Professional Qualifications INPQS) are a national, voluntary suite of qualifications designed to support the professional development of teachers and school leader5. They are intended to equip teacher5 with the expertise to lead sustainable improvement across their schools > Su¢¢essfully bidding for the ECFand NPQ Designing high quality, research based content Raising awareness of these policy ¢hanges > Usingthe expertise, experience and reputation of trusted delivery partners to run programmes at scale As Part of wider reform5 to teacher professional development, work to review NPQ5 had been underway over the last bmo years. Ambition Institute supported the development of the new frameworks from which a new programme suite was launched in 202 1. Developingtechnologyto enable participants to a¢¢ess our programmes with ease A look at the Early Career Framework The Early Career Framework entitles teachers in the first two years of their career to thorough support and mentoring during their induction. It is one of the most significant reforms to the teaching profession in a generation, aimed at providing extended, evidenc based development that will produce better-trained teachers who are more likely to stay in the profession. The main changes to NPQ5 are.. > The￿ are th￿e new NPQS which a￿ specialist qualifications: NPQ in Leading Teaching NPQ in Le8ding 8ehBviour and Culture NPQ in Leading Teacher DÈvelopmont AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 12 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 These are designed to provide CPD for teachers who want to mako their classroom teaching tho bost it can be, whether or not they move into school leadership. We offer our partners.. > High quality. research based curriculum and resources The National Professional Qualification for Middle Leaders has been discontinued > A high standard tsf fa¢ilitstion and prtsgramme delivery > The content in the remaining NPQS has been adapted, building on an evidence base approved by the Education Endowment Foundation > A strongtrack record of meaningful and responsive partnership work The NPQ frameworks build on the evidence base and Èxport guidance alrÈady ostablishÈd in the initial teacher training and Early Career Frameworks. They complete the golden thread, running from initial teacher training through to school leadership, rooting teacher and school leader development in the best avBil3ble evidence and collective wisdom of the profession. The frBmework5 reflect the Teachers, Standards and He8dteachers' Standards to ensLJre coherenco with the reqLJirements already used by the teaching profession. > A ¢ontinuous improvement mindset and 8 rigorous approach quality assurance > A national netrrfork, built on localised knowledge and collaboration Our partners can also take advantage of our specialist recruitment and markoting expÈrtiso. holping thom to grow their reach and recruit participants successfully at scale. This year Ambition Institute directly sourced l in 5 of our partner5, Potential p8rticipantS, through our marketing and recruitment aclivity. Partnèrs in prtsfessional devÈlopmÈnt Ambition InstitLJte worked with 40 teaching school hubs and multi-academy trusts to become partners in profe55ion31 developnient in 2020/2 1. Our partners hBve crucial expertise, local knowledge and lationships, and we are keen to build and strengthen these connections. In just a year, our network has started delivering profe55ionBI development to more than 24,500 teacher5 and School leaders acr055 the Early Career Framework and National Professional Qualifications. This will reach more than 2.5. ,illion childrttr. AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 13 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 SPOTLIGHT ON: PATHFINDER Fiona Hopkinson-Kearneyi Teaching School Hub Strategy Co-ordinator at Pathfinder Multi- Academy Trust. We had so much communication from Ambition, a wealth of expertise to draw on and 50 much advice and guidance. They have just been exemplary throughout. WÈ have 153 schools across very varied settings including rural, coastal and city-based schools and a range of contacts from special schools all the way through to secondary. We Blso have mixed intakes and some of the most disBdvBntaged Students in the country. If you have not been to Yorkshire, we have a large and geographically sparse rÈgion, which requires a collaborative effort with partners to ensure we identi a diverse mix of needs. Genorally, schools havo been rÈ8lly happy With thÈ change in CLJlture management and, as has been mentioned In different report5 elsewhere, mentors with experience quite often found it harder to change in general. The EBrly Career Teacher5 have found itjU5t a normal way ofworking so that has been positive and where it has been harder. it has bÈÈn smaller schools where they had teachers often pulled in a lot of different directions. We work with Ambition because of how their value5 align with ours They have a very strong focus on quality and a real passion for s&curing outcomes for disadv8ntagod students, as well as a very strong passion for the impact of professional development. AmbitiOD'5 approach, because it is graDulBr and h35 3 eekly engagement, seems to be really helping people In a way that does not cognitivoly overload thÈm. It gives them a succinct but supportive way of approaching the programme. We currently have over 210 colleBgue5 On the ECF programme, both toÈchers and mentors. We Ère working with six major MATS for our delivery and facilitation and that Is providing us with a really fantastic opportunity to work very closely and collaboratively across the region. We are thrilled to be working with Ambition and we openly direct other toaching school hubs to thom for both ECF and the NPQ programmes because of their approach and we will continue to signpost them so other people Can experience that high quality SUPPOrt. AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 14 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 SUPPORTING SCHOOLS WITH STRATEGIC PROFESSIONAL DEVELOPMENT DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 This is equally true of toachers who want to keep getting better within their classrooms. TRusf DIAGNOSTIC Designed and led by Sir David Carter with a team of experienced CEOS and Chairs of Trustees, this in-depth, fBce-to-face consultstion helps tru5t5 to diagnose, prioritise and implement changes that will dÈepen SLJStainability and benÈfit staff and pupils alike. Artion-focused and collaborative, it will help PLJt 8 plan in place to build capacity within and beyond their trust. MASTER'S IN EXPERTTEACHING Using rélevant research, this Naster's degree helps teachers to develop Informed and Intentional approache5to their teaching and drive improvements to pupil learning. It is run in pBrtner5hip with Plymouth Marjon University. For: Forward-thinking boards and CEOS that want to develop thoir next three year strategic plan For: Teachers with a minimum 2 years, continuous cla55room experience Length: 6- 8 months Length: 2 yÈars Ourteacher education programmes are tailored and structured to onsure that teachors and loaders build on their experience and knowledge, knowing how to support, challenge and Inspire others. TEACHER EDUCATION FELLOWS Helps teacher educators to develop informed and intentional approache5 to the most important components of teacher development. Pèrticipants join an Èxport peer network of leading, likÈ-minded educators For: Individuals with re5POn5ibility for teBcher educBtion and training Length: 2 years Our professional development offor is open to Individuals who want to keep learning and improving, but we are also working with schools by encouraging them to think more widely about what 5UPPOrt their teBm5 need. We offer.. TRANSFORMING TEACHING A bespoke, whole school programmo provon to improve teaching, learning and curriculum, as well as boosting retention and career progression in schools in di5adv3ntaged area5. For= Schools lookingto improve teaching and lÈarning. Length: 1- 2 years AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 16 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 OUR PEOPLE Our people arÈ committÈd to driving our mission forward, and we continue to attract employees who are passionate about challenging ineqLJality and improving educational outcome5. Our partner Credit SuissÈ provided pro bono support with & specific focus on Improving diversity This has helped us identify some concrete steps to attract a more diverse pool of candidates to roles at Ambition, which we are implementing. An organisation is more than the sum of its parts and cannot continuÈ to grow without good people. We have strengthened our human resources and staff development team5, 50 that we can support our existing staff as well as p055ible, and attractthe best new colle3gue5. We have developed our 5ki115 in project management, datè analysis and partner management this year As part of our commitmentto divorsity and excellence, we now use the Applied recruitment system which uses behavioural economics and research-based techniques to Improve recruitment processes. We also have a thriving net¥vork of staff affinity groups who help foster an inclusive work environment, where people are valued and supported to thrive. Like many, our workforce has had to adjust to new Ways of working, but small changos to makÈ our offices suitsblo for the current climate have made a big difference, allowing people to work In a hybrid way that work5 for them. WÈ are committod to taking action that will help move equality forward in the teacherworkforce, and this includes a continued focus on making sure Ambition is a diverse and inclusive place to work. To do 50, we want to Use and apply the Same rigour and evidence-led pproach thatwe apply to our professional development programmos. AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 17 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 iPOTLIGHT: KYLE'S STORY Kyle Prati joined the organisation this year as an Associate in the applications team. Hejoined Ambition Institute after going through the Applied process. Applied istran5porent about it5 process, and howthe CV isthe last partthat retrutting manègers see. It made mefeel like I wasn't beingjudged on my batkgroLJnd, but on howwell I'd beableto dothejob. The woA(sample questionsalso enabled me to geta tasteof the role, to understsnd if it would be suitablefor myskills and experience. This helped rne togwe the oppli(ation My bÈstshot, surethat myeffortwould be judged faidy. Havinga system likeApplied reallyfilled me with confidenceaboutthetype of organisation thatAmbition Institute wasand wanted to be. Since I'vejoined Ambition Institute, I'vefurther understood how debiased recruitrnent isjustone way in which the organi5ation honours diversity. Ouractive and inclusive staff affinity networks support peopleto feel empowered and valLJed, aswell as shining lighton important issuesfor our communities. I wantedtojoin somewhere that wasfairand ethical. AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 18 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 FINANCIAL REPORT AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 19 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 FINANCIAL PERFORMANCE Our finances Our audited financial accounts are included in thi5 report. They Show that we have had a strong year, generating a surplus p051tion. This increased revenue has helped us broaden our programme delivery, reaching more teachors and leaders. Our costs continued to be disciplined and OLJr reserves mean we are in a strong position to continue to deliver our charitable aims. The result shows a surplus of £572k comprising unre5trricted surplu5 of £232k12020. deficit of £1.9ml and restricted surplus of £340k12020'. nill. Thi5 is a positive position in comparison to previous financial years and we oxpect to build on this during 2021- 22 Our general reserves have increased to £3.8m12020.. £3.6ml. General re5erve5 are defined a5 uDre5tricted reserve5 less designated reserves and restricted reservÈs ThÈsÈ rÉsÉrves are to safÈ%u8rd the charity against financial risks including working capital, recruitment to programmes, loss of income and loss of staff. At the start of 2020 wo set out a refreshed stratogy that built on our recent change programme and responded to the professional development market in England. Central to this strategy was securing two large contr3Ct5 with the Departmentfor Education IDfEI. We were 5ucce55Ful in both the Early Career Framework and the reformed National Professional Qualifications. Ambition Institute's historical reserves policy was to keep our rÈsÈrves at 2- 3 months of income as working capital- a top end target of £3.5m. This year we have moved to a risk-based approach and have applied a risk factor to each income stream as well as unknown risks. Thi5 give5 us a more accurate risk profile for the level of reserves and sets our target reserves to £3.3m (with an ppÈr band of £4m and lowÈr band of £2.6ml. In 2020- 21 we saw a £lm18%) increase In our total income compared to the previous year. This Increase is mainly attributable to Department for EducBtion contracts income which increased by £1. Im. We also incrÈased our voluntary and philanthropic incomo stream1£345kl. The above increases were offset by a £225k decrease in school fees income. Designated re5erve5 were £4.Im12020.. £4.2m). Designated reserves are amounts Set aside which relate to the carrying value of the charity's fixed assets that are necÈssary for our day-tO-d8y 8Ctivitios. therefore are not considered available to moet OLJr day-to-day finance needs. In addition, designated reserves Include the carrying value of the long-term loan made to Ab501ute Return for Kids in support of the Education City new-build development. Due to this not being readily available it is exclLJd&d from thÈ calculation ol general lor freel reserves. During 2020- 2 1 we invested in the mobilisation of tho two DfE contracts and continued to deliver a range of other existing programmes. As part of our mobilisation we grew our design team to develop high quality content for the new programmes, incre35ed our technology team to support the move to larger 5cBle delivery, and reshaped and expanded our programme delivory teams to operato throLJgh a partnership network. Our technology investment ha5 been central to setting Ambition up for the delivery of our ECF and NPQ contracts. It has included building a nÈw Delivery Partner Portal, integration with DfE systems and improvements to Steplab, our Learning Management System partner. Restricted re5erve5 a5 at 31 August 20215tood at £340k12020.. nill. Thi5 fund represent5 the unspent fundraising income whith the organi£ation plans to spend in 202 1- 22 in accordance with the donors, wishes. Building on the change programme completed in the previous yÈar, we were ablÈ to roduce our total running costs at the same time as mobilisir)g for the DfE contracts. We managed our costs carefully, with a reduction in 5t3ffing cost of £lm which was offset by an increase of £400k in other c05t5. A5 3 result our total expenditure at 31 August 2021 was £13.8m 12020.. £14.4ml. AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 20 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 SPOTLIGHTON: STEPLAB Steplab Is a professional learning plarform for schools, and is designed to improve teaching and mentoring through the 5UPPOrt of in5truction81 coaching. The 50ftware allows teacher5 and mentor5 to access bite- sized, scheduled content and precise teaching targets. The platform is accossiblo from any device and from any location, enabling teachers and mentors to fit studying seamlessly alongside theirworking responsibilities. We are using Steplab for the national roll-outfor the Early Career Framework and NPQS MorÈ than 24,500 teachers will be able to accoss the tools available on the platForm, which include weekly 10-minute videos of effective practice and concise evidence 5ummBries, with quizze5 and reflection prompts to deepen learning. FUNDRAISING The generosity of our donors continues to support our Vision of an education System where every child can thrive, Do matter what their background. "The Credit Suisse EMEA Foundation is proud to supportAmbition Institute given our shared goals and comrnitmentto improving the educational attainment and aspirations of young people. In lino with the Charities Act 2011 and the Fundraising Regulator's best practices and requirements, we aim to achieve the highest possible fundraising standards. We are registered with the Fundraising Regulator and committed to the Code of Fundraising Practice. Ambition focuses its Fundraising activities on corporate partnorships. trusts and foundations and major donors All of Ambition's fundraising is managed in-house, without the Involvement of third-party agencies, nor paid or volunteer fundraiser5. We have not received any complaints about our fundraising activities. We recognise the need to support educational institutions and through this partnership we further progress our Future Ski115 Strategy, where we strive to enhance the quality of teaching trainingthrough world-¢lass professional development. We are pleased to supportAmbition Institute as it continues to scale up to reach more teachers, schools and children, whereverthe need is greatest. Colin Hely-Hut¢hinson, Chair, Credit Suisse EMEA Foundation AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 MANAGING RISK Over the past two years we have enhanced our approach to risk management. We have established systems and beh3viour5 to ensure we continually consider the risk5 a550Ci3ted with all activitie5 we undertBke. Our employees understand that effective risk management underpins our ability to achiÈve our mission. > ReP￿atIOnal- the risk of threat or danger to Ambition's reputation. Our reputation is built on the quality of our programmes. We carefully consider who work5 for us and who we work with 50that we SU5tBin our reputation in the sector. This 5UPPOrtS US in delivÈring a positive imp8cL through our work with teachers and leaders Our Board of Trustees holds overall accounta611ity for our risk register and risk management. They administer this through our Finance and Risk Committee which oversees the policies, controls, tolerances and procedures. These risks Bre being impacted bythe following risk driver5'. Changes to our operating model. Our recÈnt succoss In securing the ECF and NPQ contracts allows us to 51gnificantly Increase our Impact at scale. This requires U5 to make B step-change in our operating model. We have moved from a predominantly central delivery model to one where delivery is in partnership with teaching school hubs and multi-academy trusts. This Is driving our operational, programme qLJality and reputational risks. We are Investing in Improvements in proce55es and teChnolo￿t0 5UPPOrt and adaptto thi5 delivery model. We maintain oversight of our programme quality, operational, financial and reputational risks associated with our day-to-day operations through our corporate risk register. These risk5 are regularly reviewed by the Executive Committee and Trustees as a core part of our govorn8nco cycles. Reviews consider the likolihood and impact, the mitigations in place, and the actions needed to m3nBge the n5k effectively. The corporate risk register is underpinned by operBtionBI risk management by teams across Ambition. Each of our departments aro well versod in risk management principles and follow consistent protocols on managing, mitigating and escalating risks. > Economic changes affecting our people.. OLJr organisation depends on the knowledge and expertise of our5taff. They de51gn our content, manage our delivery and ensure the quality of our programme5. The current economic context, and changes to working expectations following the pandemic. creates a new imporative for offective talont managÈment This Is driving our operational risks which In turn can affect our programme qu31ity. The wider issue of Inflation lin salaries and other areas) 15 a150 afferting our financial risks. Ourfour principal corporate risks for 2021-22 are summarisÉd bÈlow.' > Programme quality- the risk of delivery failure on our programmes which could result in a negative participant experience, complaints and ultimately 3 duttion in our abilityto have impact. We closely m8nagÈ this risk through thÈ dosign and delivery of our programmes and through our programme project boards, and these risks are overseen by our Education and Impart Committee of Trustees. > Future strategy. Ambition Institute is a dynamic charity that has responded to multiple changes over the past few years. Current Government policy has seen an incre35ed focu5 On the importance of profe55ional development, and we have responded to that by biddingfor ECT and NPQ tontrarts This has resultod in an incroasod proportion of our Income from the Department and affected ourfinancial risks. As well as delivering successfully on our existing contracts, we will continue to look for new income stream5 to 5trerigthen and diversify our financial situation. > Operational- the risk of operational failure Forthe charity which results In non-complianco or affects our ability to operate. This Includes our compliance with legislation such as GDPR and operational security against all types of frBud. It also include5 our ability to recruit, reward ènd retain our staff. We are developing a new people strategy to formalise our approach to pay, reward. recognition and culture This will help to create a working environment that supports and brings outthe best In our current staff, retains and develops them in the organisation, and attracts newtBlent. Our staffing risks are overseen by our People Committee. > Covid.19. Covid-19 has affected us and the schools we support. It has driven changes in our Programme Quality, Operation818nd Financial risks as we have responded to challenge5, moved to online delivery, and supported our staff through agile working As tho impact on children across tho country becomÈs clear we will continue to respond quickly to new needs for teachers. > Financial- tho risk that our &xpenditurÈ exceeds income over time. This risk relates to maintaining our income through programme recruitment and controlling our costs. We nianage thi5 ri5kthrough strongfinancial controls and thèse risks are overseen by our Finance and Risk Committee. AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 22 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 GOVERNANCE STRUCTURE Ambition InstitLJte is 8 charitable company. Our main governing docunient is our Memorandum and Articles of A550Ciation, which wa5 last amended in November 2016. We are led by our Board of Trustees who Serve as Directors under Company Law. there are expert teachers in every classroom being led by exceptional school leaders at all levels. Our charitable objectives are to advance education for the public benefit, In particular (but without limitation) by promoting and Èncouraging high standards In teaching, pedagogy and education leadership. The Board of Trustees is Ambition Institute's highest decision-making body. It is ultimately responsible for the decisions 8nd actions of the charity. The Bo8rd hB5 5trBtegic oversight over the orgBni5ation and of issues for which they are legally responsible. Day-to-day man8gemont is delegated to tho Chief ExecLJtive and the Executive Committee, who are held to account by the Board for the management of the organisation. Our Executive Committee and Board of Trustee5 have had due regard for the Charity Commission's public benefit guidance when oxercising our duties. and we execute our objectives through the programmes that we offer. Trustees, ststement of responsibilities The trustees are responsible for preparing the trustees, report and fin3nci31 statements In accordance with applicable law and United Kingdom Account Standard5 (United Kingdom Generally Accepted Accounting Practice). The Board has three 5ub-Committee5 that report on specific issues. Each Committee has agreed torms of reference which are reviewed annually. Committees regularly provide advice and assurance to the Board of Trustees On Specific matter5 Vlithin their areas of responsibility. > The Finance and Risk Committee monitors thÈ effectiveness of our financial and operational performance. It provides the Board with assurance aboutthe in-ye3r financial performBnce 3nd longer- term financial 5U5tain3bility of the organisation The name wès updated this year to include risk as it also monitors the integrity of tho risk procÈss, including risk appetite. risk management and risk culture. Company law requires the trustees to prepare financial statement5 for each financial period, which give a true and fair view of the State of the affair5 of the charity and of the excess of income over expenditure for that pÈriod. In preparing those financial 5t3tements, the trustees are required to. > The People Committee monitors the culture of the organisJtion and staff, including remuneration and recruitment of trustees. In this year, its mÈÈtings wÈre structured around HR performance, talent priorities, organisation structure, operating model and size, and Board composition and effectivenes5. > Select suitsble accounting policies and apply them consistently > Make judgement5 and estimates that are rea50n3ble and prudent > State whether applicable accour)ting standards have been followed, subject to any material departures disclosed and explained In the financial 5tatement5 > The Education and Impact CommittÈo monitors the Integrity and quality of Ambition's programmes, through holding the Executive to account for key areas of programme design and delivery, and the organi53tion's overall Strategy. > Prepare the financial statements on the going concern basis unless it is inappropriato to prÈsumo that the charity will continue its activities Howwe provide public benefit Our mission is to help educators serving children from disadvantaged backgrounds to keep getting better. > Observe the methods and principles in Accounting and Reporting by Charitie5.' Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordanco with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland IFRS 102) Evidence shows that improving the quality of teaching and school leadership is the best way to make sure that every pupil, regardless of their background, gets a great education. Through our programme5 we want to ensure AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 23 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 The trustÈos aro rosponsible for keeping propÈr accounting records. which disclose with reasonable accuracy at anytime thè financial position of thè charity and enable them to ensure th3t the financial 5tatement5 comply with the Companies Act 2006. They are also responsible For safeguardingthe assets of the charitable company and henco for taking reasonablo stops for the prevention and detection of fraud and other Each of the trustees ¢onfirmsthat: So far as the trusteÈ is aw8r&, there is no relevant audit Information of which the charity's auditor is unaware,. and > The trustee has taken Bll the 5tep5 that he/she ought to have taken as a trusteÈ in ordor to mÈkÈ him/ herself aware of any relevant audit information and to establish thatthe charity s auditor Is aware of the Information This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. LÈgislation in the United Kingdom governing tho preparation and di55emination of financial statements m3y differ from legislation in otheriur15dirtions. AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 24 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 CHARITY INFORMATION COMPANYREGISTRATION NUMBER 07984030 REGISTERED CHARITY NUM2ER 1146924 REGISTEREO OFFICE Ambition Institute, Unit 2 Bridge Wharf 156 Caledonian Road London, N 19UU DIRECTORS AND TRusfEES Richard Jeffer50n (interim Chair) Celia BerÉngLJer Rebecca Boomer-clark Samuel Freedman James Fulton lan Hale Cecilia Harvey Joanne Morgan Rachna Patel Jonathan Temple Nicolas Turner COMPANYSECRETARY Alexa Halabi CHIEF EXECUTIVE OFFICER Hilary Spencer BANKERS Lloyds Bank plc, 95 George Street, Croydon, Surrey, CR9 2NS SOLICITORS Bevan Brittan LLP, Kings Orchard, l Queen5 Street, Bristol, B52 OHQ StonÈ King LLP. 13 QueÈn Squ8rÈ. Bath, BAI 2HJ INDEPENDENT AUDITORS Buzzacott LLP, 130 Wood Street, London, EC2V6DL AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 25 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 STRUCTURE, GOVERNANCE AND MANAGEMENT Underthe nameTeaching Leaders, the organi￿tIon was incorporated on 9 March 2012 and is constituted a5 comFkny limited by guarantee, formed for charitable purposes. As 8 limited company, it Is governed by it5 Memorandum and ArticlÈs of Association, which set out how DirÈrtors and trustoes are appointed. and how stakeholder and trustee meetings are condLJCted. Details of related party tran￿rtionS are given in note 16 of these financial Statements. Rachna Patel (appointed 7Juty 2021) Jonathan Temple (appointed 7 July2021) Ni¢olasTumer Dame Rachel de Souza {resigned 18 December2020) Key management personnel The trustees consider thatthey, together with the charity s executive committee, are the key management personnel of the charity, responsible for direcling, controlling and managingthÈ organisation on a day to day basis. The board of trustees The members, who are also trustees have the rightto appoint fellow trustees, and these appointments are indicated in brackets in the11st below. Executive committee Hilary Spencer, Chief Executive The Followingtrustees served on the Board of Trustees Tom Glover, Chief Financial Officer {from August 20211 duringtho yoar and up to the datÈ of appro￿1 of this report (except as Indicated).. Marie Hamer, Executive Director, Strategyand Impact Richard Jeffer50n (interim Chair, appointed 7July 2021) Stephen Jones, Executive D1￿ctOr, Partnerships Celia Berenguer (from July 2020) Rebecca Boomer-Clark{resiEned as Chair on 7Juty 2021} Tom Ree5, Executive Director. Programmes Samuel Freedman (appointed 12 July 20211 James Fulton Trustees give of theirtime freely and no trustee received remuneration in the year. The Board oFTrustees approve the remLJnoration oftho CEO as recommended by the People Committee. lan H)le Cecilia Harvey (appointed 7 July 2021) Joanne Morgan {appointed 7 July 2021) SPOTLIGHTON: OUR NEWTRUSTEES Last year, Ambition appointed five now trustees to expand our expertise in support of our mission. Together, they will help us to shape the organisation's future in a time of greattr8nsformation in the education sertor. Wo also wolcomod Rich Jefferson as our Interim Chair. He said.. 'I'm thrilled to welcome Cecilia, Jo, Jon, Rachna and Sam onto the Board as trustees. They will bringto the Board skills in workForce plBnning, organisational design, capBcity and 5caliDg-up, technology, diversity and inclusion, policy and delivery in and beyond education. ThÈir exportisÈ will be oxtrÈmely valuable in sÈtting us up for success in the coming months and years." The new trLJStees bring with them a vast range of skills and experience from different sectors, including technology, academy trust5, special schools, early ye3r5, nd people development. AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 26 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 LOOKING TO THE FUTURE As we look forward to 2022 and beyond, we are excited about the opportunities ahead. As we continue to grow and strengthen our reach, we want to make sure we are having the biggest Possible impart. So we will keep looking at how best to deliver all of our programmes to ensure that teacher5 and leaders have a great experience with us. and that our progr8mmes have a lasting impact. Wo want to build on our good relationships with our existing partners, and continue to develop the ways we work together. We Blso want to Use our extensive national reach to have a positive effect on the wider system, and we recognise that we can have an even greater impact by working with othor organisations and experts to help deliver our mission. We remain firmly of the belief that professional development for teachers and school loaders is fundamental for tackling inequality. We are looking forward to continuing to deliverthe Early Careers Framework, and 5UPPOrting early career teacher5 and their mentors to give new entrBnt5 to the profession the best possible support at the start of their careers. WÈ are excited to be adding two now Nation81 Professional Qualifications to our offer- in Leading Literacy and Early Years- and believe this will be P051tive addition to ski115 and le3der5hip in those two domain5, Bnd an opportunity to develop new partnerships to maximise the impact we can have at The Bnnual report W85 approved bythe Board of Trustees and signed on its behalf by Building on our work with Liverpool City Council, we will be exploring the potential of further plBce-based initiatives. so that WÈ can dÈÈpen Ènd strengthen our focus on different forms ol disadvantage. 62E9C4E8IFC84￿.. Rich Jeffer50fj Interim Board Chair of Ambition Institute Date.. 1910512022 AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 27 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 INDEPENDENT AUDITOR'S REPORT TOTHETRUSTEES OFAMBITION INSTITUTE Opinion WÈ have audited tho financial statÈments of Ambition InstitLJte (the charitable company,) for the year ended 31 August 2021 which coniprise the statement of financial ctivitie5, the balBnce sheet, the statement of cash flow5, and the notes to the finBnciBI statements, including the principal accounting policie5. The financial reporting framework that has been applied in thoir preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The FinanciBI Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom GenerBIIy Accepted Accounting Practice). Conclusions relating to going concern In auditing the financial statements, WÈ have concludÈd that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 2ased on the work we have performed, we have not identifiod any material uncertainties relating to ovents or conditions that, individually or collectively, may cast significant doubt Dn the charitable company's ability to continue a5 a going concern for 8 period of at least twelve months from when the finèncial stètements are authorised for issue. In our opinion, the financial statements.. give a true and fairview of the state of the charitable company s 3ffair5 as 3t 31 August 2021 and of its income and expenditure for the year then ended > have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice and Our responsibilities and the responsibilities of the trustees with respertto going concern are described in the relevant Sections of thi5 report. Other information The trustees Bre re5POn5ible for the other information. The other information compri5e5 the informatio included in the Annual Report and Financial Statements, othor than tho financi81 statemonts and our auditor s report thereon. The trustees are responsible for the other Information. Our opinion on the financial statements doe5 not cover the other information and, except to the extent otherwise explicitly stated i our report. we do not express any form of assurance conclusion thereon. have been prepared in accordance with the requirÈments of the Companios Act 2006 Basis for opinion We conducted our audit in BccordBnce with International Standards on Auditing IUKI IISAS IUKII and applicable law Our responsibilities under thosÈ 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 relov8nt to our audit of the financial statoments in the UK. Including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities In accordance with these. We believe that the 3udit evidence we have obtained is sufficient appropriate to provide a ba515 for our opinion. Our responsibility is to read the other Information and, in doing so, consider whetherthe other information is rnaterially inconsistent with the financial 5tatement5 r our knowledgo obtainÈd in the audit or othÉrwiso 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 mis5tatenient in the financial Statement5 or a mBteriBI misstatement of the other AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 28 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 information. If, based on the work we have performed, we concludo that there is 8 material misstatemont of this other information, we are required to report that fact. In preparing the financial statements, the trustees are responsiblo for assÈssing the charitable company's ability to continLJe as a going concern, disclosing, as applicabl&. matters related to going concern and using the going concern ba515 of accounting unle55 the trustees either intend to liquidate the charitable company orto ce35e operations, or have no ￿aliStiC alternativè but to do so. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, bBsed on the work undertaken in the course of the audit.. Auditor's responsibilities forthe audit of the financial statement5 > the Information given in the trustees, report, which Is also a directors, reportfor the purposes of company law, for the finBncial yearhr which the financial statements Bre prepared is con515tent with the financial statements,. and Our objÈctivos aro to obtain rÈasonable assurance about whether the financial statemonts 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 355urance 15 a high level of 355urance, but 15 not a guarantee that an Budit conducted in accordance with ISAS IUKI will always dÈtett 8 material misstatÈmÉnt when It exists Misstatements can arise from fraud or error and are considered material if, Individually or in the aggregate, they could reasonably be expected to influence the economic deci510n5 of user5 taken on the basis of these financial statements. > the trustee, report, which is also a directors, reportfor the purposes of company law, has been prepared in accordance with applicable legal requirement5. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable COmPBny Bnd it5 environment obtained in the course of the audit, we have not identified material misstatomÈnts In the trustees, report. WÈ have nothing to report In respect of the following matters wher& the Companies Act 2006 requires u5 to report to YOLJ if, in our opinion. Irregularities, including fraud, are Instances of non- compliance with laws and regulations. We design procedure5 in line with our respon51bilities, Outlined above, to detect material mi55tatement5 in respect of irregulèrities, including fraud. The extent to which r procedurÈs arÈ cap8blÈ of dotÈcting irregularitios, includingfraud is cietailed below. > adequate accounting records have not been kept > the financial statements are not in agreement with the accounting records or returns Our Bpproach to identifying and a55es5ing the ri5k5 of material mi55tBtement In respect of irregularities, includingfraud and non-compliance with laws and regulations, was as follows.. > certain disclosures of trustoos, remuneration spÈcifiod by law are not made > the engagement partner ensured that the engagement teani collectively hBd the Bppropriate competence, capBbilities and ski115 to identify or recognise non-compliance with applicable laws and regulations > we have not received all the information and explanation5 we require for our audit > the trustees were not ontitled to prepare tho financi81 statements in accordance with the small companies regime and take advantage of the small comp3nies' exemptiOn5 in preparing the tru5tees' report and from the requirement to prepare a strategic report. > we obtained an understanding of the leg31 and regulBtoryframework5 that are applicable to the chBritBble company and determined that the most significant frameworks which are directly relevant to specific assertions In the financial statements are those that relate to the reporting framework (Statement of Recommended Practice". Accounting nd Reporting by Ch3ritie5 prepBring their accounts in accordance with the FinanciBI Reporting Standard pplicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 20111 and those that relate to data protection (General Data Protection Regulation) Responsibilities of trustees As explained more fully in the tru5tee5' statement of re5pon5ibilitie5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair viow, and for such internal control as the trustees determine Is necessary to en3ble the preparation of financial statement5 that are free from material mi55tatement, whether due to fraud or error. AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 29 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 > identified laws and regulations were communicated within thÈ audit tÈam regularly and the team remained alert to instances of non-compliance throughout the audit A further description of our responsibilities for the audit of tho financi81 statoments is located on the Financial Reporting Council's website at.. www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor's report. We a55e55ed the 5U5ceptibility of the charitable company's financial statomonts to material misstatomÈnt, including obtaining an understanding of how fraud might Dccur, by.. Use of our report This report Is made solely to the charity's tru5tee5, 5 a body, in accordance with Ch3Pter 3 of Part 16 of the Companie5 Act 2006. Our Budit work ha5 been undertaken so that WÈ might state to tho charity's members those mattors that 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 3ccept or a55ume responsibility to anyone otherthan the charity and the charity'5 trustees as a body, For our audit work, r the opinions we havÈ formed. > m8king enquiries of manBgement a5 to their knowledge of BctuBI, 5U5pecLed and Blleged fraud,. and To address the risk of fraud through management bias nd override of controls, we". > performed analytical procedures to identify any unusual or unÈxpected rolationships > assessed whetheriudgements and assumptions m8de in determining the accounting e5tim3tes were indicative of potentiBI bias > tested authorisation controls on exponditure Items. ensuring all expenditure was approved in line with the charitable company5 financial procedures", and performed testing of journals. ènd Sh8chi Blakemore (Senior Statutory Auditor) > investigated the rationale behind significant or unusual tran5artions if any were identified For and on behalf of Buzzacott LLP, StatutoryAuditor 130 Wood Street In re5pon5e to the risk of irregularities and non- compliance with laws and regulations, we designed proceduros which included. but wore not limited to.. London EC2V6DL Date.. 1915/2022 > agreeing hnancial statement disclosures to underlying supporting documentation > reading the minutes of meetings of those charged with governance > enquiring 85 to actual and potential litigation and claims,. and There are inherent limitations in our audit procedures described above. The more removed that law5 and regulation5 are from financial tran5artiOn5, the less likely it 15 that we would become aware of non- compliance Auditing standards also limit thÈ audit procedures required to identify non-complianco with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legBI correspondence, if any Material mis£tatÈments that arisÈ due to fraud can bo harder to detert than those that arise from error as they may involve deliberate concealment or collusion. AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 30 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 STATEMENT OF FINANCIALACTIVITIES (INCLUDING INCOME AND EXPENDITURE) FOR THEYEAR ENDED 31AUGUST2021 Unrestricted funds 2021 Restricted fund5 2021 Totsl Unrestricted nds funds 2021 2020 Restricted funds 2020 Totsl Fund5 2020 Incomefrom: Charitsble artivities Investment Income 13,185,635 1,126,693 14.312,328 12,801,574 12,2SO 12,250 38,151 86,387 86.387 230,864 295,225 13,096,799 38,151 230,864 Other income Total Income 13,284,272 1,126,693 14,410,965 13.070,589 295,225 13,365,814 Expenditureon: ChartLablÉ artivities Ambition Institute programmes 13,051,826 786,952 13,838,778 14,122,328 295,225 14,417,553 Net income (expenditure) before change costs 232,446 339,741 572,187 11,051,739) 1879,6471 {1,051,7391 1879.6471 Change costs Net income (expenditure) and net movementin lunds 232,446 339,741 572,187 11,931,386) {1,931,3861 Balance brought forward at I September 7.736,567 7,736,567 9,667,953 9,667,953 Balances carried forward at31 August 7,969,013 339,741 8,308,754 7.736,567 7,736,567 *Change costs are primarilytechnology In natureto moderni5e ourorgan15ation Bnd ensure Ambition In5htute i5financially 5ustraiDableforthefuture. The year ended 31 August 2020 wa5 the final year of the change progi3mine. ThorÈÈre no rÉcognised gains and lossos otherthan those shown above. All ofthe ckority's activities aro derived from continuingoporations. AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 31 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 BALANCE SHEET ASAT31 AUGUST2021 2021 2020 Fixed assets Tangible assets Investments 645,226 679,733 3.500,000 3,5(K),o(K) 4,145,226 4,179,733 Debtors Cash at bank and in hand io 2,072,174 1,527,540 5, 850,314 7,641,585 7,922,488 9,169,125 {3,758,960) 15,612,291) C￿dItOrS. amountsfallingdue within oneyear li Net currentassets 4,163.528 3.556,834 Net a55ets 8,308,754 7,736,567 Unrestricted funds General Designated Restricted funds 13 3,823,787 3,556,834 4,145,226 4.179.733 339,741 13 14 8,308,754 7,736,567 The notes on pages 34to 45 form part ofthe Financial Statements. These Financial Statementswere approved and alrthorised for issue bythe Board of Trusteesand signed on their behalf by. Do¢uSWby'. Rich Jefferson Interim Chair of the Board of Trustees Date. 19/5/2022 Company number: 07984030 AMBITION INSTITUTE | ANNUAL REPORT 2020-2021 32 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 STATEMENT OF CASH FLOWS FOR THEYEAR ENDED 31 AUGUST2021 2021 2021 2020 2020 Cash flowfrom operatingactivities Net income/lexpenditurel as perthe statement offinancial activities 572,187 11.931,3861 Adiu5tmentsfor". Doprociation Lo55 on disposal of tsngible fixed 855ets Interest income 54,907 80.417 6,558 138,1511 1,324,867 1,131,243 (12,250) (S44,634) {1,853,331) NÈt lincreasel/dÈcroase in dobtors Net Idecrease)lincrease in creditors Net cash (used in)/provided by operatinga¢tivities (1,1783,121) 573,548 Cash flow5 {used in)Iprovided byinvestingactivities Proceedsfrom the r&Jemption of investments Interest received 2,0(K),O(K) 38,151 12,250 (20,400) PurchasÈ of tangiblo fixod 8ssÈts (8,150) 2,038,151 Net Idecrease)lincrea5e in cash and cash equwalents {1,791,271) 2,611,699 Anatysis of cash and cash equivalents and changes in netdebt At I September 2020 At 31 August 2021 Cashflows Cash at bank Debt 7,641,585 11,791,271) 5,850,314 7,641,585 11,791,271) 5,850,314 AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 33 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31AUGUST2021 I ACCOUNTING POLICIES The following Bccounting policie5 h3ve been used consistently in dealing with item5 which are considered material i relation to the financial statÈments. 1.1 Basis of preparation of financial statements The financial 5tBtement5 have been prepared under the historical c05t convention with items recognised Bt cost or transaction value unless otherwise stated in the relevant accounting policies bÈlow or the notes to these financial statements. from the date of approval of the financial statements. Due to the impact of the Coronaviru5 pandemic the Executive Committee and Trustees have regularly reviÈwed financial plans for the financial yoar to August 2022 with particular locus on its effèct on the charity's financial position Including its Income, expenditure and reserves, its beneficiarie5, and it5 employees. Thi5 15 to ensure Ambition Institute can continue its critical activities and remain a going concern. The Government s decisions on soci81 distancing and limitatitsns on travel led to restriction for face to face delivery of our programmes. Ambition Institute successfully pivoted to continue their programme5 online and revised delivery dBte5 to mBnBge the impact ofthe pandemic. The financial 5tBtement5 have been prepared i accordance with 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 United Kingdom and Republic of Ireland IFRS 1021 ICharitie5 SORP FRS 10213nd the requirements of the Companie5 Act 2006 and Charities Actr 2011. Ambition Instituto moets the definition of a public benefit entity under FRS 102. Whilst the trustees acknowledge the disruption causod by the pandemic to the charity's day-to-day operations, they do not consider this to be cause for material uncertainty in respect of the ch8rity'5 ability to continue s a going concern. The financial 5tstements are presented in sterling and re rounded to the nearest pound. 1.2 Critical accounting estimates and areas of judgement Preparation of the financial statements requires the trustees and management to make significant judgements and estimates. The Itoms in the financial ststements where thesejudgements and estimates have been made Include". 1.4 Fund accounting Unrestricted general funds are available for use at the discretion of the tru5tee5 in furtherance of the charitable objective5 of the Institute. Designated fund5 are unrestricted funds earmarked by the trustees for particular purposes. RestrictÈd funds comprisÈ funds received with restrictions imposed by the funder or the donor. The estimates of the useful economic lives of tsngible fixod assets used to determine the annual depreciation charge 1.5 Income All incomo is rocognised onco tho charity has ontitlemÈnt to the income, it is probable that the Income will be received and the amount of income can be measured > The provision required for any bad or doubrful debts which h35 been determined following an a55e5sment of the likelihood of recovery on long-stsnding debts., and Income from grant5 and doDation5 which are not linked to performance related conditions or where there are no oxplicit or implied torms that require the funds to bÈ spent In a future period are recognised In the period in which the charity ha5 received notification of the award nd where the value of the award can be measured > The estimates and judgements used in determining the value of any contractual or programme related income which MBY need to be deferred 1.3 Assessment of going concern The financial statements have been prepared on a going concern ba515. The trustee5 a55e55 whether the use of going concern 15 appropriate and have identified no material uncÈrtainties relatod to Èvonts or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respert of a period of 3t least 12 months Grant income which is subj&ct to performance related conditions Is recognised to the extent of delivéry under the contract, and provision Is made where the delivery 15 below the level experted from the contract, and it 15 probable that fund5 may need to be returned. AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 34 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 Fee income from the delivery of programmes Is recognised as Income evenly over the duration of the length of the programme. Prior to I September 2020, fee income was recognised based on a calculation of the oxtent to which the programme content has been delivered in the period of report relative to the planned programme content. Leasehold property 25 years on a straight-line basis Office furniture 5 years on a straight-line bèsis Furniture, fixtures and fittings 4 years on a 5traight-line basis Donated 5ervice5 and facilities Bre included at the value to tho charity to tho extont that this can be quantified and recognisod whÈn recoivable It has not been possible to quantify and valLJe some donated services received during the year, such as facilities provided free of charge by schools, however, these amount5 are not material to the financial statements. IT equipment 3 years on a str8ight-linÈ basis 1.10 Investments Investment5 are in respert of amounts loaned to third p8rtie5. The bBl8nce 15 carried on the balance sheet at the value expected to be repaid. It has not been discounted on the basis that there Is no fixed repayment profile. 1.6 Expenditure All expenditure Is accounted for on an 3ccruals bas15 and is inclusive of Bny irrecoverBble VAT. 1.11 Debtors Debtors Ère rocognisÈd attheir sÈttlemÉnt amount, loss any provision for non-recover8bility. Prepayments are valued at the amount prepaid. Costs of charitable activitiÈs a￿ all expenditure directly relating to the objects of the charity. 1.12 Creditors Creditors are ￿COgnised when there is an obligation at tho balanto shÈÈt dato as a result of a past Èvont, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditor5 and provisions are recogni5ed at the Bmountthe charity anticipate5 it will pay to settle the debt. They have been discounted to the prosent value of the future cash paymÈnt whore such discounting is material. Support costs represent indirect expenditure incurred in deliveringthe charity'5 objectives and are allocated across the following categories of expenditure on charitable activities at the samÈ ratio as thÈ direct costs.. Progr3mme delivery and development Participant selection, assessment, recruitment & rÈtention System5 and programme management 1.13 Financial instrumerrt5 Governance costs are all costs attributable to the man8gemont of tho charity's assets, organisation. administration and compliance with constitutional and Statutory requirements. The charity only holds basic financial instruments as dofined in FRS 102. Tho financial assots and financial liabilities of the Trust and their measurement basis are as follows". 1.7 Oper)ting leases Rental£ paid under opÈrating loases aro charged to the Statement of Financial Activities on a str81ght-line basis over the lease term. Financial355ets- accrued income other debtors are basic financial instruments and are debt instruments measured at amortised cost. C35h 3t bank- cla55ified a5 a basic fin3ncial in5tiument and is measured at face value. 1.8 Pension Thè charity has a defir)ed contribution pension schomÈ for all eligible members of staff. Pension costs charged in the statement of financial activities represent the contribution5 payable bythe charity in the year. Fin&nci&l liabilitios- accruals and other creditors 8rÈ financial instruments, and are measured at amortised cost. 1.14 Tax 1.9 Fixed assets Ass&ts with a cost In &xcess of £5,000 intended to be of ongoing use to the charity in carrying out its artivities are capit3115ed a5 fixed assets, depreciated asfollow5". The charity Is exemptfrom income and corporation tax on income and gains to the extent that they are applied for Its charitable objects. AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 35 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31AUGUST2021 INCOME FROM CHARITABLEACTIVITIES Un￿$trICted funds Restrirted funds Total funds 2021 Total funds 2020 2020121 Departm&nt for Education School fees Donationsand/orvoluntaryfunds 9,667,977 3,337,127 180,531 9,667,977 3,337,127 1,307,224 8,571,959 3,562,273 962,567 1,126,693 13,185,635 1,126,693 14,312,328 13,096,799 * InclusivÈof don3tions in kind from org8nisations Including 8aker& McKenzie LLP, CIrfFord Chance, Credit Suisse EMEA Foundation. GLGand International Coaching Foundation. Unrestricted fund5 Restricted funds Totsl funds 2020 2019120 Departmentfor Education School fee5 Donations and/or voluntaryfunds 8,571,959 3,562,273 667,342 8,571,959 3,562,273 962,567 295,225 12,801,574 295,225 13,096,799 INCOME FROM OTHER SOURCES 2021 2020 Lettings income Coronawru5Job Retention Scheme income Miscellaneous 50,040 7,269 29,078 120,105 104,566 6,193 86,387 230,864 AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 36 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31AUGUST2021 EXPENDITURE ON CHARITABLE ACTIVITIES Allotated support costs Totsl costs Totsl Direct costs 2020121 (note 5) 2021 2020 Programme delivery and development Participant selection, a￿eSSment, recruitment& retention 9,150,528 904,901 10,055,429 10,359,927 1,729,606 171,042 1,9CQ,648 2,674,675 Systems and programme management 1,713,274 169,427 1,882,701 1,382,951 12,593,408 1,245,370 13,838,778 14,417,553 Allocated supptsrt costs Ttstsl Direct 2019120 (note 51 2020 Programme delivery and development Participant selection, a￿eSSment, recruitment& retention 9,504,959 854,968 10,359,927 2,453,944 220,731 2,674,675 Systems and programme management 1,268,821 114,130 1,382,951 13,227,724 1,189,829 14,417,553 SUPPORT COSTS 2021 2020 Staff costs Payroll 3dmini5tr3tion Insurance 1,105,693 15,353 26,433 1,052,741 27,097 27,962 1,329 63,086 17,614 General ovorhÈads Depreciation Governance costs (note 61 54,907 42,984 1,245,370 1,189,829 Stsff cost5 have been combined with HR and Finance (from previousyearl. AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 37 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31AUGUST2021 SUPPORT COSTS (continued) Support C05t5 represent indirect expenditure incurred in deliveringthe charity's objective5 and are allocated acr055 the variouscategories of expenditu￿ on ckoritsble activities atthe same ratio asthe direct costs. GOVERNANCE COSTS 2021 2020 General overheads Auditor's remuneration Statutory audit SQNices 23,074 1,112 19,910 16,502 42,984 17,614 EMPLOYEE REMUNERATION 2021 2020 Wages and salaries Social security costs Pension costs 8,113,828 880,074 880,873 122,128 8,805,265 826,013 943,798 442,587 Other stsff costs 9,996.903 11,017,663 Wages and salaries above includ& £57,74312020.. £102.4621 of redundancy costs in respect of 10 12020.. 51 employees. The Bverage monthly number of full-time equivalent persons employed by the charity during the year WBS.. 2021 2020 No. No. Management Support 216 226 221 231 AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 38 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31AUGUST2021 EMPLOYEE REMUNERATION Icontinuedl The average monthly number employed bythe chartyduringthe yeBrvTr5'. 2021 2020 Full time Parttime 192 29 209 28 221 237 The nUM￿roFemP1oyee5 who received remuneTrtion in exc￿5 of £60,000 p.a. duringthe Year￿￿5.. 2021 2020 No. No. £60,000- £70,(K)o £70,001- £80,0)0 £80,001- £90,000 £90,001- £100,000 £ioo.ooi- £iio,000 £110,001- £120,000 £140,001- £150,000 li 20 17 The key nianagement personnel of the chBrityconsist of tru5tee5 of the charity and the Executive Commtttee. Thetru5tee5 did not receive any remuneration duringthe currentyear12020.' nil). Thetotal emoluments ￿ld to the senior leadership team in theyearweE £628,50812020.. £687,678). None of the trustees12020." nil) were reimbursed expenses duringthe year12020.. £nill. 'Thethbngein￿L￿ryco5tsISdue10th@3Pw￿ntM@rnt(ath￿p￿Thn￿rn￿nlcE0ln20I9.p￿0uS1Y3n IntsfimCEOheldthep05twhilstth&peThnanentrole Wa5beingrerruit AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 39 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31AUGUST2021 TANGIBLE FIXED ASSETS OFfice Leasehold furniture and Propoty IT oquipmont Total Cost At I SÈptember 2020 Addition5 850,000 340,158 20,400 I,1￿,158 20,400 At 31 August 2021 850,000 360,558 1,210,558 Accumu18ted depreciation At I September 2020 Chargeforthe year 219,462 34,000 290,962 20,907 510,425 54.907 At 31 August 2021 253,463 311,869 565,332 Net bookvalue At31August2021 596,537 48,689 645,226 At 31 August 2020 630,537 49,196 679,733 FIXED ASSET INVESTMENTS 2021 2020 Longterm loan (see note belc>wl 3.5￿,000 3,500,000 During the year ended 31 August 2017, the charty provided a longterm loan of £5.5 million to Absolute Return for Kids (Arklfor Securing le35ehold office5pace In their EdCIty new build development. The term5 of the 3greement5t3te5th3tArk Bgree5 to pay interesttoAmbition Institute ata rate 0.25%3bovethe Bank of England Base Rate. Ark may reffty any portion of the loan at anytime. Ambition InstitLtte may recover any partof the lThn ftÈr providing no lÉs£ tkon 2 months, notice. In tho year Énded 31 AugusL2021, no amounts were rÈp8id to tho charity12020.. £2,000,000). AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 40 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31AUGUST2021 io DEBTORS 2021 2020 Trade debtors Prepayments Accrued income 1,886,519 169,4¢XI 16,255 1,296,390 164,371 66,779 2,072,174 1,527,540 li CREDITORS:AMOUNTS FALLING DUEWITHIN ONEYEAR 2021 2020 Trade creditor5 Tax and social security Deferred income (note 121 Accruals Othercreditors Iseo below) 295,210 729,245 I,Crf)2,070 347,968 1,384,467 129,404 976,647 2,674,149 347,104 1,484,987 3,758,960 5,612,291 Othercreditors is mainly funds held on behalf of third parties forthe NPQ programmes funding mochanism, a balance of £1,189,90512020.. £1,346,045). The balance is for the defined contributions pension scheme that the charity operates. The assets of the scheme are held separatelyfrom those of the charity in an independently 3dmini5tered fund. Included in other credttors above 15 3 balance of £140,70012020.. £99,632), owing toThe Pensions Trustand Scottish Widow5 Penslon scheme. AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 41 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31AUGUST2021 12 DEFERRED INCOME 2021 2020 Balance broughtfor4Jvard at I September Amounts released during the year Totsl income received during the yearto be deferred 2,674,149 1,526,407 12,674,149) {1,526,407) I,CQ2,070 2,674,149 Balance carried forward at31 August I,¢J)2,070 2,674,149 Deferred income carried forward comprises the income receiv&d for programmes that relates to the following period. 13 uNREsTRl￿ED FUNDS General funds Designated funds Totsl 2021 Totsl 2020 Balance broughtforward NÈt movement in funds 3,556,834 266,953 4,179,733 (34.507) 7,736,567 9,667,953 232,446 {1,931,3861 Balance carried forward 3,823,787 4,145,226 7,969,013 7,736,567 Funds totalling £4, 145,226 have been dosignated by the trustees. This represents fixed assets as at 31 August 202 1 and funds loaned to Ark for securing leasehold office space in their Edcity new build development {see note 91. AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 42 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31AUGUST2021 14 RESTRICTED FUNDS Bèlan¢easat Iseptember 2020 Balanceas at 31 August 2021 Income Expenditure Rostricted funds 1,126,693 1786,952) 339,741 Thanks to thÈ genorosity of our donors, we havÈ been able to sustain our invÈstmÈnt in tho dolivÈry of aster's In Expert Teaching and the capacity of our design team. undertake critical research into'whole- child devèlopment, and support staff costs to recruit and dèliver our programmes In the Liverpool City region. Furthermore, our donors have funded research into best practice in high performance for teachers, the advance of digital training platform5 to deliverteacher training, as well a5 ongoing 5UPPOrt for Expert Middle Leaders, Future Leaders, and'professional pathways. programmesfor educators, as well as our newly dÈsignod Closing the Gap programme, which is a dirÈct rosponso to Covid-19. We would likÈ to thank our legal partners and all ourfunders for their generosity. Balanceasat Iseptember 2019 Balanceas at 31 August 2020 Income Expenditure Restrricted funds 295,225 1295,225) AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 43 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31AUGUST2021 15 ANALYSIS OF NET ASSETS BY FUNDS Tangible fixed assets Net current Totsl 2021 Totsl 2020 Investments Restricted funds: Restricted 339.741 339,741 Unrestrirted funds. General Designated 3,823,787 3.823,787 3,556,834 4,145,226 4,179.733 645,226 3,500.000 645,226 3,500,OW 4,163,528 8,308,754 7,736,567 Tangible fixed assets Investments Net current assets Total 2020 Restrirted fvnds: Restricted Unrestrirted funds. GeneTrl De5ign*ed 3,556,834 3,556,834 4,179,733 679,733 3,500,000 679,733 3,500,000 3,556,834 7,736,567 16 RELATED PARTYTRANSACTIONS lan Hale who served as a Trustee Isalso aTrustee of the Credit Suisse EMEA Foundation. Ambition received two fundraising grftstotalling £177,26012020.. £168,810) Bnd gtft In kind of £30,40012020. Nillthrough the CreditSui55e EMEA Foundation during that period. None of tho trustÈos were rÈimbursed expenses in the yÈarendod 31 August 2021 (2020.. Nil) Certain trusteesare also inVo￿ed with organisationsthatare customers of Ambition Institute. All such transattion5 are atarm's length in both the currentBnd comparative period.There were no other related partytrBn5action5 or balances to reportfortheyearended 31 August 2021. AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 44 DoGuSign Envelope ID." 4F4038F34CBD4BDC-9A85-8A7E8ACADB21 NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31AUGUST2021 17 LEASE COMMITMENTS At 31 August, Ambition Institute wa5 committed to makingthefollowing payments under non-cancellable opeTrting leases.. 2021 2020 Lessthan l ye8r 2-5 yeBr5 367,104 484,200 501,268 577,011 851,304 1,078,279 The reduction in the operating lease commitment5 in 2020/2 1 15 due to the Ambition institute vacating it5 Shepherd s Bush office in May 2022 and moving to its owned premises at Caledonian Road in Kings Cross, London. AMBITION INSTITUTE I ANNUAL REPORT 2020- 2021 45 DoGuSign Envelope ID." 4F4038F34CBD.4BDC-9A85-8A7E8ACADB21 Ambition Institute KEEP UPTO DATE ambition.org.uk @Ambition Inst CONTACT info@ambition.org.uk 020 3668 6865 Reglstered wlth FR FUNDRAISING REGULATOR KEEP GETTING BETTER @Ambition In$titut• 2022. Ambition Institute is a registered charity, number 1146924.