SPEAKERS for schools nnua 14 •* 2021/2022 Fmpowering young people from state schools & colleges to reach their potential Speakers for Schools Annual Report 202112022 04 Foreword, Founder 19 Governance Development5 In 2021-22 06 Foreword, Chair ofTrustee5 Structure, Governance, and Managernent 08 Foreword, Acting Chief Executive OfFicer Organisational Structure 10 Introduction Appointment and Management ofTrustees 12 Covid and Other External Factors Trustees 13 Our Impact and Delivery Senior Management Team 14 A Sustainable Business Model 21 Corporate Governance 15 Headline Figures Legal and Administraiive Information 16 Public Benefii Trusiees. Report 17 Research and Policy Independent Auditors, Report 18 Our People 30 Consolidated Financial Statements 33 Notes to the Financial Statements Speakers For Schools Annual Report 202112022 Foreword, Founder Robert In its 13-year life, Speakers for Schools has had one overarching ambition, to increase the richness of education for state school students to level the playing field with the best fee-paying schools. We were champions and deliverers of levelling UPJ long before that became the political cliché it is today. When we st3rr@d, in 2009110, the Ètonomic backdrop was the tail end of the banking crisis, and a 6 percenc fall in national intomÈ. Our tonvittion WÉS that in incrèasingly thallènging economic times, with 3 much-diminished outlook for growth, it W3S Vlt31 to help br03den and deepen young people's understanding of 3 complex world which we did with our progrzmrne of free talks by emir)er)t and Inspirztior)al Speakers. Our second strand of activities, providing enriching work experience wirh rop employers- again 311 complerely free for the students and schools was esrablished six years later. Ir catne our of rhe satne Ser of convictions we hold 3nd cherish, namely thar the whol& point ol education is ro expand young people's capacity to thrive once they are out making 3 living in this complex world. Speakers for Schools is Èll Èbour informing young peopl& about the opportunities out there, helping them to be adaprable, building resilience, and showing Chem what it actually means ro be in 3 workp13ce. This mission is mor& important than &v&r. We hav& Èm@rg&d from the chaos and uncertaincies generated by Brexit and Covid, but it remains hard&r than èvèr to forècast with confidence the employment landscape ol ten years hence, or even five years. Speakers for Schools Annual Report 202112022 So much depend5 on how and when our economy ad?pt5 to being ourside rhe European Union, what this13Eest 3rEificial- intelligence phase of the digital induscrial revolucion means for skilled employment, whÈEher we miEigat& and adapt ro climate change, how the global economy is reconfigured by thÈ shifting plates of Chin3's relationship with thè Wèst. The UK 15 both big and very Small, the fifth or 5iXth13rgest economy- depending on how you measure it - but a fraction of the Size of America, China, the EU single market. And our sèemingly largÈ population is almost a rounding error compared with India's and China's. So in some way5, we in thÈ UK can bÈ masters of our dèstiny, Ènd in othèrs, we are 3 sm311 boat 31one on a huge ocean. In other words, we can't as a nation control everything about our lucure. But we can recognise a very specific component of whac we need EO do, if we are to resEor& at l&asr some of Ehe prosperity that's been10st In the curmoil of the 15 years 51nce rhe banking crisis which is ro srr3in every sinew ro improve the output of our people, to boost productivity. We at Spe3k&rs for Schools are nor 3 narrowly focused productivity charity. We are about promocing Social rnobility. Bur in our r&lentless focus on helping young people acquire and improve the skills they need, especially those young peoplè from more disÈdvantag@d bÈtkgrounds, wè play our part In increasing the wealth of the nation, reducing inequality, and boosting living Standards over Ihe long term. We do ir by providing very sitnple 5ervice5, that have one big thing in common. Thèy are root&d in communication, in an older privileged generacion sharing ics wisdom and experience with a younger on&. That said and this is important- anyone who has given 3 talk in 3 school or provided work experience know5 ir is a two-W3y 5rreer, th4t younger people have important views 2nd knowledge to share with us, and it is our duty to listen. Speakers For Schools Annual Report 202112022 Foreword, Chair of the Board of Trustees Andrew Our focus remains on levellingthe playing field for allyoung people. The pandemic has widened the gap in access to opportunities for young people to learn and grow. We want to make sure that every young person in the UK is inspired to find the right career for them, and that they have a fundamental right to qualitywork experience. Academit yeÈr 2021122 has beÈn another year of progrèss for the Inspiration programme chat we started 12 year5 ago. Wè turarèd 870 talks delivÈred in-pèrson 2nd online to students across the UK. Our brilliant speakers engaged with over 250,000 5rudent5. A typical re8crion wa5 from 3 Student in Year 12 at The Bicester School who said '1 just wanted ro say a massive thank you for your talk with my school coday. I was left l&Èling very inspir&d and motiv3Eed to keep being scrong minded and working towards becoming a successful bu5ines5woman and lawyer and most imporranrly. the best version OF myselF.I" Whilst young people were disproportionarely 3flected by the pandemic wich disruption to their learning and exams some posirives emerged alongsid& Ehis. Firstly, employers demonstrated a growing desire to engage and connect with young people in m@Èningful wÈys this is Èvidenced by the fact that the number of employers supporting our Experience programrne increased dramatically to 1,305 org8ni54tion5 fro only 70 in 201912020. Secondly, there was 3 widespread shift among employers, educator5 and young people ¢0 embrace digital technology as a viable delivÈry modèl. This shift in actitudes and behaviour constituted a game changer for young p&oplè sèeking work experiÈnc& outside of th&ir g&ographic81 are3. It also signified a positive step towards breaking down Social mobility barriers by removing 3ny prohibitive c05r5 for tr3nsporr and 3ccommodètion. Speakers for Schools Annual Report 202112022 In the feedback we received for our virrual work experience pl3c&mentSp young people consistently agreed thar their virtual placement had helped Chem to learn more about che world of work and to develop essential skills. We lurrher validated this with additional research and an independent YouGov poll to help determine thè valuè of all types of work experience and to better understand how work experience influence5 Outcomes For young people. The re5ulr revealed several key findings Including rhe posirive impact of work experience on wage growrh and unemployment. This evidence has inspired thÈ thÈrity to launch a national campaign ro make sure no young person Is left behind and everyone has a right of Ètcèss ro quality work èxpèrience. At Spe3ker5 for Schoo15, we aim to support young people in 3113spects ol their career journey to develop their awareness and aspiration5 as well as cheir confidence and Èssential skills. Wich rhis in mind, our original Inspiration programme continues ics core role, and we have screngthened our porLfolio of 5er¥ice5 by dedicating more resource5 to develop our National Teen Book Club oflering. The scale of the opportunity lor Speakers for Schools remains Substantial alongside our dramatic expansion. The charity has shown great agility in adapting, changing and growing ro meet the needs of young people and its othervarious key stÈkèholdèrs that include ÈdutÈtors and employÈrs. Going forwards, our focus will be to continue to maintain the quality of our programme5 while also ensuring that we continue to engage and support young people in providing a much- needed bridge between them and etnployer5. We look forward to continuing our valuable work through partn&rships Énd collaboration wich all our stakeholders. Thank you all for your support 2nd for working with us. Speakers For Schools Annual Report 202112022 Foreword, Acting Chief Executive OfFicer Sakhila Mona Overthe lastyear, Speakers for Schools has grown significantly, not just in its reach and impact, but also in its stafPing. Through dealing with the challenges that rapid growth brings, we have enjoyed real success with young people and our team, ready to take the learnings with us as we plan forthe coming year. We remain committed to enhancing the life chances of state school students, especially those from disadvantaged backgrounds, by providing thern with free inspirational talks by eminent people, the best quality work experience from the UK'5 leading employers, and related servi¢e$ that stimulate confidence, imagination and competence. Our team has grown significantly and, in recognising Ehe talenc thac we have attracted, we have launched che People Working Group. The Group will be 3 Straregic pi114r in rhe nexr phase of the charity's development, that will detail what it will deliver for our people. Thi5 will ensure rhar rhe ch3riry builds a sustain3blÈ infrastructure by supporting OLJr singl& grearesr asset, our people. In addition, to help our remote workforce stay connecred and informed, we have builE'The Srafl Room,, an Intranet that provides all the too15 of our working in one plÈcÈ. In relation to the chariry'5 work, there h8ve been 8 nutnber ol achievements this last year. We have continued to reach new heighr5 Wlth our Inspiration programtne, by providing schools with more support in connècting th&m to inspirational speakers. In addition, we remain focused on providing thè best quality work &xperi@nte, as has bèen seen through our Passport To Change initiative delivered in partnership with Virgin Atl3ntic. Speakers for Schools Annual Report 202112022 Thi5 initiarive $3w u5 re3ch hundreds of young people from two conEinenES over rhe course ol rhè year in 3 firsE-of- it5-kind multi-stage, rDulti-forma¢ work experience project designed to attract a more diverse group ol young p&ople to consider careers in the aviation and travel industry. Now growing the programme into our second yèar, WÈ have expanded this style of outreach programrne to Boot5, Virgin Nedia 02 and Vodafone. We have also dernonstr3ted 51gnificant influence in the Pield ol Èducational policy with our13Eesr campaign to make work experience a universal right for all young people. In the last year, we worked with YouGov to research the impact and essential nature of work experience. Using our position and influence ro drive change on a n4tional sc31e is vit41, 4nd positions Speakers for Schools at the centre of a workable and nation31501ution thar focuses on levelling the playing field for currenE and future generations. Our influence is also amplified by our reach in che media. Thi5 year, we were extrernely gratèful ro have had the opportunity to work with tomÈdian James Acaster to run a special one-oFlworkshop with local teéns from his hometown of Kettèring. As wèll as delivÈring direct benefit to the young people who took part, the narion?l and local media cover3ge Surrounding the workshop enabled the chariry ro raise irs profile by reaching over 60 million rnembers of che public. Our journey to reach area5 of disadvantage within the UK continuÈs. The Northern IrÈland team, for ÈxÉmplÈ, has developed relacionship5 With 99'A of all state-schools in NorthÈrn IrÈland, thanks to an ÈflÈttive partnership with School Employer Connections ISECI. They have So leading counrry-ba5ed employers and have delivered over 10,000 work experiences in the13St academic year. This is phenomenal growth In a much needed locatior), traditionally with limit&d acc&ss ro work exp&rience opporruniti&s. VirEual work experiences have opened windows Into the world of work for young people acr055 the UK. Building on thi5 success, we have formed a t3skforce to surface best pracrice from our region5, under5t3nd ir and replic3te ir. Thi5 h35 helped u5 ro be more responsive In ollering work experience p13cemenrs to young people and brought us closer to our delivery partners to und&rsE3nd their needs. We are continuing to build momentum to provide young people, in p3rricular rh05e from disadv4nraged background5, with the support they need ro achieve their potent131. Wirhour our people 4nd wirhour 5rrong partnerships, rhi5 will not be possible. Ir is therefore th& reason, why rh& year ahead will see a particular focu5 on making sure our 5tafl are given the besE platform to deliver on the charity's vision. This last year has also seen us expand into interesr-specific national programmes for the first cime led by yoLJth demand and key sector parrnership5. The National Teen Book Club 13 parrnership with Book Clubs in Schools) is run as an online after-school enrichment activity that ha5 enabled over 8,000 young pèople from across rhÈ UK to comè together to share cheir love for reading, learn more about careers in the creative industries and fèel part of 3 lik&-mind@d community. Speakers For Schools Annual Report 202112022 Introductio The charity has performed well under continuing challenging circumstances and is well-placed to contribute to and take advantage of post-covid recovery in the wider education, economic and social landscape, having a crucial role to play in all three. The charity is committed ¢0 irnproving diversity in the workplace and ensuring that underrepres&nted groLJPS of young people can access Its opportunities without prejudice. The chariry's digitBI oflerings h3ve been critical co its success in this regard and during 202112022 the charity almost doubled the number of di5advaDtaged young people it supported annually year on year- from 213,119 in 202012021 to 424,832 in 202112022. A rnore detailed breakdown of the dèmogrÈphits ol thÈ young people accessing its Expèrience programme follows lacer in the report. The charity celebrates diversity in all its forms and during 202112022, it continued to actively use ir5 programmes to help dispel gender stereotypes and attract underrepresented gender groups Into diflerent Industries. For example, more l&males into STEH care&rs and more males inEO rhe nursing profession. It also championed young people wich Special Educarional Need5 and Di53bilirie51SENDI 4nd, in Ocrober 2021, provided 2,000 speci311y tailored work experience p13cernents to young people with SEND. With 50 much uncertainty and change in the las¢ academic y&ar, young people's wèllbeing has continued to b& prominent issue across the UK that has affected the charity's Èdutator network 2nd cr@Ètèd a new sèt of thallÈngÈs for the charity itself with regard to how it engages young people directly. Thi5 repor¢ expand5 on the charity'5 change in approach to address direcr youth engagement in the pages that follow. 10 Speakers for Schools Annual Report 202112022 The charity's p&rformanc@ in 202112022 speaks to its agility to keep adapting to deliver Cangible value to ever-increa51ng numbers of young people from ?cr055 rhe UK. It5 unique position a5 4 bridge between policymakers, employers, educators and young people means thar ir ha5 a wealrh of evidenti81 d3t? ro draw on 4nd the charity 15 Poised and ready Eo use its influence ro ellecr change ar a n3Eional governmenE31 level. The scale of the charity's ambition to create 3 genuine st&p-change in careers education to support youth social mobility In the UK Is reflected in Its revised tnission statÈm@nt'. 'Our charitable mission is ¢0 enable every young person from 8 state school, college or Independent Training Provider to access vital opporruniries to fuel their career ambitions, expand their networks, and build the necessary confidence and crust to realise their potential." The Annual Impact Report will detail specifit progress points, but highlights include: Growth of it5 Experience prograrntne by 143•/. Growth of it5 Inspiration programme by 80% Launch of Career Wales partnership Growth of regional support teams for schools, colleges and Independent Training Providers across the UK Publishing its own research to help determin& the value of work experience Commissioning YouGov research inro the difference in work experience provision in UK stare versus private schools Appointmènt of a nÈw ChiÈf MÈrketing OfficÈr and Chièf OpÈrÈting Officer Launch of its Work Experience ForAII c8rDpaign Pre-launch of Vin5pired, it5 yourh volunteering progratnme Speakers For Schools Annual Report 202112022 11 Covid and Other Growing economic pressures resulting from the combined effects of the pandemic, a highlyvolatile situation in Ukraine and the global climate crisis have contributed to a cost-of-living crisis that has further exacerbated existing fractures and divisions in society and constitutes an ongoing threat to social mobility. As a charity whose mission hinge5 on improving youth social mobility in the UK, 202112022 has rÈpres&nt&d a hugely challenging period for the charity'5 main beneficiaries, for its various stakeholders and for irs salaried employees and volunteers. Employer5 too have had another difFiculr ye3r as they seek to recov&r from th& pand&mic and adapt EO escalating Èconomic pressures in che form of supply chain Issue5, rising macerial and production costs and the threat of an impending r&cession. Building a sustainable future workforce remained a priority ro the charity's nètwork of employèr partnèr5 throughout Low-income families have been disproportionately aflected by 202112022 and the charity must continue to ensure that rising living c05t5 and the charicy's main beneficiarie5- young it can meet erDployers' expectations and leverage existing people from dis3dv3nt3ged backgrounds have experienced partnerships with schools, colleges and Independent higher levels of adversity when it cotne5 to disruption to Cheir Training Providers to fill placements. &ducÈtion, personal Ènd social devÈlopment as wÈll as their financial security and ernotionzl well-being. This has increased th& nèed for thè charity's servit&s but also m3de it hÈrd&r to re3ch young people who feel increasingly disconnected, let down and lacking in motivation. Inevitably the emerging economic cri51s has a150 directly aflÈctÈd the tharity's worklorte ol sÈlariÈd ÈmployÈÈs and volunteers. The charity continued to prioritise the well-being of ir5 sa13ried employee5 throughout 202112022 and ? one- 0116A annual pay rise to reflect rhe cosE-of-Iiving crisis was recently approved with a view to being implemented acros5 the charity in rhe Sept&mber 2022 payroll. Educacors and ernployers two key stakeholders for the chariEy- hav& also come under subsr8nEial additional pressure in 202112022. The war in Ukraine h35 h3d 4 more significant impact on rhe charity th3n mosr because part of the charity's workforce was based in Ukr3ine during 202112022. Ahe3d of the conflict, rhe chariry had outsourced key product d&v&lopment projects relating to ics Youth Card and Experience programmes to letSoftPro, 3 software dev&lopmenr company based in Ukraine to provide greater flexibility around skills and stafl resourcing in the product tèam. During thè last Ètademic yèÈr, the charity employed 22 developer5 from JetSoltPro. Despite the obviou5 challenges thi5 P05ed, the wider product ce? ensured chat rhey supported Ehe Ukrainian members ol their te8tD a5 much 85 Possible and, together, Chey tnet their work commitments. Educators have laced the difficult task of trying to help young people'to carch up, and overcome le4rning1055es sustained bÈc3us& of the pandemic as well as accelerate Eheir personal and social developmen¢. A general decline in young people's mental health following the p3nd&mic has made the educators, role even harder to perform affecting young pèople's bèhaviour, friÈndships, motivation to lÈarn and levels ol attendance. More demands on educators combined with higher leve15 of apathy in students made it harder for educators EO get their students co both engage and parricipate in opporrunities provided by the charity than in previous years. As extÈrnal factors continuÈ to influÈnce thÈ scÈlÈ and nature OF the challenges lacing the charity, the Senior Leadership Team 3nd Board of Tru5tee5 3re commirted ro continually reviewing and refining che charity's scracegy co mitigare Ehe risks of external factors on the charicy's performance. 12 Speakers for Schools Annual Report 202112022 Our Impact The number of state secondary schools and colleges registered for both the charity's core programmes rose to 2,416. The charity expanded it5 educator stakeholder group to include Independent Training Providers and also partnered with Careers Wales to bolster its regional presence in Wales. This was due in part to fluctuating levels of engagement from schools and college5 as they have 5cruggled ro address learning losses together with a marked decline in young people'5 emotional well-being which has continued to impact attendance. behaviour, as well as levels of concentration and motivation in the last academic year. Looking ahead, the charity airns to rnaint3in a blended apprtsach EO deliver supporr to young people with an increase of in-person activities alongside its online delivery odel to ensure that location and cost do not become barriers to participation and the charity's programmes remain highly acce55ible. The academic year 202112022 saw the return of some in-person activicies acro55 the charity'5 core progratnmes and demand For its online services has remained high especially for it5 Experience programme. Championing virtU31 work experience throughout 202112022 led co the charity significantly expanding its employer network since 202012021- from 677 to 1,305 and enabled the charity to ofler 81,678 more viriual placements th3n in 2020121 . This meant tens of thoLJsands more young people from 311 over the UK were able co benefit From Improved access ro and availability of work experience, including young people from rural areas andl or opportunicy areaslcold spots who would otherwise have struggled to Pind work experience. The charity's work experience programme continued to attracc an exceptionally high number of applicants from erhnic minorities. In 202112022, almost half of the young people who disclosed their ethnicity when they applied for placements through the charity's Experience portal identiPied as being from an ethnic minority. The charity's Inspiration programme also grew substantially in term5 of reach and irnpact, reaching an additional 113,000 young people In 202112022 chrough a combinarion of in-per50n and online talks and broadcasts. Over311, the ch3rity has performed exceptionally well in terrns of irnpact for 202112022 successfully supporcing 424,832 young people to 3ttend talks, watch broadcasts, attend placement5 or participate in some way with its other activities over the course OF the academic year. However, achieving this level of irnpact required substantially greater eflort than the previous year. Forthp4cademicye?r202112022 we interpret'pl4cementsoffered'a5 platÈmÈntS whÈtÈytsung peoplÈwÈrÈ selettÈdand tsfFÈrÈd a plate whèieas forthe4cademile thèm to ensure thar the financial statements comply with the Charities Act 2011, the Charity (Accounts and R&portsl RÈgulations 2008 and thÈ provisions OF the trust deed. They are also responsible for safeguarding the ch8rity'5 3S5ets and hence for taking reasonable step5 ro prevent and detect fraud 2nd other irregularities. ensure ¢ha¢ supplier5 are rnade aware of the terrD5 of payment by inclusion of the r@lÈvant t&rms in contracts., and Pay in accordance with the company's contractual and other legal obligation5. Trade credicor5 of the charity at che year-end were &quival&nt EO 31-day purchases, based on th& average daily amounc invoiced by suppliers during the year. Auditor Aze¢s Audit Services Limited have expressed their willingne55 to continue in office a5 rhe ch4rity'5 3udiEor. In accordance wirh 5487121 OF the Companies Act 2006 they are deemed reappointed annually. Statement of Trustees, Responsibilities The tru5ree5 are responsible for preparing rhe Tru5rees' Reporr and rhe Financi31 sraremenrs in accordance WiEh applicable law and United Kingdom Accounting Standards IUniEed Kingdom Generally Acc&pted AccounEing Practice). The law applicable to charitie5 In England and Wales requires rhe trustees r(> prepare financial srarÈmÈnts for each financial year which give a true and fair view of the state ol aflairs of the charity and of the incoming re50urce5 and application of resources of rhe charity for that year. Disclosure of Information to the Auditor Each of the trustees has confirtned tha¢ there is no information they are aware of which is relevant to rhe audit bur of which the auditor needs to be made aware. They have further confirmed that thèy havè taken Èppropriate stèps to idèntify such rèlèvant information and establish that the auditor is aware of it. The B03rd approved the Trustees, Report on 27 March 2023. Speakers For Schools Annual Report 202112022 25 IndependentAuditors' Report to the Members and Trustees of Speakers for Schools - for theyear Ended 31 August 2022 Opinion We have audited rhe financial sraremenrs of Speakers for Schools Ithe"p3rent ch3rity"13nd its subsidiary Ithe'group") for the year ended 31 August 2022, which comprise the Consolidated St3temenr of Financial Activities, the Group and Charity Balance Sheets, che Consolidated Statemenc of Cash Flows and the related Not&s to the Financial Statem&nrs, Including a surnmary of significant accounting policies. The financi31 reporting fr3nework thar has been 3pplied in their preparation is 3ppIic3ble law and United Kingdom Accounting Sr3ndard5, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable ir) the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). Conclusions relating to going concern In auditing the Financial 5taremenrs, we have concluded rhat the trustees, use of the going concern basis of accounting in the preparation of the charity's financial 5tatement5 is appropriate. The ch3riry's subsidiary, SFS Media Limited, the results of which are consolidated in these financial stat&m&nts, is being wound up and is Èxplain&d furth&r in note 22 to these financial statements. Based on Ihe work we have perlormed, we have not identified any tnarerial uncerrainties re13ting to events or condirion5 that, individually or collecEively* may cast significant doubt on the group's abilicy ro continue a5 a going concern for a period ol ar leasE Ewelve monrhs from whon Ehe financial SE3EemenEs are authorised for Issue. In tsur opinion, Ehe financial sEarements.' Our responsibilities and the responsibilities ol the trustees with respect to going concern are described in the relevant sections ol this report. give a true and Fair view ol the state of rhe group and charity's affairs as ar 31 Augusr 2022 and of its Income and expenditure for the year then ended., Other informatitsn The trustees are responsible for the other Information. Thè other information cc>mprises th& information includèd in rhe annual report other than the fin3nci31 statements and our auditor's report rhereon. Our opinion on che Pinancial statements does not cover the other information and, except to the extenc otherwise explicitly ststed in our report, we do not express any form of assurance conclusion th&reon. have been properly prepared In accordance with United Kingdom Gènerally AccÈprÈd Accounting Practicè., and h3ve been prepared in accord3nce with the requirements of the Charities Act 2011, Ch3riries and Trustee Investment Iscotlandl Acc 2005 and regulation5 6 and 8 of the Charities Accounts Iscotlandl Regulations 2006 las amended). In connection wirh our audit of the Fin4ncial st3ternenr5, our responsibility is to read the other information and, in doing 50, con5iderwhether rhe orher information is marerillly inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appear5 to be tnaterially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to derermine whether there is a marÈrial misstatÈmÈnt in the financial siatements or a material misstatement of che other information. If, based on the work we have performed, we conclude that there is 3 materi31 misstatement of this orher information, we are required to reporr thar fact. Basis for opinion We conducted our audit in accordance with Inrern4tional Sr3nd3rds on ALJditing IUKI IISAS IUKII and applic3E>le law. Our responsibilities under those standard5 are further described in thè Auditor's r&sponsibiliEies for rhe audit of the financial statements section of our report. We are independent of thÈ group and chariry in a¢c(>rdan¢e with the ethical requirements that are relevant to our audit of the financial 5tatemenr5 in the UK, including the Fin3ncial Reporting Council's Ethical Standard 2nd we have ILJlfilled our other ethical responsibilities in accordance with these requirements. We believe that th& audit &vid&nce we hav& obtained Is sufficient and appropriate to provide a basis for our opinion. We have noching to reporc in this regard. 26 Speakers for Schools Annual Report 202112022 IndependentAuditors' Report (continued) Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charitie5 IAccount5 and Reportsl Regulations 2008 or Charities Accounts IScot13ndl Regulation 2006 las amended) require us to report to you if, in our opinion.. Auditor's responsibilities for the udit of the finantial statements Our objectives are to obtain reasonable assurance about whether the financial statements a5 a whole are free from material misstarement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high l&vÈl ol assurance, but is nor a guarantee thac an audit conducted in accordance with ISAS IUKI will alw3y5 detecr a tn3terial mi55raretnent when it exi5r5. Misstatements Can arise from fraud or error and are considered tn?rerial if, individu311y or in the 4ggregate, they could reasonably be expected Eo influènce th& economic decisions of users E3ken on rhe ba51s of these Pinancial statements. dequ3te Bccounting records have nor been kept or returns 3dequ8te for our audit have not been received from branches not V15ited by u5., the financial staternencs are not in agreement with the accounting records and returns- Irregularities, Including fraud, are instance5 of non-compliance wirh laws and regu13rions. 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 ol detecting irregularities, including fraud, is detailed below. Certain disclosures of rrusrees, remunerarion specified by law are not made., or we have not obtained 311 the Information and explanations necessary for the purposes of our audit. Responsibilities of the trustees As @xplÈinÈd mc>re fully in the trustees. rèsponsibilities statement, the trustees are responsible for the preparation of the financi815tarement5 and for being satisfied thit they give 3 true and lair view, and for such internal control as they deterrnine Is necessary to enable the preparation of financial starements thar 3r& fre& from matÈri31 misstatem&nE, whether due to fraud or error. A further description of our responsibilitie5 for the audit oFthe fin3nciÈl statements is located on thÈ Financi21 RÈporring Council's website at.. www.lrc.org.ukl3uditorsresponsibilities. This description forms parr of our auditor'5 reporr. In preparing the financial statements, the trustee5 are responsible for 455es5ing the group'5 and p4renr charity'5 ability to continuè as 3 going concern, disclosing, as 3pplic3bl&, matters related ¢0 going concern and using the going concern basis of accounting unless thè trustees either intend EO liquidate the charity or to cease operations, or have no realistic alternarive bur ro do so. Speakers For Schools Annual Report 202112022 27 IndependentAuditors' Report (continued) Extent to which the audit was considered capable of identifying irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with13ws and regulation5. We design procedures in line with OLJr responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misststements in respect of irrègularities, including fraud. Reviewing financial statement disclosures and testing ro supporting dotumenrarion to assess c(>mplian¢e with applicable laws and regulations., Performing audit work over the risk of management bi3S ar)d override of controls, Including testing of journal en¢rie5 and oth&r adjustments for appropriat&n&ss, Èvaluating the business rationale of significant transaccions outside Ehe norm31 course of bu5ine55 4nd reviewing accounring estimates for Indicators ol potential bias. We obtain and update our understanding of the enrity, its 3Ctivities, its control environment, and likely future developmenrs, including in rel4tion ro the leg41 and regu13rory framework applicable and how the entity is complying with that framework. Based on thi5 under5tar)ding, we identify and assess Ehe risks of marerial missEaEement ol the financi31 statements, whether due to Fraud or error, design and perform audit procedures resp(>nsive ro th(>se risks, and ot>tain audir evidence th£c Is sulficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by rhe Èntity thar were contrary ro applicable laws and regulation5, including fraud. Pèrforming audit work over the timing and recognition of income and In particular whether it has been recorded in the correcr accounting period. Because of rhe inherent limirarions ¢>f an audir, the￿ is a risk that we will not detect all irregLJlarities, including those leading to a material misstatement in che financial s¢atemen¢5 or non-compliance with r&gul3tion. This risk increases the rnore that compliance with a law or regulation 15 removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Th& risk of not det&cting m3rerial misstatement resulting from Ir3ud is higher than for one resulting from error, as fr3ud may involve collusion, forgery, intention31 omissions, misrepresentations, or the override of internal control. In response to the risk of irregularities and non-compliance with laws and rÈgulÈtions, including fraud, we dèsigned procedures which included.. En9uiry of management and those charged with governance around actual and potential licigation and claims as well as actual, suspecred and 3ll&g&d fraud., Reviewing rninures of meetings of rh05e charged with governance. Assessing the extent of compliance with the13ws and regulations considered to have a direct material effect on rhe financial statements or the operations ol rhe charity through enguiry and Inspection., 28 Speakers for Schools Annual Report 202112022 IndependentAuditors' Report (continued) Use of our report This roptsrr is made solely ro rhe Charity's rrustees, as a body, in accordance with Ch3riries (Accounts and Reports) Regul8tion5 2008 and section 44Ullcl of the Charitie5 and Trustee Invesrmenr (Scotlandl Act 2005 and for no other purpose. Our audit work has been undertaken so chat v¢e might state to th& charity's trustèes those matters w& are required to State to thern in an auditor's report and for no other purpose. To rhe fullest exrenr pertnitred by13w, we do not accept or assume responsibility to anyone other than rhe charity'5 member5 45 a body, for our audit work, for Ehis report, or for the opinions we hav& formed. Jessica Lawrence Senior StatutoryAuditor For and on behalf Azets Audir services Limired Chartered Accountants & Statutory Auditor 33 Park Place Leeds LSI 2RY Date: 1710512023 Speakers For Schools Annual Report 202112022 29 ||**Note**|**Unrestricted**
**Funds**|**Restricted**
**Funds**|**Total Funds**
**2022**|**Total Funds**
**2021**| |---|---|---|---|---|---| |||**£**|**£**|**£**|**£**| |**Income from:**|||||| |Donations and legacies|**2**|8,245,721|17,500|8,263,221|2,785,550| |Charitable activities|**3**|576,379|-|576,379|244,410| |Other trading activities|**4**|26,757|-|26,757|83,000| |Investments|**5**|-|-|-|30| |**Total income**||**8,848,857**|**17,500**|**8,866,357**|**3,112,990**| |**Expenditure on:**|||||| |Raising funds|**6**|162,807|-|162,807|118,248| |Charitable activities|**7**|7,302,019|18,934|7,320,953|2,743,598| |**Total expenditure**||**7,464,826**|**18,934**|**7,483,760**|**2,861,846**| |**Net movement in funds**||1,384,031|(1,434)|1,382,597|251,144| |Total funds brought forward||800,697|1,434|802,131|550,987| |**Total funds carried**
**forward**|**17**|**2,184,728**|**-**|**2,184,728**|**802,131**| The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities, except for income and expenditure from trading activities. In the year ended 31 August 2022, the trading income from discontinued activities totalled £26,757 (2021: £nil), whilst the expenditure totalled £650,681 (2021: £nil). A fully detailed Statement of Financial Activities for the year ended 31 August 2021 is shown at Note 21 to the financial statements. |||**Group**|**Group**|**Charity**|**Charity**| |---|---|---|---|---|---| |||**2022**|**2021**|**2022**|**2021**| ||**Note**|**£**|**£**|**£**|**£**| |**Fixed assets**|||||| |Intangible assets|**13**|818,130|568,885|818,130|568,885| |**Current assets**|||||| |Debtors|**14**|230,155|90,574|182,461|90,574| |Cash at bank and in hand||1,857,600|343,344|1,839,230|343,344| |||2,087,755|433,918|2,021,691|433,918| |**Creditors:**amounts falling due|||||| |within one year|**15**|(721,157)|(200,672)|(671,529)|(200,672)| |**Net current assets**||1,366,598|233,246|1,350,162|233,246| |**Net assets**||**2,184,728**|**802,131**|**2,168,292**|**802,131**| |**Income funds:**|||||| |Unrestricted funds||2,184,728|800,697|2,168,292|800,697| |Restricted funds|**17**|-|1,434|-|1,434| |**Total Funds**|**18**|**2,184,728**|**802,131**|**2,168,292**|**802,131**| They were approved by the Board of Trustees on ……………………… and signed on its behalf by: **Mr A Law Trustee** **Mr R Peston Trustee** ||**Notes**
**2022**
**2021**
**£**
**£**
**Cash flows from operating activities**
Cash generated from operations
**19**
1,854,404
352,503
**Cash flows from investing activities:**
Purchase of intangible assets
(340,148)
(568,885)
Investment income received
-
30
**Net cash used in investing activities**
(340,148)
(568,855)
**Net increase/(decrease) in cash and cash**
**equivalents**
1,514,256
(216,352)
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
343,344
559,696
**Cash and cash equivalents at the end of the year**
1,857,600
343,344| |---|---| ## **1. Accounting Policies** ## **Charity Information** Speakers for Schools is a charitable incorporated organisation ("CIO"). The registered office address is Aviva UK Central Services, St. Helens, 1 Undershaft, London, EC3P 3DQ. ## **Basis of Accounting** The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1. On the grounds that the charity’s results are consolidated into the charitable group’s accounts the charity has taken advantage of certain exemptions conferred by section 1.11 of FRS 102 as follows: - Exemption from presenting a charity statement of cash flows as a primary statement to the financial statements. The financial statements have been prepared under the historical cost convention modified to financial instruments at fair value. The principal accounting policies adopted are set out below. ## **Group financial statements** The financial statements consolidate the results of the charity and its wholly owned subsidiary SFS Media Limited on a line by line basis. The summarised profit and loss account for the subsidiary is shown in note 9. The gross income of the charity was £8,839,600 (2021 - £893,382) and the net income was £1,366,161 (2021 - £251,144). ## **Going Concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. The charity’s subsidiary, SFS Media Limited, the results of which are consolidated in these financial statements, is being wound up and is explained further in note 22 to these financial statements. ## **Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. ## **Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under gift aid is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Income from government grants and other grants whether ‘capital grants’ or ‘revenue grants’ is recognised when the charity has entitlement to the funds, any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably and not deferred. 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 interest paid or payable. ## **Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation . charges are allocated on the portion of the asset’s use. ## **Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. ## **Taxation** Speakers for Schools is a registered charity and as such is a charity within the meaning of Schedule 6 of the Finance Act 2010. Accordingly, the Charity is potentially entitled to tax exemption under part 11 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 in respect of income and gains arising. Its trading subsidiaries are liable to corporation tax on its chargeable profits. Current tax, including UK Corporation and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantially enacted at the balance sheet date. ## **Intangible fixed assets other than goodwill** Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Software development 20% straight line ## **Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **Financial instruments** The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. ## **Cash at bank and in hand** Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity held for working capital. ## **Debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid. Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the income and expenditure account. ## **Creditors and provisions** Creditors, loans and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors, loans and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Financial liabilities are only derecognised when, and only when, the Charity’s obligations are discharged, cancelled or they expire. Amounts recognised as provisions are best estimates of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. ## **Critical accounting estimates and judgements** In the application of the group and charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. On review, the Trustees consider that there are no critical accounting estimates and judgements which would have a material effect on the financial statements. ## **2. Donations and legacies** |**For the year ended 31 August 2022**|**Unrestricted**
**income**|**Restricted**
**income**|**2022**
**Total**| |---|---|---|---| ||**£**|**£**|**£**| |Donations and gifts|8,214,721|-|8,214,721| |Grant receivable|31,000|17,500|48,500| ||8,245,721|17,500|8,263,221| |**For the year ended 31 August 2021**|**Unrestricted**
**income**|**Restricted**
**income**|**2021**
**Total**| ||**£**|**£**|**£**| |Donations and gifts|2,681,700|-|2,681,700| |Grant receivable|73,850|30,000|103,850| ||2,755,550|30,000|2,785,550| ## **3. Charitable activities** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2022**|**2021**| ||**£**|**£**| |Work experience services|576,379|244,410| ||**576,379**|**244,410**| |**4.**
**Other trading activities**||| ||**Unrestricted**|**Unrestricted**| ||**funds**|**funds**| ||**2022**|**2021**| ||**£**|**£**| |Sponsorship|-|83,000| |Other - SFS Media|26,757|-| ||**26,757**|**83,000**| ## **5. Investment income** |**Unrestricted**|**Unrestricted**| |---|---| |**funds**|**funds**| |**2022**|**2021**| |**£**|**£**| |Interest receivable
-|30| |**-**|**30**| ||||| |---|---|---|---| |**6.**
**Raising funds**|||| ||**Unrestricted**|**Unrestricted**|| ||**funds**|**funds**|| ||**2022**|**2021**|| ||**£**|**£**|| |Fundraising and publicity|||| |Other fundraising costs|15,623|1,835|| |Staff costs|142,803|109,576|| |Support costs (Note 8)|4,381|6,837|| ||162,807|118,248|| |**7.**
**Charitable activities**|||| ||**2022**|**2021**|| ||**£**|**£**|| |**Direct costs**|||| |Wages and salaries|3,696,583|2,258,180|| |Special projects|-|15,944|| |Rent|68,825|23,828|| |Travel and subsistence|32,461|4,212|| |Trade subscriptions|140,260|27,532|| |Telephone and fax|44,803|14,881|| |Printing, postage & stationery|22,899|12,528|| |Staff costs|18,558|7,406|| |Computer costs|55,626|74,594|| |Marketing|95,558|145,011|| |Advertising|-|59,834|| |Venue hire|47,503|3,360|| |Software development|1 8,856
1|-|| |Amortisation|90,903|-|| |Consultancy|221,274|-|| |Sundry|444|-|| |Software development capitalised|(340,148)|(568,885)|| ||4,214,405|2,078,425|| |Share of support costs (see note 8)|3,092,848|652,751|| |Share of governance costs (see note 8)
13,700||12,422|| ||**7,320,953**|**2,743,598**|| |**Analysed by fund**|||| |Unrestricted funds|7,302,019|2,715,032|| |Restricted funds|18,934|28,566|| ||**7,320,953**|**2,743,598**|| ||**8.**
**Support costs**
**Support**
**costs**
**Governance**
**costs**
**Total**
**2022**
**Support**
**costs**
**Governance**
**costs**
**Total**
**2021**
**£**
**£**| |---|---| ||Wages and salaries
1,779,970
-
1,779,970
427,318
-
427,318
Computer costs
33,441
-
33,441
34,420
-
34,420
Marketing
48,342
-
48,342
17,609
-
17,609
Rent
21,526
-
21,526
7,758
-
7,758
Professional fees
145,034
8,700
153,734
64,191
12,422
76,613
Printing, postage &
stationery
6,813
-
6,813
7,184
-
7,184
Other staff costs
188,471
-
188,471
30,919
-
30,919
Subscriptions
61,477
-
61,477
46,945
-
46,945
Insurance
11,492
-
11,492
7,008
-
7,008
Sundry
154,982
-
154,982
16,236
-
16,236| ||**Charity**
**2,451,548**
**8,700**
**2,460,248**
**659,588**
**12,422**
**672,010**| ||**SFS media**
Direct costs
3,126
-
3,126
-
-
-
Wages and salaries
417,648
-
417,648
-
-
-
Rent
1,136
-
1,136
-
-
-
Travel costs
14,552
-
14,552
-
-
-
Printing, postage &
stationery
17,017
-
17,017
-
-
-
Subscriptions
50,791
-
50,791
-
-
-
Professional fees
59,148
5,000
64,148
-
-
-
Marketing
78,883
-
78,883
-
-
-
Sundry
3,380
-
3,380
-
-
-| ||**645,681**
**5,000**
**650,681**
**-**
**-**
**-**| ||**Charity and group**
**3,097,229**
**13,700**
**3,110,929**
**659,588**
**12,422**
**672,010**| ||**Analysed**
**between:**
Fundraising
4,381
-
4,381
6,837
-
6,837
Charitable activities
3,092,848
13,700
3,106,548
652,751
12,422
665,173
**3,097,229**
**13,700**
**3,110,929**
**659,588**
**12,422**
**672,010**| ## **9. Subsidiary** On 30 June 2021 a subsidiary company was set up as SFS Media Limited. This company traded in the year, however in early 2023 the Trustees decided to wind this company up. The results and year end position of the company was as follows: |end position of the company was as follows:|| |---|---| ||**2022**| ||**£**| |Income|26,757| |Expenditure|(650,681)| |Loan writeoff|640,361| |**Profit for theyear**|**16,437**| |Assets|66,064| |Liabilities|(49,627)| |**Total equity**|**16,437**| ||||| |---|---|---|---| |**10.**
**Net income/(expenditure) for the year**|||| |**This is stated after charging:**|**2022**|**2021**|| ||**£**|**£**|| |**Auditors’ remuneration:**|||| |Audit of the parent charity financial statements|7,500|4,500|| |Audit of the subsidiary financial statements|3,500|-|| |Other services|2,700|950|| |Amortisation|90,903|**-**|| |Operatinglease cost|903|**-**|| ## **11. Trustees** None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2021 - no Trustees). ## **12. Employees** ||**2022**|**2021**| |---|---|---| |**Employment costs**||| |Wages and salaries|5,474,713|2,508,736| |Social security costs|475,856
85|238,289| |Other pension costs|86,436|48,049| ||**6,037,004**|**2,795,074**| During the year, the group employed an average of 124 staff (2021 – 59). The charity considers the key management staff to be the Chief Executive Officer, Chief Operations Officer, Chief Programmes Officer, Programmes Director, Education & Policy Director, Executive Director – Media, Chief Marketing Officer, Product Director, Technical Director, National Engagement Director, Director of Fundraising and the Financial Controller. In the year the aggregate total amount of employee benefits received by key management personnel amounted to £854,620 (2021: £502,237). In addition to this, an ex-gratia payment was made during the year totalling £102,188. The number of employees whose annual remuneration was more than £60,000 is as follows: ||**2022**|**2021**| |---|---|---| |**£60,000 - £70,000**|1|-| |**£70,000 - £80,000**|1|2| |**£80,000 - £90,000**|2|-| |**£110,000-£120,000**|-|1| |**£140,000-£150,000**|1|-| The above banding excludes ex-gratia payments. ## **13. Intangible fixed assets** ||**2022**| |---|---| ||**Software Development**| ||**£**| |Cost as at 1 September 2021|568,885| |Additions|340,148| |**Cost as at 31 August 2022**|**909,033**| |Amortisation as at 1 September 2021|-| |Charge for theyear|90,903| |**Amortisation as at 31 August 2022**|**90,903**| |**Net book value as at 31 August 2022**|**818,130**| |**Net book value as at 1 September 2021**|**568,885**| ## **14. Debtors** |**14. Debtors**|||||| |---|---|---|---|---|---| ||**Group**|**Group**|**Charity**|**Charity**|| ||**2022**|**2021**|**2022**|**2021**|| ||**£**|**£**|**£**|**£**|| |**Amounts falling due within one year:**|||||| |Trade debtors|77,741|40,753|52,674|40,753|| |Other debtors|78,093|17,281|55,466|17,281|| |Prepayments and accrued income|74,321|32,540|74,321|32,540|| ||**230,155**|**90,574**|**182,461**|**90,574**|| |**15. Creditors**|||||| ||**Group**|**Group**|**Charity**|**Charity**|| ||**2022**|**2021**|**2022**|**2021**|| ||**£**|**£**|**£**|**£**|| |**Amounts falling due within one year:**|||||| |Other taxation and social security|218,527|82,264|208,130|82,264|| |Trade creditors|350,910|74,269
6
9|319,101|74,269
6
9|| |Other creditors|47,883|38,662|40,462|38,662|| |Accruals and deferred income|103,837|5,450|103,836|5,450|| ||**721,157**|**200,672**|**671,529**|**200,672**|| Unpaid pension contributions of £41,936 (2021 - £28,143) are included in other creditors at the year end. Included in accruals and deferred income at the year end is £95,138 (2021 - £nil) of income deferred in the year. ## **16. Related party transactions** Andrew Law, Chair and Trustee, is also a Trustee of Law Family Charitable Foundation, a charity which funds the projects costs of Speakers for Schools and in the year donated £8,100,000 (2021: £2,665,000) to Speakers for Schools, which is included in unrestricted funds. At the year end, SFS Media Limited, the subsidiary company of Speakers for Schools, owed £640,361 (2021 - £nil) to the charity. This comprised of £590,361 intercompany balance and a loan of £50,000. However subsequent to the year end, the decision was taken to liquidate the subsidiary and the full balance has been provided for. ## **17. Restricted funds** The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: |||**Movement in funds**|**Movement in funds**||| |---|---|---|---|---|---| |**31 August 2022**|**Balance at 1**||||| ||**September**|**Income**|**Expenditure**|**Transfers **|**Balance at 31**| ||**2021**||||**August 2022**| ||**£**|**£**|**£**|**£**|**£**| |Waterloo Grant|1,434|-|(1,434)|-|-| |Other (<£5k)|-|17,500|(17,500)|-|-| ||**1,434**|**17,500**|**(18,934)**|**-**|**-**| |||**Movement in funds**|||| |**31 August 2021**|**Balance at 1**||||| ||**September**|**Income**|**Expenditure**|**Transfers **|**Balance at 31**| ||**2020**||||**August 2021**| ||**£**|**£**|**£**|**£**|**£**| |Waterloo Grant|-|30,000|28,566|-|1,434| ||**-**|**30,000**|**28,566**|**-**|**1,434**| ## **Purpose of restricted funds** The Waterloo Grant is to be used for staffing, running and equipment costs of the experience programme in Wales to support disadvantaged young people to gain experience in industries or organisations that they may never have considered, opening their eyes to a life of achievement and potential. ## **18. Analysis of net assets between funds** ||**Unrestricted**|
**Restricted**|**Total**|**Unrestricted**|**Restricted**|**Total**| |---|---|---|---|---|---|---| ||**funds**|
**funds**||**funds**|**funds**|| ||**2022**|**2022**|**2022**|**2021**|**2021**|**2021**| ||**£**|**£**|**£**|**£**|**£**|**£**| |Intangible fixed assets|818,130|-|818,130|568,885|-|568,885| |Current assets|1,366,598|-|1,366,598|231,812|1,434|233,246| ||**2,184,728**|**- **|**2,184,728**|**800,697**|**1,434**|**802,131**| ## **19. Cash generated from operations** ||**2022**|**2021**| |---|---|---| ||**£**|**£**| |Surplus for the year|1,382,597|251,144| |**Adjustments for:**||| |Investment income recognised in statement of financial activities|-|(30)| |Amortisation charges|90,903|-| |**Movements in working capital:**||| |(Increase) in debtors|(139,581)|(76,581)| |Increase in creditors|520,485|177,970| |**Cashgenerated by operations**|**1,854,404**|**352,503**| The group had no debt during the current or previous year. ## **20. Operating lease commitments** As at 31 August 2022 the charity had total commitments under non-cancellable operating leases as follows: |**Land and**|**buildings**| |---|---| |**2022**|**2021**| |**£**|**£**| |Expiry date:|| |Within one year
1,807|-| |1,807|-| ||||||| |---|---|---|---|---|---| |**21. **|**Comparative Statement of Financial Activities**||||| |||**Unrestricted**|**Restricted**|**Total**|| |||**funds**|**funds 2021**||| |||**2021**||**2021**|| |||**£**|**£**|**£**|| |**Income and endowments from:**|||||| |Donations and legacies||2,755,550|30,000|2,785,550|| |Charitable activities||244,410|-|244,410|| |Other trading activities||83,000|-|83,000|| |Investments||30|-|30|| |**Total income**||**3,082,990**|**30,000**|**3,112,990**|| |**Expenditure on:**|||||| |Raising funds||118,248|-|118,248|| |Charitable activities||2,715,032|28,566|2,743,598|| |**Total expenditure**||**2,833,280**|**28,566**|**2,861,846**|| |**Net movement in funds**||249,710|1,434|251,144|| |Fund balances 1 September 2020||550,987|-|550,987|| |**Fund balances at 31 August 2021**||**800,697**|**1,434**|**802,131**|| ## **22. Post Balance Sheet Event** The decision was taken in December 2023 to wind-down the subsidiary, SFS Media Limited. The 2 Charity established SFS Media as an investment that would, in time, generate income for the Charity. However, it became clear to the Directors of the Media Company and the Trustees of the Charity that the growth ambition of the media company would not be realised without an extension of the existing credit agreement and additional levels of capital investment; it was not deemed appropriate to continue this level of funding with Charitable funds, and the decision was taken to cease trading. SFS Media ceased trading on 23 December 2022 and is now being wound down in an orderly and solvent manner. The Trustees of the Charity have agreed to waive the loan originally provided to fund the establishment and growth of the Media company, which is reflected in this these accounts. SPEAKERS for schools