2021-12-31-accounts

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r. Impe Annu 21 aji Annual repor finanGial st ended 31 D and GO eAt5 fo ember 2021 Impetus- The Private by suarantee (number uity Foundation 846051q) and a resistered Ghari Impetus

ReferenGe and administrative details Impetus Impetus - The Privote Equity Foundotion (Impetus) is o compony limited by guorantee (number 08460519) and a registered charity (number 1152262). TRUSTEES Henneke Smits, Chair Louis Elson Bill Benjomin Filippo Cordini Charles Edwards Liso Stone Simon Turner Shoni Zindel Roberl Ramseur Rohon Hold80 Vonesso Moydèn Natosho Porter Joseph Schull (Resigned December 2021) (Appointed Decmeber 2021) Chief Executive Officer: Eleanor Horrison OBE Registèred Officè.. Golden Cross House 8 Duncannon Slreet London, WC2N FJF Auditors: Haysmacintyre LLP 10 Queen Streel Place London, EC4R IAG Primory Banker: Natwest 127-128 High Holborn London, WC1V 6PQ Investment Managers.. Goldman Sachs Inlernational Plumtree Court 25 Shoe Lane London, EC4A 4AU

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Our year in impact

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New Investments

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113,500 to 177,500

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City Gateway supports Mukadim to get back to work

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“Without City Gateway I would be unemployed right now. During lockdown my mental state was really bad ...now I'm ready to take on the world.”

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"The level of support and commitment to delivering outcomes to our young people is unparalleled"

Challenge and support to grow with impact: The Tutor Trust

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"There is no doubt in my mind that we are where we are today and have achieved the growth and impact we have in large part due to our very powerful partnership with Impetus” - ��

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Net income/expenditure	(7,316)	(11,792)	4,47�
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Surplus/(deficit)	1,874	(2,265)	4,1��

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Net Assets	203,800	201,926	1,874

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We have audited the financial statements of Impetus – The Private Equity Foundation for the year ended 31 December 202�� which comprise the Consolidated Statement of Financial Activities, the Charity Statement of Financial Activities, the Group and Charity Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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Consolidated �tatement of �inancial �ctivities��

Note Income: Donations and grants 2a Events and fundraising activities 2b Investment 2c Other 2d Total income Expenditure: Raising funds 3a Charitable activities 3a Total expenditure Net expenditure Transfers between funds Net gains on investments 10 Net movement in funds Reconciliation of funds: Funds at the start of the year 14 Funds at the end of the year 14	2021 Restricted Unrestricted Total £ £ £	2020 Restricted Unrestricted Total £ £ £
	8,614,933 5,346,255 13,961,188 - 1,856,467 1,856,467 4,940,903 373 4,941,276 - 30,637 30,637 13,555,836 7,233,732 20,789,568 - 846,221 846,221 22,570,512 4,688,935 27,259,447 22,570,512 5,535,156 28,105,668 (9,014,676) 1,698,576 (7,316,100) 11,732 (11,732) - 9,190,475 - 9,190,475 187,531 1,686,844 1,874,375 195,988,860 5,936,790 201,925,650 196,176,391 7,623,634 203,800,025	2,242,185 5,018,029 7,260,214 - 1,004,483 1,004,483 4,821,860 29,531 4,851,391 - 30,492 30,492 7,064,045 6,082,535 13,146,580 - 744,659 744,659 18,416,245 5,777,660 24,193,905 18,416,245 6,522,319 24,938,564 (11,352,200) (439,784) (11,791,984) - - - 9,527,482 - 9,527,482 (1,824,718) (439,784) (2,264,502) 197,813,578 6,376,574 204,190,152 195,988,860 5,936,790 201,925,650

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 14 to the financial statements.

The notes that follow form an integral part of these financial statements.

Charity statement of financial activities or the year ended 31 December 2021

Restricted Note £ Income: Donations and grants 2a 2,736,433 Events and fundraising activities 2b - Investment 2c - Other 2d - Total income 2,736,433 Expenditure: Raising funds 3e - Charitable activities 3e 2,430,165 Total expenditure 2,430,165 Net expenditure 306,268 Transfers between funds 11,732 Net movement in funds 318,000 Reconciliation of funds: Funds at the start of the year 247,229 Funds at the end of the year 565,229	Restricted Note £ Income: Donations and grants 2a 2,736,433 Events and fundraising activities 2b - Investment 2c - Other 2d - Total income 2,736,433 Expenditure: Raising funds 3e - Charitable activities 3e 2,430,165 Total expenditure 2,430,165 Net expenditure 306,268 Transfers between funds 11,732 Net movement in funds 318,000 Reconciliation of funds: Funds at the start of the year 247,229 Funds at the end of the year 565,229	Unrestricted £	2021 Total £	Restricted £	Unrestricted £	2020 Total £
	2,736,433 - - - 2,736,433 - 2,430,165 2,430,165 306,268 11,732 318,000 247,229 565,229	5,346,255 1,856,467 373 79,373 7,282,468 846,221 4,688,935 5,535,156 1,747,312 (11,732) 1,735,580 5,936,791 7,672,371	8,082,688 1,856,467 373 79,373 10,018,901 846,221 7,119,100 7,965,321 2,053,580 - 2,053,580 6,184,020 8,237,600	1,242,185 - - - 1,242,185 - 994,956 994,956 247,229 - 247,229 - 247,229	5,018,029 1,004,483 29,531 30,636 6,082,679 744,659 5,777,525 6,522,184 (439,505) - (439,505) 6,376,296 5,936,791	6,260,214 1,004,483 29,531 30,636 7,324,864 744,659 6,772,481 7,517,140 (192,276) - (192,276) 6,376,296 6,184,020

The notes that follow form an integral part of these financial statements.

Consolidated and �harity �alance �heets��

Note Fixed assets Intangible fixed assets 9(b) Tangible fixed assets 9(a) Investments 10 Current assets Debtors 11 Cash at bank and in hand 12 Net current assets Net assets 13 Funds Restricted funds 14 Unrestricted funds 14 Total funds Creditors: amounts due within one year	Group Group 2021 2020 £ £	Charity Charity 2021 2020 £ £
	142,393 - 4,959 5,318 192,170,308 194,220,703 192,317,660 194,226,021 1,119,587 1,691,040 11,682,958 6,703,378 12,802,545 8,394,418 (1,320,180) (694,789) 11,482,365 7,699,629 203,800,025 201,925,650 196,176,391 195,988,860 7,623,634 5,936,790 203,800,025 201,925,650	- - 4,959 5,318 1 1 4,960 5,319 1,318,283 966,324 7,943,018 5,452,260 9,261,301 6,418,584 (1,028,661) (239,883) 8,232,640 6,178,701 8,237,600 6,184,020 565,229 247,229 7,672,371 5,936,791 8,237,600 6,184,020

The financial statements for Impetus, (company registration number 08460519 and charity registration number 1152262), for the year ended 31 December 2021 were approved and authorised for issue by the Board on 21 June 2022.

Hanneke Smits Lisa Stone Trustee Trustee

The notes that follow form an integral part of these financial statements.

Note (a) Net cash from operating activities Cash flows from investing activities: Dividends and interest from investments Purchase of software and equipment Proceeds from sale of investments Purchase of investments Net cash used in investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the yearCash and cash equivalents at the end of the year	2021 £	2020 £
	(11,046,845) 4,940,659 (155,104) 16,181,529 (4,940,659) 16,026,425 4,979,580 6,703,378 11,682,958	(16,768,049) 4,851,391 (5,925) 145,890,329 (135,297,978) 15,437,817 (1,330,232) 8,033,610 6,703,378

(a) Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in funds (Gains) on investments Dividends and interest from investments Loss on disposal of fixed assets Depreciation and amortisation Decrease/(Increase) in debtors Increase in creditors Net cash used in operating activities	2021 £	2020 £
	1,874,375 (9,190,475) (4,940,659) 7 13,063 571,453 625,391 (11,046,845)	(2,264,502) (9,527,482) (4,851,391) - 3,561 (134,750) 6,515 (16,768,049)

The charity has no debt, so no analysis of net debt is presented.

The notes that follow form an integral part of these financial statements.

1. Accounting policies

a) The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) Second Edition effective 1 January 2019 and the Companies Act 2006.

Impetus - The Private Equity Foundation is a company, number 08460519, limited by guarantee and incorporated in England and Wales. Its registered office is at Golden Cross House, 8 Duncannon Street, London, WC2N 4JF.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements of the wholly owned subsidiary, PEF Trading Limited, have been consolidated with those of the charity on a line by line basis. The financial statements of The Youth Endowment Fund Charitable Trust have also been consolidated in the accounts of the group.

The charity is the sole corporate trustee of The Youth Endowment Fund Charitable Trust (YEF), a registered charity number 1185413. The activities of the subsidiary charity, YEF, have been included as a restricted funds in the accounts of the group.

Going concern

The accounts are prepared on the going concern basis as the trustees expect that the activities will continue for the foreseeable future and Impetus has healthy reserves and a strong cash position at the balance sheet date. There are no material uncertainties that call into doubt the charity’s ability to continue in operational existence.

b) Income is included in full in the statement of financial activities once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants to Impetus are recognised in full in the statement of financial activities in the year in which they are receivable, or in the case of grants with associated eligibility criteria, in the year in which those criteria are satisfied.

Where entitlement to grants receivable is dependent upon fulfilment of conditions within the charity's control, the income is recognised when there is sufficient evidence that conditions will be met. Where there is uncertainty as to whether the charity can meet such conditions, recognition of income is deferred.

c) Donated services and facilities are recognised as income and expenditure in the financial statements when companies or individuals offer their professional expertise on a pro bono basis. The value of these donated services and facilities is an estimated figure based upon the valuation the professional individual or organisation places upon the time, services and facilities they have provided to Impetus. Individuals offering their time to work in areas where they are not undertaking their profession are classified as volunteers and their time is not quantified in the accounts, but is disclosed in the trustees' report. All of these amounts are treated as unrestricted donations.
d) Expenditure is recognised on an accruals basis, inclusive of any VAT which cannot be recovered. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Expenditure is allocated to the particular activity where the cost relates exclusively and directly to that activity. In addition, an allocation of salary and overhead costs of the central function is made and is apportioned based upon staff estimates of time spent on each activity (including the time of the executives who offer their services on a pro bono basis).

Expenditure on raising funds relate to the costs incurred by the charitable company in raising funds for the charitable work. This includes an allocation of salary and overhead costs of the central function and is apportioned based upon staff estimates of time spent on fundraising activity.

e) Grants payable to charities are charged in the year when the offer is conveyed to the investee charity except in those cases where the offer is conditional, which is typical of investee charities of Impetus. Funding is usually offered over a period of up to five years, which is reviewed on a regular basis throughout the funding relationship. Continued funding is conditional upon the charities meeting specified milestones. Conditional grants are recognised as expenditure when the conditions are fulfilled. If the conditions have not been met at the year end, the grants are disclosed as a future commitment but are not shown as expenditure.

Grants payable to interventions by the YEF are charged in the year in which they are disbursed to the intervention. Continued funding is conditional on the interventions meeting specified milestones. Conditional grants are recognised as expenditure when the conditions are fulfilled. If the conditions have not been met at the year end, the grants are disclosed as a future commitment but are not shown as expenditure.

Notes to the financial statements or the year ended 31 December 2021

1. Accounting policies (continued)

f) The group’s financial instruments all qualify as basic financial instruments in accordance with section 11 of FRS102 and are recognised on the following bases: i. Investments in subsidiaries are measured at cost less provision for impairment. ii. Other investments are measured at market value at the balance sheet date. iii. Cash and cash equivalents represent bank balances and deposits held in sterling. iv. Debtors, including Gift Aid receivable, are measured at the transaction price less any provision for doubtful debts. v. Trade creditors are measured at the transaction price.
g) Items of equipment and software are capitalised where the purchase price or the cost of the capital project exceeds £1,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.
h) Depreciation and amortisation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows: Computer equipment Three years Computer software Ten years Office equipment Four years Fixtures and fittings Five years
i) Short term deposits represent cash on deposit. j) Unrestricted funds are donations and other income receivable or generated for the objects of the charity. k) Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is matched to the restricted funds, together with a fair allocation of overheads and support costs, if appropriate.
l) The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the group to the fund. The group has no liability under the scheme other than for the payment of those contributions.

Pension contributions are also made on behalf of eligible employees and are paid into personal pension schemes as nominated by the employee and contributions pass through the SOFA as incurred.

m) Transactions in foreign currencies are translated into sterling at the rates of exchange current at the date of the transaction. Foreign currency monetary assets and liabilities in the balance sheet are translated into sterling at the rates of exchange ruling at the end of the year. Resulting exchange gains and losses are taken to the statement of financial activities.
n) Leases are regarded as operating leases and the rentals are charged to operating expenses on a straight-line basis over the term of the lease. Operating lease incentives received are added to the lease rentals and charged to operating expenses over the life of the lease. The charity has no finance leases.
o) The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The key judgment which has had the most significant effect on amounts recognised in the financial statements relates to the recognition and measurement of Donated Services (see note 1(c)).

2. Total income a) Donations and grants

2. Total income a) Donations and grants
Other grants Donated services Income for Engage and Connect Funds Cash donations from individuals and companies b) Events and fundraising activities Fundraising events c) Investment Interest receivable Fixed income bonds Global equities Investment income d) Other income Contract income Capacity building Total income Donations and grants Donations and events income received from Trustees for the charity Grant from the Home Office for the Youth Endowment Fund	Group 2021 Total £	Group 2020 Total £	Charity 2021 Total £	Charity 2020 Total £
	- 1,000,000 - 7,383,049 644,803 1,960,549 2,179,817 1,746,812 1,723,817 1,109,622 - 1,109,622 3,288,700 3,868,599 3,288,700 13,961,188 7,260,214 8,082,688 1,856,467 1,004,483 1,856,467 617 46,154 373 4,326,504 4,141,221 - 614,155 664,016 - 4,941,276 4,851,391 373 30,637 30,492 30,637 - - 48,736 30,637 30,492 79,373 20,789,568 13,146,580 10,018,901 totalled £371,176 (2020: £293,592).			- 644,803 1,746,812 - 3,868,599 6,260,214 1,004,483 29,531 - - 29,531 30,636 - 30,636 7,324,864

Donated services represent pro bono services and facilities received by Impetus and the Youth Endowment Fund (YEF). These services relate both to work performed for Impetus or the YEF, and for our portfolio charities and are included as expenditure under note 3.

e) Additional funds raised for portfolio charities Additional funds raised for charities are donations made directly to the portfolio charities where Impetus was instrumental in obtaining those funds. These amounts are not included in Impetus's own financial statements nor those of the group.

Total additional funds generated by Impetus for portfolio charities

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2021 2020
Total Total
£ £
6,542,102 5,802,992
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Notes to the financial statements or the year ended 31 December 2021

3 (a). Total expenditure - Group

Grant funding Activities undertaken directly £ £ Note 4 Note 3(b) Raising funds Fundraising and events - - Charitable activities Supporting charities - 3,468,873 Evaluation and research - 1,895,581 Grants payable (note 4) 17,450,170 - Donated services - 1,446,932 Total charitable activities 17,450,170 6,811,386 Total expenditure 17,450,170 6,811,386 Note for the prior year Grant funding Activities undertaken directly £ £ Raising funds Fundraising and events - - Charitable activities Supporting charities - 2,859,068 Evaluation and research - 1,249,464 Grants payable (note 4) 16,498,208 - Donated services - 1,483,392 Total charitable activities 16,498,208 5,591,924 Total expenditure 16,498,208 5,591,924 3 (b). Activities undertaken directly - Group Staff costs Programme costs paid to Youth Endowment Fund delivery partners Evaluation and research Consultancy costs Office costs Depreciation Donated services Other costs Note for the current year	Grant funding Activities undertaken directly £ £	Support costs Group total 2021 £ £
	Note 4 Note 3(b) - - - 3,468,873 - 1,895,581 17,450,170 - - 1,446,932 17,450,170 6,811,386 17,450,170 6,811,386	Note 3(c) 846,221 846,221 2,265,006 5,733,879 - 1,895,581 - 17,450,170 732,885 2,179,817 2,997,891 27,259,447 3,844,112 28,105,668
	Grant funding Activities undertaken directly £ £	Support costs Group total 2020 £ £
		744,659 744,659 1,840,353 4,699,421 - 1,249,464 - 16,498,208 263,420 1,746,812 2,103,773 24,193,905 2,848,432 24,938,564
		Group Group 2021 2020
		£ £
		2,940,814 1,503,059 18,994 1,119,223 1,895,581 1,249,464 272,372 - 167,748 199,014 1,473 1,679 1,446,932 1,483,392 67,472 36,093 6,811,386 5,591,924

3 (c). Support costs - Group

Staff costs	Raising Charitable Total Raising Charitable Total funds activities 2021 funds activities 2020 £ £ £ £ £ £ 497,646 843,191 1,340,837 548,388 566,210 1,114,598
Office costs	72,987 149,072 222,059 114,583 277,318 391,901
Depreciation	647 755 1,402 967 916 1,883
Donated services	- 732,885 732,885 - 263,420 263,420
Fundraising events costs	254,887 - 254,887 69,669 - 69,669
Investment management fee - 594,134 594,134 - 562,517 562,517
Other costs	20,054 677,854 697,908 11,052 433,392 444,444
	846,221 2,997,891 3,844,112 744,659 2,103,773 2,848,432

Included within support costs above are governance costs totalling £105,801 (2020: £61,709).

Notes to the financial statements or the year ended 31 December 2021

3 (d). Pro bono income and expenditure - Group and Charity

Donated services are analysed as income and expenditure within the financial statements. The split of donated services across portfolio charities and other activities is as follows:

2021 2020 £ £ Unrestricted Support to portfolio charities 990,932 1,483,392 Support to Impetus for portfolio work 658,402 124,833 Support to Impetus 74,483 138,587 Youth Endowment Fund 456,000 - Total donated services 2,179,817 1,746,812 3 (e). Total expenditure - Charity Note for the current year Grant funding Activities undertaken directly Support costs Total 2021 £ £ £ £ Note 3(f) Note 3(g) Raising funds Fundraising and events - - 846,221 846,221 Charitable activities Supporting charities - 1,292,031 604,074 1,896,105 Grants payable (note 4) 3,499,178 - - 3,499,178 Donated services - 990,932 732,885 1,723,817 Total charitable activities 3,499,178 2,282,963 1,336,959 7,119,100 Total expenditure 3,499,178 2,282,963 2,183,180 7,965,321 Note for the prior year Grant funding Activities undertaken directly Support costs Total 2020 £ £ 0 £ Raising funds Fundraising and events - - 744,659 744,659 Charitable activities Supporting charities - 1,170,546 657,367 1,827,913 Grants payable (note 4) 3,197,756 - - 3,197,756 Donated services - 1,483,392 263,420 1,746,812 Total charitable activities 3,197,756 2,653,938 920,787 6,772,481 Total expenditure 3,197,756 2,653,938 1,665,446 7,517,140 3 (f). Activities undertaken directly - Charity 2021 2020 £ £ Staff costs 1,055,338 933,894 Office costs 167,748 199,014 Depreciation 1,473 1,679 Donated services 990,932 1,483,392 Other costs 67,472 35,959 2,282,963 2,653,938 3 (g). Support costs - Charity Raising funds Charitable activities Total 2021 Raising funds Charitable activities Total 2020 £ £ £ £ £ £ Staff costs 497,646 465,377 963,023 548,388 470,723 1,019,111 Office costs 72,987 85,151 158,138 114,583 108,552 223,135 Depreciation 647 755 1,402 967 916 1,883 Donated services - 732,885 732,885 - 263,420 263,420 Fundraising events costs 254,887 - 254,887 69,669 - 69,669 Other costs 20,054 52,791 72,845 11,052 77,176 88,228 846,221 1,336,959 2,183,180 744,659 920,787 1,665,446		2021 2020 £ £
		990,932 1,483,392 658,402 124,833 74,483 138,587 456,000 - 2,179,817 1,746,812
	Grant funding Activities undertaken directly £ £	Support costs Total 2021 £ £
	Note 3(f) - - - 1,292,031 3,499,178 - - 990,932 3,499,178 2,282,963 3,499,178 2,282,963	Note 3(g) 846,221 846,221 604,074 1,896,105 - 3,499,178 732,885 1,723,817 1,336,959 7,119,100 2,183,180 7,965,321
	Grant funding Activities undertaken directly £ £	Support costs Total 2020 0 £
	- - - 1,170,546 3,197,756 - - 1,483,392 3,197,756 2,653,938 3,197,756 2,653,938	744,659 744,659 657,367 1,827,913 - 3,197,756 263,420 1,746,812 920,787 6,772,481 1,665,446 7,517,140
		2021 2020 £ £
		1,055,338 933,894 167,748 199,014 1,473 1,679 990,932 1,483,392 67,472 35,959 2,282,963 2,653,938
Raising funds Charitable activities Total 2021 Raising funds Charitable activities Total 2020 £ £ £ £ £ £
497,646 465,377 963,023 548,388 470,723 1,019,111 72,987 85,151 158,138 114,583 108,552 223,135 647 755 1,402 967 916 1,883 - 732,885 732,885 - 263,420 263,420 254,887 - 254,887 69,669 - 69,669 20,054 52,791 72,845 11,052 77,176 88,228 846,221 1,336,959 2,183,180 744,659 920,787 1,665,446

Included within support costs above are governance costs totalling £88,403 (2020: £47,309).

Notes to the financial statements or the year ended 31 December 2021

4. Grants payable

- paid to Impetus portfolio charities - paid to Impetus research organisations - paid to YEF research organisations - paid to Youth Endowment Fund interventions Grants paid to portfolio charities in the year were as follows: Access Project Action Tutoring Ada Career Ready City Gateway Dallaglio Rugby Works EY Foundation Football Beyond Borders IntoUniversity Magic Breakfast Mama Youth MCR Pathways Olive Academies Online Tutoring Programme Power 2 Resurgo The Difference ThinkForward Think for the Future Transforming Lives for Good Tutor Trust Twenty Twenty Venture Trust Voice 21 West London Zone Charity total Grants paid to research organisations in the year were as follows: Youth Jobs Gap Other Charity Total Grants payable fall in three categories:	2021 £	2020 £
	3,496,548 2,630 - 13,950,992 17,450,170	3,171,539 26,217 92,721 13,207,731 16,498,208
	2021 £	2020 £
	125,000 62,500 37,500 50,000 486,391 196,391 - 391,250 100,000 - 30,000 235,000 75,000 - - 283,267 135,000 154,000 40,000 75,000 245,000 - 206,250 180,000 388,999 3,496,548	275,000 253,000 - - 400,000 150,000 100,000 90,000 200,000 54,171 - - - 290,000 50,000 419,535 - 29,000 - - 190,000 31,250 293,750 25,000 320,833 3,171,539
	2021 £	2020 £
	2,400 230 2,630	19,217 7,000 26,217

Impetus adopts a three-stage approach to its portfolio investment in charities. The three stages are Focus, Build and Scale. The precise nature of the investment including term and amount invested is reviewed on a case by case basis by the Investment Committee. As a result, total annual payments to charities can vary significantly depending on the phase of the investment programme. At present, there are charities in the Focus, Build and Scale stages.

Continued funding of portfolio charities is conditional upon the charities meeting specified milestones. Conditional grants are recognised as expenditure when the conditions are fulfilled. If the conditions have not been met at the year end, the grants are noted as a future commitment but not shown as expenditure.

The total amount of grants authorised but not accrued as expenditure at 31 December 2021 was £1,846,250 (2020: £1,776,250). This amount relates to the charities listed above, but excludes any amounts in respect of new investees or next phase investments yet to be approved by the Investment Committee. If all current charity investees progress as envisaged, the phasing of future commitments is estimated as follows:

£ 2022 1,345,500 2023 446,750 2024 54,000 1,846,250

Notes to the financial statements or the year ended 31 December 2021

4. Grants payable (cont'd)

Grants paid by the Youth Endowment Fund to interventions in the year were as follows:

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|||| |---|---|---| |2021|2020| |£|£| |Achieving for Children|220,835|493,500| |Artswork Ltd.|127,422|-| |ASSIST Trauma Care|318,089|183,124| |Blackburn with Darwen Borough Council|301,237|-| |Brandon Centre for Counselling and Psychotherapy for Young People|150,000|224,000| |Centre for Youth Impact|150,000|-| |Cleveland Fire Brigade (Authority)|-|50,000| |Comic Relief|-|4,000,000| |Empire Fighting Chance|355,264|209,766| |Essex Boys and Girls Clubs|186,800|87,973| |Family Psychology Mutual|440,585|77,841| |Family Psychology Mutual CIC|251,336|-| |Family Support|158,487|120,000| |Fight for Peace International|-|50,000| |FL Community Ltd.|126,641|-| |High Trees Community Development Trust|102,653|-| |Imperial College London|287,772|212,314| |Leicestershire County Council|-|116,972| |Life Skills Education Charity|271,650|253,650| |LifeLine Community Projects|294,160|100,000| |Lime Social Marketing Media & Communications Ltd|-|50,000| |Lives Not Knives|575,000|344,000| |London Borough of Lambeth|318,962|238,462| |Media Academy Cymru|159,749|50,549| |Mental Health Foundation|539,809|116,317| |No Limits (South)|84,327|-| |Nottingham City Council|-|72,414| |Office of the Police and Crime Commissioner for Northumbria|-|51,402| |Preston North End Community and Education Trust|-|54,094| |RISE Mutual CIC|163,376|228,121| |Roots of Empathy|77,687|101,907| |SkyWay Charity|-|55,464| |Solihull Metropolitan Borough Council|-|54,000| |South London and Maudsley NHS Foundation Trust (SLaM)|1,908,482|1,174,929| |South Tyneside Council|161,490|57,638| |St Christopher's Fellowship|230,000|-| |St Giles Trust|107,245|-| |StreetGames UK|179,151|64,123| |The Rugby Football League Limited|294,395|136,854| |The Tavistock and Portman NHS Foundation Trust|383,156|285,000| |The Titan Partnership|268,635|240,818| |Volunteering Matters|92,760|-| |Wakefield Council Youth Work Team|418,158|132,462| |Young Devon|131,934|-| |Youth Focus North East|122,634|-| |Young Persons Advisory Service|159,377|-| |Other grants paid below £50,000|3,831,734|3,520,037| |Total|13,950,992|13,207,731|

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Grants paid to research organisations in the year were as follows:

Campbell Collaboration

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||| |---|---| |2021|2020| |£|£| |-|92,721|

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Only grants of £50,000 and above have been individually disclosed in the note above. To obtain the detail of the grants inculded within 'other' please contact Impetus at it's registered address.

The Youth Endowment Fund aims to prevent children and young people from getting caught up in crime and violence by making sure that those at most risk get the best possible support, as early as possible, to get on a positive path and succeed.

The total amount of grants authorised but not accrued as expenditure at 31 December 2021 was £27,917,000 (2020: £18,834,519). This amount relates to the organisations listed above. If all current interventions progress as envisaged, the phasing of future commitments is estimated as follows:

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|||| |---|---|---| |2021|2020| |£|£| |2021|-|16,118,140| |2022|12,376,000|2,256,379| |2023|10,188,000|460,000| |2024|5,353,000|-| |27,917,000|18,834,519|

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The above conditional grant commitments to organisations are underwritten by existing reserves (see note 14).

Notes to the financial statements or the year ended 31 December 2021

5. Net income/(expenditure) for the year

This is stated after charging:

Trustees' remuneration Trustees' expenses Depreciation and amortisation Operating lease expenses Auditors' remuneration for audit servi	Group Group 2021 2020 £ £	Charity 2021 £	Charity 2020 £
	- - - - 13,063 3,561 77,920 2,121 c 38,268 26,350	- - 2,875 77,920 20,870	- - 3,561 2,121 14,350

Directors and Officers insurance which covers the Trustees against any personal liability was provided at a cost of £4,546 (2020: £4,546).

6. Subsidiaries

6a. Investment in PEF Trading Limited

The investment of £1 in PEF Trading Limited (PEFTL) represents the whole of the issued ordinary share capital of a company incorporated in England and Wales on 13 February 2012. PEFTL engaged in miscellaneous trading activities connected to Impetus but has not traded since 2015.

Net movement in funds Profit and loss account Shareholders' funds represented by net assets Administrative expenses Ordinary share capital	Year ended 31 Dec 2021 £	Year ended 31 Dec 2020 £
	- - 1 - 1	(134) (134) 1 - 1

6b.The Youth Endowment Fund Charitable Trust

On 10 April 2019, The Youth Endowment Fund Charitable Trust was established with Impetus as its sole corporate trustee. YEF is a registered charity, number 1185413.

Summary financial results of the Youth Endowment Fund:

Total income Total expenditure Gain on investments Net movement in funds Summary balance sheet as at 31 December 2021 Investments Intangible assets Current assets Creditors: amounts due within one year Net assets Restricted funds	Year ended 31 Dec 2021 £	Period ended 31 Dec 2020 £
	10,819,403 (20,189,083) 9,190,475 (179,205) 192,170,308 142,393 3,791,102 (541,377) 195,562,426 195,472,426 195,472,426	5,821,860 (17,421,289) 9,527,482 (2,071,947) 194,220,703 - 2,212,470 (691,542) 195,741,631 195,741,631 195,741,631

Notes to the financial statements or the year ended 31 December 2021 7. Staff costs

Staff costs were as follows: Salaries and wages Social security costs Pension contributions	Group Group 2021 2020 £ £	Charity 2021 £	Charity 2020 £
	3,671,790 2,242,578 421,460 268,167 188,401 106,912 4,281,651 2,617,657	1,727,686 202,249 88,425 2,018,360	1,670,590 201,534 80,881 1,953,005

The salary breakdown by employee is shown in the table below (where applicable).

s shown in the table below (where applicable).
	Number of employees
Salary band	2021	2020
£60,000 - £70,000	8	3
£70,000 - £80,000	1	-
£80,000 - £90,000	6	-
£90,000 - £100,000	-	5
£100,000 - £110,000	1	1
£110,000 - £120,000	1	-

The employer's pension contributions for staff earning more than £60,000 per annum amounted to £65,346 (2020: £37,442).

Employee benefits, (salary, bonus, employer NI and employer pension contributions), paid for the senior management team totalled £1,130,968 (2020: £951,627).

Staff numbers

The average weekly number of Charity and Group employees is shown below on a full-time equivalent and headcount basis:

	Group	Group	Charity	Charity
	2021	2020	2021	2020
Full-time equivalents	70.3	40.6	32.5	32.8
Headcount	73	43	35	35

8. Taxation

There are no taxable profits arising within the subsidiary for the year ending 31 December 2021. Consequently Impetus has no liability to tax and no deferred tax.

9(a). Intangible fixed assets

s
Cost At the start of the year Additions in period At the end of the year Amortisation At the start of the year Charge for the period At the end of the year Net book value At the end of the year At the start of the year	Software £	Group £
	- 152,581 152,581 - 10,188 10,188 142,393 -	- 152,581 152,581 - 10,188 10,188 142,393 -

The charity has no intangible fixed assets

Notes to the financial statements or the year ended 31 December 2021 9(b). Tangible fixed assets

Fixtures and fittings £	Office and computer equipment £	Group & Charity Total £
148,261 - (94,016) 54,245 148,261 275 (94,291) 54,245 - -	151,970 2,523 (139,093) 15,400 146,652 2,600 (138,811) 10,441 4,959 5,318	300,231 2,523 (233,109) 69,645 294,913 2,875 (233,102) 64,686 4,959 5,318
	£ Group 2021	£ Group 2020
	194,220,703 - (15,579,512) 4,940,659 (602,017) (1,858,965) 11,049,440 192,170,308	195,285,572 130,476,118 (145,487,384) 4,820,594 (402,945) 281,914 9,245,568 194,220,703

10. Investments

Market value as at 31 December 2021

Listed and unlisted investments at the year end consist of amounts invested with Goldman Sachs for the Youth Endowment Fund. Impetus holds a £1 investment in PEF Trading Limited.

nt in PEF Trading Limited.
Global equities Fixed income bonds Cash and cash equivalents	Group 2021	Group 2020
	£	£
	6,325,207 118,717,261 67,127,840 192,170,308	9,303,087 127,322,935 57,594,681 194,220,703

11. Debtors

11. Debtors
Accrued income Gift Aid Other debtors Prepayments YEF delivery partners Amount due from subsidiary charity	Group Group 2021 2020 £ £	Charity 2021 £	Charity 2020 £
	890,990 588,781 43,750 63,000 - - 36,182 26,851 148,665 252,216 - 760,192 1,119,587 1,691,040	904,160 43,750 236,687 36,182 97,504 - 1,318,283	588,781 63,000 236,636 26,851 51,056 - 966,324

12. Creditors: amounts due within one year

12. Creditors: amounts due within one year
Trade and other creditors Tax and social security Accruals and deferred income	Group Group 2021 2020 £ £	Charity 2021 £	Charity 2020 £
	254,501 180,232 122,655 88,637 943,024 425,920 1,320,180 694,789	146,894 122,655 759,112 1,028,661	50,436 88,637 100,810 239,883

13. Analysis of net assets between funds Note for the current year

Restricted funds £	Unrestricted funds £	Total 2021 £
142,393 192,170,308 3,863,690 196,176,391	4,959 - 7,618,675 7,623,634	147,352 192,170,308 11,482,365 203,800,025
Restricted funds £	Unrestricted funds £	Total 2021 £
- - 565,229 565,229	4,959 1 7,667,411 7,672,371	4,959 1 8,232,640 8,237,600
Restricted funds £	Unrestricted funds £	Total 2020 £
- 194,220,703 1,768,157 195,988,860	5,318 - 5,931,472 5,936,790	5,318 194,220,703 7,699,629 201,925,650
Restricted funds £	Unrestricted funds £	Total 2020 £
- - 247,229 247,229	5,318 1 5,931,472 5,936,791	5,318 1 6,178,701 6,184,020

At the start of the year £	£ Income	£ Expenditure	Net gains/ (losses) on investments £	Transfer between Funds £	£ At the end of the year
	1,473,180 350,000 759,622 153,631 - 2,736,433 7,233,732 9,970,165 5,396,903 4,000,000 1,422,500 - 10,819,403 20,789,568	(1,672,680) (350,000) (253,854) (153,631) - (2,430,165) (5,535,156) (7,965,321) (18,394,057) (770,678) (975,612) - (20,140,347) (28,105,668)	- - - - - - - - 9,190,475 - - - 9,190,475 9,190,475	11,732 - - - - 11,732 (11,732) - - - - - - -	- - 505,768 - 59,461 565,229 7,623,634 8,188,863 191,135,651 4,041,098 446,888 (12,475) 195,611,162 203,800,025
At the start of the year £	£ Income	£ Expenditure	Net gains/ (losses) on investments £	Transfer between Funds £	£ At the end of the year
	719,803 290,000 232,382 1,242,185 6,082,535 7,324,720 4,821,860 1,000,000 - 5,821,860 - 5,821,860 13,146,580	(532,035) (290,000) (532,035) (1,354,070) (6,522,184) (7,876,254) (17,229,465) (188,225) (3,600) (17,421,290) (134) (17,421,424) (24,938,564)	- - - - 144 144 9,527,482 - - 9,527,482 (144) 9,527,338 9,527,482	- - - - - - - - - - - - -	187,768 - 59,461 247,229 5,936,791 6,184,020 194,942,330 811,775 (12,475) 195,741,630 - 195,741,630 201,925,650

	At the start of the year £	Income £	Transfer between Funds £ £ Expenditure	Transfer between Funds £ £ Expenditure	£ At the end of the year
	187,768 - - - 59,461 247,229 5,936,791 6,184,020	1,473,180 350,000 759,622 153,631 - 2,736,433 7,282,468 10,018,901	(1,672,680) (350,000) (253,854) (153,631) - (2,430,165) (5,535,156) (7,965,321)	11,732 - - - - 11,732 (11,732) -	- - 505,768 - 59,461 565,229 7,672,371 8,237,600
At the start of the year £	£ Income	£ Expenditure	Net gains/ (losses) on investments £	Transfer between Funds £	£ At the end of the year
- - - - 6,376,296 278 6,376,574	719,803 290,000 232,382 1,242,185 6,082,535 - 7,324,720	(532,035) (290,000) (172,921) (994,956) (6,522,184) (134) (7,517,274)	- - - - 144 (144) -	- - - - - - -	187,768 - 59,461 247,229 5,936,791 - 6,184,020

Purposes of restricted funds

Portfolio charities: Impetus receives donations for specific domain areas, charities and for specific expenditure. These are treated as restricted donations with appropriate expenditure allocated against them.

Online tuition pilot: Impetus receives donations for the National Tutoring Programme, which aims to provide tutoring to disadvanteged pupils who have fallen behind due to the Covid-19 pandemic.

Covid Response fund: Impetus carried out a campaign at the height of the Covid-19 pandemic to provide additional assistance to our portfolio charities adversley affected by the pandemic.

Youth Endowment Fund: the grant from the Home Office and investment returns from it are used to fund interventions to prevent children and young people from getting caught up in crime and violence by making sure that those at most risk get the best possible support.

Youth Endowment Fund: supplementary funding secured in support of the YEF is used to support and fund interventions to prevent children and young people from getting caught up in crime and violence by making sure that those at most risk get the best possible support.

Centre of Excellence fund: The Youth Endowment Fund received an additional restricted grant from the Home Office in 2020 to create a 'Centre of Excellence'.

Supplementary income includes the #iwill and Co-op funds, formed in a joint partnership with YEF to create

The Peer Action Collective (PAC). Together, the partners are investing £5.2 million to build a network of peer researchers to study the experience of youth violence and turn the learning into opportunities for young people to make their community a safer, fairer place.

Purposes of unrestricted funds

Unrestricted general funds of £7,623,634 (2020 - £5,936,791) will be used to support a significant proportion of conditional grant commitments made to charities of £1,846,250 (2020 - £1,776,250) per note 4.

15. Members' liability

Impetus is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. The charity has no parent or ultimate holding company.

16. Operating lease commitments

At 31 December 2021, the charity had commitments under operating leases of:

Impetus Due within one year Two to five years Youth Endowment Fund Due within one year Two to five years Total group	Buildings £	2021 Equipment Total £ £	2021 Equipment Total £ £	2020 Equipment Total £ £	2020 Equipment Total £ £
	151,597 - 151,597 228,000 228,000 456,000 607,597	1,766 1,766 3,532 - - - 3,532	153,363 1,766 155,129 228,000 228,000 456,000 611,129	1,768 3,535 5,303 - - - 5,303	1,768 3,535 5,303 - - - 5,303

17. Related party transactions

Amounts donated to Impetus by its Trustees are disclosed in note 2a.

Impetus has consolidated a subsidiary, PEF Trading Limited, in the Group financial statements. Note 6 discloses Impetus' investment in this subsidiary and the subsidiary's results to 31 December 2021.

Impetus pays salary and other costs on behalf of the Youth Endowment Fund which it recharges to the restricted fund at cost. It also charges the Youth Endowment Fund for time spent by Impetus staff on YEF matters, including capacity building. Amounts totalling £2,339,948 (2020: £708,603) were charged by Impetus to the Youth Endowment Fund during 2021. As at the 31 December 2021 the Youth Endowment Fund owed amounts totalling £236,687 (2020: £236,636) to Impetus.

There are no other related party transactions which require disclosure in the financial statements.

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1. Accounting policies (continued)

2. Total income a) Donations and grants

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Notes to the financial statements or the year ended 31 December 2021

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Notes to the financial statements or the year ended 31 December 2021

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