Impetus - The Private Equity Foundation (Operating as Impetus) Annual Report and Consolidated Financial Statements For the year ended 31 March 2025 *AEE81A69* 3011012025 COMPANIES HOUSE A10 #181 Charity Number.. 1152262 Company Number.. 08460519 Reference and Administrative Detsils Impetus- The Private Equity Foundation (Impetus) is a company limited by guarantee (number 08460519) and registered charity (number 1152262). Our governing document is in the Memorandum and Articles of Association, and we were incorporated on 23 March 2013. Impetus has a wholly owned trading subsidiary, PEF Trading Limited. It is also the sole corporate trustee of the Youth Endowment Fund Charitable Trust, which is 8 registered charity in England and Wales (number 1185413>. The Trustees of Impetus are: Bill Benjamin (Chair) Hanneke Smits (Chair) (resigned December 2024) Alexander Walsh Andy Thoms Charlie Edwards Filippo Cardini Lisa Stone (resigned June 2025) Natasha Porter Rohan Hald8a (resigned July 2024) Sat Singh Shani Zindel Arnaud Bosquet (appointed June 2024) Christian Lucas (appointed June 2024) Impetus Commlttees Investment Shani ZirKlel (Chair), Filippo Cardini, Sat Singh, Marc Henckel, Chris Murray, Gemma Wright Governance and Nominations Filippo Cardini , Sat Singh, Lisa Stone (resigned June 2025) sources and Audi Arnaud Bosquet (Chair), David Bholat, Mike Garland, Andy Thoms and Xavier Woodward blic Aff Natasha Porter (Chair), Sam Freedman, Jonathon Simons, Juliette Cammaerts (appointed February 2025) Philant Charlie Edwards (Chair), Rob Pulford and Alexander Walsh The Senior Leadership team of Impetus Is: Susannah Hard man (appointed January 2025) (appointed June 2024) Chief Executive Officer Directof of Finance and erations Portfolio Director Director of Public Affairs Director of Di Director of Philanthropy and Partnershi Director of Philanthropy and Partnershi Chief Executive OffI￿r Director of Finance and erations Cecilie Gianneri Sebastien Er as Steven Haines Robert Mitchell resi ned June 2025 Esther McLaughlin (resigned February 2025) Harbi Jama (appointed September 2025) resi ned June 2024 Eleanor Harrison Irfan Umarji (resigned July 2024) Reglstered Office: Golden Cross House 8 Duncannon Street London WC2N 4JF Auditors: Haysmac LLP 10 Queen Street Place London, EC4R 1AG Prlmary Banker: Natwest 127-128 High Holborn London, WC1V 6PQ Investment Managers: Goldman Sachs International Plumtree Court, 25 Shoe Lane London, EC4A 4AU Contents Truste06 Report........................... Objectives and Activities..... Plans for Future Periods.... .5-17 10 Financial Review...................... Structure, Govemance and Management.. Statement of Truste￿. Responslbilitles Independent Auditor's Report ........................................... Financial Statements .13 .18 .18-22 ..2347 Consolidated Statement of Financial Activities..................................... .23 Charily Statement of Financial Activities... Consolidated Cash Flow Statement....................... .24 .25 Consolidated and Charity Balan￿ Sheets ...................... Notes lo the Financial Ststements... .26 .2747 Trustees, Report The Trustees, who are also the directors of the charitable company. are pleased to present their annual report on the work of Impetus in 2024-25, and plans for 2025-26, together with the financial statements for Impetus and the Impetus Group for the year to 31 March 2025. Objectives and Activltles Impetus transforms the educalion and employment outcomes of young people from disadvantaged backgrounds. We do this by using our deep expertise and high calibre netsvorks to give the best non-profits in these sectors the essential ingredients to have a real and lasting irnpact. Through a powerful combination of long-term funding. direct capacity building support from our experienced team and our pro bono partners, alongside research and policy influencing to drive lasting systems change, we work towards a society where all young people can thrive in school, pass their exams and unlock the doors to sustained employment, for a fulfilling life. We are focused on delivering better outcomes for young people across four areas.. School Engagement: Improved attendance and reduced exclusions School Attainment: Achieving age-related expectations al Key Stage 2 and Level 2 English and Maths (GCSE 94). Employment: Entering and sustaining Higher Education (HE), Further Education (FE), apprenticeships, or a job. Reduced youth offending: Our work to reduce youth offending is covered in detail in the Annual Report of the Youth Endowment Fund Charitable Trust. Across our three outcome areas {school engagement. altainment and employment) Impetus currenlly funds and supports 23 portfolio partners, serving over 400K young people. Four of Ihese partners joined the portfolio over the past year- Co-op Acad•mle8 Tru8t and The Two Countl•s Trust {Multi Academy Trusts).. We are helping build Internal Allernalive provision, delivering counselling. tutoring, enrichment activities to students at risk of exclusion. Buslness Launchpad: Supporting young people aged 18-24 in London from low- income backgrounds who face barriers to financial independence to secure employment through tailored coaching and real business and work experiences. Breadwinners.. Serving young people aged 16-24 who are refugees with right to work and young people seeking asylum with voluntary and paid work experience, weekly training and mentoring. Our Investment team supports our portfolio partners with.. Leadership development: CEO development, executive appointments, Board development Impact: supporting partners to be clear and aligned on their purpose and priorities for improving their impact Growth strategy: working with CEO and Chair to tease out the big questions, often facilitating the slrategy development process, or curating pro bono support for the project In 202415 we.. Delivered 23 CEO coaching sessions, to help leaders Ihink through some of their biggest strategic and people challenges. Supported the leadership teams for 3 of our portfolio partners through a CEO transition process, Completed 4 'Driving Impact. workshops to help the executive leam, Board and staff align on their organisation's theory of change. Facilitated 9 programme improvement projects.. and Helped develop 8 strategies for organisational growth Every Investment Director spends at least day a week working directly with the leaders of our partner organisations, helping focus their mission, facilitate strategic decisions, build high- performing interventions that deliver impact, accelerate their growth and develop their leadership team. For example, Slreets of Growth works with young people experiencing criminal exploitation in Tower Hamlets and joined the portlolio in 2023. Over October and November 2024, we facilit8ted 4 day-long "Driving Impact" wothshop lo help align the execs, Board and staff on core elemenls of their mission The team made 3 key decisions Clarilied whKh young people will be supported by Iheir work Agreed18rget employment oulcomes Committed to lorm81ise employ8bility progr8mme streets of Gr0￿h walked away wilh clarity and a real sens8 of shared 8GGount8bility for 8mployment outcomes. Pro bono support In 24125, our network of pro bono partners delivered £1.7m of support in total across 50 projects with 21 providers Typical projects included.. Strategy reviews Executive coaching Board reviews Legal support Market research For example, Bain supported School of Hard Knocks over 10 weeks to help the exec team and Board work through meaty questions on the growth ambition, funding model. school sales model. "Working ￿th the le8m from 88in was the most incredible gift lo us. We have ended up with a detailed viS￿n of where we want lo be in five yea￿, lime. It is one thing lo get a sense of the destination, but quite anolher to be amied ￿th the map and con7pass tool" Ken Cowen, SOHK CEO Our impact Reach and growth Porttdio perlt)rnO￿e In 23124- Gio¥ REACH INCOME 97. 197. Vftinge gi¢hvlh aveicge Ciovnh 15 18 12 portne or•w Ihali reoch p￿n• grew Ihp r¢*Yv¢¢¢y Ihek raoch y >lO% Incom• 'GrO￿ d8ta 1$ tho ￿￿ent ￿ hav• and relales to tm 2023124 annul yéar du• to both Imp&ct and gfowth dat• la9$ Our portlolio partners continue lo operate in a highly challenging environment (declining statutorylschool budgets, Grant Making Trusts making fewer and smaller grants) but are delivering good growth. Over the past year. they have grown their reach by an average of 9% and their income by an averaoe of 19°/o. The majority of our partners have grown, many of them by more than 100/0 In terms income, average growth has been strong.. 19%. 18 partners have grown including 12 by more than 10% The difference we see between reach and income growth is what we'd expect, given that at this stage of our development., A lot of our partners would use income lo build their core functions (business development, model development, financial controls) instead of putting it all in delivery. Partners will have made their programmes longer and more intensive to deliver the support young people needed to achieve outcomes, with a focus on quality rather than volume. Perforniance Pcrftlolio pertormarte In 23124- Impoet BUILDING IMPACT MEASURING IMPACT pgrtnèrn sèl on lrnpoct thal•gy I1hro￿gh,prf￿￿J Impoci, wortshop¥l () Copp•i- ovlp¢rfwm*d whokn-populolion bonchrna Broni•- hos ￿t￿rforMed rvjle-loclar (Pupl fverThum or NE￿ 10 EEfl benchmotk partnets ore bvRdin9on op•rathg mod•l Icr ￿￿et". Traningond QA Syslem5 lorovlcornes ol occtyjnlablity loi ¢vlcom•s Slfver. hos outpertc4med [null￿raCIoi be￿hma G•ld- posbliv• RCT ¢yQEO 'Impad dats Is tl* mojt reunl w• hav• and relates to the 2023124 annual yw due to bJth impact arKJ gr0￿h dola lags In terms of Impact performance, the portlolio has made good strides towards delivering benchmark-beating outcomes. 13 of our partners are at the slage where they are clarifying their purpose, bolstering their progTamme, crealing the organisational wiring for clear delivery standards and embedding real impact culture up and down their organisation The rest of the portlolio is further on in their impact journey. with more established programmes, working to improve outcomes and building their evidence. Influencing Pollcy We combine what we learn from the work with our portlolio partners with our own research, to influence government and the wider sector through: Targeted campaign work in coalition with like-minded organisations to shape the public debale. Directly influencing key decision makers in and connected to the government through our networks Maintaining a presence at relevant sector conferences, panels and events, including the major Paty Conferences in September and Oclober. Against the backdrop of a general election, and a new govemment being elected In July 2024, in 202415 we made progress on influencing policymaking acr05S three key areas.. School engagement The Who is Losing Leaming? coalition was founded to identify and address the scale and impact of children losing learning in England and highlight the injustice of its disproportionate impact on the most disadvantaged or marginalised young people. Led by our portfolio partner The Difference, the coalition has included Impetus, Mission44, and the think tank IPPR. The coalition released major reports in the last year. A report In September 2024 looking at the problems driving the significant increase in exclusions and absence from school. And in April 2025 we launched our report proposing solutions. which brought together recommendations from leading experts in education, chaired by Pepe Di'lasio, the Secretary General of the Association of School and College Leaders. The Solutions Report was launched in the House of Commons in Westminster with strong interest from MPS and secured a wide range of media coverage over a number of weeks. The coalition has a sequenced plan for the coming years to deliver progress on the Solutions Report's recommendations, and Impetus will be taking fonvard specific areas where our expertise and assets can be particularly valuable. Attalnment Orac In October 2024 Impetus co-sponsored the Oracy Education Commission (OEC), chaired by Geoff Barton. which produced the landmark "We Need to Talk. report. The report's four recommendations were.. Make oracy a core part of education from early years to post-16. Embed oracy in leacher training and development. Promote evidence-based approaches. Reflect oracy in assessment and accountability Impetus worked alongside Voice21 to secure media coverage for the report and included the recommendations in our submission to the Government's Curriculum and Assessment Review. orin In 202415 Impetus continued Our long-standing commitment to tutoring as a key intervenlion to close the attainment gap for disadvantaged pupils. In April 2025, Impetus co-commissioned and CO•launched a report with Public First and tutoring charities including Action Tutoring, Get Further, and The Tutor Trust. The report, Pasl Lessons, Future Vision.. Critiqued the NTP and 16-19 Tuition Fund, highlighting funding gaps and implementation challenges. Proposed a new national tutoring model with.. At least 12 hours of tutoring per pupil. Focus on English and maths. Oelivery from Key Stage 2 through post-16. A mixed model of in-house and extemal provision. o No match-funding and light-touch accountability The report was launched in Parliament and received strong political engagement. including endorsemenl from Paul Waugh MP Employment Our latest Youth Jobs Gap research. published in May 2025, found that young people from disadvanlaged backgrounds are twice as likely to be NEET as their better off peers. The report revealed new insight on the impact of 'compound disadvantage, demonstrating how multiple factors increase the likelihood ofa young person becoming NEET. The report found that young people from disadvantaged backgrounds with low levels of qualification and with special educational needs or disabililies are almost three times as likely to be NEET. We launched the report on BBC Radio 4,5 Today programme and with exclusive coverage in the Financial Times. Over 100 people attended the launch event in Westminster, with the Minister for Employment speaking about how important young people's prospects are to Government and quoting our research. Plans for Future Perlods Through our work we are taking on some of the most pressing issues facing young people today. Our unique model allows us to tackle these by supporting the most promising organisations to grow with impact and addressing the most complex policy challenges with actionable solutions. 2025126 will be a crucial year to lay significant groundwork for further income growth. Work is well underway to bring in new portfolio partners, one in Attainment and in Skills to sit in our new Skills and Attainment funds. On average for every organisation that we fund, we have 100 applications to join our programme. Each partner that joins our portfolio will have undergone three months of intensive due diligence by our team. We are also doing a lot of work to identify new funding partners for Ihese new funds and are working towards extending our existing funds that support young people from ethnic minority backgrounds into employment, and to help young people al risk of disengaging from school, Alongside this, we will continue laying strong organisational foundations for all our portfolio partners by.. Recognising we have a ￿latiVelY young portfolio, and building these organisations lor impact and sustainable growth, so that in time we'll see them delivering sector leading results. Mainlaining the momentum of both the l•Jho Is Losing Learning work and our Youth Jobs Gap work, using our influencing power to keep these issues on government agendas and make sure the voices of young people are heard. Raising our profile aeross all areas of ourwork, so that all our stakeholders understand who Impetus is, what we do and how to engage with us. Delivering the 41h year of our Impetus Leadership Academy, to support leadérs from ethnic minority backgrounds In the UK youth sector to progress into senior leadership roles in youth education or youth employment organisations. Delivering on our commitment to ernbed equality, diversity and inclusion across every part of our work - including what we fund, where we fund and how we work as an organisation. 10 Financial Review Flnancial results Im etus rou Our income for the year ended March 2025 stood at £24.1m Compared with £22.2m in 2024, the change reflecting a £1.7m increase in donalions, grant and fundraising income across the group, as well as a £0.2m decrease in investment Income. Totsl group funds as of 31 March 2025 were £131.6m (2024.. £158.6m). The main change to the balance sheel was a decrease in group cash balances by £3.Om to £9.9m and a decrease in investments to £127.5m from £150.8m, Teflecting the spend-down nature of the Youth Endowment Fund. et excludin the Youth Endowment Fun Our total income (including pro bono) in 2024-25 increased to £12.6m (2024.. £11.5m). Within this, we've seen a healthy increase in philanthropic income (excludes pro bono income) from £8.4m in 23124 to £9.6m in 24125, reflecting growing support for our work. Grants and donations to Impetus increased by £1.2m to £7.8m. with investment and fundraising income increasing by £0.3m. The value our pro bono experts contributed, in the forrn of donated seNices, was £2.Sm over the past year compared to £2.9m in 2024. Despite this decrease in pro bono income, which was due to a a few delayed projects as well as prior year having a very large strategically, and financially, valuable project, pro bono contributions remain a significant part of our value add to our portfolio. alongside grants and investment team time. Overall, Impetus continues to receive generous financial support from key main sources.. individual donations, corporate sponsors, grant-making trusts and foundations. Our expenditure increased from £11.8m in 2024 to £13.Om, reflecting ihe fact that we continued lo invest in our people, infrastruclure and the number of portfolio partners we support. We were able to increase our granl spend to portfolio partners from £4.6m to £5.7m which includes co-inveslment. grants, demonslrating our commitment lo backing more impacfful organisalions. Staff costs have risen slightly, reflecting investment in our team to support this growth. owm We received a £200m grant from the Home Office in April 2019 which is to be spent over ten years to 2029. The grant was included in full in the income for 2019. Investments from the fund returned a net gain of £6.1m (including income and market value gain) in the 12 monlhs to 31 March 2025. Additional grant income received during the period lotalled £6.5m. Expenditure in the 12 months to 31 March 2025 totalled £39.4m, of which £26.4m was on grants to interventions with a further £3.1m spend on activities undertaken directly. Of the grant, £128m remained invested with Goldman Sachs and remained the largest component of the balance sheet at the year end. The restricted fund at the year-end amounted to £123.7m (£123.3m for the Home Office grant and £0.4m from other grants received). Reserves etus excludin the Youth Endowment Fund Impetus has heaRhy unrestricted reserves and a strong cash position at the balance sheet date. Our reserves policy, as initially approved by the Board in March 2014, entails.. Minimum unrestricted funds being set as six months operating costs and the cash cost of any office lease commitment up until the break; and Unrestricted funds not being designated by the Trustees. Rather, a narrative is used to explain how unrestricted funds would be used against ongoing grant agreements and planned new investments. Our unrestricted funds were £7.4m as at 31 March 2025. The minimum level of unrestricted reserves to comply with our reserves policy is £3.2m, but an additional £3.5m is eannarked for paying grants to portfolio partners that are authorised but not accrued as expenditure, essentially leaving "free reserves" al £0,7m. The total value of grants to portfolio partners that are authorised but not accrued as expenditure at 31 March 2025 was £3.Sm12024.. £4.2m)', a decrease as portfolio partners graduated, and two exited the portfolio during the year. These grants only become an obligation to Impetus if the partners achieve specific milestones. The £3.Sm relates to the current portfolio partners and excludes any amounts in respect of new investees or next phase investments yet to be approved by the Investment Committee. If all current grant agreements progress as planned, then the granls made in 2025-26 will be £2.7m. Our level of reserves is such that we can reduce them over the next few years {though remaining above the minimum level) as we continue to support more organisalions, including through grants and funds. for a significant period in their journey to scaling impact. In the longer-term. we will need to raise additional funds to fulfil our commitments and the strategy agreed by the Board in June 2024 is designed to increase our sustsinability. In addition lo the unrestricted funds described above, Impetus had reslricled funds totalling £0.4m at 31 March 2025. These are held for the purposes shown in note 16 to the financial statements. Youth Endowment Fun The Impelus Board, as sole Trustee, agreed a policy of holding minimum restricted funds in respect of the Home Office funded work equal to six months. operating expenditure. The receipt of the Home Office grant at the outsel of our work means that this policy is comfortably met. Going concern We consider that we have adequate financial reserves to continue to deliver our plans and that we have a reasonable expectation that we will have adequate resources to continue in operational existence for the foreseeable future and that there are no malerial uncertaintie5 that call into doubt the charity's ability to continue. Investment pollcy, objectives and perfomiance of The Youth Endowment Fund The grant from the Home Office was invested and has been managed by Goldman Sachs who were appointed after a competitive selects'on process. The investment objective is to achieve an average nominal retum of 2¥9 per annum, net of management fees, over the lrfe of the fund. As at the 31 March 2025, the portfolio totalled £128m, comprising £86m in fixed income 12 securities and £42m in cash. Following a 2024 de-riskin9 exercise. the portfolio was restructured into sub-portfolios.. Liquidity sub-portfolio - comprising cash and cash equivalents. Mid-term sub-portfolio- comprising investment-grade government and corporate bonds. To mitigate currency risk. cash and cash equivalent investments are restricted to sterling instruments, and all bond investments are issued in sterling. Fixed income maturities are actively managed to align with projected operating cash flow requirements, thereby ensuring sufficient liquidity lo fund planned grant disbursements and partner management costs throughout the lrfe of the YEF. The fund managers are fequired to integrate environmental, social, and governance (ESG) considerations into the investment process and to engage with inveslee companies lo improve ESG practices and policies. In line with the fund's social objectives, the Trustees have prohibited direct or indirect investment in companies whose primary activities include lobacco or alcohol manufacturing, armaments or controversial weapons, gambling, adult entertainment, or high-intefesl-rale lending. As the fund approaches the end of its life, the investment strategy has prioritised de-risking and ensuring that future commitments are appropriately cash matched The Investrnent Committee, in consultation with the fund managers, has reviewed the portfolio and is satisfied that the strategy remains prudent and continues lo protect the charity's assets. Structure, Governance and Management lrnpetus is a charitable company registered with the Charity Commission {Charily number 1152262) registered in 2013 under its Memorandum and Articles (governing document). The governing body of the charity is the Board of Trustees. who are listed on the administrative details page, The governing body also meets as the sole corporate Trustee of The Youth Endowment Fund, a registered charitable trust. The appointment of a new Trustee takes place after external recruitment and due consideration from both parties. This is vital to ensuring a good strategic fit for the Board and the prospective Trustee. Over time, new Trustees meet our portfolio partners to gain a good understanding of our work. New Trustees are also briefed on their obligations under charity and company law, the Memorandum and Articles of Association, the committee and decision-making processes, Ihe business plan and the financial perfomance of Impetus During their induction, they meet members of staff and other Trustees whom they had not previously met. Trustees attend training events which facilitate the undertaking of their role. Trustees are typically elected for three-year periocls and may be re-elected for a further three- year period. The Chair conducls an annual appraisal of the Board's performance and composition and the functioning of its committees, and a designated Trustee conducts a review of the Chair's role and performance. The Board sets strategy and reviews policy. Day-ttrday responsibility is delegated to the Chief Executive Officer, who works closely with the Chair. During 2024-25. the Board met six times. There were five key Impetus committees reporting to the Impetus Board in 2024125.. Investment, Governance and Nominations, Resources and Audit, Public Affairs, and Philanthropy and Partnerships. Further to this there is a Youth Endowment Fund Committee 13 which has two further sub committees, the Grants and Evaluation Committee and the Endowment Investment Committee. Investment Commlttee.. The Committee is responsible for ensuring that Impetus manages well a balanced portfolio that helps us deliver our mission. The Committee scrulinises individual investment proposals and recommends for Board ratification the portfolio partners that should enter, progress through and exit the portfolio. The committee also ￿vIewS how each portfolio partner is progressing through our Outcomes Framework in the semi-annual Portfolio Partner Review as well as its progress against funding milestones. Governance and Nominatlons Commlttee: The Committee has a strategic role in defining the role of the Board as well as how the Board interacts with its committees. It also directs the Trustee recruitment process and Trustee responsibilities. The Committee is responsible for conducting the Chair evaluation as well as advising on Truslee and Board development. Resource8 and Audit Committe?.. The Committee is responsible for reviewing and monitoring all financial and operational aspects of Impelus and reports lo the Board on such matters. including financial risk management and people. Due to the si2e and nature of the organisation, the committee considers that an internal audit function is not required. The cornmittee also helps ensure that Impetus maintains and develops relationships with rts donors, co-inve5tors and supporters for Impetus and its portfolio partners lo receive Ihe funding, pro bono and other relevant support to achieve its overall mission and strategy. Publlc Affalrs CommSttee.' The Committee supports Impetus in defining and achieving our public affairs goals. The Commrtlee reviews our public affairs strategy to ensure it is aligned with our organisalional mission, and achievable in terms of the external landscape. Committee members also review research and publications in draft to help ensure our public work is high-quality, and relevant to those we are seeking to reach and influence. Annually. the Committee review progress against the public affairs KPIS, to assess performance and impact. Phllanthropy and Partnershlps Commlttee.. The Committee supports Impetus, philanthropy and partnership teams in our efforts to increase donor engagement and stewardship, as well as overseeing key fundraising events. Impelus acts as the sole corporate Trustee of the Youth Endowment Fund through its board of Trustees. Youth Endowment Fund Ch8rltabl• Trust Commltt••: Impetus established this committee as a committee of its board The Committee has delegated responsibility for the management of the Youth Endowment Fund and compliance with, and implemenlalion of the Home Office Grant Agreemer)t. Impetus has the following matters reserved to it. receiving ￿¢0MmendatIonS from the Committee on each matter.. The overall strategy for the charity and the grants strategy or any material changes Ihereto A budget and business plan for the charity within the framework set by the Home Office Grant Agreement and Partnership Agreement The appointment or termination of appointment of Committee members and the YEF Executive Director; individual grants or material changes to existing grants with a value in excess of£10 million, including those made from Supplementary Funding o The tems of any partnerships with other funders, where their funding is in excess of £10 million 14 The Investment Policy and the appointment of investment managers o The Committee has Iwo sub-committees, the Grants and Evaluation Committee and the Endowment Investment Committee The Youth Endowment Fund Grants and Evaluation Committee.. The Grants and Evaluation Committee provides oversight and scrutiny of grants to Project Implementation Partners and agreements with independent evaluatots. It makes recommendations in respect of individual grants, monitors grants awarded and produces reports for the YEF Committee. The Youth Endowment Fund Endowment Investment Committee." The Endowment Inveslmenl Committee has delegated responsibility for the investment management of the Youth Endowment Fund. The Trustees consider that the portfolio pertomied well, with a well-defined glide path to reduce equity risk post y8arond. These committees ensure in-depth review and oversight of our activities. They ensure that the specific areas of focus are led, where possible, by Trustees. Trustees are aware of and comply with the duty to act in the public benefit in accordance with Section 17 of the Charities Act 2011. Remuneratlon arrangements for key management personnel The Trustees consider the Impetus board and the senior management team to be the key management personnel for reporting purposes. In 2024125, the senior management team at Impetus (excluding the YEF Charitable Trust) comprised the Chief Executive Officer, Director of Public Affairs, Portfolio Director. Director of Philanthropy and Partnerships. Director of Finance and Operations and the Director of Digital and Information, Trustees receive no remuneration. Employee pay is set by reference lo an upperquartile salary benchmark which is established using a salary survey for the sectorwhich Impetus subscribes to. The remuneration is agreed by the Resources and Audil Committee with a recommendation from the Chair in respect of Ihe Chief Executive Officer. Fundraising We do not use external professional fundraisers and did not receive any complaints about our fundraising activities during the year. We fundraise by soliciting donations from organisations and individuals. We also organise fundraising events including those where individuals fundraise directly for us. We are regislered with the Fundraising Regulator and pay ils annual levy and comply with its Code of Fundraising Practice. Safeguarding Impetu5 is committed to protecting our staff, volunteers. partner organisations and the people we work with alongside the interests of the young people we support and who benefit from the grants we make. Our safeguarding policies and procedures set out clear expectations of our staff and portfolio partners ensuring we effectively manage our risk, whilst setting out clear accountability mechanisms. We have a dedicated senior safeguarding lead, as well as a deputy safeguarding lead, and our Board and our Resources and Audit Committee receive any necessary safeguarding updates. All staff a￿ made aware of our safeguarding policies and procedures during their induction, 15 with dedicated and tailored training provided for specific teams who are closer to our portfolio partners. We continue to support and work with our portfolio partners to ensure the risks surrounding safeguarding are monitored and managed effectively. Risks and Internal Control The Trustees are responsible for ensuring that Impetus has an appropriate system of controls, financial and otheThvise. They are also responsible for safeguarding Impetus, assets and hence for taking reasonable sleps for the prevention of fraud and other irregularities. Assisted by Ihe senior leadership team and the Resources and Audit Committee, Ihe Board re9ularly reviews and assesses the major risks to which Impetus is exposed. Movemen1$ against risks are reviewed al Board meelings with mitigating actions and controls discussed. The most significant risks identified by the Board post our current mitigation strategies are.. Rlsk Our ability to sustain and diversify fundraising in the short term, given reliance on a small number of funders and a philanthropy team still building capacity Mltlgation We continue lo strengthen our donor pipeline and renewal rates, supported by the active involvement of the Philanlhropy and Partnerships Committee in identifying and cultivating prospects in new sectors, alongside deepening relationships with existing supporters. The philanthropy team is expanding and developing capability to manage a broader portlolio of relationships, and with the appointment of a new Director of Philanlhropy and Partnerships and the CEO now fully embedded, we have further enhanced leadership and strategic direction. Furthemiore, our events strategy is being refined to maximise both fundraising and engagement opportunities, and we are exploring additional income streams to diversify our donor base and reduce reliance on any single sector or rou of funders. We are embedding organisational knowledge and strengthening succession planning to reduce the impact of potential staff turnover. Key measures include ensuring that broader ranges of voices are heard in leadership decisions, sharing responsibilities more inclusively across leams, and enhancing internal learning and development to build leadership capability throughout the organisation. Continuous professional development remains a core part of our staff benefits, supporting both retention and progression. In line with our EDI commitments, we are strengthening diversity, equity, and inclusion in leadership pipelines to ensure a range of perspectives are embedded in decision-making and organisational culture. This includes ensuring clarity on progression and remuneration processes and actively recrurting onto the Board to ensure representation at the highest governance level. We continue to review remuneration and benefits to remain competitive in attracting and retaining talent, invest in staff wellbeing and engagement. and strengthen recruitment planning to enable timely and effective re lacement of critical roles where necessa Our engaged support model enables us to identify and address risks early, prov￿Ing capacity buikling in areas such as financial management, governance, and compliance. We continue to monitor the extemal environment and adapt our support. accordingly, ensurin artners have access to advice and resources to navi The potential loss of experienced staff al senior or mid-levels, which would have disproportionate impact on delivery, culture. and stakeholder confidence The risk that public funding cuts, regulatory scrutiny, and economic ressures could ate 16 Rlsk weaken the resilience of partners, particularly smaller or newer organisations Mitlgation challenges. Portfolio risk is explicitly considered in investment decisions. and communication protocols betsveen investment, philanthropy, and communications tearns have been strengthened to enable a coordinated response to emerging partner risks. We also engage with sector networks to share learning and advocate forasu ortive olic environment for our artners. These risks are monitored by the Resources and Audit Committee and the Impetus Board of Trustees, which reviews risk movements and the various mitigation strategies in place to manage risks. 17 Statement of Trustees, Responsibilities The Trustees (who are the directors of the charitable company) are responsible for preparin9 the Trustees, Report, and the financial statements in accordance with applicable law and United Kingdom Accounts'ng Standards (United Kingdom Generally AC￿pted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and group for that period. In preparing these financial statements, the Trustees are ￿qUired to.. Select suitable accounting policies and then apply them consislently., Obsenie the methods and principles in the Charities SORP- Make judgments and accounting estimates that are reasonable and prudent., State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., Prepare the financial statements on the going concem basis unless it is inappropriate to presume that the company will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that Ihe financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Impetus website. Legislation in the United Kingdom goveming the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions. Each of the Trustees confifms that to the best of hislher knowledge there is no information relevant to the audit of which the auditors are unawsre. The Trustees also confim that they have taken all necessary steps to ensure that they themselves are aware of all relevant audit information and that Ihis infomation has been communicated to the auditors. The Trustees, Report, incorporating the directors, report and strategic report, was approved by the Trustees on 9 October 2025 and signed on their behalf by the Chair. William BGnjamir) Bill Benjamin Chair of Impetus 18 Independent auditor's report to the Trustees of Impetus- The Private Equity Foundation Opinion We have audited the financial statements of Impetus - The Private Equity Foundation for the year ended 31 March 2025 which comprise the Consolidated Slatement of Financial Activities, the Charity Statement of Financial Activities, the Consolidated and Charity Balance Slieets. the Consolidated Cash Flow Statement and notes to the financial statements, including 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.. Give a true and fair view of the State of the group's and of th8 parent charitable company's affairs as at 31 March 2025 and of the group's and parent charitable company's net movement in funds, including the income and expenditure, for the year then ended., Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and Have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applir2ble law. Our responsibililies under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide basis for our opinion. Concluslons relatlng to golng concern In auditin9 the financial Statements, we have concluded that the Trustees, use of the going ncern basis of accounting in the preparation of the financial slatements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively. may cast significant doubt on the group's ability lo continue as a going concern for a period of at least Iwelve months frorn when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant seclions of this report. other inforniation The Trustees are responsible for the other infomiation. The other infomiation comprises the information included in the Trustees, Report. Our opinion or) the financial statements does not cover the other infomation and. except lo the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially incon5iStent wrth the financial statements or our knowledge obtained in the audit or otheThvise appears to 19 be materially misstated. If we identrfy such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. The information given in the Trustees, Report (which includes the directors. report and strategic report prepared for Ihe purposes of company law) for the financial year for which the fi'nancial ststements are prepared is consistent with the financial statements., and The strategic report and directors. report included within the Trustees, Report has been prepared in accordance with applicable legal requiremenls. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent eharrtable company and its environmenl obtained in the course of the audil, we have not identified material misstatements in the Trustees, Report (which incorporates the directors, report and strategic reporti. We have nolhing to report in respect of the following matters in relation to which the Companies Act 2006 ￿qUireS us to report to you if, in our opinion.. Adequate accounting records have not been kept by the parent charitable company,. or The parent charitable company financial statements are not in agreement with the accounting records and retums., Of Certain disclosures of trustees, remuneration specified by law are not made.. or We have not received all the information and explanations we require for our audit. Responslbllltles of trustees for the flnanclal statements As explained more fully in the Trustees, responsibilities statement set out on page 17 the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial stalements, the Trustees are responsible for assessing the group's and the parent charitable company's ability lo conlinue as a going concern. disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Trustees either intend to liquidale the group or the parent charitable company or to cease operations, or have no realistic alternative but lo do so. Auditor's responslbilities for the audlt of the financial ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable a55uran¢e is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misslatemenl when it exists. Misslalements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial stslements. Irregularities, including fraud, are instan￿$ of non-compliance with laws and regulations. INe design procedures in line with our responsibilities, outlined above, lo detect material misstatements in respect of irregulanties. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to trust law requirements relate to the use of restricted funds. charity law and GDPR. and we considered the extent to which nonvcompliance might have a material effect ort the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011, and payroll tax. Vve evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to recognition of voluntary income. Audil procedures performed by the engagement team included.. Inspecting Corresponden￿ with regulators and tax authorities., Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud., Evaluatin9 management's controls designed to prevent and detect irregularities: Identifyin9 and testing joumals, in particular journal entries posted with unusual descriptions and entries posted al unusual times., and Challenging assumptions and judgements made by management in their critical accounting estimates. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance wilh regulation. This risk increases the more that compliance with a law or regulation is 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. The risk is also greater regarding irregularities occurring due to fraud rdther than error. as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. )Mww.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. 21 Use of our report This report is made solely for the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those matters we are required to stale to them in an auditor's ￿pOrt and for no other Purpose. To the fullest extent pennitted by law, we do not accept or assume responsibility for anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Tracey Young (Senior Statutory Auditor) For and on behalf of Haysmac LLP Statutory Auditor, 10 Queen Street Place, London EC4R 1AG Date.. 21 October 2025 22 Consolidated Statement of Financial Activities For the year ended 31 March 2025 2025 Total 2024 Total Restricted Unrestrictod Restricted Unrestrict¢d Income: Donations and grants Events 8nd fundraising activities Investment Olhei 10,684,326 6.282,109 16,966.435 1,905,490 1,905,490 433.759 5,240.521 400 400 9.087,659 6,199.001 15.286.660 1.853,114 1.853.114 154,782 5.066,411 417 417 2b 4,806,762 4,911,629 2d Total Incornè 15,491,088 8,621,758 24,112.846 13,999.288 8.207,314 22,206.602 Expenditure: Raising funds Charitable activities 1,575.112 1,575.112 7,245,832 50.919.312 1,287,810 1,287,810 7,126,325 41,021,117 43.673.480 33,894.792 Total exponditur• Net expendSture 43,673,480 28.182.392) 8,820,944 52.494,424 28,381,578 33,894,792 19.895,S041 8,414.135 42,308,927 199,186 206,821 20,102,325 Transfers behveen funds Nel gains on investments 281.979 1 322.118 1281,9791 133,907) 8,639.315 33.907 11 1322,118 8,639.316 Net mov•m•nt In lunds 26,578,295 481,165 27,059,460 11,290,096 172,914 11,463,010 R•¢onclllatlon of funds: Funds at th• start ol the year Funds at the end of th• year 150,750,970 124 172 675 7,873.465 1 S8 $24 435 162,041,066 7,392.300 131,564.975 1 $0 750,970 8.046,379 170.087 445 7,873.465 168.624,435 16 All ol the above lesulls are derived from continuing activities. There were no other recognised gains or losses other than those slated above. Movements in funds are disclosed in Nole 16 to Ihe financial slalemenls. The financial ¥lal8ments for Impetus (company registration number 08460519 and charity registration number 1152262). for the year ended 31 March 2025 were approved and aulhorised for i¥sue by the 808rd on 9th October 2025. The notes that follow form an integral pgrt of these financial statements. Charity Statement of financial activities For the year ended 31 March 2025 2025 Total 2024 Total Rèstrictèd Uniestricled Rtslrittèd Unresiricted Note Income- Donat￿n$ and grants Events and fundraising activiligs 2b Investment 2c Other 2d 3.952.815 6.282,109 1.905,490 433,759 10,234.924 3.234.161 1.90S,490 433.759 27.991 6.199,001 1,853,114 154,782 9,433,162 1.853.114 154.782 34.324 Total Incom• 3,952.815 8,649,349 12,602,164 3.234,161 8.241.221 11.475.382 ExpoDditure'. Raising funds Charitable activities 1,575.112 4.257,175 7,245,832 1.575.112 11,503,007 1,287,810 7.126,325 1,287.810 10.520.710 30 3.394.385 Total gxpendlture Net expendlture Transfers befvleen funds 4.257,175 8,820,944 304.360 171.595 13,078,119 3.394,385 8.414.135 11,808.520 333.13 47S.955 172,914 309.570 309,570 Net mo¥•ment in fund$ 481.165 475.95S 160,224 172,914 333.138 Rèconclllatlon of lund•: Fund• at th• •tsrt olthe y•ar Fund• at th• •nd of th• y•ar 442.741 7 873,465 8 318,200 602,965 8,046 379 649,344 .316.206 447.951 7,392,300 7 840.251 442.741 7,873 465 The notes Ihal follow lorm an Integral p•rt of th￿e flnancial statements, 24 Consolidated cash flow statement For the year ended 31 March 2025 2025 2024 Nole Nat Cash Ilow from operntlng actlvltles (al 32,915,613 19,386.997 Cash flows from investlng activitles: Dividends and interest from investments Purchase of so￿are and equipment Proceeds from sale of investments Purchase of inveslmenls Net Cash provlded by inv•stlng actlvlti&s 6.240,521 (19.8851 29,452,583 4,789,204 29,884,016 5,066,411 (13,4951 12,001,505 394.596 17,449.017 Ch•ngg In ¢•¥h and cash equlvalents In tho year Cash and cash equivalenls al the beginnlng ot th8 y•af Cash and Gash •quival•nt8 at th? •nd of the year 13,031.5981 12.927,468 9,895 870 11,936,980) 14,864,448 12,927 468 lal Reconclllatlon of net movement In fund$ to net cash flow from opef•ting actSvltle$ 2025 2024 Nel movement In funds (Gains) on investments Dividends and Inl•i?sl Irorn inv•$lmenls Loss on disposal of fixod assets Oepreci8lion and amortlsalion Decreases in deblors Incfeases in cr8ditOfS Nel cash flow from opèrating activities 127,059.4601 11 t,463,0101 11,322,118) 18,639,315) 15,240.S21) 15,066.4111 369 27.266 181,121 497,730 32,915,613 26,358 653,S34 5,102,847 19,385,997 Thè charity has no dèbt. so no analysis of net debt is presented. The notes that follow form an integral part of these financial slalements. 25 Consolidated and Charity Balance Sheets As at 31 March 2025 Group 2025 Group 2024 Charily 2025 Charity 2024 Note Fixed assets IntaThJible fixed assets Tangible fixed assets Investments 97.560 113,820 25,821 17.311 127,545,286 150,886,547 127 668 667 151,017878 10 25.821 17,311 Curront a•••ts Oeblors Cash al bank and in hand 12 791,418 9,895.870 972.537 12,927.468 1.268.373 8.367,159 843,713 7,980.907 10.687.286 13,900.005 9.635,532 8.824,620 Ct•dltors: amounts du• wlthln on• year 13 6 190 978 6,293.248 1.221,103 525.726 14ot ¢llfrent a•￿t& 4,496,300 7,606.757 8.414,429 8,298,894 N•t a•s•t• h•• curr•nl Il•bllltl•• 132 184 975 158 624 435 8 440.251 8 316 206 Cr•dltorn.' •mound• f•lllng du• •ft•r mor• than on• y••r 14 600,000 600,000 N•t assgts 15 131564,975 158,624,435 7 840 251 8,316,206 Fund6 Restricted lunds 16 124,172,675 150,750,970 447,951 7 392 300 442,741 7,873,465 Unfeslrfcled funds 16 7 392,300 7 873 465 T¢)tsl fund¥ .131.564.975 158,624,435 7.NO.251 8 316.208 The financial slalements for Impetus leompany registration number 08460519 and ehanty regislralion number 11522621, for the year ended 31 March 2025 We￿ approved and aulhorised for issue by the Board on 9 O¢tobgr 2025. The notes Ihal follow fomi an integral part of these fmancial stalemenls. William BGnjomin Bill Benjamin Trustee Arnaud 8osquel Trustee 26 Notes to the financial statements For the year ended 31 March 2025 l. Accountln9 pollcb•• al The financial slatements have been prepared under the hisloiic81 cosl convention wilh Items recognised al cosl or transacllon value unless olherwise $tsled in Ihe relevant notes lo these ac¢ounts. The financial slatements have been prepared in accordaneÈ with Ihe Stalement of Reeommended Pra¢ti¢e'. Accounting and Reporting by Charib"es. the Financial Reporting Stsndard applicable in ihe Unlled Kingdom and Republic of Ireland IFRS 1021 Second Edition effeclwe 1 January 2019 and the Compantes Act 2006. Impetus The Private Equity Foundation is J company. number 08460519, limited by guarantee and incorpor8le¢J in England and Wales. 11$ registered offKg Is al Golden Cros6 House. 8 Duncannon Slieet, London. WC2N 4JF. The charity conslilule5 a public benefit enbty as defjn•d by FRS 102. The financial stslemenls ol the wholty owned $ub$i4iary. PEF Trading Limiled, hav• been consolidaled wilh those of the Charity on a line by line basis. The financlal $talements of The Youth Endowmènt Fund Charitable Trust have also teen can￿lIdated In the accoun15 of the group. The charfty Is the sole corporata trustee ol The Youth Endowment Fund Charitsble Trust IYEFI, a registered charfty number 1185413. The activities of Ihe subsidiary charity, YEF, have tse•n included 88 a reslrfct•d fijnds in the a¢￿untS ol Ihe gfOUP. Golng con￿rn The 8¢counl$ ar• prepared on th¢ golno concem basis as the Iru$lees exp8ct that lh• activities wlll continue lor Ihe foreseeable fvlure and ImFelus h8s heallhy reseNes 8nd a slrong cash ￿sItion 81 the balanr* sheel dale. There are no materfal uncertainties that call Into doubt Ihe charrty's ability to continue in operaltonal existence. bl Income Is Included in tull in the statèment of financaal ocllvltle$ On￿ the charity has ents'il8ment lo the income, rt 15 probable that the Incorne will be received and the amount ol Inco￿ receivable ¢an be measured reliabty. Gr4nl$ lo Impetus are feeognised Sn lull In the staiemenl of financlal aclivili&6 in lh• y•ar In whlch Ih•y are rtteNable, or In Ihe ￿8• of yrhnl8 with osso¢l&led elloibillty crflerl8, In thè year in whKh Ihow crltarla arn sal$fi•d. Where Onlltlgmenl to granis re￿1¥9b1? Is dependertl upon fulfllment of condS1ion8 within the chadty's control, the incomfr Is recognls•d when thei¢ 1$ sufficient evidencg.lhal condilioTr$ will be mel. Where Iherg Is uncertainty as lo whether Ihe ¢harity can meet such conditions. ￿CognitIon ol income is deferre(l. cl Donated seNices 8n*J faolit¢e8 8re recognlsed as income anl expendlture in the financlal statements when companies or individuals offer their professional expertise on a pro bono basks. The value of Ihese donated services and facilities is an eslimaled figure based upon Ihe valuation Ihe protesslonal indiwdual or organisation places upon Ihe lirne, serylces and 18cililies Ihey have provided lo Impetu$, Indivldu•ls off*ftng thelr Ilm• lo work in argas where they •r• nol undertaking Iheir profe88lon are das$ified a$ volunteers and theli lime 16 not quoniifod in the 8¢eounls. bul 1$ disclosed In the Intsleas, report. All ol Ihese amounts ar• trnated as unre3lrlcl8d donation6. I ExFendlture Is reubgnised on an accrual$ basis, in¢lu*ve ol any VAT whth ￿TrnOt bè recovered. Li3bilitie5 are ￿co￿nised ¥$ expendilvre as soon as Ihere is a legal or ¢onstruGtive obligation committing Ihe charity to that expenditurg. il is probable Ihal settlemenl will be required and Ihg amount of the obligation can be ffleasured reliabty. Expenditure is alh)c8ied lo the partlcular a¢livity where ihe cost relate8 exclusivety and dI￿¢￿Y to that activity. In addl￿.on, an allocallon ol salary and overhead costs ol Ihe central fiJnction is rnade and is apportioned based upon staff gsllmales ol time spent on each acllvlty Ilncludlng lh• time of Ihe execullv8$ who oftr Ihelf servlGoJ on a pro bono ba¥l$l. Expenditu￿ on ralsing lunds ￿191? to the co$ls incuffed by thg Charitable company In raising funds for the charitable work. This Includes an allocalion of salary and overhead c0515 of the ceniral fvnction and apportioned based upon staff eslirnales of lime spenl on lundraislng a¢thty. 27 Notes to the financial statements For the year ended 31 March 2025 l. A¢countlnq pollehg {contlnuedl el Grants payable to portlolio pirtners are char9ed In the year when Ihe off&r is conveyed lo the portfolio partner except in Ihos8 cases where the offer is conditional, whSch 15 typlcal of portlolio parlner8 ol Impetus. Fundino is usually offered over a pefiod of up lo fiv years, whS¢h 1$ reviewed on a fegulor basis throughout lh8 funding relaliLJnship. Continued lunding is conditional upon lh* portlolio partners meeting 5peufie(I milestones. Conditional 9ranls ale reo)gnised as expenditure when the conditions are lulfilled. If Ihe conditions have not been met al the year end. the g(ants are disclosed 8S 8 luluo commitment bvl a￿ not shown as expenditure. Grants payable lo inler¥enlions by the YEF are chafged in Ihe year in whth they are disbursed lo the inl*r¥ention. Continued funding is condilK*nal on the int¥￿entIOnS meeting specthed milestones. Condibonal granis are fecognised as expendilure when the conditions are Ivlfilled. If the conditi￿5 h8ve not be&n mei at Ihe year ènd, the granls are disdosed as a lulure commitment but are noi shown as ¢xp&nditur8. . n The group's financial instruments all qu811fy as baslc fin•ndal Instruments In •c£ordance wlth 8ectlon 11 of FRS102 and 4re rgcognlsed on the following bases.. l. Inveslmenls in $ubsidiaiies are measured at ￿$1 less provision for impairment. 11. Other Snve31ments a￿ measured al market value al Ihe balan¢& sheel date. iii. Cash and cash equivalenls represent bank balances and deposits held in slerting. iv. Debtors, including Gift Aid receivable, are rneasu￿ al the Iransadion prirE less #ny provlslon for doublfijl dèbts. v. Trade credi10￿ are measured al the Iran5adion pric£. 91 Items of equipment and SO￿&re are capNalised where the purch8S8 price or the cost ol the Caprtal proiecl gx¢g•d$ £1.000. Deprecl81ion costs are allocated lo acllvltles on Ihe basls ol Ihe use ol Ihe related as591$ In IhoJ• activities. Assets are rtsvltswed lor ImpaI￿entIf GSTcum51anG•s Indlcal• Iheli carrying value may exG•ed Ih•Sr nel ffjalisable value and value In use. h) Depreciation and amortisalion 16 provide¢l 81 rates cakulated lo wrlle down the fX)sl of gaGh as￿1 lo ils estsmaled osldual value over tts exwcted useknl life. The depreciaknon rales in use are as lollows.. Computer equipment Computer soffy¥are Office equipmenl .Flxtures and ffttings Three years Ten years Four years FSve yèars 11 Short lemi d•posits (epres•nl Gash on deposlt. l Unro$trlcled lund& are donotions and olher In￿￿• ￿CeiV•blO of genornled for Ihg objects ollho charlty. kl R•$trlcled lunds are to be used for spgcifiG purposes as laid down by Ihg donor. Expenditur• whl¢h meets Ihose criteria is matched to the reslrieted lunds, l¢)gelher wilh a lair allocation of o¥etheads and supF4)rt costs, rf approprtale. 11 The group operates a der￿e￿ conlribullon pension sr*eme. The assels of Ihe scheme are held 8eparalely from Iho$g ol thg group in an independentty adminisler8d fijnd. The pension cost charge represents Contrib￿￿nS payable under the stheme by Ihe gioup to Ihe fund, The group has no fiabillty undei Ihe Scheme other than for Ihe payment ol Ihose contslbutions. Penslon ￿)nI￿tsuI￿n$ are also made on behall o191kJlble employee8 and arts p•ld into personal pénilon scheme$ x nomlnaled by Ihe employee and contrfbubons pass Ihrouoh Ihe SOFA as Incurr•d. ml Transactions in fOre￿n currencles are translated inio steding at the rHle5 of ex¢h8n9e current al the dale ol the transaction. FO￿1gn currency monelary assets and liabililies in the balance sheet are translated inlo sterfing at the rates ol exchange wI￿g al Ihe end of Ihe ye8r. Resulting exchange gains and losses are taken io the slalemenl of financral ￿tiVitIeS. n) Lease5 are regarded a5 operating leases and the renlals are charged lo operating expenses on a slraighl.line basis over the term of the lease. Operatlng lease incenlives received are added lo ¢he lease rentals and charged to operaling expen5e5 over the life of the lease. The charity ha$ no finan¢9 leases. ol Th8 prep8r8lon of ihe finandal statements rgqulres manag•m8nt lo make iJdgements, oslSmates and assumplions Ihal affecl the amounts reporteil lof assets and liabilities a5 al lh• balan¢& shegl dale and the amounls report8d lor revenues and expenses during th• year. The key judgment whkh hgs had the most Si9Trifi¢ani effect on amounts recogn1￿¢1 in the financlal statemenls relale¥ lo th¢ recognllbn and measU￿rnent of Oonaled Services (see note Ilcll. 28 Notes to the financial statements For the year ended 31 March 2025 2. Total Income Group 2025 Total Group 2024 Totsi Chartty 2025 Total Charity 2024 Totsl al Don*tion$ ¥nd grants Other grants Oonated ser¥i¢es Income for Engage and Connect Funds Cash donabons from Indivldvals and companSes Legacies 8,995,893 2,736,334 1,244,043 3,907.344 2,821 7,303,157 3.620.406 1,033.673 3.329.424 2.S35.000 2,465,716 1,244.043 3,987,344 2,821 2.200.488 2.869.577 1,033.673 3.329.424 Oonat#Jns and grants 11866 435 15 286660 10 234 924 9,433.182 Donalknns and •ven¢8 Incom• r•c•lved Irom TN81e￿ lor th• ch•rfty lolalled £145,32812024'. £221,770>. Donalfjd servi￿8 r•pre8•nl pro bono serv1￿$ and faclliligs ro￿￿ed by Impetus and Ihe Youth Endowment Fund IYEFI. Th•s• seNic*s rela1• both lo work performed lor Impèlus or the YEF. and lor cwf portlolio parlners an¢J ar• included 88 expendltur• under note 3. bl Ev•nts *nd lundral•lng •etl¥ltl•• Fundraising events 1906.490 1853114 1906,490 1.853.114 cl Inv•8tm•nt Interest receivable Fixed in¢ome i￿ndS Global 8quilies 451,317 4,688,163 101,061 187,383 619,763 4.259,285 433,7S9 154,782 Invesiment income 5 240 521 5.086,411 154,782 dl Olh•r Incom• Conlrad Income Capotsty bullding Other intt*me 417 11,221 16,363 400 14,118 20,208 400 400 417 34,324 Tolal Incom• 24 112846 22 206 602 12602 184 11.475,382 •> Addrtlon•l fund$ r•l••d lor portlollo partnern Addi(￿n01 funds raisgd lor portlolio partners are donat￿7nS made dire¢lty to thg Portfolio parlners where Impetvs was instrumental ' obtaining those fijnds. These amounts are not induded in Impelus's own financial slalernenls nor Ihose of the group. 2025 Total 2024 Total Tolal addIt￿n81 fvnds generated by Impetu5 for portlolio partnws 3 596 $00 6710 880 29 Notes to the financlal statements For the year ended 31 March 2025 3 lal. Ttstsi expèndituro. Group Notè for th• current year Acttvities undertaken dirtctly Support costs Group Total 2025 Grant lundin9 Note 4 Nots 3lbl Note 3lcl Ralsing lundj FuNlrai*'NJ #rtd •ven¢s 1575112 1 $75 112 Charltsbl• •etlvltl•• SupFX)rb'rrtJ portfrjlio partnerg EvaluatKsn and research Grants payable Inole 41 D￿aled service5 5,286,359 3.058,848 8,345,207 7,759,356 32,078,415 2,736,334 7,759,356 32,078,415 270.618 2,135.285 330,431 Totsl ch•rllabl? Jctlvltles 40 108389 3 387 279 50 919 312 Tt)tsl expendlture 40 108389 7 423 644 4 962 391 52 494 424 Not• lor lh• prlor p•rlod undertakgn directly Support cojls GfOUP Total 2024 Grynt fundln9 R•l•ln9 lund• Furtdroiwng and wen1$ 1287810 12a7 e10 Charitabl• acllvlU•s Suppth'ng portfolio p8rtrtefs Evaluation and resear¢h Grants payable (note 41 Oonated ser¥ices 4,987,789 2,734,C67 7,721,856 6,600,788 23.078.067 3,620.406 6,600.788 23.078.087 750,829 2.082,952 786,625 Totsl ch•ritabl• actlvltks 30 429 684 7 070 741 3 520 692 41 021 117 T*)tsl •xp•ndltur• 30 429 684 7 070 741 4 808 502 42 30e 927 30 3 Ibl. Activities und•rtJken dire¢tly- Group Group 2025 Group 2024 Stall CL)Sts COnsultsn￿ cosls Office cost$ D¥pitaLYdbvii ÉlllLI ill1￿1￿¥¥11()11 Loss on disposal of taryditle fixed 055et5 Donated servic Olh•r costs 4.531.403 158.598 218.771 5,095 171 2.135,2 374,321 4,151.346 279,181 273,799 4,0150 2.082,952 278,606 7 070 744 31¢). Support costs- Group Raising Funds TDlil 202S Raising lynds Charitable activitiè Total 2024 aclivities Staff cnsls OfficE costs Depreclalion end arnorbsation L055 on disposal of tangible fixed assets Donated service5 Fundraising events eosl$ Investment management f••$ Othor costs 991,098 138,300 3.174 1,519,533 376,680 2.737 92 330,431 2,510,631 512,980 S,911 794,539 151,483 2,689 1,313,904 393,952 2,585 2,108,443 S45,415 5,274 330,431 3S8.044 172.829 1,073,367 786,625 786,625 172.802 370,839 819.104 356,044 172,802 172.829 984,977 370.839 652,787 88.390 166,317 1 57$ 112 3 387 279 4 962 391 1 287 810 3 520 692 4 808 502 r￿uded within 5UPl*Xt costs above are gymmance CAJSts totalliThJ £218.38912024.' £126,883). 31 Notes to the financial statements For the year ended 31 March 2025 J Idl. Pro bono Incorn• and •xP•ndS¢u￿. Group and Charfty Donated $grvice$ are analysed as Income and expendllure wilhin Ihe finandal stalemenls. The spfii of donate*Y s&Ni¢e$ a¢ross porffollo partners and other acti￿"￿"eS is as follows.. 2025 2024 Unrestrl¢t•d Supporf lo portfolio partners Support lo Impetus lor portlollo work Suppon lo Impetus 2,135,285 144,100 186,331 2,082,952 750,000 36,625 Total donated 6er¥i¢XS. Charfty 2.465,716 2.869,577 Youlh End¢)wment F￿d 270,618 750,829 Total donaied 8ef¥ic*s- Group 2.736,334 3,620,406 J (•). Total •xp•ndllurn. Ch•rlty Nol• lor th• curv•nt y•af Grant lundlng Activities ndèrtak•n dire¢¢ly Suppoit costs Total 2025 Noi• 3lfl RAIBlng lund• Fundr•lsing and e¥enls 1,575,112 1,676,112 Charltsbl• *ctbvlih• Supporting portfolio partner8 Grants payable (note 41 Oonal•d 8eNc•s 2,144,663 1,176,920 3,321,683 5,716,708 2,466.716 5,715,708 2.135.285 330.431 Total Gh•rlt•bl• •¢tlvbtl•• 5,715,708 4.279,948 1,$07.351 11,803.007 Total oxp•ndlluM 15 715.708 3.082,463 13,078.119 Not• for th• prltsr yt*r Grant fun(ling A£liv4t4es undèrtakèn directlv Support cos1$ Total 2024 R•lilng lund• FundralBing and events 1.287.810 1.287 81D Charllable activilr8s Supporting portfolio partners Grants payable (note 41 Donated seNices 2,025,503 1,009.392 3.034,895 4,616,238 2.889,577 4,616,238 2,082,952 786,625 Tothl charltabl• actlvltl•8 4,616,238 4,108,455 1.796,017 10,620,710 Totsl exponditure 4.616,238 4.108.455 3,083,827 11,808.520 32 3 In. A¢tlvbtl•• undertaken dlr•ctty - Ch•rlty 2025 2024 Stsff costs Office costs nepreciation Loss on dispos81 of tsnglble fixed assets Donated services Other c081$ 1,546,305 218,771 6,095 171 2,131,2JO 374,321 1,468.238 273.799 4.860 2,082,952 278,606 4,279,948 4,108,455 3 (gi- Support co8ts-Ch*rlty Ralslng Charitable funds tlvili¢s Toi•l 2025 Raislng lund• Charitable ctivl¢i¢s Total 2024 Slaff cos1$ Office costs Oeprecialion L055 on disposal of tangible fixed b6sel$ Donaled s?rvirAs Fundraising evenls cost¥ Other cost8 991,098 136,300 3.174 106 840,102 117,538 2,737 92 330,431 1,831,200 253.838 5,911 198 330,431 366,044 304,841 794,539 151,463 2,689 705,636 145,638 2,585 1.500,177 297,101 5,274 . 786.625 786,62S 172,802 321,848 358.044 88,390 172,802 166,317 216.451 155.531 Included withln support costs above are 9ovemance costs lolalling £197,58912024 - £126,833). 33 Note5 to the flnancial statements For the year ended 31 March 2026 4. GrJnts p•y•bl• 2025 2024 Gr•nt$ payatme fall in Ihe3e ￿leg￿￿¥s.. . pa*S to Impet115 F#Ytfolio partners . pa*J to Youth Endowrnenl Fund inl8Mntions 5.715.708 28.362.707 4.616.238 18.461,827 32070415 23.078 065 Grnnts pald to portlollo partner¥ In the year w¢f• •$ follo￿. 2025 2024 A¢ce5s Project on Tutoring ADA AIIChild Ilorrnely We31 London Zonel Babbasa Youth Ernp)werfflenl Proje¢￿ CIC B￿ath￿nners B￿sine¥S Launch Ca￿r Ready Clty Gateway Cothoperatlve A¢#demio$ Tru81 CORE & Co Fwndoiion The Olfteren¢e Ernpire Fighllnq Chine* Fcolball Beyond 8orderi GeneralloTh'. You Ernpby•d UK Growth Path s•￿e•# IIAQ Ch•rtty IntoUfiivéf8ity Jon Egging Tfust Khulisa Kidj Ins L?Brning4Lll•-Gy CIC Mama Youth MCR Pathway8 Miss Placaroon Olive Academles Positive Youth Foundation Power th• Fight Resufgo School ol Hard Knocks Sister System Charlty Spark2Lrf• Spiral S￿113 Streets of Grob ThinkFoMafd Tutor Trust The Two Countles Trust Voice 21 Tho Wnchester Prolect 125,000 120,000 207,500 218,750 40.000 so.000 $o.000 22S.000 1￿>.000 3WI.QOO 2S2.500 122.500 ss,000 381,250 32S.000 100.000 1.000 223.9 130.000 605,000 377,600 1,000 150,000 50,000 375,000 250,000 175,000 1,000 158.¢)00 50,QQO 300.QQO 3¢JO.000 70.000 so,000 221,250 175,000 163,750 30,000 37S,OOD 5.000 159,000 47S,000 195,000 1,000 1.000 240.488 50.000 172,500 200,000 140,000 275,000 1.000 50.000 200.000 225.000 100,000 200,000 300,000 100,000 252,000 1,000 183,000 Ch¥rity t¢tsl S 715 708 4618238 Notes to the financial statements For the year ended 31 March 2025 4. Gfant• p•yablè Iconllnu•d Impetus adopls a thr••-stage approach 10 its inveslfflenl in pjrtfolio partners. Thè thr¢e stagès arn Focus, Bulld and Scae. The precise nature ol Ihe Investment inclu(lin9 term and amounl investéd is ￿vIewed on a ease by case ba$iJ by thè Invesimenl Committee. As a resuN. lotsl annual paymentsto portf¢Jio partners can vary signifcanlly depÈnding on ¢he [￿ase ol Ihe inve$knent programme. At present, the￿ are portrolio partners in the FcKus, Build and Scale stages. Conbnued lunding of portfc4io partnèrs is t()nd￿lOnal Ihe partners meeting spedfied ￿lestoneS. Con¢JltKJnal 9ranls a￿ recogn*sad as expendilure when thè condition3 are fuffilled. If th• condilons have noi been mel at Ihe yèar end, Ihe grnnls are noted as a lulure commitment but not shown a¥ •xpendilurn. The 10141 amount of orants 8uthoriJed bul nol a¢crued •$ ¢xwndituffj •t 31 Mor¢h 2025 wa$ £3.505.75012024.' £4,188,500). Thiq amount relales to the p¢*lolio partnèrs listed at#Jve, but èxeludes any amouThlS in respect ol new Invèsiées or next phase inveslmenls yel lo be appThed by tho Investrn•nt Commltt•è. Ifall current portfolio partner uiveslees progress as envi8aged, Iht phasing oifvture commrtn*nls Is esllrnated a5 fc41ow$'. 2025 2D24 2024.2S 2025.26 2026-27 2027.28 2,260.250 1.697.000 231.2SO 2.682.000 706,250 137,500 ) 5Q5 750 4 168500 35 Notes to the financial statements For the year ended 31 March 2025 4. Grants payable Icontlnuedl Grants paid by thè Youth Endowment Fund to Inter4fentlong In the yoaf were as follo￿. 2025 2024 The Global Fund for Childrèn UK Trnst London VRLI UK Youth Family Psychobgy Mutu* CIC ViglenrE Reduction Netsyork fof L•K•st8r IOPCCI Nallon¥l Children'• Burnau INCBI Ne$lg We$1 Mldlondi Polle• and Crfrn• Commission•r Medla Academy Cymnj The Nothnghamshire Office ol the Polu and Crim• Tavislock Relalionshiwts Gfeater Manchesler Vidence RwjuCl￿n Unit Knowledge Change Action Ltd REMEDI- Resloralive Serv Brtdgend County Borou9h Cwnol Upskillu Lt Saiford Foundation Ltd SlreelGames UK The Educabon Endowment FourKlo1ion Behavloural In31ghls Ltd. Sl Glley Trust Trlpl8 P Rlghl lo suc￿￿d CIO The En9llsh Foolball Le89ue TnJsl (FL Communlty Lldl The Ruoby Fooib411 Le¥guo IRFLI Tr¥uma In10r￿KId School• VK CIC Future M?n Biadlord tgachlng hoipilal NHS FoundI￿on Tfust Swlndon Bgrough CguThciI Coll•ctons Spaik2Lil• Sw¥nsea Chlldren SeNic East Sussex County Countsl, Ch[￿ann,1 So￿T&s Department London Borough ol Nwh Cardiff Council Foundations Soulh London Mauds*y NHS Found8lvJn Trust ISLaMI Ingeus Uniled Borders Dallagllo RugbyW)ths RISE Mutual CIC AudioAclive Young Manchester Mantsl Heallh Found•tion YES Outdoors South Walei VRU Other qranl$ PAld b•lDw £200,000 3,204,153 1,883,103 1,974,846 1,562,777 954.805 1,215,398 645.449 429.e40 705.132 423.008 360.955 495.032 437.423 302,720 510.006 477.15Q 266.040 686,685 449,460 121,59 841,333 18,7571 249,998 2$5,861 5SS,005 225,950 287,798 225,000 448,189 444,548 435,817 433,392 425,000 397,220 382.2$0 368.67$ 37S.689 12661 329.788 291.838 288.828 248,092 2.693.518 2.291.071 353.763 557.267 1,038.315 280.644 S99.848 751.739 293.883 503.919 $43.770 391.6$2 393.651 503.100 281,182 302,135 507.233 17.500 224,730 533,760 824.256 JJ3.JJ2 306.934 308,850 228,622 259,998 7,778 349.4S7 241.JSO 215.009 200.Z88 2,311.284 1,952.143 Tot•1 26 362 707 18481827 38 Notes to the financial statements For the year ended 31 March 2025 4. Grants payable Icontinuedl Th• Youlh Endowmenl Fund aifflg to Pre￿nt ehihJr•n and youno people lffJrn g•tling cau9ht up In crim• and vvJlence by making $uie Ih81 Ihose ot rnjl rlsk get the be$1 ws$itsk support. a5 earty as FO￿01e. to qel on a posits.ve palh and 8ucca•d. Its gr•nt maling exist6 10 8uppJrt th￿ o01￿￿'ve and 11 $eek$ lo lund act1w￿.¢5 Ihat YEF ran ev¥lual• and 9row. Continued funding of intervwtKJns Is condib.onal upon the organisa￿on3 mÈèting spedfied mifestor*. Condltkjnal graThts arè rnetsJnised as expendilurewhen Ihe condits'ons are fulfilled. Ir the condib'ons have not been rnet Èt Ihè year end. the grants are noted as a fuiure tonwnitment bul nol shovm as expenditure. The total amount of grants authorised bul not acuued as expendlture at 31 Marth 2025 was £46.443.00012024.. £50.945,0001. This amunt ralates to thè organlsalk)ns listed abovè. If all current Int8￿80￿.0nB progress as envisaged. Ihe phasing ol lulure C￿Mity￿ents is èstimated Js fdlows.. 2025 2024 2024-25 2025-28 2026-27 2027-28 27.710,000 14.087,000 9.148,000 27,899,000 13,326,QOO 5,218,000 46 443 000 $0 945 000 Th• above ccndttional w•nt commllmenlj lo org•nkntion8 und•writton by Éxislinq reseN•i IM• not• 181. 37 Notes to the financial statements For the year ended 31 March 2025 5. N•t Incom•ll•xpgnditur•l lor th• y••r Thls is slated afterthargino.. Group 2025 Group 2024 Charity 202$ Charity 2024 Trustees, ￿muner￿￿'0n Twslee3' expenses Depreciats'on and 8morti¥•ts"¢n Loss on disptssal ol tangible fixed assets Operating le8se expenses Audllor5' remunerabon lor audit Serv1￿$ 27,26fj 369 519,285 26,358 11.008 369 272.246 10,098 491,592 258,053 Dif8c¢or$ 4nd Offi¢ers insuranc4 whlch cove(s the TNstee$ against any person81 liability was prov*Jed at * e4st of £7,80712024." £11,702). 6. Subsldlarlè• 6•. Inv•¥lm•nt In PEF Tfadlng Llffllt•d Th• Invesimenl of £1 in PEF Tradlng Lim￿9￿ IPEFTLI rnpr•s•nts thg whol8 ol the issued ordlnary Jhare capital ot • ￿MpanY Incorpor4ltd In Engl¥nd and Wales on 13 February 2012. PEFTL eng8g$d In miscellaneous trading activities connecte)me 4.703.179 176,598 55.T73 185,611 1.069.817 5,510,030 68,224 4,720 210,071 500.203 88.511 49,452 185.611 897,529 23 210.071 315,632 41 Notes to the financial ststements For the year ended 31 March 2025 14. Cr8dltors: arnounts due aller more than one year Group 202S Group 2024 Charity 2025 Charily 2024 A¢¢Na18 And delerrod inc£¥m• 600,000 600.000 600,000 600,000 15. Anal￿19 of net asBgts b•tw•￿ lunds Curnnt year. Group Vnresiricted funds R*Stri¢￿d funds Total 2025 Tangibl• and intanglble fixed assets Investments Net cjjffent assets Credilors due 8rt•r moffj than one ye8f 97,S60 127.545.286 13.020,171) 1450.0001 25,821 123.381 127.545,286 4.496,300 1600.OIJOI 7.516,479 1150,0001 124.172,6TS 7,392.300 131.564,978 Cutt•nt y••f . Ch•rlty Unre51riLled funds Restricted funds Total 2025 TorKJible fixed assets Investments Net ¢urrenl assets Creditors due after more th•n one ye 25,821 25.821 897.951 1450,0001 7.516,478 1150.0001 8,414,429 1600.0001 447,951 7.392 300 7,840,251 Prlof y••r- Group Unresiricled fund$ Restricted lund5 T¢i•l 2024 Tangit4e and intangible fixed Investrnenis Net curreni assetsllliabilitie$l 113,820 150,886,547 1249,3971 17,311 131,131 150,886.547 7,606,7S7 7,856,154 Proof y•ar- Charlty Unreslricled funds R*siri¢ièd lunds Tolal 2024 Tangit4e fixed assels Investments Net current assets 17,311 17,311 442.741 7,856,153 8,298.894 442.741 7,873,465 8,316.206 42 Notes to the financial statements For the year ended 31 March 2025 18. Mo¥•m•nts In fvnd• Curmnt yMr- Grnup Transfor b•iwwn Funds At the start ol the year IIosses1 on investments At the end of the year Income ExpÈndllvre Chadty r•strfj¢t•d fund• Portfolio partners Engage FvTr Connect FvrKI Youlh Jobs Gap Covid Resp)n* Funo 2,535,000 775,000 469,043 173.772 12,53S,0001 1775.0001 1895,0021 152.1731 229.854 153.428 59.481 309.570 113,46S 275,025 59.481 Ch¥rfty ro*ri¢tod ￿fid$ 442,741 3,952,815 14.257.175) 309.$70 447.951 Unrnstrlct•d g•nwal funds 7,873,46S ,621.758 18,820,944) 1281,9791 7,392,300 Totsl Ch•rbty fund$ 8316 206 12574673 13078119 7 e40 251 Youth endDwm•nt Fund r•Wl¢t•d fund• Horne Offic• Centr• ol EX￿118nCé #kvlll Co-operallve Corn1¢ Rellgl Focused DeIerr1￿ Trauma Infomied Viobnce A9ainsl Women and Girfs Noli¢)nal Police Chiets. CourKil Youlh Fulures FwndJt*)n (YFFI YFF. Svmmer Jobs Children in Need Evaluatjon Accder8t 04k Foundaton General YEF funds 148,109,185 1,853,999 4,808,782 130.862,8011 11,638.6511 1448,3761 ISOO.8001 188,4551 11,500,000> 11,800,002) 1289,9721 17,500,1)001 124,e801 162,4621 1582,0081 130.WOI 139,5001 1270.8161 1,322,118 127.5911 123,347,873 1S,348 131,089 22,069 208,546 579.485 501,500 21,389 275,000 1,500.000 1,600,002 209,972 1,500,000 24,060 82,482 333.332 30.000 39.500 270.618 248.676 Tot•1 YEF r¢•trlctsd lund• 150 308 229 11 538273 39416305 1322118 123 724 724 Totsl group fvnd$ 1S8624435 24112846 52 494 424 1 322 110 131 564 97$ Summary by typ• ol fund Charity reslrKleLI lund YEF ie51itt8d funds 442.741 150,308.229 3,9S2,815 11,538,273 {4,257,1751 139,416.3051 309.$70 127,5911 447,951 123,724,724 1.322.118 Tot81 re$tri¢i¢d 1S0,750.970 15.491.088 143,673,480) 1.322.118 201.979 124.172.675 Unre¥trlcled gen¢r•l fvnd• 7,873.465 8.621,758 18,620,944) 1281,979} 7.392.300 Totsl group fvnJ$ 138 624 435 24112846 S2 494 424 1 322 118 131 $64 975 43 Notes to the financial statements For the year ended 31 March 2025 16. Movornqnts in fvnds Icontlnuedl Prlor year. Group Nei gain51 11055esl on investments Tronsfvr between Funds At the start of the year At the end of the year Income Expenditure Charlty r•#trfct•d lund• Pcrfffolio partn•rn Erya9e FuTrJ Conn•d Fu Youth Jc+>s Gap Co¥id Reswn9e Fund 2,200,488 3S0,000 683,673 12,200,488) 1350,0001 1830,9051 112,8921 377.086 188.418 59,481 229.854 153.426 Sg.461 Chartty r••tslet•d lund• 602.965 3.234.161 13,394,3851 442,741 Unmtrfc¢ed gonerjl lund8 8.046.379 .207.314 18,414.1351 33.907 7,873,465 Totsl Charlty fvndj 8649344 11 441475 11808520 8 316 206 Youth Endowm•nt Fund restrlct¢d lundg Endrth*d Fund$.' Homo oifi¢• C*ntm of Exc4118ftc4 158,939.358 2,901.089 4.911,820 122.347.2101 11.247,0901 1601.2021 1540.9801 11.298,1451 11.000.000) 11,591.3731 1$73,3961 114.9921 (75.0001 124.8601 117.5381 1417.9921 1750.8291 8,639,315 133.9071 148.109.185 1.653,999 801.202 500,000 100.000 1.000,000 1,591,373 573,398 14,992 37,$00 Ctropernll Comic R•li•l FoaJ3ed Deterrence Trnuma Inlofm• 309,570 447,9S1 unr￿trIct#d o•n•rnl lund• 7,873,465 8,649,349 18,820,944) 1309.6701 7,392,300 Total fund• 8316206 12602164 13078119 7 840 261 Prlw yvr- Chartty Transfer between Funds At th• start ol Ihe year At the end ol the ye)r Ineom• Exp•ndittsr• R••¢rlct•d fund• Portfollo partmrs Engage Fund Conned Fund Youlh Jobs Gap 2 Covid Respon￿ Fund 2,200.488 350,OC*) 683,673 12,200,4881 13JO,OCnl 1830.0051 112,992 377,088 166.418 59,461 229,854 153.426 59,461 P•slrlcted funds 602,%5 3,234.161 13,394.3861 442,741 Unr•*trl¢t•d g•n•r•l fvnd• ,046,379 8,241,221 18,414,lJ61 7,873.465 Total lund• 11475 382 11808520 8 318 206 45 Notes to the flnancial statements For the year ended 31 March 2025 18. Movèm•nts In lunds Icontirtutdl Purposes of restrl¢ted funds PortfolS0 partners.. Impelus iec•ives donavons for speofic domain areaB, p)rtfdlo portners and lor 8pKifi¢ •xp•ndilure. The3e arn Iretht•d as reslrkted dO￿tionS with approprwe expendlture #lbcaied a￿1n5t th•m. Engage Fund." Imp¢bJ$ f•e•ives donation$ lo support its wlh partnefs In the 5cheoJl •Xdu￿onb dornain. These a￿ Ire•ted Js restricted d¢￿atIC￿$ wth aFpropriak •¥pe￿Illu￿ alkncaled agoin¥l tl*m. Connect Fund." Impetus recaves dLx)aiions tof ils IvnLI loajssed on equity th and ib leaLlership acadèmy. These are ¢realed as rèstri¢Xed donallons ￿￿th aFpropriale eXpendItu￿ alkuted against them. Youth Job$ Gap 2.. funding 8wJred io build on our Youth Jobs Gap ￿searCh swie5. wlh another set ol reports anil a dlsseminabon 6tralegy. Indudln9 an Inlerxtr'￿ digilal tool so the dala can be eflediv* used by ¢Jeri¥k>n m•k•rs and Ff¥clitlon¢r¥. Covld Response lund.. lrnpelug camed oul a camp•lon tyt Ihe heighl ol th• Covi$19 p•rYlernic lo prowdl •ddSllM•l •Ml$t•nc• to our porflollo partnars adve￿eY allected by the pandemic. Yguth En¢Yowment Furtd.. th¢ grant the Horoe Office and Inveslrnenl relums from it are used to fund inlerventions to prEveot thildren artd young [￿Ople frorn getting caught up in c¥ime and vlolence by making Su￿ Ihat those at most risk get the best p0s￿ble supp)rt, as earfy a$ P05&ble, lo gel ¢)n a positive palh and sucteed. Independ8nt evaluatrons ol the interventions, research and the rns15 01 the three partnw5 delivertng the Fund'8 also b• rnei from the grnnt ond from svppltynwtary fundlng whith ty serw•d In addthon lo the grant and inv8strnenl The Centr• ol Exc4ll•nu ICOEI 9rnnt was ¥ddilloMI lunding lo •nabh YEF to afA •¥ • e•ntr• ol expe￿'se, gen*rnisng, dissemlnallng Jnd promolln9 new knk*dg•, pracllce academk r•J••r¢h Ih•l wlll Ir•nsltym I￿1 •nd n•lioMI r•$wnM8 ￿ i•¢kllno serlous •￿￿1ft9 ¢hildren and youft9 people. Alon9 v•ilh the EndLv&J Funds and COE 9rants. the Horne Office has lunded three ￿ldI￿n81 wograrnmes. Tl* firs1 is a grant to evaluale Ihe Ided. and.tesled approath kncy•m a3'Fo￿￿ed Dtt•rr•rt8'. The segjnd is a naw pfograrnme ol adiwlies to find thether Trauma.Infomed' practice is elleclive al kee￿n9 chiklren sale Irom w)lence. The third Is a grant wh￿h aim$ at ￿wing Violence Agalr￿1 Womèn and Girts. by undertaklng well dèv•loF4d prq•ds t•rqeled to breaking cyd•s ol vld•nce. Supplemenllng 9rani Incom• from lh• Hom• Offie4 ar• Iwo i¥Jnifican* ￿rtn*rnhlP1 •ntJ smAllor gcaTrts. The Peer Actlon Collecll¥e l• J joint partnerghlp IJPM'II and Collop funds. Togelher, Ihe ￿rtnerS are inveslsng £5.2 millKin lo tsuild a ol p••r re3e9￿h8rj lo study th• eXpe￿enCE ol youth wolence. YEF has partnered %%lth Comic Relief to launch a new tem jolnt fundlng programme to supwt organizalion$ worklng to povent youth offeTh#ing. The DÈpartmènl lor Cullure. Mtdia and Sports fund is parl of Ihe Reach Schools Piojed olleThng Ment￿r@ and group 5UPPOrt to youThJ people 8t risk of ythool $y3p￿slon wdh the aim to prèvent fvture ollen(IlrrtJ. The Natronal Police Chiets, Counol, Arts Council ErrtJland. and Youth Fulurès Foundation oranls are aimed al wo¥Adina 5yslemalt reviews an¢J advice on ¥ecific intervenlKJns Children in Need is a joinl fun(liThJ round wllh 88C. The fvnd wlll hèlp ic