ThlnkForward (UK) (A Charltabl8 Company Limited by Guarnntse) Ann1 rnwrtand finandal statwnents Forthè anded 31rt AUgt 2021 Company reglstratlon no: 08318590 Registered charIty no: 1152862
ThinkForward (UK) Reference and administrative detsils for the year ended 31st August 2021 ThinkForward (UK). a company Ilmited by guarantee. registered on 5 December 2012, company registration nurnber 08318590 (England and Wales). Registered as a charity on 15July 2013, charity registration number 1152862 (England and Walesl- Charlie Green (Chairl David Vaughan (resigned 9th December 2020) Jill Baker Vanessa Morphet Robert Craig Asi Panditharatna Kathryn Jack Kelth Ma¢Donald Daniel Easterbrook (appointed 10 November 20201 Sally Cartwright {appolnted 10 November 20201 Matthew Tate (appointed 12th October 2021) Chlef Executlvo Ashley M¢Caul Prfncipal Office: 337 Clty Road London ECIV IU Independent Audltor: Moore Kingston Smlth LLP Devonshire House 60 Goswell Road London ECIM 7AD Primary Banker: Natwest Holborn Circus l Hatton Garden London ECIP IDU Primary Solicitor5: Travers Smith LLP 10 Snow Hill London ECIA 2AL
ThinkForw8rd {UKI Table of contents Chair and Chief Executive's report Trustees, report l) Objertives, actlvlties & performance 2> Public benefit 31 Financial revlew & reserves 41 Remuneration policy 5) Key risks and uncertainties 61 Fundraising policy 71 Information Governance 81 Future Plans 91 Structure, governance & management 101 Trustees. responslbility ststement Independent auditor's report Ststement of financiel activities io li 12 12 14 14 14 15 16 18 23 Balance Sheet 24 ststement of cashflows 25 Notes to the financial statements 26
ThinkForward IUKI Chair and Chief Executlve's report 2020/21 year was one of the most operationally challenging years in our hlstory. It required us to continue navigating a world which was unrecognisable both to us and the young people we serve. We continued to dellver servlces durlng the lockdowns, moving to digital when required and doubling down on securing our rolationshlps with our young people. We worked in collaboration with our schools to extend safeguarding capacity helping to keep our young people safe and we prioritised the wellbeing of our staff, enabling us to continue our work. Given the challenges that arose. we feel enormous pride in the programme of work undertaken during the year. We have developed an ambitious 5-year strategy which we believe sets the foundations for the next stage of our evolution. We want to continue to refine 'what works, in terms of the impact of our programmes. We want to increase our reach, grow our income and become more sustainable. All of which we believe are achievable through the delivery of our 5-year plan. Asa youth organisation with a strongcommitmentto youth participation. we have deliv6red on our pledge to recruit two new "young trustees" to our Board. Our young trustees bring 8 lived experience of challenges through their education journey. overcomlng barriers to employment and living wlth disability. Together. they bring a refreshing young person'5 perspective into our decision-making processes. Embarking upon a race equality Joumey during such uncertain times speaks to our drive and commitment to create a fairer society for our young people. Also, we wanted to make a statement in response to the injustice playing out around us during the pandemic. With the support and guidance of our outstanding equalities consultants we undertook staff training and development and we partlcipateé in the #youngandblaek national campaign. Both these strands of work have shaped the kind of organisation we want to be and the way in which we will operate in our sphere of influence. Looking to the year ahead, we belleve we have the requlred focus and resilience to continuing dellverlng high quality coaching programmes to our wonderful ¢omrnunity of young people. Charlle Green, Chalr AshleyM¢Caul. lerExeCutIve
ThinkForward IUKI TruGtee8' report for the year ended 3tst August 2021 The board of trustees of ThinkForward IUKI are pleased to present their annual trustees, report together with the audited financial statements of the charity for the year ended 31 August 2021 which are also prepared to meet the requirement for a directors, report and accounts for Companies Act purposes. The financial statements Comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting stsndard applicable in the UK and Republic of Ireland IFRS1021. OBJECTIVES. ACTivmES, PERFORMANCE OBJECTIVES The organisation set the following objectives for the year: Develop a new five-year strategy Ref ine our identity including with a new vision. mlssion and logo Create an Equity. Diversity and Inclu51on plan Evaluate our programmes ACTIVITIES New flvLxyear strategy Against the backdrop of the Covid pandemic. we developed our new five•year strategy which takes us to 2025. This provides a framework for us to meet our goals of impact, sustsinability and growth and an ambition to double our income to £5m and to increase the number of young people we reach to 1,500 per year. We could not have developed the new strategy In such demanding ¢ir¢umstances - In the middle of a global pandemic - had it not been forthe support of Bain Consultingand Impetus. We are forever grateful for their rigour, robust challenge and ambitious imagi'ning of our future. We believe the new strategy will enable ThinkForward to mature into a stronger organisation that will be even better equipped to empower young people to have the better and brighter futures they desee.
Our five-year strategy has four main objectives". L Reflne and expand our programm8s for young people wlth SEND Successfully deliver our DFN-MoveForward Social Impact Bond and evaluate its impact Grow the number of young people supported through new SEND programmes. Broaden the reach of these programmes for young people who have left education and are unemployed Leverage employer partnerships to create more supported pathways to employment and entry level jobs for SEND young people. 2. Refine the Futureme programme - our core programrne dollvered In school8 Continue to support 900 young people per year, further embedding our work in schools and the wider community Conduct en external evaluation and refine aspects of the programme's design Respond to the changing needs of young people and our schools by packaging up our coach-led activities in different ways. 3. Become a thought leader We will make recommendations to local and national decision makers by: Using our growing evidence base of what works Sharing young people's experiences of being on our programmes Joining forces with other youth sector organisations. 4. Beoome a capablllty partner Where our partners have a common goal of improving employment outcomes for young people we will share our expertise and resources on: Coaching Employment & job creation Equity, diversity & Incluslon. We will achieve our goals and objectives through the following initiatives: Carry out independent evaluations Improve our abllity to track impact Become financially sustainable Grow our strategic partnerships Transform our work digitally Grow our SEND programmes to reach more young people Refine Futureme to support more young people Build on our unique coaching model Develop our organisation and team.
Refine our identlfy In response to the new strategy, we developed a fresh vision, mission and logo which embrace our new objectives and provide breathing space to rernain relevant as we grow. We also wanted to highlight the unique coaching relationship that is at the heart of what we do. Vlslon That every young person is empowered to gain the confidence. independence, and skills they need for a better and brighter future. Mlsslon ThinkForward delivers unique, personalised coaching programmes for young people at key stage in their lives, enabllng them to overcome the challenges they face and make a successful transition into work. Every young person tskes part in workplace activities to develop their life goals and readiness for work. We raise the voices of our young people and support employers to provide fair access to opportunities. The much-loved lightbulb remains in the logo but our strapline has changed from 'Successful school to work transitions, to 'Coaching Connecting Inspiring Young People, and is positioned to the side of the lightbulb, rather than underneath. We also have a new, more vivid colour palette. We'd Ilke to thank every young person who contrlbuted their cre8tivity and insights throughout the process. They also provided valuable opinions as we edged closer to the final decisions, enabling us to ensure our visual and written identlty spoke in a meaningful and effectlve way to our most important audience young people. We also wanted our two programmes to have their own distinct identity. To provide clarlty, and give us scope to develop new programmes, the name of the ThinkForward programme was changed to Futureme. We consulted stsff on different options and there was also a staff vote. The DFN-MoveForward programme name remains the same. Create an Equity, Diversity and Incluslon plan In the summer of 2020, the murder of George Floyd shone a very stark light on the Issue of race equality. We reflected deeply on what this meant for us as an organlsation and also commltted to developing an equity. diverslty and inclusion plan. This plan is at the heart of how we will flourish both as an organisation and in our work with young people. Cruclally, we will be accountsble for delivering on corntnitments made In the plan, and we will publlcly report on our progress every year. To succeed in our future ambitions, we need to model the velues, behaviours, and culture that we wish to See in our partners, funders and in the world around us. We know that in leading a programme of change. it is essential that we strive for diversity in leadership roles. We took action to ensure our trustee and young trustee recruitment in 2020 reflected these ambitions, and now have a more diverse board. We are also continuing to identify ways to nurture existing and aspiring managers and create development opportunities wherever possible.
We believe there is an important link between diversity and inclusion and improved social mobility. Through our SEND programme. we are already promotingfair access to opportunities for young people. We aim to extend the conversation to all of our employer partners to explore how we can support them to improve their approach to recruiting and retaining more diverse talent. Equity, Dlver5ity and Incluslon Manlfesto We aim to create an environment where all can thrive. We will lead from the front by placing equity. diversity and inclusion at the heart of all we do as an employer, in our work with young people, and within our sphere of influence. We value creativity, productivity, good decision-making and reputation. and we know that good equity, diversity and inclusion practices will build these. We are workingto create a world where our young people are more likely to thrive and the absence of uniformity is considered a strength. We want learning and challenging the status quo to be considered progressive, and where people's ethnicity. gender, age. sexual orientation. religious beliefs. disablllties, learning abilities or socio-economlc origins are not the defining characteristics of their potential for success. Young 8nd Black Project In the summer of 2021 we launched our Young and Black project which aimed to harness the energy, passion and activism of our young people. We wanted our black and brown young people to have a platform to share their stories and feelings and campaign for change, whilst creating a wider understandlng amongst our white young people of allyship and antl-raclsm. Coaches ran Young and Black s&ssions for our young people, creating a safe space for them to share and learn about racism. They also hosted creatlve workshops where young people made pleces of art that represent how theyfeel about race and identity. The artwork sat alongside personal pledges in a specially commlssioned printed hardback booK, and onllne in a virtual art gallery, both of which were launched in November 2021. The book contsined 96 pages. and 50 pleces of art and 61 pledges were pr¢xlu¢ed by our young people. Learning about and exploring race. identity and equality also developed young people's work ready capabilities such as communication skills, self-awareness & resilience. They also developed confidence in their own identity so they can be their authentic self in the world of work. The project wa5 inspired by the Young and Black campaign launched by UK Youth and supported by our corpor8te partner Citi. Evaluate our programmes As part of our strategy we pledged to carry out a series of independent evaluations on our two programmes and our Work Readiness Capabilitles IWRCS). We conducted a process evaluation of the Futureme programme to flnd out how effective we are in delivering the programme and if we are gathering the right dat8 to measure our impact.
During the summer of 2021 and reviewed the level of activity delivered under our programme promise and carried out an assessment of coaching capacity. We will shortly receive a comprehensive written report detsiling the full research project. including methods used, analysis and findings, as well as the conclusions and recommendations. Following this. the next steps will be working to identify appropriate short-term outcomes, and too15 to measure them. We will also analyse gaps in current dats capture and the options to addressthese, and implement new systems, plans for future analysls and report as required. We carried out a review of our Work Readiness Capabilities {WRCI framework to identify if It captured the correct things in an evidence-based approach and assessed other available and appropriate tools to potentially pilot, test and use. This process included asking our young people for feedback on the WRC framework and our approach to using the capabllities. Additionally, we stsrted the process of reviewing the DFN-MoveForward programme. Thls included looking at data collection and measurement tools, understsnding what works and why, and the structure of the programme promise. We want to ensure consistent delivery of the programme across all regions and have a robust dataset so we are in a strong position for a comprehensive final evaluation. There wlll also be a final evaluation of our Social Impact Bond. PERFORMANCE Impact We track the outcomes of our young people who graduate from our Futureme programme for a year so we can build up a sustained picture of their progress. We know that for the young people who left the programme In the summer of 2021, 80% were in education, employment or training IEETI in the three-month period after graduating {September - November 20211. Of these, 45% were in employment. 18% were in education and 17% were in employment and education. These are fantsstic achievements for our young people. many of whom face significant challenges in their lives, in a very difflcult economic and soclal environment. In 202 1 the DFN-MoveForward programme worked with 189 young people with additional needs across London, Kent an(J the West Midlands. The aim of the programme is to prepare young people to get ready for sustainable pald employment and then support them to find a job. We'rè delighted that 14 MoveForward young people started a paid job of rnore than 16 hours a week in 2021. These results are possible thanks to the blend of coaching and employability activities that young people take part In. Our coaches held 486 one-t(Fone Coaching sessions and there were 422 group work attendances and 622 employer event attendances. When young people retumed to school in September 2020 after the summer break, they continued to experience significant disruption to their education. As a result. we contlnued
to flex our delivery model in the line with the situation and policies in each individual school and the circumstances of our team. Our employability activities were delivered digitally which worked well and allowed young people from different regions to tske up opportunities from partners across the country. In January 2021 schools closed again as the country entered another period of lockdown due to the Delta COVID variant. Once again. our response focused on providing additional emotional. mental health and practical support for young people and their families. Many young people were now in receipt of laptops and data secured through a range of fundraising and partner initiatives organised by ThinkForward. so their abllity to access remote learning was enhanced. Having set up remote working and programme delivery as a result of the first lockdown, we were well placed and had a smooth transition duringthe second and third lockdowns. As things eased after Easter. coaches were able to return to school on a ¢ase-by<ase basis, according to the guidelines In their school and government rules. Youth engagemont Youth participation has become an integral part of our programme promise, with more than a hundred young people joining as ambassadors and youth board members. We received fundingfora new internship postfor one year and recwited a Communication and Youth Participation Officerwho started in March 2021 to work with the National Youth Participation and Insights Offlcer. They. together with our business partnerships managers, deliver the youth participation work. Young people on our DFN-MoveForward programme are now also part of our ambassador programme which develops peer leadership skills. Fourteen young people are members of our youth board, representing their peers and community. They also ctrdesign our youth board and ambassador programmes. Our two young trustees, including an alumna from the Futureme programme In Nottingham, continue to support the youth board, as well as representing the interests of young people at the adult board. Public ben8fft The objects of ThlnkForward are to help young people to have better and brighter futures by enabling them to develop the confidence, independence, and skills, they need to participate In society as autonomous, mature and responsible individuals. All our charitable activities benefit the public by their nature. We work to prevent young people becoming unemployed and enable them to contribute more fully to society. Our services are free at point of delivery (for the young person) and we support a wide range of young people of different ages, backgrounds and abilities. In shaping our objectives for the year and planning our activities. the trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit: running a charity IPB21' The trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Cornmission. io
Flnancial revlew Incorne for the year was £2.46 million which, given the pressures we and all those in the sector faced was a remarkable achievement. We thank all of our loyal and generous SUPPOrters who believed in the importance of supporting our work during the lockdown restrictions. Our fundraising and executive leadership are to be applauded for these impressive efforts. Our income is made up predomlnantlyof grants and donated income from a mix of funders including individuals, corporates and charitable trusts. We also secured programme contrlbutlons from all of our schools in 2020-21. In the year to August 2021. we delivered a surplus of £38k, with expendlture totslling £2.42 million12020- £2.45 million). To ensure we deliver the highest-quality programme, we invest over 80% of our costs on our highly qualified staff. Our operations and support costs account forjust over 22% of expendlture. Workingacross manyschools and colleges we supported 1,086young people Sn 2020/21. On average at any one tlme we had 960 young people on the programme which indlcates an average annual cost per place of£2.52412020 total £2.5891. ThinkForward's balance sheet shows total net assets of £0.95 million at August 2021 IAugust 2020 £0.91 million) of which £0.92 million was unrestricted {August 2020 £0.80 million). Last year trustees designated £105,560 of funds in support of the organisational and infrastructure development. Most of this was expended in 2020/21. In August 2021 the trustees agreed to designated funds of £13,515 equ81 to the net book value of fixed assets. Flnanclal 8ecurfty and 8ustslnablllty As the UK struggled through a second year of pandemlc. the financial pressures on the whole charSty sector. and the soci81 pressures on our vulnerable set of beneficiaries intensified. ThinkForward successfully demonstrated the value and importance of its programmes to all its stakeholders. The ability of our staff team to adapt, our schools to respond positively and our young people to continue to engage was gratifying and a testamentto ourteam's abilityto adaptour programmes with continued quality ofdelivery. This was reflected in the belief in our flexible and robust approach by our funders. Thls response has given our trustees the confidence in the whole te8m to weather thls storm and they believe we can continue on our strategic path with our current set of loyal funders alongside new organisations who believe In our work. We know the tough funding environment will make this hard work but those funders who recognise the real value of an evidence-based, long-term programme with demonstrable impact will continue to support us. Reserves policy The finance risk & audit committee. on behalf of the board of trustees, conducts an annual review of the level of free reserves (being unrestricted reseeS less nonwcurrent assets) in the general fund by considering risks associated with the various income streams. expendrture plans and balance sheet items. This enables an estimate to be made of the level of free reserves that are sufficient, having considered: li
The reasons we need reserves The potential impact of exlernal factors outside our control The tlme required for reorganisation in the event of a downturn in income How to protect ongoing work programmes How to allow the charity to meet its working capital requirements How the policy and reserves will be monitored and reviewed. ThinkForward had free reseNesof£O.91m12020., £0.68ml and a cash position of £1.41m 12020: £1.04ml at the balance sheet date. Free reserves at 31 August 2021 of £0.91m equate to approximately four month's operating expenditure. The trustees have calculated that between £0.6m and £lm, equating to between three and five months of current annual operating expenditure is needed to meetthe above requirementsand our current reserves total is within that range. Our high cash levels give further reassurance that we are In a strong financial position. Remuneration pollcy ThinkForward is committed to paying staff a fair and appropriate salary, to ensure we can attract and retain people with the skills and abilities to deliver our objectives. Our approach is guided by the followSng principles: We provide a total reward package which recognises contribution to the achievement of our aims Our reward offering will be competitive in the marketplace from whlch we dr8W the people we need The reward decisions we make will be based on an objectlve assessment of performance and of our organisational needs We have completed an external review of our current remuneration policy and are in the final stages of consulting and implementing the recommended Improvements. Key rf8ks and uncertalntl8s wlth plans and strategies for managlng those r18k8 The trustees are responsible for ensuring that there is an effective system for the management of the risks faced by ThinkForward and have implemented a broad range of risk management processes considered adequate for the organisation's needs and to minSmise risk. We proactively manage our risks and have identified some key areas for ongoing attention; L Safeguardlng Since the charity works with vulnerable children and families, safeguarding is consldered the greatest inherent risk in our work. The charity has a framework of ¢onsents, controls, policies and reviews to mitigate the associated risks. These are reviewed and updated at least annually. Our focus on trainlng and supervision is key to ensuring good practice. A dedicated team supports safeguarding processes wlth a reporting systern which ensures that concerns areflagged, and information communicated rapidly and securely. We deliver continually updated safeguardingtraining for staff every year based on an extensive review and update of our safeguarding policy which Is regularly review by Trustees. The board reviews safeguarding data at every bi-monthly board meeting. In the context of Covid-19 we intensified our f¢XUS on safeguarding, due to lockdown and ongoing restrictions placing increased pressure on families. We played a key role by extending the safeguarding capacity of our schools. We reviewed all our young people to
Identify those who were most vulnerable and increased the regularity of check-ins with them. We liaised with schools where we could notget in touch with young peopleto ensure an appropriate response. 2. School retsntlon and engagement Retaining schools remalns high risk for us due to the integration of our delivery within our partner schools. A loss of a school can mean a number of young people can no longer access our support part way through our programme. Sadly, one of our schools exited the programme this year, We have maintained support for the Y12 and Y13s in that school cohort. We continue to extend our abilityto demonstrate the positive impact ThInkFoard has in schools to showcase the value for money that we offer. We Can support improvements in behaviour and attendance alongside reducing exclusions. Our young people develop improved self-regulation and contribute posltively to s¢hool life. Our breadth of ready for work activities also support schools to meet their Ofsted requirements and Gatsby 8 benchmarks. During lockdown, schools were impressed wlth our continuing delivery and saw it as a key support service for their most vulnerable students. We continued regular impact reporting across the spring and summer, showcasing the value of our support. Enhancing and improving our relationships with the schools we work in will be a l(ey component of our new strategy. 3. Golng concern The trustees have continued to review the charlty's current and future fundlng prospects in the light of the current economic and funding situation and have reassured themselves of the charity's abilltyto continue as a going concern.Trustees have made this assessment for a period of at least one year from the date of the approval of the financial statements. The executive team, wlth the support of the board, has continually assessed dellvery models, staffing. funding arrangements and financial controls and put contingency plans In place to make sure that ThlnkForward remains focused on its strategy and vision. Our planning processes, including financial projections, have taken into consideration the current economic climate and its potential impact on the various sources of Income and planned expenditure, We hold high cash levels and have a track record of securing funds. There have been and there will continue to be many financlal Impacts due to Covid-19 restrictions and we have increased internal scrutiny of our financials, developlng longer- term forecasts and scenario modelling tools to plan for dlfferent outcomes. We know our work will become increasingly important in response to the ramlficatlons of the pandemic on young people'5 employment prospects and the adaptation of our delivery models has demonstrated the ongoing need. We have had a close focus on staff wellbeing over this perlod. ensuring that despite increased remote working, our team is appropriately supported, safe and secure. The executive team believesthat all the measures tsken means the stsff team wlll continue to operate successfully over the next 12 months. The trustees believe that there are no material uncertainties that Call into doubt the charity's ability to continue in existence for the foreseeable future. Trustees are of the opinion that ThinkForward will have sufficient resources to meet its liabilities as they 13
become due. The accounts have therefore been prepared on the basis that the charity is a going concern. Fundralslng policy Our approach to fundraising rests on posltive supporter engagement in orderto enable us to attract, steward and maintain support. but also to protect our reputation. Trustees and staff are aware of the need to proteet the public, and especially vulnerable people. hence no cold calling, telephone or street fundraising is carried out, and no performanctrrelated bonuses or inducements are made to staff or volunteers. We have limited income from direct donations from the public and these commitments come almost exolusively from those who are involved in our work in some way. Our income mainly comes from Gorporate supporters, major donors. schools and trusts. No professional fundraisers or commercial participators carried out any fundraising activities on behalf of the charity - we employ our fundraisers directly. No complaints have been made relating to fundraislng for the charity in the last 12 months. The charity is registered with the Fundraising Regulator IFR}. We continue to monitor amendments to the Institute of Fundraising's Code of Fundraising Practice to make sure we comply with their fundraising practices and that our own operational policies are regularly updated. We are satisfied that we meet all current standards. ThinkForward adheres to Charity Commission guidelines, particularly CC20 Icharity fundraising: a guide to trustee duties). Trustees are aware of the commission's six fundraising principles and ensure adherence by charity stsff: effective planning: supervision of fundraisers: protection of charity reputation, money and other assets: ensuring compliance with laws and regulations; following recognised standards; openness and accountsbility. Fundraising practices are monitored through a designated trustee who engages in regular oversight of the charity's Director of Fundraising and Communications and formally reports to the board. We ensure the charity's compliance with General Data ProtectSon Regulation IGDPRI. particularly with regard to the use of personal data for fundraising purposes. Infomatlon governance ThinkForward is a data controller in its own right. Close attention is paid to data protectlon risks across the whole organisation, as a reflection of our concern for our stakeholders, and for the reputatlon of the charity. We will continue to monitor ¢ompliance with legal requirements. We regularly review and update policies and procedures to reflect updated guidance on GDPR requirements and best practice. Future plan8 ThinkForward's future plans are detsiled in its published five-year strategy and outlined In the Activities section above. The forward plans are currently on track and, tsking risk mitigation into account, trustees are confident in the executive team's ability to deliver the plans as defined. Over the summer of 2020 we collaborated to develop a new five-year strategy to which we are still operating. We were ably supported with pro bono expertise from Bain & Company and consulted widely with key stakeholders. These included current and potential funders, schools, our stsff, young people on our programmes and strategic partners. The rigorou5 process challenged our assumption5 and set a clear direction for the next five years alongside an agile approach that supports an adjustmentto plans asthe longer-term impacts of Covid-19 unfold. 14
Over the next five years our priorities will include: Evaluating r)ur programmes externally Growing our reach through increasing the number of young people we work with Piloting adaptions of our existing programmes using a test and learn approach Developing our digitsl capabilities both internally and as part of our offer Continuing to build strong strategi¢ partnerships across education. government and employers Further developing our role as a thought leader in our field and supportlng other organisations to develop evidence-based best practice. Key plans include: Continuing our impact work through improving the range and consistency of outcomes dats, revlewing what the dats is telling us about what is most effective and impactful in our approach, and developingextern81 benchmarks against which to measure ovr performance Working with external evaluators to clarify the social retum on investment of our work as well as further evidencing our impa¢t Revlewing ourorganSsational structure and howthatsupportsthe developmentand nurturing of external partnerships of all kinds Developing small pilots of programme adaptions to extend our offer and support development of our knowledge of what works and how Developing a digital strategy which ensures we embed a digital approach across all strands of our organisational strategy, taking advantage of emerging technology and ensuring our ability to deliver in the face of ongoing Covid-19 restrictions Investing in our stsff and organisation infrastructure to ensure strong foundations for growth Focusing on developing both longer-term and government funding to enable us to reach more young people. Structure. governance and management ThinkForward UK I"ThinkForward"l is a registered charlty and a company Ilmlted by guarantee, The governing document is a Memorandum and Articles of Association. The governing body of the charity is the board of trustees, members of whom are set oui on page 2 of this report. The appointment of a new trustee to the ThinkForward board of trustees takes place after due consideratlon from l)oth parties to ensure a good strategsc fit for the board and the prospective trustee. In the last year we reviewed the skills of our board and identified gaps. Following the resignation of one trustee, we recruited one new trustee to address skills gaps. Our young trustees continue to provide a vital youth voice at the most senior decision- making level. They support the operation of a Shadow youth board (connected to all our regions) which will gather the views of our young people to ensure our young trustees are able to voice these at board level and throughout the orEanisation. New trustees can visit the programme and meet key members of staff in order to gain a good understanding of ThinkFoward's work. our newly introduced virtual induction has let newtrustees meeta wider pool ofstaff and stakeholders more easilythan previously. They are also briefed on their legal obligatlons under charity and company law, the content of the Memorandum and Arti¢les of Association, the committee and decision-making processes. the business plan and recent financial performance of the charity. Trustees are 15
eligible to attend appropriate external training events where these will facilitate the undertaking of their role. The board sets strategy and reviews the programme's performance. Day-to-day responsibility is delegated to the chief executive. who works closely with the chair and trustees. The board meets bi-monthly. The move to virtual meetings has been retained - it inGreased attendance and participation of trustees. There are three sub-committees to the ThinkForward board: the finance. audit & risk committee, the fundraislng committee an(i the programme and evaluation committee. The purpose of these is to ensure in-depth review and oversight of critical parts of our activities. Collectively, these committees seek to ensure that the specific areas of focus are led, where possible, by trustees. Tru8tee8' responslblltty ststement The trustees are responsible for preparing the report of the trustees and the financial statements in accordance with applicable law and Unlted Klngdom Accounting Stsndards {United Kingdom Generally Accepted Accounting Practice). Company 18w requires the trustees to prepare flnancial ststements for each financlal period that give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financ681 statements, the trustees are required to: Select suitable accounting policies and then apply them consistently: Comply with applicable accounting standards, including FRS 102, subject to any material departures disclosed and explained in the financial ststements,. State whethera Ststement of Recommended Prartice ISORPI applies and has been followed, subject to any mater5al departures whlch are explained in the flnancial statements. Make Judgements end estimates th8t are reasonable and prudent; Prepare the financial ststements on a golng concern basis unless it is inapproprlate to presume that the charitsble company will continue in business The trustees are responsible for keeping proper accountlng records which disclose with reasonable accuracy at any time, the financial position of the charitable company, and to enable them to ensurethatthe flnancial ststements complywith the CompaniesAct2006. The trustees are responsible forthe malntenance and integrityof the corporate and financial information included on the T h i n kForwa rd website. Legislation in the United Kingdom governing the preparation and dissemination of the financlal statements may dlffer from legislation in other jurisdlctions. Theyare also responsible forsafeguardlngtheassetsof the charitablecompanyand hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: There is no relevant audit information of which the charitsble company's auditor is unaware". and 16
The trustees have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that Information The tru5tees' report is approved by the trustees on 51h May 2022 and signed on their behalf by: arfle Green, C11r Date M8y2022 17
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THINKFORWARD (UK) Oplnlon We have audited the financial statements of ThinkForward IUK} I'the company'l for the year ended 31 August 2021 whlch the Statement of Financial Activities. the Summary Income and Expenditure Account, the Balance Sheet, the Cash Flow Ststement and notes to the financial statements, including significant accounting policies. The flnancial reporting framework that has been applied in their preparation is applicable law and United Klngdom Accounting Standards. including FRS 102 'The Financial Reporting Stsndard Applicable in the UK and Republic of Ireland. {United Kingdom Generally Accepted Accounting Practice}. In our oplnion the financial ststements: give a true and fair view of the stste of the charitable company's affairs as at 31 August 2021 and of its incomlng resource5 and application of resources. Includlng its income and expenéiture. for the year then ended; have been properly prepared in accordance with United Klngdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Bas18 for oplnlon We conducted our audit in accordance wlth International Standards on Audlting {UKI IISAS IUKII and applicable law. Our responslbllities under those standards are further described in the Auditor's Responsibilities for the audit of the financlal statements section of our report. We are independent of the charitable company In accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe thatthe auditevldence we have obtalned is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditingthe financial ststements, we have concluded thatthe trustees, use ofthe going concern basis of accounting in the preparation of the financial statements Is appropriate. Based on the work we have performed. we have not Identlfled any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitsble company's ability to continue as a going concern for a period of at least twelve months from 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 sectlons of this report. Other Informatlon The other information Comprises the information included in the annual report. other than the financial statements and our auditor's report thereon. The trustees are responsible for
the other Information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otheiSe explicitly stated in our report. we do not express anyform of assurance conclusion thereon. Our responsibility is to read the other Information and. in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistenGies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial ststements themselves. If, based on the work we have performed, we conclude that there 15 a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, annual report for the financlal year for which the financSal 5tstements are prepared Is ¢onsistent with the financial statements". and the trustee5' annual report has been prepared in accordance with appllcable legal requirements. Matters on whlch wo are requlred to report ty exceptlon In the light of the knowledge and understanding of the company and its envlronment obtalned in the course of the audit, we have not identified material misstatements In the trustees, annual report. We have nothing to report in respect of the following matters where the Companles Act 2006 requires us to report to you if, In ovr opinion: adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accountlng re¢ords and returns. or certain disclosures of trustees, remuneration specrfied by law are not made: or we have not received all the information and explanations we require for our audit; or the trustees were not entitled to take advantsge of the small companies exemptlon from preparing a strategic report. RespOlbIlItieS of tts88 As explained more fully in the trustees, responsibilities statement set out on page 16, the trustees (who are also the directors of the charitable company forthe purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the trustees determine 19
is necessary to enable the preparation of financial ststements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosin& as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to Cease operations. or have no realisti¢ alternative bLrt to do so. Audltor's Responslbllltles for the audlt of the fflnanclal ststements Our objectives are to obtain reasonable assurance about whether the financial statements as8 whole arefreefrom material misststement, whetherdue to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audlt conducted in accordance with ISAS IUKI will always detect a material misststement when it exlsts. Mlsstatements can arise from fraud or error and are consldered material if, individually or in aggregate, they could reasonably be expected to influence the economic decislons of users taken on the basis of these financial statements. As part of an audit in accordance with ISAS IUKI we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material mSsstatement of the financial statements, whether due to fraud or error. design and perform audit procedures responslve to those risks, and obtsin audit evidence that is sufficient and appropriate to provide 8 basls for our opinion. The risk of not detecting a material mlsstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery, intentional omissions, misrepresentations. or the override of internal control. Obtain an understanding of Snternal control relevant to the audSt Sn order to design audit procedures that are appropriate In the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable ¢ompany's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and. based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast ssgnificant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or. If such disclosures are inadequate, to modify our opinion. Our ¢onclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitsble company to cease to continue as a going concern. 20
Evaluate the overall presentstion, structure and content of the financial statements, including the disclosures. and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentstion. We communicate with those charged with governance regarding. among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audlt. lanation as to what extentthe audit was consldered capable of detectlng IrrBgularftles, Including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibllities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud. are; to identify and assess the rlsks of materlal misstatement of the financial statements due to fraud. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However. the primary responsibility for the prevention and detection of fraud rests with both management and those ¢harged with governance of the charitable company. Our approach was as follows: We obtsined an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financi81 reporting standards as issued by the Financial Reporting Council. We obtained an understandingof how the charitsble company complles with these requirements by disGussions with management and those charged with governance. We assessed the risk of material misstatement of the financial statements. including the risk of material misstatement (Jue to fraud and how it might occur, by holding discussions with management and those charged with governance. We inquired of management and those charged with governance as to any known instsn¢es of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding. we designed specific approprlate audit procedures to identify instsnces of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. 21
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by. for example. forgery or intentional misrepresentations, or through collusion. Use of our raport This report is made solely to the charitable companls members, as a body, In accordance with Chapter 3 of Part 16 of the CompaniesAct2006. Ouraudit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitsble company and charitsble company's members as a body, for our audit work. for this report, or for the opinions we have formed. Andrew Stickland (Senior Statutory Auditor) for and on behelf of Moore Kingston Smlth LLP, StatLrtory Auditor Devonshire House 60 Goswell Road London ECIM 7AD Dats: 9 May 2022 22
ThlnkFovAYard (UK) Statoment of flnanclal 4cWvrtlgs IlnMrporatlng in InGom• aThJ •xpendliur• a¢¢ounti Forth• y•ar •nd•d 31 August 2021 Yr •nd•d 31 Aug 2021 Total R88trtct•d Unrwtrl¢t•d Y•ar on(l•d 31 Aug 2020 Total Restrlctod Unt••trl¢t•d Note In¢on7e: Donotlon$ and l•98d•$ 677.028 1,019.345 1,696,971 879,662 865,927 1,745.689 ChArttabl• Acbvitkqs 2b 169.502 593,948 763,460 211,190 627,8QO 838.990 Tolal In¢om• 847.128 1,613,293 2,46OA21 1,090,852 1,493,727 2.584,579 Exp•ndlturn: RaIn9 lund8 2$8,845 303,338 303,336 Ch•rrt¥bb g¢bwlts'e6 931,e60 1,232.385 2,104,045 982.223 1,163,818 2,140.63• Total •xpendltur• 931.660 1,491.230 1422,890 962,223 1,4a6,954 2,449,177 Not rnovom•rt In IuDd• lor 184,5321 122,063 37,S31 108,829 28,773 13S,402 Fund• •tth •t•rt olth• ymr 12 108,629 602,480 911,OJ• 775,687 77S,067 Fundi It the •nd ofth• yur 12 24,097 924,523 948,620 108,629 802,480 911,089 All of the above re$utts •r• derived from conllnukng gclivitkns. Th•r• r0 no Qlher re9nl•d gllni or lo1 oth•r Ih•n Iho •tstsd •bov•. Mo¥•m8nts sn fund8 ar• dls¢lo8od In Noi• 12 to the flnanclal 61at•rrrJnts. Thg not¢• on p8981 28 to 34 fomi an Intsgral part of th888 Financlil •t#l•m•nii. 23
ThinkForward (UK Balance sheet Asat31Au ust 2021 Al at31 Aug A8 at 31 Aug 2021 2020 Note Flxod as8Ots Tangible fixed a55818 13,615 12,818 Current a880ts Debtors Cash at bank and in hand 164,973 1,414.267 811,024 1,044.495 1.579.240 1,65S,519 Crodltor•: amounts du• wlthln ono yo¥r 1451,138 1486,583) Not current allots 1.128.102 1,188,936 Total a8set81018 curront lbIlItIa$ 1,141.617 1,201,752 Crodltorn: amounts due aftgr more than one y•ar 10 (192.9971 1290,663 Net M•ets 11 948,820 911,089 Funds Re81rted fund8 12 24,097 108,629 UnfO8trlct•d fundi Designated Funds General Funds 12 12 13.616 911,008 105.560 696.900 Total unmtricled fund8 924,023 802,460 Totsl fund• 948,620 911,089 The financial 51alemenls for ThlnkForward IUKI. Company regi8lr8llon number 08318590, Charity regSstration numbei 1152862 for the yoar ended 31 Augu812021 were approved by the Board on 5th M8y 2022. Charlle Green Tru8tee Vane888 Mofphel Trustee The notes on pago$ 2610 34 form an integral part ol thgse Financial 8tatemenl8. 24
ThinkForward (UK) Statement of cashflows For the arended 31 Au ust 2021 Yoar ended Year ondod 31 Aug 2021 31 Aug 2020 Not ¢•$h Inflowlloutnowl from opèrntlng •etlvltl08 la) 516,030 {231,9181 Ca$hflow from Invastlng actlvltl•8 Addrtlons to tangible fixed a88ets and Intanglble flxed aB8ets 114,1701 13.0461 Cashflow from flnanclng actlvltl Social Impact Bond loan feceived Soclal Impact Bond loan repayment So¢lal ImpKt Bond Interest 400,000 1100.0001 132.088 Incr•¥3ollDecrea88) In cash 369,772 165.036 Cash and Cash Equlval•nts at tho beglnnlng of the rnportlng pgrfod 1.044,495 879,459 Cash and Cash Equlvalents •1 th• •nd of th• rnportlng parlod 1,414,267 1,044,495 {al Rgconclllatlon of lurplus Ideficlti to not ca•h flow from op•ratlng actSvltle3 Ygar onded Y•ar •ndod 31 Aug 2021 31 Aug 2020 Net Income for th• reporting period 37,631 135,402 Depreciation Amort15alion of Sntanglble 888et8 Wril¢-off of intanglble a88e18 Interest on SIB loan Decrea8el{IncTeasel in debtors IDecreasel In credltors Net cash Inflowllouffiowl from operating acts'vrtigs 13,471 17,548 10,033 13,379 32,088 446,051 113.111 518,030 {247,3531 {1eo,9271 231,9181 Ib) Analyslg of chang88 In n•t debt Brought Carfl•d forward Cash flow forward 1 Sop 2020 movem•nts 31 Aug 2021 C8sh at bank and in hand Sl8 loan 1.041495 (422,7511 821,744 369.772 105,764 476.626 1.414.267 1316.9971 1.097,270 25
ThinkFofward (UK) Not•s to th• financial Btatements For the r ond•d 31 Au u•t 2021 Aecountlng poll¢l•• al These financial ststements aw prepared on a goiro concem basis, underthe historieal cost eonv8nthon. Th8 financial statamants hav8 been prepared in accordanc• ¥wth thè Fin8nclal Rèporting Standard applicabk8 in the UK and Rèpublic ol Ireland IFRS 1021. Th8 Charitablè Comp8ny is a public benefit entity for th• purposès of FRS 102 and thorgfore the charity also prepared its fin8nc6BI st8tomen¢S in accordarKe with the Statement ol Recornrnended Practs"c& appllcable to ¢harl.6$ preparing their accounts in accordgnco bwth lh& Financial Reports'ng St8nd)rd applicable in the UK and Repullic of Ir¥l8nd (The FRS 102 Charib8s SORPI, the CoMpanS Act 20Cfj and the Charrtigs Act 2011, Going Conc8m'. In response lo th• ongoing impact ol the Cov119 p8nd•mic th8 tru8t88s continue to rn8el regularfy. Risk rngist•rn are continually r9visl 8nd the Scenario planning model has béen utilised to ev8luate different potential outcomes. Our income mod81 pr8dicls Income for the year ending 3110812022 to bg of g $imll8r Ve1 to the year just gone and this 1$ mtsnitored trequently. Based on thi$ th• tru8t888 have concluded that there are no matarfal un(xrta5nt? about the chAriV8 abilty to settle rfs debts as they fall due lor 8t 1888112 months following approval ol th058 flnanclal ¥tatements and accordingly th8 fin•n¢i81 statsmenls continue to be prep8rad on tho goin9 con¢&rn ba818. bl Incorne is included in full in the 8t8t8m8nt of financial activitie6 onco th8 charity ha8 ents'llèm¥nl lo tho incorne, R is probablg thal th& in¢tsm8 will be received and the gmounl ¢f in¢ome recelvable can be measured reliably. Grants to ThinkForward IUKI ar8 r8cognisad In full in th¥ stslernent of financial act11188 In the yoaf In %¥hl¢h they 8rè receivAble, or In the case ol grants with associated •ligibllity critèrw or time.related conditions, in th8 y•ar in whlch crfterla ara 88t18fi8d. Wh&r• ontillemenl to grants recalva¢ 1$ d¥p•ndgnl upon fuifilment ol condllion8 Wrthln th• charfty'È control, tho income is rocvJnis•d when there 16 8uffici8nt evidence that condition8 11 bo m•1. Where there18 uncAgrt8inty 88 to whether th• charty cgn ma¥1 $u¢h conditions recognrtion ol th8 Incoming WSOUf¢• 1$ deferred. Incom• trom outcomes-ba8•d contracts 18 r8cognl8od in line wilh the term8 and condltions ol ¢ontra¢t for 88Thicas, after OLrtcomo$ have been recorded on our datsba and wntractually agreed IOMB oledenCe h8V8 Collected and fid. Wharé 9ood$ or serwc63 are prowded to th8 Charity free of charge that would normally b8 purcha8•d IrL¥n supplièrs, thi6 contribub.on 18 w¢orded in the f nanclal statements gs both In¢ome an¢y •xp&ndrture based on tha estimAteE1 voluts lo the ChArfty. cl Exp8ndltur• 18 reccgnisfrd on an accruals basls, incluglw of •ny VAT %Yhlch cannot bo rncovor8d. LIabIl" ar• recognis•d 8$ 8xpendilure ag soon as there is a legal or con$tru¢lN? oblig81K)n commrtting the charity to Ih8t e4)ondrture. it B probabl& Ihgt sèttl•menl Mdll bg required and the amount of th• obligation can be measured reliably. Expondltur8 1$ 8110¢8¢ed to tho particular activity wh•r8 tha eost r818to8 oxclusively and dlrectly lo that actlvlty. dl Depreciation 15 proded al rat98 calculated lo wriie down the cost of aach assel to Its tim8d residual valu8 0 118 gxpected u8elul life. Th8 dèpw#b'on r•to8 in u8e are a3 follLJWS.' Computer 8quipmont 3 years 0ffi¢s gquiprnenl 4 year FixtureB and fittings 5 $[$ It8ms o18quipment are ca'taliSe{l wheie the pur¢ha¥e price or the cost of the capital proj9¢1 trxwds £1.000. Oepreciatlon costs a 81th8tsd to activibes on the basis of the use of Ihe related assels in thos• ath"wti85. A¥8ets 8r& revkgwed for impalrmant il circumst8ne•s indi¢ats their carrying value rnay exceed their net realiSab value and V41u• in u88. 26
ThlnkForward {UK) Notos to thg Ilnan¢lal slat•m•nts For th• r ended 31 Au ugt 2021 Aeeounllng poll¢l•8 {conned) 01 C05t8 directly attributabk to the development of eomputsr SOare are caprtalised as intangibl6 ass•ts only wh8n technical feasibllity ol th$ project is demonstrated, the tharity ho$ on int¢ntlon and 8bllity to cornplete and use the sofiw8r8 and the costs can be m•asur•d tgliably. Such costs includ8 purchas8s of materials and $gTh1¢¥$ and payroll- related costs of employees diredy involved In the projact. Rèsèarch D)5ts are r8cognised as an exp8nsa whon incurred. Thege Costs ¥r• amorh'5ed to th8 Statement of Financial Adiviti8s using the straightline method ovor S y8ar8, whl¢h 18 the shorter ofthoir 0s1Irn8ted usèhjl liv88 and periods ol cKJntractual rights. D Expenditure on raising hjnds rdat• 1¢ the cost8 incurred by the charitab ¢¢mp8ny in rai$iry funds lor Ihe charitable work. gl Support costs have ten allocated in c8lag0ri88 CL)n8i8tsnt vAlh th& management 8nd operation8 01 th8 org8nlsallon. h) UnroStnct8¢Y fuTra8 8r& donatlon8 and other incoma roce1vab or g•n¥ratsd for the objects of the chanty. il R8stricted fund$ are lo be used for speclflc purpos•8 89 18k1 down by thè dtsnor. Expenditure vknich m8•t8 th&80 ¢dlerSa is rnatch8d to the rèstricted frJnd$. together with a fair allocaOn of owrh•ad$ 8nd BUPPOrt costs, 11 appropNgts. 11 The charltabl8 company opor8108 a defined contribution pension schomo. Th¥ assets ol the scheme are h8ld $•paratoly f those ol the charlt8blo company In an Independenlly admin16tar8d fund. Tha penslon ¢081 charge represents contributions payable under the sch8me by th8 ehadtable ¢¢mp4ny to the fund, The charilabb company ha8 no Ilability und•r th• hrne other than for the payment of th¢n8 ¢W¢n"bu0ft8. Pension contribution$ •r¢ also made on behall ol ellglblg 9mplo#S and are Into personal pen8lon Schem a8 nominated by th8 employa• and ¢onlribulion8 P885 through the SOFA as Incurréd. kl Tran$8¢1S¢n$ in loreign currenci8s ar& trgnsl8t8d Into storfing al the rate8 of exchango current 01 th8 d8t• of the transaction. For8lgn ¢urron¢y monetary assets And li8bilitro$ in the balance sheet are translat8d into 8t•rling 81 thè r8to$ ol exchange ruling al th& end ol the year. ReBull'ng exchang• gain8 8nd Ioss85 Are l•k¢n to th8 61alement of flnan¢igI8¢tive3. 11 Oth&r 108888 ar8 r8garded a8 operats'ng k8aB68 and th• r•ntsl• aro ¢harJe<l to opèratinq expen8os on 8 8tralght-lin• ba813 over the temi ol th8 188s•. Operatin9 1è860 in¢entlve8 r8c8lv8d are addgd to Ih8100s0 rentals and tharged to op•rakn"ng •xpans08 Over the life of Ihe18ase. m} Cash and ¢a8h equivalents include ca8h In ho1. dep08its told al ¢all ¥th bank8. olh•r 8hort-tarm Ik4uid In¥&8lments with original malurib¢¥ ol month8 or leg6. n) Thè charity elected to apply th& provi8ion$ of Sectlon 11 '889ic FinancA81 Instrum•nts' ol FRS 102 to all of It8 financial instrumènt8. Financial in5trurnenis are recognis8d in th8 eh8rity'8 balance sheet when the charlty be¢omè8 party to the contr1#1 prowsion3 ol the in6trumont. Financi81 awts and liobililies ar8 offset, with the Ml amounts pr88ènt$d in the financial statements, whon thère is a legally enlOable right to sèt off the recognised amounts and there is an intants'on to S8tt19 on a net basis or to r881is8 th8 88881 and settle Ihe liability simultAn8ou8ly with the ex¢eptions ol prep8ymants and ¢J8ferr8d income all other debtor and crBditDr balances are cDn8ider•d to basic finanaal instruments under FRS 102. See notes g and 10 for the debtor and creditor not&s. ol Tho ¢o$t8 of 8hort4emi employ08 nefitS rèwni8ed as a liability and an exp&n$•. pl In wep8ring financial stat•ments it 1$ no¢eSry to rnake certain ludg9ments, 051imates and assumptions that affèct th8 amounts rewnised in the financl81 stAtsm8nts. In th8 vW of the trustees In awlying the accountsng poliaes adopted, no judg8ments were required that ha 8 snifiCant effeet on the amounts recognisad in th8 fin8ncial statements nor do any èstim818s or aumptIOnS made carry a Significant risk ol rn8teri818djustmenl in the next fingncial or. 27
ThlnkForward (UK) Not•• to the financlal $tat•m•ni8 Forth• ar endod 31 Au u8t 2021 In¢om• Y•*r•nded Year end 31 Aug 2021 31 Aug 2020 Totsl Tot•1 2•1 Donations 8nd granta from 00mment and chArftablg foundob"on8 Donatlons and grants from indiwdua18 and comp8nle8 1,269,642 427,429 1.552.125 193.464 Don8tions aThJ 80• 1.696,971 1,745,58 2bl Ch•rltabl• aelhfltloB Charitable acts'wt 763050 838,990 Totsl Incorn• 2,460,421 2,584.579 2¢) ThinkForward hos received tree legal and professional advlcè al an e$bm8tod value to the ChArity ot£5,000, This haj been inctuded in tho accounts u don•ts'on income and &8 8 6UPPOrt ¢o$l12020.' £15,91)JI. ThinkFowrd has b8•n giwn fraè usa ol office 6pace for th8 NottirrfJh8m r¢9ion81 team, The value ol thls gift 1$ •8Imat8d lo be £8.(KJO pa. This h88 tean in4uded In the accounts as donation ineomè and an eMpenBe12020'. £8,0(KJl. In the prowou$ yaar ThinkForward recdved donalon8 ol n•w IToqulpment lo t¢ glvon to young p8ople on the ThlnkFoNrford prcgramme. £25,640 was Incltyaed in tho 2019120 Ounts 88 donation income and an expenso. In the preoul y&ar ThinkFoTward h88 r8e8lved fr88 trolnlng al an eBUmatod v&lu• to th• Chgrity of£1,800. Thi8 Wa8 been Induded In tha 2019120 8c¢ount8 8$ donOn Income ond a$ an •yp•ns8. 28
ThlnkFop•vard (UK) N•$ to tho IlnaKlal sttthi•nts Forthe r •nd•d 31 Au ust 2021 3 lal. Total •xwvJltur• A¢tlvlt un¢lortakon Y•ar •nd dlrKtty Support eosis 31 Aug 2021 Cwr•nt ymr Ralslng FLJnd8 FufvJrni$ing and event8 207.484 51,381 Charltabl• octlvlti Proar8mn gcllvlt Donated JervKe8 Total charltabla a¢tlvltl 1,685.943 8.0 1.943 487,103 2,153,045 11.000 47 Totsl ¢xp•ndttur• 1,889,406 523,484 2,422,890 A¢U¥ltl•• unrtak•n Y•thr •nd•d dlr•city Support eoit• 31 AWJ 2020 Prlor yrlod- Y•ar •nd•d 31 Auu 2020 •lno Fund• Fundf•liln9 and •v•nts 238,554 e8,784 303.338 Chawltable o¢tlvStl Programm? 8clvlll8 Don8t8d $ervte8 Tctsl ¢h•rlt•bl• Ictlvlti 1,851.170 33,440 1.684.610 445.328 2,096.498 49.340 2.145,838 461.228 Totsl •xp•ndtw• 1,921,184 528.012 2,449.178 3 Ibl. Actlvltl•• und•rt•kon dIr9Y Ymr •ndod 31 Yoar ended 31 Aug 2021 Aug 2020 StAff eo811 Oen8led se$. R•nt Other ¢oJts 1,667,701 6,000 236.706 1,703,923 33,440 183,802 1.899AO8 1.921.185 3 Icl. Supp(*¢ co•ts Cwrent y•wr Charltab adlvlt108 Yg8r gndod GoV9mCe 31 Aug 2021 StBff costs Donated 88MceJ.' Prole68lono1 SoTrices Other 3CKI,145 5,000 198,845 300.145 5,000 218,339 19,494 503.9 19.494 623,484 Chadtabl• actlvltios Y•4r •ndad Go¥•rnane• 31 Aug 2020 Pfior p8rioJ- Year and•d 31 Aug 2020 Stair co$¢s DoTrated seNSces." Profes5ion81 S8rvir Olher co8t8 287,039 15,9CN) 208.417 287,039 16.900 225.073 18.856 511,356 16.656 528,012 29
ThlnkForward (UK) Ilote• to thè fin•n¢lal 8tatsm8nts For th• ar ended 31 Auou8t 2021 N•t Income lorthe y•ar Thi8 18 Ststed after charging.. Y•ar •nd•d 31 Y•ar gnded 31 Aug 2021 Aug 2020 D•praeiatiofi & armrtBats'o Audrtoro, remunefation". 8udit- ¢urrgnl year other JgrvKe$ 13A71 27,581 1B.000 16,200 6.750 Slaff costs Y••r •nd•d 31 Y••r•nded 31 Aug 2021 Aug 2020 Stsll costs w•r• #$ folbw8'. SAlarie8 and wages Social 58¢urily cg8ts Pension eontrfbulion# 1.717,969 173.024 1,739,833 182,022 68,482 1,907.848 1,990,337 The nbar ol tmployeeo ¢aming £60,000 por annum or rrKsr• l•KluJlwJ ol enyloyer p•n81on• ond anpk)y•r Nalknnal InBuroncg contrlbulion81 was.. Y•ar •ndod 31 Y•ar •nd•d 31 Aug 2021 Aug 2020 Nurnbgr Numb•r £80.000- £70.000 £90.th)1- £100,000 pensIc payrnofits forthe above Trwrnb•rs ol staff thmounled to £6,85112020'. £8,826). No nluM&nl202O.. £nlll and no 8xp8ns•612020.. £nill were pald to any Irustao dhctor durlng th? perfod. No lemingtion PayftK•nli in rèspect of redundandes were made in the year12020.. £nill. Kèy manAg8ment per80nn•l includ• the CEO ¥nd E¥ecutlve T¢Tr comprising of 4 wl¢s12020'. 41 In total. Th• total employee ben816ts. in respètt of th8 ¢hariV8 key managem•nt perBonn81 forthe ye8r was £Xfj,34512020.. É301,3141. 81•ff numbo The average nuft*•r ofèmpbye88 Ihg¥dcountl duth9 thè périod was 4712020., 471, Taxatlon ThInkFoard IUKI 18 conBidergd to pa68 the t6616 8•t out in Paragraph 1 Schedule 6 Flnane• ACT 2010 and Iherefore It the definitK)n ol 8 tharrt8ble cornpany for UK rporatIOn tax purpose8. Accordin9ly, the charity ts pDt8nts'ally èxempt frorn taxatK)Th In rosp•ct of inctsm8 or capitsl gain6 recèived wrthin cytegongs covered by Chaptor 3 Part 11 Corpor8tion Tax 2010 or SeC.0n 2586 of Ihe Chargeablè Ggin8 Act 1992, to the 8>Xent that such into8 or gain8 are appld exclu8Noly to charitable purposes. Consequently ThinkForward IUKI has no liability to tax no d•f•rrnd lax. 30
ThlnkForward IUKI NrAa8 to the fiMn¢ial *tatsrnenl• Forthg ar ended 31 Au U8t2021 Tanglbla Ilx•d •M•ts Offu& computsr equipment Flxiures & fflting5 Y•Ar •ndod 31 Aug 2021 Co•t Al 1 Septembor 2020 Addrtions in year Di8P08918 in year At the end of thts ar 44,020 54,871 14,171 133.2481 35,J5M 98.691 14,171 133.248 79, 14 D•prnelatlon At the Start of th8 year Chargè for th8 y88r D18P08al8 in yèar At th• ond ol thè y•ar 3fj,2 7,730 49,585 5.741 133,2471 22.079 86.876 13A71 133.2471 66,089 N•t Book V•luo At th• •nd of th• y•4r 13,016 13,515 At lh• it8rt of Iho y•ar 7,730 5,086 12.816 O•btorn A• It 31 Aug 2021 4t 31 Aug 2020 Aecrued incorr Oth•r dèblor• Prepaymant8 140.203 12.146 12.564 585,380 12,884 12,800 164,973 Crfjdltor•', •mounts duo wlthln on• y••r A• •t 31 Aug 2021 A• •t 31 Aug 2020 Trad• and other creditor• Tax and 8¢eial becurlty Accruals S18 Loan Defèrrèd nme19ee belowl 60,172 46,948 158.729 124.000 61.289 35,205 74,800 84,490 132,088 140,000 401,138 466.583 t)•f•rr•d In¢om• 8al8nce brought fonvard Amunt released to ineom AnUnt delèrrèd in ygar 140.000 1140,0001 61,289 365,000 1265,0001 40.OLK) Def8rrgd incorro Carr foThvard 61.289 140,0(KI 31
ThlnkForward IUKI lot•• to the tln•n¢il #tst•ment8 For tho vear•nded 31 Auaust 2021 10. Cr•dlior•: ¥rnounts du• #ft•e moro than on• y••r Big 188ue Inve8t Soo•1 Impèct Loan 192,997 290,863 Loan funds 01 £400,000 wore drawn down In Decembèr 2019 to fijnd delivery ol DFN-MoVeFord In &Jvance gf outco8 payrnenls on th• programmè. A r8paym8nt of£100.000 plus Intèrest to datè was mgdg in DKembgr 2020. Repayments of £100,000 will b¢ mad• in D•camber 2021 and D8cernb•r 2023 with a final repayrnent in March 2024. 11. Anilyèl• of Mt a••o1• lJ•1wn fund• at 31 Au4 2021 R••trlctsd fund• Unrn•trict•d fund• TotAI Tangible f1x•d asJ?ts Net curn1 as88ts Long t•m Nabi1Stle8 13,0115 716,011 192.997 13,S1S 742,108 192,997 24.097 24,097 924123 948.620 AnAly•l• l•t4 b•twMn lund• •t 31 Aug 2020 R88trkt•J lundj Unre8trlced fund8 Total TA Th91& fixed 880•1 Net current ass•ts Long t•nn liabilth'e8 12,818 498,982 290.663 12,816 607,811 290,663 108,e29 108,629 802,461 911,090 32
ThlnkForwsrd {UKI Nots• to the lInall statornonts Forthe r ended 31 Au ust 2021 12. Movern•nts In lund At the Blart olth• year Atth• •nd of the y1 Ye4r ended 31 Aug 2021 Incom• Expondltur• Tron•for• R••tricted ThlnkFofward IUKI g Lott8ry Community Fund Credit Suisse EMEA Foundats"on Garfield We$lon Found8tion Pears Foundation Richard Oldfield Other re8tre lunds 50,000 loo,0 105,000 100,000 so.000 1150.0001 1105,0001 1100,0001 150,0001 I50,0} 1476,6801 58,629 442,128 D•8lgn•tsd Fund• 5 r slral•9y pl8ri Fixed a8S•ti fund 105,560 176,6141 128,94e} 13.515 13.610 Totsl Ggngrnl Fund 898.900 1,613,293 11,414,6151 15,431 911.008 Total fund• 911,089 2.48OA21 12.422,86¥)1 948,820 At th• •tsrt ofth• p•rfod At the •nd of th• p•rlod Ymr •ndd 31 Aug 2020 Incorn• Exp•ndllu Tr•n•f•r• Ro¥trl¢lgd ThlnkFoTh¥4rd IUKI Garf181a Weston Foundation K•nt Cornrnunity Foundation Credit Sui880 EMEA Foundolion 819 Lottory Cornrnunty Fund Other re8tricl8d lunds 100.000 205,000 105,000 100,000 $80,852 1100.0001 1205.0001 1105.0001 150.0001 1522,2231 ,000 88,829 1)081gnJt•d Fund• 105,560 106,880 TotAI unMtrl¢tsd g•n•ral 775,887 1.493,727 11,486,954) 1105,5601 696,900 Totsl fund• n5,887 2,384,1179 12,449,177) 911,089 The 98neral fund repreBent8 the aceumulat•J n8¢ 8urplu8e8 01 tha charity which ho netther been m8lrictod by conditKJn8 iryo$ed by donors, nor have b98n d¥signated by the Board of Tru8ta8B lor Bpecific purpoa•8. The trustees designatèd fund8 in 2020 for purpos• of 8upportiry Ihe trrpknnt8.0n of our upd8ted 5 year Strategic plan12020-20251. We ass888ed a need to Invest In the d8VelOpnI of or9anisational intrastrueiur8 including digrtal 8ki118 buildirrfd which is 8ss8ntial to the SueSSIU1 irnplemenlation of our plans. £76,614 of the designat8d fund8 Warn 4)ènt in the fin8nc6al year 2020121 and Ihe 8nCe of £28,946 has been traTh$ferd tsaEk to g8ner81 funds. A new dgsignated fund equal to thè nèt book v81v8 of the fixed assels ha8 tsegn created. Further dètail 18 ouuined in the a¢cotnpanying Trust Annual Roport. The charity receives rostricted incomg from a larg8 nwrtrof donor8 and It Is not practKal to di8¢lo89 the opening ba18n¢es, trnV8rn8nts, Iran8fers. 8nd closing balances on gvgry indfvldual rastricted fund. Restricted funds arè IscK)58d in aggregale exrEpt where the donor requi$ di8closur• of a 5peafic r8stricled fvnd andlor th8 fund$ are material lset at 5% or nK)r8 of Ihg total valu6 of mstrictsd lund81. 33
ThlnkForward (UK) Note# to th• fin•nclal •tst•m•nts Forth• r end•d 31 Au uBt 2021 13. Membern. Ilability The Cornp8ny 18 a prN8le cKJmpany limited by gu8rant•a and consequently does not hav& share capital. Each of tha Memb8r8 18 IKgbl? lo conln"but• an amount not exceeding £10 toward8 Iho 8880ts 01 the Compgny in the event of liquidation. 14. Op•rntln¥ im• con11rnQnII Thg totgl minimurn I88 payments und•r non4ncellabb operating P8a8eB arts 18 foll¢)wi.' A• at31 Aug 4 •t 31 Aug 2021 2020 Expiring wllhln 1 year Expirirva be88n 1 and 2 y•arn 33.370 44.600 33.375 33.376 77,875 10. Rgl•tod wrty tr•n••ctlon• The chaty r•c8iv8d donab'on• of £77,500 durlrrtj th• y•ar12020.. t10,3) from tru$lg01. Al lh• y•af •nd £nll w out8t•ndlng12020.' £nlll. In the prevlous year the ¢h8rity rerAived a don8tion 01 £50.000 from the DHL Found8llon. A ThinkFoMard Iru•t•o 1 a180 a tru8t•e of thi8 Foundallon. Thii trust•• has #ineè r8ivJned from the trd ol ThlnkForw8rd. ThinkForw•rd r•coived a don8tion 01 £75,000 from th• OHL Foundation in 2020121. Durin9 the y•ar tho th•rty retirement grft to on8 truitaas to the valu• 01 £30912020.. tru•t•tt to th• v•lu¥ of £4561. During thè yoar Ih? ¢hadty kncurrtd tr•inlng •yp•n••8 of £1,140 lor TTU8t•e812020.. £nlll and £45 Tru freshrn8nts12020.' £nlll, 34