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2025-08-31-accounts

Company no. 08318590 Charity no. 1152862

ThinkForward (UK) Report and Audited Financial Statements 31 August 2025

ThinkForward (UK)

Reference and administrative details

For the year ended 31 August 2025

Company number 08318590
Charity number 1152862
Registered office and 167-169 Great Portland Street
operational address 5th Floor
London
W1W 5PF
Trustees Trustees, who are also directors under company law, who served during
the year and up to the date of this report were as follows:
Adam Bailey (appointed 26 December 2025)
Sally Cartwright (resigned 15 September 2025)
Simon Davidson (appointed 30 October 2025)
Daniel Easterbrook
Laura Fauvel (appointed 30 October 2025)
Charlie Green (Chair, resigned 5 September 2024)
Kathryn Jack
Keith MacDonald
Vanessa Morphet
Asi Panditharatna (resigned 20 March 2025)
Roxanna Patel
Matthew Tate (Chair)
Arnaud Vaganay (appointed 30 October 2025)
Chief executive officer Ashley McCaul
Bankers Natwest
Holborn Circus
1 Hatton Garden
London
EC1P 1DU
Solicitors Travers Smith LLP
10 Snow Hill
London
EC1A 2AL
Auditors Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

ThinkForward (UK)

Report of the trustees

For the year ended 31 August 2025

Chair and Chief Executive’s report

2024/25 proved to be the most challenging year for many charities since the pandemic. According to data from the Charity Commission, the number of charities closing has increased by 74% over the previous year. 64% of charities have made redundancies and cut vital services due to financial strain. Rising costs due to rising inflation and the impact of the increase in employer National Insurance contributions have taken their toll. Income, especially restricted to programme activity, has materialised slower than anticipated.

An impressive volume of grant applications made by the ThinkForward Development team, with a 61% success rate was not enough to stem the tide. The result is we are posting our first deficit since 2018. This follows over £480k of surpluses since 2019 during which time many organisations in the sector have shrunk or folded. The team has worked ceaselessly to ensure that as much income as possible was delivered, but faced an incredibly hard funding environment, slow decision making and unavoidable delays in receiving income. Expense management has been extremely tight, with savings made throughout the year, including closing ThinkForward’s London office. The year ended with continued investment in staff at the same level as the beginning of the year.

Managing safeguarding incidents to ensure every young person on our programmes is safe continues to stretch our teams, with over 160 reported incidents over the year. We continue to invest heavily internally and also use independent experts to ensure we are well-placed to prepare and respond to all situations. Our data gives us reason to be cautiously optimistic; the number of incidents dropped by 30% year on year and those which stated emotional or mental health as one of the issue areas involved represented 30% of all incidents, compared with 40% in the previous year.

We believe the values of an organisation not only make a clear statement about its ethos and the principles by which it operates, but they also drive behaviours and everyday actions. Following over 18 months of staff, Board and stakeholder consultation, we published our revised values in 2025. We will collaborate with our young people with empathy and compassion, fostering mutual accountability for our actions. Through continual innovation, we will extend our reach to ever more young people. In all that we do, we will remain authentic and ensure that every relationship we build is truly inclusive. As well as teams focused on each of the five values to ensure we embed our values in our behaviours, we have set up an equity, diversity and inclusion staff group to continue and embed our EDI work and to also extend support for all protected characteristics.

We held our first thought leadership webinar in November 2024 entitled "Addressing race inequity and risk of exclusion through coaching”. This was based on our first ever impact report of the Future Leaders programme. We held our second thought leadership webinar in March 2025 entitled "Addressing employment inequity for young people with learning disabilities and autism” based on our second impact report for the MoveForward programme. External recognition of our work has been gratifying. Our asset-based language guide, published in spring 2025 was shared with Exeter University as a best-practice case study.

Our financial security and future is only assured due to the funding we receive from many donors, commissioners and grant-giving bodies. In 2024/25 these included The City Bridge Foundation, Dulverton Trust, Garfield Weston, The Henry Smith Charity and National Lottery Community Fund Reaching Communities Midlands Region, all of which support our flagship programme, FutureMe.

2

ThinkForward (UK)

Report of the trustees

For the year ended 31 August 2025

Income came from numerous funders to support young people in alternative provision institutions, at risk of exclusion from school, at risk of violence or in youth custody, all with the objective of supporting successful transitions into employment or training destinations. These included The Careers & Enterprise Company, The Charles Hayward Foundation, Fishmongers' Company’s Charitable Trust, the Greater London Authority, Swarowski Foundation and UK Youth. To support young adults with learning disabilities and/or autism to access sustainable employment opportunities, ThinkForward funders included Birmingham City Council, the Greater London Authority and Life Chances Fund.

We are extremely fortunate to have some deep partnerships with business partners who give insights to our young people into different careers, provide volunteer mentors to support them, and prepare them with work-ready skills and work experience opportunities.

Our sincere thanks go to our Board of Trustees, especially to Asi Panditharatna who retired after five years of support as a trustee and Sally Cartwright who has been one of our young trustees since 2020. New trustees joined the board after the year end in October 2025 bringing expertise and experience in finance, monitoring and evaluation and strategy.

We would like to thank everyone in ThinkForward for their dedication and continual hard work to help the vast majority of programme graduates get into college, training or a job when they leave us. Finally, we pay our respects to all of the 1,500 young people on all of our programmes who continue to overcome hurdles and remain optimistic and positive.

Matt Tate, Chair Ashley McCaul, Chief Executive

3

ThinkForward (UK)

Report of the trustees

For the year ended 31 August 2025

The board of trustees of ThinkForward (UK) are pleased to present their annual trustees’ report together with the audited financial statements of the charity for the year ended 31 August 2025 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 standard applicable in the UK and Republic of Ireland (FRS102).

Objectives and activities

Five-year strategy

The five-year strategic plan developed during the pandemic in 2020 ended in August 2025. It set some ambitious targets, including a 46% increase in the number of young people with whom it wanted to work. We are delighted that we exceeded this target for the last two years of this strategic period. We are now in the process of finalising our next strategic plan and we are extremely grateful to have received pro bono support through this process by Bain & Company through the Acumen Fellowship Academy, Tulba Associates through City Bridge Foundation and volunteers from State Street Corporation.

Vision

That every underserved young person is empowered to gain the confidence, independence, and skills they need for a better and brighter future.

Mission

ThinkForward delivers unique, personalised coaching programmes for young people at a key stage in their lives, enabling them to overcome the challenges they face and make a successful transition into work. We raise the voices of our young people and support employers to provide fair access to opportunities.

Equity, diversity and inclusion manifesto

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 working to 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, disabilities, learning abilities or socio-economic origins are not the defining characteristics of their potential for success.

Programme delivery

We reported some outstanding programme successes in 2024/25. Future Leaders, our programme for young people either excluded from mainstream education, or at risk of exclusion, saw us expanding into West London across three boroughs: Brent, Hammersmith and Fulham, and Ealing. Future Leaders brought another 276 young people into our programmes from 15 more schools.

4

ThinkForward (UK)

Report of the trustees

For the year ended 31 August 2025

Making Strides is our programme for young adults with learning disabilities. New programmes were established in three London boroughs and Birmingham to support a total of over 160 young adults. Unfortunately, Birmingham City Council did not receive confirmation of funding from the UK Shared Prosperity Fund so our work in the city had to come to an end.

The flagship programme, FutureMe continues to deliver excellent results through dedicated, longterm coaching and providing insights into, and experiences of the world of work. Running for almost 10 years, this programme delivers consistent positive results for the 900+ under-served young people with whom we work in London, Kent and Nottingham.

Impact

We now have a better understanding of the impact of our programmes than ever before. We published two research reports in 2024/25 which contained robust evidence for two of our core programmes. We were able to demonstrate that our work with young people with learning disabilities and autism delivers £3 of social value for every £1 invested. The results from FutureMe far outperform the national average for employment, education or training (EET) figures for young people. Government statistics for the closest comparable group of young people show nationally that only 53.1% are EET. Six months after graduation our graduates have an EET rate of 73%.

We continue to invest in our monitoring, evaluation and learning to ensure we know which elements of our programmes work best for programme design and reporting to all of our stakeholders.

Youth engagement

Our youth participation strategy focuses on involving young people in decision-making in all aspects of our organisation, including staff recruitment, programme design and partner engagement.

We have an active Youth Advisory Board (YAB) who meet monthly. They created a resource titled ‘Young Voices, Big Respect’, which includes advice on how they would like adults to interact and communicate with young people and is featured in our asset-based guide to be shared with our business partners and funders.

We have also increased engagement with our alumni community, sign-posting them to external opportunities and designing internal opportunities for them to stay engaged with ThinkForward. We are committed to having Young Trustees on the board who provide a link between the YAB and the main Board. This allows the voices of people with lived experiences similar to those of the communities we serve to be present in board-level discussions.

We are one of nine out of London Youth’s 500 members to have been awarded their Gold Quality Mark for all youth participation work, which demonstrates that we include young people in our decision-making and develop their leadership skills.

5

ThinkForward (UK)

Report of the trustees

For the year ended 31 August 2025

Public benefit

The objects of ThinkForward 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 from becoming unemployed and enable them to contribute more fully to society. Our services are free at the point of delivery for each young person, and we support a wide range of young people of different ages, backgrounds and abilities both directly on our programmes and in the wider school context.

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 (PB2)’. 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 Commission.

Financial review

Income for the year at £2.39 million was 13% less than the previous year (2024: £2.74 million).

Income is split between unrestricted (63%) and restricted (37%) funding which gives the organisation great flexibility in applying funds where they are required. Corporate partners deliver the highest proportion of income (44%), followed by income from trusts and foundations (27%) and a combination of schools and statutory income. This spread of income sources gives us more stability in an unstable economic environment. Competition for all funding is increasing and the selection process is extremely rigorous. When appointed, all funders expect ThinkForward to report accurately and promptly, explaining exactly how their funds are expended.

Lower income has resulted in a deficit of £0.40m (2024: £0.06m surplus) with expenditure totalling £2.78m (2024: £2.69 million). Our investment in our staff has increased to 81% of expenditure, up from 80% in 2024. Our indirect costs account for 20% of expenditure.

Total net assets summed £0.81m at August 2025 (2024: £1.21 million) of which £0.70m was unrestricted (2024: £1.13m).

Financial security and sustainability

The support we continue to receive from all stakeholders and partners, including schools, funders, commissioners, business and pro bono partners who believe in our work gives our trustees the confidence in the ongoing stability and security of the organisation. We have faith in our funding partners who recognise the value of an evidence-based, long-term programme with demonstrable impact.

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 reserves less non-current assets) in the general fund by considering risks associated with the various income streams, expenditure plans and balance sheet items. This enables an estimate to be made of the level of free reserves that are sufficient, having considered:

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ThinkForward (UK)

Report of the trustees

For the year ended 31 August 2025

The Charity needs reserves in order to protect the continuity of operations during periods of economic and social uncertainty, through peaks and troughs of funding cycles and to maintain core activities as individual projects finish and new projects start. In addition to such operational reserves, where possible, a fund of accumulated reserves allows the Charity to invest appropriately in new strategic initiatives.

ThinkForward had free reserves of £0.70m (2024: £1.13m) and a cash position of £0.81m (2024: £1.19m) at the balance sheet date.

Free reserves at 31 August 2025 equate to approximately three months’ operating expenditure. The trustees have calculated that between £0.70m and £1.16m, equating to between three and five months of current annual operating expenditure is needed to meet the above requirements, and our current reserves total is within that range.

Our cash levels give further reassurance that we are in a strong financial position.

Remuneration policy

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 following principles:

Staff pay is reviewed annually by the board of trustees and is based on comparisons with similar organisations using industry standard benchmarking.

Key risks and uncertainties with plans and strategies for managing those risks

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 minimise risk. A risk management register is reviewed by the board to include all key financial, governance, safeguarding, operational, external, regulatory and compliance risks.

7

ThinkForward (UK)

Report of the trustees

For the year ended 31 August 2025

Of key significance for ThinkForward are the policies, processes, plans and reviews for safeguarding the vulnerable children and families with whom we work. Safeguarding is reviewed at every board meeting four times each year, and at every Finance, Risk and Audit Committee, also four times each year. Incidents, status and plans for mitigation are on each agenda. An external review of safeguarding processes and procedures was also commissioned in 2025 with positive scores on all counts. The charity has a framework of consents, controls, policies and reviews to mitigate the associated risks. These are reviewed and updated by the finance, risk and audit committee annually. Our focus on training and supervision is key to ensuring good practice. A dedicated team with multiple designated safeguarding leads support safeguarding processes with a reporting system which ensures that concerns are flagged, and information communicated rapidly and securely. We deliver continually updated safeguarding training for staff multiple times each year.

Going concern

The trustees continue to review the charity’s current and future funding prospects in the light of the economic and funding situation and have reassured themselves of the charity’s ability to 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, with the support of the board, continually assesses delivery models, staffing, funding arrangements and financial controls and puts contingency plans in place to make sure that ThinkForward remains focused on its strategy and vision. Our planning processes, including financial projections, have taken into consideration the economic climate and its potential impact on the various sources of income and planned expenditure. We hold adequate cash levels and have a track record of securing funds.

Economic and political pressures continue to have an impact on our operation, all of which are outside our control. However, the increased internal scrutiny and transparency of our financial health, staff wellbeing and risk management gives our executive team and trustees more understanding surrounding how our operation is performing and more confidence in our ability to respond swiftly and effectively to changes in the environment.

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 become due. The accounts have therefore been prepared on the basis that the charity is a going concern.

Fundraising policy

Our approach to fundraising rests on positive funder engagement in order to enable us to attract and steward their support, but also to protect our reputation. Trustees and staff are aware of the need to protect the public, and especially vulnerable people. No cold calling, telephone or street fundraising is carried out. We have limited income from direct donations from the public and these commitments come almost exclusively from those who are involved in our work in some way. Our income mainly comes from grant giving organisations, statutory bodies, corporate supporters and contributions from schools. 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 fundraising for the charity in the last 12 months.

8

ThinkForward (UK)

Report of the trustees

For the year ended 31 August 2025

The charity takes several factors into account which could affect its future financial performance. Macro factors such as the general economic, political and social situation, and micro factors such as the capacity and capability to raise funds.

The charity is registered with the Fundraising Regulator (FR). 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 (Charity fundraising: a guide to trustee duties). Trustees are aware of the commission’s six fundraising principles and ensure adherence by charity staff: effective planning; supervision of fundraisers; protection of charity reputation, money and other assets; ensuring compliance with laws and regulations; following recognised standards; openness and accountability. Fundraising practices are monitored by the board or trustees. We ensure the charity’s compliance with General Data Protection Regulation (GDPR), particularly with regard to the use of personal data for fundraising purposes.

Information governance

ThinkForward is a data controller in its own right. Close attention is paid to data protection risks across the whole organisation, as a reflection of our concern for our stakeholders, and for the reputation of the charity. We will continue to monitor compliance with legal requirements. We regularly review and update policies and procedures to reflect updated guidance on GDPR requirements and best practices.

Future plans

ThinkForward’s current strategic plan commenced in September 2025 and aims to triple the number of young people with whom we work and create the evidence to demonstrate the power of coaching. This plan is cautiously optimistic, is risk-based with strong mitigation in place. Trustees have expressed their confidence in the executive team’s ability to deliver the plans as defined. We will continue to assess the impact of our work and focus on those areas which deliver the most benefit. All programme changes will be evidence-based with investment in monitoring, evaluation and learning at the forefront of our thinking. Our funding strategy is to align with funders’ goals, backed by strong evidence of the efficacy of our work. The infrastructure we have put in place over the past few years will support our modest growth plans up to the end of this strategic period.

Structure, governance and management

ThinkForward UK (“ThinkForward”) is a registered charity registered on 15 July 2013 and a company limited by guarantee incorporated on 5 December 2012. 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 out on page 1 of this report. The appointment of a new trustee to the ThinkForward board of trustees takes place after due consideration from both parties to ensure a good strategic fit for the board and the prospective trustee.

Our young trustees continue to provide a vital youth voice at the most senior decision-making level. They support the operation of a youth board which gathers the views of our young people to ensure our young trustees are able to voice these at board level and throughout the organisation.

9

ThinkForward (UK)

Report of the trustees

For the year ended 31 August 2025

Trustees are encouraged to visit our programmes and meet key members of staff in order to gain a good understanding of ThinkForward’s work. They are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the strategic plan and financial performance of the charity. Trustees are 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 and Finance, Audit & Risk Committee (FRAC) both meet quarterly to ensure in-depth review, risk assessment and oversight of critical parts of our activities.

Decisions made by staff are made according to the levels of delegated authority defined in the charity’s policies and procedures according to roles and commensurate levels of authority. The executive team currently comprises the Chief Executive, Deputy Chief Executive, Director of Development and Director of Programmes, who meet weekly.

The trustees receive no remuneration for their services as trustees but are reimbursed for appropriate travel and expenses in performance of the work of the charity.

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with 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).

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 charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

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ThinkForward (UK)

Report of the trustees

For the year ended 31 August 2025

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditors

Godfrey Wilson Limited were re-appointed as auditors to the charitable company during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 23 April 2026 and signed on their behalf by

M Tate

Matthew Tate, Chair

11

Independent auditors' report

To the members of

ThinkForward (UK)

Opinion

We have audited the financial statements of ThinkForward (UK) (the 'charity') for the year ended 31 August 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities 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 charity 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 the provisions available for small entities, in the circumstances set out in note 7 to the financial statements, 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 a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity'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 sections of this report.

Other information

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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

12

Independent auditors' report

To the members of

ThinkForward (UK)

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 inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, 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 statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

13

Independent auditors' report

To the members of

ThinkForward (UK)

Our responsibilities for the audit of the financial statements

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 assurance 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 misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

▪Testing transactions that are unusual or outside the normal course of business.

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 with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

14

Independent auditors' report

To the members of

ThinkForward (UK)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charityʼs 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 state to the charityʼs members those matters we are required to state to them in an auditorʼs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Godfrey

Date: 30 April 2026

Alison Godfrey FCA (Senior Statutory Auditor)

For and on behalf of:

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

15

ThinkForward (UK)

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 August 2025

Restricted
Note
£
Income from:
Donations and legacies
3
570,904
Charitable activities
4
313,950
Investments
-
Total income
884,854
Expenditure on:
Raising funds
-
Charitable activities
851,814
Total expenditure
6
851,814
7
33,040
Reconciliation of funds:
Total funds brought forward
77,694
Total funds carried forward
110,734
Net income / (expenditure) and net
movement in funds		 Unrestricted
£
1,206,318
291,010
3,216
1,500,544
209,989
1,723,015
1,933,004
(432,460)
1,129,987
697,527		 2025
2024
Total
Total
£
£
1,777,222
1,950,387
604,960
794,835
3,216
-
2,385,398
2,745,222
209,989
223,566
2,574,829
2,465,023
2,784,818
2,688,589
(399,420)
56,633
1,207,681
1,151,048
808,261
1,207,681

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 16 to the accounts.

16

ThinkForward (UK)

Balance sheet

As at 31 August 2025

Note
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
12
Net current assets
Total assets less current liabilities
Provisions for liabilities
14
Net assets
15
Funds
16
Restricted funds
Unrestricted funds
General funds
Total charity funds		 £
347,060
807,842
1,154,902
(346,641)		 2025
£
-
808,261
808,261
-
808,261
110,734
697,527
808,261		 2024
£
-
155,878
1,185,061
1,340,939
(103,258)
1,237,681
1,237,681
(30,000)
1,207,681
77,694
1,129,987
1,207,681

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 23 April 2026 and signed on their behalf by

M Tate

Matthew Tate, Chair

17

ThinkForward (UK)

Statement of cash flows

For the year ended 31 August 2025

Cash flows from operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Income from investments
Interest on Social Impact Bond loan
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Release of provisions
Net cash (used in) / provided by operating activities
Cash flows from investing activities:
Income from investments
Social Impact Bond loan capital and interest payments
Net cash provided by / (used in) investing activities
Decrease in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2025
£
(399,420)
-
(3,216)
-
(191,182)
243,383
(30,000)
(380,435)
3,216
-
3,216
(377,219)
1,185,061
807,842		 2024
£
56,633
1,605
-
7,342
128,196
(124,175)
-
69,601
-
(141,337)
(141,337)
(71,736)
1,256,797
1,185,061

The charity has not provided an analysis of net debt as it does not have any long term financing arrangements.

18

ThinkForward (UK)

Notes to the financial statements

For the year ended 31 August 2025

1. Accounting policies

a) General information and basis of preparation

ThinkForward (UK) is a charitable company limited by guarantee registered in England and Wales. The registered office address is 167-169 Great Portland Street, 5th Floor, London, W1W 5PF.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

ThinkForward (UK) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income from outcomes-based contracts is recognised in line with the terms and conditions of the contract for services, after outcomes have been recorded on the database and contractually agreed forms of evidence have been collected and filed.

Where goods or services are provided to the charity free of charge that would normally be purchased from suppliers, this contribution is recorded in the financial statements as both income and expenditure based on the estimated value to the charity.

Income in relation to school contributions that is invoiced or received in advance is deferred until the academic year to which is relates.

d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

19

ThinkForward (UK)

Notes to the financial statements

For the year ended 31 August 2025

1. Accounting policies (continued)

d) Donated services and facilities (continued)

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities based on the proportion of staff time as follows: 2025 2024 Raising funds 8.0% 9.1% Charitable activities 92.0% 90.9%

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Computer equipment

3 years

Items of equipment are capitalised where the purchase price exceeds £1,500.

20

ThinkForward (UK)

Notes to the financial statements

For the year ended 31 August 2025

1. Accounting policies (continued)

j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

k) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

l) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

m) Provisions

A provision is recognised in the balance sheet when the charity has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

n) Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

o) Pension costs

The company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

p) Foreign currency transactions

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.

q) Operating leases

Rentals paid under operating leases are charged to the statement of financial activities as they fall due.

21

ThinkForward (UK)

Notes to the financial statements

For the year ended 31 August 2025

1. Accounting policies (continued)

r) Accounting estimates and key judgements

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key source of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements is determining income entitlement, as described in note 1 (c) above.

2. Prior period comparatives: statement of financial activities

Income from:
Donations and legacies
Charitable activities
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income and net movement in funds		 Restricted
£
£
392,463
1,557,924
380,367
414,468
772,830
1,972,392
-
223,566
798,580
1,666,443
798,580
1,890,009
(25,750)
82,383
Unrestricted		 2024
Total
£
1,950,387
794,835
2,745,222
223,566
2,465,023
2,688,589
56,633

22

ThinkForward (UK)

Notes to the financial statements

For the year ended 31 August 2025

3. Income from donations

Income from donations
Individuals
Corporates
Total income from donations
Prior period comparative:
Individuals
Corporates
Total income from donations
Trusts and foundations
Trusts and foundations		 Restricted
£
£
410,310
223,500
-
92,204
160,594
890,614
570,904
1,206,318
Restricted
£
£
331,862
363,125
-
76,333
60,601
1,118,466
392,463
1,557,924
Unrestricted
Unrestricted		 2025
Total
£
633,810
92,204
1,051,208
1,777,222
2024
Total
£
694,987
76,333
1,179,067
1,950,387

ThinkForward received the following gifts in kind in the current year: pro bono consultancy and the use of mobile network facilities (prior year: free use of office space for the Nottingham regional team and use of mobile network facilities). The total value of these gifts is estimated to be £68,750 (2024: £6,750). This has been included in the accounts as donation income and an expense.

23

ThinkForward (UK)

Notes to the financial statements

For the year ended 31 August 2025

4. Income from charitable activities

Statutory
Commissioned
School’s contributions
Total income from charitable activities
Prior period comparative:
Statutory
Commissioned
School’s contributions
Total income from charitable activities		 Restricted
£
£
313,950
-
-
113,410
-
177,600
313,950
291,010
Restricted
£
£
380,367
49,269
-
75,999
-
289,200
380,367
414,468
Unrestricted
Unrestricted		 2025
Total
£
313,950
113,410
177,600
604,960
2024
Total
£
429,636
75,999
289,200
794,835

5. Government grants

The charitable company receives government grants, defined as funding from the Department of Culture, Media, and Sport's Life Chances Fund and Birmingham City Council to fund charitable activities. The total value of such grants in the period ending 31 August 2025 was £47,315 (2024 restated: £150,367, also including the Greater London Authority). There are no unfulfilled conditions or contingencies attaching to these grants in the current or prior year.

24

ThinkForward (UK)

Notes to the financial statements

For the year ended 31 August 2025

6. Total expenditure

Total expenditure
Programme delivery
Staff costs (note 8)
Administration
Premises, IT and infrastructure
Governance
Training, development and well-being
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
6,951
153,551
3,611
522
-
-
164,635
45,354
209,989		 Charitable
activities
£
293,199
1,754,936
5,161
1,313
-
1,868
2,056,477
518,352
2,574,829		 Support and
governance
costs
£
8,878
343,339
15,800
140,924
17,635
37,130
563,706
(563,706)
-		 2025 Total
£
309,028
2,251,826
24,572
142,759
17,635
38,998
2,784,818
-
2,784,818

25

ThinkForward (UK)

Notes to the financial statements

For the year ended 31 August 2025

6. Total expenditure (continued) Prior period comparative

Prior period comparative
Programme delivery
Staff costs (note 8)
Administration
Premises, IT and infrastructure
Governance
Training, development and well-being
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
679
167,027
1,330
1,116
2,192
-
172,344
51,222
223,566		 Charitable
activities
£
260,635
1,658,743
5,007
8,386
6,663
16,899
1,956,333
508,690
2,465,023		 Support and
governance
costs
£
11,521
328,607
6,837
138,296
33,104
41,547
559,912
(559,912)
-		 2024 Total
£
272,835
2,154,377
13,174
147,798
41,959
58,446
2,688,589
-
2,688,589

26

ThinkForward (UK)

Notes to the financial statements

For the year ended 31 August 2025

7. Net movement in funds

This is stated after charging:

Net movement in funds
This is stated after charging:
2025 2024
£ £
Depreciation - 1,605
Operating lease payments 40,081 43,725
Trustees' remuneration Nil Nil
Trustees' reimbursed expenses Nil Nil
Auditors' remuneration:
Statutory audit (excluding VAT) 12,500 12,000
Other services - -

In common with other charities of our size and nature we use our auditors to assist with the preparation of the financial statements.

8. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs
Termination and redundancy payments		 2025
£
1,941,048
227,378
77,913
5,487
2,251,826		 2024
£
1,863,767
199,178
88,731
2,701
2,154,377

The key management personnel of the charitable company comprise the Trustees, Chief Executive Officer, the Deputy Chief Executive Officer, the Director of Programmes and the Director of Development. The total employee benefits of the key management personnel were £393,961 (2024: £386,950).

The number of employees earning £60,000 per annum or more (exclusive of employer pensions and employer national insurance contributions) was:

£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£100,001 - £110,000		 2025
No.
-
2
1
1
4		 2024
No.
-
2
1
1
4

27

ThinkForward (UK)

Notes to the financial statements

For the year ended 31 August 2025

8. Staff costs and numbers (continued)

Average head count 2025
No.
46		 2024
No.
46

9. Taxation The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

10. Tangible fixed assets

Tangible fixed assets
Cost
At 1 September 2024
Additions
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024
Debtors
Trade debtors
Accrued income
Other debtors
Prepayments		 2025
£
293,992
35,820
2,517
14,731
347,060		 £
11,337
-
Computer
equipment
11,337
11,337
-
11,337
-
-
2024
£
102,824
16,423
23,606
13,025
155,878

11. Debtors

28

ThinkForward (UK)

Notes to the financial statements

For the year ended 31 August 2025

12. Creditors : amounts falling due within 1 year

Creditors : amounts falling due within 1 year
Trade creditors
Accruals
Deferred income
Other taxation and social security		 2025
£
42,651
37,037
217,000
49,953
346,641		 2024
£
10,674
40,539
-
52,045
103,258

13. Deferred income

Brought forward
Deferred in the year
Released in the year
Total carried forward		 2025
£
-
217,000
-
217,000		 2024
£
-
-
-
-

Deferred income represents school contribution income invoiced or received in advance of the academic year to which it relates.

14. Provisions

Dilapidations 2025
£
-		 2024
£
30,000

Included within the lease agreement for the charity’s rented premises is a dilapidation clause. In the prior year, the trustees recognised a provision of £30,000 in respect of expected lease dilapidation costs. During the current year, this provision was fully utilised to meet the associated costs. No further provision has been made as at the year end.

29

ThinkForward (UK)

Notes to the financial statements

For the year ended 31 August 2025

15. Analysis of net assets between funds

Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 August 2025
Prior period comparative
Tangible fixed assets
Current assets
Current liabilities
Provisions
Net assets at 31 August 2024		 £
-
110,734
-
110,734
£
-
77,694
-
-
77,694
Restricted
funds
Restricted
funds		 £
-
-
-
-
£
-
-
-
-
-
Designated
funds
Designated
funds		 £
-
1,044,168
(346,641)
697,527
£
-
1,263,245
(103,258)
(30,000)
1,129,987
General
funds
General
funds		 Total
funds
£
-
1,154,902
(346,641)
808,261
Total
funds
£
-
1,340,939
(103,258)
(30,000)
1,207,681

30

ThinkForward (UK)

Notes to the financial statements

For the year ended 31 August 2025

16. Movements in funds

Movements in funds
Restricted funds
FutureMe
Inclusion
SEND
Infrastructure
Total restricted funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 At 1
September
2024
£
2,340
-
75,354
-
77,694
1,129,987
1,129,987
1,207,681		 Income
£
392,310
289,063
123,981
79,500
884,854
1,500,544
1,500,544
2,385,398		 £
£
(394,650)
-
(254,063)
35,000
(186,415)
12,920
(16,686)
62,814
(851,814)
110,734
(1,933,004)
697,527
(1,933,004)
697,527
(2,784,818)
808,261
At 31 August
2025
Expenditure
110,734
697,527
697,527
808,261

Purposes of restricted funds

FutureMe To support young people facing challenges on their path to success to get them ready for the world of work. The charity receives restricted income from a number of donors, including the National Lottery Community Fund (Reaching Communities England), for the purposes of continuing its charitable activities for FutureMe, the flagship programme, in Kent, London and Nottingham.

Inclusion To support young people in alternative provision institutions, or at risk of exclusion to make successful transitions into post-16 destinations. The charity receives restricted income from a number of donors, including The Greater London Authority, Swarovski Foundation and The Careers & Enterprise Company.

SEND To support young adults with learning disabilities and/or autism to access sustainable employment opportunities. ThinkForward receives restricted funding from a number of funders including the Life Chances Fund, UKSPF, Propel/New Deal for Young People, Eveson Trust and the Rigby Foundation to support young people in London and the West Midlands.

Infrastructure To support infrastructure, systems and process improvement projects to improve efficiency, effectiveness and cost savings.

31

ThinkForward (UK)

Notes to the financial statements

For the year ended 31 August 2025

16. Movements in funds (continued) Purposes of restricted funds (continued)

CRM implementation To cover the cost of implementing the information management system. The charity received restricted income from Fidelity Foundation.

Prior period comparative
Restricted funds
FutureMe
Inclusion
SEND
CRM implementation
Total restricted funds
Designated funds:
Fixed asset fund
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 At 1
September
2023
£
30,660
-
4,487
68,297
103,444
1,605
1,605
1,045,999
1,047,604
1,151,048		 Income
£
418,062
132,411
222,357
-
772,830
-
-
1,972,392
1,972,392
2,745,222		 £
(446,382)
(132,411)
(151,490)
(68,297)
(798,580)
(1,605)
(1,605)
(1,888,404)
(1,890,009)
(2,688,589)
Expenditure		 £
2,340
-
75,354
-
At 31 August
2024
77,694
-
-
1,129,987
1,129,987
1,207,681

17. Operating lease commitments

The charity had operating leases at the year end with total future minimum lease payments as follows:

Amount falling due:
Within 1 year
Within 1 - 5 years		 2025
£
-
-
-		 2024
£
40,081
-
40,081

18. Related party transactions

Total unrestricted donations from trustees were £1,000 in the year (2024: £21,000). There were no other related party transactions in either year.

32