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2021-06-30-accounts

Company registration number: 08093052 Charity registration number: 1153130

Spring Impact

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 30 June 2021

Landmark Audit Limited Chartered Accountants Statutory Auditors Leavesden Park

5 Hercules Way Watford Hertfordshire WD25 7GS

Spring Impact

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 9
Independent Auditors' Report 10 to 13
Consolidated Statement of Financial Activities 14 to 15
Consolidated Balance Sheet 16 to 17
Balance Sheet 18 to 19
Consolidated Statement of Cash Flows 20
Notes to the Financial Statements 21 to 38

Spring Impact

Reference and Administrative Details

Chief Executive Officer D Berelowitz Trustees N M Boone C D Cuthbert P M L Freedman P A Weiss A P Zwane E L Cooper A M Gbedemah Charity Registration Number 1153130 Company Registration Number 08093052 The charity is incorporated in England and Wales. Registered Office 4th Floor 100 Fenchurch Street London EC3M 5JD Principal Office Runway East 10 Finsbury Square London EC2A 1AF Independent Examiner Landmark Audit Limited Chartered Accountants Statutory Auditors Leavesden Park 5 Hercules Way Watford Hertfordshire WD25 7GS Bankers Co-operative Bank Skelmersdale WN8 6WT

Page 1

Spring Impact

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 30 June 2021.

Trustees and Officers

The trustees and officers serving during the year and since the year end were as follows:

Trustees: N M Boone C D Cuthbert P M L Freedman P A Weiss A P Zwane E L Cooper A M Gbedemah (appointed 14 December 2020) Chief Executive Officer: D Berelowitz

The Trustees (who are also directors of the Company for the purposes of the Company Act) present their annual report together with the financial statements of Spring Impact ("the Charity") for the year ending 30 June 2021. The Trustees confirm that the annual report and financial statements of Spring Impact comply with current statutory requirements, the requirements of Spring Impact's governing documents and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

Page 2

Spring Impact

Trustees' Report

OBJECTIVES AND ACTIVITIES

POLICIES AND OBJECTIVES

Our focus is on one specific issue: scaling social impact. We believe that solutions with proven social impact need to operate at a much greater scale to truly address our most significant social problems.

We know solutions with proven social impact are out there; what they need is a broader, bigger reach, while maintaining depth of impact. We believe transformational change will be achieved by building on what already works, rather than reinventing the wheel.

As such, we partner with organisations that have demonstrated their models' tangible impact to expand their reach and realise their aspirations. We believe many of these models have the potential to address some of the world's greatest social issues.

In setting its programme each year, due regard is given to the Charity Commission's general guidance on public benefit.

ACTIVITIES FOR ACHIEVING OBJECTIVES

We have pioneered a framework to unpack and demystify the complex area of scaling social impact. There are a number of routes to scaling and to date our main focus has been on replication. Replication refers broadly to taking an organisation, a programme or set of core principles to new locations.

Our systematic 5-stage methodology, detailed in our open source toolkit, is designed to enable organisations to identify, design and implement the right model to achieve their impact at a much larger scale. We assist our clients wherever they are on their journey to scale, whether it be proving their readiness to scale (stage one) or helping get their pilot off the ground (stage four) and beyond.

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Spring Impact

Trustees' Report

Our formula:

Strategic and practical. We challenge clients to set ambitious social targets, and then help them develop pragmatic strategies to achieve them.

Commercial and social. Our team brings both commercial and social expertise from working with some of the world's most impactful purpose-led organisations and our own research. We are a not-for-profit social enterprise ourselves, investing any surplus back into our social mission, so we 'get' the sector.

Rigorous process. Scaling is challenging, but not impossible. It requires careful design of a system that works, monitoring improvement, backed by solid systems and processes which we help design and implement.

Connected. We help facilitate the links needed for clients to implement their strategies, from funding to service providers.

Successful. We only count our work as a success if our clients create genuine and lasting social impact.

Our central value is to strive to create, scale and sustain the maximum social impact, working towards our impact goal to assist ten solutions to social issues to replicate to achieve scale by the end of 2022/23. We will be publishing a 10 year impact report in the coming year.

We carry out four main activities to work towards our charitable mission:

Consultancy: We deliver consultancy through our five-stage process, helping our clients to achieve their social mission by scaling their impact through replication. This consultancy is delivered through workshops, field visits, staff meetings and reports and financial model development. Where clients have already reached scale, we help them review their existing network to consider how it can be strengthened to better help them work towards their organisational goals.

Trainings and tools: We run a variety of training courses for leaders in the social sector who want to think strategically about how to scale impact. This includes the intensive Leaders of Scale training course, as well as shorter training courses we are developing for organisations earlier in their thinking about scale.

Research and scale projects: We contribute towards the global knowledge base on scale and replication, recognising areas where there are gaps in existing sector knowledge, and support funders with their scale projects.

Advocacy: We promote sector-wide awareness and understanding of social replication as a method to scale social impact systematically.

ACHIEVEMENTS AND PERFORMANCE OVERALL

We have worked on over 314 projects, in 41 countries around the world, with engagements ranging from one-day workshops to multi-year partnerships. Our Open Source Toolkit has been downloaded over 4,000 times.

Because of challenging times globally due to Covid-19 we made a deficit this year, cushioned by government relief programs. Cash and funds balances remain strong enabling us to meet our long-term reserves target and support our continued response to the pandemic.

We continued to promote scale across the sector, aiming to inspire others to consider a systematic approach when scaling up.

Page 4

Spring Impact

Trustees' Report

PROJECT HIGHLIGHTS

SCALE ACCELERATOR

In late 2018, the National Lottery Community Fund committed to supporting our Scale Accelerator Programme for the next three and a half years. This funding allows us to support four cohorts of UK-based organisations to develop scale strategies and replication models. The programme officially launched in early 2019, and we have since started supporting our first three cohorts. As well as direct consultancy support and cohort learning events, we are carrying out action research with UK-based funders, in order to create a more supportive environment for scale in the UK. We are also running a new training course for small groups of organisations, called ‘Leaders of Scale’. Working throughout the funding cycle with our evaluation and learning partner, M2 consultants, we have been continually improving programme delivery, sustainability, and social impact.

SPORT ENGLAND

In support of its wider organisational strategy, Sport England aims to increase the number and diversity of people volunteering in sport. Currently in the systemise and pilot phase, we are supporting five organisations from Sport England’s Volunteering Fund to implement and test their models for scale. The first set of insights that have emerged from the earlier stages of the partnership will be shared at the end of this year. These insights, coupled with other learning from the programme should inform the design of a future partnership between Sport England and Spring Impact.

OAK FOUNDATION

This year we continued our strategy partnership with Oak Foundation to provide support to the Oak Foundation’s Prevent Child Sexual Abuse team to implement its scale target and thus accelerate the reduction of child sexual abuse and exploitation. Spring Impact is supporting two partners from the fund to co-design a scale strategy and replication model, co-develop the systems and processes these partners will need to replicate. The two partners are; CHDC, a Ugandan organisation who are scaling the parenting programme Parenting for Respectability and Centrs Dardedze, a Latvien organisation scaling the Džimba programme preventing sexual violence against children.

LEAN INNOVATION SUPPORT

In the summer of 2020 we established our Lean Innovation Practice based on the work of Ann Mei Chang, author of Lean Impact: How to Innovate for Radically Greater Social Good. Often our partners need to pivot their model at key inflection points along the journey to scale-for example, moving from directly delivering a service to equipping a network of partners to deliver a service, or transitioning a programme to online channels. We evolved our methodology to help teams quickly test new ideas and de-risk scaling strategies at these pivotal moments. Over the year our team helped several organisations build the skillset for lean innovation including projects with Jewish Vocational Services, Centering Healthcare Institute, Center for International Private Enterprise, Cadasta, and Rare among others.

BEZOS FAMILY FOUNDATION & VROOM PROGRAM

This year we completed our second phase of support to the Bezos Family Foundation’s Vroom program. We supported Vroom, an early childhood development intervention, to develop its two-pronged international scale strategy. Specifically, this entailed a strategic partnership approach and an open-source licensing opportunity via an online toolkit. Spring Impact then went further to support Vroom to implement these strategies by 1) researching, selecting, providing due diligence on high potential strategic partners that would allow Vroom to achieve its scale goals and 2) systemizing the content for the online toolkit to make the tool much more broadly accessible. The recommendations were well received, and resulted in Vroom launching partnerships with six of the strategic partners recommended including the Aga Khan Foundation, Brac, Tostan, Save the Children, Worldreader, and Telemundo. Additionally, the online toolkit is in the process of being launched and is under development with a web development partner. Spring Impact believes there is potential for additional follow-on support in the form of codifying partner learnings and incorporating it into the open source process.

Page 5

Spring Impact

Trustees' Report

FINANCIAL REVIEW

a. Financial Risk Management Objectives and Policies

The Charity's consolidated income for the year was £2,048,943 an increase of 1% on the prior year. The consolidated deficit for the period was £94,463 against a surplus of £271,806 in the prior year. This reflects stability on income generation during challenging times whilst maintaining a focus on internal investments to create firm foundations from which to grow further. Cash and funds balances remain strong enabling us to meet our long-term reserves target and support our continued expansion. Our unrecognised grant and contracted income for the 2022 financial year is solid allowing us to work on more social replication projects over the coming financial year.

The principal funding sources of the Charity in the reporting period were £1,260,288 of grants and donations, and £788,655 of contract income for our work on social replication projects.

b. Going Concern

After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

c. Principal Risks And Uncertainties

In accordance with the recommendations of the Statement of Recommended Practice the trustees confirm that they have reviewed the major risks to which the Charity might be exposed and identified plans and strategies to mitigate those risks.

The principal risks are:

Cash flow. This risk is mitigated by continuous monitoring of our cash position, our reserves policy noted below and charging for an element of each project up front.

Loss of key staff. This risk is mitigated by our Remuneration Policy noted below and our internal "Systemise" project which documents all internal processes and our approach to delivering client assignments.

An indemnity policy is in place to cover the negligence or default of trustees or employees.

d. Reserves Policy

Spring Impact's ongoing Reserves Policy is to ensure that a level of resources is always retained to continue funding:

its core structure and activities for a minimum period of 3 months. Longer term, the intention is to increase this to 6 months,

its existing commitments to charitable projects.

The Reserves Policy is reviewed at least annually in light of the Charity's changing circumstances. The ongoing situation is monitored by the Treasurer and Chief Executive Officer and is formally presented at each Trustee meeting, together with a cash flow forecast.

Page 6

Spring Impact

Trustees' Report

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. Constitution

The Charity is registered as a charitable company limited by guarantee number 08093052 and constituted under a Memorandum of Association.

The principal objects of the Charity are:

• The promotion of the efficiency and effectiveness of charities and the effective use of charitable resources through:

• Such charitable purposes for the public benefit as are exclusively charitable according to the laws of England and Wales as the Trustees may from time to time determine.

b. Method Of Appointment Or Election Of Trustees

The oversight of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

c. Organisation Structure and Decision Making

Legal control of the Charity is in the hands of the Board of Trustees. Every trustee has been appointed a director of the company. Trustees are either the original subscribers to the company's Memorandum of Association or joined the Board by election at Trustee meetings or by written resolution signed by all Trustees.

The Board of Trustees works with the Charity's CEO on strategic development and policy implementation. The trustees receive periodic training on trustee responsibilities and are made aware of relevant training opportunities. The CEO and senior staff team carry out one-on-one inductions with new trustees.

Subsidiaries

Spring Impact (Trading) Ltd: Spring Impact carries out projects where Charities or voluntary organisations benefit from the work. Any other projects managed by the UK office are carried out by Spring Impact (Trading) Ltd, a wholly owned subsidiary of the Spring Impact. The trading subsidiary benefits from tax relief on profits donated to the parent Charity Spring Impact.

Spring Impact Inc: The US entity Spring Impact Inc's bylaws state that the UK Charity Spring Impact is a member of Spring Impact Inc and has powers to nominate or remove Spring Impact Inc board directors. Spring Impact Inc's articles of incorporation note that one of its purposes is to support the UK Spring Impact Charity. Spring Impact Inc was awarded non profit status by the US Internal Revenue Service on the basis that Spring Impact Inc is a supporting organisation of the UK Spring Impact Charity.

International Advisory Board

This team of industry experts, run on an informal basis, volunteer their time periodically, helping to generate project ideas and giving advisory support.

Page 7

Spring Impact

Trustees' Report

d. Remuneration Policy

Delivery of Spring Impact's charitable vision and purpose is primarily dependent on our staff. Personnel costs are the single largest element of charitable expenditure. Spring Impact is committed to ensuring that we pay our staff fairly and in a way that ensures we attract and retain the right skills to have the greatest impact in delivering our charitable objectives.

Spring Impact has a Remuneration Committee which meets annually and sets the pay for all staff. It comprises the Spring Impact Chair of Trustees and two other trustees. The committee's responsibilities are to determine annual pay increases and benefits, taking account of salary bands and market data.

The objective of the policy is to ensure that the Chief Executive and staff team are provided with appropriate incentives to encourage enhanced performance and are, in a fair and responsible manner, rewarded for their individual contributions to the success of the Charity.

We pay at least the London living wage for all our staff.

e. Finance Committee

Spring Impact has a Finance Committee comprised of the UK and US Treasurers, Chief Executive Officer, Finance Director and a volunteer accountant with tax expertise. The committee's responsibilities are to review quarterly management accounts and consider and make recommendations to the Board of Trustees on all finance matters. The Board of Trustees is responsible for the final decision.

Page 8

Spring Impact Truyttts, Report SialtffleTrl ofTrusltts' Responsibllliiej The trustees (who are also Ihe directors of Spring Iinpaci for the purpt)ses i)f cc)mp8ny lawl ale re$￿insIble 14)r preparin8 ihe Irusiee8' ￿[m)rE and the finaniial slalcmen15 in acLI)rdance wilh the Llniied Kingdom Ac¢ounitng Siandards Iuniied Kin¥dom (ienernlly Accepted Aecouniin8 Pr&ciie¢l appli¢alTrl¢ law and r¢gulati()ns. CoThpany law reguires the irusie¢s li) prepare finanLial statements IOT each tinancial Jear. Under cornpan) law the In151e¢5 musi noi approve Ihe linoncial staien)ents unless they are Salisfied that Ihej Kive a Inje ar￿ lair view of ihe $18ie ()(4ffo1Th c)f Ihe ¢haril4bl¢ Liimpany and of its incoming resources and nppli¢ation of resovrc¢s. inrluding it5 income arhd expenditure. for ihat period. In p￿Paring ihese financial %thi¢m¢nis. lh¢ irusiees are requir¢d 10.. seleci suiiable a¢couniing wJli¢ies and apply them con5islenily.' h%er¥e Ihe meth(yJs and prinLiples in the L'h8rtrii¢s SORP,. mAke judgemenis and eslimaies th￿ are rcasot)able and prndent: siaie whether appli¥ahle I IK A¢¢thuniin¥ Standards have been follvwed. subjeLI IL) any rnalerial d¢pNrtures di5L1o5ed and expl&ined in Ihe linNncial siaiemenis.. and prepare ihe finan¥io1 sthiemenis thn Ihe going concern basis unles$ it is inapproprioie i() presum¢ ihai the chArithble company will continue in business. The INst¢es are reswinsible fL)r k¢epin¥ 4Hl¢4uaie ai¥iiuniing record% thai are si1￿1¢1¢nI IL> shnw and explain the chariiable company'$ Iransac¢ions and diKlas¢ wilh reason&ble Accuracy ai any iimc Ihc tinan¢io1 p)siiion L)t' the ¢harii#hl¢ Lnmpony and enAble th¢m i(> ¢niure Ihal th¢ fingnLi¥I slAiemetkl% L()mply with the ( £)mpanies ALI 2006. They are also res￿nsible for safeguarding the assets ol. Ihe ¢horithbl¢ ¢ompan> and henie fi)r 14kin¥ ye&￿￿able sleps f(Trr Ihe p￿ventIon and dcl¢cli(In of fraud oiher irregularities. Dlic1￿Ure nfinfDrrn•tlDn to Iudltnr k.a¢h Irii%l¢¢ hy4 Idk¢n %l¥p% Ihdi ih¢) i)u¥ht 10 hve taken &4 & irnsiee in i)rder t(Tr niake themselves a￿re of Any relevant Audii inlomation and 10 esiablish ihal ihe iharily's oudiiLIT IS aware i)f Ihal inftbrnialiiin. -I'h¢ Irusl¢¢$ confirni Ihol Ihere is no relcvani inforniaiion thai Ihcy know of ond ofwhich they know the auditor is un￿￿are. RMppTrlntment thf*u<lllor The oudiiors Landmark Audit Limited are dttmed lo be reapwinled undrr 5eLlI()n 4%71211)f the Companies Aci The nual rt wos approved by ihc tnJ5tee5 of th¢ ihirity c)n30/.tyIAo.g&&nd si8ncd on its behalf by.. M l. l.ree hairni and Iruslce Page 9

Spring Impact

Independent Auditor's Report to the Members of Spring Impact

Opinion

We have audited the financial statements of Spring Impact (the 'charitable parent company') and its subsidiaries (the 'group') for the year ended 30 June 2021, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (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 responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

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.

Page 10

Spring Impact

Independent Auditor's Report to the Members of Spring Impact

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the and the Trustees' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 9), the trustees 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.

Auditor 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Page 11

Spring Impact

Independent Auditor's Report to the Members of Spring Impact

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our commercial knowledge and experience of the sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Companies Act 2006, Charities Act 2011, data protection, anti-bribery, employment, environmental and health and safety legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance;

• enquiring of management as to actual and potential litigation and claims; and

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Page 12

Spring Impact Independent Auditor'$ Report to the Members of Spring Impact Use ofour report This rcport is made 501cly io the charitable parent company's trustee5, as a body, in ac¢ordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit iw'ork has been undertaken $0 that we might srate to ihc group's tTUSte¢s those n)atters we are Tequired io slate to ihem in an auditor'* report and for no oilicr purpose. To the fullest exienl pern)itted by law., we do not acccpt or a8sumc resptsnsibility to anyone other than (he chantsble parcnl company and its ttU5tees as a body. for our audit w'ork, foT thi5 report, or for the opinions we have formed. Landmark Audit Limsied Statutory Auditor Chartertd Accountants Leave5d¢n Park 5 HeTcules Way Watford Hertfordshir¢ WD25 7GS Dale.. 1010512022 Landrnark Alldit Limited is eligible for appointment ds auditor of the charity by virnte of its eligibility for appointment as audttor of a ¢OTnpany under s¢ction 1212 of the Companies Act 21N)6. Pag¢ 13

Spring Impact

Consolidated Statement of Financial Activities for the Year Ended 30 June 2021 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Governance costs
10
Total expenditure
Net (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
23
Total funds carried forward
23		 Unrestricted
funds
£
481,308
788,655
1,269,963
(375,064)
(1,167,890)
(53,112)
(1,596,066)
(326,103)
(326,103)
608,072
281,969		 Restricted
funds
£
778,980
-
778,980
(524,482)
(22,858)
-
(547,340)
231,640
231,640
56,718
288,358		 Total
2021
£
1,260,288
788,655
2,048,943
(899,546)
(1,190,748)
(53,112)
(2,143,406)
(94,463)
(94,463)
664,790
570,327

The notes on pages 21 to 38 form an integral part of these financial statements. Page 14

Spring Impact

Consolidated Statement of Financial Activities for the Year Ended 30 June 2021 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Investment income
5
Other income
6
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Governance costs
10
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
23
Total funds carried forward
23		 Unrestricted
funds
£
8,851
1,139,522
20
702
1,149,095
(137,447)
(736,180)
(60,380)
(934,007)
215,088
215,088
392,984
608,072		 Restricted
funds
£
888,218
-
-
-
888,218
(831,500)
-
-
(831,500)
56,718
56,718
-
56,718		 Total
2020
£
897,069
1,139,522
20
702
2,037,313
(968,947)
(736,180)
(60,380)
(1,765,507)
271,806
271,806
392,984
664,790

All of the group's activities derive from continuing operations during the above two periods. The funds breakdown for 2020 is shown in note 23.

The notes on pages 21 to 38 form an integral part of these financial statements. Page 15

Spring Impact

(Registration number: 08093052) Consolidated Balance Sheet as at 30 June 2021

Note
Fixed assets
Tangible assets
17
Current assets
Debtors
19
Cash at bank and in hand
20
Creditors: Amounts falling
due within one year
21
Net current assets
Net assets
Funds of the group:
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
23		 2021
£
£
7,578
218,843
863,393
1,082,236
(519,487)
562,749
570,327
288,358
281,969
570,327		 2020
£
£
6,799
479,833
893,889
1,373,722
(715,731)
657,991
664,790
56,718
608,072
664,790		 2020
£
£
6,799
479,833
893,889
1,373,722
(715,731)
657,991
664,790
56,718
608,072
664,790
664,790
664,790

For the financial year ending 30 June 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Trustees' responsibilities:

• The members have not required the company to obtain an audit of its accounts for the year question in accordance with section 476. However, an audit is required in accordance with section 151 of the Charities Act 2011; and

• The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to the accounting records and preparing of the accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The notes on pages 21 to 38 form an integral part of these financial statements. Page 16

Sprlng Imp¢t IReglstrailon number: 08093052) ConMlldted LlalaDee Sheet 18 #t 30 June 2021 ThE fir4rKi•l si•tsminLJ On pay 14 ￿ 38 ￿re approved by thr 11118ttti. And au1horil￿I fvr IwJ¢ on 3o/og/2Q.2Z8nd sig1￿d on their heholf by. L Irc¢d Im)a tnLNlce The #rt¢s on pa8es 21 to IN form an tntegrtj part of these fman¢iol statemcnts. Pa8e 17

Spring Impact

(Registration number: 08093052) Balance Sheet as at 30 June 2021

Note
Fixed assets
Tangible assets
17
Investments
18
Current assets
Debtors
19
Cash at bank and in hand
20
Creditors: Amounts falling
due within one year
21
Net current assets
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
23		 2021
£
£
2,337
1
2,338
410,717
307,802
718,519
(330,175)
388,344
390,682
288,358
102,324
390,682		 2020
£
£
4,427
1
4,428
408,070
336,650
744,720
(342,718)
402,002
406,430
103,190
303,240
406,430		 2020
£
£
4,427
1
4,428
408,070
336,650
744,720
(342,718)
402,002
406,430
103,190
303,240
406,430
4,428
402,002
406,430
406,430

For the financial year ending 30 June 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Trustees' responsibilities:

• The members have not required the company to obtain an audit of its accounts for the year question in accordance with section 476. However, an audit is required in accordance with section 151 of the Charities Act 2011; and

• The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to the accounting records and preparing of the accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The notes on pages 21 to 38 form an integral part of these financial statements. Page 18

Sprlng Impact IKeRlstrwtlon number: 1Ifft311521 IJlnce Sheet at JO Jun¢ 2021 Th¢ finqncial ott PU¥L*+ 14 ￿ 38 were 4PPToved by the tswiee6. and 4uihorig•J for iuue on 30/og.12QU and si￿¢d on thtir behalFby' Truyl LFr airniun aDd milite Th¢ notes on 21 to 38 fomi an Jnt¢BrnI pllrt of tthex fIn￿lI1 8Mtements. P88e 19

Spring Impact

Consolidated Statement of Cash Flows for the Year Ended 30 June 2021

Note
Cash flows from operating activities
Net cash (expenditure)/income
Adjustments to cash flows from non-cash items
Depreciation
12
Investment income
5
Loss on disposal of fixed assets held for the group's own use
12
Working capital adjustments
Decrease/(increase) in debtors
19
(Decrease)/increase in creditors
21
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
5
Purchase of tangible fixed assets
17
Sale of tangible fixed assets
Net cash flows from investing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at 1 July
25
Cash and cash equivalents at 30 June
25		 2021
£
(94,463)
5,427
-
858
(88,178)
260,990
(196,244)
(23,432)
-
(7,583)
519
(7,064)
(30,496)
893,889
863,393		 2020
£
271,806
4,719
(20)
-
276,505
(195,355)
414,181
495,331
20
(9,593)
-
(9,573)
485,758
408,131
893,889

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 21 to 38 form an integral part of these financial statements. Page 20

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2021

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is: 4th Floor 100 Fenchurch Street London EC3M 5JD

The principal place of business is: Runway East 10 Finsbury Square London EC2A 1AF

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

Spring Impact 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 notes.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 30 June 2021.

No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a loss after tax for the financial year of £15,748 (2020 - profit of £134,126).

Page 21

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2021

A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the statement of financial activities from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the charity and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

Going concern

The trustees consider that there are no material uncertainties about the group's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the group.

Income and endowments

All income is recognised once the group has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. All income is shown net of value added tax.

Donations and legacies

Donations and gifts are recognised when receivable. In the event that a donation is subject to fulfilling performance conditions before the group is entitled to the funds, the income is deferred and not recognised until it is probable that those conditions will be fulfilled in the reporting period.

Grants receivable

Grants are recognised when the group has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Deferred income

Income received in advance for a future fundraising event or for a grant received relating to the following year are deferred until the criteria for income recognition are met.

Page 22

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2021

Gift aid

Income from Gift Aid tax reclaims is recognised for any donations with relevant Gift Aid certificates recognised in income for the year. Any amounts of Gift Aid not received by the year-end are accounted for in income and accrued income in debtors.

Investment income

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

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff time.

All resources expended are inclusive of irrecoverable VAT.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Irrecoverable VAT

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Page 23

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2021

Tangible fixed assets

Individual fixed assets costing £3,000.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Office equipment

Depreciation method and rate 33% straight line

Fixed asset investments

Investments in subsidiaries are measured at cost less impairment.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 24

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2021

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Foreign exchange

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the group.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Pensions and other post retirement obligations

The group operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Recognition and measurement

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 measured at amortised cost using the effective interest method.

Page 25

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2021

3 Income from donations and legacies

Grants
Donations
Grants
Donations
4
Income from charitable activities
Consultancy
Consultancy
5
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits		 Unrestricted
funds
General
£
257,497
223,811
481,308
Unrestricted
funds
General
£
-
8,851
8,851		 Restricted
funds
£
778,980
-
778,980
Restricted
funds
£
888,218
-
888,218
Unrestricted
funds
General
£
788,655
Unrestricted
funds
General
£
1,139,522
Total
2021
£
-		 Total
2021
£
1,036,477
223,811
1,260,288
Total
2020
£
888,218
8,851
897,069
Total
2021
£
788,655
Total
2020
£
1,139,522
Total
2020
£
20

Page 26

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2021

Interest receivable and similar income;
Interest receivable on bank deposits
6
Other income
License agreement royalties from Community Works
License agreement royalties from Community Works		 Unrestricted
funds
General
£
20
20
Total
2021
£
-
Unrestricted
funds
General
£
702		 Total
2020
£
20
20
Total
2020
£
702
Total
2020
£
702

7 Income

53% (2020 - 54%) of group income arose in the United States of America and 47% (2020 - 46%) arose in the United Kingdom.

8 Expenditure on raising funds

8
Expenditure on raising funds
Costs of generating donations and
legacies
Costs of generating donations and
legacies
Costs of trading activities		 Direct costs
and
depreciation
£
823
Direct costs
and
depreciation
£
6,984
-
6,984		 Direct staff
costs
£
827,007
Direct staff
costs
£
872,394
-
872,394		 Allocated
support costs
£
71,716
Allocated
support costs
£
89,553
16
89,569		 Total
2021
£
899,546
Total
2020
£
968,931
16
968,947

Page 27

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2021

9 Expenditure on charitable activities

Consultancy
Advocacy
Research
Consultancy
Advocacy
Research		 Direct costs
and
depreciation
£
335,087
1,956
127
337,170
Direct costs
and
depreciation
£
157,588
3,556
141
161,285		 Direct staff
costs
£
328,336
16,417
8,209
352,962
Direct staff
costs
£
178,049
12,365
7,418
197,832		 Allocated
support costs
£
465,785
23,197
11,634
500,616
Allocated
support costs
£
339,357
23,566
14,140
377,063		 2021
£
1,129,208
41,570
19,970
1,190,748
2020
£
674,994
39,487
21,699
736,180

In addition to the expenditure analysed above, there are also governance costs of £53,112 (2020 - £60,380) which relate directly to charitable activities. See note 10 for further details.

10 Analysis of governance costs

Governance costs

Staff costs
Wages and salaries
Social security costs
Pension costs
Legal fees
Depreciation, amortisation and other similar costs
Accountancy and audit fees
Allocated support costs		 Unrestricted
funds
General
£
2,245
1,444
415
11,523
18
32,288
5,179
53,112		 Total
2021
£
2,245
1,444
415
11,523
18
32,288
5,179
53,112

Page 28

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2021

Staff costs
Wages and salaries
Social security costs
Pension costs
Trustees costs
Legal fees
Depreciation, amortisation and other similar costs
Accountancy fees
Allocated support costs		 Unrestricted
funds
General
£
1,100
1,070
303
50
8,461
47
44,636
4,713
60,380		 Total
2020
£
1,100
1,070
303
50
8,461
47
44,636
4,713
60,380

11 Analysis of support costs

Support costs

Advertising and marketing
Rent and office expenses
HR and other employment costs
Consulting fees and expenses
Insurance
General IT and admin expenses
Foreign currency (gains)/losses		 2021
£
14,394
89,181
68,362
184,660
37,852
159,806
23,256
577,511		 2020
£
660
55,323
62,757
194,332
25,823
122,536
9,914
471,345

Page 29

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2021

12 Net incoming/outgoing resources

Net (outgoing)/incoming resources for the year include:

Other operating leases
Loss on disposal of fixed assets held for the group's own use
Depreciation of fixed assets		 2021
£
-
858
5,427		 2020
£
510
-
4,719

13 Trustees remuneration and expenses

During the year the group made the following transactions with trustees:

£Nil (2020: £650) of expenses were reimbursed to 1 trustee during the year.

No trustees, nor any persons connected with them, have received any remuneration from the group during the year.

No trustees have received any other benefits from the charity during the year.

14 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2021
£
1,179,303
144,370
41,535
1,365,208		 2020
£
1,135,769
107,044
30,309
1,273,122

The monthly average number of persons (including senior management / leadership team) employed by the group during the year expressed as full time equivalents was as follows:

group during the year expressed as full time equivalents was as follows:
UK employees
US employees		 2021
No
13
9
22		 2020
No
11
8
19

Page 30

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2021

The number of employees whose emoluments fell within the following bands was:

£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£140,001 - £150,000
£170,001 - £180,000		 2021
No
-
-
2
1
-
1		 2020
No
2
2
-
-
1
1

The total employee benefits of the key management personnel of the group were £407,506 (2020 - £362,863).

15 Auditors' remuneration

Audit of the financial statements 2021
£
6,000		 2020
£
4,250

16 Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Page 31

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2021

17 Tangible fixed assets

Group
Cost
At 1 July 2020
Additions
Disposals
At 30 June 2021
Depreciation
At 1 July 2020
Charge for the year
Eliminated on disposals
At 30 June 2021
Net book value
At 30 June 2021
At 30 June 2020
Charity
Cost
At 1 July 2020
Additions
Disposals
At 30 June 2021
Depreciation
At 1 July 2020
Charge for the year
Eliminated on disposals
At 30 June 2021
Net book value
At 30 June 2021
At 30 June 2020		 Office
equipment
£
32,862
7,583
(22,756)
17,689
26,063
5,427
(21,379)
10,111
7,578
6,799
Office
equipment
£
23,761
2,474
(22,756)
3,479
19,334
3,187
(21,379)
1,142
2,337
4,427		 Total
£
32,862
7,583
(22,756)
17,689
26,063
5,427
(21,379)
10,111
7,578
6,799
Total
£
23,761
2,474
(22,756)
3,479
19,334
3,187
(21,379)
1,142
2,337
4,427

Page 32

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2021

18 Fixed asset investments

Charity

Charity
Shares in group undertakings and participating interests
Shares in group undertakings and participating interests
Cost
At 1 July 2020
At 30 June 2021
Net book value
At 30 June 2021
At 30 June 2020		 2021
£
1
Subsidiary
undertakings
£
1		 2020
£
1
Total
£
1
1
1
1
1
1
1

Details of undertakings

Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows:

Country of Proportion of voting rights Proportion of voting rights Principal
Undertaking incorporation Holding and shares held activity
2021 2020
Subsidiary undertakings
The principle
activity of
Spring
Spring Impact (Trading)
Limited		 England and Wales Ordinary 100% 100% Impact
(Trading)
Limited		 is
that
of		 a
dormant
company.

Page 33

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2021

Subsidiaries

The profit for the financial period of Spring Impact (Trading) Limited was £Nil (2020 - £(16)) and the aggregate amount of capital and reserves at the end of the period was £(294) (2020 - £(294)).

Spring Impact Inc:

Spring Impact Incorporated (Spring Impact Inc) has been treated as a subsidiary for the purpose of preparing consolidated accounts. Spring Impact exerts control over Spring Impact Inc through Spring Impact Inc's bylaws which state that Spring Impact is a member of Spring Impact Inc and has powers to nominate or remove Spring Impact Inc's board members.

The results of this charity are summarised as follows:

Total assets as at the year end £650,131 Total liabilities as at the year end £462,408 Total net funds as at the year end £187,723

Turnover for the year £1,085,924 Expenditure for the year £1,155,950 Profit/(Loss) for the year (£70,026)

Page 34

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2021

19 Debtors

Group
2021
£
2020
£
Trade debtors
46,738
126,150
Due from group undertakings
-
-
Prepayments
12,996
15,639
Accrued income
120,299
338,044
Other debtors
38,810
-
218,843
479,833
20 Cash and cash equivalents
Group
2021
£
2020
£
Cash at bank
863,393
892,837
Short-term deposits
-
1,052
863,393
893,889
21 Creditors: amounts falling due within one year
Group
2021
£
2020
£
Bank loans
-
118,052
Trade creditors
53,049
21,718
Other taxation and social security
53,281
21,354
VAT
4,519
10,606
Other creditors
10,576
7,437
Accruals and deferred income
398,062
536,564
519,487
715,731		 Charity
2021
£
2020
£
28,087
23,887
137,864
28,686
12,996
11,729
229,174
343,768
2,596
-
410,717
408,070
Charity
2021
£
2020
£
307,802
336,650
-
-
307,802
336,650
Charity
2021
£
2020
£
-
-
22,405
14,110
40,278
15,253
4,519
10,606
5,645
4,379
257,328
298,370
330,175
342,718		 Charity
2021
£
2020
£
28,087
23,887
137,864
28,686
12,996
11,729
229,174
343,768
2,596
-
410,717
408,070
Charity
2021
£
2020
£
307,802
336,650
-
-
307,802
336,650
Charity
2021
£
2020
£
-
-
22,405
14,110
40,278
15,253
4,519
10,606
5,645
4,379
257,328
298,370
330,175
342,718
342,718

22 Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £41,535 (2020 - £30,309).

Page 35

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2021

23 Funds

Group
Unrestricted funds
General
Restricted funds
Total funds
Unrestricted funds
General
Restricted funds
Total funds
Charity
Unrestricted funds
General
Restricted funds
Total funds
Unrestricted funds
General
Restricted funds
Total funds		 Balance at 1
July 2020
£
608,072
56,718
664,790
Balance at 1
July 2019
£
392,984
-
392,984
Balance at 1
July 2020
£
303,240
103,190
406,430
Balance at 1
July 2019
£
272,304
-
272,304		 Incoming
resources
£
1,269,963
778,980
2,048,943
Incoming
resources
£
1,149,095
888,218
2,037,313
Incoming
resources
£
278,648
732,508
1,011,156
Incoming
resources
£
318,963
697,151
1,016,114		 Resources
expended
£
(1,596,066)
(547,340)
(2,143,406)
Resources
expended
£
(934,007)
(831,500)
(1,765,507)
Resources
expended
£
(479,564)
(547,340)
(1,026,904)
Resources
expended
£
(288,027)
(593,961)
(881,988)		 Balance at 30
June 2021
£
281,969
288,358
570,327
Balance at 30
June 2020
£
608,072
56,718
664,790
Balance at 30
June 2021
£
102,324
288,358
390,682
Balance at 30
June 2020
£
303,240
103,190
406,430

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Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2021

24 Analysis of net assets between funds

Group

Tangible fixed assets
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Total net assets
Charity
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
7,578
793,878
(519,487)
281,969
Unrestricted
funds
General
£
6,799
1,211,458
(610,185)
608,072
Unrestricted
funds
General
£
2,337
1
430,161
(330,175)
102,324
Unrestricted
funds
General
£
4,427
1
582,456
(283,644)
303,240		 Restricted
funds
£
-
288,358
-
288,358
Restricted
funds
£
-
162,264
(105,546)
56,718
Restricted
funds
£
-
-
288,358
-
288,358
Restricted
funds
£
-
-
162,264
(59,074)
103,190		 Total funds at
30 June
2021
£
7,578
1,082,236
(519,487)
570,327
Total funds at
30 June
2020
£
6,799
1,373,722
(715,731)
664,790
Total funds at
30 June
2021
£
2,337
1
718,519
(330,175)
390,682
Total funds at
30 June
2020
£
4,427
1
744,720
(342,718)
406,430

Page 37

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2021

25 Analysis of net funds

Group

Group
Cash at bank and in hand
Cash at bank and in hand		 At 1 July 2020
£
893,889
893,889
At 1 July 2019
£
408,131
408,131		 Cash flow
£
(30,496)
(30,496)
Cash flow
£
485,758
485,758		 At 30 June
2021
£
863,393
863,393
At 30 June
2020
£
893,889
893,889

26 Related party transactions

Group

In 2021, a grant of £44,335 (2020: £40,456) was awarded by the Vizas Family Philanthropy Fund to Spring Impact Inc. Kathryn Vizas is a trustee of Sprint Impact Inc.

During the year Norman Boone made a donation of £3,695 (2020: £4,046). Norman Boone is a Trustee and Treasurer of Spring Impact and Spring Impact Inc.

Peter Freedman made a donation of £69,835 (2020:£5,000). Peter Freedman is a Trustee of Spring Impact.

During the year, 1 Trustee received reimbursement expenses totalling £Nil (2020: £650).

During the year, the Chief Executive Officer received reimbursement expenses totalling £10,993 (2020: £Nil).

Page 38