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. Page 3 ## **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: - The provision of services, including but not limited to, research, advice and consultancy services - to individuals, charities and/or other organisations. and - The promotion of the replication, systemisation and increased efficiency and reach of successful charitable projects. • 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**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) ConMlld*ted 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 IJ*l*nce 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| Page 36 ## **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