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2022-06-30-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 2022

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 37

Spring Impact

Reference and Administrative Details

Chairman P M L Freedman
Chief Executive Officer M Osman
Trustees N M Boone
P M L Freedman
A M Gbedemah
A Parekh
R Ling
M Osman
Charity Registration Number 1153130
Company Registration Number 08093052
The charity is incorporated in England and Wales.
Registered Office The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
Principal Office Southwark
32 Blackfriars Road
London
SE1 8PB
Auditor 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 2022.

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 (resigned 20 September 2021) P M L Freedman P A Weiss (resigned 20 September 2021) A P Zwane (resigned 13 June 2022) E L Cooper (resigned 20 September 2021) A M Gbedemah A Parekh (appointed 2 September 2021) R Ling (appointed 13 December 2021) M Osman (appointed 17 February 2022) Chairman: P M L Freedman Chief Executive Officer: D Berelowitz (resigned 14 March 2022) M Osman (appointed 17 February 2022)

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 2022. 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).

The following is per the trustees report in the group consolidated financial statements.

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.

Page 2

Spring Impact

Trustees' Report

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.

We think of pathways to scale as different ways in which you can scale your impact - by either scaling solutions and achieving widespread delivery of products, services and practices, or changing systems, culture and society.

Examples of pathways include:

Our methodology - a combination of successful and proven commercial and social principles, methods and approaches - supports our partners whenever they are on the journey to impact at scale. We break this down into 3 stages:

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.

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

Consultancy: We deliver consultancy, supporting our clients on their own journey to creating impact at scale. This includes supporting clients to build ambitious scale strategies, develop and validate solutions that have true potential to achieve impact at scale and designing and testing the models required to realise these ambitions. Where clients have already reached scale, we help them review their operations and existing network to consider how it can be strengthened to support their goals. This consultancy is delivered through workshops, field visits, staff meetings and reports and financial model development.

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 Leaders of Scale training course, Getting Scale Ready, as well as shorter training courses we are developing for organisations earlier in their thinking about scale.

Cohort-based programmes: We run programmes supporting a range of organisations to solve problems at scale. Our programmes are delivered in partnership with funders who are seeking to solve a specific problem at scale and/or provide more effective scale support to the sector. Our programmes combine consultancy, training, and cohort-based work to bring people together to solve problems at scale.

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

ACHIEVEMENTS AND PERFORMANCE OVERALL

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 6,000 times.

Despite challenging economic conditions globally we were able to adapt to these challenges and make a surplus this year. 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.

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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 supported seven cohorts of organisations (four through consultancy, three through our ‘Leaders of Scale’ training). 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.

myAgro

myAgro exists to move smallholder farmers out of poverty, through its unique mobile layaway solution that enables farmers to invest in their farms, increase yields and generate surpluses to increase their income. An Audacious Project awardee, myAgro already works with 100,000 farmers in West Africa per year.

In early 2022, Spring Impact partnered with myAgro to develop an operating model capable of realising myAgro's audacious goal of reaching 1 million farmers by 2026. We supported the myAgro team to refine its leadership model, develop critical systems and build a roadmap for implementing the new model.

Scale Strategy and Model Development

Spring Impact delivered a range of projects supporting clients to develop ambitious strategies and models for scaling their impact, including:

• Supporting Chefs in Schools, a UK charity committed to improving nutrition in schools, to scale it's schools programme

PLANNED PARENTHOOD

Spring Impact began a partnership with Planned Parenthood to build, test, and scale equitable reproductive wellness services and movement building solutions nationally, while navigating enormous political pressure in the context of Roe vs Wade being overturned in the United States. Spring Impact and the Planned Parenthood team developed a Lean Innovation function and operating model to accelerate innovation and scale across the 600+ health clinics nationally.

Page 5

Spring Impact

Trustees' Report

MASTERCARD FOUNDATION

Spring Impact is supporting the Mastercard Foundation Ghana team to enable upwards of three million young Ghanaian women and men to access dignified and fulfilling work by 2030. In partnership with local organizations, Spring Impact and the Mastercard Team created an inclusive fund that nurtures atypical actors to develop and scale innovative solutions that increase employment in dignified and fulfilling work. Spring Impact also supported the Foundation to de-risk key investment decisions including solution scouts, partnership structure, and quality assurance.

FINANCIAL REVIEW

a. Financial Risk Management Objectives and Policies

The Charity's consolidated income for the year was £2,833,372, an increase of 38% on the prior year. The consolidated surplus for the period was £191,170 against deficit of £94,463 in the prior year. This reflected our growth in income generation and the continued internal investments made 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 £1,865,899 of grants and donations, and £967,470, of contract income for our work on social impact 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:

• Loss of key staff. Mitigation measures include: the remuneration policy noted below, systemising our internal processes and our approach to delivering client assignments, regularly reviewing our resource requirements, annually measuring staff engagement and taking measures to address the outcome of staff engagement surveys

• Health and safety incidents as staff travel on field visits. Mitigation measures include: refresh of our travel policy, staff implementing the policy for all work travel including completion of a risk assessment as needed, staff training.

• Failure to meet legal, employment and tax requirements, or maintain appropriate insurances. Mitigation measures include: continuing to engage specialist legal and HR advice, appropriate legal registrations in places we work, regularly reviewing risks with the Board.

• Financial sustainability. Mitigation measures include: continuous monitoring of our financial position, our reserves policy noted below, dedicated resources to pursue business development and funded programmes, market research and outreach activities.

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

Page 6

Spring Impact

Trustees' Report

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.

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. Constitution

The Charity is registered as a charitable company limited by guarantee number 1153130 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.

Page 7

Spring Impact

Trustees' Report

• 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.

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

Trustees' Report

Statement of trustees' responsibilities

The trustees (who are also the directors of Spring Impact for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the parent charitable company and the group and of the incoming resources and application of resources, including its income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

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

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

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditor

The auditors Landmark Audit Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:30 Apr 2023

Peter Freedman (Apr 30, 2023, 9:27am)

......................................... P M L Freedman Chairman and trustee

Page 9

Spring Impact

Independent Auditor's Report to the Trustees 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 2022, 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 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 Trustees of Spring Impact

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require 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

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 Trustees 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:

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's Report to the Trustees of Spring Impact

Use of our report

This report is made solely to the charitable parent company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the group's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable parent company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Thomas (Apr 30, 2023, 11:08am)

...................................... Landmark Audit Limited Statutory Auditor Chartered Accountants Leavesden Park 5 Hercules Way Watford Hertfordshire WD25 7GS

30 Apr 2023

Date:.............................

Landmark Audit Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 13

Spring Impact

Consolidated Statement of Financial Activities for the Year Ended 30 June 2022 (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
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Governance costs
9
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
22
Total funds carried forward
22		 Unrestricted
funds
£
883,648
967,470
3
1,851,121
(169,544)
(1,416,289)
(74,118)
(1,659,951)
191,170
191,170
281,969
473,139		 Restricted
funds
£
982,251
-
-
982,251
(977,821)
(4,430)
-
(982,251)
-
-
288,358
288,358		 Total
2022
£
1,865,899
967,470
3
2,833,372
(1,147,365)
(1,420,719)
(74,118)
(2,642,202)
191,170
191,170
570,327
761,497

The notes on pages 21 to 37 form an integral part of these financial statements. Page 14

Spring Impact

Consolidated Statement of Financial Activities for the Year Ended 30 June 2022 (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
7
Charitable activities
8
Governance costs
9
Total expenditure
Net (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
22
Total funds carried forward
22		 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

All of the group's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 22.

The notes on pages 21 to 37 form an integral part of these financial statements. Page 15

Spring Impact

(Registration number: 08093052) Consolidated Balance Sheet as at 30 June 2022

Note
Fixed assets
Tangible assets
16
Current assets
Debtors
18
Cash at bank and in hand
19
Creditors: Amounts falling
due within one year
20
Net current assets
Net assets
Funds of the group:
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
22		 2022
£
£
12,718
467,674
1,559,894
2,027,568
(1,278,789)
748,779
761,497
288,358
473,139
761,497		 2021
£
£
7,578
218,843
863,393
1,082,236
(519,487)
562,749
570,327
288,358
281,969
570,327		 2021
£
£
7,578
218,843
863,393
1,082,236
(519,487)
562,749
570,327
288,358
281,969
570,327
570,327
570,327

For the financial year ending 30 June 2022 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 37 form an integral part of these financial statements. Page 16

Spring Impact

(Registration number: 08093052) Consolidated Balance Sheet as at 30 June 2022

The financial statements on pages 14 to 37 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:30 Apr 2023

~~.........................................~~ Norman Boone (Apr 29, 2023, 7:12pm) N M Boone Trustee

Peter Freedman (Apr 30, 2023, 9:27am) ......................................... P M L Freedman Chairman and trustee

The notes on pages 21 to 37 form an integral part of these financial statements. Page 17

Spring Impact

(Registration number: 08093052) Balance Sheet as at 30 June 2022

Note
Fixed assets
Tangible assets
16
Investments
17
Current assets
Debtors
18
Cash at bank and in hand
19
Creditors: Amounts falling
due within one year
20
Net current assets
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
22		 2022
£
£
9,898
1
9,899
466,570
448,919
915,489
(344,852)
570,637
580,536
288,358
292,178
580,536		 2021
£
£
2,337
1
2,338
410,717
307,802
718,519
(330,175)
388,344
390,682
288,358
102,324
390,682		 2021
£
£
2,337
1
2,338
410,717
307,802
718,519
(330,175)
388,344
390,682
288,358
102,324
390,682
2,338
388,344
390,682
390,682

For the financial year ending 30 June 2022 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 144 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 37 form an integral part of these financial statements. Page 18

Spring Impact

(Registration number: 08093052) Balance Sheet as at 30 June 2022

The financial statements on pages 14 to 37 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:30 Apr 2023

~~.........................................~~ Norman Boone (Apr 29, 2023, 7:12pm) N M Boone Trustee

Peter Freedman (Apr 30, 2023, 9:27am) ......................................... P M L Freedman Chairman and trustee

The notes on pages 21 to 37 form an integral part of these financial statements. Page 19

Spring Impact

Consolidated Statement of Cash Flows for the Year Ended 30 June 2022

Consolidated Statement of Cash Flows for the Year Ended 30 June 2022
Note
Cash flows from operating activities
Net cash income/(expenditure)
Adjustments to cash flows from non-cash items
Depreciation
11
Investment income
5
Loss on disposal of fixed assets held for the group's own use
11
Working capital adjustments
(Increase)/decrease in debtors
18
Increase/(decrease) in creditors
20
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
5
Purchase of tangible fixed assets
16
Sale of tangible fixed assets
Net cash flows from investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 July
24
Cash and cash equivalents at 30 June
24		 2022
£
191,170
5,015
(3)
337
196,519
(248,831)
759,302
706,990
3
(11,335)
843
(10,489)
696,501
863,393
1,559,894		 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

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

The notes on pages 21 to 37 form an integral part of these financial statements. Page 20

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2022

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: The Old Rectory Church Street Weybridge Surrey KT13 8DE The principal place of business is: Southwark 32 Blackfriars Road London SE1 8PB

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 2022.

No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a surplus after tax for the financial year of £189,854 (2021 - deficit of £15,748).

Page 21

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2022

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 2022

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 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 2022

Tangible fixed assets

Individual fixed assets costing £700 or more are initially recorded at cost.

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 50% 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.

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.

Page 24

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2022

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.

3 Income from donations and legacies

3
Income from donations and legacies
Grants
Donations
Grants
Donations		 Unrestricted
funds
General
£
766,633
117,015
883,648
Unrestricted
funds
General
£
257,497
223,811
481,308		 Restricted
funds
£
594,403
387,848
982,251
Restricted
funds
£
778,980
-
778,980		 Total
2022
£
1,361,036
504,863
1,865,899
Total
2021
£
1,036,477
223,811
1,260,288

Page 25

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2022

4 Income from charitable activities

4
Income from charitable activities
Consultancy
Consultancy
5
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits
Interest receivable and similar income;
Interest receivable on bank deposits		 Unrestricted
funds
General
£
967,470
Unrestricted
funds
General
£
788,655
Total
2022
£
3
Unrestricted
funds
General
£
3		 Total
2022
£
967,470
Total
2021
£
788,655
Total
2021
£
-
Total
2022
£
3

6 Income

48% (2021 - 53%) of group income arose in the United States of America and 52% (2021 - 47%) arose in the United Kingdom.

7 Expenditure on raising funds

7
Expenditure on raising funds
Costs of generating donations and
legacies
Costs of generating donations and
legacies		 Direct costs
and
depreciation
£
715
Direct costs
and
depreciation
£
823		 Direct staff
costs
£
1,063,757
Direct staff
costs
£
827,007		 Allocated
support costs
£
82,893
Allocated
support costs
£
71,716		 Total
2022
£
1,147,365
Total
2021
£
899,546

Page 26

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2022

8 Expenditure on charitable activities

Consultancy
Advocacy
Training and scale projects
Consultancy
Advocacy
Training and scale projects		 Direct costs
and
depreciation
£
438,649
807
109
439,565
Direct costs
and
depreciation
£
335,087
1,956
127
337,170		 Direct staff
costs
£
402,466
14,728
7,365
424,559
Direct staff
costs
£
328,336
16,417
8,209
352,962		 Allocated
support costs
£
518,335
25,507
12,753
556,595
Allocated
support costs
£
465,785
23,197
11,634
500,616		 2022
£
1,359,450
41,042
20,227
1,420,719
2021
£
1,129,208
41,570
19,970
1,190,748

In addition to the expenditure analysed above, there are also governance costs of £74,118 (2021 - £53,112) which relate directly to charitable activities. See note 9 for further details.

9 Analysis of governance costs

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
£
2,745
1,679
512
17,610
55
45,601
5,916
74,118		 Total
2022
£
2,745
1,679
512
17,610
55
45,601
5,916
74,118

Page 27

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2022

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
10 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		 Unrestricted
funds
General
£
2,245
1,444
415
11,523
18
32,288
5,179
53,112
2022
£
42,193
74,608
109,720
44,035
58,819
332,378
(16,349)
645,404		 Total
2021
£
2,245
1,444
415
11,523
18
32,288
5,179
53,112
2021
£
14,394
89,181
68,362
184,660
37,852
188,778
23,256
606,483

11 Net incoming/outgoing resources

Net incoming/(outgoing) resources for the year include:
Loss on disposal of fixed assets held for the group's own use
Depreciation of fixed assets		 2022
£
337
5,015		 2021
£
858
5,427

Page 28

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2022

12 Trustees remuneration and expenses

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

M Osman

M Osman received remuneration of £45,833 (2021: £Nil) and £2,973 (2021: £Nil) of expenses were reimbursed to 1 trustee M Osman during the year.

M Osman received remuneration for duties performed in the capacity of Chief Executive.

Trustee remuneration was paid in accordance with the charity's governing document.

At the balance sheet date the amount due from M Osman was £4,773 (2021: £Nil).

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

13 Staff costs

The aggregate payroll costs were as follows:

13 Staff costs
The aggregate payroll costs were as follows:
Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2022
£
1,317,539
167,925
51,223
1,536,687		 2021
£
1,179,303
144,370
41,535
1,365,208

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		 2022
No
16
7
23		 2021
No
13
9
22

Page 29

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2022

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
£100,001 - £110,000
£120,001 - £130,000
£170,001 - £180,000		 2022
No
2
2
1
-
1
1
1		 2021
No
-
-
2
1
-
-
1

The total employee benefits of the key management personnel of the group were £616,107 (2021 - £407,506).

14 Auditors' remuneration

Audit of the financial statements 2022
£
8,000		 2021
£
6,000

15 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 30

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2022

16 Tangible fixed assets

Group
Cost
At 1 July 2021
Additions
Disposals
At 30 June 2022
Depreciation
At 1 July 2021
Charge for the year
Eliminated on disposals
At 30 June 2022
Net book value
At 30 June 2022
At 30 June 2021
Charity
Cost
At 1 July 2021
Additions
At 30 June 2022
Depreciation
At 1 July 2021
Charge for the year
At 30 June 2022
Net book value
At 30 June 2022
At 30 June 2021		 Office
equipment
£
17,689
11,335
(2,189)
26,835
10,111
5,015
(1,009)
14,117
12,718
7,578
Office
equipment
£
3,479
11,335
14,814
1,142
3,774
4,916
9,898
2,337		 Total
£
17,689
11,335
(2,189)
26,835
10,111
5,015
(1,009)
14,117
12,718
7,578
Total
£
3,479
11,335
14,814
1,142
3,774
4,916
9,898
2,337

Page 31

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2022

17 Fixed asset investments

Charity

Charity
Shares in group undertakings and participating interests
Shares in group undertakings and participating interests
Cost
At 1 July 2021
At 30 June 2022
Net book value
At 30 June 2022
At 30 June 2021		 2022
£
1
Subsidiary
undertakings
£
1		 2021
£
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:

capital are as follows:
Country of Proportion of voting rights Principal
Undertaking incorporation Holding and shares held activity
2022 2021
Subsidiary undertakings
The principle
activity of
Spring
Spring Impact (Trading)
Limited		 England and Wales Ordinary 100% 100% Impact
(Trading)
Limited		 is
that of a non
trading
company.

Page 32

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2022

Subsidiaries

The loss for the financial period of Spring Impact (Trading) Limited was £15 (2021 - £Nil) and the aggregate amount of capital and reserves at the end of the period was £(309) (2021 - £(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 £1,468,892 Total liabilities as at the year end £1,287,495 Total net funds as at the year end £181,397

Turnover for the year £1,366,872 Expenditure for the year £1,365,415 Profit/(Loss) for the year £1,457

18 Debtors

18 Debtors
Trade debtors
Due from group undertakings
Prepayments
Accrued income
VAT recoverable
Other debtors		 Group
2022
£
2021
£
341,595
46,738
-
-
6,664
12,996
106,577
120,299
9,393
-
3,445
38,810
467,674
218,843		 Charity
2022
£
2021
£
52,110
28,087
359,270
137,864
5,222
12,996
37,145
229,174
9,393
-
3,430
2,596
466,570
410,717
410,717

19 Cash and cash equivalents

Cash at bank Group
2022
£
2021
£
1,559,894
863,393		 Charity
2022
£
2021
£
448,919
307,802

Page 33

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2022

20 Creditors: amounts falling due within one year

20 Creditors: amounts falling due within one year
Group
2022
£
2021
£
Trade creditors
51,973
53,049
Other taxation and social security
31,978
53,281
VAT
-
4,519
Other creditors
8,157
10,576
Accruals and deferred income
1,186,681
398,062
1,278,789
519,487
Deferred income
Group
Deferred income at 1 July 2021
Resources deferred in the period
Amounts released from previous periods
Deferred income at year end
Charity
Deferred income at 1 July 2021
Resources deferred in the period
Amounts released from previous periods
Deferred income at year end		 Charity
2022
£
2021
£
30,020
22,405
31,930
40,278
-
4,519
7,293
5,645
275,609
257,328
344,852
330,175
2022
£
2021
£
377,651
510,761
1,132,426
377,651
(377,651)
(510,761)
1,132,426
377,651
2022
£
2021
£
242,932
290,968
253,450
242,932
(242,932)
(290,968)
253,450
242,932
330,175
2021
£
510,761
377,651
(510,761)
377,651
2021
£
290,968
242,932
(290,968)
242,932

21 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 £51,223 (2021 - £41,535).

Page 34

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2022

22 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 2021
£
281,969
288,358
570,327
Balance at 1
July 2020
£
608,072
56,718
664,790
Balance at 1
July 2021
£
102,324
288,358
390,682
Balance at 1
July 2020
£
303,240
103,190
406,430		 Incoming
resources
£
1,851,121
982,251
2,833,372
Incoming
resources
£
1,269,963
778,980
2,048,943
Incoming
resources
£
990,676
520,797
1,511,473
Incoming
resources
£
278,648
732,508
1,011,156		 Resources
expended
£
(1,659,951)
(982,251)
(2,642,202)
Resources
expended
£
(1,596,066)
(547,340)
(2,143,406)
Resources
expended
£
(800,822)
(520,797)
(1,321,619)
Resources
expended
£
(479,564)
(547,340)
(1,026,904)		 Balance at 30
June 2022
£
473,139
288,358
761,497
Balance at 30
June 2021
£
281,969
288,358
570,327
Balance at 30
June 2022
£
292,178
288,358
580,536
Balance at 30
June 2021
£
102,324
288,358
390,682

Page 35

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2022

23 Analysis of net assets between funds

Group

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
£
12,718
1,477,193
(1,016,771)
473,140
Unrestricted
funds
General
£
7,578
793,878
(519,487)
281,969
Unrestricted
funds
General
£
9,898
1
552,202
(269,923)
292,178
Unrestricted
funds
General
£
2,337
1
430,161
(330,175)
102,324		 Restricted
funds
£
-
550,375
(262,018)
288,357
Restricted
funds
£
-
288,358
-
288,358
Restricted
funds
£
-
-
363,287
(74,929)
288,358
Restricted
funds
£
-
-
288,358
-
288,358		 Total funds at
30 June
2022
£
12,718
2,027,568
(1,278,789)
761,497
Total funds at
30 June
2021
£
7,578
1,082,236
(519,487)
570,327
Total funds at
30 June
2022
£
9,898
1
915,489
(344,852)
580,536
Total funds at
30 June
2021
£
2,337
1
718,519
(330,175)
390,682

Page 36

Spring Impact

Notes to the Financial Statements for the Year Ended 30 June 2022

24 Analysis of net funds

Group

Group
Cash at bank and in hand
Cash at bank and in hand		 At 1 July 2021
£
863,393
863,393
At 1 July 2020
£
893,889
893,889		 Cash flow
£
696,501
696,501
Cash flow
£
(30,496)
(30,496)		 At 30 June
2022
£
1,559,894
1,559,894
At 30 June
2021
£
863,393
863,393

25 Related party transactions

Group

During the year the Goldman Sachs Philanthrophy Fund made a donation of £434,859 (2021: £75,796). Donald Porteous is a Trustee of Spring Impact Inc and has a donor-advised account at Goldman Sachs Philanthropy Fund.

During the year Tim Jellison made a donation of £7,549 (2021: £Nil). Tim Jellison is a Trustee of Spring Impact Inc.

During the year a grant of £Nil (2021: £44,335) 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 £Nil (2021: £3,695). Norman Boone is a Trustee and Treasurer of Spring Impact and Spring Impact Inc.

During the year Peter Freedman made a donation of £Nil (2021: £69,835). Peter Freedman is a Trustee of Spring Impact.

During the year the Chief Executive Officer received reimbursement expenses totalling £17,671 (2021: £10,993).

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