MyBlgCareèr TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Reglstered Charity No: 1153880 Registered Company No: 08559346
MyBigCareer TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 CONTENTS Pag8 Administrative infomiation Trustees, report Independent Examiners Report Statement of financial activities B818nce sheet Notes to the financial statements 9-16
MyBigCareer ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 AUGUST 2024 CHARITY TRUSTEES The Trustees of MyBigCareer (Yhe chariv) are also the directors for the purposes of the Companies Act. They have all served in office throughout the period eXpt where indicated. Trusteas Ms Janine Chandler (appointed 07 January 2020) Mr Peter James (appointed 1 September 2023) Ms Emma Collingwood (appoinled 21 March 2020) Mr Simon Dexter (appointed 21 March 2020) Ms Hayley Equi (appointed 21 March 2020) Ms Marie-Laure Humbert {appointed 14 March 2020) Mr Anupam Pathayapura (appointed 12 March 2020) Mr David Parsons (appointed 12 March 2020) Mr Vincenzo Pizzoni {appointed 23 June 2014) Ms Francesca Dadzie (appointed 3 June 2021) Ms Njideka Offor (appointed 3 June 2021) Company number 08559346 Reglstered charity number 1153880 Reglstered office 7 Bell Yard. London, WC2A 2JR Email address info@mybigcareer.org.uk Webslte vnwi.mybigcareer.org Bankers Ctroperative Bank 14 New Broadway Ealing London W5 2XL Insurance broker JM Glendinning (North East) 1 Park Road Gosforth Business Park Newcastle upon Tyne NE12 8DG
MyBigCareer TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their annual report together with the financial statements of the charity for the year ended 31 August 2024. The financial statements have been prepared in accordance wilh the accounting policies set out in note 1 of the attached financial statements and comply with the charitable company's memorandum and articles of association, applicable laws and the requiremenls of 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 United Kingdom and Republic of Ireland (FRS 102). REFERENCE AND ADMINISTRATIVE INFORMATION The charity is a company limited by guarantee, Incorporated on 6 June 2013 (registration number 08559346) The charity was registered wilh the Charity Commission on 20 September 2013 under charity number 1153880. The Trustees. officers, particulars of professional advisers and address of the charity are as listed on page 3. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is govemed by its Memorandum and Articles of Association. last amended on 10 September 2013. Governlng body The Trustees, who are also directors for the purpose of company legislation, ar8 required under the articles to serve as members of the charitable company. The Trustees in office during the year are listed on page 1. Key management personnel The charity retained the Chief Exècutiv8 Officer. Head of Fundraising. now titl8d Director of Engagement, Volunteer Manager and Programme Manager. The addition of a Partnership Executive was made in March 2024. The small staff team run and operate the charrty on a day to day basis. Rlsk management The Trustees have given consideration to the major risks to which the charity is exposed. The Trustees elected to constitute a risk board, fomied by a sutgroup of the Trustees. The risk board meets and reviews the organisation's risk register on at least a quarterly basis with the participation of the charity's Chief Executive. The findings are then presented on a quarterly basis at the full Trustee Board. Overall, the Trust8e Board is satisfied that systems and produreS have been established in order to manage the identified risks. The current prinapal risks faced by the charity remain unchanged. and include the retention of staff, the use and handling of data, and the ongoing ability to generate sustainable income. These nsks continued to be managed with onboarding of new staff and volunteers, the ongoing development of a CRM system and successful diversification of income streams. AIMS, OBJECTIVES AND ACTIVITIES Charitable objectives The charity's objectives, as set out in the arlicles of association. are to advance young people in life, by providing career guidan and related services to enable them to participate in society as independent, mature. and responsible young people.
MyBigCareer TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Aims and intended impact Within these objects, the charity aims to provide free one-to-one virtual and fa to face careers guidance and real life experiences of the workplace to young people from the most disadvanlaged backgrounds and breakdown barriers to social mobility. Objectives for the year During the year, the Trustees, objectives were to expand the charity's work in both London and the North East and meet all funding requirements. Principal activities of the year MyBigCareer continues to successfully deliver on all key objectives across a wide range of success criteria. The key activities of the year: Supported over 5.300 young people from disadvantsged backgrounds, an increase of in excess of 1,500 from the previous year. Delivered 22 in person Insight days with corporate partners, over double the amount delivered in the previous year. Throughout the academic year. 416 volunteers supported young people, across all of MyBigCareer's programmes. Rolled out the new "Working World Workshop", piloted in 2022-23. across London and North East of England. Supporting 1965 young people. Recruited a new member of the staff team - Partnership Executive. Developed and began the delivery of a 3 year strategy, focusing on four strategic pillars,. (11 creating a spark of inspiration, (2) equipping young people with the skills to be future ready,13) bringing together inspirational people to support young people and (4) creating transformational partnerships. Successfully developed relationships with long tem partners, enabling income to grow in excess of £200k. Revlow of achievements and perfomiance for the year In 2023-24, MyBigCareer worked with a total of 69 schools, working with 5,345 young people. Delivering the existing core programme of 1..1 Career Coaching, Employer Insight Days and Results Day support as well as rolling out the new Working World Workshop across London and the North East of England. The successful appointment of the Programme Manager enabled operations to grow considerably in both London and the North East of England. Assessment ot going concern The Trustees have assessed whether the use of the going concem assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in respect to a period of one year from th6 date of approval of these financial statements. The Trustees of the charity have concluded that there are no material unrtaintieS related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concem. The Trustees are of the opinion that the charity will have sufficient reSoUrS to meet its liabilities as they fall due. PUBLIC BENEFIT AND THE WIDER COMMUNITY The Trustees have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. The charity is committed to ensuring that it is meeting ils main aim and its charitable objectives.
yBigCareer TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 FINANCIAL REVIEW AND RESULTS FOR THE YEAR The charity's main income came from a combination of corporate donations and trusts and foundations, with the remaining from individual donations. Major contributions came from donors including Advent, Aspect Capital, Broadgate Communty Fund, Gilead Sciences, Wiggin LLP, Fitch Group, Ecotone, Portal Trust, Swire and The Potter Foundation. MyBigCareer is incredibly thankfijl for the financial support from these named organisations. and all other supporters not listed. Overall, relationships and support from key contributors remains strong as well as momentum with new contributors. The charity does not own or rent any physical property and its programmes are primarily delivered by volunteers and hence manages to keep its costs low whilst advising an increasing number of young people. As a low-cost organisation with no property commitments. MyBigCareer considers our minimal three-month reserve sufficient. To bring reserves in line with this policy, we made a deliberate decision to reduce them during the year. Alongside this. we invested in an additional staff member to build capacity and support future gr0h. These planned actions resulted in a one-off deficit in this year's accounts. The total income for the year 2023-24 was £208,979 and lotal expenditure was £239.851. These results are summarised on page . Reserves pollcy To provide some security to employees, and to ensure that in the event of the charity being dissolved, we could fulfil our obligations to young people, the reserves policy remains at a minimum of 3 months of running costs at a total of £59,962.75. As previously mentioned the reserves from 2022-23 were redUd to be more in line with this policy, 2023-24 reserves total is £64,455. Fundraising policy The Trustees seek to acquire donations mainly from companies and trusts and foundations. A small number of donations are also received from individuals who usually hear about the work of the charity from the Trustees. The Charity does not work with professional fundraisers and does not put any undue pressure on the public. Any complaints about fundraising would be directed to the Chair of Trustees. FUTURE PLANS 1. Support the same students in 2024-25 to consolidate our long-tenn approach 2. Continue to work with over 5,000 young people in both London and North East of England 3. Develop further our fvnding partnerships to enable raising funds in excess of £250k 4. Recruit, retain and develop in excess of 330 MyBigCareer volunteers 5. Pilot a new programme aiding the development of future skills for MyBigCareer young people
MyBigCareer TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 STATEMENT OF TRUSTEES, RESPONSIBILrriES The Trustees (who are also directors of MyBigCareer 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). Company law requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charitable company and of income and expenditure of the charitable company for that period. In preparing these financial statements. the Trustees are required to: Select suitable accounting policies and then apply them consistently. Observe the methods and principles in 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 United Kingdom and Republic of Ireland (FRS102)' Make judgements and estimates that are reasonable and prudent; State whether applicable United Kingdom Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements,. and Prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charttable company 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 charitable company and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Signed on behalf of the Trustees Janine Chandler (Chair): Date: 215/202
MyBigCareer INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Report to the trustees of - MYBIGCAREER (Charity No: 1153880) Responsibilities and basis of report I report to the trustees on my examination of the accounts of the above charity for the year ended 31 August 2024 As the charity's trustees of the Company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {he 2006 Acl.). Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act"). In arrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b} of the 2011 Act. Independent examinees statement l am qualified to undertake the examination by being a qualified member of Chartered Institute of Management Accountants {CIMA). I have completed my examination. I confim that no material matters have come to my attention in connection with the examination which gives me cause to believe that.. accounting records were not kept in accordance with section 386 of the Companies Act 2006; or the accounts do not accord with those records., or the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.. or the accounts have not been prepared in accordance with the charities SORP (FRSI 02) I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this r8POrt in order to enable a proper understanding of the accounts to be reached. Signed: Date: 1£ |2o£q Name: Helen Savage Relevant Professional qualification or body: CIMA Address.. Newfrsth House. 21 Hyde Street. Winchester. S023 7DR
MyBigCareer STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 AUGUST 2024 Note 2024 Total 2023 Total Unrestricted Restricted INCOME AND EXPENDITURE INCOME FROM: Donations 165.937 43.042 208,979 169,172 Charitable activities Fees receivable Fundraising Total Income 165.937 43,042 208,979 169.172 EXPENDITURE ON: Charitable activities Careers guidance to pupils Fundraising 149,552 27,670 62,629 212,181 27,670 139,712 29,345 Total expondllurè 177.222 62.629 239,851 169,057 Transfers beeen funds Net movement In funds (11,285) (19.587) (30.872) 115 RECONCILIATION OF FUNDS: Total funds brought fonvard 32,740 62,587 95,327 95,212 Total funds carried forward 11 21,455 43,000 64,455 95,327 All the charity's activities derived from continuing operations during the above two financial periods. All gains and losses recognised in the period are included in the above statement of financial activities. The notes fomi part of these financial statements.
MyBigCareer Company Number: 08559346 BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Notes Fixed Assets Tangible Assets 1.254 1,240 CURRENT ASSETS Accrued Income Prepayments Other Debtors Cash at bank and in hand 2.500 1.222 1,107 194,584 1,472 326 160,764 162,562 199,413 CURRENT LIABILITIES Creditors.. amounts falling due within one year (99,361) (105,326) NET CURRENT ASSETS 63,201 94,087 NET ASSETS 64,455 95,327 FUNDS OF THE CHARITY Unrestricted funds Restricted funds 11 11 21.455 43,000 32,740 62.587 TOTAL FUNDS 64,455 95,327 The charitsble company is entilled to exemption from audit under Seclion 477 of the Compani8s Act 2006 for th8 year ended 31 August 2024.The members have not required the company to obtain an audit of its financial Statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006 Th8 trustèes acknowledge their responsibility for (a) ensuring that th8 charitable company keeps a¢¢ounting records that comply with Sactions 386 and 387 of the Companies Act 2006 and (b) preparing financial stalements which give a true and fair view of the state of affairs of th8 charitsble company as at the end of each financial year and of its surplus or deficit for each financlal year in accordance with the reqU1ments of sections 394 and 395 and which otherwise ¢omply wilh the Companies Act 2¢XI6 relating to the financial statements, so far as applicable. to the charitable company. These financial statements have been prepar8d in accordance with the provisions applicable to charitable companies subject to the smal5 companies regiTne. The financial statements were approved and authorised for issue by the trustees and were signed below on its behalf by.. ine Chandler Chalr Dale: 2/5/20 2f
MyBigCareer NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2024 1. STATUTORY INFORMATION MyBigCareer is a company limited by guarantee, registered in England and Wales. It is also a registered charity. 2. ACCOUNTING POLICIES The principal accounting policies adopted. judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below. Basls of preparation These financial statements have been prepared for the year to 31 August 2024 and are presented in sterling and are rounded to the nearest pound. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements. The financial statements have been prepared in accordance wth 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 United Kingdom and Republic of Ireland {FRS 102) (Charities SORP FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The charity constitutes a public benefit entty as defined by FRS 102. Crltical accounting estimates and areas of Judgement Other than the assessment of going concem. the preparation of the financial statements did not requir8 the Trustees to make any significant judgements or estimates. Assessment of golng concern The Trustees have assessed whether the use of the going concem assumption is appropriate in preparing these financial statements. The Trustees have made this assessrnent in respect to a period of one year from the date of approval of these financial statements. The trustees of the charity have concluded that there are no material uncertainties related to events or Conditions that may cast significant doubt on the ability ofthe charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient reSoUrS to meet its liabilities as they fall due. Income recognition Income is recognised in the period in which the charity has entitlement to the income. the amount of income can be measured reliably, and it is probable that the income will be received. Income comprises donats'ons. fees receivable and bank interest.
MyBigCareer NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2024 2 ACCOUNTING POLICIES (continued) Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in th8 reporting period. Income from charitable activities includes fees for services provided. The income is generally recognised in the period to which the fees relate. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. this is normally upon notification of the interest paid or payable by the bank Expenditure recognition and the basis of apportioning costs Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and includes attributable VAT which cannot be recovered. Expenditure comprises the costs of charitable activities induding expenditure on careers guidance to pupils and associated support and govemance costs. Statement of cash flows The financial statements do not include a statement of cash flows because the charity is exempt from the requirement to prepare such a statement under the Charities SORP (FRS 102) Update Bulletin 1. Tanglble Assèts The charity's tangible assets are initially measured at cost and then are depreciated. Computer equipment is depreciated on a straight-line basis at 33.30A. Office equipment is depreciated on a straight- line basis at 33.30/0 Debtors Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They are discounted to the present value of the future ash reIpt where such diOunting is material. Cash at bank and in hand Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. 10
MyBigCareer NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2024 Creditors and provlslons Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event. it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debl. They have been discounted to the present value of the future cash payment where such discounting is material. Fund accounting The unrestricted fund represents funds available for the general charitable purposes of the charily at the discretion of the trustees. Restricted funds represent funds received that have donor specified restrictions on their usage. CHARSTABLE ACTIVITIES Unrestricted Restrl¢ted funds funds 2024 Total funds 2023 Total funds Careers guidance to puplls Staff costs Other costs Governance costs (nole 6) 111,920 35,592 2,040 56,489 6,140 168,409 41,732 2,040 112,393 25,279 2,040 149,552 62,629 212,181 139,712 FUNDRAISING ACTIVITIES Unrestricted Restricted funds funds 2024 Total funds 2023 Total funds Careers guidance to pupils Staff costs Other costs Governance costs (note 6) 27.670 27.670 29,345 27,670 27,670 29.345
MyBigCareer NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2024 PARTICULARS OF EMPLOYEES 2024 2023 No. The average number of persons employed by the charity during the period on a headcount basis was: Administration Project cordInation Band £60,000 to £69,999 2024 2023 The trustees consider that they comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis, receiving no remuneration in respecl of their duties (2024- 2023.. none). During the year there were no out of pocket travelling expenses for trustees. (2024 - 2023: £0 travelling expenses paid to trustees). GOVERNANCE COSTS 2024 2023 Independent examiner's fees 2,040 2,040 2,040 2,040 12
MyBigCareer NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2024 Tangible Fixed Assets 2024 Fixtures, flttings and equipment 2023 Fixtures, flttlngs and equlpment COSTIVALUATION At 1 September 2023 Additions Disposals 2,131 633 777 1,354 At 31 August 2024 2,764 2,131 DEPRECIATION At 1 September 2023 Charge for the year Elimination on disposal 891 619 456 435 At 31 August 2024 1,510 891 NET BOOK VALUE 1.254 1,240 13
MyBigCareer NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2024 DEBTORS 2024 2023 Other debtors 326 1,107 326 1,107 CREDITORS: amounts falllng due wlthln one year 2024 2023 Trade creditors Accruals Other creditors Deferred income (Note 10) 491 2,040 413 96,417 64 2,040 389 102,833 99,361 105,326 10. Deferred Income 2024 2023 Deferred income is based on the Deferred income is based on the time period that the donation relates. time period that the donation relates. This is instructed by the donor at the This is instructed by Ihe donor at the time the donation is given time the donation is given Movement in deferred income account 2024 2023 Balance at the start of the reporting period Amounts added in current period Amounts released to income from previous periods 102,833 96,417 102.833 67,275 102,833 67,275 Balance at the end of the reporting period 96,417 102,833 14
MyBigCareer NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2024 11. MOVEMENT IN FUNDS At 01.09.2023 Income Expenditure Transfer beeen funds At 31.08.2024 Unrestricted funds General fund 32,740 165,937 177.222 21,455 Restricted funds Charles S French 5,000 5,000 Two Ridings 667 667 Portal Trust 11,667 11,667 SJP Foundation 3.587 2,917 6.504 Goldman Sachs 2,250 2.250 The Grocers Charity 5.000 5.000 Country Durham 3.750 3.750 Connect, Inspire & Make change 43,000 43,000 London Community Fund 20,000 20.000 Sir Robert McAlpine 2,500 2.500 LB Hackney 2,500 2,500 UCL Academy 1,000 1,000 DWF 1,041 1,041 William Leech 750 750 Total 95.327 208.979 239,851 64,455
MyBigCareer NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2024 12. MEMBERS. LIABILITY The charity is limited by guarantee and therefore has no share capital. The liability of the members in the event of a winding up is £1 each. No one member has overall control of the charity. 13. TAXATION My8igCareer is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. 14. RELATED PARTY DISCLOSURES There have been no related party transactions for the year ended 31 August 2024 16