Yes Futures al Report 2022
Foreword
As Yes Futures approaches its 10-year anniversary I am proud to reflect upon its journey from something which once existed as just an idea in my head, into a fullyfledged charity driven forward by so many more individuals and truly existing in its own right.
In 2022, this shift happened completely, as I stepped away from my Chief Executive role for a year of maternity leave. It was a hugely positive experience for both myself and the charity and has led to some fabulous changes - not least, our new branding (I hope you like it!). Sophie Bartlett, our outgoing Director of Impact, took over the reins during the past year and did an incredible job of navigating Yes Futures through a year of growth. A huge thank you to her and our donors and partners, who have continued to provide vital support, enabling us to thrive and overcome challenges along the way.
In 2022 we empowered 562 young people to believe in themselves, our highest number to date. Our volunteer Coach community continues to grow in number and talent, and we welcomed over 150 Coaches to our programmes. We launched a series of free mental health resources for schools, which reached over 1,500 teachers. And we were named one of the Top 100 UK Social Enterprises in NatWest’s SE100. These are just the tip of the iceberg of the many achievements of which I feel very proud.
This would not have been possible without a high-performing team and I am grateful for all their hard work. Our team is always evolving, and we bade farewell this year to some colleagues who have taken new and exciting steps in their careers. I particularly want to mention Sophie Bartlett whose skills and hard work have been at the heart of our growth over the years and who was a brilliant Acting Chief Executive. With change comes opportunity and we have also welcomed some fantastic new colleagues to the team during 2022.
The year ahead will see us embed an improved programme design, gain further financial stability and develop deeper partnerships, all of which will drive forward more impact for more young people who need our support. Thanks to the wonderful guidance of our Board and the energy and engagement of our volunteers and partners, I am confident that we have another year of success in 2023.
Sarah Sewell, Chief Executive
Statement from Chair of Trustees: Andrew Thraves
I am extremely proud of the progress we have made over the past year. 2022 was a difficult year for many organisations across all sectors, due to ongoing economic uncertainty caused by the after-effects of the pandemic, political instability at home and conflict in Europe. In the face of these challenges, Yes Futures has performed well, reaching more young people than ever, increasing our turnover, and delivering consistently high-quality work.
The challenging context has prompted us to invest time and effort in reviewing and updating our operating model. This involved a lot of hard work, and I’d like personally to thank the trustees and all the team at Yes Futures for approaching it with an open mind and positive attitude. I am pleased to say that we have significantly improved our operational efficiency, reduced our costs and made our pricing model more financially sustainable. This puts us in an even better position to support more young people in the years ahead.
Looking forward, I’m optimistic about the future. Even so, there will continue to be challenges ahead that we will need to face and questions that we will need to answer. These include: the best way to expand our programmes to reach more young people; our approach to partner with multi-academy trusts; and how we make the most of the new educational policies focused on young people who require more support, which will be launched by government in 2023.
The trustees believe that Yes Futures’ long-term strategy, which we keep under regular review, combined with the hard work and dedication of our staff, the ongoing backing from our funders, and the support of our schools, will enable us to meet those challenges and achieve our goals in 2023 and beyond.
Yes Futures will continue to focus on reaching and having a positive impact on as many young people as possible.
Thank you for your ongoing support, and with Sarah, I look forward to updating you on our progress across the coming year.
Andrew Thraves, Chair of Trustees
Yes Futures | Annual Report 2022 p3
About Yes Futures
Yes Futures is a multi-award winning charity, established in 2012. We empower young people to make ambitious choices and realise their potential through developing their confidence, resilience and skills, leading to success both in and out of the classroom.
Our successful Finding Futures (for students aged 9-11 in primary schools) and Rising Futures (for students aged 11-16 in secondary schools) programmes have made a proven difference to the lives of nearly 3,000 young people and we are steadily growing to more schools each year.
These programmes are unique, high-impact and equip young people with the confidence and skills needed for further education, training and employment. We provide this targeted support to the most disadvantaged students in our partner schools. These students are selected by their teachers and are predominantly students on Free School Meals, Looked after Children, those with Special Educational Needs and those for whom English is an additional Language. Most of the students we work with are eligible for Pupil Premium government funding which is provided to schools to spend on interventions for these students.
In 2022, our programmes used the following steps to build self-belief in young people, over a period of 12 months:
Personalised Coaching : Dedicated Yes Futures Coaches supported students, coaching them either individually or in small groups to develop confidence, resilience, communication and self-awareness, through a structured personal development framework.
Play Your Part : Students were immersed in community action for a day. Through volunteering the students realised the benefits of giving back to their communities, fostering strengthened relationships with those around them.
World of Work : Young people visited an inspirational workplace and networked with professionals. This raised students’ aspirations for their future, improved their knowledge of working life and developed key employability skills.
Into the Wild : Our three-day outdoor education experience provided a more challenging environment which pushed students to face their fears and build relationships with other students, becoming more confident in their own abilities.
Yes Futures | Annual Report 2022 p4
Our impact
In 2022, 562 young people graduated from our programmes. This is the highest ever level of delivery for us and we are delighted that our work has returned to growth after the disruption of the Covid pandemic. The primary way we measure our impact is by monitoring the progress students make in four key skill areas, which we call the Yes Futures 'Talents': Confidence, Resilience, Communication and Self-Awareness.
I have mainly developed in confidence and resilience. Rising Futures has meant so much to me and gave me a way to look at life with a new perspective and make goals to achieve more and be happy with my life. Girl, Baylis Court School
of students improved in at least 92% one Talent area of students feel more prepared for the future 77% of students have increased their 70% confidence of students feel they have skills which are 81% valuable to other people.
I feel like I can open up to people like my parents and my teachers more than I would have been before I joined Finding Futures
Girl, Loudwater Primary School
I know how to organise myself a lot more and realise that my future has an endless amount of options just waiting for me to explore and I know that I can achieve anything I put my mind to.
Boy, Herschel Grammar School
It was a great time, fun, interesting and really boosted my confidence while inspiring me. Boy, St Paul's Academy
I would like to say thank you for everything. I will have a lot of my future to thank you for as I may be a completely different person if I hadn't done this and met all of the lovely coaches and people.
Girl, John F Kennedy Catholic School
Yes Futures | Annual Report 2022 p5
Schools, Teachers and Parents
Yes Futures is privileged to work alongside so many dedicated and inspirational teachers and education professionals. Of those who responded to our surveys about the programme in 2022:
100%
agreed the programme made a positive difference to their students
agreed the programme helped students become more prepared for the future
agreed the programme helped students become more motivated to achieve
We are delighted with these extremely positive results.
Thank you for such an engaging and well organised programme. It has really had a positive impact on our pupils in terms of developing their self-awareness, resilience and confidence.
Mr Butler, Assistant Head, Passmores Academy
Engaging with the parents of the young people on our programmes throughout their Yes Futures journey is central to the success of our programmes and we are proud of the feedback we have received from parents.
Lucas is so proud of himself. It has given him confidence that he can do things like other children.
Parent/Carer, Goldsworth Primary School Student
Georgia-Ranee is more resilient when doing homework, especially maths. She is more reflective and constructive, taking advice.
Parent/Carer, Goldsworth Primary School Student
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Resources for teachers
Creating Space
In March 2022 we ran our Creating Space programmme in Partnership with Animas. 30 teachers each received six 50-minute one-to-one coaching sessions with a dedicated Animas Coach. In doing so, teachers were supported to bring the best version of themselves to their classrooms.
As a Primary Educator and leader amidst the aftermath of the pandemic, Creating Space couldn't have come at a better time. It was great to see Animas and Yes Futures collaborate and recognise that educators needed to prioritise their wellbeing. While working hard with the students, their families, colleagues and the school community, it was nice to have a one-to-one Coach who provided a space for reflection and discussion.
Claudia Mills, Creating Space Participant
M ental health resources campaign
In February 2022 we launched a campaign, providing free mental health resources to teachers. Over 2,500 teachers have downloaded our free resources and 1,500 teachers have downloaded our mental health resources. We collected feedback on these resources from our newsletter community.
72%
of respondents of respondents of respondents shared the said they’d like to would receive resources with recommend the something their school 94% similar in the 86% resources to a community future colleague
Teachers said they’d shared the resources during circle time, on staffroom wellbeing boards and in their weekly teaching and learning briefings. We also surveyed teachers on the biggest contributors to wellbeing challenges: 53% of teachers mentioned workload, 22% Covid, 11% student behaviour and 3% Ofsted.
Yes Futures | Annual Report 2022 p7
Thank you to all our supporters in 2022
All that we have achieved this year would not have been possible without the support of our volunteers, funders and partner organisations.
W orkplace partners
A key aspect of our programmes is our World of Work Days, which involve taking students out of school to visit an inspirational workplace. 2022 saw a record number of World of Work days across a range of employment sectors including, law, media and advertising, financial investment and wealth management. These days provide invaluable motivation to the young people on our programmes and will remain with them as formative experiences as they progress into adulthood and into careers of their own. A huge thank you to all of our World of Work partners.
Coaches
2022 has been a fantastic year for welcoming new and repeat Coaches onto our programmes. This year we’ve trained and facilitated over 150 Coaches, more than ever before. Our Coaches are central to the impact of our programmes, and we are grateful to our coaching partners including ICF, Animas and the Moe Foundation for supporting us to recruit some of the best Coaches out there to work with the young people on our programmes. We have taken account of the excellent feedback that we receive from Coaches at the end of each cycle of programmes and have taken the decision to streamline our training, making it more accessible for more Coaches.
I cannot tell you how rewarding it feels to be part of the students' personal journeys, to see how far they have come, hear the positivity and sense of real pride in their voices when they describe the improvements they have made thanks to the goals they set themselves, to witness their growth and see how much taller they sit/stand and how they feel motivated and enthusiastic to continue to use the tools they have learned!
Virginie Frezel, Yes Futures Coach
Yes Futures | Annual Report 2022 p8
Thank you to our funders
We are especially grateful to our funders, both existing and new funders. Their generous support enabled us to expand our reach to disadvantaged young people during 2022, and to proactively plan for future expansion.
CMC Markets has continued to support us to develop our reach by funding growth of our student programmes in Greater London. Grants were also received from Charles French Charitable Trust and the Dulverton Trust towards delivery of our programmes in Kent and Essex. We received support from the Hedley Foundation towards our day trips for students. We were delighted to get grants from the Betsy Foundation, the Progress Foundation, the Gosling Foundation and the Hedley Foundation towards delivery of our programmes.
We were particularly glad to welcome more corporate supporters during 2022. Alongside CMC markets, who have supported us for the third year in a row, we were delighted to receive financial support from Havas and the London Stock Exchange Group.
Yes Futures | Annual Report 2022 p9
Where next?
Utlimately we aim to create a cultural shift: where non-academic skills such as communication and self-awareness are developed with the same focus as academic skills, enabling all students to be successful both at school and beyond.
Over the next few years we are aiming for steady growth of our delivery across London and the South East. We know that our programmes have a high impact on disadvantaged young people, so we will also be considering the best way to expand our delivery to reach more schools and a wider geographical area.
Continuous improvement is always important at Yes Futures and 2023 will be no different. During 2023 we plan to finalise and implement some improvements to our programmes, to help deepen our impact and also make our programme model more scalable. We plan to launch the redesigned programmes in our March 2023 cohorts, and expect these to reach over 690 young people across the March and September cohorts.
We have been delighted to hear reports from schools about the positive impact that our programmes have had on improving attendance and behaviour among students on our programmes. We’re looking forward to building our evaluation and measurement further in 2023, to better capture the range of positive impacts of our programmes.
Over the coming years we also plan to deepen our corporate partnerships. We are delighted to work with several companies in a range of ways, such as hosting World of Work trips, supporting their staff to volunteer as Coaches on our programmes, or supporting our work financially. We look forward to expanding the number of companies we work with, and deepening our existing relationships.
Financial Review
Yes Futures operates a self-sustaining financial model, aiming to secure the bulk of our income from sale of our programmes to schools. During the Covid pandemic in 2020-21 we saw a drop in earned income due to disruption and school closures. However 2022 saw a recovery of earned income which was at our highest ever level. Overall turnover also increased, exceeding £500,000 for the first time.
We continue to view self-sustainability as a key goal, and over the next few years aim to further increase the proportion of earned income. Alongside this, we are grateful for support from donors and grant funders which enables us to be responsive in the midst of an uncertain environment, and to be proactive about developing our services. We were pleased to receive grants from seven new grant funders during 2022, as well as donations from three new corporate partners.
During 2022 we made an in-year deficit, as we spent up restricted funding that had been received in the previous year for the delivery of our programmes. We were pleased to increase our unrestricted reserves by the year-end, and we aim to continue growing our unrestricted reserves in future years. We are continuing to benefit from the loan we received in 2021 under the government’s Coronavirus Business Interruption Scheme, which has enabled us to emerge from the pandemic in a position of growth.
To support future sustainability, we took steps during 2022 to reduce our cost base, reducing some overheads and adapting our programme delivery model. We also increased the price of our programmes, to help bring the cost of delivery closer to the fee income we receive from schools. We have been pleased that these changes have been supported by our partner schools, which gives us confidence in our plans for further growth in the coming years.
Yes Futures | Annual Report 2022 p11
Financial position at 31 December 2022
At 31 December 2022 we had £21,729 of unrestricted funds and £50,935 of restricted funds (which are ring-fenced for delivery of our programmes).
Reserves policy
Yes Futures aims to be a financially sustainable organisation which is able to grow its work and reach more young people. We hold reserves for several purposes: to deliver commitments to current beneficiaries; to be resilient in case of unexpected financial downturn; to invest in growing our reach to more young people; and to invest in quality improvement of our programme and organisation.
At the end of 2022 we had a small but growing unrestricted reserve, plus additional restricted reserves (which are for service delivery in the coming period), and a good level of cash to support cashflow going forwards. Over the next few years, we aim to build unrestricted reserves to the equivalent of between 3 and 6 months’ costs. The trustees are conscious of the importance of maintaining sufficient reserves, alongside the need to invest to grow our social impact.
Yes Futures | Annual Report 2022 p12
Reference and Administrative Details
Charity name Yes Futures Registered charity number 1155082 Type of governing document Constitution How the charity is constituted Charitable Incorporated Organisation Trustee selection methods
New trustees are appointed by the existing trustees following an openly advertised, recruitment and interview process.
Charity's principal address 3Space, International House, Brixton, London, SW9 7QE Charity’s registered address 3Space, International House, Brixton, London, SW9 7QE
The Trustees
Andrew Thraves Holly Piper Jessica Badley Anas Hassan (resigned 2 February 2023) Emily Ramji Laurie Cuthbert
Chief Executive
Objectives, Activities and Structure
Sarah Sewell (maternity leave til November 2022) Sophie Bartlett (Acting Chief Executive til October 2022)
Our charity’s purposes as set out in the objects contained in the constitution are:
To act as a resource for young people up to the age of 25 living in the UK by providing advice and assistance and organising programmes of physical, educational and other activities as a means of:
Yes Futures | Annual Report 2022 p13
(a) advancing in life and helping young people by developing their confidence, resilience to life challenges, skills, capacities and capabilities to
enable them to participate in society as independent, mature and responsible individuals;
(b) advancing education;
(c) relieving unemployment;
(d) providing recreational and leisure time activity in the interests of social welfare for people living in the area of benefit who have need by reason of their youth, age, infirmity or disability, poverty or social and economic circumstances with a view to improving the conditions of life of such persons.
The trustees have had regard to the guidance issued by the Charity Commission on public benefit.
The trustees delegate day-to-day running of the charity to the Chief Executive and the Leadership Team, within the parameters of the agreed Delegation of Authority.
The trustees have reviewed the activities of the charity and considered the risks to which it is exposed. The trustees have implemented a risk management strategy that includes a regular review of risks, and the establishment of systems and procedures to minimise any potential impact on the charity.
Yes Futures | Annual Report 2022 p14
Statement of Trustees’ Responsibilities
The Charities Act requires the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity.
In preparing those financial statements the Board is required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
-
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements.
The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with regulations made under the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are also responsible for the contents of the Trustees' report, and the responsibility of the Independent Examiner in relation to the Trustees' report is limited to examining the report and ensuring that, on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements.
Declaration
The Trustees declare that they have approved the Trustees’ Report for the year ended 31st December 2022.
Signed on behalf of the Board of Trustees:
Signature
Name
Yes Futures | Annual Report 2022 p15
YES FUTURES INDEpENDEr EXAMINER'S REPORT TO THE TRUSTEES OF YES FUTURES I report to tha tru$tso$ on my exam1nal of tho flnanclal slatomants ol Yo6 Futures (the tharity) for thg y ended 31 December 2022. Rospon•lbllltlv4 and basb gf r•port As the trustges of tha charfty you ar• [ble for the preparation of th• finandal Ststements In accordanco wilh the requirements of the charitArt 2011 Ith¥ 2011 Aci). I rert In respect of my exafflination of the charivs finanoal ststomènts ¢arri undar s•ction 145 of the 2011 Act. In carying out my examination I have foll(ywed all the 8ppli¢abb Diroctions given by tho Charity Commission under aection 145(5llb} of the 2011 Act Ind•p•nd•nt •MmlMrf• •t•t•m•nt Slnca tha charity's gross incomo eXC88dad £250,CKJO your examin8r must b8 a fflember of a body 11sled In 8e¢lion 145 of 2011 Act. I nfim7 that l am qualfflad to und8rtake tha exomination bacau88 l am a m8mb8r of the A$8ttlaUon ol ch8rt0 C8rtIfi Accountants. whlch Is one of the Ilsled bc#Jles. YoLf attenlon 18 drawn to tho fact that th& has prwrnd lInar1 tst8tsm8nts In acccrtdanca A¢eounllng and Repthng by Charfuas preparfng th8lr aceounts In accordance with th8 Flnandal Reporung Standard applicable in the UK and RepublK of Ireland IFRS 1021 tn prnf¥ren¢¢ lo tha Accounting and Reporting by Charkles: Statement of Recornmended Practice 158ued on 1 +lprfl 2005 vA)1th 18 referred lo In th& extant ropulallons but has now bggn wlthdrawn. l uThaer8tand that Ihls has b&en doM In order for ffirw)c4al 8tat•monts to prOde a tr and fak vW In aCrdance th Generally Accepted Accounung Pracce effedive for repsung perfiods boglnnlng on or after 1 January 2015. I havo completed my 8xamln•llon. I confimi that no mattèrs ha¥6 wmè to my attontlon In c¢nnocilon with the •xamingtion giwng mo causo to believa that in any material resp8d'. accounlSng reoJrd8 were not kept In respe£* of the charity as required by sedion 130 of tho 2011 Act., or the flnandal slatoments do not accord vhlh thoso re¥d6. or the fin¥ndal st8tsmgnt8 do not comply vAth tho 8pplicabl& requirgmants ¢onc8mlng th8 fomi and content of accounts set out in th8 Char5bes (Accounts and Reports) Regulation8 2CQ8 other thèn any requlr¥m¥nt that the accounts glve a true WKI falr vlew 18 not a matter Condered 88 part of 8n Indepondanl oxamlnadon. I h8v8 no cor•M$ and have ¢ome ac¥oss no other mattorn in ¢>)nnecUon wtth th& &xamlnalion to whl¢h attentlon 8hould be drawn In th15 rewi in Order to 8nabbe a proper underStaring of the firbancyal statements lo be r8achgJ. F J WSldo FCCA MBA DChA Wamerwllde 4 Marigold Drive Bisley Surray GU24 9SF Dated.. -16-
YES FUTURES
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022
| Unrestricted Restricted funds funds 2022 2022 Notes £ £ Income and endowments from: Donations and legacies 3 23,598 150,641 Charitable activities 4 337,417 - Other income 5 115 - Total income 361,130 150,641 Expenditure on: Raising funds 6 11,667 - Charitable activities 7 332,393 227,319 Other 11 4,947 - Total expenditure 349,007 227,319 Net income/(expenditure) for the year/ Net movement in funds 12,123 (76,678) Fund balances at 1 January 2022 9,606 127,613 Fund balances at 31 December 2022 21,729 50,935 |
TotalUnrestricted Restricted funds funds 2022 2021 2021 £ £ £ 174,239 1,143 220,344 337,417 228,382 - 115 - - 511,771 229,525 220,344 11,667 14,705 - 559,712 212,761 209,952 4,947 37 - 576,326 227,503 209,952 (64,555) 2,022 10,392 137,219 7,585 117,220 72,664 9,607 127,612 |
Total 2021 £ 221,487 228,382 - 449,869 14,705 422,713 37 437,455 12,414 124,805 137,219 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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YES FUTURES
BALANCE SHEET
AS AT 31 DECEMBER 2022
| Notes Fixed assets Tangible assets 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 16 Net assets Income funds Restricted funds 18 Unrestricted funds |
2022 £ 44,302 238,823 |
£ 10,830 177,886 |
£ 10,830 177,886 |
2021 £ 59,387 273,711 |
£ 14,663 256,032 |
£ 14,663 256,032 |
|---|---|---|---|---|---|---|
| 283,125 (105,239) |
333,098 (77,066) |
|||||
| 188,716 (116,052) |
270,695 (133,476) |
|||||
| 72,664 | 137,219 | |||||
| 50,935 21,729 |
127,612 9,607 |
|||||
| 72,664 | 137,219 |
The financial statements were approved by the Trustees on .........................
.............................. Andrew Thraves Chair of Trustees
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YES FUTURES
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022
| Notes Cash flows from operating activities Cash absorbed by operations 21 Investing activities Purchase of tangible fixed assets Proceeds on disposal of tangible fixed assets Net cash used in investing activities Financing activities Repayment of bank loans Net cash used in financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2022 £ (2,384) - (2,959) |
£ (29,545) (2,384) (2,959) (34,888) 273,711 238,823 |
2021 £ (15,602) 1,593 - |
£ (1,665) (14,009) - (15,674) - 273,711 |
|---|---|---|---|---|
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YES FUTURES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
Charity information
Yes Futures is a foundation Charitable Incorporated Organisation.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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YES FUTURES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
IT Equipment
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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YES FUTURES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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YES FUTURES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
3 Donations and legacies
| Unrestricted Restricted funds funds 2022 2022 £ £ Donations and gifts 23,598 149,700 Government Grant - Kickstart - 941 23,598 150,641 Grants CMC Markets - 60,000 Betsy Foundation - 10,000 The Gosling Foundation - 10,000 LSEG Foundation - 15,000 Progress Foundation - 15,000 The Dulverton Trust - 35,200 Resilience and Recovery Fund - - Garfield Weston - - The Newby Trust - - Drapers Charitable Trust - - Other 23,598 4,500 23,598 149,700 |
TotalUnrestricted Restricted funds funds 2022 2021 2021 £ £ £ 173,298 1,143 215,138 941 - 5,206 174,239 1,143 220,344 60,000 - 60,000 10,000 - - 10,000 - - 15,000 - - 15,000 - - 35,200 - - - - 42,000 - - 30,000 - - 20,000 - - 15,000 28,098 1,143 48,138 173,298 1,143 215,138 |
Total 2021 £ 216,281 5,206 221,487 60,000 - - - - - 42,000 30,000 20,000 15,000 49,281 216,281 |
|---|---|---|
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YES FUTURES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
3 Donations and legacies
(Continued)
Other Restricted Grants include:
2022:
£2,500 Charles S French Charitable Trust £2,000 The Hedley Foundation
2021:
£15,000 Fair Education Alliance £15,000 Ansvar
£10,000 Lambeth Economic Resilience Fund £8,138 The Economist
Other Unrestricted Grants include:
2022:
£10,000 Donation from Reed Smith £10,000 Donation from Hevas £3,598 Other Donations
2021:
£1,143 Donations
4 Charitable activities
| Charitable | Charitable | |
|---|---|---|
| Income | Income | |
| 2022 | 2021 | |
| £ | £ | |
| Student programmes | 351,100 | 254,251 |
| Less: deferred income | (13,683) | (25,869) |
| 337,417 | 228,382 | |
| Other income | ||
| Unrestricted | Total | |
| funds | ||
| 2022 | 2021 | |
| £ | £ | |
| Other income | 115 | - |
5 Other income
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YES FUTURES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
6 Raising funds
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Fundraising | ||
| Staff costs | 11,667 | 14,705 |
| 11,667 | 14,705 |
7 Charitable activities
| Charitable | Charitable | |
|---|---|---|
| Expenditure | Expenditure | |
| 2022 | 2021 | |
| £ | £ | |
| Staff costs | 349,542 | 300,066 |
| Depreciation and impairment | 6,217 | 3,515 |
| Direct cost of programmes | 145,707 | 56,969 |
| Partnership development | 17,273 | 21,635 |
| Other staff costs (recruitment, training, welfare etc.) | 8,861 | 10,880 |
| Rent | 13,906 | 20,390 |
| External staffing costs | 6,068 | - |
| 547,574 | 413,455 | |
| Share of support costs (see note 8) | 9,869 | 8,958 |
| Share of governance costs (see note 8) | 2,269 | 300 |
| 559,712 | 422,713 | |
| Analysis by fund | ||
| Unrestricted funds | 332,393 | 212,761 |
| Restricted funds | 227,319 | 209,952 |
| 559,712 | 422,713 |
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YES FUTURES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
8 Support costs
| Support costs Governance costs £ £ Administrative costs 9,869 - Independent Examiner's fee - 1,800 General overheads - governance - 469 9,869 2,269 Analysed between Charitable activities 9,869 2,269 |
2022 £ 9,869 1,800 469 12,138 12,138 |
Support costs Governance costs £ £ 8,958 - - 300 - - 8,958 300 8,958 300 |
2021 £ 8,958 300 - 9,258 9,258 |
|---|---|---|---|
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
10 Employees
The average monthly number of employees during the year was:
| Employees Employment costs Wages and salaries Social security costs Other pension costs |
2022 Number 11 2022 £ 314,363 8,297 38,549 361,209 |
2021 Number 9 2021 £ 283,757 17,660 13,354 314,771 |
|---|---|---|
Key Management Personnel are defined as the Chief Executive, Director of Impact (until October 2022), Director of Partnerships (from October 2022), Head of Operations and Head of Finance and Governance. The aggregate cost of Key Management Personnel (salary plus on costs such as Employers National Insurance and Employers Pension Contributions totalled £142,846 (2021: £117,430) excluding employer's pension and national insurance contributions).
There were no employees whose annual remuneration was more than £60,000.
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YES FUTURES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
11 Other
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| Financing costs | 4,947 | 37 | |
| 4,947 | 37 | ||
| 12 | Tangible fixed assets | ||
| IT Equipment | |||
| £ | |||
| Cost | |||
| At 1 January 2022 | 24,131 | ||
| Additions | 2,384 | ||
| At 31 December 2022 | 26,515 | ||
| Depreciation and impairment | |||
| At 1 January 2022 | 9,468 | ||
| Depreciation charged in the year | 6,217 | ||
| At 31 December 2022 | 15,685 | ||
| Carrying amount | |||
| At 31 December 2022 | 10,830 | ||
| At 31 December 2021 | 14,663 | ||
| 13 | Debtors | ||
| 2022 | 2021 | ||
| Amounts falling due within one year: | £ | £ | |
| Other debtors | 1,021 | 13,859 | |
| Prepayments and accrued income | 43,281 | 45,528 | |
| 44,302 | 59,387 |
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YES FUTURES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
14 Loans and overdrafts
| Loans and overdrafts | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Bank loans | 147,041 | 150,000 |
| Payable within one year | 30,989 | 16,524 |
| Payable after one year | 116,052 | 133,476 |
| The loan is unsecured, with security provided by the UK Government. | ||
| UK Government Bounce back Loan repayable within 5 years by instalments with interest charged | at 7%. |
15 Creditors: amounts falling due within one year
| Notes Bank loans 14 Other taxation and social security Deferred income 17 Trade creditors Other creditors Accruals 16 Creditors: amounts falling due after more than one year Notes Bank loans 14 17 Deferred income Other deferred income Deferred income is included in the financial statements as follows: Deferred income is included within: Current liabilities Movements in the year: |
2022 £ 30,989 - 57,258 10,166 - 6,826 105,239 2022 £ 116,052 2022 £ 57,258 2022 £ 57,258 |
2021 £ 16,524 6,882 43,575 5,026 3,270 1,789 77,066 2021 £ 133,476 2021 £ 43,575 2021 £ 43,575 |
|---|---|---|
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YES FUTURES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
| 17 | Deferred income | (Continued) | |
|---|---|---|---|
| Deferred income at 1 January 2022 | 43,575 | 17,706 | |
| Released from previous periods | (43,575) | (17,706) | |
| Resources deferred in the year | 57,258 | 43,575 | |
| Deferred income at 31 December 2022 | 57,258 | 43,575 |
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YES FUTURES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
18 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement in | funds 2021 | Movement in | funds 2022 | ||||
|---|---|---|---|---|---|---|---|
| Balance at | Incoming |
Resources | Balance at | Incoming |
Resources | Balance at | |
| 1 January 2021 | resources |
expended 1 |
January 2022 | resources |
expended | 31 December | |
| 2022 | |||||||
| £ | £ |
£ | £ | £ |
£ | £ | |
| Student Programmes | - | 50,000 |
(6,833) | 43,167 |
35,000 |
(72,369) | 5,798 |
| Regional Programme Growth - London | 60,000 | 75,000 |
(74,000) | 61,000 |
75,000 |
(90,863) | 45,137 |
| Regional Programme Growth - Other | 15,000 | - |
(15,000) | - |
37,700 |
(37,700) | - |
| Head of Operations | - | 42,000 |
(26,472) | 15,528 |
- |
(15,528) | - |
| Day Trips | - | 15,000 |
(10,500) | 4,500 |
2,000 |
(6,500) | - |
| Volunteer Coaches | - | 8,138 |
(4,720) | 3,418 |
- |
(3,418) | - |
| Kickstart | - | 5,206 |
(5,206) | - |
941 |
(941) | - |
| Covid response and recovery work | 42,220 | - |
(42,220) | - |
- |
- | - |
| Intrapreneurship | - | 15,000 |
(15,000) | - |
- |
- | - |
| Premises | - | 10,000 |
(10,000) | - |
- |
- | - |
| 117,220 | 220,344 |
(209,951) | 127,613 |
150,641 |
(227,319) | 50,935 |
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YES FUTURES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
18 Restricted funds
(Continued)
Student Programmes: Grants to support the delivery of our student programmes. Grants were received in 2021 from the Newby Trust and the Garfield Weston Foundation.
Regional Programme Growth – Greater London: Grants to support expansion of our programmes to more disadvantaged young people in Greater London. Grants were received from CMC Markets in 2020, 2021 and 2022, and from the Progress Foundation in 2022.
Regional Programme Growth- Other: Grants towards developing regional programmes outside London. Grants were received from several funders in 2019 and 2020 (the Newby Trust, the Garfield Weston Foundation, the British and Foreign Schools Society, the William Wates Memorial Trust, the Rayne Foundation).
Head of Operations: A grant from the Resilience and Recovery Fund in 2021 towards the recruitment of a new Head of Operations to support scaling.
Day trips: A grant from the Ansvar Community Campaign in 2021 and from the Hedley Foundation in 2022 towards the cost of running day trips for students.
Volunteer Coaches: A grant from The Economist in 2021 towards the costs of recruiting and training volunteer coaches for our programmes.
Kickstart: A grant from Charityworks towards a paid apprentice working on the Kickstart scheme.
Covid response and recovery work: Grants to support our Covid-response and recovery work, including the pilot and roll-out of a new product, and re-establishing our programmes.
Intrapreneurship: A grant from the Fair Education Alliance to support to the salary of the lead Intrapreneur within Yes Futures.
Premises: A grant from Lambeth Council Economic Resilience Fund in 2021 towards the charity’s premises costs.
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YES FUTURES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
19
Analysis of net assets between funds
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | |
| £ | £ | £ | £ | £ | £ | |
| Fund balances at 31 | ||||||
| December 2022 are | ||||||
| represented by: | ||||||
| Tangible assets | 10,830 | - | 10,830 | 14,663 | - | 14,663 |
| Current assets/ | ||||||
| (liabilities) | 126,951 | 50,935 | 177,886 | 128,419 | 127,613 | 256,032 |
| Long term liabilities | (116,052) | - | (116,052) | (133,476) |
- | (133,476) |
| 21,729 | 50,935 | 72,664 | 9,606 | 127,613 | 137,219 |
20 Related party transactions
There were no disclosable related party transactions during the year (2021 - none) .
| 21 | Cash generated from operations | 2022 | 2021 | |
|---|---|---|---|---|
| £ | £ | |||
| (Deficit)/surpus for the year | (64,555) | 12,414 | ||
| Adjustments for: | ||||
| Depreciation and impairment of tangible fixed assets | 6,217 | 3,515 | ||
| Movements in working capital: | ||||
| Decrease/(increase) in debtors | 15,085 | (52,452) | ||
| Increase in creditors | 25 | 8,989 | ||
| Increase in deferred income | 13,683 | 25,869 | ||
| Cash absorbed by operations | (29,545) | (1,665) | ||
| 22 | Analysis of changes in net funds | |||
| At 1 January | Cash flows At | 31 December | ||
| 2022 | 2022 | |||
| £ | £ | £ | ||
| Cash at bank and in hand | 273,711 | (34,888) | 238,823 | |
| Loans falling due within one year | (16,524) | (14,465) | (30,989) | |
| Loans falling due after more than one year | (133,476) | 17,424 | (116,052) | |
| 123,711 | (31,929) | 91,782 |
- 32 -