Registered number: 08087597 Charity number: 1157781
TUTORFAIR FOUNDATION
(A company limited by guarantee)
UNAUDITED TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023
TUTORFAIR FOUNDATION (A company limited by guarantee)
CONTENTS
| CONTENTS | |
|---|---|
| Page | |
| Reference and administrative details of the charity, its trustees and advisers | 1 |
| Trustees' and directors' report | 2-4 |
| Independent examiner's report | 5 |
| Accountants' report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9-13 |
TUTORFAIR FOUNDATION (A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MAY 2023
Trustees
A Ground M Maclaine E Stockwell
Company registered number 08087597
Charity registered number 1157781
Registered office
63 Queensmill Road, London, England, SW6 6JP
Chair of Trustees Andrew Ground
Accountant
Venn Accounts Ltd, 86-90 Paul Street, London, England, EC2A 4NE
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TUTORFAIR FOUNDATION (A company limited by guarantee)
TRUSTEES' AND DIRECTORS' REPORT FOR THE YEAR ENDED 31 MAY 2023
The Trustees present their annual report together with the financial statements of the charity for the year 1 June 2022 to 31 May 2023. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document 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) as amended by Update Bulletin 1 (effective 1 January 2015).
Since the charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.
Objectives and Activities
a. Policies and objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the charity commission relating to public benefit and in particular to its supplementary guidance on public benefit.
b. Strategies for achieving objectives
The Foundation works in partnership with schools and other charities. We select opportunities for tutors to volunteer based on the public benefit and the attractiveness of the experience provided, and then fulfil them using the Tutorfair Ltd database of tutors and other sources of volunteers. We aim to offer training and feedback to tutors who volunteer wherever possible. All the tutoring provided by the Foundation is completely free to the beneficiaries.
c. Activities for achieving objectives
We arrange tutoring free of charge to people who, for whatever reason, have not had access to education or who need to or wish to advance their education. Young people from low-income or otherwise vulnerable backgrounds are referred to us by schools, charities and other community-facing organisations. Tutoring is delivered in various contexts including in the school and at the students’ home
d. Main activities undertaken to further the charity's purposes for the public benefit
Through the period June 2022 to May 2023, the Foundation supported 225 students with 2,903 hours of tutoring and mentoring through 12 organisational partnerships. To achieve this, 149 volunteer tutors were recruited, vetted, trained and placed on one or more of our projects. All tutoring was delivered online, with a mixture of delivery during and after school hours. The vast majority of tutoring was delivered on a 1:1 basis.
In addition to tutoring activities, the charity also piloted its career mentoring initiative with 12 students and developed a prototype website hosting education, employment and enrichment opportunities for disadvantaged young people across the country.
Achievements and Performance
a. Key financial performance indicators
Income this year increased 95% to approximately £124k.This is due in large part to a single substantial donation provided by a funder who has been supporting the charity since 2020. Due to the sale of Tutorfair Ltd, donations from Tutorfair clients decreased from £18k in the previous year to approximately £6k this year, and will no longer be an income stream for the charity going forwards. Spending increased 27% to approximately £86k. With grant funding from the last 3 financial years accounted for, we carry forward (£460) in our restricted funding balance at the start of financial year 2023/24.
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b. Review of activities
The original plan for this year was to grow our online tutoring output by 20% whilst maintaining a very small use of our unrestricted reserves. However, following the sale of Tutorfair Ltd in the summer of 2022, the charity underwent a period of research and discussion to clarify its strategic objectives over the coming years.
During this period, the decision was made to transfer some team time away from growing tutoring output to establish a new, longer term mentoring and careers programme. This initiative has been in pilot phase since January 2023 including the provision of more intensive and diverse support for a small number of students as well as the development of a prototype website to host opportunities for disadvantaged learners across the country.
Despite diverting some time and resources away from the tutoring programme, it still managed to deliver approximately in line with the previous financial year, with just a 3% decrease in lessons delivered between June 2022 and May 2023.
In response to the sale of Tutorfair Ltd, the charity has also established new, independent administrative systems, including transferring all record keeping to a new CRM system, integrating a new and improved online classroom technology, overhauling volunteer recruitment and onboarding processes and setting up new payroll and accounting systems.
Overall, we are delighted to be exiting a year of major changes with a healthy balance of reserves, all systems and programmes operating smoothly and an exciting vision for the future.
c. Fundraising activities/income generation
During this year, the Foundation increased grants income by 270% to approximately £106k. Due to the sale of Tutorfair Ltd, individual donations fell by 70% to approximately £5k. Trading income remained stable year on year at approximately £14k. All fundraising activities were undertaken as part of the Foundation Director’s day-to-day work, making up approximately 20% of their time over the course of a year. We did not work with any professional fundraisers during this year.
Financial Review
a. 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.
b. Reserves
The charity holds reserves to cover future expected costs on projects that have already been committed too. There is additional information pertaining to this included in the review of activities subsection above.
Reference and Administrative Details
Tutorfair Foundation is a registered charity in England and Wales with the registration number 1157781.
The charities registered office is 63 Queensmill Road, London, England, SW6 6JP
All trustees listed below were trustees during the year and at the date the report was approved A Ground M Maclaine E Stockwell
Structure, Governance and Management
a. Constitution
The charity is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 29 May 2012.
The charity is constituted under a Memorandum of Association dated 29 May 2012.
The principal objects of the charity are to advance the education of the public in all parts of the UK and in particular but not exclusively for those suffering financial hardship, by providing and assisting in the provision of personal tutors and educators to promote competencies, skills and understanding of subjects of educational value for the public benefit.
b. Method of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.
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c. Organisational structure and decision making
A small central team organises the activities in line with a business plan and policies agreed with the Trustees.
Funds held as custodian
None
This report was approved by the Trustees, on DD /MM/YYYY and signed on their behalf by:
…........................................................... A Ground
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(A company limited by guarantee)
TUTORFAIR FOUNDATION
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MAY 2023
Independent examiner's report to the Trustees of Tutorfair Foundation (the 'charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 May 2023.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its directors 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 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited 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 carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act
Independent examiner's statement
I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in, any material respect:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Dated:
James Ripley (CGMA)
Venn Accounts Ltd 86-90 Paul Street London England EC2A 4NE
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TUTORFAIR FOUNDATION
(A company limited by guarantee)
ACCOUNTANTS' REPORT FOR THE YEAR ENDED 31 MAY 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tutorfair Foundation for the year ended 31 May 2023 which comprise the Statement of Financial Activities, the Balance Sheet, and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
This report is made solely to the trustees of Tutorfair Foundation in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Tutorfair Foundation and state those matters that we have agreed to state to the directors of Tutorfair Foundation in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at
http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.
It is your duty to ensure that Tutorfair Foundation has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tutorfair Foundation . You consider that Tutorfair Foundation is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Tutorfair Foundation . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial
Signed
…...................... Venn Accounts 3rd Floor 86-90 Paul Street London EC2A 4NE
TUTORFAIR FOUNDATION
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MAY 2023
| Note Income from Donations and legacies 2 Total Income Expenditure on: Charitable Activities Raising funds Total Expenditure 7 Net movement in funds Reconciliation of funds Total Funds brought forward Total Funds carried forward Net Income/(Expenditure) before other recognised gains and losses) |
Unrestricted Funds 2023 £ 118,743 118,743 71,414 9,411 80,825 37,918 37,918 6,468 44,386 |
Restricted Funds 2023 £ 5,272 5,272 5,612 - 5,612 340 - 340 - 120 - 460 - |
Total Funds 2023 £ 124,015 124,015 77,026 9,411 86,437 37,578 37,578 6,348 43,926 |
Total Funds 2022 £ 63,457 63,457 59,713 8,242 67,955 4,498 - 4,498 - 10,846 6,348 |
|---|---|---|---|---|
The notes on page 7 to 11 form part of these financial statements.
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TUTORFAIR FOUNDATION
(A company limited by guarantee)
Company Number: 08087597
BALANCE SHEET AS AT MAY 2023
| Note Current Assets Cash at bank and in hand 10 Debtors 11 Creditors: amounts falling due withing one year 12 Net Current Assets Net Assets Represented by Unrestricted funds Restricted funds Total funds 13 |
£ £ 46,681 90 46,771 2,845) ( 43,926 43,926 44,386 460) ( 43,926 2023 |
£ £ 5,644 1,695 7,339 991) ( 6,348 6,348 6,468 120) ( 6,348 2022 |
|---|---|---|
The charity's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The Trustees consider that the charity is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the charity to obtain an audit for the year in question in accordance with section 476 of the Act.
The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees on DD/MM/YYYY and signed on their behalf, by:
…..............................................
A Ground
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TUTORFAIR FOUNDATION (A Company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 MAY 2023
1. Accounting Policies
1.1 Basis of preparation of financial statements
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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Tutorfair Foundation 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.
1.2 Company status
The charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
1.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Turnover is the amount derived from the provision of goods/services, and stated after trade discounts,.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.4 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 allocated on the portion of the asset’s use.
1. Accounting Policies (continued)
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
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1.5 Interest receivable
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.
1.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.7 Liabilities and provisions
Liabilities 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. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
1.8 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.9 Pensions
The charity contributes to personal pension plans for certain employees.
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
1.11 Presentation currency
The accounts are prepared using GBP (£) rounded to the nearest £1.
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2. Income from donations and legacies
| Unrestricted funds Restricted funds 2023 2023 Donations - General funds 17,764 - Grants 100,979 5,272 Total donations and legacies 118,743 5,272 3. Direct Costs Subcontractor cost DBS checks Wages and salaries National insurance Pension cost 4. Support costs Office costs Credit card charges 5. Governance costs Accounting Fees Salaries and wages (incl. NI & pension) Salary and wage allocations is based on % time spent by staff on each activity 6. Raising funds Salaries and wages (incl NI & pension) |
Total funds 2023 17,764 106,251 124,015 Total 2023 £ 30,187 695 27,287 3,000 634 61,804 Total 2023 £ 6,878 652 7,530 Total 2023 £ 3,210 4,481 7,691 Total 2023 £ 9,411 9,411 |
Total funds 2021 34,754 28,703 63,457 Total 2022 £ 22,596 1,019 23,985 2,504 591 50,695 Total 2022 £ 2,283 1,838 4,121 Total 2022 £ 972 3,925 4,897 Total 2022 £ 8,242 8,242 |
|---|---|---|
Salary and wage allocations is based on % time spent by staff on each activity
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7. Analysis of expenditure by type
| Staff Costs 2023 £ Expenditure on raising income 9,411 Costs of raising funds 9,411 Direct costs - charitable activities 30,922 Expenditure on governance 7,691 48,024 8. Staff costs Salaries and wages Social security costs Pension costs (defined contribution scheme) Total Salary and wage allocations is based on % times spent by staff on each Fundraising 21% Governance 10% Charitable activities 69% The average number of persons employed by the charity during the year Operations (Full time) |
Other costs 2023 £ - - 38,412 38,412 activity was; |
Total 2023 £ 9,411 9,411 69,334 7,691 86,436 Total 2023 £ 39,547 4,348 919 44,814 2023 2 |
Total 2022 £ 8,242 8,242 54,816 4,897 67,955 Total 2022 £ 34,763 3,630 856 39,249 2022 2 |
|---|---|---|---|
No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000
9. Transactions with trustees and related parties
None of the trustees have been paid any remuneration or received any other benefits including expenses from an employment with their charity or a related entity .
A Ground and E Stockwell are also directors of Tutorfair Limited which collects some contributions on behalf of the charity. During the year £5,743 (2022: £20,089) was collected by Tutorfair Limited and at the balance sheet date £215 (2022: £991) was owed to Tutorfair Limited. Tutorfair Limited also provided payroll, accounts and office services which are recharged at cost. A Ground, E Stockwell and M Maclaine were also shareholders of Tutorfair Limited at the year end.
10. Cash at bank and in hand
| Cash at bank and on hand Total 11. Debtors and prepayments Trade debtors Other debtors Total |
Total 2023 £ 46,681 46,681 Total 2023 £ - 90 90 |
Total 2022 £ 5,644 5,644 Total 2022 £ 1,695 - 1,695 |
|---|---|---|
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12. Creditors and accruals
| Other creditors Total |
Total 2023 £ 2,845 2,845 |
Total 2022 £ 991 991 |
|---|---|---|
13. Details of material funds held and movements during the current reporting period
| Unrestricted funds General funds Restricted funds All funds |
Fund balances brought forward 6,468 120 - 6,348 |
Income 118,743 5,272 124,015 |
Expenditure 80,825 - 5,612 - 86,437 - |
Fund balances carried forward 44,386 460 - 43,926 |
|---|---|---|---|---|
As at the balance sheet date there is a credit on the restricted reserves due to funds owed which were spent in advance.
14. Details of material funds held and movements during the previous reporting period
| Unrestricted funds General funds Restricted funds All funds |
Fund balances brought forward 6,549 4,297 10,846 |
Income 48,865 14,592 63,457 |
Expenditure 48,946 - 19,009 - 67,955 - |
Fund balances carried forward 6,468 120 - 6,348 |
|---|---|---|---|---|
15. Transfers between funds
There were no transfers between funds in the year.
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Signed By
Andrew Ground
Date Signed 2024-02-05 12:30:46 Email Andrew@tutorfair.org Printed Name Andrew Ground IP Address 2a02:6b6f:f100:0:2c47:dc41:5f25:3bbd Browser User Agent Mozilla/5.0 (Macintosh; Intel Mac OS X 10_15_7) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/119.0.0.0 Safari/537.36 Name of signatory Andrew Ground