Charity Regi8tration Number 116141Y2 QS ImpACT CIO (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 30 September 2024
QS ImpACT CIO Contents SLrat¢gic Report Trltecs, Report 2103 Independent Examiner's Report 4105 Statement of Financial Activities Balance Sheet Notes to the Financial Statement8 8t014
QS ImpACT CIO Strategic Report for the Year Ended 30 September 2024 The ttiiste¢s, who are directors for the purposes of company law, present their strategic report for the year ended 30 September 2024, in compliance witb $414C of the CompaniGs Act 2006. Flnaiielal revlew Pollcy gn r¢sErv¢$ The organisation operntes as not for proftt entity. Any excess income is reinvested in the organisalion and is available to support the OrganitiOn'S charitable a¢tiviti¢s, The strategic report was approved by the trustee8 of the charity on . 6th May. 3<and signed on its behalf by. IVLal Richard Kemp Chairman tlnd trustee Page I
QS ImpACT CIO Trusteesl Report The Itee8, who are directors for the purposes of company law? present tbe anniwl report together with tb¢ fitwicial statements of the charitable company for the year ended 30 September 2024. ObJe¢tive5 and Activities Public benefit The activities undertaken to further public beneflt are to provide Kopport and representation for young adults pas8ionate about having a Positive injpacl on the United Nations Sustainable Develeopment Goals The trnstees confirm that they have Complied with the requirements of section 17 of the Charitie5 Act 2011 to have due regard to the public benefit guidance published by the Charity Conumission for England and Wales. Referen¢¢ And Admlnlstratlve Det&115 Charity Registration Number. I 161402 The charitsble organisation is incorporated in England. Registered Office.. l Tranley Mews Fleet Road London NW3 2tK7 Independent Examin¢r.' Davidson Stant Limited The Glen Kllutsford Old Road Stockton Heath Warringlon WA4 2LD Trustees and officers The truste aad officers senring during th¢ year and since tkn¢ year end were a8 follows.. Trnstees,, 'chard Kemp Nunzio Quacquarelli Paras Ramesb Fatnani Santiago Iniguez de Onzono Dan Munnerley Heather Haseley Ashwin Fernandes Richard Kemp Page 2
Structhre? gDvernAnee and nwn#gement Nalure ofgaverning dociimenl The organi8alion 18 a cknritable incorporated orgatsisation governed by a tru8t deed. Page 2
QS ImpAcr CIO Trustees, Report Flnanclal Instruments Objectives an41pollcles Tbe cbaritys activities expose it to a number of financial risks including credit risk, cash flow risk liquidity risk. The use of finat]¢ial derivatives 18 governed by the charity's policies approved by th6 board of Intee8, which provid¢ written principles on the itse of fman¢ial derivatives to manage these risks. The Charity doe8 not us¢ derivative fmancial InstmentS for speciilative PUTposes. Statement of trustees, responslbllltles The trustees (who are also tbe directors of os knpACT CIO for the piw)oses of company law) are responsible for preparing the tees, report and the financid statetnenls in accordance with applicable law and United Kingdom Accounting Standard8 (United Kingdom Generally Accepted A¢countillg Pra¢ti¢e), including FRS 102 "The Finattcial Reporting Sthndard applicable in the UK and Republic of Irelandll Corw)any law require8 the trust to prepare fManc1 statemet]ts for each financial year. Under compally l&w the ttr¢s must not approve the financial statements iu)lesg they are satisfied t&aÉ they give a trne and f&ir view of the state of affairs of the ¢hanlable copanY and of the incoming resources and applicallon of resources, iocluding its tn¢om¢ and expendittwe, of the Charttable ¢on]pany for that period. In preparing these financial statements. the trustees are required to.. select suitable accounting policies and apply them consistently. observe the methods and principle8 in the Charities SORP. make judgernents and estimates that are reonable and prndent,. state whether applicable accounting Standards, compriging FRS 102 have been followed, subject to any material departures disGlosgd and explained in the financial statements. and prepare the financial st&temenls on the going concem basis unless it Is in&ppropriate to presume that the charitable wmpally will rolltin in business. The Iru51egs are responsible for keeping proper uccounting records that can disclose with reasonable accuracy at any time the financial position of the charitable conu)any and enable them to ensure that the financial statements eomply with the Companies Act 2006. They are &lso re4)ollsible for safeguarding the asset5 of the Chatitable ompany hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustee5 rgspoL]sible foT th¢ n]aintenanc¢ and intGgrity of the ¢orp)rate and financial itifornmtio included on the charitsble con]pangs website. Legislation governing the preparation and dissemination or fLnancial staten*nts may differ from legisia¢ion in other JilsdIctiOns. The annual report was approved by the trust¢¢s of the charity on ,....6th Mai2<and s1Ca on its bel)alf by: Richard Kemp Cbairnlan and trstee Page 3
QS ImpACT CIO Independent Examiner's Report to the trustses of QS ImpACT CIO ('the Company,) I report to th¢ Charity trustees on my examination of tkn accounts of the Company for the Ye ended 30 Septenther 2024. Responslbllltfies 2nd basis of report AS the charity's IteeS of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of tho accounts in rdance with the requirernenls of the Companies Act 2006 ('the 2006 Act.). Havin8 satl8fied myself that the accounts of the Company ¢ not required to be aiulited imder Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts &s carried Dut und¢r section 145 of the Charities Act 2011 ('Ihe 2011 Act,). In carrying out my examination I h&ve followed the Dtrections given by the Chlty ConmLiS8ion under s¢¢tion 145(5)(b) of the 2011 Act. Independent exAmin¢r's sthtcment I have completed my examinatio I conftrn] that no matters have come to my at¢ention in connection with the examination giving me Gause to believe.. l. a¢couuting records were not kept in respect of QS ImpACT CIO a8 required by section 386 of the 2006 2. the account$ do oot accord with those reGords' or 3. the accounts do not comply with the accounting requiremenls of section 396 of the 2006 Act other than any reqiiirement that the accounts give a 'true and fair view, which is not a matter ¢onsideTed as part of an independent examination. or 4. the accounts have llot been prepared in accordance with the methods and principles of tbe Statement of Recomtnendl Pwtice for accounting and r¢porting by charities [applic&ble to clwities preparing their accoimts in accordance with the FinanGial Reporting Stand¥4rd applicable in the UK Repllie of Irelaud (FRS 102)]. 5. the accounts have not been prepared on a going Concern b&8is. However, at 30 September 2022 the CIO had a small deficit on it's balance sheet. The accounts have been prepared on the basis of the continued support of it's associated cotrpany Q S Quacquarelli Symonds Limited I have no concerns and have come aGross no other matter5 in connection with the examination to which attention should be dTawn in this report in order to enable a proper understanding of the ac¢ounts to be reached. Mark Stant FCA Davidson Stsnt Limited The Glen KnuL8ford Old Road Stockton Heath Warrington WA4 2LD Page 4
QS ImpACT CIO Independent Ei xaminer's Report to the trustees of QS ImpACT CIO ('the Companyy Page 5
QS ImpACT CIO Statement of Financlal Actlvltles for the YeAr Ended 30 September 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrleted funds Total 2024 Noto Income and EndoTrvmellt5 from: Donations and legacies 189.326 189,326 Total income 189326 189 326 Expendlture on: Raising funds Charitable activities (32,346) 142 744 (32 J46) 142.744 Total expendittwe 175,090 175,090 Net income Net movement in ndS 14,236 14.236 Reconclliatlon of thnds Totsl funds brought forward 28,766 28,76 Total thds carried forward 14 Unrestricted funds Tot41 2023 Note Income and Elldowmellts from; Donations and legdcies 123,982 123.982 Total in¢ot 123,982 123,982 Expendlture on: Raising funds Charitable activities (16,663) 129,991 (16,663) Totsl expenditure 146.654 146,654 Net expenditur Net movement in ndS (22.672) (22,672) Re¢oll¢lllatloll of funds Total fid$ brought forward 6,094 Total fijnds Carried forward 14 28,766 28,766 Ail of the charity's activities deTiVg from Gontinuing operations during the above two periods. The fillrfs breakdown for 2023 is shown in note 14. Tbe notes on pages 8 10 14 form all iutrgral part of these financial statements. Page 6
QS ImpACT CIO (Registration number.. ) Balance Sheet as at 30 September 2024 2024 2023 Note Current Asset5 Cash at bank and in hand 56,309 41,972 Credltor$: Amounts falling due Ivlthln olle year 12 9,166 9,065) Total assets less current Ilabllltles 47,143 32,907 Credltors: Amounts falliug due after more thall one yeydr 13 61,673 Net liabilitie8 28,766 Funds orth¢ ¢harity: Unrestrleted Income funds Unr¢sirtcted knds 14,530 28.766 Total funds 14 14,530 For the fInancial year ending 30 September 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to gmalI companies. Directors, responsibilities.. The m¢nib¢rs bav¢ llot required the charity to obiain an audit of its accounts for the year in qu¢stion in accordance with section 476., and The dire¢ttirs knOledge th¢ir r¢sponsibilities for couwlying with the requirements of the Act with respect to accounting rordS and the preparation of accounts. Thg finan¢ial statement8 on page8 6 to 14 were approved by the trustees, and authoris¢d for issue on 6th May ifand signt>J on their behalf by.. IllLa Richard Kemp Chairman and trustee The notes on pages 8 to 14 forn] an integral part of the financi 8taEments. Page 7
QS ImpACT CIO Notes to the Financial Statements for the Year Ended 30 September 2024 I Charlty stAtU5 The charity IS lirnited by guarantee, incorporated in Engl&ll and consequently does not have sIe capital, Ea¢h of the twstees is liable to contribute an amoimt not exceeding £1 towards the as8et8 of the charity in the event of liquidation. The address of its registered office is: l Tranley Mews Fleet Road London NW3 2DG 2 Accountlng policies Summary of slgnlficant accountlng polleles and key acContIng estlmates TI]e principal a¢¢ounting policie8 applied in th¢ prgparation of these financial statements are set out below. Thege policies have beell consistently applied to all the years presettte unless otherwise stated. sthtemeTht of compliance The finan¢ial statements have been prepared in a¢¢ordan¢e with A¢¢ounting and Rorting by ChaTiti¢s: Statement of Recommended Practice (applicable to charities preparing their accounts in a¢¢ordall¢e WAtb the Fin&ncial Reporting Stdrd applicable in the UK and Republic of Ireland (FRS 102)) (is&ued in October 2019) (Charities SORP IFRS 102)), the Financial Reporting Standard applicable in the UK Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparatlo QS ImpACT CIO meets th¢ d¢finition of a public benefit entity llnder FRS 102. Assets and liabilities are initially recognised al historical cost or trdnsaction value unless otherwise Stat in the relevant accounting policy llotes. Golng concern The trnstees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of unG¢rlainty that affect the carrying value of assets held by the charity. Exempdon from preparlng & ¢Ash flow statement The charity opted to early adopt Bulletin I published on 2 February 2016 and have therefore not included a cash flow statement in these financial stat¢mellts, Income and endowments All income is recognised once the charity has entitlement ¢0 the income, it is ptobable that the income will be received and th¢ amount of the income receivable can be measured reliably. Page 8
QS ImpACT CIO Notes to the Flllanclal Statements for the Year Ended 30 September 2024 Donatsons and legacies Donations are recognised when the charity has been notified in writing of both the amount and settlement dale. In th¢ event that a donation is subjec¢ to conditions that requir¢ a l¢v¢l of perfonnance by the charity befor¢ the charity 18 entitled to the funds, the incotne is deferred and not r¢¢ognised until either those conditions are fully n]eL or the fuifilmenl of those conditions 18 wholly within tbe control of the charity and it is probable tbat these conditions will be fiLlfilled in the reporting period, Expendlture All expendi¢le is recognised once there is a legal or constructive obltiOn to that expendltte, it is probable settlement is required the amount can be meaBured reliably. All costs are &lloGatcd lo the applicable expenditure heading that aggreg&le Similar Gosts to that category. Wbere costs caLmOt be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff ¢ost$ allocated on the basi8 of lime spent. and d¢pre¢iation Charges allocated on the portion of the asset's use. Other support costs are allocated based on the SPTe&d of staff costs. These are costs incurred in attracting volutLtary income, the management of investments and those incurr¢d in trading activities that raise funds. Charitable activiiaes Cltable expenditure comprises those costs incurred by the charity in the delivery of its activities &lld s¢nTi¢es for its beneficiaries. It inGlud&s th costs that can be allocated directly to such activities alld those costs of an indirect nature llecessary to support them. Governan¢¢ costs Tbese include the costs attributable to the ch&rity's compliance with consti(lltional and statutory requirements, including audit, strategic management and trnstee8 meetings reimbiirsed expenses. Taxadon The charity TS considered lo pass Ihe t18 Sel out in Paragraph I Schedide 6 of th¢ Fin&nGe Act 2010 and therefore it meets the deflti0ll of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories v¢red by Chapter 3 Part I l of th¢ Corporation Tax Act 2010 or S¢ction 256 of the TatIOn of Chargeable Gains Act 1992, to the extent that such incone or gains are applied excliisively to charitable puOseS. Page 9
QS ImpACT CIO Notes to the Financial Statements for the Year Ended 30 September 2024 Forelgn ¢xchllng¢ Transactions in foreign ¢iirrencies are recorded at the rate of exchange at tkne dat¢ of the transaction. Monetary assets and tiabilities denominated in foreign ciirrencies at the balance sheet date are reported at the L2te8 of exchat]ge prevailing at that date. The rewlts of overseas oper&tions are tran$lat¢d al the average rates of exchange duTing the period and their balance sheets at the rates ruling at the balaa¢¢ 5h¢et d&te, Exchange differ¢n¢e8 &rising on nslAtiOn of the opening net assets and results of overseas operntions are reported in other comprch¢nsiv¢ incon]e and a¢¢unLulated in equity (attributed to non-controlling interests a8 appropriate). Other exchange differences recognised in the Statem¢nt of Financial Activiti¢s in the period in which they alise except for.. l) exchange differences on transactions entered into to hedge certain foreign currell¢y risks (see above)., 2) ex¢hang¢ dAff¢ren¢es arising on gains or 105ses on llon-monetary items which recognised in other cotnprehensive income. and 3) in the case of tbe consolidated fman¢ial statements, exchange differences on monetary items receivable from or payable to a foreign oper&tion for wbi¢b s¢ttlement is neither planned nor likely to occur (therefore forming parl of the net investment in the foreign operation), which are recognised in other comprehensive income and report¢d under equity. Fund Structure Unrestricted Incon fullds are general funds that are available for use at the trustees discretion in fierance of tkn objectives of the charity 3 1n¢onw from don7étions aNd legacie$ Unrestrlcted funds GenerAI Total fund$ DOltiOnS and legacies. Donations from GompanTes, knsts aiid similar proceeds Scbolarships 69 69 189,257 189,257 Total for 2024 189 326 189,326 Total lor 2023 123 982 123 982 Page 10
QS ImpACT CIO Notes to the Flllanclaj Statements for the Year Ended 30 September 2024 4 xpendltuye on raislng funds Costs of gellerntlng donatlons legacles Unrestrleted funds General Total lunds Note scholships gifted 32,346 Total for 2024 32,346 Totsl for 2023 16,663 Total costs S Expenditure on charitsble Activities UnrtrIcted fund5 Ceneral Total funds Note Providing Support and representaion Staff Gosts Govemance costs 4,593 136,791 4,593 136,791 1,360 Total for 2024 142.744 142,744 Total for 2023 129,991 129,991 Total expenditure In addition to the expendittwe analysed above, there are also governance costs of £1,360 (2023 - £1,221) whicb relats directly lo ciwit&ble tiVitieS. Sec note 6 for further detY4ils. Pagell
QS ImpACT CIO Notes to the Fillancial Statements for the Year Knded 30 September 2024 6 Analysls of governance Y4nd Support costs Governance ¢0sts Unrestrleted funds Ceneral Tot funds Independenl. examiner fees Examin8dtion of the financial statements 1,360 1,360 Total for 2024 1,360 1,360 Total lor 2023 1,221 7 Trustees remuneratioll and expenses During the year the ¢barity nTrde the following transactions with tntees'. Marlou Corneltssell 8 Staff costs The aggrcgate payroll costs wer¢ &s follows: 2024 2023 Staff costs during the year were: Wag&8 and salaries 136,791 125,635 No employe¢ r¢¢eived emoluments of more tban £60,000 during the year, 9 Independent ex&nJlller's remunerAtivn 2024 2023 Examination of the finan¢ial stafrments ,360 1,221 Page 12
QS ImpACT CIO Notes to the Financial Statements for the Year Ended 30 September 2024 10 Taxatlon The cbarity is a registered charity and 18 tberefore exempt from taxation. 11 Cash and eash equlvalents 2024 2023 Cagh at bank 56,309 12 Creditors: ajnounts f*lllng due wiÉhln one year 2024 2023 Other taxation and social security Accruals 7,805 1,361 7,805 1,260 9.065 13 Credltor8: falllng de after one year 2024 2023 Otknr loans 61,673 61,673 14 Funds Balance at I October 2023 tneoming resources Resourees expended B&lAnce At 3 September 2024 Unrestricted ndS General 189,326 Incomlng resources 175 090 14.530 Balance at 3 September 2023 Balance at I October 2()22 Resources expended Unr¢stri¢tcd tunds General 6,094) 123,982 146,654) 28,76 Page 13
QS ImpACT CIO Notes to the Financial Statemellts for the Year Ended 30 September 2024 15 Analys15 of net assets between fund8 Unrestrl¢ted Total fund8 at 30 funds September General 2024 CUnt assets Current liabilities CreditotB over l year 56,309 (9,166) 61,673 56,309 (9,166) 61,673 Total net assets 14,530 14,530 Unrestrlcted Tot¥dl lunds at 30 funds Septejnber GenerAI 2023 Current assets Current liabilities Creditors over l year 41,972 (9,065) 61,673 41,972 (9,065} 61,673 Total net assets 28,766 16 Analysis of net fuiids At l Octobcr At 30 Sept¢mber 2023 2024 Cash at bank and in hand 41.972 41,972 Net tiebt 41,972 41,972 At l October At 3D September 2022 2023 Cash at bank and in hand 43.654 43,654 Net debt Page 14