REGISTERED CHARITY NUMBER: 1162197
Report of the Trustees and
Financial Statements
for the Year Ended 30 June 2022 for Founders4Schools
Founders4Schools
Contents of the Financial Statements for the Year Ended 30 June 2022
| Page | ||||
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| 1 | ||||
| Report of the Trustees | 2 | to | 10 | |
| Report of the Independent Auditors | 11 | to | 12 | |
| Consolidated Statement of Financial Activities | 13 | |||
| Consolidated Statement of Financial Position | 14 | |||
| Charity Statement of Financial Position | 15 | |||
| Consolidated Statement of Cash Flows | 16 | |||
| Notes to the Financial Statements | 17 | to | 28 | |
| Consolidated Detailed Statement of Financial Activities | 29 | to | 30 |
Founders4Schools
for the Year Ended 30 June 2022
Access impact review online: https://www.founders4schools.org.uk/annual-review-index/
Since an idea became reality 11 years ago Founders4Schools has developed considerably and I am pleased to report that since then, we have facilitated more than 1.7 million encounters between employers and students via educators - despite the continued impact of the global pandemic, which has been incredibly disruptive to all the elements of our value chain.
To have helped more than 550,000 young people with their transition to work is a testament to what can be achieved by stakeholders in their communities when they put their minds and resources together on important matters, but there is much more to do, and it is more important than ever.
I am pleased that innovation still beats strongly within our heart as we continue to give disadvantaged communities access to expert insight and support and c
Founders4Schools Platform: To reflect the changing environment we now offer a hybrid model to educators meaning they can choose whether to have an in school or online encounter with role models extending our reach to more areas. The successful launch of the Evolution Education Trust funded Sustainable Futures programme in partnership with WWFUK and Villiers Park Educational Trust and the ongoing relationships with the Scottish Government through the Young the country and ensuring schools can access quality career inspiration activities to prepare our young people.
Maths4Girls: to showcase women in all industries who deploy mathematics in their everyday professional lives to 11 ~~1~~ 4-year-old girls. Our encounters are cross referenced to the UN Sustainable Development Goals, allowing both educators and the
Workfinder: The classroom is a very narrow place from which to view the world and work experience is the single greatest booster of aspiration and attainment! For these reasons, we supplement the classroom-based encounters we make available to young people experiential learning, mentoring, masterclasses and short-online courses via Workfinder. Our experiential learning ranges from shorter employer tasters to placements of 1-4 weeks, to internships of 1-12 months, to apprenticeships and permanent roles.
Digital Boost. Expert volunteers from the professional services, corporate and digital sectors inspire and support small businesses owners and their teams to build the skills needed to start and grow their businesses, through 1:1 mentoring and small group events. This provides clear pathways for those who want to work in the entrepreneurial sector and fuels inclusive economic growth. Digital Boost also provides robust reporting for partners to help them understand the impact they are having on their communities and progress toward social impact goals.
I am proud to report that we have started a journey to expand our objectives to better reflect the excellent work being done
Making the transition to work easier for 550,000 young people would not have been possible without phenomenal efforts of multiple stakeholders to whom I extend my wholehearted appreciation. From the educators who choose our platform to enrich their curriculum; to the volunteer role models and experts who share their time, knowledge, and career journeys; to our individual donors and corporate partners whose donations and grants enable us to employ staff and contractors and to the wonderfully kind Trustees, Advisors and colleagues at F4S, whose activities support us throughout the year.
I am grateful to all our staff for their resiliency, our trustees and advisors for their guidance, and to our partners, teachers and businesses for their ongoing support in challenging times. I continue to be encouraged by the impact of the work that gap.
Sherry Coutu CBE, Founder and Chair
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Founders4Schools
Report of the Trustees for the Year Ended 30 June 2022
The trustees present their report together with the group financial statements of the charity and its wholly owned subsidiary Digital Boost Upskilling Limited (Digital Boost) for the year ended 30 June 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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.
OBJECTIVES AND ACTIVITIES
25 by promoting, facilitating, and assisting in the provision of careers education and advice with the intention of encouraging and enabling young people to leave formal education with a skill set that is appropriate for or consistent with available jobs, thereby reducing the skills gap.
As Digital Boost has grown and flourished during the year to represent more than half of the income of the CIO, the Trustees are expanding its objectives to include helping those who work for SMEs and Charities to acquire the digital skills necessary to grow the organisation. Following an application to review the objectives being successfully submitted to the Charities Commission to the below in November 2022 a decision to approve the revision by the Board of Trustees is expected to take place in January 2023.
Proposed objectives: s to advance and promote the education of young people under the age of 25, with a focus on those from under-represented, under-served and diverse communities; and people of any age in digital skills, including those employed in micro, SME and large organisations, in such ways as the charity trustees from time to time think fit including by promoting, facilitating and assisting in the provision of careers and skills related education and advice with the intention of: (i) encouraging and enabling young people to leave formal education with a skill set that is appropriate for or consistent with future jobs; and (ii) encouraging and enabling people of any age to advance their skills, reduce the skills gap, and to support young people to develop their employability skills.
We work to advance and promote our objects with reference to entrepreneurship in the fields of technology, applied sciences and related subjects; or other areas and fields as considered appropriate by the trustees from time to time.
ABOUT US
We're an award-winning charity that empowers young people to make informed career choices by connecting them with a network of inspiring volunteer role models. We work in partnership with governments, corporates, and educational institutions to bridge the gap between education and the world of work. Whether in a classroom or a virtual setting, our mission is to give all people the best start in life, no matter their background, by preparing them for the ever-changing world of work.
Our trading subsidiary Digital Boost leverages technology to make mentoring and personalised learning available to all small businesses and charities. Small businesses have faced unprecedented challenges in recent years and need support to thrive. Digital Boost's smart matching engine connects them to expert volunteers from corporate partners and resources, for guidance that's tailored to them, flexible and free. This helps them build resilience and confidence, while growing their skills and their organisations. Thriving small businesses improve our communities and our economy.
Support is available in a range of formats including 1:1 mentoring, small group Masterclasses and Workshops, peer roundtables, and longer team mentoring days.
The services that F4S provides helps to improve social mobility, inclusivity, and access to digital skills, levelling the playing field for those who need them the most.
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Founders4Schools
Report of the Trustees for the Year Ended 30 June 2022
HIGHLIGHTS OF THE YEAR
The past year was a return to normalcy for the schools and small businesses we serve as we redoubled our efforts to help our corporate partners achieve their key objectives of employee engagement, supporting local communities, and measuring social impact. Our platform, which facilitates both in-person and virtual encounters, saw a surge in bookings, with greater than 55,000 students and 4,000 small businesses supported.
The Maths4Girls initiative was launched in 2019 to encourage more girls to continue with maths beyond GCSEs with the endorsement of the Maths Anxiety Trust, the Advanced Mathematics Support Programme (AMSP), The National Centre for Excellence in the Teaching of Mathematics (NCETM) and the Department for Education (DfE). Independent research showed that a single M4G role-model encounter increased awareness by 15 percentage points, increased girls' plans to pursue maths by 9 percentage points, and increased confidence by 7 percentage points. The Maths4Girls initiative saw continued success, with over 57,000 maths encounters for nearly 25,000 students in 190 schools. The 'Sustainable Futures' programme, in collaboration with WWF and Villiers Park Educational Trust, continued to thrive, providing students with inspiration and opportunities to pursue careers in sustainability.
Digital Boost continued to rapidly expand their reach, winning new partners like Mastercard Centre for Inclusive Growth, NatWest Group, Lloyds Banking Group, and EY which increased the digital expert volunteer base to 3,000 and the number of skills they mentor in to 55. By June 2022, over 4,000 small businesses were using Digital Boost to access the volunteers drawn from our corporate partners, with 56% of those mentored being female and 44% from an ethnic minority. Our mentoring and masterclass services received an outstanding Net Promoter Score of 73, with 75% of requests fulfilled within 72 hours.
Our investment in Workfinder makes it easy for businesses to find the right talent quickly and efficiently. With its advanced AI technology, Workfinder offers unmatched visibility into technical and personal skills, streamlining the hiring & upskilling process and getting the best fit for both the employer and the employee. The platform also provides valuable resources, such as training and mentorship, to help candidates upskill and succeed in their desired roles.
Throughout the year, we remained committed to innovation, making it easier for small businesses and schools to access the help and inspiration they need."
OUR IMPACT
All of our initiatives and investments are scalable, and we closely monitor them using both qualitative and quantitative data including user engagement, NPS scores, surveys, case studies, and focus groups. This rigour ensures we have a clear understanding of the impact our services are having. We are committed to continuous improvement of our tracking methods.
Public benefit statement
The trustees can confirm that in exercising their powers and duties they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission.
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Founders4Schools
Report of the Trustees for the Year Ended 30 June 2022
Financial Review
The group financial statements consolidate the results of the charity and its wholly owned subsidiary Digital Boost Upskilling Limited.
413 168k 24
801 de up
57% (2021: 76%) of total income.
536k
57 84
Digital Boost Upskilling Limited
Digital Boost Up addition, in (from 1 June 2021) into a separate trading company, Digital Boost Upskilling Limited.
STRUCTURE, GOVERNANCE AND MANAGEMENT
F4S is a charitable incorporated organisation governed by its constitution.
It has the support of many stakeholders from the worlds of education, philanthropy, government and business that support our important work.
Investment Policy
The charity will only make investments in organisations whose objectives are consistent with the charitable aims of Founders4Schools.
The Charity has a wholly owned subsidiary Digital Boost Upskilling Limited which changed its name from F4S Trading Ltd on 16 November 2021. On 1 June 2021 the activities of Digital Boost were moved into the subsidiary. Prior to this, the subsidiary was dormant. Digital Boost builds digital and business skills in SMEs.
The Charity also has a minority investment in Workfinder Limited. Workfinder was spun out of Founders4Schools in 2019 and it is anticipated that the percentage F4S owns of Workfinder will reduce further if Workfinder raises further investment through issuing share capital. Workfinder is an Enterprise SaaS service designed to give employers a competitive edge by helping them find talent with the right skills they need at the right time.
Reserves Policy
The charity is currently building its reserves balance and it aims to achieve the desired level of reserves by 2026. The ty to manage financial risk and short-term income volatility.
The level of of operating expenditure.
purposes.
Free reserves are calculated by taking the total unrestricted funds and excluding tangible fixed assets and investments as these assets are not freely available to contribute towards working capital requirements.
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Founders4Schools
Report of the Trustees for the Year Ended 30 June 2022
Principal Risks
The principal risks facing the charity, as identified by the trustees, are outlined below along with the strategies to mitigate them:
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1.Lack of funding - Risk mitigation: Ensuring the on-going strength of pipeline fundraising activity is split between managing the growth of existing supporters and the business development to identify and attract new supporters Diversification of fundraising sources and income streams related to services we provide including Work Experience Referrals and Licence Fees Ensure sufficient impact evidence and case studies to demonstrate worth of investment
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2.The software platform is not effective - Risk mitigation: Ensuring consistent, robust software development and testing Ensuring regular feedback from users and software updates on operational functionality Securing specific funding and in kind support to redevelop the platform
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Failure to attract and retain the right quality of staff Risk mitigation: Annual salary survey and pay review was undertaken to align pay with sector market rates Training, conditions, performance development and feedback systems are reviewed on a regular basis Succession planning was undertaken Staff Survey and appropriate action taken on the outcomes highlighted
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Reliance on Workfinder and Digital Boost success as an alternative income source to supplement our existing funding of charity operation Risk mitigation: Evaluating other providers of income Developing alternative revenue streams
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Competition and increased web-based offerings from other similar programmes in the UK Risk mitigation:
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Keeping abreast of competition and ensuring we have a clear brand and identity Ensuring clear service offer
THANK YOU TO OUR DONORS AND PRO BONO PARTNERS
We would like to thank all our partners for their ongoing support and look forward to working with you closely over the next year. To find out more about our partners, please visit www.founders4schools.org.uk/partners.
Thank you to all of our funders/partners for their generosity. We are immensely grateful for your ongoing support.
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Founders4Schools
Report of the Trustees for the Year Ended 30 June 2022
ORGANISATIONAL STRUCTURE
The charity decision-making and overall strategic direction of the charity are determined by the trustees, who are supported by Advisory Councils, which are made up of senior business leaders and educationalists.
Organisational Element
Key Roles and Responsibilities
Trustee Board: Meet quarterly The ultimate responsibility for directing the affairs of the charity, ensuring it is solvent, well-run, as well as manages and assesses risks and ensure it is achieving its charitable status Meet biannully to advise on impact, to refer funding opportunities, and to act Advisory Councils: as ambassadors for F4S in their communities Meet weekly to execute plans that have been approved by the trustees and to review and mitigate key strategic and operational risks. It is responsible for Senior Management Team: fundraising, business development and internal operations including financial control and; programmes Weekly stand up meetings. Monthly project status meetings. Staff: Reviews and provide input to strategic three-year business plan and annual business plan The Chair is Sherry Coutu.
New trustees are appointed by the board, after a skills audit and a gap analysis, at the recommendation of the Nominations Committee. New trustees are issued with an appointment letter together with an agreement for signing and as part of their induction will meet with each member of the senior management team to gain a comprehensive overview of all current activities. Trustee training and development is reviewed on an annual basis.
The trustees and the senior management team constitute the key management personnel of the charity. No trustee received remuneration during the period.
remuneration arrangements in respect of the Executive Director and set the targets for performance-related pay.
The Remco reviews the existing remuneration of the Executive Director, making comparisons with peer charities of similar size and complexity and is informed by a range of external benchmarking reports.
The pay of all senior staff is reviewed annually by the Executive Director for F4S and by the Remuneration Committee by DB initially who then makes recommendations to the F4S Remuneration Committee. The Remuneration Committee makes a recommendation to the Board of Trustees. It is our policy to remunerate fairly, to ensure that we attract and retain the skills we require to deliver our service offering and future strategy. We benchmark roles and job descriptions to relevant not-for profit sector role
INFORMATION ON FUNDRAISING PRACTICES
F4S is supported by a number of corporations, charitable trusts and foundations, as well as philanthropic gifts from major donors. We thank supporters appropriately and demonstrate the difference their money makes.
The Charity has in place a range of policies and processes that promote corporate responsibility and ethical behaviour, and we have further strengthened our approach during the course of the year. This includes an updated whistle blowing policy
Since 1 September 2021 F4S has been registered with the Fundraising Regulator, an independent body who set and maintain the standards for charitable fundraising.
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Founders4Schools
Report of the Trustees for the Year Ended 30 June 2022
In registering we agree to fundraise according to the regulator's strict set of codes and adhere to the Fundraising Promise, ensuring that our fundraising is legal, open, honest and respectful
We do not sub-contract fundraising activities to third parties.
We have received no complaints about our fundraising activities during both this year and the previous one.
We are developing our fundraising strategy and plans for 2022/23 and beyond as part of the business planning process. The high-level goals are:
To stabilise and diversify our sources of funding, including:
i. Continue to build our corporate and major donor prospect pipeline to increase the number of organisations we work with and secure financial support from
ii. Grow unrestricted income to support our activity
iii. Secure restricted income only where it fits with our strategic goals
iv. Develop and implement an engagement strategy for high net worth individuals
v. Devote time and resources into building long-term relationships with potential donors
vi. To build a case for support which attracts High Net Worth support
To build capacity and infrastructure to support a more diverse funding model, including:
i. Rebuild capacity in the team to support UK expansion
ii. Communicate effectively with partners and donors with regular impact reports, newsletters, events, and other engagement activities
iii. Improve donor communication and recognition via the website iv. Integrate fundraising messages into our marketing activities
PLANS FOR THE FUTURE
Looking Forward
challenging market conditions for fundraising has meant ensuring financial sustainability remains the priority for the Trustees and senior management team. The charity is closely monitoring the balance between income, delivery and development of the charity to ensure we meet our strategic priorities.
Ensuring a stable future
We have continued to strengthen our activity in securing corporate partnerships and driving individual giving to support our income diversification particularly in terms of unrestricted funding. The current fundraising market is challenging so it is vital we focus on securing income and robust internal systems. We will explore other income diversification streams such as exploring pricing models for non-state schools, developing our channel partnership with Workfinder and invest in upgrading the F4S platform to ensure it continues to be fit for purpose.
Expanding our reach
Our platform is built to scale and has the capacity to support far more educators. Through our flagship Maths4Girls initiative we aim to expand our offer to more schools and more young people. We will amplify the work we do through partnerships, developing internal processes and a strengthened marketing proposition. We will also work to ensure that as we open our services we maintain and strengthen the delivery of our core values of equality, diversity and inclusion - social and geographic.
Focus on our strategic priorities
Digital skills, sustainability and equity in STEM - we are passionate about these areas, believing they are important to the wider UK economy. Raising awareness, tackling socio-economic barriers and developing a pipeline of talent who believe their future belongs to these sectors will be a focus when developing projects and partnerships. We are formally expanding the charity's objectives to better incorporate the work of Digital Boost and reflect our strategic priorities.
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Founders4Schools
Report of the Trustees for the Year Ended 30 June 2022
Putting impact at the heart of our work
We will strive to improve the ways we show the impact of the work that we do and that it reflects the society in which we live. The work that we do to help prepare young people can take years to bear fruit but as a data-driven organisation, we believe that demonstrating impact is a key element of the work we do.
Digital Boost
this through a wide range of partnerships, increased marketing, and testing international expansion.
They also continue to improve their mentoring platform, including new features that make it easier for people to find the right resources and to track their progress and impact. A white label version of the Digital Boost platform will be made available, to help other organisations power their mentoring programmes more effectively. This is expected to create a new revenue stream and as well as expand reach.
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Founders4Schools
Report of the Trustees for the Year Ended 30 June 2022
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number 1162197
Principal address
22 Chancery Lane London WC2A 1LS
Trustees
Sherry Coutu CBE - Chair Janet Coyle Joanne Hannaford Gary Hanson (appointed 1 July 2021) John Mushriqui Jonathan Pearl Russ Shaw Claire Valoti Lauren Von Stackelberg Gori Yahaya
Key management personnel
M Eschbach Managing Director (up to 16 August 2022) A Rowan McEwan - Interim Executive Director (appointed 1 June 2022)
Auditors
Sumer Auditco Limited Statutory Auditor Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ
Solicitors
Shoosmiths No.1 Bow Churchyard London EC4M 9DQ
Banks
Metrobank One Southampton Row London WC1B 5HA
Barclays Bank Leicester LE87 2BB
Registered office
22 Chancery Lane London WC2A 1LS
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Founders4Schools
Report of the Trustees for the Year Ended 30 June 2022
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
Approved by order of the board of trustees on ............................................. and signed on its behalf by: 31 January 2023
........................................................................ Sherry Coutu CBE - Trustee
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Report of the Independent Auditors to the Trustees of Founders4Schools
Opinion
year ended 30 June 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated Statement of Financial Position, the Charity Statement of Financial Position, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
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30 June 2022 and of the
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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Report of the Independent Auditors to the Trustees of
Founders4Schools
In preparing the financial statements, the trustees are responsible for assessing charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
charity's ability to
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
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Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;
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- Reviewing the minutes of Board of Trustees meetings;
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Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses;
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Performing analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud;
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Reviewing of the financial statements disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above;
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Testing transactions entered into outside of the normal course of the charitable company's business; and
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Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals with round numbers
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Sumer Auditco Limited Statutory Auditor Chartered Accountants Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 County Gate County Way Trowbridge Wiltshire BA14 7FJ
Date: ............................................. 12 April 2023
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Founders4Schools
Consolidated Statement of Financial Activities for the Year Ended 30 June 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities Educational support Other trading activities Trading company income Investment income 3 Other income Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Educational support Total NET INCOME / (EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds 387,705 - 215,922 - 9,039 612,666 326,893 274,889 601,782 10,884 946,054 956,938 |
Restricted funds 780,863 - 20,000 - - 800,863 20,000 914,505 934,505 (133,642) 218,179 84,537 |
2022 Total funds 1,168,568 - 235,922 - 9,039 1,413,529 346,893 1,189,394 1,536,287 (122,758) 1,164,233 1,041,475 |
2021 Total funds 1,259,406 - 29,779 79 32,552 1,321,816 227,240 1,108,991 1,336,231 (14,415) 1,178,648 1,164,233 |
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Founders4Schools
Consolidated Statement of Financial Position 30 June 2022
| Notes FIXED ASSETS Tangible assets 11 Investments 12 CURRENT ASSETS Debtors 13 Cash at bank CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 15 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted funds 8,634 840,452 849,086 186,702 290,282 476,984 (369,132) 107,852 956,938 956,938 |
Restricted funds - - - - 84,537 84,537 - 84,537 84,537 84,537 |
2022 Total funds 8,634 840,452 849,086 186,702 374,819 561,521 (369,132) 192,389 1,041,475 1,041,475 956,938 84,537 1,041,475 |
2021 Total funds 6,516 840,452 846,968 191,126 372,809 563,935 (246,670) 317,265 1,164,233 1,164,233 946,054 218,179 1,164,233 |
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31 January 2023 The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Sherry Coutu CBE - Trustee
The notes form part of these financial statements
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Founders4Schools
Charity Statement of Financial Position 30 June 2022
| Notes FIXED ASSETS Tangible assets 11 Investments 12 CURRENT ASSETS Debtors 13 Cash at bank CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 15 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted funds 6,251 840,552 846,803 96,230 81,722 177,592 (112,926) 65,026 911,829 911,829 |
Restricted funds - - - - 84,537 84,537 - 84,537 84,537 84,537 |
2022 Total funds 6,251 840,552 846,803 96,230 166,259 262,489 (112,926) 149,563 996,366 996,366 911,829 84,537 996,366 |
2021 Total funds 6,516 840,552 847,068 191,117 281,083 472,200 (161,464) 310,736 1,157,804 1,157,804 946,054 211,750 1,157,804 |
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The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. 31 January 2023 and were signed on its behalf by:
............................................. Sherry Coutu CBE - Trustee
The notes form part of these financial statements
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Founders4Schools
| Consolidated Statement of Cash Flows for the Year Ended 30 June 2022 2022 Notes Cash flows from operating activities Cash generated from operations 17 8,719 Net cash/provided by operating activities 8,719 Cash flows from investing activities Purchase of tangible fixed assets (6,709) Purchase of fixed asset investments - Sale of tangible fixed assets - Interest received - Net cash used in investing activities (6,709) Change in cash and cash equivalents in the reporting period 2,010 Cash and cash equivalents at the beginning of the reporting period 372,809 Cash and cash equivalents at the end of the reporting period 374,819 |
2021 82,097 82,097 (5,227) - - 79 (5,148) 76,949 295,860 372,809 |
|---|---|
The notes form part of these financial statements
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Founders4Schools
Notes to the Consolidated Financial Statements for the Year Ended 30 June 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Founders4Schools is a charitable incorporated organisation registered in England and Wales. The principal address of charity is given within the reference and administration details of these financial statements. The nature of the charity's operations and principal activities are provided in the Report of the Trustees.
The charity constitutes a public benefit entity as defined by FRS 102. 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), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a 'true and fair' view and 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 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) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the below. These policies have been consistently applied to all periods presented unless otherwise stated.
Basis of consolidation
These group financial statements consolidate the results of the charity and its wholly-owned subsidiary Digital Boost Upskilling Limited, both of which make up their financial statements to 30 June. Inter group income and expenditure is eliminated and all income and expenditure relate to external transactions only. A separate statement of financial activities for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by Section 24 of Accounting and Reporting by Charities: Statement of Recommended Practice.
Going concern
to operate with the resources it is likely to have available and concluded that the charity is a going concern.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Donations and any associated Gift Aid are recognised on receipt of the donation. Gift in kind donations for services are recognised at the estimated value to the Charity.
Corporate partnership income is recognised after the first 30 days from the beginning of the contract as the time to deliver the benefits is materially delivered in this initial 30 day period.
Service contract income is recognised in proportion to costs incurred for work to date compared to total costs to completion.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Software development costs
The charity's trustees have taken the decision not to capitalise software development costs as intangible assets and instead treat software development costs as expenses in the Statement of Financial Activities when incurred.
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Founders4Schools
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
1. ACCOUNTING POLICIES - continued
Fixed asset investment
The investment valuation represents a prudent view of the costs of developing the Workfinder App. In 2019 the charity sold the intellectual property rights of the asset to an associate company Workfinder Newco Limited (now Workfinder Limited). Workfinder Limited plans to obtain additional 3rd party investment to further develop the product and the asset will be valued at fair value or in these accounts the asset is valued at capitalised cost of development less any impairment. Other costs incurred during development not capitalised were expensed as appropriate.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on straight line basis
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension scheme
From October 2017 Founders4Schools has operated a defined contribution pension scheme for the benefit of its employees. The assets of the scheme are held independently from those of Founders4Schols in an independently administered fund. The pension costs charged in the financial statements represent the contributions payable during the year.
Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Loans are initially recognised at transaction price and then subsequently measured at amortised cost using the effective interest rate model, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Financial instruments
The charity has only 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.
Key sources of estimation uncertainty
The most significant areas of uncertainty that affects the carrying value of assets held by the charity are the assumptions that affect the valuation of the Workfinder investment asset. In the previous year the charity sold the intellectual property rights of the asset during the year end to an associate company Workfinder Limited. Workfinder Limited plans to obtain additional 3rd party investment to further develop the product.
Uptake and future cash inflows will remain uncertain until the project is fully complete. The charity's trustees have therefore taken a prudent view of the value of the asset and have expensed significant costs, during the development phase, to reflect this uncertainty. The trustees consider that there is no impairment to the value at the balance sheet date.
Although the valuation reflects a prudent view of the costs incurred, it is anticipated that the investment will be valued at fair value in future periods as 3rd party investment is obtained. The value could significantly increase or decrease accordingly.
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Founders4Schools
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
2. DONATIONS AND LEGACIES
| Donations Gift aid Grants Significant grants and donations received, included in the above, are as follows: Donations and legacies Sherry Coutu Joanne Hannaford Other donations Grants Corporate Institution Trusts and Foundation Institutions The Scottish Government London Borough of Hammersmith and Fulham DCMS 3. INVESTMENT INCOME Deposit account interest |
2022 175,860 37,467 955,241 1,168,568 2022 46,000 75,360 54,500 175,860 2022 636,396 199,000 119,845 955,241 2022 175,000 24,000 - 199,000 2022 - |
2021 187,127 27,557 1,044,722 1,259,406 2021 112,829 - 74,298 187,127 2021 467,652 431,320 145,750 1,044,722 2021 206,050 10,700 214,570 431,320 2021 79 |
|
|---|---|---|---|
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Founders4Schools
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
4. RAISING FUNDS
Raising donations and legacies
| Raising donations and legacies | ||
|---|---|---|
| Staff costs Insurance Travel and subsistence Rent Sundries Trading subsidiary costs 5. CHARITABLE ACTIVITIES COSTS Educational support 6. SUPPORT COSTS Management Educational support 38,858 |
Direct Costs 1,135,454 Finance 526 |
|
Support costs are allocated between raising funds and charitable activities based on the estimated proportions of use of those resources.
Support costs, included in the above, are as follows:
| Support costs, included in the above, are as follows: | ||
|---|---|---|
| 2022 | 2021 | |
| Educational | Educational | |
| support | support | |
| Rent | 137 | - |
| Insurance | 3,623 | 2,373 |
| Postage and stationery | 277 | 212 |
| Advertising and marketing | 12,148 | 4,431 |
| Sundries | 6,725 | 6,762 |
| Events and entertaining | 416 | - |
| Recruitment | 198 | 1,908 |
| Legal fees | 11,749 | 11,445 |
| Depreciation of tangible and heritage assets | 3,585 | 1,580 |
| Bank charges | 526 | 467 |
| Auditors' remuneration | 14,556 | 12,047 |
| 53,940 | 41,225 |
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Founders4Schools
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
7. AUDITORS' REMUNERATION
| Fees payable to the charity's auditors for the audit of the charity's financial statements |
2022 12,200 |
2021 10,800 |
|---|---|---|
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2022 nor for the period ended 30 June 2021.
Trustees' expenses
In 2022 no trustees claimed expenses. (2021: no trustees reclaimed expenses on behalf of the Charity).
9. STAFF COSTS
| Charity: Wages and salaries Social security costs Pension |
Year ended 30.6.22 1,085,935 108,925 29,550 1,224,410 |
Year Ended 30.6.21 717,351 80,659 17,544 |
|---|---|---|
| 815,554 |
76,332 (2021: ). The
charity considers its key management personnel comprise the trustees and senior management team.
4 employees (2021
| Salary band - - - 140,000 - The average monthly number of employees during the year was as follows: Developers Partnerships and operations Management Administration Fund-raising |
2022 no. 2 - 1 1 2022 5 12 6 1 2 26 |
2021 no. - 1 - - 2021 5 5 2 1 2 15 |
|---|---|---|
The average monthly number of employees during the year was as follows:
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Founders4Schools
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
| 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds INCOME AND ENDOWMENTS FROM Donations and legacies 279,728 Other trading activities Trading company income - Investment income 79 Other income 32,552 Total 312,359 EXPENDITURE ON Raising funds 174,977 Charitable activities Educational support 212,570 Total 387,547 NET INCOME/(EXPENDITURE) (75,188) RECONCILIATION OF FUNDS Total funds brought forward Prior year adjustment 1,689,916 (668,674) TOTAL FUNDS CARRIED FORWARD 946,054 |
Restricted funds 979,678 29,779 - - 1,009,457 52,263 896,421 948,684 60,773 157,604 (198) 218,179 |
Total funds 1,259,406 29,779 79 32,552 1,321,816 227,240 1,108,991 1,336,231 (14,415) 1,847,520 (668,872) 1,164,233 |
|---|---|---|
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Founders4Schools
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
11. TANGIBLE FIXED ASSETS
| Group COST At 1 July 2021 Additions At 30 June 2022 DEPRECIATION At 1 July 2021 Charge for year At 30 June 2022 NET BOOK VALUE At 30 June 2022 At 30 June 2021 Charity COST At 1 July 2021 Additions At 30 June 2022 DEPRECIATION At 1 July 2021 Charge for year At 30 June 2022 NET BOOK VALUE At 30 June 2022 At 30 June 2021 12. FIXED ASSET INVESTMENTS Group and charity Shares in group Unlisted undertakings investments COST LESS IMPAIRMENT At 1 July 2021 and 30 June 2022 100 840,452 NET BOOK VALUE At 30 June 2022 100 840,452 At 30 June 2021 100 840,452 |
Computer equipment 9,585 6,709 16,294 3,069 4,591 7,660 8,634 6,516 Computer equipment 9,585 3,320 12,905 3,069 3,585 6,654 6,251 6,516 Totals 840,552 840,552 840,552 |
|---|---|
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Founders4Schools
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
12. FIXED ASSET INVESTMENTS - continued
There were no investment assets outside the UK.
in Digital
Boost Upskilling Ltd, formerly F4S Trading Ltd, (incorporated in the United Kingdom, company number 10187293) which is a wholly owned subsidiary.
In July 2019, the intellectual property relating to the Workfinder App, was transferred to a 3rd party company - Workfinder Newco Limited, now Workfinder Limited (Company number 12072557). In exchange for this transfer the charity has received a shareholding in Workfinder Limited. It is anticipated that this will reduce as Workfinder Limited will continue to raise further investment through the issue of share capital.
The net book value of the unlisted investments represents the deemed cost of developing the 5 less the value of long-term loans that were transferred to
The asset is recorded at cost less impairment as there is insufficient information to reliably value the asset at fair value at the balance sheet date.
As described in note 16 - Sherry Coutu, a Trustee of Founders4Schools, is also a director of Workfinder Limited and M Eschbach (managing director of Founders4Schools until 16 August 2022) is Chief Executive Officer of Workfinder Limited from 31 January 2022.
A summary of the financial performance of the subsidiary is shown below:
| Turnover external transfer Total expenditure Profit The assets and liabilities of Digital Boost Upskilling Ltd were: Current assets Current liabilities Total net assets Share capital and reserves |
Year ended 30.6.22 772,080 - (732,140) 39,940 Year Ended 30.6.22 654,971 (609,762) 45,209 45,209 |
Year Ended 30.6.21 29,779 29,111 (52,263) 6,627 Year Ended 30.6.21 88,982 (82,453) 6,529 6,529 |
|---|---|---|
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Founders4Schools
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors Prepayments and accrued income |
Group 2022 2021 180,530 27,746 6,172 163,380 186,702 191,126 |
Charity 2022 91,490 4,740 96,230 |
2021 27,746 163,371 |
|---|---|---|---|
| 191,117 |
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors Social security and other taxes Other creditors Amounts due to Digital Boost Upskilling Accruals and deferred income |
Group 2022 2021 25,213 18,886 52,953 114,044 22,789 26,114 - - 268,177 87,626 369,132 246,670 |
Charity 2022 5,839 26,015 3,670 62,938 14,464 112,926 |
2021 14,193 78,599 4,048 1,771 62,853 |
|---|---|---|---|
| 161,464 |
Included in accruals and deferred income (2021: 46,000 received from S L Coutu which has been deferred).
15. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Scottish Government Teacher Training Villiers Park Project Drapers Project Reece Project London Borough of Hammersmith & Fulham Digital Boost Sustainable Futures Programme Maths 4 Girls FUNDS FOR CHARITY Funds of subsidiary FUNDS FOR GROUP |
At 1.7.21 946,054 10,000 40,000 16,000 - - - - 145,750 - 211,750 1,157,804 6,429 1,164,233 |
Net movement in funds (34,225) - (31,055) (16,000) - - 9,560 - (92,635) 2,917 (127,213) (161,438) 38,680 (122,758) |
At 30.6.22 911,829 10,000 8,945 - - - 9,560 - 53,115 2,917 |
|||
|---|---|---|---|---|---|---|
| 84,537 | ||||||
| 996,366 | ||||||
| 45,109 | ||||||
| 1,041,475 |
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Founders4Schools
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
15. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Scottish Government Teacher Training Villiers Park Project Drapers Project London Borough of Hammersmith & Fulham Digital Boost Sustainable Futures Programme Maths 4 Girls TOTAL FOR CHARITY Subsidiary company - unrestricted Subsidiary company - restricted FUNDS FOR GROUP |
Incoming resources 396,744 175,000 - - - 24,000 536,113 35,750 10,000 780,863 1,177,607 215,922 20,000 1,413,529 |
Resources expended (430,969) (175,000) (31,055) (16,000) - (14,440) (536,113) (128,385) (7,083) (908,076) (1,339,045) (170,813) (26,429) (1,536,287) |
Movement in funds (34,225) - (31,055) (16,000) - 9,560 - (92,635) 2,917 (127,213) (161,438) 45,109 (6,429) (122,758) |
|---|---|---|---|
Within the unrestricted fund balance at 30 June 2022 11,829 65,026 unrestricted funds that are f Free reserves are calculated by taking the total unrestricted funds and excluding tangible fixed assets and investments as these assets are not freely available to contribute towards working capital requirements.
Comparatives for movement in funds
| Comparatives for movement in funds | ||||
|---|---|---|---|---|
| Unrestricted funds General fund Restricted funds Scottish Government Teacher Training Villiers Park Project Drapers Project Reece Project London Borough of Hammersmith & Fulham Digital Boost Sustainable Futures Programme FUNDS OF CHARITY Funds of subsidiary restricted FUNDS OF GROUP |
At 1.7.20 1,689,916 (5,744) 89,944 55,318 10,531 5,485 3,857 (1,787) - 157,604 1,847,520 |
Prior year adjustment (668,674) - - - - - - - - - (668,674) |
Net movement in funds (75,188) 15,744 (49,944) (39,318) (10,531) (5,485) (3,857) 1,787 145,750 54,146 (21,042) |
At 30.6.21 946,054 10,000 40,000 16,000 - - - - 145,750 211,750 1,157,804 6,429 1,164,233 |
| - 1,847,520 |
(198) (668,872) |
6,627 (14,415) |
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Founders4Schools
Notes to the Financial Statements continued for the Year Ended 30 June 2022
15. MOVEMENT IN FUNDS continued
| Unrestricted funds General fund Restricted funds Scottish Government Teacher Training Villiers Park Project Drapers Project Reece Project London Borough of Hammersmith & Fulham Sustainable Futures Programme Digital Boost Goldman Sachs Maths 4 Girls TOTAL FOR CHARITY Subsidiary company restricted TOTAL FOR GROUP |
Incoming resources 312,359 206,050 - - - 5,025 10,700 145,750 575,653 23,000 13,500 979,678 1,292,037 29,779 1,321,816 |
Resources expended (387,547) (190,306) (49,944) (39,318) (10,531) (10,510) (14,557) - (573,866) (23,000) (13,500) (925,532) (1,313,079) (23,152) (1,336,231) |
Movement in funds (75,188) 15,744 (49,944) (39,318) (10,531) (5,485) (3,857) 145,750 1,787 - - 54,146 (21,042) 6,627 (14,415) |
|---|---|---|---|
The specific purposes for which the funds are to be applied are as follows:
Scottish Government To develop young person employability programmes throughout Scotland Teacher Training To develop an online course CPD accredited certification to support Villiers Park Project To improve social mobility and develop skills for success for young people- Using Big Data to Improve the Employability of Young People Drapers Project To break down the barriers for young people who are unable to access opportunities which will improve their lives Reece Project To improve the Life Chances of Young in South Tyneside London Borough of Hammersmith & To help shape the next diverse generation and enable future economic Fulham growth for all Expedia Project To promote female leaders to young people Digital Boost Sustainable Futures Programme To accelerate opportunities for young people and make sustainable
To improve the Life Chances of Young in South Tyneside To help shape the next diverse generation and enable future economic growth for all
To promote female leaders to young people To accelerate opportunities for young people and make sustainable careers an attractive place for them to focus their futures (in collaboration with WWF and Villiers Park Educational Trust and supported by Evolution Education Trust)
To assist educators in increasing the proportion of girls pursuing maths beyond GCSE Supporting software engineering at F4S
Maths4girls Goldman Sachs
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Founders4Schools
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
16. RELATED PARTY DISCLOSURES
The charity has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
During the year, the charity received a 46,000 (2021 158,829) in donations either directly from S L Coutu (a Trustee) or from organisations in which S L Coutu is connected. At 30 June 2021 donations received were deferred to be recognised next year.
During the year, trustee).
M Eschbach (managing director of Founders4Schools until 16 August 2022) became Chief Executive Officer of Workfinder Limited from 31 January 2022. As at 30 June 2022 Founders4Schools had a shareholding in Workfinder 2 as set out in note 12 to the financial statements. There is a commercial agreement under which the charity receives referral fees from Workfinder for placements they facilitate. Fees payable by 150
Included within other creditors at the year-
17. RECONCILIATION OF NET (EXPENDITURE) / INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Profit on disposal of fixed assets Interest received Prior year adjustment Debtors relating to loans Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash (used in)/provided by operations |
2022 (122,758) 4,591 - - - - 4,424 122,462 8,719 |
2021 (14,415) 2,033 - (79) (98) (280,000) 188,367 186,289 82,097 |
|---|---|---|
| 18. | ANALYSIS OF CHANGES IN NET FUNDS | |||
|---|---|---|---|---|
| Net cash | At 1.7.21 | Cash flow | At 30.6.22 | |
| Cash at bank and in hand | 372,809 | 2,010 | 374,819 |
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Founders4Schools
Consolidated Detailed Statement of Financial Activities
| for the Year Ended 30 June 2022 INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid Grants Donated services and facilities Investment income Deposit account interest Charitable activities Fee income Other trading activities Trading company income Other income Gain on sale of tangible fixed assets Other income Total incoming resources EXPENDITURE Raising donations and legacies Wages and pensions Insurance Travel and subsistence Rent Sundries Trading subsidiary costs Charitable activities Wages and pensions Social security Trading subsidiary costs (including wages and pensions) Travel and subsistence IT software and consumables Contractor costs Subscriptions Support costs Management Rent Insurance Postage and stationery Carried forward |
2022 175,859 37,467 955,242 - 1,168,568 - - 235,922 - 9,039 1,413,529 163,373 - 2,077 15 1,125 180,303 346,893 437,208 57,753 564,191 7,230 16,516 53,556 - 1,136,454 137 3,623 277 4,037 |
2021 187,127 27,557 1,044,722 - |
|---|---|---|
| 1,259,406 79 - 29,779 - 32,552 |
||
| 1,321,816 171,030 679 230 - 3,038 52,263 |
||
| 227,240 693,325 70,769 275,177 1,032 25,653 - 1,810 |
||
| 1,067,766 - 2,373 212 2,585 |
This page does not form part of the statutory financial statements
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Founders4Schools
Consolidated Detailed Statement of Financial Activities
for the Year Ended 30 June 2022
| Management Brought forward Advertising and marketing Sundries Events and entertaining Recruitment Legal fees Depreciation of computer equipment Finance Bank charges Governance costs Auditors' remuneration Total resources expended Net expenditure |
2022 4,037 11,148 6,725 416 198 11,749 3,585 37,858 526 14,556 1,536,287 (122,758) |
2021 2,585 4,431 6,762 - 1,908 11,445 1,580 28,711 467 12,047 1,336,231 (14,415) |
|---|---|---|
This page does not form part of the statutory financial statements
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