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2024-06-30-accounts

REGISTERED CHARITY NUMBER: 1162197

Report of the Trustees and Financial Statements

for the Year Ended 30 June 2024

for

Founders4Schools

Founders4Schools

Contents of the Financial Statements for the Year Ended 30 June 2024

Page
Chairman’s Report 1
Report of the Trustees 2 to 9
Report of the Independent Auditors 10 to 11
Consolidated Statement of Financial Activities 12
Consolidated Statement of Financial Position 13
Charity Statement of Financial Position 14
Consolidated Statement of Cash Flows 15
Notes to the Financial Statements 16 to 27

Founders4Schools

Access impact review online: https://www.founders4schools.org.uk/annual-review-index/

Chairman’s Report for the Year Ended 30 June 2024

Reflecting on the past year (ending June 2024) and the nine year journey of F4S, I am pleased to report significant progress in our mission to upskill students, schools and SMES through mentoring to enhance diversity, social mobility, and economic growth.

In today’s uncertain landscape, social impact is valued by investors, demanded by employees, sought after by customers, and will strengthen our economy. I’m pleased that all of our activities align with the UN’s Sustainable Development Goals and reflect our commitment to positively impacting society.

Skills Enhancement : To date, we have facilitated connections between 718,454 students, teachers, career leads and SME employees with industry professionals we guide and resources we curate, providing invaluable upskilling to our users. Programmes like Digital Boost, Sustainable Futures, and Maths4Girls have opened better horizons for individuals aged from 6 to 60, contributing to quality education and reducing inequalities.

Educator Support: We remain committed to supporting educators with resources that enhance teaching and extend influence beyond the classroom. By integrating our programmes into curricula, we are helping to equip all students with crucial Ai and Data skills for future success.

Volunteer Support: Over 30,000 business volunteers have shared their expertise with students, educators, and individuals working in small businesses, broadening perspectives and fostering skills, aspirations and growth. Our research & feedback loops help them know how to say what needs to be said for that specific audience.

Multi-Academy Trust Partnerships : Relationships with MATs and Colleges have allowed us to deliver consistent, highquality career education across multiple schools, ensuring a greater number of students benefit from our programmes. This will absolutely be our focus next year.

Corporate Partnerships: Our corporate partners have been crucial in expanding our reach and impact. Their support has enabled us to provide learning opportunities to diverse groups, contributing to both quality education and economic growth. Our training helped their employees be confident and to gain new skills and our reporting provided granularity for their sustainability reports and internal goals.

Local Government Support: Local government partners have been vital in bringing our initiatives to communities nationwide, ensuring students from all backgrounds have access to transformative learning opportunities. Parental Engagement: We deepened our provision of tools for parents and resources to support their children's career exploration and personal development, recognising their crucial role in shaping young lives.

Employee & Trustee Dedication: I want to acknowledge our employees for their unwavering commitment and innovative approaches that drive our impactful programmes and our Trustees, Members and Advisors for their strategic guidance, ensuring we remain focused on our mission while adapting to the evolving educational landscape. We waved farewell to Gori Yahara, John Mushriqui and Jonathan Pearl this year and welcomed Divesh Chandiramani, Julian Palmer and Stuart Watson.

Looking Ahead: While celebrating our achievements, we recognise the work ahead. Our future priorities include:

We remain committed to addressing the UK's skills gap and all the unfairness that comes with that. With our dedicated team and supportive network, we are well-positioned to continue making a positive, more sustainable future for all.

Sherry Coutu CBE, Founder and Chair

Page 1

Founders4Schools

Report of the Trustees for the Year Ended 30 June 2024

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 2024.

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. We 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).

OBJECTIVES AND ACTIVITIES

The objects of the charitable incorporated organisation (CIO) are to encourage and enable young people to leave formal education with a skill set that is appropriate for or consistent with future jobs; and to encourage and enable people of any age to advance their skills.

We promote our objects with particular reference to entrepreneurship in the fields of technology, applied sciences and related subjects.

ABOUT US

We're an award-winning charity that leverages technology & AI to empower 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 ensure that anyone who wants to start or grow a business can access personalised support and expertise, regardless of the stage they're at, location, sector or existing networks. Through a community of 4,000+ volunteers, they deliver unlimited 1:1 mentoring, masterclasses, actionable peer learning programmes and more. This helps build their skills and confidence, enhancing their organisation's resilience. Thriving small businesses improve our communities and our economy.

The services we provide help to improve social mobility, inclusivity, and access to digital skills, levelling the playing field for those who need them the most.

Page 2

Founders4Schools

Report of the Trustees for the Year Ended 30 June 2024

HIGHLIGHTS OF THE YEAR

Over the past year, F4S accelerated the career prospects of 72,034 students, over 12,000 small businesses & provided granular transparent insights to hundreds of our partners.

Socio-Economic Deprivation: In partnership with OakNorth Bank, we successfully completed the first year of a three year programme connecting University students with secondary school students (ages 11-16) to provide mentorship sessions in STEAM (Science, Technology, Engineering, Arts and Maths) subjects, focusing on students from disadvantaged backgrounds living in Bristol, London, Birmingham, Manchester, Leeds and Newcastle

Sustainability: We are pleased to report reaching 10,000 students and completing the sustainability programme with WWF & Villiers Park. Post-course and career talks, 87.5% of students felt more positively about sustainability careers, and 90.6% reported increased interest in pursuing these roles. The course enhanced sustainability knowledge for 92.0% of participants, with 73.0% finding it relevant to their careers. Importantly, understanding of the business role in sustainability rose from 61.2% to 93.9%, driving many to take environmental action and inspire others. These results underscore our success in equipping future leaders to meet sustainability challenges.

Maths: Buoyed on by research showing strong impact, we continued our Maths4Girls initiative encouraging 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).

Digital Boost: This year, we continued to expand our free support offering to include face-to-face events, peer learning programmes for aspiring female entrepreneurs, and hands-on Digital Skills Labs. We created more than 6,000 mentoring relationships and greatly expanded our Masterclass offering, hosting 240 events, with nearly 15,000 attendees. We are grateful for the support of partners including the Mastercard Centre for Inclusive Growth, NatWest Group, BT, Barclaycard Payments. Bloomberg, EY, Aviva and more. By June 2024, over 12,000 small businesses were using Digital Boost for 1:1 and group support, with 61% identifying as female and 48% as from an ethnic minority. Our mentoring and masterclass services received an outstanding Net Promoter Score of 73.

Throughout the year, we remained committed to innovation, making it easier for small businesses and schools to access the help and inspiration they need. This includes continually advancing our technology platform. Via our white label capabilities, we can now empower and enable other mentoring and support programmes to be impactful and efficient. Through our action planning tools, we can also ensure that our users put their learnings into practice. And thanks to our messaging centre, communication has never been easier!

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.

Page 3

for the Year Ended 30 June 2024 FINANCIAL RE￿Ew The group finanoal staternents consolKlate the resuts of the charty and its wholty-owned subsidiary Digital Boost Upskilling Limited. The group generated total Incon￿ of £1.342.318 for the yeai ended 30 June 2024 12023. £1,192.5241 This consists of £1.039,13012023 £919,6031 from donations and 9rants and £303.18812023 £272,921) from otl*r Sour￿$. Restricted incom8, which can only be used for a SFecffic wrpose. amounted to £962.94712023.. £785,592) and made up 72%12023.. 66%) of total income. Total c05tS W8r8 £1.326,41812023.. £2,097.9841. Group fund5 carned forward at the end of the year were £151.915 12023". £136.0151, which compri58d £127,462 12023". £127,322) In unrestricted lunds and £24,45312023." £8,693) In ￿stn￿ed fvnds. Digital Boost Upskilling Limrted Digital Boost U￿killIng generated a total inccthe 01 £951.421 for year ended 30 June 202412023." £894.6131. STRUCTURE, GOVERNANCE AND IMNAGEMENT F4S ij 8 ¢horitabb incorp￿￿ted Organi$8￿.0n ICIOI gover￿ by its ￿nSti1u￿?n. It h85 th8 SUPPOrt ol many stsk8hokI8rs frcrn the woth oleducation, Fthilanthropy. govemrnent and busin8SS that 5UPPOrt ur important work. INVESTMENT POLICY The charity will only make In￿Strnenls in or9anlsa￿9TrS wh¢)s8 Obj'e￿.¥9$ 8r& con$i&tent with the ¢haritsble 8irn6 01 Founders4S¢hool$. RESERVES POLICY Th• charity's trust•os ha¥• indicated Ihat t￿Y woulj likè fré• rts•N•s 10 bo at least fourmonths of op•r8bng expenditur• by the end ol June 2026 to rnanage finanaal risk and irKomg volatility. As of 30 June 2024, free reserve5 of th8 charity wère £24,C6312023.. £84,452) which equai8S lo over onè rnonlh ofoperabng expeTraitur8 and is below where the Trustees would like thom to ba. The Trusioas ara confidont that 8Cti¢)ns hav• b88n takan to •nsur• that th• fr•è ras•N8s will within their risk appebte by June 2026, rf not before Free reserves are the part of the ¢harrty's ¥Th￿s￿"¢le￿ lunds thal a￿ freety availa1￿e to spend on any of the charty's purpo$e$. Free reserv85 are calculated by taking the total unrestricted fvnds eMdudirrfJ tangible fixed as58ts and investments as the58 85sets are not fre81y availa￿e lo contribute toward5 working wilal wuIre￿￿nt8. Page 4

Founders4Schools

Report of the Trustees for the Year Ended 30 June 2024

PRINCIPAL RISKS

The principal risks facing the charity, as identified by the trustees, are outlined below along with the strategies to mitigate them:

  1. Lack of funding - Risk mitigation:

Ensure the pipeline of fundraising activity is split between existing supporters and business development to identify and attract new supporters

Diversify fundraising sources and income streams.

  1. Low customer satisfaction: Risk mitigation:

Ensure regular feedback from users and software updates on operational functionality Secure in-kind support to upgrade the platform

  1. Talent attraction & Retention – Risk mitigation:

Training, performance development and feedback systems are reviewed regularly Staff surveyed and action taken on issues highlighted

  1. Competition Risk – Risk mitigation

Diversifying funding sources, enhancing beneficiary engagement, and regularly reviewing programs to ensure they meet evolving needs, maintaining financial sustainability and service relevance.

  1. Cyber Risk – Risk mitigation

Implementing robust security protocols, conducting regular system audits, and providing staff training to protect sensitive data and ensure continuing of operations.

THANK YOU TO OUR DONORS AND PRO BONO PARTNERS

We would like to thank all our donors & partners for your ongoing support and look forward to working with you further on our important shared mission

To find out more about our partners, please visit www.founders4schools.org.uk/partners.

Page 5

Founders4Schools

Report of the Trustees for the Year Ended 30 June 2024

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.

The following table summarises the key elements of the charity’s organisational structure:

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 Amend the objects of the Charity, receive the accounts & report of the Members Charity annually, ratify the appointment of new Members, Trustees & Auditors, attend the AGM and remain updated on the activities of the charity. Meet biannually to advise on impact, to refer funding opportunities, and to Advisory Councils: act 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.

The Board of Trustees has delegated responsibility to the Board Remuneration Committee (“Remco”) to oversee the 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.

Page 6

for the Year Ended 30 June 2024 In registering we 8gree lo fundraise according to the regulatorfs strictset of ccdes and adhere to the FU[￿raiSing Promise, ensunng that our fundraising is legal. open. honest and resrcfful. We do not sub-contratt fvndraising activrtES to Ihird pariES. We have re￿1Ve￿ no compL4ints aboLrt ourlundrai5ing activibes during both year and the prewou$ one. We a￿ developing our lun¢JraisiThJ stratsgy and KAan$ for 2024125 aThJ tsyond as part of the business plannin9 pr(Kess. The high-￿¥81 goals ar8.. To stabilise and diversfy our sources of fundi￿, induding.. . Continue to build our corporate and majordonor Fyoyct pipeline to increase the nurnterof organksath)ns we WO￿ wrth and secure financial support frorn ii. Grow unrestricted income to Sukwort our adiwty Iii. Secure restricted Income only wFre rt frts wth our strategic goa iv. Devek)p and imrAement an engagement strate9y for high net worth indNiduals v. Devote tirr and resources Into buildin9 lontrtem) ￿lationshipS wth potential donors vi. To build a case for support which attrads High Nel Worth $uprK)rt To build capacity and infrastroctur8 to support a more dNers¢ funding rn¢>Jel, in￿ding.. i. Rebuild capacity in the team to support UK expansion ii. Communicate effectively with partners and donoTr with r8guL4r impact report5, n8W51ett8rs, events, and other •ngagernenl aclivitl8S iii. Improve donor communication and reeognrtion via the websit• Iv. Integrate lundrai$iNJ messages into our mathelwi9 activi￿5 During the year the charity spent £239.S0412023." £249.1611 on rai$ir9 lunds. PLANS FOR THE FUTURE Digital skills. sustainability and inclusion are irnportanl to all ol us & the wider UK economy. Raising awarene5S. t8ckli socitreconomic barr￿r5 and developing ialenl wil continu• to be a focus when developirg projects and p8rtnerships. Digital Boest Digital Boost's key priority forthe cLYnin9 year B to Contin￿ Io grw ils c¢yrffiunrty, and conb.nue to drive true. measur8ble Impact in the businesses we support. V a￿ also completing anolher swJnificant upgrade to our enhancernent lo allow even 9￿ater flexibility and connecbon. antj ￿11 conbnue to expand our support offerin9S. Workfinder On 9th April 2024 F4S purchased the IP relating to the SuFerpowerplalforrn fTOrn Ihe administrators ofworkfinder Limited. We look forw8rd to securing funding to fulther d8¥elop and uii115e this 355et in Ihe fvlflment of our charit8ble objects. Page 7

Founders4Schools

Report of the Trustees for the Year Ended 30 June 2024

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number 1162197

Principal address

22 Chancery Lane London, WC2A 1LS

Trustees

Sherry Coutu CBE - Chair (appointed 15 June 2015) Divesh Chandiramani (appointed 25 August 2023) Janet Coyle (appointed 1 June 2020) Joanne Hannaford (appointed 1 July 2016) Gary Hanson (retired 30 November 2023) Claire Nooriala (appointed 4 September 2020) Julian Palmer (appointed 6 June 2024) Jonathan Pearl (retired 6 June 2024) Russ Shaw (appointed 1 June 2020) Lauren Von Stackelberg (appointed 1 June 2020) Stuart Watson (appointed 4 March 2024)

Directors of Digital Boost

Andrew Cox (appointed 1 December 2023) Gemma Jones (appointed 22 January 2021) Karen Licurse (appointed 22 March 2021) Bolanle Oluwole (appointed 31 January 2024) Russ Shaw (appointed 18 November 2020) Angela Stathi (12 September 2020) Grace Wang (appointed 20 September 2021) Andrew Woodward (appointed 31 January 2024)

Key management personnel

Sherry Coutu CBE Sarah Bertolotti (from 24 January 2024)

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

Barclays Bank Leicester, LE87 2BB

Metrobank One Southampton Row London, WC1B 5HA

Registered office

22 Chancery Lane London, WC2A 1LS

Page 8

Founders4Schools

Report of the Trustees

for the Year Ended 30 June 2024

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

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.

15th October 2024

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................

Sherry Coutu CBE - Trustee

Page 9

Report of the Independent Auditors to the Trustees of Founders4Schools

Opinion

We have audited the financial statements of Founders4Schools (the 'parent charity') and its subsidiary (the ‘group’) for the year ended 30 June 2024 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:

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 that, individually or collectively, may cast significant doubt on the group’s and the parent charity's ability to continue as 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:

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.

Page 10

Report of the Independent Auditors to the Trustees of

Founders4Schools

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent 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.

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:

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: .............................................21 October 2024

Page 11

mÈn f Finan for the Year Ended 30 June 2024 2024 Total fund5 2023 Total fund5 Unrestrictsj Restricted fund5 funds Notes INGOME AND ENDOWMENTS FROM Donations and1￿8¢*$ 76.183 962.947 1.039.130 919.603 Other trading activities Trading company Income 302,889 302,889 272,919 Investment incorne 299 299 Total 379.371 962.947 1,342.318 1,192,524 EXPENDITURE ON Raising funds 239.504 239.504 249.161 Charltsbl• •¢tlvltl•• Educatsonal support 139.727 947.187 1.086.914 I,￿8.371 Total expenditure before impairm?Tht 379.231 947.187 1,326.418 1,257,532 Oth8r- impairrnent of assets 840 452 Totsl 379.231 947,187 1,326.418 2,097,984 NET INCOME I IEXPENDITUREI 140 15,760 1 5.900 1905.4601 RECON¢ILIAnON OF FUNOS Totsl lund• brought forw¥rd 127.322 8.693 136.015 1,041.475 TOTAL FUNDS CARRIED FORWARD 127.462 24.453 151.915 136.015 Page 12

Founders4Schools

Consolidated Statement of Financial Position 30 June 2024

Notes
FIXED ASSETS
Intangible assets
12
Tangible assets
13
Investments
14
CURRENT ASSETS
Debtors
15
Cash at bank
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
Unrestricted funds
17
Restricted funds
17
TOTAL FUNDS		 Unrestricted
funds
£
9,000
9,405
-
18,405
83,998
534,603
618,601
(509,544)
109,057
127,462
127,462		 Restricted
funds
£
-
-
-
-
-
24,453
24,453
-
24,453
24,453
24,453		 2024
Total
funds
£
9,000
9,405
-
18,405
83,998
559,056
643,054
(509,544)
133,510
151,915
151,915
127,462
24,453
151,915		 2023
Total
funds
£
-
15,792
-
15,792
98,922
455,131
554,053
(433,830)
120,223
136,015
136,015
127,322
8,693
136,015

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. 15th October 2024 and were signed on its behalf by:

............................................ Sherry Coutu CBE - Trustee

The notes form part of these financial statements

Page 13

Founders4Schools

Charity Statement of Financial Position
30 June 2024
Unrestricted
Restricted
funds
funds
Notes
£
£
FIXED ASSETS
Intangible assets
12
9,000
-
Tangible assets
13
620
-
Investments
14
100
-
9,720
-
CURRENT ASSETS
Debtors
15
59,956
-
Cash at bank
59,839
24,453
119,795
24,453
CREDITORS
Amounts falling due within one year
16
(95,732)
-
NET CURRENT ASSETS
24,063
24,453
TOTAL ASSETS LESS CURRENT LIABILITIES
33,783
24,453
NET ASSETS
33,783
24,453
FUNDS
Unrestricted funds
17
Restricted funds
17
TOTAL FUNDS		 2024
Total
funds
£
9,000
620
100
9,720
59,956
84,292
144,248
(95,732)
48,516
58,236
58,236
33,783
24,453
58,236		 2023
Total
funds
£
-
2,889
100
2,989
77,144
78,611
155,755
(62,610)
93,145
96,134
96,134
87,441
8,693
96,134

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. 15th October 2024 and were signed on its behalf by:

............................................. Sherry Coutu CBE - Trustee

The notes form part of these financial statements

Page 14

Founders4Schools

Consolidated Statement of Cash Flows
for the Year Ended 30 June 2024
2024
Notes
£
Cash flows from operating activities
Cash generated from operations
19
120,597
Net cash/provided by operating activities
120,597
Cash flows from investing activities
Purchase of tangible fixed assets
(7,971)
Investment in intangible assets
(9,000)
Interest received
299
Net cash used in investing activities
(16,672)
Change in cash and cash equivalents in
the reporting period
103,925
Cash and cash equivalents at the
beginning of the reporting period
455,131
Cash and cash equivalents at the end of
the reporting period
559,056		 2023
£
96,447
96,447
(16,137)
-
2
(16,135)
80,312
374,819
455,131

The notes form part of these financial statements

Page 15

Founders4Schools

Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024

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 nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out 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

The trustees have considered the charity’s cash flow projections to ensure that the charity will continue to be able 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.

Grant Income

All foreign grant income receivable is stated in the financial statements at the exchange rate prevailing on the date of the receipt of the fund.

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

Website costs are capitalised however 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.

Page 16

continued...

Founders4Schools

Notes to the Financial Statements - continued for the Year Ended 30 June 2024

1. ACCOUNTING POLICIES - continued

Fixed asset investment

Fixed Asset investments will be reviewed year on year for any impairment.

Intangible fixed assets

Intellectual Property is capitalised at cost. Amortisation will be provided in order to write off each asset over its estimated useful life. For the purpose of the 2024 accounts, intellectual property was purchased close to the year end and no amortisation has been charged. The useful life of the asset will be assessed in the next financial period when it is clearer how the asset will be developed and how long this will likely benefit the charity.

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.

Page 17

continued...

Founders4Schools

Notes to the Financial Statements - continued

for the Year Ended 30 June 2024

2. DONATIONS AND LEGACIES

Donations
Gift aid
Grants
Significant grants and donations received, included in the above, are as follows:
Donations and legacies
Donations under £50,000
Grants
Corporate
Institution
Trusts and Foundation
Institutions
The Scottish Government
Other Grants under £50,000
3.
INVESTMENT INCOME
Deposit account interest		 2024
£
87,617
12,500
864,014
964,131
2024
£
87,617
2024
£
740,639
89,000
34,375
864,014
2024
£
50,000
39,000
89,000		 2023
£
95,501
26,730
797,372
919,603
2023
£
95,501
2023
£
629,514
107,500
60,358
797,372
2023
£
87,500
20,000
107,500
2023
£
2
2024
£
299

Page 18

continued...

Founders4Schools

Notes to the Financial Statements - continued for the Year Ended 30 June 2024

4. RAISING FUNDS

Raising donations and legacies

Staff costs
Travel and subsistence
Sundries
Total raising donations and legacies
Trading subsidiary costs
Total funds spent on raising funds
5.
CHARITABLE ACTIVITIES COSTS
Educational support
6.
SUPPORT COSTS
Management
£
Educational support
73,785		 Direct
Costs
£
993,739
Finance
£
684

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:
2024 2023
Educational Educational
support support
£ £
Rent 26 -
Insurance 3,554 1,999
Postage and stationery 1,336 131
Advertising and marketing 55,845 37,259
Sundries 188 737
Events and entertaining 4,247 8,850
Recruitment 536 3,104
Legal fees 5,784 6,274
Depreciation of tangible and heritage assets 2,269 3,362
Bank charges 684 492
Auditors' remuneration 18,706 20,022
93,175 82,230

7. Other Expenditure

There was an impairment in the prior year due to the write down of value of Workfinder Limited.

Page 19

continued...

Founders4Schools

Notes to the Financial Statements - continued

for the Year Ended 30 June 2024

8. AUDITORS' REMUNERATION

Fees payable to the charity's auditors for the audit of the charity's financial statements

2024
£
18,480		 2023
£
16,800

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 June 2024 nor for the period ended 30 June 2023.

Trustees' expenses

No trustees reclaimed expenses on behalf of the Charity in 2023 or 2024.

10. STAFF COSTS

Charity:
Wages and salaries
Social security costs
Pension		 Year
ended
30.6.24
£
733,820
71,587
20,824
826,231		 Year
Ended
30.6.23
£
672,354
70,813
34,961
778,128

The total amount of employee benefits received by key management personnel is £16,656 (2023: £65,546). The charity considers its key management personnel comprise the trustees and senior management team.

2 employees (2023: 2) received emoluments in excess of £60,000 per annum:

2024 2023
Salary band no. no.
£100,000 - £110,000 1
£110,001 - £120,000 1
£150,001 - £160,000 1 1

The average monthly number of employees during the year was as follows:

Developers
Partnerships and operations
Management
Administration
Fund-raising		 2024
4
7
2
1
-
14		 2023
3
7
2
2
1
15

Page 20

continued...

Founders4Schools

Notes to the Financial Statements- continued
for the Year Ended 30 June 2024
11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
134,011
Other trading activities
Trading company income
272,919
Investment income
2
Other income
-
Total
406,932
EXPENDITURE ON
Raising funds
249,161
Charitable activities
Educational support
146,935
Other costs
840,452
Total
1,236,548
NET INCOME/(EXPENDITURE)
(829,616)
RECONCILIATION OF FUNDS
Total funds brought forward
956,938
TOTAL FUNDS CARRIED FORWARD
127,322		 Restricted
funds
£
785,592
-
-
-
785,592
-
861,436
-
861,436
(75,844)
84,537
8,693		 Total
funds
£
919,603
272,919
2
-
1,192,524
249,161
1,008,371
840,452
2,097,984
(905,460)
1,041,475
136,015

Page 21

continued...

for the Year Ended 30 June 2024 12. INTANGIBLE FIXED ASSETS Group Intellectual Property OST Addrtions 9,000 At 30 June 2024 9,WO NET BOOK VALUE At 30 June 2024 9,WO At 30 June 2023 13. TANGIBLe FIXED ASSETS Group Computer Equipment an(1 Web611e COST Al 1 July 2023 Addrtions Disposals 32,430 7,972 AI 30 Jun• 2024 36.820 DEPRECIATION Al 1 July 2023 Charge for year DeprecialDn elminated on disposal 16.638 14.359 AI 30 June 2024 NET BOOK VALue AI 30 June 2024 At 30 June 2023 Charlty Computer equipment COST At 1 July 2023 Disposa15 12,905 At 30 June 2024 DEPRECIATION At 1 July 2023 Charge for year Eliminated on dISK￿al 10,016 2,269 At 30 June 2024 NET BOOK VALUE At 30 June 2024 620 At 30 JU￿ 2023 2,889 Page 22 continued...

Founders4Schools

Notes to the Financial Statements - continued for the Year Ended 30 June 2024

14. FIXED ASSET INVESTMENTS

Charity

Charity
Shares in
group
Unlisted
undertakings
investments
£
£
COST LESS IMPAIRMENT
At 1 July 2023
100
-
NET BOOK VALUE
At 30 June 2024
100
-
At 30 June 2023
100
-		 Totals
£
100
100
100

There were no investment assets outside the UK.

The net book value of shares in group undertakings consists of £100 investment representing shares held in Digital Boost Upskilling Ltd, formerly F4S Trading Ltd, (incorporated in the United Kingdom, company number 10187293) which is a wholly owned subsidiary.

A summary of the financial performance of the subsidiary is shown below:

Turnover – external
– transfer
Total expenditure
Profit		 Year
ended
30.6.24
£
951,421
-
(897,623)
53,798		 Year
Ended
30.6.23
£
894,613
-
(859,902)
34,711

The assets and liabilities of Digital Boost Upskilling Ltd were:

Fixed Assets
Current assets
Current liabilities
Total net assets
Share capital and reserves		 Year
Ended
30.6.24
£
8,785
508,943
(423,949)
93,779
93,779		 Year
Ended
30.6.23
£
12,903
464,491
(437,412)
39,982
39,982

Page 23

continued...

Founders4Schools

Notes to the Financial Statements - continued for the Year Ended 30 June 2024

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024
£
Trade debtors
36,000
Prepayments and accrued income
Amounts due from Digital Boost Upskilling
47,998
-
83,998
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
2024
£
Trade creditors
57,725
Social security and other taxes
35,421
Other creditors
18,367
Amounts due to Digital Boost Upskilling
-
Accruals and deferred income
398,031
509,544
2023
£
71,042
27,880
-
98,922

2023
£
52,009
34,331
16,916
-
330,574
433,830		 Charity
2024
£
16,000
33,819
10,137
59,956
Charity
2024
£
21,244
2,712
2,869
-
68,907
95,732		 2023
£
6,600
4,897
65,647
77,144
2023
£
42,269
3,585
744
-
16,012
62,610

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Included in accruals and deferred income is £277,364 grant income received in advance which has been deferred (2023:£168,844).

17. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Restricted funds - Youth
FUNDS FOR CHARITY
Funds of subsidiary
FUNDS FOR GROUP		 At 1.7.23
£
87,441
8,693
96,134
39,881
136,015		 Net
movement
in funds
£
(53,658)
15,760
(37,898)
53,798
15,900		 At
30.6.24
£
33,783
24,453
58,236
93,679
151,915

Page 24

continued...

for the Year Ended 30 June 2024 17. MOVEMENT IN FUNDS- continued Nel rnovement in furmls, induded in the above are as folhxs". In¢otning sour Resour￿$ expended Movement In funds Unrestrl¢ted fvnds General fund 1CX).167 1153.8251 153,6581 Re8trictsd fund8 Rastricted Funds- Youth Restricted Funds- Adults 341.415 546.533 1325,6551 546,533 15,760 887.948 872 188 TOTAL FOR CHARITY 1 026013 37 898 Subsidiary ccmpany- unr8Stricted Subsidiary ccffipany restricted- Aduh 279.204 1225.4061 53,798 FUNDS FOR GROUP 1342318 13264181 thin the chanty's unreslrrterl fvnLI balance at 30 June 2024 of £33.783. the level of free reserves is £24,C63. Fwe reserves are the part of the chanty's unwtrithd funds that are freely available to Spend on any ofthe charity's purpo$e$. Free reserve$ are ￿kulated by tsking Ihe total ￿n￿Stn¢tsd fund$ and exduding t8n9ibb fixed 8$$ets and inve$lment$ &6 these as6ets are nol freety availabkn to contribute towards worf(ing caprtal requirements, Comparatlvos for movefflent In lunds Ntst M0￿ment in funds At 1.7.22 Al 30.6.23 Unrn•trl¢tsd fvnd• General fund 911.829 1824.3881 67,441 Re$trl¢tsd fund• Restricted Funds- Youlh 75 844 FUNDS OF CHARITY Funds gf subsidiary 45.109 15.2281 39,881 FUNDS OF GROUP 1 041.475 136015 Page 25 ¢ontinued...

Founders4Schools

Notes to the Financial Statements – continued for the Year Ended 30 June 2024

17. MOVEMENT IN FUNDS – continued

Unrestricted funds
General fund
Restricted funds
Restricted Funds – Youth
Restricted Funds – Adults
TOTAL FOR CHARITY
Subsidiary company - unrestricted
Subsidiary company - restricted
TOTAL FOR GROUP		 Incoming
resources
£
134,052
166,726
618,827
785,553
919,605
272,919
-
1,192,524		 Resources
expended
£
(958,440)
(242,570)
(618,827)
(861,397)
(1,819,837)
(278,147)
-
(2,097,984)		 Movement
in funds
£
(824,388)
(75,844)
-
(75,844)
(900,232)
(5,228)
-
(905,460)

The specific purposes for which the funds are to be applied are as follows:

Restricted Funds – Youth To facilitate the Digital Upskilling of youth, with particular focus on inclusion.

Restricted Funds – Adults To facilitate the Digital Upskilling of adults, with particular focus on inclusion.

Page 26

Founders4Schools

Notes to the Financial Statements - continued

for the Year Ended 30 June 2024

18. 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 total of £40,000 (2023; £nil) in donations either directly from S L Coutu (a Trustee) or from organisations in which S L Coutu is connected.

During the year, the charity received a total of £10,000 (2023: £40,000) in donations directly from J Hannaford (a trustee).

Included within creditors at the year-end is £38,775 payable to S L Coutu (2023: £11,381). This relates to charity operating expenses which have been paid for privately.

19. RECONCILIATION OF NET (EXPENDITURE) / INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
2024 2023
£ £
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities) 15,900 (905,460)
Adjustments for:
Depreciation charges 14,359 8,979
Impairment of fixed assets investments - 840,452
Interest received (299) (2)
Prior year adjustment - -
Debtors relating to loans - -
Decrease/(increase) in debtors 14,923 87,780
Increase/(decrease) in creditors 75,714 64,698
Net cash (used in)/provided by operations 120,597 96,447
20. ANALYSIS OF CHANGES IN NET FUNDS
At 1.7.23 Cash flow At 30.6.24
£ £ £
Net cash
Cash at bank and in hand 455,131 103,925 599,056

Page 27