**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: 

- Empowering Schools & SMEs: We aim to streamline access to reliable and effective resources, connecting users with our expert network. 

- Enabling Action Beyond Advice: We are enhancing services to provide comprehensive support, including action plans, hands-on clinics, and in-depth mentoring. 

- Revamping Impact Tracking: We are improving impact tracking systems to better understand and communicate effective changes. 

- Inclusion:  We are focusing on ensuring individuals who have disabilities and who had SEN get all the help they deserve. 

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. 

2. Low customer satisfaction: Risk mitigation: 

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

3. Talent attraction & Retention – Risk mitigation: 

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

4. 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. 

5. 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 resr*cfful.
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 wF*re 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 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- 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. 

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: 

- give a true and fair view of the state of the group’s and of the parent charity’s affairs as at 30 June 2024 and of the group’s incoming resources and application of resources, for the year then ended; 

- 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 

- 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 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: 

- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- 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. 

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: 

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; 

- Understanding of management's internal controls designed to prevent and detect irregularities, and fraud; 

- Reviewing the minutes of Board of Trustees meetings; 

- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses; 

- Performing analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud; 

- Reviewing of the financial statements disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above; 

- Testing transactions entered into outside of the normal course of the charitable company's business; and 

- 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: .............................................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<br>**FIXED ASSETS**<br>Intangible assets<br>12<br>Tangible assets<br>13<br>Investments<br>14<br>**CURRENT ASSETS**<br>Debtors<br>15<br>Cash at bank<br>**CREDITORS**<br>Amounts falling due within one year<br>16<br>**NET CURRENT ASSETS**<br>**TOTAL ASSETS LESS CURRENT LIABILITIES**<br>**NET ASSETS**<br>**FUNDS**<br>Unrestricted funds<br>17<br>Restricted funds<br>17<br>**TOTAL FUNDS**|Unrestricted<br>funds<br>£<br>9,000<br>9,405<br>-<br>18,405<br>83,998<br>534,603<br>618,601<br>(509,544)<br>109,057<br>127,462<br>127,462|Restricted<br>funds<br>£<br>-<br>-<br>-<br>-<br>-<br>24,453<br>24,453<br>-<br>24,453<br>24,453<br>24,453|2024<br>Total<br>funds<br>£<br>9,000<br>9,405<br>-<br>18,405<br>83,998<br>559,056<br>643,054<br>(509,544)<br>133,510<br>151,915<br>151,915<br>127,462<br>24,453<br>151,915|2023<br>Total<br>funds<br>£<br>-<br>15,792<br>-<br>15,792<br>98,922<br>455,131<br>554,053<br>(433,830)<br>120,223<br>136,015<br>136,015<br>127,322<br>8,693<br>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**<br>**30 June 2024**<br>Unrestricted<br>Restricted<br>funds<br>funds<br>Notes<br>£<br>£<br>**FIXED ASSETS**<br>Intangible assets<br>12<br>9,000<br>-<br>Tangible assets<br>13<br>620<br>-<br>Investments<br>14<br>100<br>-<br>9,720<br>-<br>**CURRENT ASSETS**<br>Debtors<br>15<br>59,956<br>-<br>Cash at bank<br>59,839<br>24,453<br>119,795<br>24,453<br>**CREDITORS**<br>Amounts falling due within one year<br>16<br>(95,732)<br>-<br>**NET CURRENT ASSETS**<br>24,063<br>24,453<br>**TOTAL ASSETS LESS CURRENT LIABILITIES**<br>33,783<br>24,453<br>**NET ASSETS**<br>33,783<br>24,453<br>**FUNDS**<br>Unrestricted funds<br>17<br>Restricted funds<br>17<br>**TOTAL FUNDS**|2024<br>Total<br>funds<br>£<br>9,000<br>620<br>100<br>9,720<br>59,956<br>84,292<br>144,248<br>(95,732)<br>48,516<br>58,236<br>58,236<br>33,783<br>24,453<br>58,236|2023<br>Total<br>funds<br>£<br>-<br>2,889<br>100<br>2,989<br>77,144<br>78,611<br>155,755<br>(62,610)<br>93,145<br>96,134<br>96,134<br>87,441<br>8,693<br>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**<br>**for the Year Ended 30 June 2024**<br>2024<br>Notes<br>£<br>**Cash flows from operating activities**<br>Cash generated from operations<br>19<br>120,597<br>Net cash/provided by operating activities<br>120,597<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>(7,971)<br>Investment in intangible assets<br>(9,000)<br>Interest received<br>299<br>Net cash used in investing activities<br>(16,672)<br>**Change in cash and cash equivalents in**<br>**the reporting period**<br>103,925<br>**Cash and cash equivalents at the**<br>**beginning of the reporting period**<br>455,131<br>**Cash and cash equivalents at the end of**<br>**the reporting period**<br>559,056|2023<br>£<br>96,447<br>96,447<br>(16,137)<br>-<br>2<br>(16,135)<br>80,312<br>374,819<br>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<br>Gift aid<br>Grants<br>Significant grants and donations received, included in the above, are as follows:<br>**Donations and legacies**<br>Donations under £50,000<br>**Grants**<br>Corporate<br>Institution<br>Trusts and Foundation<br>**Institutions**<br>The Scottish Government<br>Other Grants under £50,000<br>**3.**<br>**INVESTMENT INCOME**<br>Deposit account interest||2024<br>£<br>87,617<br>12,500<br>864,014<br>964,131<br>2024<br>£<br>87,617<br>2024<br>£<br>740,639 <br>89,000 <br>34,375 <br>864,014<br>2024<br>£<br>50,000 <br>39,000 <br>89,000|2023<br>£<br>95,501<br>26,730<br>797,372<br>919,603<br>2023<br>£<br>95,501<br>2023<br>£<br>629,514<br>107,500<br>60,358<br>797,372<br>2023<br>£<br>87,500<br>20,000<br>107,500<br>2023<br>£<br>2|
|---|---|---|---|
|||||
|||||
|||||
|||||
|||2024<br>£<br>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<br>Travel and subsistence<br>Sundries<br>Total raising donations and legacies<br>Trading subsidiary costs<br>Total funds spent on raising funds<br>**5.**<br>**CHARITABLE ACTIVITIES COSTS**<br>Educational support<br>**6.**<br>**SUPPORT COSTS**<br>Management<br>£<br>Educational support<br>73,785||Direct<br>Costs<br>£<br>993,739<br>Finance<br>£<br>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 <br>£<br>18,480|2023<br>£<br>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:<br>Wages and salaries<br>Social security costs<br>Pension|Year<br>ended<br>30.6.24<br>£<br>733,820<br>71,587<br>20,824<br>826,231|Year<br>Ended<br>30.6.23<br>£<br>672,354<br>70,813<br>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<br>Partnerships and operations<br>Management<br>Administration<br>Fund-raising|2024<br>4<br>7<br>2<br>1<br>-<br>14|2023<br>3<br>7<br>2<br>2<br>1|
|---|---|---|
|||15|



Page 20 

continued... 



**Founders4Schools** 

|**Notes to the Financial Statements- continued**<br>**for the Year Ended 30 June 2024**<br>**11.**<br>**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**<br>Unrestricted<br>funds<br>£<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>134,011<br>**Other trading activities**<br>Trading company income<br>272,919<br>Investment income<br>2<br>Other income<br>-<br>**Total**<br>406,932<br>**EXPENDITURE ON**<br>Raising funds<br>249,161<br>**Charitable activities**<br>Educational support<br>146,935<br>Other costs<br>840,452<br>**Total**<br>1,236,548<br>**NET INCOME/(EXPENDITURE)**<br>(829,616)<br>**RECONCILIATION OF FUNDS**<br>**Total funds brought forward**<br>956,938<br>**TOTAL FUNDS CARRIED FORWARD**<br>127,322|Restricted<br>funds<br>£<br>785,592<br>-<br>-<br>-<br>785,592<br>-<br>861,436<br>-<br>861,436<br>(75,844)<br>84,537<br>8,693|Total<br>funds<br>£<br>919,603<br>272,919<br>2<br>-<br>1,192,524<br>249,161<br>1,008,371<br>840,452<br>2,097,984<br>(905,460)<br>1,041,475<br>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<br>group<br>Unlisted<br>undertakings<br>investments<br>£<br>£<br>**COST LESS IMPAIRMENT**<br>At 1 July 2023<br>100<br>-<br>**NET BOOK VALUE**<br>At 30 June 2024<br>100<br>-<br>At 30 June 2023<br>100<br>-|Totals<br>£<br>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<br>– transfer<br>Total expenditure<br>Profit|Year<br>ended<br>30.6.24<br>£<br>951,421<br>-<br>(897,623)<br>53,798|Year<br>Ended<br>30.6.23<br>£<br>894,613<br>-<br>(859,902)|
|---|---|---|
|||34,711|



The assets and liabilities of Digital Boost Upskilling Ltd were: 

|Fixed Assets<br>Current assets<br>Current liabilities<br>Total net assets<br>Share capital and reserves|Year<br>Ended<br>30.6.24<br>£<br>8,785<br>508,943<br>(423,949)<br>93,779<br>93,779|Year<br>Ended<br>30.6.23<br>£<br>12,903<br>464,491<br>(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**<br>2024<br>£<br>Trade debtors<br>36,000<br>Prepayments and accrued income<br>Amounts due from Digital Boost Upskilling<br>47,998<br>-<br>83,998<br>**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>**Group**<br>2024<br>£<br>Trade creditors<br>57,725<br>Social security and other taxes<br>35,421<br>Other creditors<br>18,367<br>Amounts due to Digital Boost Upskilling<br>-<br>Accruals and deferred income<br>398,031<br>509,544|<br>2023<br>£<br>71,042<br>27,880<br>-<br>98,922<br> <br>2023<br>£<br>52,009<br>34,331<br>16,916<br>-<br>330,574<br>433,830|**Charity**<br>2024<br>£<br>16,000<br>33,819<br>10,137<br>59,956<br>**Charity**<br>2024<br>£<br>21,244<br>2,712<br>2,869<br>-<br>68,907<br>95,732|2023<br>£<br>6,600<br>4,897<br>65,647|
|---|---|---|---|
||||77,144|
||||2023<br>£<br>42,269<br>3,585<br>744<br>-<br>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**<br>General fund<br>**Restricted funds**<br>Restricted funds - Youth<br>**FUNDS FOR CHARITY**<br>Funds of subsidiary<br>**FUNDS FOR GROUP**|At 1.7.23<br>£<br>87,441<br>8,693<br>96,134<br>39,881<br>136,015|Net<br>movement<br>in funds<br>£<br>(53,658)<br>15,760<br>(37,898)<br>53,798<br>15,900|At<br>30.6.24<br>£<br>33,783<br>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**<br>General fund<br>**Restricted funds**<br>Restricted Funds – Youth<br>Restricted Funds – Adults<br>**TOTAL FOR CHARITY**<br>Subsidiary company - unrestricted<br>Subsidiary company - restricted<br>**TOTAL FOR GROUP**|Incoming<br>resources<br>£<br>134,052<br>166,726<br>618,827<br>785,553<br>919,605<br>272,919<br>-<br>1,192,524|Resources<br>expended<br>£<br>(958,440)<br>(242,570)<br>(618,827)<br>(861,397)<br>(1,819,837)<br>(278,147)<br>-<br>(2,097,984)|Movement<br>in funds<br>£<br>(824,388)<br>(75,844)<br>-<br>(75,844)<br>(900,232)<br>(5,228)<br>-<br>(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|



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