O Good Things Foundation GOOD THINGS FOUNDATION Company Limited by Guarantee Consolidated Financial Statements For the Year ended 31 JULY 2021 ¢AaXIWK* COAIPANIES HOUSE
COMPANY REGISTRATION NUPA8ER: 05887661 CHARrrY REGISTRATION NUMBER: 1165209 Good Things Foundation Company Limited by Guarantee Consolidated Financial Statements 31 July 2021
Good Things Foundation Company Limll•d by Guarantee Financial Ststements Year ended 31 July 2021 Pages Trustees. annual report (incorporating the directors. report) 1to11 IndeperKlent auditorfs report to the members 12to16 Consolidated statement of financial activities {induding income and expenditure account) 17 Consolidated statement of financial position 18 Company statement of financial position 19 Consolidated statement of cash flows 20 Notes to the financial statements 21to30
Good Things Foundation Company Limitsd by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) Year ended 31 July 2021 The Iruslees, who are also the directors for the purposes of company law. present their report and the financial slalemenls of the chanty l(K the year ended 31 July 2021. Reference and adminlstratlve details Registered charity name GoL*J Things Foundation Charity registration numbor 1165209 Company registration number 05887661 Princlpal office and regisler•d PO Box 6063 office Sheffield S11 OGU The trustees H L Mblner W J Perrin E A Williams RAGClare CPBond N A Wallace Dean N Khan S Mistry L A Faulkner J C Clark J E Speake Chief EXele Chair (Appointed 20 October 20211 (Resigned 20 October 20211 {Resigned 18 June 2021) Company secretary M J Bentt Auditor Hebblelhwailes Chartered accountants & statutory auditor5 2 WestbrD)k Court Sh8rrow Vale Road Sheffiel(i S118YZ Bankers The CwperalNe Bank plc Virgin Money plc Cambridge & Ccojnties Bank Limited Solicitors Stone King LLP
Good Things Foundation Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Directors. Report) (coftdn Year ended 31 July 2021 Good Things Foundation is a leading digilal inclLJsion charty, working in the UK, Australia and beyond. We want lo fix the digrtal dNide - for good. We work in crties, towns, and comrnunilies lo help people thrive in a digital world. Our Aims and Objectives Purposes and Aims Our charity's purposes as set out in the objects Ctair1 in the CoMpanS Articles of Association are for public benefit and are- To develop the capacity and skills of the members of Ihe socially and economically disadvantaged community in such a way thal Ihey are belter able to Klentify and lo help meel their needs and to participate more fully in soc*ty To advance education of the public in di9ilal ski1Ss arml in information lechno109y To promote social irtlusion among Ihosewho are excluded from S(ty and who lack either access lo online services or necessary skills in infonnalion lechTh)10gy or digital skills To advance citizenship by developing Ihe lnfomian technology skills of the public so thal they are beller able lo participate in soc¢ety as actNe and responsible rytizens. Ensuring ourwork delivers our aims We review our aims, objectives. and activit$ each year. This revthv looks al what we have achieve in the last 12 months. and the benefits this actNity has driven for th people and communities. This review also helps us lo ensure our aims. objecltves and actNilies maIn focused on our slated purposes. We have referred lo the guIdare conlained in the Charity Commission's general guidance on public benefit when reviewng our aims and ObltiveS and in planning our future a¢livilie5. In particular, the trustees cOnser how FAanned aclivilies will contribute lo the airns and objectives they have sel. Our vision is a wodd where everyone can benefit from dlta1. and (yJr aim is to drive sceial change, and addre55 inequalty. by delivering deep imp&1 al scale. In 2020. we achieved our ambitious goal lo support al least three million socially exduded people lo improve their lives through (ligilal. We hope lo support another three million by 2025 and will continue to work towards this wal with our partners in both the UK, Australia and globally. We will do this by building effective programmes that address some of the key social challenges we are facing in society - from a lack of digital skills lo wvety. isolation. and unemployment. We have three strategic objectr¥es: We improve people's lives. indtvidually and al scale We partner wlh community organisalions. creating impt. locally and logether as a network We inspire people aThJ shape the future so we can 1 thrive in a changing digilal world.
Good Things Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors. Report) (Conllnu Year ended 31 July 2021 We have five strategt prinaples that underpin strategy. These principles explain the core purpose of our organisalion and how we operate". We ¥e committed to helping people imtKove 1r INes We lead a movemenl achieving %xial change We use digital techndogy to make thange happen We do what works We are ambitious about the scale of tyJr impact. We achieve this by working wth nets¥s across the countries we operate in. particulady our community netsvorks in tKlth the UK and Australia. Achievements and Performan¢e How our activiti deliv•r public benefit All of Gd Things Foundation's charitable activities focus on helping people lo be happier. healthier and beller off by being dKJilally able. equal and safe. Our main activities and the people we have helped are described below. In the UK The year from August 2020 - July 2021 has been a thallenging bul rewarding year for G¢x¥Y Things Foundation. as the effeels of the pandemie and lockd¢)wns began lo bile. and the challenges of the digital divide fell more acute than ever. 92% of our employers now say that they need basic digital skills from their employees {Worfd Skills UK. 20211. yel 8.7 million adults in the UK lack these skills {Lloyds Essenlial Digrtal Skills Survey 2021). 1.5 million households have no internet access {Ofcom. Adults, edia Use and Attitudes. 2021), and 14.9 million adults in the UK have very low digilal en9agemenl {Lloyds Bank Consumer Digital Index 2021). showing the scale of action needed to equip everyone with the access, confidence, motivation and skills to berit from the digital wortd. This year. we continued to cafflpaign for action to end digital exclusion. ensuring we surfxed the stories of those who were exduded from aeeessing the online l¢)ols and services many of us look for granted during the pandemic. Through our Fix the Digital Dwide Campan. we engaged with a range of partners across sectors to raise the profile of digital exdusion and to Secure funding and support. The campaign has been adopted by a wide range of partners. induding the Mayor of Greater Manchester and his team. In the UK, our Everyone Connected programme (previously known as DevicesDolNowl continued lo grow and have a huge impact during the year. Partners induding Bardays. JP Morgan, Children in Need. National Lottery Community Fund. and more provHled fiJnding so we could provide data and devices to those mosl in need. fe of charge. Through the programme. over 20,000 devices have already been gwen out through our community partner network. provKling a lifeline lo adults and families cul off from essential servw. fn"ends. and famAy. Vve also launched our Data Poverty Lab in Awil 2021. The Lab is a partnership been Good Things Foundation and Nominel. the official registry for UK domain names. Working with Inlernel Servi Providers, charity partners. and the UK Government. il will link with and build upon research, ideas, and inilialives lo investigate emerging issues of data poverty. an issue which has become even more acute since the pandern hil. The lab will involve people with live(l experience of poverty in developing and testing effective, sustainable, an(J innovative solutions.
Good Things Foundation Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directors. Report) (¢ontints Year ended 31 July 2021 In March 2021, we began delivering the Digital Lrfeline projeet. funded by the Department for Digital, Culture. Media and Sport. The emergency response project provTrded devKes, dala. and digital skills support to digitally excluded people wrth learning disabilities, creating a life changing impact for a group with a huge amount lo gain from being digitally connected. The programme Is being delivered in partnership with AbilityNel and Digital Unite. ar¢d supported by Learning Disability England, the Voluntary Organisalions Disability Group. self-advocales and other disability and digital indusion organisations. By July 2021. we'd exceeded our goal and 5.500 adulls with a leaming disability had received a new device, free data. and some dKJital skills support from a trusted partner organisalion. The UK Census t¢x¢k place in Marth 2021. delivered as a 'digital first. service. Through our comrnunity nebKork of Census Supp¢)rt centres, we provKled 5UPPOrt lo ensure those wilhoul digital skills or access could participate. and so ensure their ¥0 was recorded. This year the Future Digital I1$10n programme. funded by the Department for Education and delivered by Good Things Foundation, came to an end after 7 years. The programme supported over 1.5 million adults lo improve their basic digital skills - and in tum their INes. Learners progressed to range of positive outcomes, with 84Yty progressing lo fvrther learning and 36% progressing to a course which would lead to a qualification. 80% of working-age learners progressed lo employmenl-related activity. and 20% of working-age learners had entered full lime or part lirne employment. The programrne also reached those most in need. with 77°1tr of people supported facing one OT more barriers rdaled lo social exdusion {poverty. unemployment. low skills. disability. homelessness). The end of Future Digital Inclusion means there is currenuy no dedicated Governmenl-funded programme supFKJrting the most exduded lo improve their digital skills in an informal. community- based setting. Although the Government's new enlillemenl to full funding for Entry Level 3 and Level 1 qualrficalions in Essential Digital Skills is welcome. there Is a risk that the people this policy aims lo support do not benefit because they are disengaged from formal education antj require support and preparation in community settiros before being able lo progress. During this year. we worked with the Department for Education lo 'taper' the Future Digilal InclUsn programme through to closure, avoiding a cliff edge for thousands of vulnerable learners. and providing funding and capacity building support lo communily organisalions lo help them explore ways of sustaining Essenlial Digital Skills support in commvnities. Bul the challenge remains. ongside our action on dKJitsl poveriy. and our governrnent-funded programmes. our partnerships with private sector organisalions who share our visH)n have ntInued to enable us to innovate, explore Yrdy5 of embedding digtsl indusion into a wde range of community support. and reach new beneficiarie5. We teamed up wlh Mastercanl - since joined by Lloyds Banking Group - to deliver Ihe Nobody in the Dark campaign. shining a light on both digital and financial exclusion during Ihe COVKI 19 pandemic. sNJnposling lo online SUPFX)rt and piloting a communrty-based offer lo help peOe fulure-proof ther finan, working wth Cleanslate and Quidslnl Working wilh BT through the Skills for Tomorrow kKogramme, we continued to supwrt older and vulnerable people lo gel online and make the most of the digital tools modern lrfe increasingly epends on. We also published an evidence review on the kinds of safety risks adults face on the inlernel and how lo incorporate inlernel safety into digital indusion.
Good Things Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) (continvedj Year ended 31 July 2021 We continued lo delNer the Power Up kwramme, hjnded by J.P Morgan Chase Fojndalion. which is driving economic inclusion Ihrough digital in communities - Fxjwering up people. provision, and places. Power Up engaged a lolal of 2.330 beneficiaries during the programme through a mixture of employability and finanual capability sUppt, with basic digilal skills embedded. 96°A of beneficiaries gained new digilal skills, 71 % of finanual capability beneflarieS becarne more confident using digital tools lo manage their firbances. and 54% of employabilty beneflarieS beeame more confident Using Workpla digrtal tools. Our work with Her Majesty's Courts and Tribunal Service finished in August 2021. which tesle(I models of delivering face-to-face assisted digitsl support so digitally excluded people could access online services with help and making a number of recommendations lo deliver beller services for digitally excluded people_ Get Online Week Our Gel Online Week Carnpan which again this year took place in both the UK and Australia went virtual for the first lime thanks lo the Covid-19 pandemic. Despite the challenges this posed. our community partners in both the UK and Australia rose lo the challenge and delivered innovative and inleraclive sessions that helped people engage wlh digrtal remotely from their homes. In the UK, 400 organisations held 2.000 events. reaching 20,000 people in totsl. In Australia, 700 organisalions held 1.600 events, reaching 23,500 people. In Australia In Australia, this year we collaborated with our partners lo extend our impact. respond to the Covid-19 pandemic and advocate for increasing digilal indusion support lo reach those most in need. Our Australian neOrk now stands 3,500 slrong. with nearly $20m in grants distributed in lotsl since the network launched in 2017. This year was significant for Be Connected. our community-base(I dlIa1 skills program aimed at Australians aged over 50. The 2019120 Federal Budget saw the Be conrle program extended for an additional three years lo 2024. The exlenstin of Be Connected. which is run jointly with the Department of so21 Services 2nd the esafety Commissioner, is recognition of the program's success to dale and the important work remaining. In March 2021. the release of an evaluation of Be Connected demonstrated the effectiveness and significant posibve impact the program ha5 had on building the digital skn"Ils. nfidenCe. online safely skills and social ujnnecledness of participants. The first roll•tsJl of our digilal health literw proJram. Health My Way. concluded in June 2021. Oelivered by 75 community organisalions nalionwKle. Health My Way focused on supporting people aged over 18 to gain essential digital skills and confidence and lo access digital health services. Good Things Foundation Australia supported participating community organisalions lo deliver the program Ihrough $435,000 in small grants funding, the development of resources and learning materials. including three online learning m¢xlules, and training 232 otal Health Menlors. Alongside the development and provision of our digital indusion programs and resources, this year also saw us make new strides In T advocacy f¢y digital indusion. Increasing understanding of digital exclusion is importanl for raising aWarer$S of those most at risk of digital exclusion. what support is ¢urrently available. and what more can be done to dose the digital dTvide in Australia.
Good Things Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors. Report) Iconllnu•d) Year ended 31 July 2021 Financial Review Principal Funding Sources Our principal funders in the UK in the year maIn Govemment Departments.. Department for Edueation, Her Majesty's Courts and Tribunals SeThice. oifice of National Slal+slics. Department for Work and Pension and Her Majesty's Revenue and Customs. We have also received funding from a number of charitable trusts induding the Big Lottery Fund. Comic Rdief. JP Miygan Chase Foundation, Camegie UK Trust, Norninel, Google.org and Prin. Countryside Fund. We Continue lo work wlh Lloyds Banking Group. G¢)ogle. BT, AentUre and Mastercard. and we are grt)wing relationships with a WKler range ol partners across all sectors. Our principal funder in Auslralia is the Australrdn Govemmenl through the Department for Social Services. We also received incorne from the Office of the esafety Commissioner, the Australian Digtsl Health Agency. the New South Wales Oepartment for Primary Industr, NBN Co. PWC and Nokia. Flnancial Review of the year In the year lo 31 July 2021 the Group had net income of £405,293. This is represenled by a inflow of unreslricled fvnds of £455,324 and a net tsulftow of reslricled funds of £50.031. The net incoming unreslricled restrjrces of £455.324 have been added lo our free TeseNes and become availate for us lo spend on any activity that supports our charitable objectives. Any excess amount above the reserves that we need lo sel aside lo manage risk. will be invested in our charitable obieclives. As of 31 July 2021. the Group is carrying foThvard free or unreslricled reseThes of £2,285,876. Of this total, £2.091.257 relates lo the UK charity and £194,619 relates lo the Australian charity. Restricted funds have to be ulilbsed on the projects agreed wlh the funders who granted or donated these funds Many of the projecls undertaken span more than one financial accounting year. In such cases, any reslricled fu15 received in Ihe UK tharity that have nol been fully used in the year on the projects that they fund, musl be carried forward lo be expended in future years. Thus, the nel oufflow of reslricled funds for the year is not a def11 but a liming difference befvn when we receive restricled funds for a project and when we carry out that project. Al the end of the year. we are carrying foThvard £2,108,412 of restricted funds lo L* utilised in future years on the rdevant projects. These restricted funds relate lo the UK Charty only Inv•stment policy Aside from retaining a prudent amount in reserves each year lo Cover risks and provide for working capital, the ¢harity'5 funds are lo be spent in the short term as sel out in our funding contracts. so there are no funds for long term investment. Any funding received in advance 15 Iiivesled in either an instant access or a laY deposit xcount depending on our cash flow requirements.
Good Things Foundation Company Limited by Guarantee Trust••s' Annual Report (Incorporating th• Directors. Report) (confrnuodj Year ended 31 July 2021 Group Reserves policy Good Things Fourwjalion's reserves policy focuses on the level of free reserves. Free reserves exclude reslrKted funds and designated fvnds. The recommended free reserves level is calculated annually in advance of the budget process based on Ihe financtal impact of the rrent risks facing Good Things Foundation. The reserves policy is reviewed annualty by Good Things Foundation's Group Board. Good Things FndatIOn seeks lo maintain free. unrestricted reseNes to manage the fisks lo which we are exposed in the course of our business. induding bul not limited to mitigating uncertainties in our funding and earned income. The reserves are also needed to meet the working capital requirements of the charty which are becoming a higher risk for us as we diversfy our funding streams, including into attracting unreslricle(I dOnatn$, and generate more income that is paid in arrears and on results. Any surplus on free reserves above the amount we need will be invested in our Charitable objeelwes. Group Reserves situation The Board has decided that in order lo meet these needs. and lo operate effeclr¥ely. Good Things Fountjalion needs unreslricled Group reserves of between £2,162,000 and £2,717,WO based on the current analysis of risk. Currendy our lolal unrestricted reserves are within this range. Plans for future periods In the coming year, we wll continue lo deliver activity that helps us lo fix the dKJilal divide in both the UK and Australia. H¢)wever, we continue lo faee uncertainty as the uncertainty of the pandemic continues, and we begin lo navigate a wsl-covid environment wrth challenges including a changed funding environment, economic challenges. an ongoing red lo manage Ihe pandemic, and a greater digital divide than ever before. We conlinue lo explore new furKling opportunilies. including developing fundraising and as a resull we are in the process of regislerirvJ wth Ihe FundraisiThJ Regulator in the UK. In 2020, we developed our 2020-2025 Group Strategy. and we agreed our Group Vision. Strateg Objeclwes and Enablers at our Joint International Boards Committee. As set out in our strategy. we will eontinue to grow our existing partners, ané develop new ones that will allow us lo reach new audiences. test innovative approaches and grow our impact so we can achieve our aim of a world where everyone can benefit from digital. This wll particularly focus on the impact we can have distribuling data and devices to Ihose in need. in order to overcome dwJilal exclusion. We will also look to grow and develop our community nefv4ork in order to continue to help people to benefit from the internel, working with both community and strategic partners lo addres5 the challenges of the posl-covid landscape. Supporting our community nehvorks in both Ihe UK and Australia will continue lo be a central focus for us, and we will ensure Iheir voice5 can be heard. as well as support them in the vital work they are doing in communilies lo support some of Ihe rnosl excluded people to cross the digital dNide. As always. we will be informed by research and insighl. and focussed on (Jelivering activity that meets the needs of both our community neiknY)rk and those IW suppcfft. an(1 we wl1 continue 10 showcase the benefits of research and evaluation.
Good Things Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) IntInu•d> Year ended 31 July 2021 In Australia, we will conlinue to 5UPPKIrt our national nerk of 3,$00 local partners, who help us lo deliver community-led digital inclusion programs such as 8e Connected, and we will build new partnerships and programmes so we can expaThJ our impact. and the audn groups we can reach. Campaigning lo fix the digrtal dNide for g)od will remain a crye part of our work as we will continue to advocate for both QL•r coinmunity partners and for digitally exduded people. in both the UK and Australia, and beyond. We will continue lo be ambitious aboul our IMpt lo erEure that everyone can thrive in a digital world.
Good Thlngs Foundation Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directors. Report) (cOftllfA) Year ended 31 July 2021 Structure. Govemance and Management Goveming Document and organi&ional structure Good Things Foundation's goveming document is its Memorandum and Articles of Assock8lDn which estsblished the objects of the charitable company and is governed under its Articles of Association. We are a charitable company limited by guarantee sel up on mulual principles, wilh three staff members elected to 511 on our Board, together with our Chf Execub"Ye. We were incorporated on 26 July 2006, and we began tradin9 on 1 December 2011. On 19 January 2016. Good Things Foundation became a registered charity.. one of the first charities in the UK lo relain ils mutual founding princiFles. after approval from the Charities Commission. This was a major achievement for the organisation and has helFed lo ensure that we remain grounded in the needs of those we suppcKt as we have grown our impact. All staff of the UK Charity who have been in posi for al least six monlhs can become members of the company. together with the external rnxeCUtive d1ClOrS. In the event of the compary being wound up. members are required to contribute £1 ttrward the settlement of any company debt5. A scheme of delegation is in place and day to day responsibility for the provision of the services re51s with the Group Chief Executive and the Senior Management Teaffl. Through the Group Chief Executive. the Board is responsible for ensuring that the charity delwers ils five-year strategy and the key performance indicators are rnel. In April 2017, we eslablished Good Things FouTrJalion Lld, a charity in Australia, of wrn Good Things Foundation is the sole Member. This help5 US to deliver our mission. export know-how, and reach more people. We run the two tharilies as a Group. with both eharilies sharing the same objects and working dosely together lo ensure suecess. In October 2019, we began regular bi-annual meetings of a Joint Committee formed of TrusleeslDireclors from the GrouplUK and Australian Boards_ 11 is al thTrs Commitiee that we approve Group level stralegs and plans, as well as consNler Group-level risks. Recwitmgnt and training of Trustegs The directofs of Good Things Foundation in the UK are a150 charity trustees for the purpose of charity law. Under the requirements of the Artides of Asswation. the direclors are elected lo serve for a period of three years after which they can sland for re-election at the next Annual General Meeting. Our 802rd of Directors in the UK consists of elected and appointed directors. The electe(J directors on51sI of four staff directors - one is the Group Chief Executive and the olher three are elected by our staff. The appointed directors, whKh must be at least four and up lo ten in lotal. are appointed to fill relevant skills gaps on our 8oard via open advertisement and. where appropriate. by using a recruilmenl agency with experience in recnjiting charity trustees. Trustees are provided with a buddy from the existing Board and gNen the oppcfftunity lo attend events and visit projects to increase their understarKling of what we do. We tailor induction lo meet their needs - this can include shadowing senior staff or blfirj sessions with teams across the organisalion.
Good Things Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors. Report} (¢ontinued) Year ended 31 July 2021 Risk management A Group Risk Register has been pro¢Juced and is updated and revEwed at each Board meeting iri the UK and Australia. and the Boards, Joint Cornmillee. Where appropriate. systems and procedures have been established lo miligale the risks the charities face. procedu are in place lo ensure the health and safety of staff and visitors lo our premises. The princlpal rlsks and uncertaintles faclng the company The Covid-19 pandemic has brought addith?nal risks and uncertainties. The Governments in the UK and Australia have invested heavily in supporting the economy and in particular schemes lo protect jobs and businesses and although this financial support is being phased oul, il has placed pressures on the economies of bolh nations. Allhough the ecorKJmic oullook is more positive than a year ago, there is a risk that Govemmenl funding, which has already declined over the Covid pandemic. doesn't reach ils previous levels due to investment in recovery through infrastructure and balancing the national debt. Charities have also been ssl nificanuy affected finanehilly due lo the pandemic with ehanges lo the funding landscape. We will continue to mitigate the risk to our finances. In the UK, the devolution ol the Adult Skills Budget and the Essential Digital Skills enlillemenl that carne into place in 2020 in England has already resulted in a reduction in the provision of cofflmunity- based inform81 digi181 skills support. through the removal of the Future Digital Inclusion programme delivered by Good Things Foundation. We continue lo work wrth a number of Government departments {including the Department for Educatn, and the Department for Digital, Media, Culture and Sport) to make the case for this support for the hardesl lo reach. We have also diversified our funding greauy, with a nLJmber of new contracts this year vthh private sector partners, induding 8T, JP Morgan and Accenture, which means that we are less reliant on 9)vernment funding and so have miligaled some of the risk we mighi fa. We a150 received a £1.1 millK)n loan from the Government's Resilience and Recovery Loan Fund in January 2021, which we have invested in our digi181 infraslruclure lo ensure we have fil-for-purpose. undernnIng prccesses, and systems to allow us lo meet our future challenges. While working inlernatKJnally provides us Vth greal opportunities lo make a worldwKle impact and lo raise income. this is by nature riskier Ihan working in the UK. We have developed and maintained risk registers for each major project and a Gr(xJp Risk register that is revEwed al each Board meeting. Hsi h risk items are escalaled lo the Group Risk Register when needed. io
Good Things Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the DirectorJ' Report) {¢onWnu Year ended 31 July 2021 Trustee¥. responsibilities Sement The trustees, who are also directors for the purposes of company law. a responsitAe for preparin9 the Iruslees, report and the financial statements in accordance wth applble law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted AcctIng Praclicel. Company law requires the charity tnjstees lo Prepa financial statements for each year which give a true and fair view of the slate of affairs of the charitable company and the incorning resources 2nd application of resources, including the income and expenditure. for that period. In preparing these financial statements. the Iruslees are required to-. seled suitable accounting policies and then apY them rA>n5i51enty observe the methods and principles in the applicab Charil¢es SORP make judgments and acc(yJnling eslimales that are reasonable and prudent slate whelher applicable UK Accounting Standari15 have been followed. subject lo any material departures disclosed and explained in the financial 5ts1ements Ppare the financ1 statements on the goin9 corwn basi5 unless it is inapprowiate to presume that the charity wll continue in busir*ss. The trustees are reswnsible for keeping adequale accounting records that are Sufflent lo show and explain the charity's transactions and disdose wilh reasonaue accuracy at any lime the financial position of the charity and enable them to ensure that Ihe financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hen for taking reasonable Steps for the prevention and detection of fraud and other irregularibe5. Auditor Each of the persons who is a Iruslee at the dale of approval of this report confirms that". so far as they a aware. there is relevant audit information of which the charity's audrtor is unaware.. and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charlS auditor is aware ol that information. The auditor is deemed lo have been re-appointed in accordan with section 487 of the Companies Act 2006. The trustees. annual reporl and Ihe slrategic pOrt were approved on 19 January 2022 and signed on behalf of the board of trustees by.. H L Milner M J Bennett Truslee Charity Secretary
Good Things Foundation Company Limited by Guarantee Independent Audltorfs Report to the Members of Good Things Foundation Year ended 31 July 2021 Opinion We have audited the financial slalemenls of Things FOundatn (the 'charity'l for the year ended 31 July 2021 which comprise Ihe group consolidated statement of financial activities (including income and expenditure account). the group and the company s121emenls of financial position. the group slalemenl of cash flows and the related notes. 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, including FRS 102 The Financial Reporting Sland8rd applicable in the UK and Republtc of IrelarKI (United Kin9Jom Generally Accepted Acc(wnling Pracllcel. In our opinion the financial statements.. give a true and fair view of the stale of the group and the parenl charity's affairs as at 31 July 2021 2nd of the group's incoming resources and apication of resources. induding ils income and expenditure. for the year then ended: have been properly prepared in acctydance wth United Kingdom Generally Accepted Accounting Practi.. have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemational Stsndards on Audiling {UK} IISAS IUKII and applicable law. Our responsibilities under those slan¢Jards are further described in the auditor's respon51bililies for the audit of the financial stalemenls 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 sl8temenls in the UK. induding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance w*lh these requirement5. We believe that the audit evidence we have obtained is sufficient and aprKopriate lo provKle a basis for tyjr opinion. Conclusions relating to going concern In audiling the financial slalements. we have conduded that the trustees. use of the going concern basis of accounling in the preparalion ol the financial slalemenls appropriate. Based on the work we have performed, we have not idenlrfied any material uncertainties relating lo events or conditions that, individually or collectively, may cast signifKant doubl on Ihe charity's ability lo continue as a going concern for a period of at least twelve months from the dale when the financial slalements are authorised for issue. Our sponSIbl1111eS and the responsibilities of the truslees wlh respect lo goirvJ concern are described in the relevant sections of this report. 12
Good Things Foundatlon Company Limited by Guarantee Independent Auditorfs Report to the Members of Good Things Foundation (contynuedj Year ended 31 July 2021 Other information The other information comprises the information Fnduded in the annu81 report, other than the financial statements and our audilorfs report thereon_ The trustees are responsible for the other informaln. Our opinion on the financial statements does rK)I cover the other information and. except lo Ihe extent otheise explicitly slated in our report, we do not express any fom) of assurance conclusion thereon. In connection with our audit of the financial statements. wr SponsIbl11ty is lo 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 lo be materially misstated. If we identify such material inconsistencies or apparent material mi551alemenls. we are required to determine whether there is a material misstatement in the finanoal slalemenls or a material misslalemenl of the other inf0Matn. If. based on the work we have performed, we conclude that the is a material misslalement of this other inlormalion. we are required to report that fact. We have nothing to reporl in Ihis regard. Opinions on other matters presrKibed by tho Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the trustees, report for the financial year for which the finanual statements are prepared is consislenl with the financial slatemenls,. aThd the trustees, report has been prepared in OrdanCe ¥th applicable legal requirements. Matters on whlch we are requlred to report by exception In the Ivjhl of the knoedge an(i underslanding of the charity and ils environment obtsined in the course of the audit, we have r1 identified material misstatements in the trustees. reFrt)rt. We have nothing to rep(Yt in respect of the following matters in ratn lo which the Companies Act 2006 and the Charities Act 2011 requires us lo retM)rt lo you rf. in our opinion.. adequate accounling records have not been kept. or relums adequate for our audit have not been received from branches not visiled by us- or the financial statements are Th)t in 4reement with the ac¢ounling records and retums.. or certain di5thuTe5 of tru5tees' rernunerat specifie(I by law are not made., or we have not received all the information arKS explanalions we require for our audil. 13
Good Things Foundation Company Limited by Guarantee Independent Auditorfs Report to the Members of Good Things Foundation (¢on¢iftu¢d) Year ended 31 July 2021 Responsibilities of trustees As explained more fully in trustees. re5ponsikn'lities statemenl, the Iru5tees (who are also the directors for the purposes of company law} are responsible for the yeparation of the financi81 slalemenls and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is neeessary to enable the preParatn of financ1 statements that are free from material mi5s1atemenl. whether due to fraud or error. In preparing the financ1 statements, the trustees are reswnsible for assessing the charity's ability lo continue as a going concern, disdosing, as appluble. matters related lo going concern and using the going concern basi5 Of ?ntIng unless the trustees either intend lo Ilate the charity or lo cease operation5, or have no relis1 allernalive but lo do so. Aud+torfs responsibilities for the audit of the financial statements Our objectives are lo obtain asOnable assurance about whether the financial slalemenls as a whole are free from material misslalement. whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level ol assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detecl a material misstslemenl when il exists. Misslalements can arise from fraud error and are considered material rf. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial slalemenls_ Irregularities. includirvJ fraud, are instances of non-compliance wlh laws an(1 regulations. We design procedures in line with our responsibilities. outlined above, lo delecl malerBI misstalemenls in respect of irregularrties, including fraud. The exlenl to which procedures are capable of delecling irregularities. induding fraud. is detailed below- We identify and assess the risks of material misstalemenl of the fjnancial stalemenls, whether due lo fraud or error, and then design arKt perform audit procedures responsive lo those risks, including obtaining audit evIdere that is SUnI and apFfopriale lo provide a basis for our opinion. In identifying and assessing risks of material misstalement in respeci of irregularities. induding fraud and non-comlance th laws arml regulations. we considered the foll¢)wing". the nature of the industry and sector. control environment and business perfom)ance. including the idenlrfaI10n of relaled paty Iransaclions. and matters which could potentially impact on the charity's continuation as a going concern results of our enquiries of management and a55essmenl of the risks of irregularities any matters we idenltfied having obtained and reviewed the charity's documentation of their policies and wctedures relating lo." identifying. evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance delecling and responding lo the risks of fraud and whether they have knowledge of any aclual. suspecled, or alleged fraud the internal controls esiablished lo mrtigate risks of fraud or n-ComPliance with laws and wulalions Ihe mallers dtscu55ed amng the aL1t engagement team, induding how and where fraud moht occur in the financial slalements and any potential indicators of fraud. 14
Good Things Foundation Company Limited by Guarantee Independenl Auditorfs Report to the Members of Good Things FourKlation (¢ontinu8d) Year ended 31 July 2021 As a result of these procedures, we considered Ihe opportunfties and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common wlh all audits under ISAS (UKI. we are also requi lo perform specific procedures lo respond lo the risk of management override. We also obtained an understanding of the legal an(1 regulatory frameworks that the company operate5 in. focusing on provisions of those laws and regulations that had a direct effect on the delerminalion of material amounts and disclosures in the financial slatemenls. The key laws and regulatsons we considered in this context included the UK Companies Act, UK Corporate Governance Code, Charities SORP and local lax legislation. In addition, we considered provisDns of other laws and regulations that do not have a direct effect on the finanaal Statements but cornpliance with which mty be fundamental lo the charity's ability lo operate or lo a¥0 a material penalty. We also communicated levant tdenlrfie(I laws and wulalions and potential fraud risks to all engagement team members and remained alert to any irHlications of fraud or non-compliance with laws and regulations Ihroughoul the audit. As part of an audit in aecordance wth ISAS (UK). we exerctse professional judgment and maintain professional 5ceptivsm IhrtsJghoul the audit. We a150'. Identify and assess the risks of material misslalement of the financial statements. whether due lo fraud or error, design and perform audit pr(dureS responsNe to those risks. and obtain audit evidence that is sufficient and appropriale lo provide a basrs for our opinion. The risk of nol delecling a material misstalemenl resulting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery. intentnal omissions, Mispresenllons. or the override of internal control. Obtain an understsnding of internal Contr[ relevant lo the audit in order lo design audit procedures that are approprrale in the circvmslances. Iwt not for Ihe purpose of expressing an opinion on the effectiveness of the inlemal control. Evaluate the appropriateness of accounting polic5 used and the reasonableness of accounlirwJ eslimales and related disclosures made by the trustees. Condude on the approwialeness of the truslees. use of the going concern basis of accounting and. based on the audit evidence obtained, whether a material uncertainly exists related to evenls or conditions that may cast significant doubl on the charity's ability lo continue as a going concern. If we conclude Ihal a material uncertainty exists. we are required lo draw allenlion in our auditor's report lo the related disclosures in the financial slalemenls or. if such disclosures are inadequate, lo modrfy our opinion_ Our condusions are based on the audit evidence obtained up to Ihe dale of our auditor's repM)rt. However. future events or condilions may cause the charity lo cease to continue as a gtyng concern. Evaluate the overall presenlalion. structure, and content of the financial statements. including the di5¢105ure5. and whether the financial slalemen15 representthe underlying Iran5aclions and even15 in a manner that achieve5 fair presentation. 15
Good Things Foundation Company Limited by Guarantee Independent Audltor's Report to the Members of Good Thbngs Foundation (contmedj Year ended 31 July 2021 Obtain sufficient appropriate audit evidence regarding the financial information of the entities or activities within the group lo express an opinion on the con501idaled financial statements. We are responsible for the direclion, supervision. and performaiKe of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with w¥emance regarding, among other matters, the planned scope and timing of the audit and signrficanl audit findings, including any significant deficiencies in intemal control that we idenlrfy during our audit. Use of our report This report is made solely to the eharivs members, a$ a body. in accordance wrth Chapter 3 of Part 16 of the Companies Ael 2006 and in respect of the c0rn501idated financial statements. lo the chanty's Iruslees a5 a body, in accordan Chapler 3 of Part 8 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit Wofk has been undertaken so that we might stale lo the charity's members those mallers we are required to slale lo them in an auditor's port and for no other purpose. To the lullesl extent permitted by law. we do not accept or assume responsibility to anyone other than the charily and the charity's members as a body, lor our audit work. for this report, or for the opinions we have Iofmed. ANDREW THROSSELL FCA (Senior Statutory Auditor) 8 February 2022 For and on behalf of Hebblethwaites Chartered Accountsnts and Ststulory AuditS 2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ 16
Good Things Foundation Company Limited by Guarantee Consolidated Ststement of Financial Activities (including income and expenditure account) Year ended 31 July 2021 2021 2020 unreStrted fund5 Restricted funds Total funds Total fund5 Incom• and endowments Investment income Oiher income- charilable activities 7,876 7,876 20.884 6.604.147 11.524.129 18,128.276 17.051.959 6.612.023 11.524.129 18.136.152 17.072,843 Total incom• Expenditure Other expenditure- charitable aclivilies Total expenditure 6,156.699 11,574,160 17.730.859 17.539.682 6.156.699 11.574.160 17.730.859 17,539,682 Net incomel{expendilurel and not movement In funds 455.324 150.031) 405,293 1466.8391 Reconciliation of funds Total lunds brought forward Total funds Carri forward 1.830.552 2.158,443 3.988,995 4,455,834 2.285.876 2.108,412 4.394.288 3,988,995 The statement of financial activit$ includes all gain5 and losses recognised in the year. All income 2nd expenditure derive from continuing aCts"vit$. The notes on pages 22 to 31 forffl part of thew financlal sL7t•m•nts. 17
Good Things Foundation Company Limiled by Guarantee Consolidated Statement of Flnanclal Position 31 July 2021 2021 2020 Fixed assets Intangible as5els 13 57.212 Current assets Deblors Cash al bank and in hand 16 207.944 7,110.595 738,279 5,495,494 6.233,773 7.318.$39 Credltors.. amounts falling due wllhln one year Net Current ass•ts 17 2.981.463 2,244.778 4.337.076 3,988,995 T¢)tal assets less curront Ilabllitles 4.394.288 3.988.995 Net assets 4.394.288 3.988.995 Funds of the charity Restricted funds Unreslficled funds 2.108.412 2.285.876 2,158,443 1,830,552 Total charity funds 18 4.394.288 3.988.995 These financial slalements were approved by the board of trustees and aulhorised for issue on 19 January 2022, and are signed on behalf of the board by: H L Milner Trustee E A Williams Trustee The notes on pageg 22 to 31 forni part of Ihèse *n¥ncial statements. 18
Good Things Foundation Company Limited by Guarantee Company Statement of Financial Position 31 July 2021 2021 2020 Fixed assets Intangible assets 13 57.212 Current assets Debtors Cash at bank and in hand 16 480,922 5.048,015 842.658 3.618.837 5.528.937 4.461.495 Creditors: amounts falling due within one year Net current assets 17 1.386.480 802,446 4.142.457 3.859,049 Total assets less current liabilities 4.199.669 3,859,049 1491 assets 4,199,669 3,859,049 Capital and reserves Restricted funds Unrestricted funds 2.108.412 2,091,257 4,199,669 2,158,443 1,700,606 Total charity funds 3,859,049 The nel InMe for the financial year of the parent company was £340,620 12020.. £511,535 nel expenditure). These financial slalemenls were approved by the bjard of trustees and aultw)rised for issue on 19 January 2022 and are signed on behalf of the board by". H L Milner Trustee E A Williams Trustee C¢)mpany registration number.. 05887661 The notes on pa9y 22 to 31 fomi part of these financial statements. 19
Good Things Foundation Company Limited by Guarantee Consolidated Statement of Cash Flows Year ended 31 July 2021 2021 2020 Cash flows from operating activilies Nel incomellexpendilure) 405,293 1466.839) Adjustments lor.. Amortisalion of intang1le assets Other interest receivable and similar income Accrued expenses and deferred income 3.708 17.876} 120,884) (249.810> (3.303.744) Ch8ng&s in.. Trade and other debl(Ks Trade and other creditors 560,361 (143.S31) 568.145 14.065,676) {335.981) 61.772 Cash generated from operations Interest received Tax paid Nel cash {used inyfrom operating &tivities 7.876 576.021 14.044,7921 Cash Ilows from investing activitie$ Purchase of intangible assets {60.920) Nel cash used in inveslirwJ actNilies {60.920) Cash flows from financing activities Prcr*eds from borrowings 1.100.000 Nel cash from financing activities 1.100.000 Net increasel(decrea$e) in cash and cash equivalents Cash and ¢ash equivalents at beginning of yoar Cash and cash equivalents at end of year 1,61 5,101 5,495,494 14,044.7921 9,540,286 7.110.595 5.495.494 The notes on pages 22 to 31 form part of Ihe5e finral statemerts. 20
Good Thlngs Foundation Company Limited by Guarantee Notes to the Financial Statements Year ended 31 July 2021 General infomlation The charity is a wblic benefit entity and a prNate compary limited by guarantee. registered in England and Wales and a registered charity in England and Wales. The address of the registered office is PO Box 6063. Sheffiejd. S11 OGU. Statement of compllanco These financial slalements have been prepared in compliance with FRS 102. 'The Financial Reporting Siandard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice ap1¢able lo charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republ of Ireland (FRS 102) (Charil SORP {FRS 1021) and the COmpanS Act 2006. Accounting policies Basis of preparation The financial slalemenls have been prepared on the hislLYvI cost basis and are Frfepared in 51erting, whth is the functional currency of the entity. Goin9 concem The financial statements have been prepared on a going concern basis. The funding of the organisation is generally agreed annually for the year to 31 March. Funding has been agreed in principle for the following year and Ihe charity ha5 adequate reserves. The trustees consider that there is no material uncertainty about the charity's aL¥"lity lo continue. hence they are confident that the going eoneern basis is appropriate. Consolidatlon These financial stalements consolidate Ihe financial statements of Good Things Foundation and all its subsKliary undertakings. The parent company has applied the exemption Contained in section 408 of the Companies Act 2006 and has not presented its ind¢vidual profit and loss account. Judgements and key sour¢e5 of estimalion uncertainty The preparation of the financial slalemenls requires management to make judgements, estimates and assumptK)ns that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors. including expectations of future events that are believed lo be reasonable under the circumstances. In the opinion of the managemenl and Iruslees. there are no judgements or key sources of estimation uncertainty that have a sIgnrfanI impacl on Ihe financial slalemenls. other than those highlighted below. Income tax The charity is exempt from lax on income and gains, falling within part 11 of the Corporation Tax Act 2010 or section 256 of the Taxalion of Chargeable Gains Act 1992, to the exlenl that these a applied to its charrtable obje¢ts. No lax charges have arisen in the year. 21
Good Things Foundatlon Company Limited by Guarantee Notes to the Financial Statements (¢tyJll+)u¢d) Year ended 31 July 2021 Accounting policies (conthu• Fund accountin9 Unrestricted funds a available for use at the diserelion of the trustees lo further any of the charty's purposes. Reslricled funds are subjected lo reslriclions on their expenditure declared by the donor or through the lerms of an appeal and fall into one of sub-dasses- reslncted income funds or endowment funds. There were no end¢)wmenl funds during the pericxj. Incoming ro504irces All income is included in the statement of financial activities when entitlement has passed to the charity. il is probable that the economic benefits 855ociated with the transaction 11 flow to the charity and the amount can be reliably measured. The following Sper policies are applied to particulaf categcKies of irme. income from donations or grants is recognised when there is evidence of enlitlemenl lo the grft, receipt is probable. and its amount can be measured reliably. ineome from eonlracts for the supply of services rs recognised with the delivery of the eontracled serviee. This is classrfied as unrestricted funds unless there is a ntraCtual requirement for il lo be spent on a partilar wrpose and returned rf unspent. which case il may be regarded as restr4Cted. In the Australian subsidiary certain grants re1Vable a subject lo specified future conditions such Ihal the grants are not renISed until there is reasonable assurance Ihal the company wsll comply with the conditions. Where grants are received prKJr to satisfying the revenue recognition criteria. Ihey are induded as a ryedilor for deferred irwme. Resources expended Expenditu is recognised on an acuuals basis as a liability is i1rred. Expenditure includes any VAT which cannot be fully recovered because of part¢al exemption. and is cl85sified under headings of the statement of financBI activities to which it relates". expendilure on charilatAe activities inc5udes all costs incurred by a charity in undertaking activities Ihal further ils charilable aims for the benefit of its beneficiaries, including tb05e support costs and cosls rdating lo the governance of the charity apportioned lo charitable aclivilies_ grants payable are provided to communty organisations and cenlres lo deliver grass rools aclivilw. These activities are key elements of the contracts wlh funders and corporate partners, and include basic digital skills support. English language learning and other sessions. I costs are allocated lo expenditure catego5 refiecting the use of the resource. Oirecl costs allribulable lo a single activity are allrKated direcuy lo that activity. Shared costs are apportioned been the aclivilies they contribule lo on a reasonable. juslif43ble. and consistenl basis. Operating leases Lease payments are recognised as an expense over the lease temi on a straoht-line basis. The aggregate benefrt of lease incenltves is recognised as a reduction to expense over the lease term. on a slraight4ine basis. 22
Good Things Foundation Company Llmited by Guarantee Notes to the Financial Statements (continue Year ended 31 July 2021 ArUntIng policigs Intangible assets Intangible assets are inilialty recorded al cost and are subsequently staled at cost less any accumulated am0rtlsaln and impairment losses. The policy for capitalising development expenditure is specffic and capitalisalion only ctcurs when certain criteria are mel. induding that.. the intangible asset developed is technulty feasible. will be available for use, and ils use 11 generate lulure economic benefits there are adequate technical. financial. and other resources available to complete the development the expetlIre specrfic to the intarvJble asset during ils development can be measured reliably Expenditure that does nol meet the above criteria ts expensed as incurred. Amortisation Amortisalion is calculated so as lo vfflle off the cost of an asset. less its estimated residual value, over the useful lrfe of that asset as fdluws-. Development cosls 33% straight line If there is an ind¢cation that there has been a sunrfKanl change in amortat3n rate. useful lrfe or residual value of an intangible asset. the amorts"sation is revised prospectively lo refiecl the new estimates. Tangible assets Tangible assets are inrtially recorded atcost. and subsequenWy Staled al cost less any accumulated depreciation and impairrnent losses. The policy for capitalisrng fixed assets is that items fyver £1.000 are inclu(led as a(Idilions. Depreciation Depreciation is Cal18ted so as lo write off the cosl w valualion of an asset, less its residual value, over the useful econofflic lrfe of thal asset a5 follows: Fixtures and fillings orrice equiprnent 33% straight line 33% Strah1 line Impairment of fixed assets A review for indicators of impaimient is carried out al each reporting date. wlh the recoverable amount being eslimaled where such indicators exist. Where the carying value exceeds the recoverable amounl. the asset is impaired xcordingly_ 23
Good Things Foundation Company Limited by Guarant•• Notes to the Financial Statements (Con1Mt Year ended 31 July 2021 Accounling pollcies (conlinu¢d) Financial instruments Financial instrurnenls are classified and accounted f. according to the substance of the conlraclual arrangernenl. as either financial assets. financial liabilities, or equity instruments. Any equity instrument is any eonlrael that evidences a residual interest in the assets of the company after deducting all ol its liabilrties. Basic financial instruments are Initial recognised at the amount receNable or payable including any related IransaclK)n costs_ Current assets and current Itabililies are subsequenlly measured at the cash or other consideration expected lo be paid or receNed and are not discounted. Financial assets that are measured al cost or arno$ed 51 are revvwed for objective eviden of impairment al the end of each repryting date. The exposure lo price risk, credit risk. IuldIty risk and cash flow risk is not considered material for the assessment of the assets. liabilities. financial position and income or expenditure of the charity. Pension contributions The charity operates a defined ntn"bUtion pension scheme for em 0YeeS. The assets of the scheme are held separately from those of the charity. Contributions to defined contribution plans are recognised as an expense in the per in whh the related service is provided. Foreign currencies Foreign currency transactions. monetary assets and liabilit*s denominated in foreign currencies are translated al the exchange rate wling at the reporting date, with any gains or losses beiThJ taken to the statement of financial aclivities. Limbtèd by guaranteè The company is a private company limite(i by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the evenl of liquallon. Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2021 Funds 2020 Bank interest receivable 7.876 7,876 20.884 20.884 (Xher income- charitable activities Unrestricted FurMIs Restrted Total Funds Funds 2021 Governmenl grants Other grants Other project IrMe Grants and contracts- Australia 5.118.129 4.855.853 139.320 2.738.201 3.790.755 9,973,982 139,320 3,876,575 4,138,399 1.138,374 347.644 6.604.147 11.524.129 18,128,276 24
Good Things Foundation Company Limited by Guarantee Notes to the Financial Statements (¢onithwdJ Year ended 31 July 2021 Other Incomè- charitable acllvlties {conbnu¢ Unreslricled Funds Reslricled Total Fund5 Funds 2020 Govemmenl grants Other grants Other project income Grants an¢J contracts- Australia 1,609,518 252,358 1.117,823 537,716 4.216.631 599.082 3.247,218 5,471.613 5.826.149 851.440 4,365,041 6.009,329 3.517.415 13,534,544 17,051,959 Other expenditure- charitable aclivities Unrestricted Funds Restricted Total Funds FurKJs 2021 Grants payable Staff and HR costs Netsvork and development costs Eslablishmenl costs Motor and travel costs Office and other administration expenses 4.152.480 1.024.308 644.812 105.949 5.227 223,923 6.926.853 11.079.333 3.392.115 4.416.423 1.117.CK18 1.761.820 175.617 17.743 279.923 6.1 $6.699 11,574.160 17.730.859 12,516 56,000 UnStrICted Funds Restricted Total Funds Funds 2020 Grants payable Staff and HR costs Network and develoFxment costs Eslablishmenl costs Motor and Iravel costs Office and other adminislratK)n expenses 1,116,771 1.054,785 652,954 187.408 113.406 237,723 8.788,841 3.537,998 1.667,015 104.684 22.186 55.911 9,905,612 4,592,783 2,319,969 292,092 135,592 293,634 3.363,047 14,176,635 17,539,682 Office and other administration expenses indude Govemance costs.. 2021 2020 Audit fees Legal and consultancy fees Costs of Iruslees, meelir 17.885 11.888 16,829 14,413 7.576 29.813 38.818 25
Good Things Foundation Company Limited by Guarantee Notes to the Financial Statements (continwdj Year ended 31 July 2021 Auditors, rernuneration 2021 2020 Audit of parent company Other assurance reports- grants Other non-audil services Audit of subsidiary- Savrdrd Dawson, Blackburn. Australia Other non-audil services- Saward Dawson 10.250 10.000 1,050 2,060 2,220 7.635 13.928 6.829 13.620 34.033 33.559 Net incomel(exp¢nditure) Net incomel{expenditurel is stated after chargin(CredItIngl= 2021 2020 Amortisalion of intangible assets 3,708 Exchange drfferences recognised in the cl)unts amounted to a loss of £9.57212020 £5.860). 10. Staff costs The total staff costs and employee benefrts for the rep(ffting period are analysed as follows: 2021 2020 Wages and salaries Social security costs Pension contributions 3,739,635 425,300 264,556 4.429.493 3,716,045 392,678 266,088 4.374.811 The average head count of employees dufing the year was 105 {2020 115>. The number of employees whose remunerabon fw the year fdl within the fdlowing bands, were: 2021 2020 No. No. £60.000 10 £69.999 £70.000 10 £79.999 £80,000 10 £89,999 £90.TrJO to £99,999 £140.000 10 £149.999 The amount attribulae lo the highest paid direcl(K was remuneratson of £148.829 (2020 £148.7291 and pens#)n contriLMJlions of £14.873 (2020 £14,873}. Key Management Personnel Key management personnel include all persons thal have authority and responsibility for planning. directing and controlling the activities of the charty. The total compensation paid to key management person1 for servtis provided to the charrty was £384.84312020 £386.108). 26
Good Things Foundation Company Limited by Guarantee Notes to the Financial Statements (contthw Year ended 31 July 2021 11. Trustee rnmuneration and expenses No remuneration is paid lo the trusleesjdireclors for their seNices as Irusleesldirectors. Trustees Iravd expenses paid during the year amounted lo £Nil (2020 £411) for 012020 31 tfuslees. As a staff rnulual organisalion. trustees indude staff members. H L Milner. J C Clark. S Mislry and J E Speake until 18 June 2021. Staff costs and expenses indude £289.705 12020 £277.1291 of remuneration. £28,930 (2020 £27.7131 of pension conlribulions. with £Nil 12020 £8,043} of expenses for 012020 31 members of staff who are trusteesldireclors. charity has insurance to indemnrfy the trustees. other officers and the charity against the onsequence5 of any neglect or default on the part of the trustees. ernees and agents. 12. Net incomelexpenditure attributable to members of the parent company charity The nel income dealt with in the finala1 stalements of the parent company charity was £340.620 (2020 net expenditure of £511,535}. This comprises net ineome on unrestricted funds of £390.651 {2020 net income of £130.5561 and net expenditure on restn'cled funds of £50,031 12020 nel expenditure of £642.091}. Total income during the year amounted lo £14,137,207 {2020 £11.303.230) and lolal expenditure £13.796.587 (2020 £11.814.765). 13. Intangible assets Group and tompany Development costs Cost Al 1 August 2020 Additions 60.920 At 31 July 2021 Amortlsatlon Al 1 Augusl 2020 Charge for Ihe year At 31 July 2021 Carrying amount At 31 July 2021 Al 31 July 2020 60.920 3,708 3.708 57.212 27
Good Things Foundation Company Limited by Guarantee Notes to the Financial Ststements (corfin Year ended 31 July 2021 14. Tanglble fixed assets Group and company Fixtures and fittings Equipment Total Cost At 1 August 2020 Disposals At 31 July 2021 Depreciation Al 1 August 2020 Disposals At 31 July 2021 Carrying amount At 31 July 2021 Al 31 July 2020 62.242 (62.242) 6.602 {6.602) 68.844 168.844) 62.242 162.242) 6,602 16.6021 68,844 168,844) 15. Investments Good Things Foundation Limited. a nol-for-profil company limited by guarantee and incorporated in Australia. is controlled by Good Things Foundation. whh is the sole member. Good Things Foundation Limited was incorpyaled on 4 April 2017 and is fegislered with the Australian Charities and Nol-for-profrts Commission. The registered off of the company is 223 Liverpool Street, Darlinghursl, NSW. 2010 and the Australian Business Number {ABNI is 92618363974. The financpl statements for Good Things Foundab'on Limited. which have been included within the consolidated financk41 statements for Good Thing5 FourKlation and translated at the year-end exchange rate. may be summarised as". SL*ement of Profrt or Loss and Other Comprnhensive Income 2021 2020 Revenue Expenses Surplus for the periryj 4.138.501 6.012,8 14,073,828} (5,969,005} 64,673 43,885 28
Good Things Foundation Company Limited by Guarantee Notes to the Financial Statements (contriKAdl Year ended 31 July 2021 15. Investments (conrfnu¢d) Staternent of Financial P(vJition 2021 2020 Current assets Cash and cash equivalents Trade and other receivables Prepayments and accrued inrne 2,062.579 6,759 627 1,876,658 67,150 1.211 Current liabilities Trade and other payables Inlercompany current account Unearned irorne 1218,85S) 1102.1721 (280,364) 1172.7401 (1,376,127) {1,540.1621 194,619 129.945 Nel Assets 16. Debtors Group Company 2021 2021 2020 2020 Trade debtors Amounts owed by group undertaking5 Prepayments and accrued income VATIGST debtors Other debtors 23.581 617.847 23,581 280.364 142.163 617,847 172.740 50,833 142.790 52.044 60,720 7.668 41.573 34.814 1,238 207.944 738.279 480,922 842,658 Amounts owed by grwp undertakings are InteSt free wilh no fixed repayment terms. 17. Creditors: arnounts falling du¢ within on• yoar Group 2021 Company 2021 2020 2020 8ank loans and overdrafts Trade CditOrS Aceruals and deferred incoffle Deferred income - Australia Social security and other taxe5 Pension contributions payale Other creditors 1,100.000 88.146 226.938 1,376.127 151.757 38,217 278 1,100.000 81,713 120,459 182,804 221,7 1,540.162 172,998 35.910 90,937 176,441 160,613 52,035 31,995 278 150,047 30,176 85,169 2.981.463 2.244.778 1.386.480 602,446 Included within creditors falling due wlhin one year are loans and firlancing arrangemen15 in the Sum of £1.100.00012020 £Nill that are secured againsl the assets of the company. 29
Good Things Foundation Company Limited by Guarantee Notes to the Financial Statements Year ended 31 July 2021 18. Analysis of charitable funds unrestrict funds Al 1 AU$t 2020 At Income Expenditure 31 July 2021 Genera funds 1.830.552 6.612.023 {6,156.6991 2,285,876 R•stricted funds At 1 August 2020 At Income Expenditure 31 July 2021 Restricled Fund5 2.158,443 11.524.129 111,574.160) 2.108.412 Restricted funds at the balance sheet dale reflect funding profiles of major projed5 and are not actual surpluses carried forvrdrd. The company yearond falls in the middle of funding periods for major projects which run from 1 April 2021 10 31 March 2022. Hence these amounts are Profiled lo be spent In line wlh the funding agreements by 31 March 2022. 19. Analysis of net assets between funds unsIn'cte(j Funds Reslricled Total Funds Total Funds Funds 2021 2020 Intangle assets Current assets Creditors less than 1 y Net assgts 57.212 57,212 3.934,359 3.384.180 7.318,539 6,233,773 (1,705.695) (1.275.768) (2.981,463) 12,244,778) 2.285.876 2.108.412 4,394,288 3,988,995 20. Operating lease commitments The total future minimum lease payments under n-CancelIable operating leases are as follows". 2021 2020 Not later than 1 year 45.986 125.832 45.986 125,832 Lease payrnen15 recOgned a5 an expense amounted to £116.2 (2020 £187.1201. 21. Related parties There have been no related paty transactb)ns during the rep(xb"ThJ period. exp1 transactions with the Good Things F(xJndalion Limited. Australia_ The financial stalemenls do not indude disclosures of all transactions behveen the subsidiary and ils parenl a5 Ihe subSY s activities are 100% controlled by Good Things Foundation. 30