DocuSign Envelope ID: D1C1B041-7CC9-4877-97C7-20641BFD886E
SPEAR ISLINGTON TRUST
Registered Charity Number: 1167900
REPORT AND UNAUDITED ACCOUNTS
Year ended 31 August 2022
DocuSign Envelope ID: D1C1B041-7CC9-4877-97C7-20641BFD886E
SPEAR ISLINGTON TRUST
REPORT AND UNAUDITED ACCOUNTS - YEAR ENDED 31 AUGUST 2022
| Contents Report of the trustees Receipts and payments account Statement of assets and liabilities Independent examiner's report |
Page |
|---|---|
| 1 - 3 4 5 6 |
DocuSign Envelope ID: D1C1B041-7CC9-4877-97C7-20641BFD886E
SPEAR ISLINGTON TRUST
Page 1.
REPORT OF THE TRUSTEES
Administrative details of the charity and its trustees
The trust was established under a deed of trust dated 28th June 2016.
The trust is constituted as a Charitable Incorporated Organisation and registered with the Charity Commission under number 1167900.
The correspondence address is St Mary Magdalene Church, Holloway Road, London N7 8LT.
The trustees who unless stated otherwise served throughout the period were as follows:
Jonathan Horsford (Treasurer)
Martin Ledigo (Chair) Aisling Teo Katie Graham Aisling Cronin Matthew Barber
Charitable objects
The objects of the CIO are for the benefit of the public and within a Christian ethos, to act as a resource for young people between the ages of 16 to 24 living in and around the London Borough of Islington by providing advice, assistance and support.
Organising educational programmes and other activities as a means of:
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a) helping young people advance in life by developing their skills, capacities and capabilities to enable them to integrate into and participate in society as independent, mature and responsible individuals;
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b) advancing education;
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c) relieving unemployment, enabling young people to generate a sustainable income and be self-sufficient; and
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d) providing recreational and leisure time activities in the interest of social welfare, designed to improve conditions of life.
Activities
Spear is a highly interactive, year-long coaching programme that equips and supports 16 to 24 year olds not in training, employment or education (NEETs) with the attitudes and skills to find long-term employment. The award-winning Spear programme tackles the deep-rooted issues which are preventing the young people from moving forward with their lives and helps them to build their confidence and recognise their potential.
The Spear programme comprises two phases. The first, Spear Foundation, involves six weeks of group and individual coaching, to build work-readiness skills. This phase covers “hard" skills, such as interview technique, CV and cover letter writing, but also "soft" skills, including taking personal responsibility for one’s actions, having a pro-active attitude and communicating effectively and appropriately. During the second phase, Spear Career, trainees have access to further job search support for one year, where coaches work with them on their communication skills, job applications and interview preparation until the young person has secured further education or employment, as well as ensuring they stay in work and make progress.
DocuSign Envelope ID: D1C1B041-7CC9-4877-97C7-20641BFD886E
SPEAR ISLINGTON TRUST
Page 2.
REPORT OF THE TRUSTEES
Activities (continued)
The charity was set up in June 2016 and the Spear Centre opened in January 2017 so the year from 1 September 2021 to 31 August 2022 was our fifth year of operation. During 2022, we ran six six-week programmes, with 58 young people enrolled and 36 completed. This compares to 62 young people being enrolled and 46 completing in the prior year from five programmes.
| Course start date | Enrolled | Completed | Course start date | Enrolled | Completed |
|---|---|---|---|---|---|
| Sep-21 | 7 | 6 | Sep-20 | NA | NA |
| Nov-21 | 12 | 8 | Nov-20 | 13 | 10 |
| Jan-22 | 10 | 6 | Jan-21 | 12 | 12 |
| Mar-22 | 11 | 5 | Mar-21 | 13 | 9 |
| May-22 | 9 | 6 | May-21 | 11 | 8 |
| Jun-22 | 9 | 5 | Jun-21 | 13 | 7 |
| Total for the year | 58 | 36 | Total for the year | 62 | 46 |
| Percentage | 62% | 74% | |||
| completing course |
Our target is to enroll 15 young people on each Spear programme and for a minimum of 12 to complete. Our goal is that 75% of those who complete the initial six weeks training not only go into work or training but are still there a year later. In the prior couple of years, the pandemic had a significant impact on this target with three programmes being cancelled from May to September 2020. Since reopening the Centre at the end of 2020, all courses had been virtual. From September 2021 all courses began to be run in person again.
This was the first time that Spear Islington has struggled to meet both 15 Young People per programme and the minimum of 12 or 75% to complete. The average per programme was at 10 with 62% completing. This is an issue faced by all Spear centres where post pandemic it has been difficult to recruit young people to the programme. This is likely due to the emotional hardship many young people found during the three lockdowns that took place in the UK (the final one finishing in Q1 2021).
The priority for Spear Islington during 2022 was to continue to safeguard the continuity of the programme following the pandemic, along with maintaining a network of young people in the local community and developing our network of corporate sponsors and friends of Spear. Greater focus was also placed on the recruitment week. We continue to build our network of connections with the council, schools, job centres, local charities and agencies who help us by referring young people to the programme.
We use volunteers to support us in the programme. They help us by doing mock interviews, sitting on a careers panel and by hosting company visits. The volunteers have largely come from local businesses which has enabled us to lay the foundations for partnerships which helps us in promoting and delivering our work and in fundraising.
Financial review
The results for the year are shown in the receipts and payments accounts shown on page 4. In the year to August 2022 Spear Islington had a surplus of £29,636, compared to a surplus in 2021 of £46,882. This came from a £10k decrease in revenue to £126k from £136k, and a £7k increase in costs to £96k from £89k. All debts were paid off in 2021, so this has allowed the cash surplus to grow from £55,937 to £85,573.
Spear Islington hosted a Gala dinner in November 2021 with funds donated by attendees the following month in the Big Give campaign, with £10k in donations matched by the Childhood Trust. A total of £22k was also raised at the Gala Dinner from Tables and Prizes, but this is mainly seen now as an enabler for the Big Give. This was the second year entering the Big Give and it continues to be a great success with over £50k being raised, compared to £40k in 2021.
Spear Islington also received £46k in donations from corporation supporters. This was at a similar level to 2021. On the other hand, donations from grants and charitable foundations fell from £45k in 2021 to £12k in 2022.
Spear Islington’s costs comprise salaries for three coaches, operational expenses of running the Spear programme and rent for the Centre. The Centre is based in St. David’s Church (part of Hope Church Islington), with rent of £500 per month being paid for the full year totaling £6k which we will continue to pay. Salaries were £76k in 2022 compared to £68k in 2021 due to there being no graduate role from September to December 2020, along with one role changing from a contractor to a full-time employee in 2022. IT fees remained flat with £2k spent on a new website and two laptops. In conclusion, total costs for the year increased £89k to £96k mainly due to the increased staff costs.
During 2018 the Trustees approved a reserves policy such that we aim to have reserves to cover a minimum of three months of recurring expenditure. As at 31 August 2022 the Charity had over 10 months of cash reserves. It was agreed by the Trustees in 2023 to increase the target reserves cover to six months.
DocuSign Envelope ID: D1C1B041-7CC9-4877-97C7-20641BFD886E
SPEAR ISLINGTON TRUST
Page 3.
REPORT OF THE TRUSTEES (Continued)
Plans for future periods
Spear Islington has been able to significantly improve its financial stability over the past couple of years since having cashflow difficulties in early 2020. It has paid off all debt and continues to have over 6 months of reserves. This has allowed the charity to focus more on the delivery of the programme, including improving recruitment and retention numbers for the young people we work with. In early 2023, the Spear Islington Centre was moved to Hope Church’s other property, St Mary Magdalane Church.
Spear Islington continues to need to raise around £100,000 per year for operational activities. This is through a mix of fundraising events, including an annual dinner, the Big Give campaign, individual donations, grants from trusts and foundations and corporate partnerships.
The trust is placing a greater focus on building corporate partnerships. In particular, one corporate partner committed to a two year fundraising plan with Spear Islington at the beginning of 2022, which will provide an important source of funding in 2022 and 2023. The trust is looking to recruit a part time fundraiser in order to build a more sustainable corporate partnership model and broaden our base of corporate supporters.
In December 2022 Spear Islington ran a third successful Big Give campaign with generous support from the Childhood Trust. This was in parallel with the Gala Dinner that took place in November 2022. This was the second year running both events together and it will continue to be an annual fundraising activity.
During 2022 there has not been any change in trustees, but since the addition of three new trustees in 2021 there continues to be a greater focus on digital marketing and more regular communication to our network of individual donors, corporate sponsors and friends of Spear. In early 2023 the Chair Martin Ledigo served notice to step down on 30 June 2023. We are endeavoring to expand our trustee board to include more diversity in background and skills and two new trustees have already been recruited.
Trustees' responsibilities
The trustees are responsible for preparing the annual report and the accounts in accordance with applicable law and regulations.
The law applicable to charities in England & Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing those accounts, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK accounting standards and statements of recommended practice have been followed;
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records that disclose with reasonable accuracy the financial position of the charity and enable them to ascertain the financial position of the charity and which enable them to ensure that the accounts comply with applicable law, regulations and the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees on 12 June 2023 and signed on their behalf by:
MR JONATHAN HORSFORD
Trustee
DocuSign Envelope ID: D1C1B041-7CC9-4877-97C7-20641BFD886E SPEAR ISLINGTON TRUST
Page 4.
RECEIPTS AND PAYMENTS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Receipts | |||||
| Individual Gifts | 5,852 | 7,136 | |||
| Grants from Trusts and Foundations | 12,239 | 45,401 | |||
| Furlough grant | - | 1,238 | |||
| Sponsorship | 46,124 | 48,888 | |||
| Profits from fundraising events | 61,637 | 32,888 | |||
| 125,852 | 135,551 | ||||
| Expenditure | |||||
| Gross salaries, employer's NI and payroll processing | 76,211 | 68,666 | |||
| Pensions and other staff costs | 1,859 | 1,847 | |||
| Refreshments | 500 | 302 | |||
| Office Supplies | 2,097 | 865 | |||
| Travel | - | - | |||
| Advertising & Marketing | - | 60 | |||
| IT Hardware & Software | 7,375 | 8,618 | |||
| Rent | 6,000 | 6,000 | |||
| Accountancy | 1,560 | 1,615 | |||
| Legal & Professional Fees | 112 | 196 | |||
| Insurance | 502 | 499 | |||
| (96,216) | (88,669) | ||||
| Net incoming resources for the year | 29,636 | 46,882 | |||
| Loans | |||||
| Repaid | - | (28,867) | |||
| - | (28,867) | ||||
| Cash at bank and in hand 1 September 2021 | 55,937 | 37,922 | |||
| Cash at bank and in hand 31 August 2022 | 85,573 | 55,937 | |||
| All of the above relates to the unrestricted general fund. |
Approved by the trustees on 12 June 2023 and signed on their behalf by:
MR JONATHAN HORSFORD Trustee
DocuSign Envelope ID: D1C1B041-7CC9-4877-97C7-20641BFD886E
SPEAR ISLINGTON TRUST
Page 5.
STATEMENT OF ASSETS AND LIABILITIES
AS AT 31 AUGUST 2022
| 2022 £ Monetary assets Cash in hand - Cash at bank 85,573 Debtors Gift-aid recoverable 7,996 Total Assets Liabilities Accruals Accountancy fees 1,560 IT costs 630 Total Liabilities Net assets |
2022 £ Monetary assets Cash in hand - Cash at bank 85,573 Debtors Gift-aid recoverable 7,996 Total Assets Liabilities Accruals Accountancy fees 1,560 IT costs 630 Total Liabilities Net assets |
2021 £ £ - 55,937 85,573 4,905 7,996 93,569 1,500 420 2,190 2,190 91,379 |
2021 £ £ - 55,937 85,573 4,905 7,996 93,569 1,500 420 2,190 2,190 91,379 |
£ 55,937 |
|---|---|---|---|---|
| 4,905 | ||||
| 60,842 | ||||
| 1,920 | ||||
| 1,920 | ||||
| 58,922 |
The above relate to the unrestricted general fund.
Approved by the trustees on 12 June 2023 and signed on their behalf by:
MR JONATHAN HORSFORD
Trustee
DocuSign Envelope ID: D1C1B041-7CC9-4877-97C7-20641BFD886E
Page 6.
Independent Examiner's Report to the Trustees of Spear Islington Trust
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 August 2022 which are set out on pages 4 - 5.
Responsibilities and basis of report
The charity’s trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Richard Hill FCA Griffin Stone Moscrop & Co Chartered Accountants
- 21-27 Lamb's Conduit Street London WC1N 3GS
Date: 12/6/2023