## **Causeway Education Ltd** 

**Report and Financial Statements for the year ended 31 March 2021** 

Company Number England 09239703 

Charity Number England and Wales 1175109 

Charity Number Scotland SCO48038 



## Contents 

2020-2021 Highlights ........................................................................................................................................... 3 Company information .......................................................................................................................................... 4 Trustees ............................................................................................................................................................ 4 Registered office............................................................................................................................................... 4 Independent Examiners ................................................................................................................................... 4 Bank .................................................................................................................................................................. 4 Directors and key personnel ............................................................................................................................ 4 Trustees’ report .................................................................................................................................................... 5 Our mission ...................................................................................................................................................... 5 Public benefit statement .................................................................................................................................. 5 Our values......................................................................................................................................................... 6 Our key programmes ........................................................................................................................................ 7 Key achievements in the year .......................................................................................................................... 8 How we are funded ........................................................................................................................................ 12 Future strategic plans ..................................................................................................................................... 12 How we manage our affairs ............................................................................................................................... 13 Trustees .......................................................................................................................................................... 13 Trustee decision making................................................................................................................................. 13 Compliance information ................................................................................................................................. 14 Financial review .................................................................................................................................................. 16 Risks & uncertainties ...................................................................................................................................... 16 Reserves and reserves policy ......................................................................................................................... 16 Going concern ................................................................................................................................................ 17 Independent examiner’s report to the members of Causeway Education ....................................................... 18 Causeway Education Statement of financial activities ...................................................................................... 19 Causeway Education Statement of financial position ........................................................................................ 20 Causeway Education  Statement of cash flows .................................................................................................. 21 Notes to the accounts ........................................................................................................................................ 22 


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**Supporting young people to overcome barriers in accessing higher education and apprenticeships** 

## 2020-2021 Highlights 

## **OUR SUPPORT IS HIGH-QUALITY AND PRACTICAL** 

## **In the past year we have** 

> Delivered high quality workshops to **[2096 ][professionals ]** (2020: 780) 


Improved **progression to universities** for our students[1] 

**93%** accepted a place via Application Mentoring 

(vs 88% control group) 


Our **Big Idea Small Idea** event series reached **342** people across 3 events. In feedback, **94%** rated the sessions as **useful** or **very useful.** 

## **WE ARE COLLABERATIVE AND EVIDENCE-LED** 

We are collaborating with Aspire to HE and the University of Wolverhampton to design the first ever **PostGraduate Certificate in Access, Outreach and Social Mobility** . This will support professionals across the sector to develop evidence-led approaches to tackling barriers to social mobility in education. 

We have worked with Allen & Overy to redesign their **Smart Start** work experience programme for online delivery. Feedback from participants showed that **100%** rated their **mock job interviews** , as well as their **webinars on course choices, personal statements and admissions tests** , as **useful** or **very useful** . 

Further information on our impact and achievements can be found on pages 8-11. 

**We exist to make sure that progression is not determined by privilege** 

> 1 This information has been derived from the Universities and Colleges Admissions Service STROBE analytical data service. 


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## Company information 

## **Trustees** 

- Iain Littlejohn (Chair) 

- Andrea Carr 

- Natalie Perera 

- Natalie Whitty 

- Jamie Potter (resigned 13 October 2021) 

- Michael Englard 

- Angela Newton 

- Christine Kinnear 

## **Registered office** 

NCC Space New City College Falkirk Street London N1 6HQ 

## **Independent Examiners** 

S M Robinson Kreston Reeves 24 Chiswell Street London EC1Y 4YX 

## **Bank** 

Unity Trust Bank 4 Brindley Place Birmingham B1 2JB 

## **Directors and key personnel** 

- Sam Holmes, CEO 

- Clare Addy, Head of Partnerships 

- Katie Buckingham, Head of Programmes 


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## Trustees’ report 

## **Our mission** 

## **Supporting young people to overcome barriers in accessing higher education and apprenticeships.** 

## **We exist to make sure that progression is not determined by privilege.** 

With the right support in exploration, choices and applications, all young people can find and realise their ambition. In our unequal society, some young people face far greater challenges than others in accessing higher education. Dedicated teachers, advisors and outreach professionals work tirelessly on redressing these inequalities. We are there for all those confronting these barriers, helping to bring about: 

## **1. Expert support** 

We give teachers the skills and resources they need to ensure all their students can navigate HE applications effectively. 

## **2. Transformational outreach** 

We help universities, charities and corporates to develop initiatives which inspire _and_ equip participants to take their next steps. 

## **3. Outstanding applications** 

We support students directly, providing impactful workshops and mentoring to help them successfully clear the hurdles of a complex application process. 

## **Public benefit statement** 

The only objects for which the Charity is established are for the public benefit to promote the education of people under the age of 25 in the UK in particular but not exclusively by increasing the chances of students accessing higher education, further training, apprenticeships and careers. 


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## **Our values** 

## Our work is: 

## **1. High-quality** 

_Our impact is greatest when the quality of our work is highest._ 

- We bring strong expertise in the areas where we work. 

- We are passionate about what we do, and this motivates us to strive for constant improvement. 

- We believe high quality is achieved through an open, honest and critical approach to our own work and that of our partners. 

## **2. Collaborative** 

_Our mission is shared by a vast range of individuals and organisations – through supporting each other we can reach more individuals with higher quality interventions._ 

- Everyone we work with is a partner. 

- We work hard to understand our partners, recognise their expertise and speak a common language. 

- We are approachable and empowering in the support we provide. 

## **3. Practical** 

_Take-up of our support is greatest when it is easy to implement._ 

- We provide actionable support to partners in the form of user-friendly tools and sector-leading resources 

- We apply our extensive first-hand experience of working with schools, colleges and universities to develop frictionless strategies for improving application support 

## **4. Evidence-led** 

_The best solutions build on the greatest accumulation of insights_ 

- We take time to understand problems in detail, identify needs and form considered solutions 

- We apply insights from published research as well as our own evaluation data and practical experience 


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## **Our key programmes** 

Our work at Causeway falls into three main strands: 

**1.** Training, research and consultancy for teachers and outreach professionals at universities, charities and corporates 

**2.** Workshops and mentoring for students 

**3.** Practical resources 

Our key programmes in each of these areas are outlined below. 

## **Training, research and consultancy** 

## **Post-Graduate Certificate in Access, Outreach and Social Mobility** 

We are collaborating with Aspire to HE and the University of Wolverhampton to design the first ever PostGraduate Certificate in Access, Outreach and Social Mobility. This will support professionals across the sector to develop evidence-led approaches to tackling barriers to social mobility in education. Participants will be drawn from across universities, schools, colleges, corporates and the third sector, with the first cohort launching in January 2022 

## **Sutton Trust Teacher Champions** 

The Sutton Trust Teacher Champions Programme supports schools and 6th form colleges to increase progression to competitive HE courses through an annual series of best-practice webinars. These focus on enhancing ongoing systems of support for students and have been distilled from analysis of relevant research, as well as Causeway’s extensive experience in this area. 

## **Supported Mentoring** 

With the shift to online provision in response to the COVID-19 Pandemic, we adapted our mentoring platform to enable other organisations to use it for their own programmes. We now support a range of universities and other organisations to deliver online mentoring through our platform. Causeway provides training and oversight of mentors (usually student ambassadors or Widening Participation staff members) as well as technical support. 

## **Student workshops and mentoring** 

## **Application Mentoring** 

Our Application Mentoring supports students through the admissions process to Higher Education, particularly in the last, most decisive stages. Students follow subject-specific pathways developed by academics and teachers and get support from an expert mentor trained in applications. We deliver the programme for a number of partners, including the Sutton Trust, University College London, and Wadham College, Oxford. 

## **Offer-holder mentoring** 

A new strand of our work is supporting university offer-holders in their final year of school/college, before they transition to university. We have piloted this with the Blakey Mentoring Programme at Lucy Cavendish College, Cambridge. Year 13 students were given regular academic tutorials online to help them excel in their current studies and prepare for the academic level required at university. They also benefitted from meeting their future classmates in these tutorials and developing a sense of cohort before the start of term. 

## **Pathways to Law** 

We deliver part of the Sutton Trust’s Pathways to Law programme, providing support to students on personal statements and the LNAT. 


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## **Smart Start** 

We deliver elements of the Allen & Overy Smart Start Programme. This includes managing recruitment, and the design and delivery of the Smart Start week. 

## **Access Ashurst** 

We deliver workshops on personal statements and the LNAT as part of the Access Ashurst work experience scheme. 

## **Resources** 

## **OSCAR** 

OSCAR (Online System for Completing Applications & References) is our online platform which has been designed with outstanding university applications in mind. OSCAR supports students to develop competitive, subject-focused personal statements and teachers to produce effective references. It allows students to submit drafts of their personal statement for review and teachers or mentors to submit line-by-line feedback and comments. OSCAR is a free tool available to all state schools in the UK. This year we developed OSCAR to enable single sign-on with the Sutton Trust’s online platform so that it could be integrated into the Sutton Trust Online offer. 

## **Key achievements in the year** 

## **Training, research and consultancy** 

## **Sutton Trust Teacher Champions** 

We successfully transformed this programme from a face-to-face regional initiative to a national online scheme. In this pilot year, in collaboration with the Sutton trust we achieved: 

- 860 session attendees (including 560 unique attendees) 

- 74% respondents rating sessions “very useful” and further 21% rating “useful” 

- Estimated student reach of 70,000 including 4500 students on FSM 

## **Student workshops and mentoring** 

## **Smart Start redesign** 

We worked with Allen & Overy to help transfer their Smart Start work experience scheme to online delivery. Smart Start was awarded “Highest Impact Employer Initiative” at the Student Social Mobility Awards 2021. 

## **Resources** 

## **Wider Reading database** 

With funding from the Allen & Overy Foundation, within 6 weeks of the first lockdown in 2020, we had produced and launched an open access database of wider reading materials to support students in identifying and carrying out wider reading online. 


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## **Impact highlights from FY 2020-2021** 

## **Application Mentoring** 

Our evaluation of Application Mentoring demonstrated that the programme continues to make an impact on outcomes of participating young people: 

- The evaluation of our 2019-20 cohort by the UCAS STROBE service found that that young people who participated in the programme were significantly more likely to apply and progress to HE and higher tariff HE than similar students benchmarked by the UCAS STROBE service: 95% of mentees applied to HE compared with 70% of similar students, and 93% of those who applied went on to accept a place, compared with 88% of similar students benchmarked by UCAS STROBE.[2] 

- 92% of our 2020-21 cohort rated the feedback and guidance that they received as helpful or very helpful, and 94% felt confident that they’d written a high-quality personal statement. 

“ _The most helpful part was working with my mentor. Even if I wrote something that was not great, they never made me feel bad and they were always really encouraging. Being able to talk to someone who has been through a similar process made the programme unique; even tough we never actually spoke to one another in real life, I felt like they understood how I was feeling and what I was going through_ .” Segen, Application Mentee 2020-21 cohort 

“ _A mentor reviewing your work notices things you would not and having someone who is an expert in your subject means they know what to add and what a university is looking for. It was less stressful knowing someone was working with me_ .” Michael, Application Mentee, 2020-21 cohort 

## **Smart Start** 

- 100% of participants rated their mock job interviews as useful or very useful 

- 100% rated our webinars on course choices, personal statements and admissions tests as useful or very useful. 

“ _My experience with Smart Start could not have been better. The webinars and online workshops were really useful, as they provided a lot of detail and really got students involved in the discussion. At first I was disappointed that we couldn’t go into the office [because of the pandemic], but having the videos of the webinars recorded and available on the online portal was actually one of the most useful things."_ Ravleen, Smart Start cohort 2020 

## **OSCAR for Schools** 

In 2020-21 we reached 958 education professionals and 4,356 students through the OSCAR for Free initiative, when we reached out to state-maintained schools to offer the chance of using the platform for free. 

" _The OSCAR personal statement platform will be invaluable_ " - Teacher participating in one of our CPD events. 

> 2 This information has been derived from the Universities and Colleges Admissions Service STROBE analytical data service. We tracked the outcomes of students who had fully participated in the programme. We defined full participation as students who had received feedback on at least one draft of their personal statement from their online mentor and completed at least one of the suggested stages on the OSCAR platform. 


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## **Access Champions** 

We received outstanding feedback from participating schools when our Access Champions programme came to an end in 2020: 

“This is the first year we had a successful application to medicine, and our systems for supporting students are so much more informed that we hope to ensure that students with the capability are able to fulfil their plans." 

"Students have access to better opportunities, are more successful in their P18 applications and therefore are more socially mobile than ever before." 

"Our school now has a much more systemic approach to supporting our students in securing post-18 destinations that are both 'brave yet right' for them and their ambitions" 

## **Big Idea Small Idea event series** 

342 people attended across the 3 events and 94% rated the events as useful or very useful. 

_"The session left me feeling completely inspired and hoping to put the ideas into effect!"_ 


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## **Reach for the financial year 2020-2021** 

||**Schools direct**<br>**reach**|**Professionals**<br>**direct reach**|**Students direct**<br>**reach**|**Professionals**<br>**indirect reach**|**Students**<br>**indirect reach**|
|---|---|---|---|---|---|
|**Application mentoring – UCL**|0|0|150|0|0|
|**Application mentoring –**<br>**Alternative Provision**|0|0|420|0|0|
|**Application mentoring – UCL**<br>**Shadowing Scheme**|0|0|15|0|0|
|**Application mentoring –**<br>**Wadham**|0|0|234|0|0|
|**Application mentoring – HOP**|0|16|2|0|0|
|**Application mentoring – K+**|0|31|227|0|0|
|**Application mentoring – STSS**<br>**Alternative**|0|30|279|0|0|
|**Sutton Trust Online**|0|0|2018|0|0|
|**P2L and Banking and Finance**|0|0|306|0|0|
|**Degree Apprenticeship**<br>**Pathway**|0|0|58|0|0|
|**A&O Smart Start**|0|0|335|0|0|
|**Sutton Trust Teacher**<br>**Champions**|31|327|560|0|56,000|
|**Sutton Trust Access Champions**|19|193|911|660|1650|
|**Lucy Cavendish (Blakey) offer**<br>**holder mentoring**|0|2|29|||
|**OSCAR for Schools**|60|958|4356|||
|**Events and small projects**|0|539|452|0|0|
|**Grand Total**|**110**|**2096**|**10352**|**660**|**57650**|



## Notes: 

- Schools: A primary- or secondary-level educational institution with a DfE number (or equivalent), from which people – either staff or students – have benefitted from our services. 

- Professionals: People we are training as part of their job, or as work they have volunteered to do, and who work with students. 

- Students: Young people who we would consider the ‘end users’ of our services, such as our mentoring programmes and student-facing events 

- Direct reach: People (or organisations) who we have directly worked with, trained, or mentored. 

- Indirect reach: People who have benefited second-hand from people we have reached directly (for example students who benefit from a professional, such as teacher, who we have trained). We currently only measure indirect reach for the Access Champions programme. 

- ‘Other delivery’ covers one-off events that are not part of a larger programme, such as workshops, training sessions or events. 


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## **How we are funded** 

Most of Causeway Education’s funding this year was through one of our key partners, The Sutton Trust, funding various programmes. These included Access Champions, Teacher Champions, Application Mentoring, and the Online digital platform tool. 


## **Future strategic plans** 

For the last few years, we have been involved in delivering large programmes for various NCOP (now UniConnect) consortia. We increased our organisational capacity in line with this work, and have now streamlined our capacity as these programmes have drawn to a close. As part of this, the balance of our portfolio of work has shifted from a small number of large programmes, to a larger number of medium-sized projects. 

Our key focus remains the achievement of systemic change in schools and colleges. We want to develop and embed better systems of support for students so that both current and future cohorts can overcome barriers to accessing Higher Education. We are in the first stage of a five-year plan to refine our operations by using a new school/college-based metric to target our work and maximise our impact. This involves the following stages: 

## **Stage 1 (FYs 2020-21 and 2021-22)** 

During this stage we will research, develop and implement a new impact metric based on school/college-level progression data to post-18 destinations. We will also evaluate our current programme offering in terms of its effectiveness at delivering systemic change within schools/colleges, using this to refine and extend our programmes where necessary. 

## **Stage 2 (FYs 2022-23, 2023-24 and 2024-25)** 

During this stage we will seek funding for, and carry out, an evidenced-based scaling up of our programmes. Through this, we aim to deliver systemic change across the schools and colleges serving young people who face the greatest barriers in accessing Higher Education. 


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## How we manage our affairs 

## **Trustees** 

Causeway Education is a charitable company limited by shares, incorporated on 29 September 2014 and registered as a charity in England and Wales on 11 October 2017 and in Scotland on 9 January 2018. 

The company was established under a memorandum of association detailing its objects and powers and is governed under its articles of association by a Board of Trustees. 

The Board’s work incudes critical analysis of the strategic plans and agreeing our financial plan. The Board acts on advice and information from regular meetings with the Senior Management Team. They are also responsible for management of the Chief Executive Officer. 

All our trustees give their time voluntarily and receive no benefits from the organisation. Any expenses reclaimed from the charity are set out in note 6 to the accounts. 

In 2020-21 the Board had four meetings. Each meeting has a set agenda that usually involves, but not limited to, reviewing Charity performance, strategy, policy and the organisations risks and mitigating actions. 

## **Appointment of Trustees** 

The appointment of trustees is governed by our Articles of Association. Our trustees are also directors of Causeway Education for the purposes of company law. 

## **Trustee induction and training** 

We make new trustees aware of their legal obligations under charity law and company law. Our induction programme for new trustees includes an overview of our decision-making processes, our strategic aims, and our recent performance. As part of our safer recruitment processes we ensure trustees have an enhanced DBS, provide two references and take online safeguarding training. Trustees are invited to see our programme delivery in action. We involve trustees in specific pieces of work depending on their interests and expertise. They are also invited to specific Trustee related training courses run by external suppliers. 

## **Trustee decision making** 

## **Pay policy** 

Our trustees are responsible for the annual salary review for staff in the organisation on recommendation of the Senior Management Team, at which pay is normally increased in line with annual inflation (RPI). Trustees review and approve appointment salaries and salary increases for senior staff; appointment salaries and salary increases for junior staff are reviewed and approved by the senior management team. Recruitment panels for senior management must include at least one trustee 

A new formal pay policy is due to be implemented in the coming financial year that will look at the pay of individual roles as well as the individuals within the roles to ensure fairness, transparency and stability across the organisation. 


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## **Trustee responsibilities** 

Our trustees are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires our trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: 

- Select suitable accounting policies and then apply them consistently. 

- Observe the methods and principles in the Charities SORP. 

- Make judgements and estimates that are reasonable and prudent. 

- State whether applicable UK Accounting Standards and statements of recommended practice 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 operation. 

Our trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

In so far as the trustees are aware: 

- There is no relevant audit information of which the charitable company’s auditor is unaware. 

- The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

Shareholders of the charity will lose their shares in the event of the charity winding up. The total number of such guarantees at 31 March 2021 was 8 (2020: 5). The trustees are shareholders of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity and this is monitored by each board member completing their declarations of interest. 

## **Compliance information** 

## **Data protection** 

Our policies and procedures are robust and we meet the General Data Protection Regulation, in effect from May 25 2018. We are registered with the Information Commissioner’s Office. 

## **Fundraising** 

We comply with all relevant statutory regulations and with a range of codes of practice and standards. We are members of the Institute of Fundraising and are registered with the Fundraising Regulator.  We are committed to best practice and to responding to and learning from any complaints we receive; our complaints procedure is published on our website.  Our fundraising promise, also published on our website, is to 


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- Commit to high standards 

- Be clear, honest and open 

- Be fair and reasonable 

- Be accountable & responsible 

We do not use volunteers to fundraise, and we do not fundraise from members of the public. 

## **Whistleblowing policy** 

Our whistleblowing policy protects anyone who discloses concerns from discrimination. 

## **Child safeguarding** 

All staff, volunteers, contractors, and third-party organisations with whom we partner are bound by our Child Safeguarding policy and procedures. All staff, contractors and volunteers are required to complete child safeguarding training as part of their induction. We publish our Child Safeguarding Policy on our website and have a dedicated e-mail address to which concerns can be reported. 

## **Equal opportunities** 

We are committed to the principle and practice of equal opportunities in employment, recruitment, and programme delivery. 

## **Anti-bribery, anti-corruption and anti-fraud policies** 

Our Anti-Bribery and Anti-Corruption policy and our Anti-Fraud policy and related procedures ensure that we have controls and processes designed to prevent and detect fraud and dishonesty. We investigate any allegations that arise and take appropriate action where needed. 

## **Independent Examiner** 

Susan Robinson of Kreston Reeves LLP was appointed as the charitable company's independent examiner during the year and has expressed her willingness to continue in that capacity. 


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## Financial review 

This year, the charity has consolidated its transition from a larger organisation delivering significant Uni Connect funded programmes, to a smaller organisation focused on medium-sized projects. Costs have reduced significantly, but changes in the funding landscape related to the pandemic mean the charity has not yet returned to a surplus. Although 2020-21 saw an increase in bookings for mentoring, more strategic projects around training and resource development were put on hold. However, this strand of work has since opened up again and we have taken a number of steps to ensure the charity is in a good position to secure and deliver projects in this area. Already in 2021-22 we have secured significant bookings for strategic projects and, as a result, the charity anticipates returning to a surplus in this coming financial year. 

**Income** has decreased from £494k to £483k, a 2% decrease. Income from The Sutton Trust rose from 53% to 64% and income from Allen and Overy rose from 5% to 25% of total funding. 

Other programmes run by Causeway Education account for 25% of the charity’s total income. 

**Expenditure** has decreased by a further 28%, from £902k to £647K. 78% of costs relate to other programmes, Academic Apprenticeships (now  renamed Application mentoring) and Pathways to Law. 

## **Risks & uncertainties** 

Our trustees are responsible for ensuring proper risk management processes are in place. A formal risk register has been formulated and agreed, and trustees discuss risks and uncertainties at each trustee meeting. 

The trustees consider that the most significant risks facing the charity are: 

- **Shortfalls in future funding** . The organisation regularly monitors and reports on the future funding opportunities that the charity has at least a year into the future. Over the past year, the charity has continued to consolidate and expand our most secure income streams, as well as developing a number of new projects. 

- **Cash flow.** Due to the current economic conditions, the organisation is at risk from sudden cash flow shortfalls in the medium term. The senior management team along with the Trustees regularly monitor cash flow forecasts over 12 months in the future highlighting significant risk that cash will fall below a safe level considerably in advance of it happening, with agreed actions in place should this occur. 

- **Information security breach** . With the increasing shift towards online working and service delivery, the security of our IT systems and our online platform (OSCAR) have become even more important. To ensure the organisation has a very high level of protection in place, we have obtained Cyber Essentials Certification and carried out a comprehensive audit and penetration test of OSCAR (refreshed on a monthly basis). We also have specific insurance to cover this area. 

## **Reserves and reserves policy** 

Reserves have decreased by 69% to £75k, (2020: £239k). The total funds of the charity, excluding the share capital, have been classified as either Unrestricted or Restricted funds. 

All unrestricted funds are free reserves to be used at the trustees’ discretion to take advantage of opportunities or to mitigate against negative financial impact of unforeseen events. As at the end of the financial year, these stood at -£28k, (2020: £90k). 

Restricted funds, which are not available for general purpose, have decreased by 31% to £102k, (2020: 148k). Further details of the restricted funds can be found in note 11. 

The charity has no investments or tangible fixed assets. 


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The reserve policy of the charity is to maintain available funds above a level equal to three months of overheads, with cash flow forecasts being monitored regularly. If within three months the available funds are due to fall below this safe level, an extraordinary meeting of the Trustees is called to decide if any immediate actions are required. 

## **Going concern** 

The Charity has £74.5k in reserve and with plans to turn a significant surplus in the coming year. The trustees are confident that the surplus in the 2021-22 year will eliminate the deficit in the unrestricted funds at the end of 2020-21. The nature of Causeway Education’s work means that it is in a good position to provide valuable programmes and secure the necessary funding during the COVID-19 pandemic. The Trustees are continuing to monitor the pandemic situation closely and the impact on the organisation’s future. 

The trustees’ annual report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. 

The trustees’ annual report has been approved by the trustees on 13[th] December 2021 and signed on their behalf by 


Iain Littlejohn 

Causeway Education – Chair of Trustees 


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## Independent examiner’s report to the members of Causeway Education 

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2021 which are set out on pages 19 to 31. 

## **Responsibilities and basis of report** 

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’) 

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

## **Independent examiner’s statement** 

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. 

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or 

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities. 

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. 

Signed: 


S M Robinson BA FCA FCIE DChA MCMI 

## **Kreston Reeves LLP** 

Chartered Accountants Chatham Maritime 

Date: 20/12/2021 


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## Causeway Education Statement of financial activities 

## **For the year ended 31 March 2021** 

|**For the year ended 31 March 2021**|||
|---|---|---|
|Unrestricted<br>Funds<br>2021|Restricted<br>Funds<br>**Total**<br>**Funds**<br>Unrestricted<br>Funds<br>2021<br>**2021**<br>2020|Restricted<br>Funds<br>Total<br>Funds<br>2020<br>2020|
|**Note**<br>**s**<br>£<br>Income from charitable activities:<br>Access Champions<br>**3**<br>-<br>Other Programmes<br>**3**<br>175,085<br>Other Income<br>**3**<br>92,595<br>Investments<br>**3**<br>-|£<br>**£**<br>£<br>-<br>**(1,500)**<br>114,486<br>216,815<br>**391,900**<br>67,103<br>-<br>**92,595**<br>88,247<br>-<br>**-**<br>703|£<br>£<br>63,364<br>177,850<br>160,415<br>227,518<br>-<br>88,247<br>-<br>703|
|**Total Incoming Resources**<br>**266,181**|**216,815**<br>**482,995**<br>**270,539**|**223,779**<br>**494,318**|
|Expenditure from:<br>Research & Policy<br>**4**<br>(11,559)<br>Access Champions<br>**5**<br>-<br>Other Programmes<br>**5**<br>(358,078)|-<br>**(11,559)**<br>(25,487)<br>(14,940)<br>**(14,940)**<br>(414,943)<br>(262,874)<br>**(620,952)**<br>(108,287)|-<br>(25,487)<br>(181,931)<br>(596,874)<br>(137,331)<br>(245,618)|
|**Total cost of charitable activities**<br>**(369,637)**|**(277,814)**<br>**(647,451)**<br>**(548,717)**|**(319,263)**<br>**(867,979)**|
|Raising Funds:<br>Fundraising activities<br>**4**<br>-|-<br>**-**<br>(34,173)|-<br>(34,173)|
|**Total Resources Expended**<br>**(369,637)**|**(277,814)**<br>**(647,451)**<br>**(582,889)**|**(319,263)**<br>**(902,152)**|
|**Net Income for the year**<br>**6**<br>**(103,457)**<br>Transfers between funds<br>(14,940)|**(60,999)**<br>**(164,456)**<br>**(312,350)**<br>14,940<br>**-**<br>7,802|**(95,484)**<br>**(407,833)**<br>(7,802)<br>**-**|
|**Net Movement in Funds**<br>**(118,397)**|**(46,059)**<br>**(164,456)**<br>**(304,548)**|**(103,286)**<br>**(407,833)**|
|Reconciliation of funds:<br>Total funds brought forward<br>90,476|148,542<br>**239,018**<br>395,023|251,828<br>**646,851**|
|**Total funds carried forward**<br>**(27,921)**|**102,483**<br>**74,562**<br>**90,476**|**148,542**<br>**239,017**|




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## Causeway Education Statement of financial position 

## **As at 31 March 2021** 

|**Notes**<br>**Current Assets**<br>Debtors<br>**8**<br>Fixed Assets<br>Cash at bank and in hand<br>**Creditors: Amounts falling due with one year**<br>**9**<br>**Net Assets**<br>Unrestricted Funds<br>**11**<br>Restricted Funds<br>**12**<br>Share Capital<br>**13**<br>Total Funds|2021<br>£<br>83,306<br>0<br>70,666<br>**153,972**<br>(79,399)<br>**74,572**<br>(27,921)<br>102,483<br>10<br>**74,572**|2020<br>£<br>149,311<br>0<br>134,212|
|---|---|---|
|||**283,523**|
|||(44,495)|
|||**239,027**|
|||90,476<br>148,542<br>10|
|||**239,027**|



Approved by the trustees on 13[th] December 2021 and signed on their behalf by Iain Littlejohn 



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## Causeway Education Statement of cash flows 

## **For the year end 31 March 2021** 

|**Notes**<br>Net cash used in operating activities<br>**14**<br>Movement in share capital<br>Net Cash flows from Investing Activities<br>Change in cash and cash equivalents<br>Cash brought forward<br>Cash carried forward<br>**15**|2021<br>£<br>**(63,545)**<br>**0**<br>**0**<br>(63,545)<br>134,211<br>**70,666**|2020<br>£|
|---|---|---|
|||**(490,560)**|
||||
|||**0**|
||||
|||**0**|
|||(489,856)<br>624,068|
|||**134,211**|




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## Notes to the accounts 

## **1. Accounting policies** 

These accounts have been prepared in accordance with “Accounting and Reporting by Charities” the Statement of Recommended Practice (SORP) 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[st] January 2019. The charity is a Public Benefit Entity as defined by FRS 102. 

## **1.1 Going concern** 

At the time of approving the accounts, the trustees believe that Causeway Education has adequate recourses to continue trade into the foreseeable future. These accounts have therefore been prepared on a going concern basis. The trustees have reviewed the accounts, funding and liquidity of the charity, taking into account the impact of the COVID-19 pandemic, and agree that there are no material uncertainties that prevent it operating. 

## **1.2 Public benefit entity** 

The charitable company meets the definition of a public benefit entity under FRS 102. 

## **1.3 Incoming resources and funds** 

All income in the accounts is recognised if the charity has entitlement to the funds; it is probable that the income will be received; and the amount can be measured reliably. 

Income is assessed as either unrestricted- and can be used at the discretion of the trustees to further the charitable objectives-or restricted-and subject to specific conditions by funders as to how it is used. Expenditure attributable to these resources is charged to the funds. 

Income should be recognised in year received or receivables, whichever is earlier, unless funder specifies for future financial period, in which case it is deferred. 

## **1.4 Support costs** 

Support costs are those functions that assist the work of the charity but do not directly influence charitable objectives. These may include but are not limited to finance, office costs, payroll and governance.  Agreements with funders mostly have a support cost allocation included and therefore these accounts include this allocation where applicable and charged to the appropriate fund. 

Most of the employees of the charity can and have been allocated to the programme that they predominately support. 

Remaining support costs are re-allocated to each of charitable activities based on the size of the corresponding activity. 


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## **1.5 Fixed assets** 

It is the policy of the charity that any assets purchased over the value of £5,000 will be capitalised. 

As at 31 March 2021, there have been no assets purchased over £5,000 and therefore currently the Charity has no fixed assets. 

## **1.6 Corporation Tax** 

Causeway Education became a charity in October 2017 and as a charity it is exempt from paying corporation tax. 

## **1.7 Operating lease** 

Rental charges are charged on a straight-line basis over the term of the lease. 

## **1.8 Fund accounting** 

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund. 

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes. 

## **1.9 Expenditure and irrecoverable VAT** 

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. 

Expenditure is recognised on an accruals basis as a liability incurred, including any VAT which cannot be fully recovered. 

Fundraising is the costs of raising funds related to the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose. 

Expenditure on charitable activities includes the costs of delivering the Access Champions and other programmes undertaken to further the purposes of the charity and their associated support costs. 

Research and Policy is the costs associated with evaluation of the work being done by the charity and to influence government policy to further the work of Causeway Education. 

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. 

## **1.10 Debtors** 

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## **1.11 Cash at bank and in hand** 

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Cash is also held by an outside company for the purposes of loading onto prepaid corporate cards to be used by employees for general expenses, these funds are also included. 

## **1.12 Creditors** 

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to 



settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 

A doubtful debt provision has been made on a case-by-case basis depending upon the likelihood of receipt and age of debt. 

## **2 Statutory information and status of the charity** 

Causeway Education is a registered charity limited by shares and is incorporated in England. Its registered office and principal place of business is NCC Space, New City College, Falkirk Street, London, N1 6HQ. 

## **3 Income from charitable activities** 

|**3 Income from charitable activities**|||
|---|---|---|
|Unrestricted<br>Funds<br>Restricted<br>Funds<br>2021<br>2021|**Total**<br>**Funds**<br>Unrestricted<br>Funds<br>**2021**<br>2020|Restricted<br>Funds<br>Total<br>Funds<br>2020<br>2020|
|£<br>£<br>The Sutton Trust<br>92,961<br>216,815<br>Allen & Overy<br>52,992<br>-<br>Innovate UK<br>-<br>-<br>NCOP<br>(1,500)<br>-<br>Scottish Funding Council<br>-<br>-<br>Programmes - Other<br>121,728<br>-<br>Other Income<br>-<br>-<br>Bank Interest<br>-<br>-|**£**<br>£<br>**309,775**<br>40,509<br>**52,992**<br>26,844<br>**-**<br>-<br>**(1,500)**<br>114,486<br>**-**<br>-<br>**121,728**<br>76,997<br>**-**<br>11,000<br>**-**<br>703|£<br>£<br>223,779<br>264,288<br>-<br>26,844<br>(0)<br>(0)<br>-<br>114,486<br>-<br>-<br>-<br>76,997<br>-<br>11,000<br>-<br>703|
|**Total**<br>**266,181**<br>**216,815**|**482,995**<br>**270,539**|**223,779**<br>**494,318**|




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## **4 Support and general costs** 

|**4 Support and general costs**|||
|---|---|---|
|Staffing<br>Other<br>2021<br>2021|**Total**<br>Staffing<br>**2021**<br>2020|Other<br>Total<br>2020<br>2020|
|**Support and General Costs**<br>£<br>£<br>Executive, Governance and Finance<br>(185,744)<br>(17,920)<br>IT, Communication and Evaluation<br>(26,309)<br>(41,805)<br>Overheads<br>27,594<br>(14,865)<br>General Programme Costs<br>(98,334)<br>(4,770)|**£**<br>£<br>**(203,664)**<br>(224,077)<br>**(68,114)**<br>(47,689)<br>**12,729**<br>-<br>**(103,103)**<br>(133,642)|£<br>£<br>(17,174)<br>(241,251)<br>(44,717)<br>(92,405)<br>(33,845)<br>(33,845)<br>(10,448)<br>(144,090)|
|**Support Total**<br>**(282,793)**<br>**(79,360)**|**(362,153)**<br>**(405,408)**|**(106,184)**<br>**(511,592)**|
|Research & Policy<br>(11,559)<br>-<br>Fundraising activities<br>-<br>-|**(11,559)**<br>(24,317)<br>**-**<br>(34,006)|(1,169)<br>(25,487)<br>(167)<br>(34,173)|
|**Grand Total**<br>**(294,352)**<br>**(79,360)**|**(373,712)**<br>**(463,731)**|**(107,520)**<br>**(571,252)**|



## **5 Programme costs** 

|**5 Programme costs**|||
|---|---|---|
|Staffing<br>2021|Freelancers<br>Direct<br>Costs<br>2021<br>2021|Support<br>Allocation<br>**Total**<br>2021<br>**2021**|
|**Programme**<br>£<br>Access Champions<br>(14,933)<br>Academic Apprenticeship<br>(39,035)<br>Pathways to Law<br>(32,390)<br>Pathways to Coding<br>-<br>Teacher Champions<br>(16,839)<br>Other Programmes<br>(83,885)|£<br>£<br>-<br>(7)<br>(11,625)<br>(32)<br>(10,000)<br>-<br>-<br>-<br>-<br>-<br>(64,993)<br>-|£<br>**£**<br>-<br>**(14,940)**<br>(6,901)<br>**(57,592)**<br>(5,215)<br>**(47,605)**<br>-<br>**-**<br>(3,368)<br>**(20,207)**<br>(346,669)<br>**(495,548)**|
|**Total**<br>**(187,082)**|**(86,618)**<br>**(38)**|**(362,153)**<br>**(635,891)**|



The Charity received no benefits in kind for the Financial Year 2020-21. 


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## **Programme costs (Prior Year)** 

|**Programme costs (Prior Year)**|||
|---|---|---|
|Staffing<br>2020|Freelancers<br>Direct<br>Costs<br>2020<br>2020|Support<br>Allocation<br>Total<br>2020<br>2020|
|**Programme**<br>£<br>Access Champions<br>(87,567)<br>Academic Apprenticeship<br>(24,547)<br>Pathways to Law<br>(14,408)<br>Pathways to Coding<br>-<br>Teacher Champions<br>(3,685)<br>Other Programmes<br>(36,397)|£<br>£<br>(65,303)<br>(48,010)<br>(8,959)<br>(94)<br>(6,570)<br>(1,628)<br>-<br>-<br>-<br>(2,385)<br>(24,887)<br>(6,461)|£<br>£<br>(395,995)<br>(596,874)<br>(5,457)<br>(39,057)<br>(3,894)<br>(26,500)<br>-<br>-<br>(477)<br>(6,547)<br>(105,769)<br>(173,514)|
||||
|Total<br>(166,605)|(105,718)<br>(58,577)|(511,592)<br>(842,492)|



## **6 Net income for the year** 

|**6 Net income for the year**||
|---|---|
|**Total**<br>Stated after charging:<br>**2021**|Total<br>2020|
|**£**<br>Independent Examination Fee<br>**(1,500)**<br>Trustees Expenses<br>**-**<br>Operating Lease on property<br>**(9,600)**|£<br>(1,500)<br>(14)<br>(49,920)|




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## **7 Employee information** 

|**7 Employee information**|||
|---|---|---|
||**Total**|Total|
||**2021**|2020|
|Raising Funds|**0**|0|
|Charitable Activities|**7**|7|
|Support (Including Governance)|**4**|4|
|Average Employees|**11**|11|
||||



|Staff Costs Including directors' remuneration|**Total**|Total|
|---|---|---|
||**2021**|2020|
||**£**|£|
|Wages and Salaries|**(416,544)**|(552,036)|
|Social Security|**(40,808)**|(53,941)|
|Pension|**(24,083)**|(24,359)|
|**Total**|**(481,434)**|**(630,336)**|
||||



|||**Total**|Total|
|---|---|---|---|
|||**2021**|2020|
|||**£**|£|
|£80,000|- £89,999|**1**|1|
|£90,000|- £100,000|**0**|0|
|**Total**||**1**|**1**|
|||||



The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £163,870. (2020: £261,639). There were no redundancy costs in the year. (2020: £27,077) The charity trustees have not received any remuneration. There were no expenses paid to Trustees’ (2020: £14). 


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## **8 Debtors** 

|**8 Debtors**||
|---|---|
|**Total**<br>**2020**|Total<br>2020|
|**£**<br>Trade Debtors<br>**79,593**<br>Accrued Income<br>**3,750**<br>Other Debtors<br>**(37)**|£<br>**64,663**<br>**83,609**<br>**1,039**|
|**Total**<br>**83,306**|**149,311**|



## **9 Creditors** 

|**9 Creditors**||
|---|---|
|**Total**<br>**2021**|Total<br>2020|
|**£**<br>Trade Creditors<br>**(1,254)**<br>Other Creditors<br>**(12,983)**<br>Deferred Income<br>**(42,363)**<br>Staff Expenses<br>**0**<br>Accruals<br>**(22,800)**|£<br>(1,619)<br>(14,377)<br>0<br>0<br>(28,500)|
|**Total**<br>**(79,400)**|**(44,496)**|



## **10 Analysis of the fund position: unrestricted funds (Current year)** 

|**Opening**<br>**Income**<br>**Balance**|**Expenditure**<br>**Transfers**|**Movement**<br>**Closing**<br>**in Year**<br>**Balance**|
|---|---|---|
|**£**<br>£<br>General Fund<br>90,476<br>266,181|£<br>£<br>(369,637)<br>(14,940)|£<br>£<br>(118,397)<br>(27,920)|
|**Total**<br>**90,476**<br>**266,181**|**(369,637)**<br>**(14,940)**|**(118,397)**<br>**(27,920)**|




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## **10b. Analysis of the fund position: unrestricted funds (Prior year)** 

|**Opening**<br>**Income**<br>**Balance**|**Opening**<br>**Income**<br>**Balance**|**Expenditure**<br>**Transfers**||**Movement**<br>**Closing**<br>**in Year**<br>**Balance**|
|---|---|---|---|---|
|**£**<br>£<br>General Fund<br>395,024<br>270,539||£<br>£<br>(582,889)<br>7,802||£<br>£<br>(304,547)<br>90,476|
|**Total**<br>**395,024**<br>**270,539**||**(582,889)**<br>**7,802**||**(304,547)**<br>**90,476**|
|**11 Analysis of the funds position: restricted funds (Current year)**<br>**Opening**<br>**Income**<br>**Expenditure**<br>**Transfers**<br>**Balance**||||**Movement**<br>**Closing**<br>**in Year**<br>**Balance**|
|**£**<br>Academic Apprenticeship<br>60,711<br>Pathways to Coding<br>0<br>Pathways to Law<br>74,379<br>Teacher Summer Schools<br>(0)<br>Access Champions - Sutton Trust<br>-<br>Access Champions - Scotland<br>-<br>Teacher Champions - Sutton Trust<br>13,453<br>Innovate<br>-|£<br>£<br>£<br>82,095<br>(140,118)<br>-<br>-<br>-<br>-<br>30,280<br>(47,605)<br>-<br>71,440<br>(54,943)<br>-<br>-<br>(14,940)<br>14,940<br>-<br>-<br>-<br>33,000<br>(20,207)<br>-<br>-<br>-<br>-|||£<br>£<br>(58,023)<br>2,687<br>-<br>0<br>(17,325)<br>57,054<br>16,496<br>16,496<br>0<br>0<br>-<br>-<br>12,793<br>26,246<br>-<br>-|
|**Total**<br>**148,543**|**216,815**<br>**(277,814)**<br>**14,940**|||**(46,059)**<br>**102,484**|



## **11b. Analysis of the funds position: restricted funds (Prior year)** 

|**Opening**<br>**Balance**|**Income**<br>**Expenditure**<br>**Transfers**|**Movement**<br>**Closing**<br>**in Year**<br>**Balance**|
|---|---|---|
|**£**<br>Academic Apprenticeship<br>73,164<br>Pathways to Coding<br>12,814<br>Pathways to Law<br>51,395<br>Teacher Summer Schools<br>(0)<br>Access Champions - Sutton Trust<br>114,455<br>Access Champions - Scotland<br>-<br>Teacher Champions - Sutton Trust<br>-<br>Innovate<br>-|£<br>£<br>£<br>90,931<br>(103,384)<br>-<br>-<br>-<br>(12,814)<br>49,484<br>(26,500)<br>-<br>-<br>-<br>-<br>63,364<br>(181,931)<br>4,112<br>-<br>-<br>-<br>20,000<br>(6,547)<br>-<br>(0)<br>(900)<br>900|£<br>£<br>(12,453)<br>60,711<br>(12,814)<br>0<br>22,984<br>74,379<br>-<br>(0)<br>(114,455)<br>-<br>-<br>-<br>13,453<br>13,453<br>(0)<br>(0)|
|**Total**<br>**251,829**|**223,779**<br>**(319,263)**<br>**(7,802)**|**(103,286)**<br>**148,543**|




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## **Purpose of Restricted Funds** 

The purposes of the above funds are to provide monies to run each of the programmes. Each of the programmes have a separate agreement and run past 31 March 2021 into the new financial year and beyond. Further information on the purposes of the programmes can be found in the annual report on page 6. 

All the restricted funds are linked to the charitable objectives of the organisation which is improving the life chances of children and young people in the UK by supporting them and their influencers through key educational transitions. 

The Access Champions – Sutton Trust restricted fund had additional costs of £14,940 paid in the year which was funded from the Charity’s general fund. 

No other restricted funds ran into deficit to 31 March 2021. 

## **12 Pension obligations** 

The Charity has a defined contribution pension scheme where both the employee and employer pay contributions every month in the employees’ pension. 

The amount owed to the pension scheme was £7,198 (2020: £3,586). There are 10 employees enrolled on the pension scheme. 

## **13 Related party transactions** 

The Charity has no related party transactions.  There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties. 

## **14 Reconciliation of net income / (expenditure) to net cash flow from operating activities** 

|**Total**<br>**2021**|Total<br>2020|
|---|---|
|**£**<br>Net income / (expenditure) for the reporting period<br>**(164,456)**<br>Bank Interest (Received)<br>**0**<br>(Increase)/decrease in debtors<br>**66,005**<br>Increase/(decrease) in creditors<br>**34,904**|£<br>(407,833)<br>(703)<br>10,257<br>(92,280)|
|**Total**<br>**(63,546)**|**(490,560)**|




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## **15 Analysis of cash and cash equivalents** 

|**15 Analysis of cash and cash equivalents**||
|---|---|
|**Total**<br>**2021**|Total<br>2020|
|**£**<br>Cash at bank and in hand<br>**66,211**<br>Prepaid Cards<br>**4,431**<br>Petty Cash<br>**24**|£<br>129,757<br>4,431<br>24|
|**Total**<br>**70,666**|**134,212**|



## **16 Operating lease commitments** 

|**16 Operating lease commitments**||
|---|---|
|**Property**<br>**2021**|Property<br>2020|
|**£**<br>**Less than one year**<br>**(9600)**|£<br>**(49,920)**|
|**Total**<br>**(9,600)**|**(49,920)**|



Causeway Education has an operating lease on its office space, the total of which expensed in the year was £9,600. (2020: £49,920). It has no other operating leases as at 31 March 2021. 

## **17 Taxation** 

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 

## **18 Share capital** 

The Charity is a private company limited by shares. It was incorporated in September 2014 but amended by special resolution passed in June 2017 with shares fully issued to the trustees between July and January 2018. 

The original 20 shares were relinquished by the original holders and 10 new shares were issued and distributed amongst the Trustees, with the remaining 10 not being issued by the Charity. 


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