SKILLS DEVELOPIAENT TRAINING Trustees. Annual Report for Skills Development Training Charity Number. 1178238 Company Number. 10778818 Financial Year. 2010212023- 1910212024 1. Reference and Administrative Details Charity Name: Skills Development Training Charity Registration Number: 1178238 Company Registration Number. 10778818 Registerod Office: 58 Streatham High Road, Li)ndon. England. SW16 1 DA Trustees who served durlng the year and up to the date of this report: Adedayo Adebowale (Chair) Aysha Anderson {Trusteel Sikiru Oshungbure (Secretsry) Solomon Daniel Quarcoo (Trustee) Senlor Management Team: Head of Programmes.. Adedayo Adeb¢)wale Finan￿ Manager. Sikiru Oshungbure Professional Advlsors: Bankers: Santander. 38 The Broadway London E15 4QN Independent Examiner: Simon Henry 2. Structure, Governance and Management Skills Development Training is a registered charity (no. 1178238) and a company limiled by guarantee (no. 10778818). incorporated on 1910512017. The chanty is govemed by its Memorandum and Articles of Association. Trustee Recruitment and Appointment: Trustees are recruited based on their skills, experien￿. and commitment to the charitys mission. New trustees are appointed by the existing board, ensuring a divetse range of backgrounds and expertise. In 2023- 2024, we Welcom￿ 2 new trustees to strengthen our govemance. Trustee Inductlon and Training: New truslees undergo a cL)rnprehensive induction progratnrne. including: Familiarisation with the charivs goveming documents, policies, and strategic plan Training on trustee responsibilities and charity law Introduction to key staff and major projects All trustees participate in ongoing training and development to enhance their effediveness. Organlsational Structure: The board of trustees meets quarterfy to set strategic direction and oversee the charitys operations. Day-tO- day management is delegated to the CEO and senior management team. We have estsblished the following sub-committees to support governan￿.. Finance and Audtt Committee Programmes and Impact Committee Fundraising and Communications Committee 3. Objectlves and Activities Our Mission To empower young people aged 18-26 through entrepreneurship. financial literacy, and educational support. enabling them to achieve economic independence and ￿ntribute p*)sitively to their communtties. Our Vision A world where &very young person has the skills, knowledge, and oP[￿UnitIeS to build a succEssfvl and fulfilling career or business. Our Values Innovation: Embracing new ideas and approaches to taL*le youth unemployment Empowemient: Equipping young people with Ihe tools to shape their own futures Inclusivity: Ensuring our programrnes are acc£ssible to all, regardless of background Integrity: Operating with transparency and accountabilty in all we (ki Collaboration.. Wothng with pathers to maximise our impact Main Activities in 2023-2024 Entrepreneurship Training and Workshops 12-week intensive enlrepreneurship cours8 Monthly start-up clinics and mentoring sessions Annual youth business pitth competition Flnancial Literacy Education Weekly financial management v￿rkshopS One￿￿-one financial cy)aching sessions Online financial literacy reSoU￿S and tools Educational Support Sèrvices Career guidance and CV Writtng workshops Skills assessment and personal development planning Industy exposure Ihrough company vtstts and guest lectures Black Youth Academy Specialised enlrepreneurship programme for young Black aspiring entrepreneurs Mentorship matching wrth suc￿Ssful Black business leaders. Access to seed ftjnding and business incubation supp(Mt Healthy Tribe Initiative Weekly sports and fftness activttses Mental health and y￿lIbeIng workshops Nutrilion and healthy lifestyle edu(xtion Achlevements and Perfonnance Financial Growlh Total ineA)me'. £38.452 (23% increase frorn previous year) Grants.. £27,060 Public Donations.. £11.155 Other income: £237 This marks our best financial year since 2017. reflecting growing public- trust and expanded fundraising efforts. Programme Impact Young People Supported Total beneficiaries.. 120 {300A increase from previous year) 6501. from underrepresented backgrounds 550A female participation Enlrepreneurship Outcomes 8 new businesses launched by pro3ramme partiopants. 850A of partlcipants reported increased ￿nrK￿ence in starting a business. Financial Llteracy Improvements 920/0 of participants showed improved finanaal kn￿￿edge posl- programme 750A reported starting to save regulaty. 600k created their first personal budget Educatlonal and Career Progress 70 /r* of parttcipants entered eniployment or further education. 85°h reported improved employabilty skills. 40 intemships secured with partner ccffnpanies. Black Youth Academy Highlights 25 young Black entrepreneurs SUPtK)rted. 3 businesses launched with ongoing mentorship. Healthy Tribe Initiative Results 900A of partrcipants retK*rted improved physical wellbeing. 80% noted better stress management skills. 3 community sports events organised. engagiThJ over 2Crf) local youth. 5. Flnancial Review Income Table for the year ended 1910212024. Income Sour¢• Grant Funding Amount {£} All grant income received. with the exixpbon of £5.OC(J from Unit￿1 St Saviourfs Chanty, | is restricted kn specffic purFKJses and KYcy8cts." 6.000.00 500.(KJ 500.00 5.(MlO.tK) 100.00 5.000.1)O ( Unrestricted Grant ) 9.960.00 27.060.00 Anton Jurgens CAF Groundwork UK Migrant Helpline Community Southwark Unrted St Saviours Big lottery Main Grants Total Grant Funding Public Donations Online Crowdfunding other Revenue Total Income 11.155 i iaiiiy 1178238 Annual a(￿jnts ￿ the CC39a Peric*l stsrt date To Period end date 19102r2023 , 2010212024 Section A Statement of financial activities Restricted Unrestricted income fvnds funds Total Funds 2024 Total Funds 2023 Descriptlons by naturdl category Endowment funds Incomlng resources (Note F01 F02 F03 F04 F05 Grants for se)vices Don8tion5, legacies and Grants 21. 26,960 11.255.57 11,256 Inte￿$t and dNidend$ 52 Service sales 185 185 iiii Total In¢omlng resour S01 5.237 33.216 ReSou￿e$ expended {Notes &7) Wages, salari8s, per6ior and Nl 23.037 23,037 Program delivery Rent, rates and Insuranc* 1,634 Cost of fundraising events 685 Travel for volunteers 2.391 2,391 Total resources expended Not inGomlnW(outyolng) resources before transfws S02 29.193 29,193 S03 5.237 4.023 9.259 Gmss transfers behveen funds Net Incomin￿(OUtgoIng) resources before otherrecognised galnsl(knesJ S04 S05 5.237 4.023 9.259 Other reGognlsed galnsl{losses) Gains arKI losses on revaluation of fixed assets the Chari￿s own use S06 Gains and losses on investment assets S07 N•tmovement In funds 4.023 9.259 Total funds brought fofward Total funds catTled fonvard S10 5.237 4.023 9,259 Section B Balance sheet Totsl thls year Total lasl year Flxed assets F01 F02 Tanglble assets (Note 8) B01 802 3,000 Investrnents (Note 9) B03 Total fixed assets 804 3.000 Current assets Stock and work in progress Debtors (Note 10) (Short terni) inveslments Cash at bank and in hand B05 B06 B07 B08 Totsl cu￿nt assets B09 14.074 8,762 Creditors: amounts falling due within one year (Note 11) B10 3,144 3,144 Net current assets/(Ilabllltles) B11 10.930 5,618 Total assets less curnnt liabilities B12 13.930 8,618 Credltors: amounts falling due after one year {Note 11} Provislons for liabilities and charges B13 B14 Net assets B15 13.930 8,618 Funds of the Charlty Unrestrlcted funds Designated funds B16 B17 Total unrestrlcted fiinds Restrlcted income funds (Note 12) Endowment funds (Note 12) B18 B19 Total lunds B20 Signed by one or two trustees on beha￿ of all the trustees Signabjre Date of approval Siki 0111112024 I confimi that I have prepared these financial statements on behalf of the trustees of Skills Development Training for the financial year ending 2024. These accounts have been prepared in accordance with the Charities SORP (FRS 102) on an acLruals basis. The tnjstees have reviewed and approved these financial statements, confirniing their accuracy and completeness. Notes to the Financial StatemenL" Basis of Accounting: These accounts have been prepared on an aci7ual's basis in accordance with the Charities SORP (FRS 102). Gross Income: The charivs gross in¢ome for the year was £38,452, which exceeds the threshold of £25,000. Therefore, a full Annual Retum must be submitted to the Charity Commission within 10 months of the financial year-end (by 1911212024). Expendlture Breakdown.. Slaff costs represent the largest expense. reflethng the Importan￿ of our team in delivering high-quality programmes. Programme delivery costs are relatively low as most of our pr(x3ramrne expenses are slaff time. Travel expenses are significant due to our outreach aclivÉties and programme delivery across various locakn'ons. The bank loan repaymerrt rep￿ents a finanLial obligation we're actively managing. Independent Examination: As the charitys income is be￿een £25.C(10 and £1 million, these accounts have been subject to independent examination. The Independent Examine¢s report is induded in the full Annual Report. Serious Incident Reporting: The trustees confim) that no serious inrydents cKcurred during tha financial year that required reporknng to the Chartty Commission. Public Bèneflt: A full statement on how the charitys adivities have provided public benefit is induded in the Trustees, Annual Report. Comparatlve Figures: Compardtive figures for the previous ffinancial year are provided in the full financial statements as required by FRS 102. Investment Policy The trustees have Ihe power to invest in such assets as they see fft. Currenty, due to the modest level of reserves, funds are held in an interest-bearing deposit acca)unt with our main banker5. Independent Examiner report I report to the trustees on my examination of the tharity accounts of Skills Development Training for the year ended 1910212024. The charity's trustees are responsible for the p￿paration of the a(￿unts. The charity's trustees consider that an audit is not required for this year under section 43(2) of the Charities Act and that an independent examination is needed. It is my responsibility to: • examine the accounts under section 43 of the Charities Act . to follow the procedures laid down in the general Directions given by the Charity Commission (under section 43{7)Ib) of the Charities Act. and . to state whether particular matters have come lo my attents'on. My examination was carried out in ￿)rdan￿ with generdl Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the chanty and a comparison of the accounts presented wrth those records. Testing was carried out on a sample of transactions from the Income and Expenditure Ac£ounts. The transactions were either agreed back to the source d(xuments or to the bank statements. The opening and closing bank balances per the A￿Unts agreed back to the actual Bank Account Statements It also includes consideration of any unusual rtems or disclosures in the aixxxjnts. and seeking explanations from the tnjstees conceming any such matters. The procedures undertaken do not prowde all the eviden￿ that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair, view and the report Is limFted to those matters set out in the statement below. In conneth'on with my examinats'on, no matter has come to my attention. which gives me reasonable cause to believe that in. any material respect. the requirements: • to keep a(mJnting re(x)rds in ac(x>rdance with section 41 of the Charities Act" and . to prepare accounts which accord with the accounting recor(Is and comply wth the acwunting requirements of the Charities Act have not been met or 2. to which. in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. Slmon Henry Director of Dan Dans Address: 259 Chingford Mount Rd, London E4 8LP Phone: 020 8524 5757 Signatu 17-1 I-L* Plans for Future Periods Building on our suc￿Sses. we have ambibous plans for the coming year. Enhance Financial Lfteracy and Entrepreneurshlp Programmes Develop an advancEd entrepreneurship ojrriculum for progrdmme. graduates Launch an online financial literacy CL)urse aiming to reath an a(klitional 500 young people Implement a peer-twr mentoring prLKJramme for budding. entrepreneurs Acquire Community Assets Secure a market stall for hands-on retail experience for participants. Establish a business centre as a hub for training and stsrt-up incubation. Target. Raise £50.(MJO through a community asset fundraising campaign Launch 360° Entrepreneur Proje Integrate praGtical trading experience with theorets.cal leaming. Provide seed funding for ten new yOLJth-led businesses. Develop partnerships with five I￿al businesses for apprentr￿hlp. opportunities Expand Geographic Focus Extend programmes into Southwark aiming to support an additional 100 young people. Collaborate with SoLrthwark Council and local youth organisations. Conduct a needs assessment to tsilor programmes to local requirements. Enhance Impact Measurement Implement a comprehensive impact measurement framework. Conduct a longitudinal study of programme participants over three Years. Publish an annual impact rewrt detailirvJ wtcomes shared wtth stakeholders Strengthen Organisational Capaclty Recruit two addtti'onal staff members to support programme expansion. Invest in staff Iraining and development opporluntties. Upgrade IT systems to improve efficbency in data management Processes. Increase Fundlng Sustainabilty Diversify funding sources targeting a Ihity percent inmse in corporate Sponsorships. Launch a major donor programme aiming to Se￿re fNe high-value supporters within the year. 7. Rlsk Managoment Our risk management strategy involves identitw"ng. assessing, arKI mitigating risks across all areas of operations: Fundlng Uncertalnt Risk.. Over-reliance on grants may lead to financial instability Mitigation: Diversify funding Sour￿.. build reserves: enhan(* fundraising capabilities; explore eamed income Op￿tUn￿leS Safeguardlng Rlsks Risk.. Working with young people involves inherent safeguarding risks Mitigation: Robust safeguarding policies. regular staff training,. DBS checks for all staff" clear reportsng procedures Data Protection Rlsks Risk.. Handling personal data carries signfficant data protection risks under GDPR regulations Mttigation: Regular dats protection audits" stsff training on GDPR" secure data management systems,. dear data retentson policies Reputatlonal Rlsks Risk: Any incident could damage our reputation affecting funding opportunities or partnerships negatively. Mitigab'on.. Strong governan￿., transparent reporting" cri￿S communication plan; regular stakeholder engagement aclivthes Programme Quality Risks Risk: Rapid expansion may dilLrte prcMJramme qualty impacting overall effectiveness negatively over time rf not managed properly. Mitigats"on: Regular evaluab.ons of programmes" maintaining low participant-to-staff ratios" ongoing training for delivery staff members involved directy in implemenlation phases 8. Public Benefft Statement The trustees confirm that Ihey have complied wth their duty regarding public benefit as outlined by Charity Commission guidan￿ when exercising powers or duties related direcuy towards charitable objectives stated above throughout this reporvs contents. Our programrrEs are designed speafi(slly accessible eligible young people aged eighteen through tsventy-six years dd fr￿Using particularly those from disadvantaged backgrounds needing most support available wthin ￿MMunI￿.eS served directly by Skills Development Training initiatives offered here locally within London area specffically targeting areas identrfied through outreach efforts conducted earfier last year. We dellver publlc benefft through: Reducing youth unemployment & underemployment rates signrficanty across regions served diredy via targeted outreach efforts made possible through partherships established earlier this year. Fostering entrepreneurship & innovation within I￿1 communities supporbng economic growth initiativ8S aimed directly at empowering individuals involved. Improving financial literacy levels amongst youth tM)putations thereby inctsasirvJ overall economic stability among participants served Promoting social mobility through skills development OPp(m￿nite5 proNllded wa varityjs workshops offered regularly throughout each month. Contributing positively towards ￿mmunty development efforts aimed at enhancing quality life 5tsndards eXperIen￿d collectively wrthin neighbourh(oJs engaged adively throughout this process. 9. Fundraising Practices Skills Development Training is commrtted to ethical transparent fijndraising practI￿S ensuring compliance regulations set forth by relevant authoriljes overseeing charttable organisations operating within UK jurisdictional boundaries established previously before this rewrys publication date here today. Our fundraising activities include: Granl applications tsrgeting trusts fr)undations stalutory bcKlies Public donations recEived via website S￿81 media caMpa￿nS promting awareness around initiatives undertaken locally Corporate partnetships sponsorships established earfier last quarter providing additional resources needed furthar expand reach impact made possible through collatrK)ratwe efforts undertaken join￿Y together We do nol engage street fundraising door-to-d￿r campaigns whatsoever ensuring respect donor privacy sharing personal information third parties without consent obtained beforehand expli¢itly stated terms condittons outlined dearly during inib'al contsct stages prior beginning any engagement process whatsoever. 10. Voluntsers Volunteers play an integral role supporting success achieved thus far wwthin organisation itself as well as contributing significantly towards overall mission objectives oullined above earlier today. In bventy twenty-three twenty-four period alone we engaged thirty volunteers conthbLrting over one thousand five hundred hours service provided across various roles including: Mentors guiding young entrepreneurs along their journey towards succEss Workshop facilitators leading sessions f¢xused ski114)uilding activibes Administrative support assisting daily operations behind sones Event organisers coordinating logistics ne￿SSary ensure smooth execution events held throughout year ahead planned accordingly based upon needs idenffied during previous evaluations conducled regularly thereafter. 11. Partnershlps & Collaborations We believe strongly wwer collaboration maximising impact achieved collectively together working alongside others who share similar goals aspirations aligned dosely together towards achieving ￿mmon objectives set forth originally back when first established back then years ago now already. Key partnerships include.. Local councils London providing referrals access ServI￿S offered directly through outreach inrtiatives CA)nducted jointly logether Corporate partners providing mentors work experien￿ opportunities available locally Universities offering provbono consulting researt*) support needed enhan￿ effectiveness reach overall mission objectives outlined previously herein In ￿enty tsventy-three twenty-four period we fonnalised fve new strategic partnerships enhancing ability seNe youth effectively while also building capaaty organisation itself overall tool 12. Safeguarding Safeguarding paramount all activities undertaken here Skills Development Training ensuring welfare young people prioritised highest level possible throughout entire prc￿S involved every step way taken ensure safety security maintained adequately addressed properly vthenever necessary required take action immediately whenever concems arise promptly deatt sW￿Y accordingly following appropriate procedures established beforehand clearfy outlined documented thoroughly well understocmj everyone involved ensuring compliance regulations goveming safeguarding practices adhered stridy without fail whatsoever.r Our comprehensive safeguarding tM)licy revielved annually ensuring all staff volunteers recèive regular training updates regarding best practices cutrent standards exrected follow guidelines set forth clearly communicated effectively across board ensuring everyone aware responsibilities obligab'ons held accountsble safeguarding measures implemented consistenty upheld diligentiy maintsined across organisation itself! Key measures include: Designated Safeguarding Lead senior management team overseeing implementsts'on policies procedures followed a(xordingly Mandatory DBS checks conducted all staff volunteers working directly alongside young people involved programmes offered here Clear reporting procedures established any conoms raised reported immediately addressed promply dealt appropriately following protLKa)Is outlined previously beforehand