ANNUAL REPORT AND FINANCIAL STATEMENTS SKILLS DEVELOPMENT TRAINING Charity Number: 1178238 Company Number: 10778818 For the year ended 19 February 2025 TRUSTEES. ANNUAL REPORT 1. Reference and Administrative Details Charlty Name: Skills Development Training Charlty Registratlon Number: 1178238 Company Registrallon Number: 10778818 Registered Office: 58 Streatham High Road, London, SW16 1 DA Trustees who served durlng the year and to the date of thls report: Mr Adedayo Adebowale (Chair) Ms Aysha Anderson (Trustee) Mr Sikiru Oshungbure (Secretary) Mr Solomon Daniel Quarcoo (Trustee) Professlonal Advlsors: Bankers: Santander UK plc, 38 The Broadway, London, E15 4QN Independent Examiner: Mr Simon Henry, Dan Dans. 259 Chingford Mount Road, London, E4 8LP 2. Structure, Governance and Management
Skills Development Training is a registered charity and a company limited by guarantee. incorporated on 19 May 2017 (Company Number: 10778818). The charity is govemed by its Memorandum and Articles of Association adopted on 19 May 2017. Governing Document The charity operates under its Memorandum and Articles of Association, which set out its objects and powers. Trustee Recruitment and Appoinlment Trustees are appointed by the existing board based on their skills. experience, and commitment to the charity's mission. The board ensures an appropriate balance of expertise to support effective govemance and strategic decision-making. Trustee Induction and Training All new trustees receive a comprehensive induction covering the charity's goveming documents, key policies. strategic priorities, and their legal and fiduciary responsibilities. Ongoing training is provided to ensure trustees maintain their effectiveness and stay infomied about relevant developments in charity governan and their areas of responsibility. Organisatlonal Structure The board of trustees meets quarterly to set strategic direction. monitor perforrnan. and oversee the charivs activities. Sub-committees have been established to support governan in key areas: Finan & Audit Committee Programmes & Impact Committee Fundraising & Communications Committee Risk Managernent The trustees have established processes for identifying and managing key risks. Major risks are reviewed regulady at board meetings, and appropriate controls are implemented to mitigate them. 3. Objectives. Mission and Vision
Mission Skills Development Training exists to empower young people aged 11-24 with the skills. confidence, and opportunities to succeed in education, employment, entrepreneurship, and life. We provide practical skills training. financial education. mentoring. and positive community engagement to help young people build sustainable careers or businesses and contribute positively to society. Vision We envision a society where all young people, regardless of background. have equal access to skills. knowledge, and opportunities to thrive. We strive for communities where young people are financially confident. economically independent, socially engaged, and equipped to lead positive change. Objectlves To achieve its mission and vision. the charity aims lo: 1. Promote entrepreneurship and employabillty- Provide enterprise and workplace skills training. and support young people to start businesses or gain employment. 2. Improve flnanclal Ilteracy and reslllence - Enhance young people's budgeting, saving, and money management skills. 3. Enhance educatlon and career outcomes - Provide career guidance, skills assessments, and progression planning support. 4. Support under-represented young people - Promote indusion, leadership development, and confidence building. 5. Promote health, wellbeing, and social engagement- Use sport and physical activity to encourage teamwork. discipline, and positive community involvement. Values Innovatlon | Empowernient I Incluslvlty | Integrfty I Collaboratlon 4. Achievements and Perforniance Overvlew During the year ended 19 February 2025. Skills Development Training delivered impactful programmes that transformed the lives of 260 young people. 900/0 of our beneficiaries came from under-represented backgrounds. and we achieved 400/0 female participation across our programmes.
Programme Impact Total beneficiaries supported." 260 young people Entrepreneurship & Employability Programme 7 new youth-led businesses successfully launched 85 % of participants reported increased confidence in their employability skills Enterprise skills workshops delivered to 120 young people Financial Literacy Programme 95 % of participants demonstrated improved financial knowledge 60 % established regular saving habits 900/0 created their first personal budget Financial education delivered to 80 young people Education & Career Progressron Support 65 % of programme participants entered employment. training. or further education 30 internship placements secured with local businesses One-to-one career guidan provided to 100 young people Basketball & Community Engagement Programme 20 regular participants in weekly basketball sessions 4 community sports events organised, engaging 200+ local residents 900/0 of participants reported improved physical wellbeing and teamwork skills Partnerships established with 3 local schools and community ntre$ Volunteer Contribution The charity benefited from the support of 15 dedicated volunteers vtho contributed approximately 450 hours of their time to support programme delivery and administrative functions. Partnerships We continued to develop productive partnerships with local schools, colleges, community organisations. and employers to maximise our impact and reach. 5. Financial Review
Results for the Year For the year ended 19 February 2025: Total Income: £30.572 Total Expenditure: £33,421 Net Expenditure (Deficit) for the Year: (£2,849) The deficit for the year was funded from the charity's unrestricted reserves. This outcome reflects our strategic commitment to maintaining programme delivery and impact despite timing challenges with restricted grant income. To manage temporary cash flow requirements, the trustees arranged a short-term loan of £3.430, which is disclosed in the balance sheet. Reserves Pollcy The charity's policy is to maintsin unrestricted reserrfes equivalent to approximately 3-6 rnonths of core operational expenditLJre. Thls provides a buffer against unforeseen circumstances and ensures continuity of our vitsl services. Unrestricted funds carried forward at 19 February 2025 were £6,621. The trustees regularty review the reserves level against projected income and expenditure and consider the current position to be prudent, particulady in light of significant grant funding already secured for the forthcoming financial year. Investment Poll¢y The charity does not have an investment policy as it holds no investments. All surplus funds are held in interest-bearing bank accounts. Prlnclpal Rlsks and Uncertainties The trustees have assessed the major risks facing the charity, which include: 1. Flnanclal Sustalnablllty Rlsk- Reliance on grant fvnding and potential income volatility. Mitigation.. Diversification of income streams, robust financial planning. and proactive fundraising. 2. Funding Concentratlon Risk- Dependence on a limited number of funders. Mitigation." Development of a broader donor base and mixed funding model. 3. Operational Delivery Risk - Capacity to deliver programmes effectively. Mitigation.. Strong project management. volunteer engagement. and partnership development. 4. Governance Risk- Ensuring effective tTUStee oversight. Mitigation.. Regular board meetings. trustee training, and clear delegation.
The primary risk identified during the year was short-tenn cash flow volatility. This was successfully mitigated through a combination of carefu5 cash flow management. a short-term bridging loan, and most significantly, the successful acquisition of substantial core grant funding for the following year. Future Outlook and Plans The trustees are pleased to report that, subsequent to the year-end, the charity has been awarded a grant of £26.OIXI for its core programmes in the financial year beginning 20 February 2025. This provides a solid foundation for our financial sustainability and programme delivery in the forthcoming perii)d. Our plans for the next year include: Expanding our financial literacy programme to reach an additional 50 young people Launching a new digital skills training initiative Strengthening partnerships with local employers to create more work experience opportunities Implementing an enhanced monitoring and evaluation framework to better apture our impact The trustees are actively pursuing additional fijnding opportunities to build on this susS and ensure the long-term viability of the charity's impactful work. The budget for the new financial year projects a retum to a sustainable operating position, allowing for the repayment of the outstanding loan and the careful rebuilding of free reserves. The trustees are confident that with the secured fijnding and continued commitment to our mission. Skills Development Training is well-positioned to continue making a significant positive impact on the lives of young people in our community. FINANCIAL STATEMENTS Statement of Financial Activities (SOFA) For the year ended 19 February 2025
Unrestricted Restricted Total Funds £ Funds £ 2025 £ INCOME FROM: Donations and grants 29.989 29,989 Charitable activities 583 583 Total Income 583 29,989 30,572 EXPENDITURE ON: Charitable activities Wages and salaries 26.754 26,754 Project delivery cost 3.163 3,163 Total Charltable Expenditure 29.917 29.917 Costs of generating funds 1,469 1.469 Governance costs 2,035 2.035 Totsl Expenditure 3,504 29,917 33,421 Net In¢omel(Expenditure) {2,921) 72 (2.849) Other recognised galnsl{losses) Net movement in funds (2,921) 72 (2,849)
Unrestricted Funds £ Restricted Total Funds £ 2025 £ Fund balances at 1 March 2024 9.542 9.542 Fund balances at 19 February 2025 6.621 72 6,693 All activities derive from continuing operations. Balance Sheet As at 19 February 2025 ASSETS Note Current Assets Cash at bank and in hand 8.123 Total Current Assets 8,123 Non-current Assets Equipment 2.000 Total Non4urrent Assets 2,000 TOTAL ASSErs 10,123
ASSETS Note LIABILITIES Note Current Liabilltles Loan payable within one year 3,430 Total Currnnt Liabilftles 3.430 TOTAL LIABILITIES 3,430 NET ASSETS 6.693 FUNDS Note Unrestricted funds 6,621 Restricted funds 72 TOTAL FUNDS 6,693 TRUSTEES. RESPONSIBILITY STATEMENT The 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).
The trustees are required to prepare financial statements for each financial year which give a true and fair view of the chariws financial activities during the year and of its financial position at the end of the year. In preparing these financial statements. the trustees are required to: select suitable accounting policies and then apply them consistently. make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements: prepare the financial statements on the going ncern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeplng adequate accounting records that are sufficient to show and explain the charitys transactions and disclose with reasonable accuracy at any time the financial position of the charity. 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. The trustees confirm that the annual report and financial statements to comply wlth the above requirements. Slgned on behalf of the Board of Trustees: Slklru Oshungbur• Slgnature: Date:
Notes to the Financial Statements For the year ended 19 February 2025 1. Accounting Policies Basis of preparation The financial statements have been prepared in accordance with the Charities Statement of Recommended Practice (SORP) FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. applicable to smaller entities, the Charities Act 2011. the Companies Act 2006, and UK Generally Accepted Accounting Practice. Fund accountlng Unrestricted funds are available for use at the trustees, discretion in furtherance of the charity's general objectives. Restricted funds are donations and grants subject to specific conditions imposed by the donor regarding their use. Income Donations and grants are recognised when Ihe charity has entitlement to the funds, receipt is probable, and the amount can be measured reliably. Grants for specific projects are recognised as Income over the period in which the related expenditure is incurred. Expendltur• All expenditure is accounted for on an accruals basis. Expenditure is allocated between charitable activities, costs of generating funds. and governance costs based on the purpose for which the costs were incurred. Tanglble f5xed assets and depreciation Equipment costing more than £500 is capitalised and depreciated over its useful economic life, assumed lo be 3 years. Assets below this threshold are expensed in the year of purchase. The carying value of equipment is reviewed for impairment rf there is indication of a significant reduction in value. Cash and cash equivalents Cash includes cash in hand and deposits held at call with banks. Going concern The financial statements have been prepared on a going concem basis. The trustees have prepared budgets and cash flow forecasts for the period ending 19 February 2026,
which incorporate grant funding of £26,000 already awarded and contractually secured for the forthcoming financial year. Based on these forecasts. the trustees have a reasonable expectstion that the charity will have adequate resources to continue in operational existence for the foreseeable future. 2. Analysis of Funds Unrestricted Funds Restricted Funds Total Funds Balance at 1 March 2024 9,542 9.542 Incoming resources 583 29,989 30.572 Resources expended {3,504) (29,917) (33,421) Balance at 19 February 2025 6,621 72 6,693 Restricted funds represent grants reiVed for spectfic charttable activities as defined by the funder. The unspent balance of £72 at the year-end will be expended on its designated purpose in the following financial year. 3. Loan Payable At 19 February 2025, the charity had an outstanding interest-free loan of £3,430, repayable in full by 19 February 2026. The loan was used to support operational cash flow requirements during the year. The year*nd cash balance of £8,123 indudes the loan proedS. 4. Related Party Transactions There were no related party transactions during the year requiring disclosure. 5. Going Concern As noted in the accounting policies, the trustees have prepared detailed budgets and cash flow forecasts for the period ending 19 February 2026. These forecasts incorporate
the grant funding of £26,000 which has already been awarded and is contractually secured for the forthcoming financial year. Based on these forecasts. the trustees have a reasonable expectation that the charity will have adequate resources to meet its liabilits'es as they fall due. ontinue its operational activities, and repay the outstanding loan in the normal course of business. Therefore, the trustees continue to adopt the going conrn basis of accounting in preparing the annual report and financial statements. INDEPENDENT EXAMINER'S REPORT To the Trustees of Skills Development Training I report to the trustees on my examination of the charity accounts of Skills Development Training for the year ended 19 February 2025. The charity's trustees are responsible for the preparation of the accounts. 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. t is my responsibility to: examine the accounts under section 43 of the Charities Act follow the procedures laid down in the general Directions given by the Charity Commission (under section 43(7)(b) of the Charities Act), and st8te whether particular matters have come to my attention. My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. Testing was carried out on a sample of transactions from the Income and Expenditure Accounts. The transactions were either agreed back to the source documents or to the bank statements. The opening and closing bank balances per the Accounts agreed back to the actual Bank Account Statements. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees conmIng any such matters. The prOdureS undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether
the accounts present a 'true and fairf view and the report is limited to those matters set out in the statement below. In conneGtion with my examination. no matter has come to my attention which gives me reasonable cause to believe that in, any material respect. the requirements.. 1. to keep accounting records in accordan with section 41 of the Charities Act. and 2. to prepare accounts which accord with the ac(J)unting records and comply with the accounting requirements of the Charities Act have not been met" or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Simon Henry Director of Dan Dans 259 Chingford Mount Rd, London E4 8LP Phone: 020 8524 5757 Name Simon Henry Signature: Date: 17./L-LS