Ch•rtty rnyl¥lAlion numb•r 1182445 IEngland and Wal0$1 THE ALTITUDE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
THE ALTITUDE FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr BC Ord Mr G Scott Mr MT Moran Dr H EStynOn8 Charity number IEngland and Walssl 1182445 Independent examlney Philip Hamby FCA Mrtchells Girevson Chartered Aceountants Kensinglon Housè 3 K9nsinglon Bishop Auckjand County Durham DL146HX
THE ALTITUDE FOUNDATION CONTENTS Pagg Chainnan's statement Trustees. rOt Independent examinerfs report 10 Stslement of financial a1vitieS 11 Balance sheet 12 Notes lo the finanaal slalemenls 13-20
THE ALTITUDE FOUNDATION CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 AUGUST2024 Trustees, Forgword Sorial immobility is arguabty the most important and ¢hallenging issue fadng Bribsh swety today. Whether it is expressed in todays language of 'levelling up., or any of Ihe other other related policy in1t18tiS owr the years. where you gTOW up matters. Tackling socAal immobility addTesse3 some of the most enlrenthgd soryetsl and economic challenges facing our country. Our mlssion is of crtbcal importance, rf wa are to unleash the talent of all young people in the North East. In socioeconomicalty disadvantsged communities 8¢ro$$ the 910n, many young pèople have had limited exposure to potenlialty lrfe changing STEM pathways and carews. parli¢ularty in the thrin9 North East digital and tech sector. We aim to change that. I was blown away by the work experience I did as a l&year-old writing FORTRAN code al 8Titssh Gas Rg$e8r¢h Northumberland. No one from my background in Ashingion worked as a programmer. and I couldn't bel*ve l could have a ¢8reer, having lun, problem solving and doing somelhing I loved. This experience gave me the molwalion lo obtain computer s¢ten¢e degrees and to work in the Soare industry. I founded Allilude Foundation so that other young peoplo from my background could b9 $lmilarty inspired. Therefore. l am de1hled lo see the great progress our benefficiaries have mat1e. through gUlar atttrndance at our Code Cooperatives. and engaging our Code Projec4 and Future Sleps Events, to develop Ihelr personal and professional skills. and their careers knowledge. VIÈ look forward lo seeing what they do nexti - Ynisl Gary Scott Chalmian Dale.. 30 June 2025
THE ALTITUDE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their annual reporl and finanrAal statements for the year ended 31 August 2024. The financial statements hav& prepared in accordance with the acmunling poliaès set OLrt in note I to the financial stslemenls and comply with the Charitvs goveming document, the Charities Ad 2011 and"Accounting and Reporting by Charitie5'. Slalemenl of ReMmended Practice applicable to charities preparing their a¢¢ounts in accordance with the Financial Reporting Standard applicable in Ihè UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. Obj¢tivs •nd 4¢VitI The objèct of the ¢harity is to advance the education of young people who are swalty and economically disadvantaged. parb"¢ulady but nol ex¢lusively those residing in North East England, who wish to study technology subjects al school and university by the pro¥i$ion of financial and practical support. Publlc benefft As charity Injstees we cons¢der carefully the Charity Commission guidanee on public benefft. We help young people reach their potential in STEM subject5. Wlth a partIla¥ focus in Digital and Tgch. We focus on young people who, WtthoLrt additnal support, may otherwise not reach their full polenlial. due to pèrsonal circumstances, a lack of financi81 or soo81 capital, or a lack of awareness of the opportunitie5. We are not focussed on helping those who wL)uld have achieved in STEM regardle$$ of OLtr support. Vve make no charge5 for taking part in our programme. Not onty do the particApanls benefft from encouragement to rther their education and acieve al the high$st bul our wider society and economy benefrt3 from the k9 lemi devek)pment of highly skilled people. The Trtsstees have paid due regard to guidance issued by the Charity Commission in deadiThJ what actiwiies the should undertake. VoLth9 people dre at ltre&L0 wc ao rhe lieip u5 1 evL5fr0ur Wa5k)nCLIenL to ewents tL meel thdr ntefvsts a1 debveT WYJVeoutcorrs fo ImSe{vO5 and each otref.AE It5COte. In 1rnpt Is 4ltywL su(xess. Ihoir acTrMevements. and prarnO foT what they will aclNeve IA tho sn FeigLtson GètEal Managtr
THE ALTITUDE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 A¢h1•ments and p•rfomian Slgnlfleant aetl¥ltl•$ This is the fifth ffinancial year of the charity. We have emerged from the Cov119 pandemic with a rewsed programme. a renewed offering, and a Continuing commitment to our mission.. to enable young people with untapped potential lo pursuè their passn for le¢hnology, gat thèirfirst job. and inspira others to do the same. C*)d• CooyratlY•# Code Cooperatives arg th9 foundational glemenl of our inteNention. supporting students. engagemènt I1h programming, Coding and ¢omputalional thinking. as wgl as promoting sludènt enthusiasm for digital and tech as areas for Study and as cafeer options. Code Cooperatives are fortnightty coding sessions, deltvered in themed modules across an academic year that ¢over such topics as inlroductit)n lo basic pro9ramming, web design, and video game development. These extracurrtcular session$ are ¢ondu¢ted within sthools, èither a$ part of a eompuling or enrichment lesson. or in an aftèrsd)ool club. Wè support parti(ipat)ts to dèvekjp ¥Atal p8rsonal and profassional skills. We offer Code Cooperatives lo schools in the North E881 perfoming below the national average for cohort GCSE attainment or with a higher than average proportion of young people on Free Sch¢)ol Meals. These s¢hool$ inVariaY serve a calchmenl covering some of the mo81 sticioeconomically deprived parts of the North East. Code Cotsperalives are our primary thannel for recruiting participants to OUT Future Steps Events.
THE ALTITUDE FOUNDATION TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The Cod• ProJKt Code Projects are our Ilagship events, hekl ovèr Iwo days. TW allow partsc4pants lo meaninglully engage with programming and project work. deVelong their 8ki118 further. Interathons wilh rgpresentalives from Indusby doOPgn their careers knoWIge. Partifipanls complete a challenge based, time constrained leaming adiwty. In groups, they are supported to design,develop and deliver a digital prototypè in rèsponse lo a central challenge. Their digital skills development is Supported by mentorship opportunities wltt) Attllud8 staff and volunteers from industry and Higher Education. parlicipating in the Code Project. benefficiarie5 develop a gre8ler understanding of their future cawr oppCKbJnit$. whilst developing relevant skills in a work-ready enwronmenl. Al the end of the days, Ihey display thoir ¢omplet8d work to famity and industry experts. I hava meanlng to s8rn1 a you emall to the Altitude Ftxthdatth just to say how imp)rtant this evert was for our ¥.. Imlost out of school &twitl8s areJ(&t twryiers to sonl attending. This is qutte harStIY. the mosi irtluslve èVt I ever expewhenc•d as a parenl of a 16-year-old boy. We were so wilh the WCAluct ol the two dtys w1%9t clever kld&' . ParenVCareJ Feedtrad¢ from our
THE ALTITUDE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Future Steps Events Futurè Stops Evonts ara a bmonthlY sèrias of career and skill focused events, held in partneT5hip with bu$ine$sé$ and instTtutions. which aim lo introduce, insplre and motivate sludenls to engage wth opporbJnilie5 for further education and employment in STEM in theif local area. These events include adivilies such as workplace visits, career journey talks, work5hop5 and ¢c41aboralive team codg projg¢ts. 91 % of students found the content relevant to trEir carr interests . .If thern isan event with Ihe AiUtudeFrAwKlatlon, I want t•
THE ALTITUDE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGusf 2024 Volunts•rn A large part of our pro9ramm& is Inspiring young people to take their passion for STEM subjgcts and achieve gmt things in their futu. The b&sl way lo do this 1$ lo invo$ professionals from industy and other young people in the piogramme who have followed such 8 path. We therefore remain gralefvl for the hdp and support of voluntèers from Newcastle University who act 88 mentors and facilrtators during our events and activities. We also rernain grateful lo the volunteers from Scott Logic Limited who hav¢ halpad us with programme delivery. IT logistics and support. And ffinally, wa thank al of our delIry partners. wthoul whom we would t)ot have beèn able to make the difference we have for our young peop. Thank you to all our supporte We woubj like to extend our hearffelt gratitude lo all our incredi1e supporters and Collaborators. Wlh your support, we have been able to provide access to quality STEM education, mentorship. and rosources that have ernpowered young wpte lo thdve academicalty and pgrsonaly. Partnership working is al the heart of everything we do. Wg want to extend our thanks to our partners. wilhoul whom we would not have been able lo deliver our prografflmo: Scott Logic Ngwcasue University Northumbria Unlverslty Gateshead Central Library are enormousty grateful lo our funders, who enabl8 OLtr work. Your generosity has aYed a Mial ro in transfomiing the live5 of counuess disadvantaged young people 8CfOSS thè North East. Scolt Logic Squire Charitable Trust Slr Jamtrs Knott Trust Rothley Tnjst Hadrian Trust Pefcy Bilon Charity Wellbank Foundation Community Foundation forTyne & Wear Thank you for your conlinued support and partnership. Your beb'ef in our work enablgs US to inspire. educate. and empower students to smash barriers and reach their full potenlial. Ben s Story aen firstjured L6 IL¥ a vist to Infidty27. an cpfrri garr 51udits. ai Lhe Fecommendatw)n.of sclwl S£NCO wt¥Jwos for opwrtuNty EO katn outofhts comfort 20ne dnd hs sttb)islqkis AftEt chat wrth Mew. leami abwt hL5 Intete5t h tllon¢5 nd d31 whth In5Ptred one ol our e¥ents:a trp to Nernue UrWffsY'S Ini8Wgent n's MLunlcd us'"Iwa5 Ihrrtied to ieca¥eawJ ernhil megan.who temtrmbèred Ben and want&J lo Invts alorwJl Yen ftjundt1 vislt to the labs abs<utdy fasc#tIng. Fasiforwara a year. and knas cepted a pthe at NèwcAsd8 un1($Jty MnaL Eweerlng Thar you. Alt*1. formakkrg 5ucha diff0renc8 fc¢ 8enr
THE ALTITUDE FOUNDATION TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 Flnanclal revlew Financial position The financial p051tion of Ihe charity is shown in the accounts whth follow this Iruslees report. Income amounted lo £120,78212023'. £217.1301. Expenditure amounted to £171.851 12023.. £158,193) which meant Ihal we reeord deficit of £51,(6912023: surplus of £58.937). Rtry¢S polley The charity has adopted a reserves policy of keeping at least 6 months of operating expenses in reserve lo ensure that if ils current funding was withdrawn the charity would have sufficient limo Its look for attomative sources of funding whilst completing its prograrnme for the academic year. This amounts lo a reserve 01 £87,000. In 2021 the charity sot aside £21,108 for this purpose. In addition a fvrther £IO.000 was set aside in 2021 to ensurè that participants who have accessibility requirements are not exduded from our programrne. There ha$ been no thrther Sgtting aside of rwrves this year, atthough the charity retains the aim of building a £87.ocKI resilience reseNe in the medium lem. Thg charity now has an unrèstrictèd general reserye of£11,946 negatNe. Prfnclpal fundlng sourc•s The prtncipal funding source for the charity has been the generous donation of £590.000 made by Scott Log1¢ Limitèd to fund our first four years of proieci delivery. We are extremety gralefvl for this initial lunding which has enabled the charity lo put ils obj8divès into practice. Investnnt poli¢y and obje¢tives The tnfjslee5. hawng regard lo the liquidity iequliemgnls of op8raling the charity and to the reserves policy have operated a policy of keeping available funds in interest bearing deposit a¢¢ounts to obtain Ihe best possible rebjm in this period of low inflalion and interest rates. Rlsk manag•m•nt The trustee$ have a duty to identify and review the risks lo whi¢h the ¢harity is exposed and lo ensurg appropriatg Controls are in place to provide reasonable assurance against fraud and error.
THE ALTITUDE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGusf2024 Plans for fuiure periods Plans for 2024125 11.4111111111 Our plan$ for 2024125 remain as ambitious as ever. Alongside expanding the number of sd019 we work with on Code Cooper811$, we will deliver an ambitsous programme of Future Steps Events. induding our llagship Code Project. will further refine and develop our Capabilitiès Framework, to capture in more detail how our programme outcomes lead to long term impacL We remain committed lo rolling out longer-lèm inits'atives to support post-16 and post-18 leamèrs. Our interventions will be age- and stage-appropriate. catering for the particular needs of these young k)gopl¢ as they navi9ale the Complex option$ of education pathways and camr choic&5. aim to consistently work with 120 young people auoss 12 schools on our Code Cooperatives, introduong new modules in Al and physical compthing. We will support alloast 30 young people on our Code Project. and 75 young people in total across all Future Step5 Events. induding.. Al and roboli¢s-, games design,. and 3D printing. Our core ouicornes targets will be.. 60% of participants ' 90Yo of participants WIIL niake progr,!ss on lil Li three of the ten Framewoi"i< (i,- Inairis will fiiid that the CiJlltJnl of se5SIQ'. .: thei,. careei Ill i-iests. Structuro. govomance and management Gov•mlng do¢um•nt The ¢harity 15 a Charitabb I101POrated Organisation {CIO} govemed by its (£Jnstitution adoptod by the first trustees on 13 M8r¢h 2019. The Truslees who seNed during the year and up lo the dalè of Slgnalure of the finanoal statements were: Mr BC Ord Mr G SfX)tt Mr MT Moran Dr H Estyn.Jones
THE ALTITUDE FOUNDATION TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Indu¢tlon and tralnlng of new trust5 New Iru51ees undergo an induction to br1 them on their legal obligation5 under charTty law. the Charity Commission guidance on public benefit. conlenl of the constilulion, the board of truslees and the dect5ion rnaking pro(*sses, the business plan and recent financial perfomance of the ¢harity. During the induction they rneel key ernOYeeS and other trustees. Tnjstees are encouraged to attend appropriate extemal training events wherè these will facililale the undertaking of thoir role. Th• Altltude Foundation Ttarn Related partley The charty remains grateful for thè support it has received from Scott Logic Limrted. a company which is controlled by one of the charity Iruslees. Stt Loglc Limtied has been very generous in providing us with start up lunding to allow us to gel our PfQgramffle up and running for the fir51 four years whi15t looking f¢•r 8 morè dIrS& funding sources for the medium term. The Trustees, report was approved by the Boatd of Tru$lee$. - rru51ttr Trust•• 30 June 2025
THE ALTITUDE FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ALTITUDE FOUNDATION I report to the Trustees on my examination of the finanrAal Statements of The Altliude Foundation Ilhe I for the year ended 31 August 2024. Re¥poniibilitio$ and b$is of r•port As tha Trustees of you ar8 responsib18 for the weparalion of the finanal slalements in a¢¢ordance with the rèquirements of the Charilios Act 2011. I report in respect of my exarnination of the's financial statements Carried out uThJer Section 145 of Ihe Charities Act 2011. In carrying out my examination I have fdlowed the Directions given by the Ch81ity Commission under seth'on 145{5>lb) of the CharitiesAct 2011. Independent examinerfs statement Your altenlion is drawn to the fa¢t that the charity has prepared the financial statements in 8cLx)rdan¢8 with the relevant version of the Statement of Recommended Practic& applicable to charities preparing Ihtrir finanual statements in accordance wilh the Financial Reporting Stsndard appliisble in the UK and Republic of Ireland IFRS 1021 in Preferen to the Accounling and Reporting by Charities.. Statement of Recommènded Practi issued on 1 April 2(X)5 which is referred to in the extant regulations bul has now been wtthdrawn. l understand that this has been done in order for the finanaal stat&ments to prowde a true and fair wew in acran¢9 with UK Generally Accepted Accounting Practi(. I have Mpleted my examination. I confim that no matters have rx)mg lo my attention in connection wlth Ihg examination giwng me use to believe thal in any material respect: accounting records were not kept in respect ofth6 as required by section 130 of the Charibes Ad 2011. the financial statements do not accord with those records., or the finanilal statements do nol o)mply with the applicablè iequirements con¢erning the form and conlenl of financial statements set out in the Charities {Accounls arKI Reports) Règulations 2008 other than any reqU1ment that the financjal stalemenls give a true and fair view. whi¢h is not a matter Condered as part of an indondent eXaminatn. I havg no con¢ems and havè coma across no other matters in connecb'on with the examination lo which attention should be drawn in this report in order lo enable 8 proper undèrstanding of the financial statements lo be 8¢he. Phlllp Ham YFCA Mitchells Grievson Chartgred Accountants Kensington House 3 Kensington Bishop Au¢kland County Durham DL14 6HX 30 June 2025 10-
THE ALTITUDE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST2024 Unrostrlctgd R•strSctod fundB fund$ 2024 2024 Total Unr•strlcted Re¥tri¢tsd fund$ lunds 2023 2023 Totsl 2024 2023 Incom• from". Donations and legacAes Investments 90,000 30,315 120,315 467 200,500 630 16,OQJ 216,500 630 Total In¢omo 90,467 30,315 120,782 201,130 16.000 217,130 ExpendlluTO On: CharilaNe atieS 161.350 10,501 171.851 142,193 16.OC(I 158,193 Total expenditurn 161.350 10,501 171.851 142,193 16,000 158,193 Nèt Ineomo1{•xpèndlturnl and mov•m•nt In fund¥ 170.8831 19.814 151.069) 58,937 58.937 Reconclliation of fund#: Fund babnces al 1 September 2023 90,045 90,045 31,108 31,108 Fund balances at 31 August 2024 19,162 19.814 38,976 90,045 90,045 The Slalement of finanaal a¢bvitiès indudes all gains and losses recognised in the year. All inrne and expenditufe delive from continuing actiwtr&s.
THE ALTITUDE FOUNDATION BALANCE SHEET ASAT31 AUGUST2024 2024 2023 Curr•nt a•s•ts Cash at bank and in hand 44.082 106.480 Cr¢ditorn: amounts falling du• wlthln one year 10 {5.1061 (16,4151 N•t ¢uN•nt *$$•ts 38,976 90,045 Th• funds of th• Restricted ino)rne funds Unrestricted funds 12 13 19,814 19,162 90.045 38,976 90.045 The finanrAal slalements were approved by the Trustees (x) 30 June 225 cott Trustee Mr MT Moran Tnmtso 12-
THE ALTITUDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies Charity information Charitat48 Incorporatad Organisation ICIOI in¢orporal&d in England and Walgs. 1.1 Accountlng ¢onv•ntlon The fjnancial $ts1gmenls have been prepared in accordancg With the's govemlng documerrt, the Charities Act 2011, FRS 102 'The Finan¢ial Reporting Standard applicable in the UK and ReputAic of Ireland" and thè Charities SORP "A¢Ut["ng and Reporting by Charities= Ststemenl of Recommended Pr8th"¢e applicable lo charities preparing their accounts in accordance with the Finanaal Reportiro Slandafd applicab in the UK and Republic of Ireland IFRS 102}" The is a Public Benefit Entity as defined by FRS 102. The has taken advantage of thg prowsions in the SORP for chaii*8s Thjt lo pr8pare a statèmenl of cash flows. The finanryal ststements have departed from the Charfoes IAcu)unls and Reports) Regulatlons 2008 only lo the extent required lo provKle a true and fair view. This departure h85 invofved foll¢)win9 the Slalement of Recommended Practice for charities apptying FRS 102 rather than the version of Ihe Statement of Recimnmended Practice which is referred lo in the Reguk71ions bul which has since been wlhdrawn. The financial statements are prepared in sterling, which is the fvnctional currency of the Charity- Monetary amounts in thes8 financial stsiements are rounded to Ihg ngargsl £. The fin8ndal stslemenls have been prepared under the hlslorfcal cost convenlbn. The wlnclpal accounting Polirias adoptéd are sèt out bèbw. 1.2 Going conc•rn At the time of appfowng the financial statements the trustees have a reasonable expectstion Ihal the has adequate resources lo continue in opetalion81 existence for the foreseeable future. Thu8 Ihe Tru$lg&s Continue to adopt the going concern basis of a¢¢ounling in preparing the fin8n¢ial $18temenls. 1.3 Charfiabl• funds Unrestricted fvnds are availab for use at the dis¢xelion of the Trustees in fvrtherance of their ¢harilable objective8. Re$lri¢tèd fund$ a $ubje¢t to $pe¢ffi¢ ¢ondttsons by donors or grantors as to how they may be used. The purposes and use$ of the 1Cted ftsnds arg sel out in Ihe not8$ to th& finanaal statements. 1.4 Ineomo Income is recognised when the charity is le9ally entrfed to il after any performan¢¢ ndth0ns ha ba mèt. the amoun15 can be measured reliably. and it is probable that InMe will r1ved. Cash ijonations are recognised on ralpL Other donatKJns are recognised once the has been nolrfied of the donation. unlèss perfom)anca conditions require defeffal of the amount. Income rec4)verable in relation lo donatitsns r•ed under GrfiAid or deeds of covenant is recognised at the lime of the donation. Legacies are recognised on receipt or olhemse if the has teen notified of an impending di$lributlon. the amount is known, and receipt is expected. If the amount is r1 known. the legacy is treated as a contingent assgt. 13-
THE ALTITUDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcles Iconllnugdl 1.6 ExndItU• Expenditure is reryjgnised once there is a legal or ci)nslructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement, and the amunt of tho obligation can be measur¢d reliabty. Expendf(ure is ¢la$Sif by a<llty- The Costs of each activity are made up of the total of direct Costs and shared costs, including supwt costs involved in undertaking each activty. Direct costs attribuiabla to a single activity are allocated directty lo that activity. Sharèd costs which contribute lo more than one 8Ctiwty and support costs whic* are not attributable lo a single actity arg apportioned beeen those ath"vthes on a basis consistent wrth the use of resources. Central 518ff costs arè allocated on the basis of lime spent. and deprecAation charges are alkjcated on the portion of th$ asseY$ use. 1.1 Cash and cash equivalents Cash and cash trqukvalents indud¢ cash in hand, deposrts held at call with banks. other short-temi liquid inveslrnenls with OTlal maturities of Ihw months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 8a$l¢ flnan¢l•lassets Basic fjnanaal assets, which include debtors and cash and bank balans, are initially measured at transaction pricg including transaction costs and are subsequenuy carriad al amorbsed cost using the effe¢tiva intèrèst mèthod unless the arrangement constitutes a financing transaction, where the transaction Is measud at the prèsent value of the future receipls discounted al a market rato of int8r8sL Financial assets dassified as Tl¥abl0 within ofte y&ar are not aM0'sed. Basic Ilnan¢ial liabllllles Basi¢ financial liabililies. indudSng creditors and bank loans are initially rècognised al transaction price unless the arran9ernenl conststutes a financing transaction. where the debt instrument Is mèasured at the present V81ue of the future payments di$counle(l at a markot rate of interest. Financ481 liabilsties dassifigd as payable within one year are not amortised. Debt instruments are SubSeqLnI carried at arnortised cost, uslng the gffeclivo inlerest rale rnothod. Tradè creditors are obligations to pay for goods or 5eNces that have begn acquired in the Ordinary txjurse of operations fri)m suppligrs. Amounts payable are classified as current liabilities if payment Is due within one year or less. If not, thèy arè prèsentad as non-current liabilities. Trade creditois are recognised initially al tran$actK)n price arKI subsequently measured al am0'sed cost using the effective Intsrg$1 method. Derecognieion of financialli8bililie$ Financial liabililiès arè dèrèc0gn1s when the's contractual obligations expife or a dIha{ged or Cancelled. 1.7 Employee hneTIts The cost of any unused holiday entement is recognised in thg poriod in which the eMoYee'S services are received. Termination nefftS arè rècognis•d immedialety as an expense when Ihe 1$ demonstrabty committed to lem)in8le the employment of an employee or to provide termination benefits. 1A Retirement benefrts Payments to definèd ¢ofttribulion relirement benefft sthemes are tharged as an expénse as they fall due. 14-
THE ALTITUDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Crftlcal ¢counttng Stlmats8 and Judg•m•nts In the application of the charWs ac£ounting polirAes. the Trustees arè required lo make judgements, gstimates and assurnptions about the carrying arnount of assets and liabilities that are not readily apparent from other sources. Thè èstimatès and associated assumptions are based on historical experience and other factors that a considered to be levant Actual resums may drffer from these estimales. The estimates and undertying a55umption5 *e remewed on an ongoing basis. Rwsions lo aceounling estimates are recognised in the period in whith the eslimalè 18 revised where the revision affects onty Ihal Pgriod. or in th8 period of the revision and future periods where the rewsion affects both Cufrenl and lulure pedcrfls. Income from donation¥ •nd lega¢i¢¥ Unrnstrlct•d Rostrlctsd fund5 funds 2024 2024 Total Vnrnstrictsd Restri¢t¢d fund$ fvnds 2023 2023 Totsl 2024 2023 Donations and gilts Grants 90,000 90,OOD 30,315 200,500 200,500 16.000 30,315 16,000 90,000 30,315 120,315 200.500 16.000 216,500 Income from Investments Unrestrictsd Unmtrict funds funds 2024 2023 Interest receivable 630 15-
THE ALTITUDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Expenditur• on charitable activities ChaTitsbl• activit1•$ 2024 Charitab aCtitio 2023 Direct costs staff SIS Insurance T¥lephone Postaga and stationery Sundries Professional and consultancy Transport Participant support Bank char90S 149,387 859 1,841 1.151 2,814 2,376 557 12,306 560 132,705 952 1.775 855 6,905 5.250 761 8,636 354 171,851 158,193 An4fy•l$ by lund Unrestricted funds Restricted fijnds 161.350 10,501 142.193 16,000 171,851 158.193 Net movement in funds 2024 2023 The net movement in funds ts $lated aftèr chargin{¢{ed1Iingl'. Fees payable for the independent examination of the ¢hartty's finanual statements Tru$tr•$ None of the Trustees (or any persons connected yth them) red any remuneration or benefits from thè during th8 yaar. Employe The average monthty number of8mOyeeS during the year was.. 2024 Numb•r 2023 Numbèr 16-
THE ALTITUDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Employ•o# Icontlnuedl Employm•nt costs 2024 2023 Wages and salaries Other pension c051s 138,174 11.213 122,059 10,646 149.387 132,705 Therè were no employees whose annual rèmuneration was more than £60,0W. TaXaOn The tharity 15 exempl from laxalion on ils activities because all it5 income 15 applied lor tharitable purposes. 10 Cr•dltorn: amounts falllng due wlthln ontr year 2024 2023 A¢wals and deferred incle 5.106 16.415 Other creditors induded £nil 12023.. £8,610) worth of fijnding which the donor has sperIed lo be used in fiJlur8 finandal yaars. 11 R•tirnm•nt b•n•rrt sch•m•8 2024 2023 Dfrfin•d contribution schemes Charge to profft or loss in Spe¢t of dofined eontrknvtkm schemes 11,213 10.646 The operates a define(I contn"bulion pension scheme for all qUalIng employègs. The assels of the scheme are held separalety from those ofthe in an indepenilenlty adminrslered lund. 17-
THE ALTITUDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 12 R•strl¢t•d fund$ The re5thcted fvnds of the charrty comprise Ihtr Un0Xnded balances of donations and grants held on trust subject to Specif condrtions by donors as lo how they may be used. Atl Septembgr 2023 In¢omlng our¢os R•sourc•s At 31 August oxpond•d 2024 Community Foundalitin for Tyne & Wear Wellbank Foundation Percy Bilton 8.610 19.814 1.891 18,610) 19,814 11.891} 30,315 110.501} 19,814 Prnvlous yoar. Atl September 2022 In¢omlng reJour¢•$ Resourcgs Al 31 August •xpended 2023 John Squirè Chaiitable T¥u$l James Knott Chrtable Trust Rothley Trust 12.000 3,100 900 I12.0) 13.100) 19)01 16,000 iie,cx)01 Platten Fund This represents funds received to supw1 our Codg Cooperalwe$ projéct. John S uire Charitable Fund This represents funds provided to code COthoperalive8. James Krtt Fund Thi5 represents fvnds received to purchase equipment for parti¢ipants. Communi Foundation fc* T a and Wear This represents funds received to run Code cwJ¢rativ8s for the 2&24 year. Wellbank Foundation Fund Thk8 pre$eThts funds received to run our AJbtud&1800 programme. Perc Billon Fund This rnspresents funds lo acquile IT resourGe$. 18-
THE ALTITUDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 13 Unre8trl¢tsd fund¥ The unrestricted funds of the charty comprise the unexpended balances of donations and grants whKh are not subject to speoffic conditions by donors and grantors as to how they may be used. These include designated funds whi¢h have been set aside out of unrestricied fvnds by the Iw$lges for sp8afic purposes. At1 In¢oming septeMr moure 2023 R•sour¢•s At 31 Auyust ¢xpend¢d 2024 Aecessibility lund Resilience fund General funds 10,000 21.108 58,937 10,000 21.108 111.948) 90,487 1161,350) 90.045 90,467 1161,3501 19,162 Pr•vlou8 y•ar. Atl Soptember 2022 Incoming ro$ourc•s R•sources At 31 August oxpondod 2023 ACSsibl11fy fvnd Resilience fund General fvnd8 10.000 21,108 10,IJOO 21,108 58.937 201.130 {142.1931 31,108 201.130 (142.193) gJ.045 14 Anatysis of net assets belween fvnd urtriCted funds 2024 Restrict¢d funds 2024 Totsl 2024 At 31 August 2024: Current assets/lliabilili9sI 19,162 19,814 38,976 19,162 19,814 38,976 Unrpstrlet•d fund5 2023 R•strtct•d funds 2023 Total 2023 At 31 August 2023: Current assetsl1liabilQs) 90,045 90,045 90,045 90,045
THE ALTITUDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) R?R THE YEAR ENDED 31 AUGUST 2024 16 Relatod party transactlons Donalitsns income includes £90,00012023.. £200,000) from Scolt Logic Limited. G A Scott vtho is a trusteo contro15 Scott Logic Limited. -20-