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 EStyn￿On￿8 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. rO￿t Independent examinerfs report 10 Stslement of financial a￿1vitieS 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 in1t18ti￿S 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 thri￿n9 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 So￿are industry. I founded Allilude Foundation so that other young peoplo from my background could b9 $lmilarty inspired. Therefore. l am de1￿hled 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 Re￿Mmended 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*¢tiv*s •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 partI￿la¥ focus in Digital and Tgch. We focus on young people who, WtthoLrt addit￿nal 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 ac*ieve al the high$st bul our wider society and economy benefrt3 from the k￿9 lemi devek)pment of highly skilled people. The Trtsstees have paid due regard to guidance issued by the Charity Commission in deadiThJ what actiwiies the should undertake. VoLth9 people dre at ltr￿￿e&L0￿ wc ao rhe￿ lieip u5 1 evL5fr0ur Wa5k)nCL￿IenL to ewents t￿L meel thdr ntefvsts a￿1 debveT WYJVeoutcorr￿s fo Im￿Se{vO5 and each otref.AE It5COte. In￿ 1rnp￿t Is 4ltywL su(xess. Ihoir acTrMevements. and prarn￿O foT what they will aclNeve IA tho sn FeigLtson Gèt*Eal Managtr THE ALTITUDE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 A¢h1•￿ments and p•rfomian Slgnlfleant aetl¥ltl•$ This is the fifth ffinancial year of the charity. We have emerged from the Cov1￿19 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 pass￿n 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 I￿1h 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$ inVaria￿Y 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. deVelo￿ng their 8ki118 further. Interathons wilh rgpresentalives from Indusby doOPgn their careers knoWI￿ge. 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￿$. whilst developing relevant skills in a work-ready enwronmenl. Al the end of the days, Ihey display thoir ¢omplet8d work to famity and industry experts. I hava meanlng to s8rn1 a you emall to the Altitude Ftxthdatth just to say how imp)rtant this evert was for our ¥￿.. Imlost out of school &twitl8s areJ(&t twryiers to sonl attending. This is qutte har￿StIY. the mosi irtluslve èV￿t I ever expewhenc•d as a parenl of a 16-year-old boy. We were so wilh the WCAluct ol the two dtys w1%9t clever kld&' . ParenVCareJ Feedtrad¢ from our THE ALTITUDE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Future Steps Events Futurè Stops Evonts ara a b￿monthlY sèrias of career and skill focused events, held in partneT5hip with bu$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 car￿r 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 delI￿ry 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 incredi1￿e 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 d￿￿31 whth In5Ptred one ol our e¥ents:a trp to Nernue UrWffs￿Y'S Ini8Wgent n's MLunlc￿d 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￿($Jty M￿n￿aL Eweerlng Thar￿ you. Alt*￿1￿. formakkrg 5ucha diff0renc8 fc¢ 8enr THE ALTITUDE FOUNDATION TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 Flnanclal revlew Financial position The financial p051tion of Ihe charity is shown in the accounts whth follow this Iruslees report. Income amounted lo £120,78212023'. £217.1301. Expenditure amounted to £171.851 12023.. £158,193) which meant Ihal we reeord deficit of £51,(6912023: surplus of £58.937). R￿try¢S polley The charity has adopted a reserves policy of keeping at least 6 months of operating expenses in reserve lo ensure that if ils current funding was withdrawn the charity would have sufficient limo Its look for attomative sources of funding whilst completing its prograrnme for the academic year. This amounts lo a reserve 01 £87,000. In 2021 the charity sot aside £21,108 for this purpose. In addition a fvrther £IO.000 was set aside in 2021 to ensurè that participants who have accessibility requirements are not exduded from our programrne. There ha$ 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. Investn￿nt 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 sd￿019 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 I1￿01POrated 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 trust￿5 New Iru51ees undergo an induction to br￿1 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 ern￿OYeeS 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. S￿tt 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 dI￿rS& 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 finan￿al 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 ac￿r￿an¢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 reqU1￿ment that the financjal stalemenls give a true and fair view. whi¢h is not a matter Con￿dered as part of an indo￿ndent eXaminat￿n. 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 a￿￿tieS 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 in￿rne 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 2￿25 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 $ts1gmenls have been prepared in accordancg With the's govemlng documerrt, the Charities Act 2011, FRS 102 'The Finan¢ial Reporting Standard applicable in the UK and ReputAic of Ireland" and thè Charities SORP "A¢￿U￿t["ng and Reporting by Charities= Ststemenl of Recommended Pr8th"¢e applicable lo charities preparing their accounts in accordance with the Finanaal Reportiro Slandafd applicab￿ in the UK and Republic of Ireland IFRS 102}" The is a Public Benefit Entity as defined by FRS 102. The has taken advantage of thg prowsions in the SORP for chaii*8s Thjt lo pr8pare a statèmenl of cash flows. The finanryal ststements have departed from the Charfoes IAcu)unls and Reports) Regulatlons 2008 only lo the extent required lo provKle a true and fair view. This departure h85 invofved foll¢)win9 the Slalement of Recommended Practice for charities apptying FRS 102 rather than the version of Ihe Statement of Recimnmended Practice which is referred lo in the Reguk71ions bul which has since been wlhdrawn. The financial statements are prepared in sterling, which is the fvnctional currency of the Charity- Monetary amounts in thes8 financial stsiements are rounded to Ihg ngargsl £. The fin8ndal stslemenls have been prepared under the hlslorfcal cost convenlbn. The wlnclpal accounting Polirias adoptéd are sèt out bèbw. 1.2 Going conc•rn At the time of appfowng the financial statements the trustees have a reasonable expectstion Ihal the has adequate resources lo continue in opetalion81 existence for the foreseeable future. Thu8 Ihe Tru$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 ￿1￿Cted 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 In￿Me will r￿1ved. Cash ijonations are recognised on r￿alpL 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$lributlon. the amount is known, and receipt is expected. If the amount is r￿1 known. the legacy is treated as a contingent assgt. 13- THE ALTITUDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcles Iconllnugdl 1.6 Ex￿ndItU￿• Expenditure is reryjgnised once there is a legal or ci)nslructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement, and the amunt of tho obligation can be measur¢d reliabty. Expendf(ure is ¢la$Sif￿￿ by a