# **The Youth Endowment Fund Charitable Trust Annual report and financial statements**
## **For the year ended 31 December 2021**
**Charity number: 1185413**
## **Reference and Administrative Details**
The Youth Endowment Fund Charitable Trust is a registered charity (number 1185413). It was established on 10 April 2019 and registered by the Charity Commission on 20 September 2019.
Impetus – The Private Equity Foundation (‘Impetus’) is the sole corporate trustee of the Youth Endowment Fund. Impetus is a company limited by guarantee (number 08460519) and a registered charity (number 1152262).
The directors of Impetus are:
Hanneke Smits, Chair Louis Elson (resigned December 2021) Bill Benjamin Filippo Cardini Charles Edwards Rohan Haldea Vanessa Maydon Natasha Porter Robert Ramsauer Lisa Stone Simon Turner Shani Zindel Joseph Schull (appointed December 2021)
The Senior Leadership team of the Youth Endowment Charitable Trust is;
Jon Yates, Executive Director Andrea Ramsay, Chief Operating Officer Emma Jenkins, Director of Impact Paul Twocock, Director of Change Matthew Van Poortvliet, Director of Evidence and Understanding Dr Daniel Acquah, Assistant Director of Evaluation Peter Babudu, Assistant Director of Research and Youth Understanding
Registered office: 8 Duncannon Street London, WC2N 4JF Auditor: Haysmacintyre LLP 10 Queen Street Place London, EC4R 1AG Banker: NatWest 127-128 High Holborn London, WC1V 6PQ
2
Russell-Cooke Solicitors: 2 Putney Hill London, SW15 6AB Investment managers: Goldman Sachs International Plumtree Court 25 Shoe Lane London, EC4A 4AU
3
## **Contents**
|Trustees Report||
|---|---|
|Objectives and Activities|5|
|Plans for Future Periods|9|
|Financial Review|10|
|Structure, Governance and Management|11|
|Statement of Responsibilities of the Trustees|16|
|Independent Auditor’s Report|17|
|Financial Statements|21|
4
The trustees are pleased to present their annual report on the work of The Youth Endowment Fund (YEF) in 2021 and its plans for 2022, together with the financial statements for the year ended 31 December 2021.
## **Objectives and Activities**
The Youth Endowment Fund exists to prevent children from becoming involved in violence. Our vision is ‘A world where no child or young person becomes involved in violence’. Our mission is ‘To find what works and build a movement to put this knowledge into practice.’ Our strategy commits us to doing this by delivering on three highly interlinked tasks as detailed in our strategy.
Our primary objective in 2021 was to lay the foundations for change by launching new funding rounds to find and evaluate great initiatives, building trust among key sectors and stakeholders we work with and ensuring the best available evidence is easily accessible.
In total we set ourselves three core objectives:
- Build and connect people with evidence
- Launch and deliver focused funding rounds
- Strengthen our Foundations.
> To achieve these objectives, we pursued a number of activities that were designed to deliver on the overall objectives. Our performance has been strong overall across these activities:
5
**----- Start of picture text -----**
Objective Activities Performance
Build and Develop and launch a We launched the first ever Toolkit on what
connect best-in-class Toolkit works to prevent youth offending in England
people with and Wales, compiling and interpreting the
evidence best available evidence for those who need it.
The Toolkit was launched by the Home
Secretary and received strong initial feedback.
Deepen relationships We spent the year conducting significant
with stakeholders stakeholder engagement to strengthen key
and sectors working relationships. This was done through
to prevent youth roundtables in advance of the launch of
violence funding rounds, with leaders of Black and
other minority ethnic-led organisations
and to inform how we will deliver change
based on the evidence we generate. We
also built strong relationships with key
government departments and sector
leaders.
Ensure effective Through regular meetings with journalists we
media coverage have secured 18 pieces of national media
using evidence of coverage and 66 pieces of regional and trade
what works pieces. We have worked with our partners and
grantees to identify the stories about our work
necessary to connect people with the evidence
and will continue to focus on this in the year
ahead.
Ensure we are Over the past year, we have developed and
excellent in the way embedded guidance and protocols for how
we commission independent evaluators should deliver effective
evaluations and and robust evaluations of the interventions we
research and deliver fund. We have also finalized an Outcomes
results Framework to guide our outcomes of interest
and how intermediary outcomes will lead to the
reduction of youth violence. We have fully
launched the YEF Data Archive, which enables us
to safely and securely store the data generated
through our evaluations so that approved
researchers may access it for long term
learning.
Launch and Fund evaluations Over the year we launched three rounds of
deliver within three of our funding within core focus areas for the
focused core focus areas organization: 1) Diversion from the criminal
funding justice system, 2) Family interventions and 3)
rounds Education. We have prioritised robust
evaluations with the majority of studies we
**----- End of picture text -----**
6
**----- Start of picture text -----**
commission designed to detect impact on our
outcomes of interest. We have also prioritised
ensuring our funding is equitably distributed,
making sure that we fund ethnic minority-led
organisations in each round and making sure
we assess projects’ approach to race equity.
Launch two funding We have launched our first Agency
rounds within our Collaboration round, Focused Deterrence, to
‘placed-based’ better understand how agencies work together
activity strand of to better address and solve issues related to
funding youth violence. We also have begun delivery on
our Neighbourhood Fund, where we are
providing funding to five, hyper-local areas with
high rates of youth violence to better
understand how empowering local residents to
find solutions in their own communities can
reduce youth violence.
Developed new We have launched our first two ‘multi-site trial’
approaches to projects, which aims to group smaller
funding organisations with similar interventions together
to test whether we can effectively aggregate
results to detect impact. If successful, this
approach would open new opportunities for YEF
in who we work with and what we learn. We have
also committed to ringfence £10M of our funding
to a round dedicated to funding Black and
minority -ethnic led organisations focused on
addressing youth violence.
Disbursed £16.3M to To help build new knowledge about what works
delivery to reduce young people becoming involved in
organisations, violence, we disbursed £16.3M in grants. Those
evaluators and grants have gone to more than 200
researchers organisations, including 129 that we supported
specifically in response to the covid19 pandemic.
Strengthen Established YEF under After a successful two years establishing the
our a single organisation Fund through a partnership between Impetus,
foundations Social Investment Business and the Early
Intervention Foundation, the YEF transitioned to a
single entity under the parent company of
Impetus. The year focused on establishing the
systems, processes and culture we have today
to operate as one single team.
Developed a core set We developed and worked to embed a core set
of organizational of organisational values to guide all our work at
values YEF. These values include transparency, bravery,
empathy, responsibility, questioning and
**----- End of picture text -----**
7
|||collaboration.|
|---|---|---|
||Furthered our
commitment to race
equity|Led by our internal Racial Equality and Inclusion
Working Group, we have worked to embed race
equity considerations into everything we do,
including how we decide what to fund, how we
evaluate, how we think about change and how
we operate as a team. This has included the
launch of an organisational Race Equity Audit,
which we will conclude in 2022 and the results of
which we will sharepublicly.|
||Launched our Youth
Advisory Board|We established and managed a group of more
than 20 young people with lived experience of
violence to serve on our Youth Advisory Board,
ensuring that our decision making as a fund is
deeply informed by the views and experiences
of thepeople we are set upto serve.|
||Significantly grew our
team|In 2021 we recruited and onboarded 30 new staff
members, which has established the
organization we have today.|
||Secured significant
new supplementary
funding|YEF was established with a target to secure
£100M of additional investment into our mission.
We are pleased that through 2021, we were able
to secure more than £30M of supplementary
funding and have a strong pipeline of other
organisations and initiatives that also want to
invest in building evidence around what works to
preventyouth offending.|
## **Our approach to generating evidence**
Our overall objective is to prevent children and young people from becoming involved in violence by finding what works and building a movement to put this into practice. One of the primary ways we do this is providing grants to organisations to deliver promising interventions and then selecting and funding an independent evaluator to conduct a rigorous evaluation of their work. Our grant-making is therefore set up to be able to generate new knowledge and evidence about what works and that is core to all our decision-making on what we fund.
Therefore, in deciding where we focus our funding, we make sure our decisions meet these requirements:
**Impact:** Is there good reason to suggest that making changes in this area
8
will reduce youth violence?
**Learning:** Are evaluations likely to yield learning that we can turn into advice for practice or commissioners?
**Potential:** Can we identify promising work to fund and evaluate?
**Fundraising:** Will we be able to raise sufficient supplementary funding for this area of focus?
**Scope to change practice:** Is it credible that we could deliver change in this area?
## **Plans for Future Periods**
We will build on the significant delivery achieved in 2021 in the year ahead by making sure that all our work is hyper focused in the areas where we believe we have the greatest opportunity for impact, learning, potential, change and supplementary funding. In ensuring this level of focus, we believe we’ll have the best shot at building new evidence and working for change to reduce youth violence.
We have identified the following core objectives for the year ahead:
|**Core objectives**|**Core activities for 2022/23**|
|---|---|
|Deliver across our focus
areas|We will aim to have launched a total of nine
rounds of funding, which include 30 impact
evaluations and reaching 100k children. In our
first focus area, Diversion from the criminal
justice system, we will have produced our first
Guidance Report providing advice and guidance
on what needs to change and built our first
coalition of stakeholders focused on driving that
change.|
|Be the lead expert on
violence reduction|We will produce and maintain two best-in-
class products by expanding the YEF Toolkit
to 30 topics and publishing an annual
authoritative report on violence reduction
that gains significant and impactful media
coverage.|
|Hold significant influence|We will aim to be the go-to organization on
youth violence for government departments
and No 10, build regular national media
coverage and reach thousands of people with
the Toolkit through livepresentations and our|
9
||website.|
|---|---|
|Be best in class at building
the case for change|We will develop new processes and
responsibilities that ensure that our research
work across youth understanding, evaluation,
data analysis and evidence synthesis is driven
by a deeply informed judgement of what will
drive change.|
|Continue to strengthen
our foundations|We will maintain strong business foundations
with excellent financial management and
performance, high standards of risk
management, high staff morale and a
rigorous approach to race equity and long-
termplanning.|
## **Financial Review**
## _Financial results_
YEF was established in April 2019 through a £200m grant from the Home Office, to be spent over a ten-year period of time. The grant is included in full in the income for 2019 and £14.1m of net investment returns was derived from it in the calendar year 2021, in addition to a further £5.9m of additional income received during the year.
Expenditure in 2021 totalled £20.2m, of which £14.0m was on grants to interventions with a further £3.4m spend on activities we undertook directly.
Of the grant, £192m remained invested with Goldman Sachs and remained the largest component of the balance sheet at the year end. The restricted fund at the year-end amounted to £195.6m (£191.1m for the Home Office grant and £4m for the Centre of Excellence grant and £0.4M from other grants received) with a small deficit of £12,475 on the unrestricted fund. The deficit in unrestricted fund will be met by supplementary income targets set in the next year.
## **Reserves**
The Impetus board, as sole trustee, agreed a policy of holding minimum restricted funds in respect of the Home Office funded work equal to six months operating expenditure. The receipt of the Home Office at the outset of our work means that this policy is comfortably met.
## **Going concern**
We consider that we have adequate financial reserves to continue to deliver our plans and that we have a reasonable expectation that we will have adequate
10
resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that call into doubt the charity’s ability to continue.
## **Investment policy, objectives and performance**
The grant from the Home Office has been invested and is managed by Goldman Sachs, with oversight from the Endowment Investment Committee, a subcommittee of the Impetus Board. The investment objective is to achieve an average nominal return of 2%, net of management fees, over the life of the fund. To ensure that there are sufficient funds to cover planned spend to projects and the costs of managing the YEF, the equivalent of three to six months forecast spending is held in cash and cash equivalents.
The investment portfolio has been divided into three sub-portfolios, each invested in different types of asset:
- Liquidity sub-portfolio: cash and cash equivalent investments
- Mid-term sub-portfolio: investment grade government and corporate bonds Growth sub-portfolio: global equities.
The balance between the three portfolios will vary over time in line with the fund’s planned cash flows and the need to limit the level of capital risk within the portfolio.
To limit currency risk in the portfolio, cash and cash equivalent investments are only invested in sterling instruments. Bond investments are in sterling or hedged back into sterling. Hedging of non-sterling currency exposure arising from overseas equity investments is permitted but not required.
The fund managers are required to integrate consideration of environmental, social and governance (ESG) issues into their investment process in a thoughtful manner and actively engage with companies to improve their ESG practices and policies.
As at 31 December 2021, of the total portfolio of £192.2m, £118.7m was invested in fixed income bonds and £67.1m in equities. The value of the portfolio stood at £192.2m (2020: £194.2m) after withdrawing £30.5m from the portfolio to meet our working capital requirements since the inception of the fund. The Trustee considers that the portfolio performed well, taking advantage of the equities markets during the pandemic with a well-defined glide path to reduce equity risk post year-end, whilst beating the funds benchmarks.
## **Structure, Governance and Management**
## _Structure and public benefit_
YEF is a charitable trust and registered charity with Impetus as its sole corporate trustee. Impetus is a company limited by guarantee and a registered charity.
11
Impetus received a £200m grant from the Home Office under a grant agreement dated 21 March 2019. The Youth Endowment Fund Charitable Trust was established on 10 April 2019 and was registered by the Charity Commission on 20 September 2019 (with charity number 1185413). The grant transferred to the Trust on that date. The grant is to be spent over the ten years to March 2029.
On 1 April 2021, YEF transitioned from a partnership between Impetus and two Delivery Partners, the Early Intervention Foundation and the Social Investment Business Foundation, to a subsidiary of Impetus with all staff working within a single organisation. Social Investment Business remained a Delivery Partner with representation on the YEF Committee, a subcommittee of the Impetus Board with oversight responsibility of YEF activity, but no longer employed staff to work full time on the fund.
Its governing document is a Trust Deed made on 10 April 2019 which was amended and restated on 19 September 2019. The objects of the charity are to:
- promote safe and crime free communities;
- preserve and protect health and save lives including, without limitation by providing facilities, counselling, support and advice;
- prevent or relieve poverty and hardship; and
- advance any other complementary charitable purpose the trustees think fit,
in each case with a focus on children and young people who are at risk of offending or who are offenders or ex-offenders, and those who are (or are at risk of) being adversely affected by violence or other harm as a result of crime in England and Wales, including by working together with their respective families, carers and communities; and
- advance in life and relieve the needs of children and young people including but not limited to those:
- who are or are at risk of offending or who are offenders or exoffenders; or
- who are or are at risk of being adversely affected by violence or otherharm as a result of crime in England and Wales
through the provision of recreational and leisure time activities provided in the interests of social welfare, which are designed to improve their conditions of life and which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals;
12
- to promote social inclusion amongst children and young people who are or who are at risk of being socially excluded as a result of their social and economic circumstances; and
- who are at risk of offending or who are offenders or ex-offenders, or
- who are or who are at risk of being adversely affected by violence or other harm as a result of crime in England and Wales;
by providing facilities and services that relieve the needs of such children and young people and assist them to integrate into society.
- to advance education and promote research including without limitation into the nature and causes of crime amongst young people and the effectiveness of different forms of intervention which seek to reduce crime and its impact and to disseminate the useful results of such research.
The trustee has had regard to its duties under section 17 of the Charities Act 2011. Charity trustees have a duty to report in the trustees’ annual report on their charity’s public benefit. They should demonstrate that:
- **The benefits generated by the activities of the charity are clear.** This report sets out in the activities which the YEF has carried out in the period supporting and evaluating interventions and striving to achieve our objects.
- **The benefits generated relate to the objects of the charity.** All activities undertaken are intended to further YEF’s charitable objects, noted above.
- **The people who receive support are entitled to do so according to criteria set out in the charity’s objects.** The YEF exists to prevent children and young people from becoming involved in violence by finding what works and building a movement to put that into practice. This report sets out ways in which it is working to ensure that the beneficiaries are supported.
## **Governance and management**
Impetus acts as the sole corporate trustee through its board of trustees. Impetus established The Youth Endowment Fund Charitable Trust Committee (YEF Committee) as a committee of its board. The YEF Committee has delegated responsibility for the management of the Youth Endowment Fund in compliance with, and in implementation of, the Home Office Grant Agreement.
Impetus has the following matters reserved to it, receiving recommendations from the YEF Committee on each matter:
- the overall strategy for the charity and the grants strategy or any material changes thereto;
13
- a budget and business plan for the charity within the framework set by the Home Office Grant Agreement and Partnership Agreement;
- the appointment or termination of appointment of Committee members and the YEF Executive Director;
- individual grants or material changes to existing grants with a value in excess of £10 million, including those made from Supplementary Funding;
- the terms of any partnerships with other funders, where their funding is in excess of £10 million;
- the Investment Policy and the appointment of investment managers.
The Committee has two sub-committees. The Grants and Evaluation Committee provides oversight and scrutiny of grants to Project Implementation Partners and agreements with independent evaluators. It makes recommendations in respect of individual grants, monitors grants awarded and produces reports for Impetus and the YEF Committee. The Endowment Investment Committee has delegated responsibility for the investment management of the Youth Endowment Fund.
The trustees consider the YEF Committee and the senior management team to be the key management personnel for reporting purposes. Pay is set by reference to an upper quartile salary benchmark which is established using a salary survey for the sector.
## **Risks**
The trustees are responsible for ensuring that the charity has an appropriate system of controls, financial and otherwise. It is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention of fraud and other irregularities.
The YEF Committee regularly reviews and assesses the major risks to which the YEF is exposed. Movements against risks are reviewed at Committee meetings with mitigating actions and controls discussed. The risk register is also reported to Impetus’ Resource and Audit Committee.
Significant risks identified and steps taken to mitigate them are set out in the table below.
|**Category**|**Description of Risk**|**Risk Mitigations**|
|---|---|---|
|Lack of
impact:
we|Many organisations working for
change struggle to prove that their
work has changed behaviour. We|The YEF Committee approved
YEF’s change and impact
strategyin autumn 2021 and|
14
|identify
what
works
but
nothing
changes.|believe there is a risk that we could
identify excellent programmes and
practices to fund and evaluate,
and generate valuable learning,
but we fail to use that learning to
affect behaviour change and
reduce young people becoming
involved in violence.|the YEF, under leadership from
the YEF Change Director, has
begun implementing this work.|
|---|---|---|
|Large number
of evaluations
end up
proving
nothing|What Works Centres have found
that a high proportion of
randomized control trial
evaluations have not produced a
clear answer. This is especially an
issue in the youth sector where
interventions tend to be small,
which makes it hard to create a
large enough sample size.|We are prioritizing evaluating
programmes at scale for
robust randomized control
trials. This is reflected in our
recent funding rounds, which
focused on large, high-
intensity interventions with
promising prior evidence.|
|We struggle to
access
sufficient
Evaluator
capacity|YEF has experienced a lack of
capacity for independent
Evaluators to apply for funding to
evaluate promising interventions
when going to market due to a
growing demand for robust
evaluations across England and
Wales.|We have incorporated these
lessons learned into our
preparation and planning for
funding rounds and are
coordinating with the
leadership of other What Works
Centres.|
|Data breach|We have identified a number of
risks regarding data management,
including evaluators or grantees
breaching data legislation, serving
as controller for the storage of
long term data in the YEF Data
Archive, and ensuring robust
internalguidance andpolicies.|We have structured our
operations team and
appointed an individual to take
day to day responsibility of this
work and, in the first quarter of
2022, implemented a ‘data
protection audit’ alongside our
lawyers Russell Cook.|
|Staff within
the
organisation
are
overstretched|The pace of work in 2021 was
intense as we balanced a number
of priorities and worked to achieve
our objectives. The capacity
constraint is unlikely to resolve
without investment.|The Impetus Board approved a
budget for 2022 that has
enabled us to recruit and on-
board new staff members to
support in areas of activity
where capacity is most tight.
We will also maintain an
associate pool of trained
individuals who can take on
discreet projects for YEF during
periods ofpeak activity.|
15
## **Statement of Trustee’s Responsibilities**
The trustee is responsible for preparing the Trustee’s Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (‘UK GAAP’).
The law applicable to charities in England & Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustee is required to:
- Select suitable accounting policies and then apply them consistently;
- Observe the methods and principles in the Charities SORP;
- Make judgements and estimates that are reasonable and prudent;
- State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any one time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. 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 Trustee confirms that to the best of its knowledge there is no information relevant to the audit of which the auditors are unaware. The Trustee also confirms that it has taken all necessary steps to ensure that they are themselves aware of all relevant audit information and that this information has been communicated to the auditors. The Trustee’s Report was approved by the Trustee on 21 June 2022 and signed on their behalf by the Chair of the Impetus Board as representative of the Trustee.
Hanneke Smits
Chair of the Impetus Board
Representative of the Trustee
16
## **Independent auditor’s report to the trustee of The Youth Endowment Fund Charitable Trust**
## **Opinion**
We have audited the financial statements of The Youth Endowment Fund Charitable Trust for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 December 2021 and of the charity’s net movement in funds for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report.
17
## **Other information**
The trustee is responsible for the other information. The other information comprises the information included in the Trustee’s Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- adequate accounting records have not been kept by the charity; or
- sufficient accounting records have not been kept; or
- the charity financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of the trustee for the financial statements**
As explained more fully in the trustee’s responsibilities statement set out on page 15, the trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustee is responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
18
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to trust law requirements over the use of restricted funds, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and payroll tax.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to recognition of voluntary income. Audit procedures performed by the engagement team included:
- Inspecting correspondence with regulators and tax authorities;
- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Evaluating management’s controls designed to prevent and detect irregularities;
- Identifying and testing journals, in particular journal entries posted with unusual descriptions and entries posted at unusual times; and
- Challenging assumptions and judgements made by management in their critical accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
19
## **Use of our report**
This report is made solely to the charity’s trustee, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustee those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustee as a body for our audit work, for this report, or for the opinions we have formed.
Haysmacintyre LLP 10 Queen Street Place Statutory Auditors London Date: 21 July 2022 EC4R 1AG
Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
20
## **The Youth Endowment Fund Charitable Trust**
## **Statement of financial activities**
## **For the year ended 31 December 2021**
|Note
**Income:**
Donations and grants
2a
Investments
2b
**Total income**
**Expenditure:**
Charitable activities
3a
**Total expenditure**
Net gains on investments
**Net movement in funds**
**Reconciliation of funds:**
**Funds at the start of the period**
**Funds at the end of the period**|**Restricted**
**grants**
**£**
5,878,500
4,940,903|**Unrestricted**
**Other**
**£**
-
-|
**2021**
**Total**
**£**
**5,878,500**
**4,940,903**|Restricted grants
£
1,000,000
4,821,860|Unrestricted
Other
2020
Total
£
£
-
1,000,000
-
4,821,860|
|---|---|---|---|---|---|
||10,819,403|-|**10,819,403**|5,821,860|-
5,821,860|
||20,189,083|-|**20,189,083**|17,417,689|3,600
17,421,289|
||20,189,083|-|**20,189,083**|17,417,689|3,600
17,421,289|
||9,190,475|-|**9,190,475**|9,527,482|-
9,527,482|
||(179,205)|-|**(179,205)**|(2,068,347)|(3,600)
(2,071,947)|
||195,754,106|(12,475)|**195,741,631**|197,822,453|(8,875)
197,813,578|
||195,574,901|(12,475)|**195,562,426**|195,754,106|(12,475)
195,741,631|
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 12 to the financial statements.
The notes that follow form an integral part of these financial statements.
21
## **The Youth Endowment Fund Charitable Trust**
## **Balance sheet**
## **As at 31 December 2021**
|Note
**Fixed assets**
Intangible assets
8a
Investments
8b
**Current assets**
Debtors
9
Cash at bank and in hand
10
**Net current assets**
**Net assets**
11
**Funds**
Restricted funds
12
Unrestricted funds
12
**Total funds**
**Creditors: amounts due within one year**|**2021**
2020
**£**
£
**142,393**
-
**192,170,308**
194,220,703
**192,312,701**
194,220,703
**51,161**
961,352
**3,739,941**
1,251,118
**3,791,102**
2,212,470
**(541,377)**
(691,542)
**3,249,725**
1,520,928
**195,562,426**
195,741,631
**195,574,901**
195,754,106
**(12,475)**
(12,475)
**195,562,426**
195,741,631|
|---|---|
The financial statements for The Youth Endowment Fund Charitable Trust, (charity registration number 1185413), for the period ended 31 December 2021 were approved and authorised for issue by the Trustee on 21 June 2022.
The notes that follow form an integral part of these financial statements.
Hanneke Smits Representative of the Trustee
Lisa Stone Representative of the Trustee
22
## **The Youth Endowment Fund Charitable Trust**
## **Cash flow statement**
**For the year ended 31 December 2021**
|||**2021**|2020|
|---|---|---|---|
||Note|**£**|£|
|**Net cash used in operating activities**|(a)|**(13,540,369)**|(16,754,096)|
|**Cash flows from investing activities:**||||
|Purchase of intangible assets||**(152,581)**|-|
|Dividends and interest from investments||**4,940,903**|4,821,860|
|Sale of investments||**16,181,529**|145,890,329|
|Purchase of investments||**(4,940,659)**|(135,297,978)|
|**Net cash provided by investing activities**||**16,029,192**|**15,414,211**|
|**Change in cash and cash equivalents in the year**||**2,488,823**|(1,339,885)|
|**Cash and cash equivalents at the beginning of the year**||**1,251,118**|2,591,003|
|**Cash and cash equivalents at the end of the year**||**3,739,941**|1,251,118|
|**(a) Reconciliation of net expenditure to net cash flow from**||||
|**operating activities**||**2021**|2020|
|||**£**|£|
|Net movement in funds||**(179,205)**|(2,071,947)|
|Depreciation/Amortisation charges||**10,188**|-|
|Net (gains) on investments||**(9,190,475)**|(9,527,482)|
|Dividends and interest from investments||**(4,940,903)**|(4,821,860)|
|Decrease/(Increase) in debtors||**910,191**|(495,721)|
|(Decrease)/Increase in creditors||**(150,165)**|162,914|
|Net cash (outflow) from operating activities||**(13,540,369)**|(16,754,096)|
The charity has no debt, so no analysis of net debt is presented.
The notes that follow form an integral part of these financial statements.
23
## **The Youth Endowment Fund Charitable Trust**
## **Notes to the financial statements**
## **For the year ended 31 December 2021**
**1. Accounting policies**
- a) The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (Second Edition, effective 1 January 2019), and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).
The Charity constitutes a public benefit entity as defined by FRS 102.
## Going concern
The accounts are prepared on the going concern basis as the Trustee expects that the activities will continue for the forseeable future and the Charity has healthy reserves and a strong cash position at the balance sheet date. There are no material uncertainties that call into doubt the Charity’s ability to continue in operational existence.
- b) Income is included in full in the Statement of Financial Activities once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants to the Charity are recognised in full in the statement of financial activities in the year in which they are receivable, or in the case of grants with associated eligibility criteria, in the year in which those criteria are satisfied.
Where entitlement to grants receivable is dependent upon fulfilment of conditions within the Charity's control, the income is recognised when there is sufficient evidence that conditions will be met. Where there is uncertainty as to whether the charity can meet such conditions, recognition of income is deferred.
- c) Donated services and facilities are recognised as income and expenditure in the financial statements when companies or individuals offer their professional expertise on a pro bono basis. The value of these donated services and facilities is an estimated figure based upon the valuation the professional individual or organisation places upon the time, services and facilities they have provided to the charity. Individuals offering their time to work in areas where they are not undertaking their profession are classified as volunteers and their time is not quantified in the accounts, but is disclosed in the Trustee's Report. All of these amounts are treated as unrestricted donations.
24
## ~~**1**~~ **. Accounting policies (continued)**
- d) Expenditure is recognised on an accruals basis, inclusive of any VAT which cannot be recovered. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Expenditure is allocated to the particular activity where the cost relates exclusively and directly to that activity. In addition, an allocation of salary and overhead costs of the central function is made and is apportioned based upon staff estimates of time spent on each activity (including the time of the executives who offer their services on a pro bono basis).
- e) Grants payable to interventions by the YEF are charged in the year in which they are disbursed to the intervention. Continued funding is conditional on the interventions meeting specified milestones. Conditional grants are recognised as expenditure when the conditions are fulfilled. If the conditions have not been met at the year end, the grants are disclosed as a future commitment but are not shown as expenditure.
- f) The charity's financial instruments all qualify as basic financial instruments in accordance with section 11 of FRS102 and are recognised on the following bases:
- i. Investments are measured at market value at the balance sheet date.
- ii. Cash and cash equivalents represent bank balances and deposits held in sterling.
iii. Debtors are measured at the transaction price less any provision for doubtful debts.
iv. Trade creditors are measured at the transaction price.
- v. Intangible assets are capitalised at costs and amortised accordingly
- g) Amortisation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The amortisation rates in use are as follows:
Computer software Ten years
- h) Short term deposits represent cash on deposit.
- i) Unrestricted funds are donations and other income receivable or generated for the objects of the charity.
25
## ~~**1**~~ **. Accounting policies (continued)**
- j) Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is matched to the restricted funds, together with a fair allocation of overheads and support costs, if appropriate.
- k) Impetus, the sole corporate trustee of the charity, operates a defined contribution pension scheme which staff employed by Impetus (as sole trustee) to work on the charity's activities are auto-enrolled in. The assets of the scheme are held separately from those of Impetus and the charity in an independently administered fund. The pension cost charge represents contributions payable under the scheme. Impetus (as sole trustee) has no liability under the scheme other than for the payment of those contributions.
- l) The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues, grants payable and expenses during the period. The Trustees consider that there are no key judgements or estimates of estimation uncertainty.
## **2. Income 2 (a) Donations and grants**
|Grants
Donated services
Donations and grants|**2021**
**£**
**5,422,500**
**456,000**
**5,878,500**
**Restricted**|**Total**
**2021**
**£**
**5,422,500**
**456,000**
**5,878,500**|Total
2020
2020
£
£
1,000,000
1,000,000
-
-
Restricted|
|---|---|---|---|
||||1,000,000
1,000,000|
Donated services represent pro bono services received by the charity. Donations received from the Trustee to the charity totalled £nil (2020: £nil).
|**2 (b) Investment**
Bank interest receivable
Fixed income bonds
Global equities|**244**
**4,326,504**
**614,155**
**4,940,903**|**244**
**4,326,504**
**614,155**
**4,940,903**|16,623
16,623
4,141,221
4,141,221
664,016
664,016|
|---|---|---|---|
||||4,821,860
4,821,860|
26
## **3. Expenditure**
## **3 (a). Total expenditure**
|**Note for the current year**
**Charitable activities**
Supporting charities
Evaluation and research
Grants payable (Note 4)
Donated services
**Total charitable activities**
**Total expenditure**
**Note for the prior year**
**Charitable activities**
Supporting charities
Evaluation and research
Grants payable (note 4)
Donated services
**Total charitable activities**
**Total expenditure**
**3 (b). Activities undertaken directly**
Staff costs
Programme costs incurred in partners
Consultancy costs
**3 (c). Support costs**
Staff costs
Office costs
Investment management fees
Other costs|**Funding for**
**Projects**
**Activities**
**undertaken**
**directly**
**Support costs**
**Total 2021**
**£**
**£**
**£**
**£**
**Note 3b**
**Note 3c**
-
2,176,842
1,709,668
**3,886,510**
1,895,581
-
-
**1,895,581**
13,950,992
-
-
**13,950,992**
456,000
-
-
**456,000**
16,302,573
2,176,842
1,709,668
**20,189,083**
**16,302,573**
**2,176,842**
**1,709,668**
**20,189,083**
**Funding for**
**Projects**
**Activities**
**undertaken**
**directly**
**Support costs**
**Total 2020**
**£**
**£**
**£**
**£**
-
1,688,388
1,182,985
**2,871,373**
1,342,185
-
-
**1,342,185**
13,207,731
-
-
**13,207,731**
-
-
-
**-**
14,549,916
1,688,388
1,182,985
**17,421,289**
**14,549,916**
**1,688,388**
**1,182,985**
**17,421,289**
**Total**
Total
**2021**
2020
**£**
£
**1,885,476**
569,165
**18,994**
1,119,223
**272,372**
-
**2,176,842**
1,688,388
**Total**
Total
**2021**
2020
**£**
£
**377,814**
95,487
**63,921**
168,766
**594,134**
562,517
**673,799**
356,215
**1,709,668**
1,182,985|
|---|---|
||14,549,916
1,688,388|
||**14,549,916**
**1,688,388**|
|||
Evaluation and research
**1,895,581** 1,342,185
27
## **4. Grants payable**
Grants paid to interventions in the year were as follows:
|South London and Maudsley NHS Foundation Trust (SLaM)
Lives Not Knives
Mental Health Foundation
Family Psychology Mutual
Wakefield Council Youth Work Team
The Tavistock and Portman NHS Foundation Trust
Empire Fighting Chance
London Borough of Lambeth
ASSIST Trauma Care
Blackburn with Darwen Borough Council
The Rugby Football League Limited
LifeLine Community Projects
Imperial College London
Life Skills Education Charity
The Titan Partnership
Family Psychology Mutual CIC
St Christopher's Fellowship
Achieving for Children
Essex Boys and Girls Clubs
StreetGames UK
RISE Mutual CIC
South Tyneside Council
Media Academy Cymru
Young Persons Advisory Service
Family Support
Centre for Youth Impact
Young Devon
Artswork Ltd.
FL Community Ltd.
Youth Focus North East
St Giles Trust
High Trees Community Development Trust
Volunteering Matters
No Limits (South)
Roots of Empathy
Brandon Centre for Counselling and Brandon Centre
Brandon Centre
Other grants paid below £75,000
**Total**|**2021**
**2020**
**£**
£
1,908,482
1,174,929
575,000
344,000
539,809
116,317
440,585
77,841
418,158
132,462
383,156
285,000
355,264
209,766
318,962
238,462
318,089
183,124
301,238
-
294,395
136,854
294,160
100,000
287,772
212,314
271,650
253,650
268,635
240,818
251,336
-
230,000
-
220,835
493,500
186,800
87,973
179,151
64,123
163,376
228,121
161,490
57,638
159,749
50,549
159,377
-
158,487
120,000
150,000
-
131,934
-
127,422
-
126,641
-
122,634
-
107,245
-
102,653
-
92,760
-
84,327
-
77,687
101,907
75,000
-
75,000
-
3,831,733
8,298,383
**13,950,992**
13,207,731|
|---|---|
28
## **4. Grants payable (continued)**
The Youth Endowment Fund aims to prevent children and young people from getting caught up in crime and violence by making sure that those at most risk get the best possible support, as early as possible, to get on a positive path and succeed. Its grant making exists to support this objective and it seeks to fund activities that YEF can evaluate and grow.
Continued funding of interventions is conditional upon the organisations meeting specified milestones. Conditional grants are recognised as expenditure when the conditions are fulfilled. If the conditions have not been met at the year end, the grants are noted as a future commitment but not shown as expenditure.
The total amount of grants authorised but not accrued as expenditure at 31 December 2021 was £27,917,000 (2020: £18,834,519). This amount relates to the organisations listed above. If all current interventions progress as envisaged, the phasing of future commitments is estimated as follows:
|2021
2022
2023
2024|**2021**
2020
**£**
**£**
**-**
**16,118,140**
**12,376,000**
**2,256,379**
**10,188,000**
**460,000**
**5,353,000**
**-**
**27,917,000**
**18,834,519**|
|---|---|
## **5. Net income/(expenditure) for the period**
This is stated after charging:
|Trustee remuneration
Trustee expenses
Amortisation
Auditors' remuneration for audit services|**2021**
2020
**£**
£
-
-
-
-
10,188
-
17,448
12,000|
|---|---|
29
## **6. Staff costs**
|Staff costs were as follows:
Salaries and wages
Social security costs
Pension contributions|**2021**
2020
**£**
£
1,944,104
571,988
219,211
66,633
99,976
26,031
2,263,290
664,652|
|---|---|
The salary breakdown by employee is shown in the table below (where applicable).
||**Number of**|**employees**|
|---|---|---|
|**Salary band**|**2021**|**2020**|
|£60,000 - £70,000|4|-|
|£80,000 - £90,000|3|-|
|£100,000 - £110,000|-|1|
|£110,000 - £120,000|1|-|
The employer's pension contributions for staff earning more than £60,000 per annum amounted to £30,792 (2020: £5,461).
Remuneration and benefits (salary, bonus, employer NI and employer pension contributions), paid for key management personnel totalled £615,848 (2020: £311,963).
## **Staff numbers**
The average weekly number of employees is shown below on a full-time equivalent and headcount basis:
||**2021**|2020|
|---|---|---|
|Full-time equivalents|37.8|7.8|
|Headcount|38|8|
## **7. Taxation**
There are no taxable profits arising within the charity for the year ending 31 December 2021. Consequently the charity has no liability to tax and no deferred tax.
## **8. Fixed assets**
**8 (a). Intangible assets**
|**Cost**
At the start of the year
Additions in period
At the end of the year
**Amortisation**
At the start of the year
Charge for the period
At the end of the year
**Net book value**
**At the end of the year**
At the start of the year|**2021**
2020
**£**
£
-
-
152,581
-
**152,581**
**-**
-
-
10,188
-
**10,188**
**-**
**142,393**
**-**
-
-|
|---|---|
30
## **8(b). Investments**
|Market value at at 1 January 2021
Additions in period
Disposals in period
Investment management fees deducted from portfolio
Dividends and interest reinvested
Realised (losses)/gains
Net gains/(losses) on revaluation
**Market value as at 31 December 2021**
Cash and cash equivalents
Fixed income bonds
Global equities
**9. Debtors**
Trade debtors and prepayments
Other debtors
**10. Creditors: amounts due within one year**
Trade creditors
Amount due to parent charity
Accruals|**2021**
2020
**£**
£
194,220,703
195,285,572
-
130,476,118
(15,579,512)
(145,487,384)
(602,017)
(402,945)
4,940,659
4,821,860
(1,858,965)
281,914
11,049,440
9,245,568
**192,170,308**
194,220,703
**£**
£
6,325,207
9,303,087
118,717,262
127,322,935
67,127,840
57,594,681
**192,170,308**
194,220,703
**2021**
2020
**£**
£
51,161
201,160
-
760,192
51,161
961,352
**2021**
2020
**£**
£
107,607
129,796
249,858
236,636
183,912
325,110
541,377
691,542|
|---|---|
|**11. Analysis of net assets between funds**
Fixed assets
Investments
Net current assets
**Note for the prior year**
Investments
Net current assets|Restricted
£
142,393
192,170,308
3,262,200
**195,574,901**
Restricted
£
194,220,703
1,533,403
**195,754,106**|Unrestricted
**Total 2021**
£
**£**
-
**142,393**
-
**192,170,308**
(12,475)
**3,249,725**
**(12,475)**
**195,562,426**
Unrestricted
**Total 2020**
£
**£**
-
194,220,703
(12,475)
1,520,928
**(12,475)**
**195,741,631**|
|---|---|---|
31
## **12. Movements in funds**
|**Restricted Funds**
Home Office grant
Centre of Excellence grant
#iwill grant
Co-operative grant
**Total restricted funds**
**Unrestricted Funds**
Supplementary funding
**Total unrestricted funds**
**Total funds**
**Note for the prior year**
**Restricted Funds**
Home Office grant
Centre of Excellence grant
**Total restricted funds**
**Unrestricted Funds**
Supplementary funding
**Total unrestricted funds**
**Total funds**|**At the start**
**of the period**
**£**
194,942,330
811,776
-
-|**Income**
**£**
5,396,903
4,000,000
777,500
645,000
10,819,403
-
-
**10,819,403**
Income
£
4,821,860
1,000,000
5,821,860
-
-
**5,821,860**|**Expenditure**
**£**
(18,442,793)
(770,678)
(529,129)
(446,483)
(20,189,083)
-
-
**(20,189,083)**
Expenditure
£
(17,229,465)
(188,224)
(17,417,689)
(3,600)
(3,600)
**(17,421,289)**|**Net gains on**
**investments**
**At the end**
**of the**
**period**
**£**
**£**
9,190,475
191,086,915
-
4,041,098
-
248,371
-
198,517|
|---|---|---|---|---|
||195,754,106|||9,190,475
195,574,901|
||(12,475)|||-
(12,475)|
||(12,475)|||-
(12,475)|
||**195,741,631**|||**9,190,475**
**195,562,426**|
||At the start of
the period
£
197,822,453
-|||Net gains on
investments
At the end of
the period
£
£
9,527,482
194,942,330
-
811,776|
||197,822,453|||9,527,482
195,754,106|
||(8,875)|||-
(12,475)|
||(8,875)|||-
(12,475)|
||**197,813,578**|||**9,527,482**
**195,741,631**|
Funds from the Home Office grant and investment income earned from it will be used to fund interventions to prevent children and young people from getting caught up in crime and violence by making sure that those at most risk get the best possible support, as early as possible, to get on a positive path and succeed. Independent evaluations of the interventions, research and the costs of the three partners delivering the Fund's work will also be met from the grant and from supplementary funding which is secured in addition to the grant and investment income.
The Centre of Excellence grant was additional funding recieved to enable YEF to act as a centre of expertise, generating, disseminating and promoting new knowledge, practice and academic research that will transform local and national responses to tackling serious violence affecting children and young people.
Supplementary income includes the #iwill and Co-op funds, formed in a joint partnership with YEF to create The Peer Action Collective (PAC). Together, the partners are investing £5.2 million to build a network of peer researchers to study the experience of youth violence and turn the learning into opportunities for young people to make their community a safer, fairer place.
32
## **13. Operating lease commitments**
At 31 December 2021, the charity had commitments under operating leases of:
|Due within one year
Two to five years|**Buildings**
**£**
228,000
228,000|**2021**
**2020**
**Total**
**Total**
**£**
**£**
228,000
-
228,000
-
456,000
-|
|---|---|---|
||456,000||
## **14. Related party transactions**
Impetus - The Private Equity Foundation is the sole corporate trustee of The Youth Endowment Fund Charitable Trust which is a restricted fund in Impetus. Impetus pays salary and other costs on behalf of the Youth Endowment Fund which it recharges to the charity. Amounts totalling £2,399,948 (2020: £708,603) were recharged by Impetus to the Youth Endowment Fund during 2021. As at the 31 December 2021 the Youth Endowment Fund owed amounts totalling £236,687 (2020: £236,636) to Impetus.
33