2024-03-31-accounts

The Youth Endowment Fund Charitable Trust Annual Report and Financial Statements

For the year ended 31 March 2024

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 Trustees of Impetus are:

Hanneke Smits
Bill Benjamin
Lisa Stone
Shani Zindel
Charlie Edwards
Filipo Cardini
Natasha Porter
Robert Ramsauer	Resigned 23 May2023
Rohan Haldea	Resigned 23 July2024
Joe Schull	Resigned 31 December 2023
Sat Singh
AndyToms
Alex Walsh	Appointed 23 May2023
Arnaud Bosquet	Appointed 26 June 2024
Christian Lucas	Appointed 26 June 2024

The Senior Leadership team of the Youth Endowment Charitable Trust is:

Jon Yates	Executive Director
Andrea Ramsay	Chief OperatingOfficer
Emma Jenkins	Director of Change
Matt van Poortvliet	Director of Evidence and Understanding
Ciaran Thapar	Director of Public Affairs and Communications
Dr Daniel Acquah	Assistant Director of Evaluation
Dr Mollie Bourne	Assistant Director of Impact, Programmes and Partnerships
LaToya Charles	Assistant Director of People and Race Equity

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Registered office: 1st Floor, 64 Great Eastern Street London, EC2A 3QR Auditor: Haysmacintyre LLP 10 Queen Street Place London, EC4R 1AG Banker: NatWest 127-128 High Holborn London, WC1V 6PQ Solicitors: Russell-Cooke 2 Putney Hill London, SW15 6AB Investment Goldman Sachs International managers: Plumtree Court 25 Shoe Lane London, EC4A 4AU

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Contents

Trustees Report
Objectives and Activities	5
Plans for Future Periods	7
Financial Review	8
Structure, Governance and Management	10
Statement of Responsibilities of the Trustee	14
Independent Auditor’s Report	15
Financial Statements	19

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The trustees are pleased to present their annual report on the work of The Youth Endowment Fund (YEF) in the year ended 31 March 2024 and its plans for the year ending 31 March 2025, together with the financial statements for the year to 31 March 2024.

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 primarily across seven essential sectors: fund good work (in order to) find what works (in order to) work for change.

In 2023/24, we made progress across all these focus areas by funding – or preparing to fund – projects aimed at building evidence of what works. In total we set ourselves four core objectives:

• Be the lead expert on violence reduction

• Build influence across our essential sectors and deliver change in policy or practice

• Deliver and build evidence across our focus areas

• Be who we need to be by continuing to build strong organisational foundations

In our efforts to be the lead expert on violence reduction , we grew our online Toolkit, which is the most comprehensive overview of existing research on approaches to prevent serious youth violence in England and Wales, to 30 topics, adding four new topics in the period. In addition, we produced,

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launched and promoted our second Children, Violence and Vulnerability Report, an annual authoritative report that surveyed more than 7,500 children and young people and combined that with national statistics to explore ways in which violence is shaping children’s lives. We commissioned four new projects looking at existing data sets across England and Wales to understand relationships and causes of violence. Finally, we published our first peer-led research report, with research conducted by young people, with young people to understand the drivers and context around violence.

In our efforts to build significant influence , we launched our first Guidance Report focused on what Youth Justice systems leaders can do to support arrested children, providing clear and actionable advice on how to keep children safe and reduce reoffending. We also built our second coalition for change within one of our essential sectors: Education. The coalition includes key people and organisations that we need to work with to help us make sense of emerging research and find the right opportunities that can lead to actionable, lasting change within the sector. Across all our essential sectors, we worked to engage practitioners and leaders with existing evidence by conducting 113 events reaching 2,250 people, including through conferences and workshops. We have also deepened relationships with government departments, other policy makers and key stakeholders and maintained regular coverage of issues of youth violence in national and regional media outlets.

In our efforts to deliver across our focus areas , we have built upon prior year progress of regularly funding and evaluating projects that work to prevent young people from becoming involved in violence. One of the primary ways we do this is through identifying evidence gaps within one of our priority areas where, if filled, we could push for change in policy or practice. We then solicit proposals from organisations delivering promising activity in those gaps and pair them with an independent evaluator to conduct a rigorous evaluation of their work. By the end of 2023/24, we had funded more than 75 evaluations (47 of which are designed to test the impact of the intervention), in addition to funding other types of research (data analysis and youth understanding) and committed more than £125m to building evidence of what works.

In our efforts to build strong organisational foundations , we continued to prioritise internal activity to embed our values of being transparent, brave, questioning, collaborative, responsible and empathetic across our team size of about 50 staff. Our performance in bringing further investment into our mission remains strong, and by the end of 2023/24, we had secured £89m of supplementary funding for projects to prevent young people becoming involved in violence. We also published our first annual Race Equity Report, which detailed the progress we made in the year across race equity

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commitments related to five areas of our work: funding, team, leadership, evidence and change, and partnerships.

Plans for Future Periods

We will build on the significant delivery achieved in 2023/24 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 learning and change. Our work will therefore build on these existing four core objectives, ensuring we make more progress within them to best support the children and young people who need. In 202425, we will also add a new objective to strengthen and build YEF’s narrative and profile.

In 2024/25 we will:

Core objectives	Core activities for 2024/25
Be the lead expert on violence reduction	We will strengthen and deepen our knowledge on violence reduction including through expanding the Toolkit to 35 topics and publishing four new systematic reviews. We will also launch new initiatives to understand which children need most support and to support areas of high violence to engage with evidence to support those children. We’ll also continue to build our understanding of the scale and nature of violence through publishing our third annual Children, Violence and Vulnerability report, publishing reports on the role of poverty and racial disproportionality, and ensuring young people’s experiences are informingour work.
Hold significant influence	We will build relationships across the new government and work to inform and influence new policy initiatives. We’ll increase interest and appetite for evidence through excellent presentations and events, with the aim of reaching 5,500 people. We’ll also use the guidance reports we produce to shift practice and reform systems within our essential sectors.
Deliver across our focus areas	We will continue to support delivery organisations to engage with robust evaluations and publish reports on what’s working. We’ll commission new evaluations and research by identifying gaps in knowledge that exist and soliciting new proposals to fund (across evaluations, data analysis and youth understanding). We aim to commit at least £170m toprojects focused on buildingevidence of

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	what works to reduce violence by the end of the year. We’ll also publish new practice guidance, focused on helping practitioners to understand the best bets and practice within their sector, for Youth Offending Teams, schools and police and will publish systems guidance, focused on actionable advice for leaders within their sector, in education. Across all our sectors, we will also prioritise publishing several implementation resources to support in day-to-day work with young people at risk of violence.
NEW: Build a compelling narrative and profile	We’ll build a clear, compelling, evidence-based brand narrative that engages people with our mission and inspires them to use evidence. We’ll do this through increasing our digital presence, content creation and engagement with media.
Continue to build strong organisational foundations	We will continue to maintain strong foundations and deliver increased efficiency with excellent financial performance, high standards of risk management, high staff morale, a rigorous approach to race equityand 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 full £200m grant value was included within income in 2019. Investments from the fund returned a net gain of £13.6m (Investment income plus market value gains) in the year to 31 March 2024. Additional grant income received during the period totaled £5.9m.

Expenditure in the year to 31 March 2024 totaled £30.5m, of which £25.8m was on grants to projects with a further £4.7m spend on activities we undertook directly.

Of the original Home Office grant, £151m 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 £150m (£148m for the Home Office grant, £1.7m for the Centre of Excellence grant and £0.5m from other grants received).

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

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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 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 March 2024, of the total portfolio of £150.9m, £76.9m was invested in fixed income bonds and £33.5m in equities. The value of the portfolio stood at £150.9m after withdrawing £66.4m from the portfolio to meet our working capital requirements since the inception of the fund. The trustee considers that the portfolio performed very well in the year, having surpassed our lifetime net returns target of £25.15m by year end. This was enabled by taking advantage of the

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equities markets during the period; while beginning a well-defined glide path to reduce equity risk starting in the final quarter. Post year-end, as a result of good performance, the Endowment Investment Committee took the decision to move the portfolio fully to fixed income to reduce volatility risk for the remaining years and allow for more accurate expenditure planning.

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.

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.

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,

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supporting and evaluating activity, building the conditions for change and striving to achieve our core objectives for the year.

• The benefits generated relate to the objectives of the charity. All activities undertaken are intended to further YEF’s charitable objectives, as noted above.

• The people who receive support are entitled to do so according to criteria set out in the charities objectives . 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 YEF is working to ensure that the beneficiaries are supported to achieve that aim.

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;

• 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 YEF 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

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Committee has delegated responsibility for the investment management of the Youth Endowment Fund. Areas of organisational performance, risk and resourcing are also reported to Impetus’s Resources and Audit Committee.

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.

**Risk **	**Rationale for rating **	**Mitigation/Update **
Staff within organisation are overburdened/overstretched	The pace of work at YEF continues to be high, with natural staff turnover and time it takes to recruit and onboard excellent staff compounding staff feelings of high workload.	We continue to prioritise investing in new capacity through our annual budgeting process and to maintaining flexible pools of associates that we may call on when needed.
Smaller Black, Asian or Minority Ethnic-led organisations find it challenging to engage in robust impact evaluations.	We have successfully funded a Black, Asian or Minority Ethnic -led organisation in each funding round. The challenge that remains is that – as Black, Asian or Minority Ethnic -led organisations tend to be smaller – they have less resource to engage in robust evaluations.	We have commissioned ongoing support from Impetus to build capacity. We are also investing in new approaches to reach smaller organisations, including a dedicated Race Equity Fund and multi-site trials.
Senior leaders in key sectors do not trust evidence and advice from YEF	There is resistance by some to evidence based on robust impact trials.	Continue to build awareness of our approach to understanding what works. Focus on listening, building commonground and

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		engaging to strengthen trust and relationships.
Our evaluations prove expensive but a large number end up proving nothing	Programmes need to attract a sufficient sample of participants to detect impact that is statistically significant. This can be a challenge especially with more vulnerable children.	We are prioritising robust impact evaluations and usually include pilot phases in evaluations so we have a mechanism for stopping if they look unlikely to yield useful findings.
YEF’s work identifies excellent programmes and practice but behaviour does not change	What Works Centres have struggled to prove that their work has changed behaviour.	We have increased focus over the next few years on change activity with clear products and resources focused on delivery organisations, area-based leaders and systems leaders.

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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 28 September 2024 and signed on their behalf by the Chair of the Impetus Board as representative of the Trustee.

Hanneke Smits

Hanneke Smits

Chair of the Impetus Board

Representative of the Trustee

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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 March 2024 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 March 2024 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.

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

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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 14, 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 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

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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 charity law, and we considered the extent to which non-compliance 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; and

• Identifying and testing journals, in particular journal entries posted with unusual descriptions and entries posted at unusual times.

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.

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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.

10 Queen Street Place London Haysmacintyre LLP 22 October 2024 EC4R 1AG Statutory Auditors

Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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The Youth Endowment Fund Charitable Trust

Statement of financial activities

For the year ended 31 March 2024

Note Income: Donations and grants 2a Investments 2b Total income Expenditure: Charitable activities 3a Total expenditure Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Funds at the start of the period Funds at the end of the period	Restricted funds £ 5,102,669 4,911,629	Unrestricted funds £ 750,829 -	Year to 31 March 2024 Total £ 5,853,498 4,911,629	Restricted funds £ 8,630,722 5,688,700	Unrestricted funds £ 944,155 -	15 months to 31 March 2023 Total £ 9,574,877 5,688,700
	10,014,298	750,829	10,765,127	14,319,422	944,155	15,263,577
	29,783,485	750,829	30,534,314	29,814,522	931,680	30,746,202
	29,783,485	750,829	30,534,314	29,814,522	931,680	30,746,202
	8,639,316	-	8,639,316	(18,641,701)	-	(18,641,701)
	(11,129,871)	-	(11,129,871)	(34,136,801)	12,475	(34,124,326)
	161,438,100	-	161,438,100	195,574,901	(12,475)	195,562,426
	150,308,229	-	150,308,229	161,438,100	-	161,438,100

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.

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The Youth Endowment Fund Charitable Trust

Balance sheet

As at 31 March 2024

2024 Note £ Fixed assets Intangible assets 8a 113,820 Investments 8b 150,886,547 151,000,367 Current assets Debtors 9 426,803 Cash at bank and in hand 4,946,561 5,373,364 10 (6,065,502) Net current assets (692,138) Net assets 11 150,308,229 Funds Restricted funds 12 150,308,229 Unrestricted funds 12 - Total funds 150,308,229 Creditors: amounts due within one year	2023 £ 130,080 154,643,333
	154,773,413
	1,109,582 6,601,432
	7,711,014 (1,046,327)
	6,664,687
	161,438,100
	161,438,100 -
	161,438,100

The financial statements for The Youth Endowment Fund Charitable Trust, (charity registration number 1185413), for the year ended 31 March 2024 were approved and authorised for issue by the Trustee on 28 September 2024.

The notes that follow form an integral part of these financial statements.

Hanneke Smits

Hanneke Smits Representative of the Trustee

William Benjamin

Bill Benjamin Representative of the Trustee

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The Youth Endowment Fund Charitable Trust

Cash flow statement

For the year ended 31 March 2024

		Year to	15 months to
		31 March	31 March
		2024	2023
	Note	£	£
Net cash used in operating activities	(a)	(18,962,602)	(21,704,471)
Cash flows from investing activities:
Purchase of intangible assets		-	(8,012)
Dividends and interest from investments		4,911,629	5,688,700
Proceeds from sale of investments		17,275,130	24,556,611
Purchase of investments		(4,879,028)	(5,671,337)
Net cash provided by investing activities		17,307,731	24,565,962
Change in cash and cash equivalents in the year		(1,654,871)	2,861,491
Cash and cash equivalents at the beginning of the year		6,601,432	3,739,941
Cash and cash equivalents at the end of the year		4,946,561	6,601,432
(a) Reconciliation of net expenditure to net cash flow from
		Year to	15 months to
		31 March	31 March
operating activities		2024	2023
		£	£
Net movement in funds		(11,129,871)	(34,124,326)
Depreciation and amortisation charges		16,260	20,325
Net (gains)/losses on investments		(8,639,316)	18,641,701
Dividends and interest from investments		(4,911,629)	(5,688,700)
Decrease/(increase) in debtors		682,779	(1,058,421)
Increase in creditors		5,019,175	504,950
Net cash (outflow) from operating activities		(18,962,602)	(21,704,471)
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.

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The Youth Endowment Fund Charitable Trust

Notes to the financial statements

For the year ended 31 March 2024

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.

• 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

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1. Accounting policies (continued)

• 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.

• 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) Transactions in foreign currencies are translated into sterling at the rates of exchange current at the date of the transaction. Foreign currency monetary assets and liabilities in the balance sheet are translated into sterling at the rates of exchange ruling at the end of the year. Resulting exchange gains and losses are taken to the Statement of Financial Activities.

• m) 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.

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2. Income

2 (a) Donations and grants

Grants Donated services Donations and grants	Restricted Year to 31 Mar'24 £ 5,102,669 - 5,102,669	Unrestricted Year to 31 Mar'24 £ - 750,829	Total Year to 31 Mar'24 £ 5,102,669 750,829 5,853,498	Restricted 15 months to 31 Mar'23 £ 8,630,722 - 8,630,722	Unrestricted Total 15 months 15 months to 31 Mar'23 to 31 Mar'23 £ £ 12,475 8,643,197 931,680 931,680
		750,829			944,155 9,574,877

Donated services represent pro bono services received by the Charity.

2 (b) Investment

Bank interest receivable Fixed income bonds Global equities	Restricted Year to to 31 Mar'23 £ 32,601 4,259,265 619,763 4,911,629	Unrestricted Year to to 31 Mar'23 £ - - - -	Total Year to to 31 Mar'23 £ 32,601 4,259,265 619,763 4,911,629	Restricted Unrestricted Total 15 months 15 months 15 months to 31 Mar'23 to 31 Mar'23 to 31 Mar'23 £ £ £ 17,363 - 17,363 4,873,555 - 4,873,555 797,782 - 797,782 5,688,700 - 5,688,700

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The Youth Endowment Fund Charitable Trust

Notes to the financial statements

For the year ended 31 March 2024

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 period Charitable activities Supporting charities Evaluation and research Grants payable (note 4) Donated services Total charitable activities Total expenditure

Funding for Projects Activities undertaken directly Support costs Year to 31 Mar'24 Total £ £ £ £ Note 3b Note 3c - 2,962,286 1,758,582 4,720,868 6,600,788 - - 6,600,788 18,461,829 - - 18,461,829 750,829 - - 750,829 25,813,446 2,962,286 1,758,582 30,534,314 25,813,446 2,962,286 1,758,582 30,534,314 Funding for Projects Activities undertaken directly Support costs 15 months to 31 Mar'23 Total £ £ £ £ - 3,216,698 2,199,325 5,416,023 5,897,952 - - 5,897,952 18,500,547 - - 18,500,547 931,680 - - 931,680 25,330,179 3,216,698 2,199,325 30,746,202 25,330,179 3,216,698 2,199,325 30,746,202

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	Year to 31 Mar'24 15 months to 31 Mar'23 £ £ 2,683,109 2,790,059 - - 279,177 426,639 2,962,286 3,216,698 Year to 31 Mar'24 15 months to 31 Mar'23 £ £ 608,266 639,854 248,314 312,904 370,839 576,148 531,163 670,419 1,758,582 2,199,325

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The Youth Endowment Fund Charitable Trust

Notes to the financial statements

For the year ended 31 March 2024

4. Grants payable

Grants paid to interventions in the year were as follows:

The Global Fund for Children UK Trust London VRU Centre for Youth Impact (Part of YMCA-WC) Violence Reduction Network for Leicester (OPCC) West Midlands Police and Crime Commissioner Triple P Mental Health Foundation Nesta Family Psychology Mutual CIC Tavistock Relationships Behavioural Insights Ltd. The Nottinghamshire Office of the Police and Crime Salford Foundation Ltd REMEDI- Restorative Services Achieving for Children Redthread Youth Limited Knowledge Change Action Ltd Greater Manchester Violence Reduction Unit Imperial College London South London and Maudsley NHS Foundation Trust (SLaM) UK Youth United Borders Right to Succeed CIO High Trees Community Development Trust Media Academy Cymru Trauma Informed Schools UK CIC The English Football League Trust (FL Community Ltd) UpskillU Ltd WE ARE WITH YOU National Children's Bureau (NCB) Bridgend County Borough Council Artswork Ltd. StreetGames UK Youth Focus North East The Titan Partnership Birmingham City Council Bradford teaching hospital NHS Foundation Trust Young Devon Volunteering Matters YES Outdoors Young Persons Advisory Service Future Men Lancashire & South Cumbria NHS FT The Education Endowment Foundation South Wales VRU Other grants paid below £200,000 Total

Year to 31 Mar'24 15 months to 31 Mar'23 £ £ 2,693,518 3,762,140 2,291,071 2,332,153 1,700 1,064,723 1,038,315 498,541 751,739 476,506 624,256 110,980 241,359 622,553 599,848 - 557,267 121,257 543,770 157,338 533,760 213,784 503,918 519,820 507,233 222,793 503,100 432,109 - 464,609 147,215 454,547 393,651 - 391,652 159,787 (3,502) 367,658 7,778 359,942 353,763 - 349,457 299,438 333,332 88,914 - 319,305 293,883 313,519 308,850 - 306,934 224,466 302,135 - 196,630 292,200 286,644 - 281,182 - (16,641) 278,473 17,500 273,821 142,176 270,664 - 262,247 (991) 262,202 259,999 34,999 (553) 252,309 - 250,090 215,009 248,058 - 244,090 228,622 - 92,821 227,734 224,730 - 206,288 206,288 1,752,411 1,810,490 18,461,829 18,500,547

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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 March 2024 was £50,945,000 (Mar'23: £33,031,000). This amount relates to the organisations listed above. If all current interventions progress as envisaged, the phasing of future commitments is estimated as follows:

2024 2025 2026 2027	Year to 31 Mar'24 £ - 27,710,000 14,087,000 9,148,000	15 months to 31 Mar'23 £ 17,447,000 11,926,000 3,658,000 -
	50,945,000	33,031,000

5. Net expenditure for the period

This is stated after charging:

5. Net expenditure for the period This is stated after charging:
	Year to	15 months
	to 31 Mar'24	to 31 Mar'23
	£	£
Trustee remuneration	-	-
Trustee expenses	-	-
Amortisation	16,260	20,325
Auditors' remuneration for audit services	22,590	18,000

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6. Staff costs

Staff costs were as follows (Note 12 month vs 15 month period): Salaries and wages Social security costs Pension contributions	Year to 15 months to 31 Mar'24 to 31 Mar'23 £ £ 2,828,460 2,936,457 317,068 343,553 145,847 149,903 3,291,375 3,429,913

The salary breakdown by employee is shown in the table below (where applicable).

	Number of	Number of
	employees	employees
	Year to	15 months
Salary band	to 31 Mar'24	to 31 Mar'23
£60,000 - £70,000	8	4
£70,000 - £80,000	4	6
£80,000 - £90,000	1	5
£90,000 - £100,000	1	2
£100,000 - £110,000	-	1
£110,000 - £120,000	-	1
£130,000 - £140,000	1	-
£150,000 - £160,000	-	1

The employer's pension contributions for staff earning more than £60,000 per annum amounted to £61,127 (15 months to Mar'23: £62,659).

Remuneration and benefits (salary, bonus, employer NI and employer pension contributions), paid for key management personnel totalled £1,307,422 (15 months to Mar'23: £1,025,709).

Staff numbers

The average weekly number of employees is shown below on a full-time equivalent and headcount basis:

	Year to	15 months
	to 31 Mar'24	to 31 Mar'23
Full-time equivalents	54.4	48.3
Headcount	57	51

7. Taxation

There are no taxable profits arising within the charity for the year ended 31 March 2024. 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 year At the end of the year Amortisation At the start of the year Charge for the year At the end of the year Net book value At the end of the year At the start of the year	2024 £ 160,593 -
	160,593
	30,513 16,260
	46,773
	113,820
	130,080

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8(b). Investments

8(b). Investments
Market value as of 31 March 2023 Disposals in period Investment management fees (cash basis) Dividends and interest reinvested Realised gains/(losses) Net losses on revaluation Market value as of 31 March 2024 Cash and cash equivalents Fixed income bonds Global equities 9. Debtors Grants receivable Prepayments 10. Creditors: amounts due within one year Grants payable Trade creditors Other creditors Amount due to parent charity Accruals 11. Analysis of net assets between funds Fixed assets Investments Net current assets Note for the prior period Fixed assets Investments Net current assets	Restricted £ 113,820 150,886,547 (692,138) 150,308,229 Restricted £ 130,080 154,643,332 6,664,687 161,438,100	2024 £ 154,643,332 (16,880,533) (394,596) 4,879,028 27,052,172 (18,412,857) 150,886,547 £ 40,416,776 76,941,701 33,528,070 150,886,547 As of 31 Mar'24 £ 355,110 71,693 426,803 As of 31 Mar'24 £ 5,510,030 68,201 4,720 297,980 184,571 6,065,502 Unrestricted £ - - - - Unrestricted £ - - - -	2023 £ 192,170,308 (23,946,419) (610,192) 5,671,337 (9,533,746) (9,107,955)
			154,643,332
			£ 12,537,093 89,100,396 53,005,843
			154,643,332
			As of 31 Mar'23 £ 1,036,682 72,900
			1,109,582
			As of 31 Mar'23 £ 504,419 75,500 2,631 253,442 210,335
			1,046,327
			Total Mar'24 £ 113,820 150,886,547 (692,138)
			150,308,229
			Total Mar'23 £ 130,080 154,643,332 6,664,687
			161,438,100

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12. Movements in funds

12. Movements in funds
Restricted Funds Endowed Funds: Home Office Centre of Excellence #iwill Co-operative Comic Relief Focused Deterrence Trauma Informed Violence Against Women and Girls National Police Chiefs' Council Arts Council England Youth Futures Foundation (YFF) YFF: Summer Jobs Children in Need Total restricted funds Unrestricted Funds Supplementary funding Total unrestricted funds Total funds Note for the prior year Restricted Funds Endowed Funds: Home Office Centre of Excellence #iwill Co-operative Comic Relief Focused Deterrence Trauma Informed Violence Against Women and Girls Department for Culture, Media and Sports National Police Chiefs' Council Arts Council England Youth Futures Foundation Total restricted funds Unrestricted Funds Supplementary funding Total unrestricted funds Total funds	At the start of the year £ 156,939,356 2,901,090 - 62,349 1,473,145 - - - - 37,500 24,660 - -	Income £ 4,911,629 - 601,202 500,000 100,000 1,000,000 1,591,373 573,396 14,992 37,500 - 17,538 666,668	Expenditure £ (22,381,116) (1,247,091) (601,202) (540,980) (1,298,145) (1,000,000) (1,591,373) (573,396) (14,992) (75,000) (24,660) (17,538) (417,992)	Net gains on investments At the end of the year £ £ 8,639,316 148,109,185 - 1,653,999 - - - 21,369 - 275,000 - - - - - - - - - - - - - - - 248,676 8,639,316 150,308,229 - - - - 8,639,316 150,308,229 Net lossess on investments At the end of the period £ £ (18,641,701) 156,939,356 - 2,901,090 - - - 62,349 - 1,473,145 - - - - - - - - - - - 37,500 - 24,660 (18,641,701) 161,438,100 - - - - (18,641,701) 161,438,100
	161,438,100	10,014,298	(29,783,485)
	-	750,829	(750,829)
	-	750,829	(750,829)
	161,438,100	10,765,127	(30,534,314)
	At the start of the period £ 191,086,915 4,041,098 248,371 198,517 - - - - - - - -	Income £ 5,688,700 - 722,500 940,000 5,687,525 500,000 139,590 407,446 161,493 10,008 37,500 24,660	Expenditure £ (21,194,557) (1,140,009) (970,871) (1,076,168) (4,214,380) (500,000) (139,590) (407,446) (161,493) (10,008) - -
	195,574,901	14,319,422	(29,814,522)
	(12,475)	944,155	(931,680)
	(12,475)	944,155	(931,680)
	195,562,426	15,263,577	(30,746,202)

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12. Movements in funds (continued)

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 (CoE) grant was additional funding received 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.

Along with the Endowed Funds and CoE grants, the Home Office has funded three additional programmes. The first is a grant to evaluate the tried-and-tested approach known as ‘Focused Deterrence’. The second is a new programme of activities to find out whether 'Trauma-Informed' practice is effective at keeping children safe from violence. The third is a grant which aims at reducing 'Violence Against Women and Girls' by undertaking well developed projects targeted to breaking cycles of violence.

Supplementing grant income from the Home Office, are two significant partnerships, and several smaller grants. The Peer Action Collective is a joint partnership with #iwill and Co-op funds. Together, the partners are investing £5.2 million to build a network of peer researchers to study the experience of youth violence. YEF has also partnered with Comic Relief to launch a new £6m joint funding programme to support organizations working to prevent youth offending. The Department for Culture, Media and Sports fund is part of the Reach Schools Project offering mentoring and group support to young people at risk of school suspension with the aim to prevent future offending. The National Police Chiefs' Council, Arts Council England, and Youth Futures Foundation grants are aimed at providing systematic reviews and advice on specific interventions. Children in Need is a joint funding round with the BBC. The fund will help local authorities to learn the best ways to keep children safe from violence outside the home, including criminal exploitation.

13. Operating lease commitments

At 31 March 2024, the charity had commitments under operating leases of:

Due within one year Two to five years	Buildings £ 247,500 189,000	Mar'24 Mar'23 Total Total £ £ 247,500 171,000 189,000 - 436,500 171,000
	436,500

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 £3,413,187 (15 months to Mar'23: £3,457,931) were recharged by Impetus to the Youth Endowment Fund during the year. As of 31 March 2024 the Youth Endowment Fund owed amounts totalling £297,980 (31 March 2023: £253,442) to Impetus.

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