Charity number: 1185674
BUSINESS2SCHOOLS
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
BUSINESS2SCHOOLS
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Independent examiner's report | 7 - 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 - 19 |
BUSINESS2SCHOOLS
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 MARCH 2021
Trustees G Deane, Trustee (appointed 7 October 2019) P Parker, Trustee (appointed 19 August 2021) J Joy, Trustee (appointed 7 October 2019)
Charity registered number 1185674 Principal office Grosvenor Properties 28 Grosvenor Street London W1K 4QR Accountants Hillier Hopkins LLP Chartered Accountants 249 Silbury Boulevard Milton Keynes Bucks MK9 1NA
Page 1
BUSINESS2SCHOOLS
TRUSTEES' REPORT FOR THE PERIOD ENDED 31 MARCH 2021
The Trustees present their annual report together with the financial statements of the Business2Schools for the period 7 October 2019 to 31 March 2021.
Objectives and activities
a. Policies and objectives
To advance the education of pupils across England and Wales by providing and assisting in the provision of facilities (not required to be provided by the local education authority) in particular but not exclusively through former office furniture and IT equipment no longer required by businesses and companies for the benefit of schools.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
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BUSINESS2SCHOOLS
TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2021
Objectives and activities (continued)
b. Strategies for achieving objectives
Business2Schools has grown rapidly due to the Covid-19 Pandemic.
The focus has very much been on encouraging businesses to re-home and re-purpose the office contents they no longer need by donating them to schools. The pandemic has changed the way people work and it created a digital divide in education that charities were keen to address.
Having identified the need to re-use business laptops that are upgraded every 3-5 years and then destroyed we were keen to get as many as possible into schools (where historically laptops and pcs are replenished on a 10 year replacement).
Offices that were refurbishing furniture also donated to our charity as the pandemic created a strong need to ensure less waste and less impact on climate change. Other businesses that were closing branches, retail or offices wanted to ensure they left legacy as more firms moved on working from home and online access.
Our charity has used this opportunity to alter the definition of the circular economy, which stipulates that all things must be used for their whole purposeful life. This circular economy and sustainability measure exists in very different forms within a business and a school. We have therefore created a more powerful and healthier recycle process where businesses donate the things they don’t need to schools by re-homing and re-use; and schools ethical separate and recycle real end of life infrastructure.
The impact has benefits for both the business and the school. The business saves on landfill costs, recycle costs and has a better measure of ESG and climate change goals. The school benefits by preserving some of their infrastructure budget, allowing more of their funding to go into teaching and learning.
The children and students in schools benefit because they have a more inspiring and aspirational environment in their classrooms, greater access to online learning and they have connections and bonds with businesses that will impact their outcomes in the future. The donations of laptops and computers is reducing digital poverty and putting all children in state schools on a more even playing field.
The impact for Business2Schools from the BBC Make A Difference Give A Laptop campaign has created more public awareness around the charity’s aims and visions. Business2Schools was selected as the main charity partner for the Vodafone Great British Tech Appeal.
Businesses are the principle supporters of the charity. The charity is one of the best measures of ESG so we are well supported by the financial services industry.
Expenditure is kept to the minimum and we rely heavily on volunteers or freelance support.
As the charity grows we will look at increasing the size of the team and look to see how the pandemic effects businesses what this looks like when firms come off furlough.
The charity investment policy will be reviewed by the Trustees in 2021/22.
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BUSINESS2SCHOOLS
TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2021
Objectives and activities (continued)
c. Activities undertaken to achieve objectives
Over 4,500 schools have registered in England and Wales; over 20,000 laptops have been donated, with more than 60,000 pledged in the future. Millions of sq. ft of furniture is in the B2S pipeline with hundreds of businesses looking to ensure that state schools benefit from the things they don’t need.
Activity for our charity is extending to Northern Ireland, Scotland, Republic of Ireland and the US. We are actively monitoring our charity commission commitments in those jurisdictions.
It is our vision to see every child in schools in the UK, with access to online learning both at home and at school for the duration of their education. As we move into more regular agile working, education catch up programmes it will be essential for children and students to have access to all the tools they need to get the best our of their learning.
Through the ethical management of circular economy and climate change goals, we believe we can make one of the biggest impact on the environment by using this process of donating all the things businesses don’t need to schools.
Charities have suffered because of the pandemic and there is less money to donate.
Our charity will be looking at grants and crowdfunding in 2021. We rely heavily on our Trustees and volunteers to support us.
Corporate sponsorship and CSR donations are really important to sustain our charity.
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BUSINESS2SCHOOLS
TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2021
Achievements and performance
a. Main achievements of the Charity
2019 – 2020 was very much the start up phase of the charity, and our activity was quite small until March 2020 when the UK went into lockdown and removers and offices were looking more ethically about refurbishments, upgrades and general changes to their office.
The Charity had picked up large furniture donations from Houlihan Lokey, McCann Worldgroup, Russell Reynolds, Angelo Gordon and Gensler. These firms gave us the opportunity to prove the process of our charity’s aims would work and it gave us the credibility to attract other large office moves.
The BBC did some coverage of Business2Schools in July 2020 and that enabled us to pitch to Freshfields and Capita. This comprised of one office of over 700,000sq.ft of furniture which went to over 80 schools, plus 60 buildings being closed with Capita; starting with their two London offices in Rochester Row and Clerkenwell, which went to over 25 schools.
Schools regularly signed up through word of mouth, or headteachers reaching out to other schools. The more schools that sign up the greater the need businesses were seeing being created.
The biggest impact for the charity was that our CEO was able to commit to the charity full time and that put us in discussions with some major corporate and government agencies who were keen to understand more about the charity and it’s aims.
The influence of the time that was being committed to the charity brought in hundreds of enquiries concerning laptop donations, furniture and a much wider interest in supporting schools and education.
By October 2020 we had over 400 schools registered with Business2Schools and our environmental footprint was allowing donations to be distributed more locally to the sites they were originating in. By January 2021 there are over 4500 schools registered across the UK and Ireland.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The charity is funded by business donations and fundraising. As the charity is in its development stage the reserves policy is build up funds by keeping overheads to an absolute minimum. The charity did not take advantage of any Covid-19 relief or bounce back packages but put greater emphasis on bringing in corporate donations from businesses whose furniture was being moved.
Structure, governance and management
a. Constitution
Business2Schools is a registered charity, number 1185674, and is constituted under a Trust deed.
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BVSINESS2SCHOOLS TRUSTEES. REPORT ICONTINUEOI FOR THE PERIOD ENDED 31 MARCH 2021 Slructuro. govemanco and managcmenl Icontinuedl b. Mothods ol appointmon¢ or ¢Ion ol Trustees The management of the Chanty t5 the resF¥Mbilty of the Trusths who are elected and co-tspted under the terms of the Trus1 deed Statement of Trustee¥, responsibllitie¥ The Trustees are responsible for prepanro Ihe Trustees. report and the financial 5talemen15 in accordance wilh applicable law and United Kingdom Accounting Slandards (United Kingdom Generally Accepted Accounting Practscel. The law applicable lo ¢hane$ in ErKJland & Wa$ require5 the Trustees lo pfepare financial slalemenls lor each financial penod thich give a true an(1 fair v1 ol the state of aff&rs ol the Charity and ol Ils Incoming resources and appli110n ol resources. including Ils inco and expendilure. lor that Feriod In preparing thesè financial slalement5, the Trusiees required lo" seleci 5Ultable acwunling WKie5 and then apply Ihem consislently., observe the methods and pnncis of Ihe Charilies SORP IFRS 1021.. rnake iudgrnenls and a¢wunling eslimales that are 8$Onae and prudent, stale whether applicable UK Aecounling Standards IFRS 1021 have been lolkA%ed, subject lo any malenal departures disclosed and explained In the linala1 5talemenis. prepare the financi stalemenis the gr3 tonwn basts unless Il is inappropnate to $xesUr ¢hal the Charity will continue In tsJsinè35 The Trustees are reswnsiNè kewffj adequate acttrtmbr4J rectd3 that arè suificienl to slw and explain th¢ Charity's Irans8clion$ and d15close wlh reasonable accuracy at any time Ihe financial position ol the Charity and enable Ihem lo ensure Ihal the financial sialemenls comply wilh Ihe Charilies Aci 2011 the Charity (Accounts and Repts1 Regulations 2008 and the prov1510ns ol Ihe Tru51 deed They are a150 respon51ble for safeguar¢Jing the assets of the Charily aThJ hence for taking (easonae Steps lor the prevention and delection or frau¢Y and other irwulanbes Approved by eder ol Ihe members of the ol Tru51ees Sig on Il*ir behalf by.. G Ooanc Truslee Ddle Page 6
BUSINESS2SCHOOLS
INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED 31 MARCH 2021
Independent examiner's report to the Trustees of Business2Schools ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the period ended 31 March 2021.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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BUSINESS2SCHOOLS
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2021
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: Grant Franklin ACA
Hillier Hopkins LLP Chartered Accountants 249 Silbury Boulevard Milton Keynes Bucks MK9 1NA
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BUSINESS2SCHOOLS
STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 MARCH 2021
| Note Income from: Donations and legacies 2 Charitable activities 3 Other income 4 Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net movement in funds Reconciliation of funds: Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 99,388 46,087 909 146,384 22,279 112,607 134,886 11,498 11,498 11,498 |
Total funds 2021 £ 99,388 46,087 909 |
|---|---|---|
| 146,384 | ||
| 22,279 112,607 |
||
| 134,886 | ||
| 11,498 | ||
| 11,498 | ||
| 11,498 |
The Statement of financial activities includes all gains and losses recognised in the period.
The notes on pages 11 to 19 form part of these financial statements.
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BUSINESS2SCHOOLS BALANCE SHEET AS AT 31 MARCH 2021 2021 Note Intangible assets 4,880 4.880 Curront a88ets Debtors Cash al bank and in haTrJ 12 5.077 39.4 44.533 Credilrys.. amoufits lalling due wthin one year 13 137.9151 Not Currnnt ameti 6,618 Total assots lu• current liabilities 11,49B Net as8o¢s ox¢ludlng wn•Son a1 11.498 Tolal no¢ a$8¢ts 11.498 Charity lund8 Unrestncied funds 14 11,498 Total funds 11,49B The finanLxal stslernènts appro¥•J aThJ authorneLI lor Nsue by Ihe Truste•i * signed on their behalf by.. G Doano Tru51ee Date.. 3?/a / /w2 The note5 on pa3e$ 1110 19 form part of these finanoal 51alerrents. Page 10
BUSINESS2SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Business2Schools meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Income
All income is recognised 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.
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
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BUSINESS2SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021
1. Accounting policies (continued)
1.4 Intangible assets and amortisation
Intangible assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.
The estimated useful lives are as follows:
Amortisation is provided on the following basis:
Website costs
- 3 years
1.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.
1.8 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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BUSINESS2SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021
1. Accounting policies (continued)
1.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
2. Income from donations and legacies
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2021 | 2021 | |
| £ | £ | |
| Donations | 99,388 | 99,388 |
3. Income from charitable activities
| Unrestricted funds 2021 £ Removal/rehoming 27,920 Sponsorship/partnership 18,167 46,087 |
Total funds 2021 £ 27,920 18,167 |
|---|---|
| 46,087 |
4. Other incoming resources
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2021 | 2021 | |
| £ | £ | |
| Sale of donated goods | 909 | 909 |
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BUSINESS2SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021
5. Expenditure on raising funds
Costs of raising voluntary income
| Costs of raising voluntary income - wages and salaries Costs of raising voluntary income - NI |
Unrestricted funds 2021 £ 20,000 2,279 22,279 |
Total funds 2021 £ 20,000 2,279 22,279 |
|---|---|---|
6. Analysis of expenditure on charitable activities
Summary by fund type
| Removal/rehoming and sponsorship/partnership Summary by expenditure type Staff costs 2021 £ Removal/rehoming and sponsorship/partnership 97,767 |
Unrestricted funds 2021 £ 112,607 Other costs 2021 £ 14,840 |
Total funds 2021 £ 112,607 Total funds 2021 £ 112,607 |
|---|---|---|
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BUSINESS2SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021
7. Analysis of expenditure by activities
| Activities | |||
|---|---|---|---|
| undertaken | Support | Total | |
| directly | costs | funds | |
| 2021 | 2021 | 2021 | |
| £ | £ | £ | |
| Removal/rehoming and sponsorship/partnership | 289 | 112,318 | 112,607 |
Analysis of direct costs
| Total | |
|---|---|
| funds | |
| 2021 | |
| £ | |
| School expenses | 289 |
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BUSINESS2SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021
7. Analysis of expenditure by activities (continued)
Analysis of support costs
| Staff costs Irrecoverable VAT Rent Travel and subsistence Entertaining IT expenses Donations Postage Sundries Office supplies Bank charges Governance costs 8. Independent examiner's remuneration Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts |
Total funds 2021 £ 97,767 342 1,447 2,419 306 2,489 1,532 58 1,119 177 56 4,606 |
|---|---|
| 112,318 | |
| 2021 £ 2,500 |
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BUSINESS2SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021
9. Staff costs
| 2021 | ||
|---|---|---|
| £ | ||
| Wages and salaries | 108,650 | |
| Social security costs | 11,396 | |
| The average number of persons employed by the Charity during the period was as follows: | ||
| 2021 | ||
| No. | ||
| Employees | 2 | |
| The number of employees whose employee benefits (excluding employer pension costs) | exceeded | |
| £60,000 per annum was: | ||
| 2021 | ||
| No. | ||
| In the band £70,001 - £80,000 | 1 | |
| 10. | Trustees' remuneration and expenses | |
| During the period, no Trustees received any remuneration or other benefits. | ||
| During the period ended 31 March 2021, no Trustee expenses have been incurred. | ||
| 11. | Intangible assets | |
| Website | ||
| costs | ||
| £ | ||
| Cost | ||
| Additions | 4,880 | |
| At 31 March 2021 | 4,880 | |
| Net book value | ||
| At 31 March 2021 | 4,880 |
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BUSINESS2SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021
12. Debtors
| Due within one year Trade debtors Other debtors 13. Creditors: Amounts falling due within one year Other taxation and social security Accruals and deferred income 14. Statement of funds Statement of funds - current period Unrestricted funds General Funds - all funds 15. Summary of funds Summary of funds - current period General funds |
Income £ 146,384 Income £ 146,384 |
Expenditure £ (134,886) Expenditure £ (134,886) |
2021 £ 3,770 1,307 |
|---|---|---|---|
| 2021 £ 35,415 2,500 |
|||
| 37,915 | |||
| Balance at 31 March 2021 £ 11,498 |
|||
| Balance at 31 March 2021 £ 11,498 |
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BUSINESS2SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021
16. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Intangible fixed assets Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ 4,880 44,533 (37,915) 11,498 |
Total funds 2021 £ 4,880 44,533 (37,915) 11,498 |
|---|---|---|
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