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2021-03-31-accounts

Charity Registration No. 1187045

INSPIRING TEACHERS

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2021

INSPIRING TEACHERS

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Charity number

Registered office

Independent examiner

Mr S C Graffy S Morton V West G Stead

1187045 21 Oak Green Billericay CM11 2JU

Joanna Boatfield ACA Ensors Accountants LLP Victory House Vision Park Chivers Way Histon Cambridgeshire CB24 9ZR

(Appointed 19 December 2019) (Appointed 19 December 2019) (Appointed 28 June 2021) (Appointed 4 December 2021)

INSPIRING TEACHERS

CONTENTS

Page
Trustees' report 1 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 14

INSPIRING TEACHERS

TRUSTEES' REPORT

FOR THE PERIOD ENDED 31 MARCH 2021

The trustees present their annual report and financial statements for the period ended 31 March 2021.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity's Memorandum and Articles of Association , the Charities Act 2011 and "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 trustees have referred to the Charity Commission’s general guidance on Public Benefit when reviewing our aims and objectives and in planning the charity's future activities and believe that the activities of the charity clearly demonstrate a direct public benefit.

Objectives and activities

Background

Inspiring Teachers is an innovative nonprofit that develops programs and platforms that enable school and system leaders to better support teachers to improve learning in classrooms.

Established to advance work beg a n in 2010 and previously led by Limited Resource Teacher Training (LRTT) and the UK Charity Inspiring Futures, Inspiring Teachers has a more extensive remit and vision, aspiring to improve learning outcomes at a large scale in low-resource contexts.

Inspiring Teachers Manifesto & Ethos

Our Mission is to empower teachers in low-resource classrooms to achieve inspiring outcomes for their students and a future where every child gets the learning they need to thrive.

We believe every child has a right to high-quality education and every teacher wants to make a great impact on the lives of their students. Great teaching does this by laying the foundation for people to thrive. This represents humanity at its very best.

But to master their craft and achieve great results for their students, teachers need excellent training, consistent support and opportunities to grow. Today, in low-resource education systems, providing these things has proven a major challenge and millions of children are in school but not learning at expected levels.

Our team have identified a set of persistent problems that prevent education systems from giving teachers the support they need to provide quality education in their classrooms. We aim to identify, design, develop, and roll out solutions to address these problems.

We are working towards a future where:

  1. System Leaders have the tools they need to oversee robust programs at scale.

  2. School leaders are systematically supported and elevated as instructional leaders

  3. Every teacher is a lifelong learner, empowered to make a great impact

  4. 1 -

INSPIRING TEACHERS

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2021

Our Approach

Inspiring Teachers builds tools and works with partners to run programs that help school and system leaders solve these persistent problems in their contexts. We design our programs and tools to complement each other and combine them as an integrated offering that school and system leaders can use to support teachers to achieve inspiring outcomes for their students.

In designing our programs, we draw on insights from educational research, behavioural science and the most effective programs — both within and outside of education. These insights inform how we build our products and find ways to make our programs more scalable, impactful and cost-effective by harnessing technology.

Our team are committed and passionate because we believe that getting teachers the support they deserve is both a moral imperative and one of the greatest impact opportunities of our time.

You can learn more about our programs and our platforms at www.inspiringteachers.org

Achievements and performance

During the period, Inspiring Teachers has worked within the aims set out in its constitution to advance the education of children in schools by providing training to teachers and school leaders.

The charity completed integration with Limited Resource Teacher Training (LRTT) and has has taken on full responsibility for operating the programs previously managed by LRTT and Inspiring Futures. The purpose of this integration was to establish a single Charitable I ncorporated O rganisation with a brand and organisational structure that positions it to attract and raise funds from a wider group of institutional funders while continuing to build on the work done under the LRTT brand name through Inspiring Futures and LRTT.

As part of the integration, Inspiring Teachers conducted an internally led rebrand and developed an organisational strategy and communications plan to position the organisation for more significant partnerships and programs.

Through a combination of school closures and travel restrictions, the pandemic significantly interrupted our programming during the year.

Our team took this as an opportunity to build tools and develop program materials for implementation through partnerships. This work is already yielding significant interest from prospective partners, including the World Bank and several leading nonprofit organisations working in low-resource education settings, including Uganda, Zambia, Tanzania, Ghana, and India.

We are grateful for our members' committed support and solidarity shown by our program partners. They have been resolute in their commitment to our work despite the challenges of the pandemic. We are also grateful to the World Bank Coach team, Pace Able Foundation, Bisconti Family Foundation, Peter Cundhill Foundation, Truss Fund and Open Road Alliance for their support and partnership during the period.

Ensuring the safety of our volunteers and contractors has been a priority during the period and led us to develop and revise our standard operating procedures for managing our training and Fellowship programs. These new processes build on the organisations already significant set of program management policies. In addition, the organisations maintain robust child protection policies reviewed annually and other policies.

Our strategy has been to wait until we have established the Inspiring Teachers new website and navigated some of the turbulence caused by the pandemic before recruiting new trustees. However, we believe that with our new brand and communications in place, we will be in a solid position to build a high calibre board with expertise, experience, and relationships that will help the organisation deliver its strategy. We aim to recruit a diverse group of trustees that brings a combination of leadership, lived experience and technical expertise to build an increasingly effective and efficient organisation.

INSPIRING TEACHERS

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2021

Financial review

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity ’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has not been maintained throughout the period , but the trustees are working towards achieving this.

Total incoming resources amounted to £49,153.

Net outgoing resources for the year were £250,811 and included £150,418 of liabilities taken on as part of the process of transferring activities from Inspiring Futures and LRTT to Inspiring Teachers.

At the period end there was a deficit in unrestricted funds of £201,658. There were no restricted funds.

The three largest risks the organisation faces are

  1. ensuring the impact and efficacy of our programs and

  2. securing enough funding to deliver our vision,

  3. bringing together and keeping together the right group of people to deliver the vision.

We manage and aim to mitigate these risks by:

  1. Aiming to use an "evidence in, evidence within and evidence out" approach to ensure our programs are effective. We draw on the latest research as we design the program. We embed mechanisms for gathering data from implementation as a byproduct of program delivery and intend to, at the right time, work with external partners to evaluate the efficacy of our programs.

  2. Taking a diversified approach to fundraising and income generation. We generate membership income from teachers who contribute to our work through our Fellowships, receive revenue from consulting projects, and raise unrestricted grant funding. During the period, we used loan financing. We intend to transition to a combination of earned income, unrestricted funding and as the "market for impact" develops — outcomes funding.

  3. Demonstrating a strong commitment to our work during this period. The core team members' combined skill sets and insights have been the key determining factor to the organisation's strong performance in navigating the challenges of the pandemic and developing innovative tools and programs. Our intention is to retain key people, increasingly transitioning them from being contractors and volunteers, to where appropriate, being employees.

Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity has considered the impact of COVID-19 and the impact on its forecasts and working capital requirements for a period of 12 months from the date of signing these financial statements. Whilst the charity has negative reserves at the date of the accounts, we have received assurances from our lenders, who are philanthropic organisations, that they will only call in funds as we are able to meet these calls. On that basis, the trustees have adopted the going concern basis of accounting in preparing these financial statements.

Structure, governance and management

The charity is a Charitable Incorporated Organisation. Its governing document is the constitution adopted on 19th December 2019.

INSPIRING TEACHERS

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2021

The trustees who served during the period and up to the date of signature of the financial statements were:

Mr S C Graffy (Appointed 19 December 2019) S Morton (Appointed 19 December 2019) V West (Appointed 28 June 2021) G Stead (Appointed 4 December 2021)

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £ 1 in the event of a winding up.

We onboard new trustees by introducing them to our policies and working principles. Where possible, we intend to create opportunities for our trustees to visit our programs and meet with our partners and beneficiaries.

We are committed to delivering high value for money programs and believe that doing so will demand building and retaining a solid team who receive competitive compensation. Our approach to ensuring this is to build relationships with philanthropic investors who believe strongly in our cause and in the importance of effective management and strong teams.

During the period, one trustee took on responsibility for ensuring the charities navigation through the challenges of COVID -19. The trustees determined that the trustee was, as the organisation's founder, better placed than any alternative candidate to take on this responsibility.

The trustees' r eport was approved by the Board of Trustees.

S Morton Trustee

31 January 2022

INSPIRING TEACHERS

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF INSPIRING TEACHERS

I report to the trustees on my examination of the financial statements of Inspiring Teachers (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 financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all 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 financial statements in accordance with Accounting and Reporting by 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 now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with 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:

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 financial statements to be reached.

Ensors Accountants LLP

Joanna Boatfield ACA Victory House Vision Park Chivers Way Histon Cambridgeshire CB24 9ZR

Dated: ......................... 31 / 01/ 2022

INSPIRING TEACHERS

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 MARCH 2021

Unrestricted
funds
2021
Notes
£
Income from:
Donations and legacies 3 46,389
Charitable activities 4 2,764
Total income 49,153
Expenditure on:
Charitable activities 5 100,393
Other Expenses 9 150,418
Total resources expended 250,811
Net expenditure for the period/
Net movement in funds (201,658)
Fund balances at 19 December 2019 -
Fund balances at 31 March 2021 (201,658)

The statement of financial activities includes all gains and losses recognised in the period.

All income and expenditure derive from continuing activities.

INSPIRING TEACHERS

BALANCE SHEET

AS AT 31 MARCH 2021

2021
Notes £ £
Fixed assets
Tangible assets 10 12,072
Current assets
Debtors 11 1,318
Cash at bank and in hand 26,262
27,580
Creditors: amounts falling due within one year 13 (215,699)
Net current liabilities (188,119)
Total assets less current liabilities (176,047)
Creditors: amounts falling due after more than one year 14 (25,611)
Net liabilities (201,658)
Income funds
Unrestricted funds (201,658)
(201,658)

The financial statements were approved by the Trustees on 31 January 2022

S Morton Trustee

INSPIRING TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021

1 Accounting policies

Charity information

Inspiring Teachers is a Charitable Incorporated Organisation, registed on 19 December 2019.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity has considered the impact of COVID-19 and the impact on its forecasts and working capital requirements for a period of 12 months from the date of signing these financial statements. Whilst the charity has negative reserves at the date of the accounts, we have received assurances from our lenders, who are philanthropic organisations, that they will only call in funds as we are able to meet these calls. On that basis, the trustees have adopted the going concern basis of accounting in preparing these financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

INSPIRING TEACHERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 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 are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 10% Computers 33% Motor vehicles 20%

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

INSPIRING TEACHERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted
funds
2021
£
Donations and gifts 740
Grants receivable 45,649
46,389

INSPIRING TEACHERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2021

4 Charitable activities

Unrestricted
funds
2021
£
Other income 2,764
5 Charitable activities
Unrestricted
funds
2021
£
Direct costs 1,316
Insurance 359
Consultancy 2,750
Profit or loss on foreign exchange (10,861)
Sundry expenses 318
Professional fees 97,461
Subscriptions 2,206
Travelling 1,065
94,614
Share of support costs (see note 6) 4,079
Share of governance costs (see note 6) 1,700
100,393

INSPIRING TEACHERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2021

6 Support costs

Support
costs
Governance
costs
£
£
Depreciation
810
-
Bank charges
1,134
-
Loan interest payable
1,458
-
Telecommunications
677
-
Independent examination
-
1,500
Other accountancy costs
-
200
4,079
1,700
Analysed between
Charitable activities
4,079
1,700		 2021
Support
costs
Governance
costs
£
£
£
810
-
-
1,134
-
-
1,458
-
-
677
-
-
1,500
-
-
200
-
-
5,779
-
-
5,779
-
-

7 Trustees

No pension contributions were made on behalf of any of the trustees.

Other than as outlined below, n one of the trustees (or any persons connected with them) received any further remuneration or benefits from the charity during the period.

During the period, the charity paid £33,249 to Simon Graffy, a trustee, in respect of consultancy services provided. These payments were made under the legal authority provided by the governing document of the charity, on the basis that there was no other individual to take on this consultancy role. There was no remuneration in respect of his services as a trustee, and at the 31st March 2021, the charity owed him £57,250.

8 Employees

The average monthly number of employees during the period was:

2021
Number
Total -

There were no employees whose annual remuneration was more than £60,000.

INSPIRING TEACHERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2021

9 Other Expenses

Unrestricted
funds
2021
Liabilities taken on as part of the restructuring of Inspiring Futures and Limited Resource
Teacher Training 150,418

Inspiring Teachers was initially established with the same Trustees as Inspiring Futures (a UK charity with Charity number 1148464). Inspiring Teachers took on the activities, assets and liabilities of both Inspiring Futures and Limited Resources Teacher Training (a UK Limited company and social enterprise controlled by Simon Graffy and working with Inspiring Futures to meet charitable objectives) on 30 September 2020.

As part of this transaction, Inspiring Teachers took on net liabilities of £150,418, which has been recognised as Other Expenditure in the Statement of Financial Activities.

10 Tangible fixed assets

Fixtures and
fittings
Computers Motor vehicles
£
£
£
Cost
Business combinations
5,227
795
6,859
At 31 March 2021
5,227
795
6,859
Depreciation and impairment
Depreciation charged in the period
196
99
514
At 31 March 2021
196
99
514
Carrying amount
At 31 March 2021
5,031
696
6,345
11
Debtors
Amounts falling due within one year:
Prepayments and accrued income		 Total
£
12,881
12,881
809
809
12,072
2021
£
1,318

INSPIRING TEACHERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2021

12
Loans and overdrafts
Loans from philanthropic organisations
Payable within one year
Payable after one year		 2021
£
78,189
52,578
25,611

13 Creditors: amounts falling due within one year

Loans from philanthropic organisations
Trade creditors
Other creditors
Accruals and deferred income
Recoverable grant
14
Creditors: amounts falling due after more than one year
Loans from philanthropic organisations		 2021
£
52,578
9,408
57,250
11,866
84,597
215,699
2021
£
25,611