**Charity registration number 1187045**
## **INSPIRING TEACHERS**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **INSPIRING TEACHERS**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
## **Charity number Registered office**
## **Independent examiner**
S Morton V West G Stead 1187045 Quill Cottage Marsh Lane Taplow SL6 0DF Joanna Boatfield ACA Ensors Accountants LLP Victory House Vision Park Chivers Way Histon CB24 9ZR
## **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 - 15|
## **INSPIRING TEACHERS**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
The trustees present their annual report and financial statements for the year ended 31 March 2023.
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 aims to expand quality education to children in low-resource settings by creating and scaling programs and platforms that make great teaching easier in the hardest places. We work in Uganda, Ghana, Tanzania and Zambia, and our approach involves developing and designing tools, including training approaches and ed-tech products, that combine to enable better integrated professional development and support programs for teachers and school leaders.
We are registered as a charity in the UK and run our programs by partners with high-potential local organisations in low-resource contexts – supporting them to elevate teaching and school leadership and fulfil the promise of education for children and families in their contexts.
## **Our Approach**
Our approach involves identifying problems that constrain teacher support systems and using user-centered approaches to design solutions that solve them. Doing this requires drawing on research and working with users to understand and design based on their needs and feedback.
Our team has used a theme-based roadmap to focus our innovation agenda. Themes include:
1. Creating tools that make excellent teaching easier.
2. Bringing effective professional development “in-school”.
3. Designing approaches that strengthen existing systems.
Whereas many programs in our sector focus on trying to “change the person”, we strongly emphasise “changing the task” of good teaching and school leadership and providing tools and job aids that make those tasks more manageable. This focus is reflected in our continued investment in tools and materials and how our programs approach training as “training on our program” rather than the entirety of the program itself.
## **Achievements and performance**
During the year at Inspiring Teachers, we continued to transform into an organisation with a strong and integrated program and platform.
We refocused our programs on sub-Saharan Africa, and we ran programs in Uganda, Tanzania, Ghana and Zambia.
On the program delivery side:
1. We ran testbed programs alongside local partners in Uganda, Tanzania and Ghana, supporting 26 schools.
2. We established a new partnership in Zambia with Project Luangwa to set up a program.
3. We had 90 educators contribute towards our Fellowship programs.
- 1 -
## **INSPIRING TEACHERS**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
In parallel, we continued to strengthen our platform of tools. Key areas of progress include:
1. Developing a new teacher peer coaching program with comprehensive materials and integrated school leader training.
2. We are building school leader and field officer functionality for SmartCoach, our digital tool for managing teaching coaching.
3. Creating and piloting a series of curriculum-aligned teacher guides.
4. Our team also developed two film series – one in collaboration with the World Bank and the other with the Ministry of Education in Uganda. We have integrated these films into our program model and are distributing them via SmartCoach.
We referenced some of the above items in our previous financial report, but costs for their delivery fell in the financial period 22-23.
## **Outlook**
A priority for Inspiring Teachers is now to deepen our program's impact while refining and simplifying its delivery to make it scalable.
In pursuit of this, we are developing a structured pedagogical program for foundational literacy. The program will be guided by the latest research on how reading can be supported while also grounded in what will be practical for teachers in both low-fee and public schools in Ghana and Zambia, where we work.
We plan to continue using our testbed approach to refine and hone our programs and explore opportunities for technology integration, particularly by extending and honing the feature set of our application, SmartCoach.
Our trustees have been encouraged by Inspiring Teachers' progress in 2023. Our view is that the steady investments the organisation has made in its programs and platforms are now paying off and positioning it for growth and deepening impact in the year ahead.
## **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. At the same time consideration is given to ways in which additional funds may be raised. This level of reserves has not been maintained throughout the year, but the trustees are working towards achieving this.
Total incoming resources during the year amounted to £417,628 (2022 - £234,674).
Net outgoing resources for the year were £337,417 (2022 - £118,135 ).
At the year end there was a deficit in unrestricted funds of £4,908 (2022 - £85,119). There were no restricted funds.
The three most significant 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.
- 2 -
## **INSPIRING TEACHERS**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
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. We intend 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 its 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, the charity has received assurances from its main creditor that funds will only be called in as the charity is able to meet these calls. Additionally we generated incoming resources during the year and our financial position has further improved since year end.
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.
The trustees who served during the year and up to the date of signature of the financial statements were:
S Morton V West G Stead
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 charity's 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.
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## **INSPIRING TEACHERS**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
The trustees' report was approved by the Board of Trustees.
S Morton **Trustee**
31 January 2024
- 4 -
## **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 year ended 31 March 2023.
## **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**
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of 2, which is one of the listed bodies.
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:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements 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 financial statements to be reached.
## **Ensors Accountants LLP**
Joanna Boatfield ACA Victory House Vision Park Chivers Way Histon CB24 9ZR
Dated: 31 January 2024
- 5 -
## **INSPIRING TEACHERS**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2023**|**2022**|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Donations and legacies|**3**|344,606|234,674|
|Charitable activities|**4**|72,454|-|
|Investments|**5**|568|-|
|**Total income**||417,628|234,674|
|Charitable activities|**6**|337,417|118,135|
|**Net income and movement in funds**||80,211|116,539|
|**Reconciliation of funds:**||||
|Fund balances at 1 April 2022||(85,119)|(201,658)|
|**Fund balances at 31 March 2023**||(4,908)|(85,119)|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 6 -
## **INSPIRING TEACHERS**
## **BALANCE SHEET**
## _**AS AT 31 MARCH 2023**_
|**Notes**
**Fixed assets**
Tangible assets
**11**
**Current assets**
Debtors
**12**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**14**
Net current liabilities
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**15**
**Net liabilities**
**The funds of the charity**
Unrestricted funds|**2023**
**£**
**£**
9,707
1,224
13,644
14,868
26,711
(11,843)
(2,136)
(2,772)
(4,908)
(4,908)
(4,908)|**2022**
**£**
**£**
10,615
623
10,247
10,870
23,735
(12,865)
(2,250)
(82,869)
(85,119)
(85,119)
(85,119)|
|---|---|---|
The financial statements were approved by the trustees on 31 January 2024
S Morton **Trustee**
- 7 -
## **INSPIRING TEACHERS**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, 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 its 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, it has received assurances from the main creditor that funds will only be called in as the charity is 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 or grantors 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.
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.
- 8 -
## **INSPIRING TEACHERS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **1 Accounting policies**
## **(Continued)**
## **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% straight line Computers 33% straight line Motor vehicles 20% reducing balance basis
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.
- 9 -
## **INSPIRING TEACHERS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **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 payments 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.
## **1.10 Foreign exchange**
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
## **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 Income from donations and legacies**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2023**|**2022**|
||**£**|**£**|
|Donations and gifts|153,883|6,635|
|Grants receivable|190,723|228,039|
||344,606|234,674|
- 10 -
## **INSPIRING TEACHERS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **4 Income from charitable activities**
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2023**|**2022**|
|||**£**|**£**|
||Provision of Teacher Development Resources|72,454|-|
|**5**|**Income from investments**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2023**|**2022**|
|||**£**|**£**|
||Interest receivable|568|-|
|**6**|**Expenditure on charitable activities**|||
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2023**|**2022**|
||**£**|**£**|
|**Direct costs**|||
|Programme costs|133,301|11,423|
|Consultancy|-|3,965|
|Profit or loss on foreign exchange|6,675|7,108|
|Sundry expenses|805|583|
|Professional fees|149,800|53,256|
|Subscriptions|3,927|6,765|
|Travelling|23,043|16,874|
||317,551|99,974|
|**Share of support and governance costs (see note 7)**|||
|Support|16,313|14,921|
|Governance|3,553|3,240|
||337,417|118,135|
|**Analysis by fund**|||
|Unrestricted funds|337,417|118,135|
- 11 -
## **INSPIRING TEACHERS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **7 Support costs allocated to activities**
|Depreciation
Bank charges
Loan interest payable
Telecommunications
Communications costs
Loss on sale of assets
Printing, postage and stationery
Conference costs
Governance costs
**Analysed between:**
Unrestricted funds|**2023**
**£**
2,302
5,367
1,105
2,851
189
-
3,810
689
3,553
19,866
19,866|**2022**
**£**
2,357
609
2,731
813
4,445
3,966
-
-
3,240|
|---|---|---|
|||18,161|
|||18,161|
## **8 Trustees**
Other than as outlined below, none of the trustees (or any persons connected with them) received any remuneration (2022 - £nil) or benefits in kind (2022 - £nil) from the charity during the year.
During the year the charity paid £41,400 (2022 - £33,465) to Simon Graffy, a trustee who resigned during the previous year. Additionally during the year Simon Graffy covered a number of operating expenses, including program delivery, printing, staff travel and partnership development. These costs were reimbursed to him and amount to £36,538 (2022 - £nil). The 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 balance sheet date the charity owed him £20,562 (2022 - £nil).
## **9 Employees**
The average monthly number of employees during the year was:
||**2023**|**2022**|
|---|---|---|
||**Number**|**Number**|
|Total|-|-|
There were no employees whose annual remuneration was more than £60,000.
## **10 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
- 12 -
## **INSPIRING TEACHERS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**11**
**Tangible fixed assets**
**Fixtures and**
**fittings**
**Computers**
**£**
**£**
**Cost**
At 1 April 2022
4,508
1,031
Additions
-
1,394
At 31 March 2023
4,508
2,425
**Depreciation and impairment**
Depreciation charged in the year
523
764
At 31 March 2023
523
764
**Carrying amount**
At 31 March 2023
3,985
1,661
At 31 March 2022
4,508
1,031
**12**
**Debtors**
**Amounts falling due within one year:**
Prepayments and accrued income
**13**
**Loans and overdrafts**
Loans from philanthropic organisations
Payable within one year
Payable after one year
**14**
**Creditors: amounts falling due within one year**
**Notes**
Loans from philanthropic organisations
Deferred income
**16**
Trade creditors
Other creditors
Accruals|**Motor**
**vehicles**
**£**
5,076
-
5,076
1,015
1,015
4,061
5,076
**2023**
**£**
1,224
**2023**
**£**
-
-
-
**2023**
**£**
-
2,608
-
20,563
3,540
26,711|**Total**
**£**
10,615
1,394|
|---|---|---|
|||12,009|
|||2,302|
|||2,302|
|||9,707|
|||10,615|
|||**2022**
**£**
623|
|||**2022**
**£**
81,611|
|||5,536
76,075|
|||**2022**
**£**
5,536
12,259
1,800
-
4,140|
|||23,735|
- 13 -
## **INSPIRING TEACHERS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**15**
**Creditors: amounts falling due after more than one year**
**Notes**
Loans from philanthropic organisations
Deferred income
**16**
**16**
**Deferred income**
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Non-current liabilities
Movements in the year:
Deferred income at 1 April 2022
Released from previous periods
Resources deferred in the year
Deferred income at 31 March 2023|**2023**
**£**
-
2,772
2,772
**2023**
**£**
5,380|**2022**
**£**
76,075
6,794
82,869
**2022**
**£**
19,053
**2022**
**£**
12,259
6,794
19,053
6,566
(4,005)
16,492
19,053|
|---|---|---|
||||
||**2023**
**£**
2,608
2,772
5,380
19,053
(18,753)
5,080
5,380||
Income relating to teaching programmes is initially deferred, then recognised to match it with the period it relates to.
- 14 -
## **INSPIRING TEACHERS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **17 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
||**At 1 April**|**Incoming**|**Resources**|**At 31 March**|
|---|---|---|---|---|
||**2022**|**resources**|**expended**|**2023**|
||**£**|**£**|**£**|**£**|
|General funds|(85,119)|417,628|(337,417)|(4,908)|
|**Previous year:**|**At 1 April**|**Incoming**|**Resources**|**At 31 March**|
||**2021**|**resources**|**expended**|**2022**|
||**£**|**£**|**£**|**£**|
|General funds|(201,658)|234,674|(118,135)|(85,119)|
- 15 -