City Pay It Forward CITY PAY IT FORWARD CIO Trustees, Annual Report Year ended 31 December 2023
aty Pay It Forward ao Trustee's Annual Report Year ended 31 December 2023 The trustees present thelr report of the charity for the year ended 31 December 2023 Reference and admlnlstrative detalls Registered charlty name City Pay it Forward CIO Charlty reglstratlon number 1187860 Prindpal office 2 8a8leys Lane London SW6 2AS The trustees S W Eaton QG Nason M Schwartz M Koppenber8 M M Saluja V DeLorenzo V Laing P Metha Trustees are elected to post. Structure governance and management The CIO is a company limited by guarantee registered with the Charity Commission. The trustees, who are also the directors for the purpose of company law and who served during the period and up to the date of signature of the financial statements were as listed above. Purposes of the tharity City Pay it Forward works to advance education for young people by undertakin8 activities relating to but not limited to financial education. trainin8 and mentorship to further knowledge in the areas of money. finance, enterprise, budgetin8 and general economlcs. Our aim is to help address some of the issues of youth indebtedness by educatlng younger generations around financial literacy topics and make sure that good financial habits are developed early on in life.
Objectlves and actlvities CPIF'S objectives for the period have been to contlnue to progress Financial Literacy among primary and secondary school pupils in the UK and to adapt and deliver our programme for use overseas. notably the USA. A summary of our activities during the period is as follows: Progromme development and delivery In the UK, we continued to collaborate with a range of primary and secondary schools across a number of activities. Our face-to-face, in-person delivery of our tailored in school financlal literacy presentations continued In both England and Northern Ireland. In the US, our collaboratlon with University of Miami School of Education and Miami-Dade public schools expanded with the successful roll out our City Pay it Forward fifth grade curriculum across the Los An8eles and Miaml-Dade publlc school districts in May 2023. These two districts (number 2 and 3 largest school districts in the US respectively) serve almost 90,000 fifth grade pupils. City Pay it Forward and the Unlversity of Miami School of Education team delivered a comprehensive bespoke. slx-hour financial literacy curriculum based on City Pay it Forward's existing UK materials and framework, adapted to the US public education system. The initiative is a fantastic collaboration between Miami-Dade public schools. Unlversity of Moami School of Education and City Pay It Forward and was provided to the school distrirt free of charge. We again engaged the Unlversity of Miaml to undertake a post session survey, adding focus 8roups to provide further detail and insights from teachers on the effectiveness and impact of the curriculum and now have year on year comparison with enhanced outcomes to 2022. In both the UK and the US, the train the troiner model is a key element of our programme. During the year, again in collaboratlon with Dr. Mary Avalos from the Unlversity of Miami School of Education, we conducted an extensive three-hour professional development session with math teachers in Miami-Dade. We similarly conducted five two-hour professional development pro8rams with hundreds of math teachers in Los An8eles. We greatly appreciate the UM partnership and are grateful for their support and expertise. We have continued to develop and deepen partnershlps with major academy chains. Our partnership with United Learning has strengthened, and we facilitated puplls to visit the Cowen trading floor in London, challenging stereotypes, broadening horizons and providing an insightful experience for these young people. We were delighted that after a COVID enforced pause that we were able to relaunch our Dragon's Den style competition which st culminated in a presentation by the student teams at Mansion House on 31 January 2023. During 2022. the inltial stages of a Dragon's Den competition were undertaken in partnership with four of the major City livery companles, with finals taking place In January 2023.
At CPIF we use multiple means to ensure the knowledge needed to help navigate a financlal future is available as widely as possible. We use different paradigms to achleve impact, achieving a multipller effect through di8ltal distributlon platforms, educational and corporate partners and our experience and expertise feedin8 into public policy. Engagement In public policy in the UK CPIF continues to contribute to public policy throu8h communication of our on the ground insight and expertise. CPIF'S contributlons drew on our experlence of delivery both in the UK but also included a detailed case study of our recent experience of dellvery In the US, with notable learnlngs. We contlnue to advocate, based on our experience for financial literacy education to become a required part of the national curriculum and for it to be comprehensively and conslstently taught In both primary and secondary schools. This included partlcipation in the Lord Mayorfs National Numeracy Initiative (within the Lord Mayorfs Appeal) and feedin8 in learnings from the post Implementation survey undertaken in the US. Furthermore, we continued to work with members to provide evidence to the All-Parties Parliamentary Group when opportunities arise. Other Founder Quentin Nason and other trustees continue to actlvely promote the importance of embedding financial literacy within the wlder City of London financial community throu8h networking events, participation in the London Stock Exchange's Ring the Bell for Financial Literacy and livery company events all of which bring together key or8anlsations in the field. CPIF actively responds to incomin8 enquiries from teachers and schools from across the UK and around the world. seeking to use, adapt and learn from our materials and curriculum. We continued to explore different ways to leverage our materials and expertise so that they can be used as widely as possible and with maximum impact. Public Benefit In planning and implementing the charitvs activities, the trustees have at all times kept in mind the Charity Commission's guidelines on public benefit. Achlevements and performance During 2023, CPIF further expanded the tailored financial literacy curriculum at scale in the USA. The reintroduction of the Enterprise Challenge competitlon, with pupils from both the Harris Federation and United Learning schools in collaboration with Livery companies was a notable milestone. Financlal revlew During the perlod l January 2023 to 31 December 2023, the charity saw a surplus of expenditure over Income.
The Charitrfs principal expenditure related to continued delivery of our programme and expenses related to our en8a8ement In public pollcy In the UK. In addition to the dellvery and Impact evaluation of a bespoke CPIF literacy module In the Miaml-Dade County Publlc School Distrlct In Florlda comprlsin8 over 27.0(X) students. Declaratlons The trustees declare that they have approved the trustee's report above. Slgned on behalf of the charitrfs trustees Sl8nature Full name Valerie Lain8 Position Trustee Date
CHARITY COMMISSION FOR ENGIAND AND WAIIS Receipts and payments accounts CC16a For the p•rfod frDm To Section A Receipts and payments UnT•slrfct•d funds Endov4rn•nt lund• R••trfct•d funds Totsl fund• La•1 y•ar A1 Recel ts 21x1 4.115 Sub totsl(¢knss income frxAR) A2 AM•t •nd InY•strn•nt ••kn, 4.124 A3Pa ents 398 837 cosis Sub total 18.240 11.778 A4 Asset and Inv•stment Puase8. (so• table) S1 total Totalpayments 1(240 11.778 Net of reCetsI{paYrnents) AS Transf•rn b•twMn funds A6 Cash funds last y•ar end Cash fiinds thls year end 18,040 7.654 13.651 31.691 Section B Statement of assets and liabilities at the end of the period Unrestrfct•d R•strkted funds funds lo rnart £ Endowment funds to Iw•st E lo M•r•si £ B1 Cashfvnds Total cash funds 13.651 CCXX R1 3co3unts (SS)
UnrMertci•d lund• •0 rnw••l C RMtrfct•d fund• Endowm•nl fvnd• •• rn•r••l £ 83 Inv•stm•rt ass•t• Detail B4 Ag••ts r•takd for charmy's own us• ¥rt4ch B5 Uabilitl•s S•3ned by one crf trustees on behav ol al th• busieol Prht Na Dale ol woval l S'ALLIT (o z CCXX fu •crounis (SS) 2011or2024