Now Teach
Annual Report and Financial Statements
31 August 2024
Charity Registration Number 1189146 (England and Wales)
Company Registration Number 11872096 (England and Wales) Limited by Guarantee
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Contents
Reports
| Reports | |
|---|---|
| Reference and administrative details of | |
| the charitable company, its | |
| trustees and advisers | 1 |
| Trustees’ report | 2 |
| Independent auditor’s report | 12 |
| Financial Statements | |
| Statement of financial activities | 16 |
| Balance sheet | 17 |
| Statement of cash flows | 18 |
| Notes to the financial statements | 19 |
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Reference and administrative details of the charitable company, its trustees and advisers
| Trustees Company Secretary Registered Office Telephone Website Company Registration Number Charity Registration Number Auditors Principal bankers |
Graham Elton (Chair) Sonya Branch (Chair of Finance & Risk Committee) Graeme Danton James Darley Lucy Heller (Chair of Nominations and Remuneration Committee) Bansi Kara Lucy Kellaway Paterno Odong Carole Twiselton Robert Craig Katharine Waldegrave Charles Kirwan-Taylor (to be formally appointed in April 2025) James Riddiford, interim COO 4 Bloomsbury Square London WC1A 2RP 020 7430 8878 https://nowteach.org.uk/ 11872096 (England and Wales) 1189146 (England and Wales) Buzzacott LLP 130 Wood Street London EC2V 6DL Lloyds Bank plc 95 George Street Croydon CR9 2NS |
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Trustees’ report Year to 31 August 2024
The trustees present their report together with the financial statements of Now Teach (the ‘charitable company’) for the year ended 31 August 2024. The report has been prepared in accordance with Part 8 of the Charities Act 2011 and constitutes a directors’ report for the purposes of company legislation.
The financial statements have been prepared in accordance with the accounting policies set out on pages 19 to 21 and comply with the charitable company’s memorandum and articles of association, applicable laws 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 United Kingdom and Republic of Ireland (FRS 102).
Objectives and activities
Now Teach is a charity that specialises in attracting experienced professionals - typically with 15–30 years of industry expertise - into teaching and; by providing targeted support ensures they stay in the profession, helping to tackle shortages in high-need subjects and schools.
Now Teach provides a support package of one-to-one guidance; wellbeing, subject and career coaching; and access to a wider network of peers to source solutions. We support Now Teachers, training providers, schools and the wider education system to realise the full potential of career-changers in education. Now Teach measures its success on the number of experienced career changers it attracts and retains as teachers. So far, we have recruited 1,100+ career-change teachers with real-world experience in the subjects they teach. Our recruits are weighted towards the highest-need subjects, with 95% teaching in shortage subjects and over 60% in Science, Technology, Engineering and Maths. Now Teachers are 36% more likely to be teaching for at least two years after qualifying than their age peer group. Our average recruit is 47 years old, compared to a national average of 28.
Public benefit
In determining the objectives and activities of the charitable company, the trustees confirm that they have given due consideration to the Charity Commission’s guidance in relation to Public Benefit and are satisfied that the charitable company complies with Section 4 of the Charities Act 2011. Now Teach exists to support the advancement of education for the benefit of the public, and further details of how this has been achieved are set out within the remainder of this annual report.
Achievements and performance
In 2023/24 the need for Now Teach was greater than ever as the teacher recruitment and retention crisis. According to the last figures from the Department for Education, teacher vacancies more than doubled in the last three years. Forty thousand teachers left the profession in 2024, a similar number to 2023. There are multiple issues impacting schools and young people today and a strong and diverse supply of talent into the teaching profession is much needed. We were able to respond to this and exceeded our DfE target by supporting 210 Now Teachers into teacher training from September 2024.
Historically, Now Teach’s funding mix had been 80-90% government funded (depending on the year) and 10-20% philanthropically funded. In March 2024 the team came to understand that the previous government contract would not be reprocured despite having exceeded targets over the contract lifetime.
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Trustees’ report Year to 31 August 2024
The DfE will honour our contract for ongoing support to the career changers who are already within our programmes through to December 2026, but this decision meant we would not be funded by the government to recruit new cohorts of teachers from September 2024 onwards. The net effect of this was that the income we received from DfE would reduce by c.£700k in the 2024/25 financial year, representing some 40% of our planned expenditure
As a result, Now Teach raised a serious incident with the Charity Commission. An extensive media campaign ran alongside a fundraising campaign which achieved income of £2.9m primarily phased across a 3-year funding period. These bridging funds provided some headroom to work towards a new, more diversified funding model incorporating increased philanthropic support and testing the potential for modest earned income alongside hopedfor future government contribution. The funds have provided Now Teach with time to pivot the funding model and to plan for the future.
In September 2024 the team concluded a restructure which reduced headcount from 24 to 18 to reduce the cost base whilst still allowing for delivery of the mission, vision and ambition.
The year in numbers
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We continue to buck sector trends with over 70% of Cohort 2024 starting initial teacher training (ITT) to teach a STEM subject with 23% training to teach Maths specifically. By comparison, last year’s 2023 cohort was made up of 62% STEM with 23% Maths.
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Supporting diversity in age, gender and ethnicity within staff rooms continues with 54% of the cohort identifying as male (an improvement over Cohort 2023’s 44% male cohort) - compared to 39% secondary school 2023 ITT entrants nationally. In addition, 22% of cohort candidates are of ethnic minority status (a reduction from Cohort 2023’s 33% ethnic minority status), which is in line with the roughly 28% of total 2024 ITT entrants nationally, and the average age of a Cohort 2024 member is 47 years old compared to an average age of 28 for 2024 ITT entrants.
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We reach audiences others do not reach. Our coverage has a comparable paid for advertising value of circa quarter of a million pounds per annum. We support Training Providers to engage candidates they otherwise would not have been able to.
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Our brand is engaging a significant number of people, demonstrating the effectiveness of our marketing and public relationships work in making Now Teach a champion for career change to teaching. Now Teach’s name has been seen 10 million times (early 2024 survey) and an estimated 3.5 million are aware of Now Teach, suggesting an extensive audience reach that we can use to make people aware of the career change message. Annually, we have over 100k impressions on our website.
Retention
"I�ve been considering teaching ever since I read about Lucy Kellaway and Now Teach, but haven�t felt like it was the right time for me. When I read about the recent funding cuts, it spurred me to make the leap now rather than wait and risk not having the support of Now Teach. For me, Now Teach offers experts to help find a place and provide application
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support, but more importantly they'll provide the advice of experts and support through the network once I start.� Cohort 2024
Our research tells us that career changers have specific needs. They appreciate:
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Support to translate skills and experience to the new context of schools.
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Help navigating the transition from one professional identity to another: from expert to novice.
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A way to help schools understand the distinct value career changers can add.
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Connection to a community of other professionals navigating the same transition.
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� A ‘third-space’ outside of schools and training providers to bring these elements together.
We have continued to develop our offer for career changers which included a Programme and Network design sprint in early 2024. One of the key recommendations from this process was the need to develop ‘courses and resources’ under our existing programmatic strand.
Additionally, our research highlighted that career changers have many skills and experiences, but it can be hard to harness them within a busy school day. To fill this gap, we are creating an impact framework, based on interviews with Now Teachers, their colleagues and students to get an in-depth understanding of their work in schools.
In our 2024 summer survey:
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88% of respondents reported they were satisfied or very satisfied with the support received from Now Teach, compared to 87% at the same time last year.
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86% of Now Teachers would recommend Now Teach to friends and former colleagues who were considering a new career, compared to 74% at the same time last year.
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95% of respondents agreed or strongly agreed that they bring knowledge of other sectors that enriches their students learning, compared to 89% at the same time last year.
At least 91% of our 2023 cohort achieved qualified teacher status and at least 85% of our 2022 cohort remaining in teaching after two years.
Operations and organisational growth
Over the past year we have focussed on building and improving our infrastructure and the efficiency and effectiveness of our operations. We transitioned to a new IT provider, HandsOnIT to give us closer control of our IT systems and ensure we are operating within a structure appropriate for our needs.
We have completed our annual IT Health Check and have enhanced our security further still as a result. We have also moved to new providers for both HR support and finance. Both providers enable us to manage these processes more closely, have supported us in making improvements and offer increased value for money.
Looking ahead, we have a number of priority areas we are working through to enhance our operational capability further. We are enhancing our risk management processes and procedures to ensure they are proportionate, aligned and responsive. We are also creating our first ever technology and data strategy to guide future tech systems development and
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ensure that these are being undertaken using a shared set of principles. Lastly, we are reviewing and refreshing our values, to ensure that we remain a great place to work in years to come.
Financial review
During the reporting period, the charity earned income of £2,870k (2023 – £2,079k) including £503k of donated services, and incurred expenditure of £2,230k (2023 – £2,165k), including the donated services, resulting in a surplus of £640k (2023 – loss of £86k).
The primary sources of income for the charitable organisation were evenly split between the contract with the Department for Education, accounting for £1,442k (2023 – £1,293k) of total income, alongside donations of £1,429k (2023 – £785k), which includes £503k (2023 - £567k) of pro-bono services provided to the charity. This reflects the significant efforts the charity has made to diversify its sources of income following on from the notification in March 2024 that the Career Change Programme contract would not be reprocured. The charity’s principal expenditure relates to staff costs which for the reporting period amounted to £1,166k (2023 – £1,035k).
Reserves policy and financial position
The trustees have examined the requirement for free reserves, i.e., those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed. The trustees consider that, given the nature of the charitable company’s work, the level of free reserves should be equal to between 3 and 9 months recurring operating expenditure (i.e. between £432k and £1,296k). At year end, the charity held free reserves of £1,470k (£1,648k in unrestricted reserves minus £178k which has been designated by the Trustees for External Relations support (to cover public relations, public affairs, profile raising and fundraising)) in 24/25. This equates to 10.2 months of operating expenditure, outside of policy range.
The trustees have agreed to amend Now Teach’s reserves policy to operate outside of our target reserves level for the 23/24 and 24/25 financial years, because of the fact that significant sums of money have been raised and recognised in these years, but which are intended to be spent in future years, to enable Now Teach to continue to support its beneficiaries (Now Teachers, schools and indirectly, children), and review its strategy in light of the cessation of government funding.
The trustees regularly review both the reserves policy and the level of reserves to ensure that it is appropriate for the organisation’s priorities and considered in conjunction with identified risks. The trustees are confident that the level of reserves is appropriate. As part of our approach to risk management, the Executive Team carry out scenario planning so that we can proactively assess and mitigate financial risks.
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Trustees’ report Year to 31 August 2024
Fundraising
During this year, changes in future funding from the Department for Education Career Change Programme contract meant that Now Teach expedited efforts to fundraise from private sources to sustain and grow our work.
We are enormously grateful to all the funders who responded to media coverage of the DfE’s decision and our subsequent requests for interim funding support, including those donors who wish to remain anonymous. In total £986k was donated by trusts, foundations and individual donors (2022/23 £198k). Amongst new supporters giving for the first time to the charity in the year and/or pledging support for future years were: Julia Rausing Trust, CHK Foundation, John Armitage Charitable Trust, Rothermere Foundation and Berry Street Foundation, as well as several generous individual donors. We are also enormously grateful to longstanding supporters including the Garfield Weston Foundation, the Swire Charitable Trust and AKO Foundation.
Approach to Fundraising
Now Teach’s fundraising is led by the Chief Executive with support from in-house and contracted staff. We do not outsource fundraising activities to other organisations. Now Teach fundraises from a defined list of individuals, companies and charitable trusts and foundations. Fundraising is based on individual relationships with donors, many of whom are introduced to the organisation by Trustees and other supporters connected to the charity. Fundraising approaches are only made to those we already have a connection to, or where we think there would be an interest in Now Teach’s work. We may use fundraising platforms such as JustGiving to promote giving to the charity by those within our network or target.
Now Teach’s Executive fundraising efforts are supported by comprehensive and active Board engagement. Now Teach is a paid member of the Fundraising Regulator and complies with the advice and guidance set by the body. During the year we did not receive any complaints about fundraising.
Risk management
The management of risk is an on-going process, and the trustees undertake regular reviews of the principal risks and uncertainties that the charitable company faces. The Finance & Risk Committee regularly review the policies, systems and procedures to ensure that action can be taken as needed to minimise or manage any potential impact on the charitable company should those risks materialise or identify any further mitigating actions that may be required. The trustees have identified the following main risks which will apply to the charity:
- Challenges in developing a robust and sustainable financial model. Now Teach has successfully diversified its income in this reporting period. Excluding pro bono services, DfE income represented 61% of total income in 23/24, down from 87% in 22/23. The majority of this money was fundraised in a single campaign in response to the funding crisis. While this has enabled Now Teach to develop a strong pipeline for future years, there is still a risk relating to Now Teach’s long-term financial model. Now Teach is mitigating this by developing a long-term strategy, appropriate and diversified funding mix and investing in its fundraising capability over the long term.
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- Challenges relating to the current political landscape and context. If Now Teach fails to operate with an appropriate awareness and sensitivity to the priorities of the current government, it may lose market position and/or relevance, meaning that we struggle to achieve or mission and vision. Now Teach is mitigating this risk by developing a strategy to offer enhanced value, impact and scale to the DfE, whilst also building and maintaining relationships with key stakeholders at all levels to ensure that they understand the value that Now Teach brings to the sector, particularly to the government’s goals of recruiting 6,500 new teachers by the end of this parliament.
Future plans
Now Teach has a target to attract 250 experienced career changers into teaching across England during 2024/25 and in September 2024 began supporting the next cohort of 210 career changers to complete their training. We will also be continuing to support our Network of around 800 career changers previously recruited and supported.
We believe our work has never been more urgent. As a result, and thanks to our bridging funds, we are focused on growth alongside deepening our impact. The government was elected on a very welcome manifesto commitment to recruit 6,500 new expert teachers in the coming years. We believe career changers are a critical part of this.
With the right funding, we can provide 25 percent of the 6,500 new teacher target – at just a fraction of the estimated total policy cost.
Over the next five years we aim to:
Recruit 1,625 new additional teachers each with over 15 years’ industry experience; a third from outside London and the South East; a majority in STEM subjects; and an above-average proportion from ethnic minority groups.
Retain our new teachers at above-average rates.
Address disadvantage by increasing our presence in high-need schools from 30 percent (currently defined as schools with greater than average FSM%) to 60 percent (moving to new definition of including schools with greater than average in any two of: FSM %, Persistent Absence % or SEND % categories).
Deepen impact by supporting career changers to translate their experience into classrooms.
Build our Network further so they support one another and raise the status of the profession.
In delivering on year 1 of our plan for 24/25 Now Teach will achieve its charitable objects for the benefit of pupils, schools and the wider system. We are very proud of what Now Teach has achieved in a relatively short time to change the landscape for career changers moving into teaching, and we remain confident in the value that we continue to deliver at a time when recruitment and retention remains a critical priority for the education sector.
Assessment of going concern
The trustees have considered the impact of the above in their assessment of going concern. At present, there is no intention to wind down the charity or its operations and, as noted above, the charity will be working closely with partners and funders to determine the next steps. The trustees recognise that the decision made by the DfE not to reprocure the Career Change Programme contract impacts on the charity’s existing financial model. However,
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based on the initial success with respect to raising additional funds, a strong future funding pipeline, and a clear value proposition to the DfE as a basis for re-engaging with Now Teach, the trustees are of the opinion that it is appropriate that these financial statements should be prepared on a going concern basis. Further details in respect of the trustees’ assessment of going concern is provided within the principal accounting policies in the notes accompanying the financial statements.
Structure, governance and management
Now Teach was incorporated on 9 March 2019 and is a company limited by guarantee (Company Registration No. 11872096 (England and Wales)) and a registered charity (Charity Registration No. 1189146). The charitable company is governed by its memorandum and articles of association.
Trustees
The Articles require that the Charity has at least three Trustees. Trustees are appointed by the existing Board of Trustees. The Trustees are also the Directors of Now Teach for the purposes of company law and are also the members of the company limited by guarantee.
As well as the main Board, there are two committees – the Finance & Risk Committee and the Nominations & Remunerations Committee – who have delegated responsibility for specific areas
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Finance & Risk Committee : meets quarterly to review detailed programme progress, relevant stakeholder feedback, finances and risk.
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Nominations & Remuneration Committee: meets twice per year to review trustee appointments, executive pay, staff pay awards and areas related to People / HR.
The recruitment of Trustees is a designated responsibility from the Now Teach Board to the Nominations and Recruitment Committee (NRC). This is reviewed at least twice per year.
The NRC undertakes the following actions on an annual basis:
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Check the terms of office for trustees and ensure new and existing trustees know how long they are expected to serve. This information informs the recruitment plan for Trustees.
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Reviews the documentation for the formal process of appointment and induction of new Trustees.
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Reviews the membership of the Now Teach sub-committees.
A Trustee skills audit is also conducted once every 2 years to identify the skills, qualities, diversity and experiences of the Board. Any gaps/trends are noted and these are taken into account for future recruitment of Trustees.
Recruitment process
If there is a need to recruit a new Trustee the following action takes place:
- The NRC are made aware of the rules regarding eligibility and automatic disqualification of trustees.
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Structure, governance and management (continued)
Recruitment process (continued)
The Now Teach procedures for electing or appointing new trustees are set out below:
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Now Teach shortlists candidates based on a CV and cover letter and the trustee person specification. Interviews with the shortlisted candidates are held as required.
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A recommendation is made by the NRC and presented to the Board for approval.
If there is a need to recruit an existing Trustee onto a sub-committee the following actions take place:
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Now Teach advertises any sub-committee vacancy to the existing Board asking for volunteers and then shortlists candidates based on a CV and cover letter and the person specification and then conducts an informal interview with the Chair of the subcommittee.
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A recommendation is made by NRC and presented to the Board for approval.
Induction
The Trustee induction programme includes:
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Meetings and introductions to other trustees, Now Teach Executive team, Co-founders and key stakeholders of Now Teach e.g., Now Teachers, Training providers, schools;
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Invitations to Information evenings, programme events, webinars; and
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Documents for a Trustee induction pack, which include Business strategy, past Board meeting papers, organisational objectives, financial reports and organogram.
The following trustees served during the period of report and up to the date of approval of the annual report and financial statements:
| The following trustees served the annual report and financial |
during the period of report and up to the date of approval of statements: |
|---|---|
| Trustee | Date of appointment / resignation |
| Sonya Branch | Chair of Finance & Risk Committee |
| Graeme Danton | |
| James Darley | |
| Graham Elton | Chair |
| Lucy Heller | Chair of Nominations and Remuneration Committee |
| Bansi Kara | Appointed 31 October 2023 |
| Lucy Kellaway | |
| Paterno Odong | Appointed 31 October 2023 |
| Victoria Tillbrook | Resigned 22 January 2024 |
| Carole Twiselton | Appointed 31 October 2023 |
| Robert Craig | Appointed 18 March 2024 |
| Katharine Waldegrave | Appointed 10 July 2024 |
| Charles Kirwan-Taylor | To be formallyappointed 17 April 2025 |
Trustees are appointed by the Board of Trustees, or by an ordinary resolution of the charity, in accordance with the Articles and Board Terms of Reference.
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Executive Management Team
The trustees consider that they, together with the Now Teach Executive Management Team (EMT) comprise the key management of the charitable company in charge of directing and controlling, running, and operating the charitable company on a day-to-day basis. The members of the EMT during the period of report comprised the following:
| members of the EMT during the | period of report comprised the following: |
|---|---|
| EMT Member | Role |
| Graihagh Crawshaw-Sadler | Chief Executive Officer (appointed October 2023) |
| Ginnie Maxfield-White | Chief Operating Officer (appointed January 2024) |
| Sarah Darrall Shaw | Director of Programme and Network |
| Rob Fryer | Director of Recruitment |
| Jim Riddiford | Interim Chief Operating Officer (appointed December 2024) |
The remuneration of the Executive Management Team is set by the Now Teach Nominations and Remuneration Committee, which reports to the Now Teach Board.
Statement of trustees’ responsibilities
The trustees (who are also directors of Now Teach for the purposes of company law) are responsible for preparing the trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period.
In preparing these financial statements, the trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102);
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Each of the trustees confirms that:
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so far as the trustee is aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and
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the trustee has taken all the steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity’s auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees and signed on their behalf by:
Graham Elton, Director and Chair of the Board of Trustees
Date: 17 / 04 / 2025
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Independent auditor’s report Year to 31 August 2024
Independent auditor’s report to the members of Now Teach
Opinion
We have audited the financial statements of Now Teach (the ‘charitable company’) for the year ended 31 August 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, and the notes to the financial statements, including the principal accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company’s affairs as at 31 August 2024 and of its income and expenditure for the period then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions related to going concern
In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Financial Statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees’ report, which is also the directors’ report for the purposes of company law, for the financial period for which the financial statements are prepared is consistent with the financial statements; and
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the trustees’ report, which is also the directors’ report for the purposes of company law, has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures in respect to the remuneration of trustees specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.
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Trustees’ responsibilities
As explained more fully in the statement of trustees’ responsibilities contained within the trustees’ report, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
-
we ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-
we obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (Statement of Recommended Practice Accounting and Reporting by Charities preparing this accounts in accordance with the Financial reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and the Companies Act 2006);
We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-
making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and
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considering the internal controls in place to mitigate risks of fraud and non-compliance
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Independent auditor’s report Year to 31 August 2024
with laws and regulations.
To address the risk of fraud through management bias and override of controls we:
-
performed analytical procedures to identify any unusual / unexpected relationships; and
-
reviewed journal entries to identify unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-
reading the minutes of meetings of those charged with governance; and
-
enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of this report
This report is made solely to the charitable company’s trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s trustees those matters that we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company’s and the company’s trustees as a body, for our audit work, or the opinions we have formed.
Gumayel Miah (Senior Statutory Auditor) For and on behalf of Buzzacott Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL
22 April 2025
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Statement of financial activities Year to 31 August 2024
| Note Unrestricted 2024 £’000 Income from: Donations and legacies 2 1,379 Charitable activities 3 1,441 Total income 2,820 Expenditure on: Raising funds 4 36 Charitable activities 5 2,135 Total expenditure 2,171 Net income/(expenditure) 649 Transfer between funds 12 19 Net movement in funds 668 Funds balances brought forward 980 Total funds carried forward 1,648 |
Note Unrestricted 2024 £’000 Income from: Donations and legacies 2 1,379 Charitable activities 3 1,441 Total income 2,820 Expenditure on: Raising funds 4 36 Charitable activities 5 2,135 Total expenditure 2,171 Net income/(expenditure) 649 Transfer between funds 12 19 Net movement in funds 668 Funds balances brought forward 980 Total funds carried forward 1,648 |
Restricted 2024 £’000 |
Total 2024 £’000 |
Unrestricted 2023 £’000 Restricted 2023 £’000 |
Total 2023 £’000 |
|---|---|---|---|---|---|
| 50 - |
1,429 1,441 |
685 100 1,294 - |
785 1,294 |
||
| 2,820 | 50 | 2,870 | 1,979 100 |
2,079 | |
| - 59 |
36 2,194 |
- - 2,124 41 |
- 2,165 |
||
| 2,171 | 59 | 2,230 | 2,124 41 |
2,165 | |
| 649 19 |
(9) (19) |
640 - |
(145) 59 - - |
(86) - |
|
| 668 980 |
(28) 78 |
640 1,058 |
(145) 59 1,125 19 |
(86) 1,144 |
|
| 1,648 | 50 | 1,698 | 980 78 |
1,058 |
All of the charitable company’s activities were in relation to continuing operations during the current and prior financial periods.
The charitable company had no recognised gains and losses during the above financial periods and therefore no separate statement of total recognised gains and losses has been presented. The notes on pages 19 to 28 form part of these financial statements
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Balance sheet 31 August 2024
| Notes | 2024 £’000 |
2023 £’000 |
|---|---|---|
| Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets / Net assets Funds Unrestricted funds: General Funds Designated funds Restricted funds 12 |
192 1,839 |
244 990 |
| 2,031 (333) |
1,234 (176) |
|
| 1,698 | 1,058 | |
| 1,470 178 50 |
980 - 78 |
|
| 1,698 | 1,058 |
These financial statements on pages 16 -28 have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime and have been approved by the trustees and signed on their behalf by:
Trustee: Graham Elton, Director and Chair of the Board of Trustees
Date: 17 / 04 / 2025
Company number : 11872096
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Statement of cash flows Year to 31 August 2024
| Notes | 2024 £’000 |
2023 £’000 |
|---|---|---|
| Cash flows from operating activities: Net cash provided by (used in) operating activities 13 Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the start of period Cash and cash equivalents at the end of period Cash and cash equivalents consists of: Cash at the bank in hand |
849 |
(44) |
| 849 990 |
(44) 1,034 |
|
| 1,839 | 990 | |
| 1,839 | 990 |
No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the charitable company and the above cash and cash equivalent.
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Notes to the financial statements Year to 31 August 2024
1 Principal accounting policies Year to 31 August 2024
Basis of preparing financial statements
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared 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 issued in October 2019 (SORP FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and the Companies Act 2006.
The financial statements are prepared on a going concern basis under the historical cost convention, unless otherwise stated in the below accounting policies. The financial statements are prepared in sterling which is the functional currency of the charity.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Funds
Unrestricted general funds 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 .
Designated funds are those that are unrestricted but earmarked by the trustees for a particular purpose.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each significant restricted fund is set out in the notes to the financial statements.
Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. The following specific polices apply:
Contract Income: The DfE Career Changers Contract income is included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of meeting any performance-related conditions there is no unconditional entitlement to the income and its recognition is deferred and included in creditors as deferred income until the performance-related conditions are met. Where entitlement occurs before income is received, the income is accrued. Where KPIs will not or have not been met, the income penalty will be adjusted for during the financial year in which the KPI was not met – i.e. if the 2023 Cohort Recruitment Target is not met, the 2023/24 income will be adjusted based on the agreed penalty level (up to 5% of contract income).
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Notes to the financial statements Year to 31 August 2024
Donations: Donations are recognised on a receivable basis (where there are no performance-related conditions) where the receipt is probable, and the amount can be reliably measured. The probability of receipt of future funds from multi-year donations and grants has been assessed to arise in line with the payment plans agreed by the donors.
Other income: Other income is recognised in the period it is receivable and to the extent the charity has provided the goods or services.
Donated services: The charity receives pro-bono services which are also referred to in these financial statements as gifts-in-kind. These services are recognised as both income and expenditure within these financial statements at the value to the charity which has been assessed to be the amount that would have been charged by the donor had the transaction been completed on a commercial basis.
Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing Now Teach to make a payment 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.
Support costs (including governance costs) represent indirect charitable expenditure and are included in charitable activities on the basis of their use. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of finance, HR, governance and central overheads.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity.
Offsetting
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the SORP FRS102 or FRS 102.
Pension costs and other post retirement benefits
Contributions by the charity in respect of its employees’ personal pension plan and its autoenrolment scheme are charged to the statement of financial activities in the year in which they are earned by those employees.
The charity is auto enrolment compliant for pension purposes and contributes into a defined contribution pension scheme. This scheme means that once contributions are made the pension funds are at the discretion of the members and are outside the control of the charity.
Tax
The charity is exempt from corporation tax on its charitable activities.
Financial instruments
The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows:
Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 10. Prepayments are not financial instruments.
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Notes to the financial statements Year to 31 August 2024
Cash at bank – is classified as a basic financial instrument and is measured at face value.
Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in note 11. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
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.
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.
Liabilities
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.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight-line basis over the lease term.
Critical accounting estimates and judgements
In the application of the charitable company's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical evidence and 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. At this stage there are no critical estimates/ judgments which have been made which apply to these accounts.
Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
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Notes to the financial statements Year to 31 August 2024
2. Donations and legacies
Donations Pro-bono services and other gifts in kind Grants |
Unrestricted 2024 £’000 Restricted 2024 £’000 791 - 503 - 85 50 1,379 50 |
Total 2024 £’000 Unrestricted 2023 £’000 791 98 503 587 135 - 1,429 685 |
Restricted 2023 £’000 100 - - 100 |
Total 2023 £’000 198 587 - |
|---|---|---|---|---|
| 785 |
3. Income from charitable activities
| Programme fees Other fees |
Unrestricted 2024 £’000 1,442 (1) 1,441 |
Total Unrestricted 2024 £’000 1442 (1) |
Unrestricted 2023 £’000 1,293 1 1,294 |
Total 2023 £’000 1,293 1 |
|---|---|---|---|---|
| 1,441 | 1,294 |
4. Expenditure on charitable activities
| Programme delivery Total Expenditure |
Direct Activities £’000 2,072 |
Unrestricted Support Costs (note 6) £’000 63 63 |
31 August 2024 Total £’000 Direct Activities £’000 2,135 59 2,135 59 |
31 August 2024 Total £’000 Direct Activities £’000 2,135 59 2,135 59 |
Restricted Support Costs (note 6) £’000 - |
Direct Activities £’000 59 |
|---|---|---|---|---|---|---|
| 2,072 | 2,135 | 59 | - | 59 |
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Notes to the financial statements Year to 31 August 2024
Prior year comparison
31 August 2023
| Programme delivery Total Expenditure |
Direct Activities £’000 2,038 |
Unrestricted Support Costs (note 6) £’000 87 87 |
Total £’000 2,124 |
Direct Activities £’000 41 |
Restricted Support Costs (note 6) £’000 - |
Direct Activities £’000 41 |
|---|---|---|---|---|---|---|
| 2,038 | 2,124 | 41 | - | 41 |
5. Support costs
| Support costs | ||
|---|---|---|
| Finance HR Governance Other overheads and support staff |
Total 2024 £’000 |
Total 2023 £’000 |
| 6 13 17 27 |
6 14 17 50 |
|
| 63 | 87 |
All support costs were met from unrestricted funds in both the current and prior years.
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Notes to the financial statements Year to 31 August 2024
6. Net income/(expenditure)
Net income/(expenditure) is stated after charging:
| Net income/(expenditure) is stated after charging: | ||
|---|---|---|
| 2024 £’000 |
2023 £’000 |
|
| Staff costs (note 9) Auditor’s remuneration . Audit fee . Prior year under provision . Other services Operating lease rentals |
1,166 14 3 - 10 |
1,035 11 3 3 31 |
7. Trustees’ remuneration and expenses
The trustees neither received nor waived any renumeration during the year (2023: £nil).
The trustees did not have any personal expenses reimbursed during the year (2023: £nil).
The trustees made no donations during the year (2023: £nil).
The trustees have indemnity cover.
8. Staff costs and remuneration of trustees and key management personnel
| 2024 £’000 942 103 105 16 1,166 |
2023 £’000 |
|
|---|---|---|
| Wages and salaries Social security costs Pension costs Redundancy payments (including in Lieu of Notice) |
852 83 100 — |
|
| 1,035 |
Staff numbers
The average number of persons (including the Executive Management Team) employed by the charitable company during the year ended 31 August 2024 was 23 (2023: 22).
Higher paid staff
The number of employees whose benefits (excluding employer pension costs) fell within the following bands was:
| following bands was: | ||
|---|---|---|
| 2024 No. |
2023 No. |
|
| £60,001 - £70,000 £70,001 - £80,000 |
1 2 |
1 — |
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Notes to the financial statements Year to 31 August 2024
9. Staff costs and remuneration of trustees and key management personnel (continued)
Key management personnel
The trustees consider that they, together with the Now Teach Executive Management Team will comprise the key management of the charitable company in charge of directing and controlling, running, and operating the charitable company on a day-to-day basis.
The total amount of employee benefits (including employee pension contributions and employer social security costs) payable in respect of key management personnel for their services to the charity was £396,133 (2023: £386,500).
10. Debtors
| Trade debtors Prepayments and accrued income Creditors Trade creditors Accruals and deferred income Deferred income VAT liability Taxation and social security Other creditors |
2024 £’000 |
2023 £’000 |
|---|---|---|
| - 192 |
3 241 |
|
| 192 | 244 | |
| 2024 £’000 |
2023 £’000 |
|
| 33 25 200 37 37 1 |
36 87 - 27 22 4 |
|
| 333 | 176 |
11. Creditors
Deferred income
| Balance at 1 September 2023 Amount deferred in period Balance at 31 August 2024 |
£’000 - 200 |
|---|---|
| 200 |
The amount deferred in the period relates to funding received from the Julia Rausing Trust for the period starting 1 September 2024
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Notes to the financial statements Year to 31 August 2024
12. Movement in funds
| Restricted funds Research and technology Berry Street Total restricted funds Unrestricted funds General funds Designated funds Total unrestricted funds Total funds |
Balance at 1 September 2023 £’000 78 - |
Income £’000 - 50 |
Expenditure £’000 (59) - |
Gains, losses and transfers £’000 (19) - |
Balance at 31 August 2024 £’000 - 50 |
|---|---|---|---|---|---|
| 78 | 50 | (59) | (19) | 50 | |
| 980 - |
2,642 178 |
(2,171) - |
19 - |
1,470 178 |
|
| 980 | 2,820 | (2,171) | 19 | 1,648 | |
| 1,058 | 2,870 | (2,230) | - | 1,698 |
Analysis of net assets between funds
| Debtors Cash at bank and in hand Creditors: amounts falling due within a year Total net assets |
Unrestricted funds £’000 |
Restricted funds £’000 25 25 - 50 |
Total Funds £’000 |
|---|---|---|---|
| 167 1,814 (333) |
192 1,839 (333) |
||
| 1,648 | 1,698 |
Previous reporting period
| Balance at 1 September 2022 £’000 |
Income £’000 |
Expenditure £’000 |
Gains, losses and transfers £’000 |
Balance at 31 August 2023 £’000 |
|
|---|---|---|---|---|---|
| Restricted funds Research and technology Total restricted funds Unrestricted funds . General funds Total unrestricted funds Total funds |
19 | 100 | (41) | - | 78 |
| 19 1,125 |
100 1,979 |
(41) (2,124) |
- - |
78 980 |
|
| 1,125 | 1,979 | (2,124) | - | 980 | |
| 1,144 | 2,079 | (2,165) | - | 1,058 |
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Notes to the financial statements Year to 31 August 2024
Movement in funds (continued)
Analysis of net assets between funds
| Debtors Cash at bank and in hand Creditors: amounts falling due within a year Total net assets |
Unrestricted funds £’000 |
Restricted funds £’000 |
Total Funds £’000 |
|---|---|---|---|
| 244 912 (176) |
- 78 - |
244 990 (176) |
|
| 980 | 78 | 1,058 |
The specific purposes for which the funds are to be applied are as follows:
Restricted funds
Research and technology
The research and technology fund enables Now Teach to invest in external consultants to help define the capabilities and capacity required to deliver strategy, with focus on tech solutions and support impact evaluation. The funds are used to fund research, technology and evaluation work with external consultants, ImpactBox, InHive and ImpactEd. Within the year, £19k has been transferred from restricted to unrestricted funds as it has been identified that expenditure for this project had been full spent in previous reporting periods but that invoicing had been delayed, and consequently a balancing transfer between funds was required.
Berry Street
For the wellbeing and post-recruitment of Career changers supported by Now Teach.
Designated fund
£178k was set aside in response to the DfE announcement for use in building a strategic External Relations function at Now Teach, to be spent by end 24/25.
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Notes to the financial statements Year to 31 August 2024
13. Net cash provided by (used in) operating activities
| Net income/(expenditure) for the year Decrease in debtors Increase/(decrease) in creditors |
2024 £’000 |
2023 £’000 |
|---|---|---|
| 640 52 157 |
(86) 129 (87) |
|
| 849 | (44) |
14. Pension and other post retirement benefits
Defined contribution pension plans
The charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £105,241 (2023: £99,575).
The pension liability and expense are allocated to unrestricted or restricted based upon the role of the employee that the contribution is for.
The outstanding pension contributions at the year end amounted to £8,143 (2023: £7,418).
15. Related parties
In the year ended 31 August 2024, Now Teach received support from Ark for HR and IT support. These services were provided at cost with Service Agreements in place and one of the Now Teach trustees, Lucy Heller, is the CEO of Ark. The agreement for HR support ended in March 2024, with the agreement for IT supporting ending in June 2024.
During the year ended 31 August 2024, the total included within the expenditure as amounts paid to Ark was £25,641 (2023: £38,068) with no amounts payable at 31 August 2024.
During the year an amount of £1,539 was paid to Teach First for strategy management support. Prof C Twisleton is a Trustee of both Teach First and Now Teach.
16. Ultimate controlling party
The charity is controlled by the trustees.
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