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2025-08-31-accounts

Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

Charity number: 1189760

CORE & CO FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

CORE & CO FOUNDATION

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 6
Independent auditors' report on the financial statements 7 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 23

Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

CORE & CO FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025

Trustees Natasha Kaplinksy OBE, Chair
Adrian Packer CBE, Chief Executive
Amarjit Talwar MBE
Antonia Harvey
Justin Eniola
Charity registered
number
1189760
Principal office
City Academy
23 Langley Walk
Birmingham
B15 2EF
Independent auditors
Cooper Parry Group Limited
Statutory Auditor
Cubo Birmingham
4th Floor
Two Chamberlain Square
Birmingham
West Midlands
B3 3AX
Bankers
Lloyds Bank
22A Great Hampton Street
Birmingham
B18 6AH

Page 1

Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

CORE & CO FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 September 2024 to 31 August 2025.

Objectives and activities

a. Policies and objectives

The objects of the CIO are, for the public benefit, to advance the development and education of children and young people under the age of 25, providing activities for the pupils of CORE Education Trust and partner schools, but not exclusively.

The Charity's focus is aimed at working with vulnerable, at risk or under-served communities. The Charity's main programme until March 2025 was SAFE Birmingham, a mainstream schools' led programme which aims to prevent young people becoming vulnerable to violent crime. Additional on-going projects are Echo Eternal, a live performance and education programme inspired by and in tribute to Holocaust Survivor testimony; and Raise My Game a multi-sport programme that breaks down barriers to entry into sport for lower socio-economic groups. These two projects are delivered in partnership with CORE Education Trust.

In setting objectives and planning for activities, the Trustees have given due consideration to guidance published by the Charity Commission relating to public benefit.

Achievements and performance

a. Main achievements of the Charity

CORE & Co Foundation is an education charity that provides social justice solutions for children and young people from under-resourced and under-represented communities. We act as arbiters of positive change for children, educators and the systems and structures designed to support them. Our aim is to improve attitudes to learning, deepen levels of motivation and recalibrate life opportunities. Our main focus, in line with our charitable objects is to support the pupils of CORE Education Trust schools. Children in our schools face some of the highest levels of economic and social deprivation in the UK. Their needs are significant and far reaching. Despite this, many of them flourish. This is because CORE Education Trust offers a style of education emphasising personal development opportunities in line with pupil’s more affluent peers. There is a cost to this offer, which is why the Trust set up the Foundation to support the delivery of exceptional enrichment opportunities.

Over the past three years, the main focus of the Foundation has been the delivery of SAFE Birmingham. Funded by the DfE this programme has been delivered in CORE Education schools and 36 partner schools across the city. The project is continuing beyond March 2025, but under the supervision and governance of Birmingham City Council. The Foundation is no longer involved with the delivery of SAFE Birmingham.

Echo Eternal

Founded by CORE Education Trust, Echo Eternal is a live performance and education programme inspired by and in tribute to Holocaust Survivor testimony. The project was originally inspired by British Holocaust survivors’ testimonies, recorded with Natasha Kaplinsky OBE in 2015 and 2016 on behalf of UK Holocaust Memorial Foundation.

Echo Eternal brings together diverse communities in a collaborative context, using a common focus of Holocaust memorial and genocide awareness. This is supported by the creation of civic and artistic alliances between schools with different social and cultural characteristics.

In January 2024, students from CORE Education Trust schools performed with Young Company Members of the National Youth Music Theatre at Buckingham Palace in a private reception hosted by His Majesty The King. In 2025, students from the Royal Ballet School will join the project and share a performance inspired by the story of the Windermere Children.

Page 2

Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

CORE & CO FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Achievements and performance (continued)

Raise My Game

RaiseMyGame breaks down barriers to entry into tennis for ethnically diverse, lower socio-economic girls by partnering with schools in deprived areas of Birmingham (IMD1-4) to deliver inspirational tennis programmes.

In 2024, supported by the LTA Tennis Foundation, #RaiseMyGame provided 27-weeks of professional coaching for 80 KS3 girls from two schools. #RaiseMyGame2 will scale this impact by engaging 480 girls from Jewellery Quarter, Arena, Rockwood and City Academies in a 3-year programme, incorporating summer camps for Year 7s to support with the transition to secondary school.

Financial review

a. Going concern

The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements.

During the year ended 31 August 2025 and up to 31 March 2025, the activity of the Charity has primarily been focused on the delivery of the Department for Education (‘DfE’) funded SAFE Birmingham. The funding received from the DfE under this programme covered the full cost of delivering the programme over the 3-year period to 31 March 2025 and resources required to deliver the programme were all contracted on a fixed term basis and ended in line with the completion of the programme on 31 March 2025.

Once the DfE funded SAFE Birmingham pilot programme ended on 31 March 2025, the Trustees were alert for a need to reconsider its priorities and agreed to continue to support Echo Eternal and #RaiseMyGame2 within the scope of grant funding to the Foundation from the Ronson Foundation and LTA Foundation respectively.

There are no longer any employees of the Foundation and there are no commitments beyond the current grants being received. The Foundation will continue to explore avenues of fundraising activity to raise funds for the Charity to enable it to continue delivering its charitable objects and activities in line with its Constitution. In line with its charitable objects, the Charity will work closely with CORE Education Trust, its Trustees and its Schools and while additional fundraising activities are explored by the Trustees, the Charity may be reliant on support from CORE Educational Trust as its parent organisation. The Board of Trustees of CORE Education Trust have committed to provide ongoing support to the Charity in order for the Charity to continue to meet its charitable objects.

In December 2024, the Board of Trustees of CORE & Co Foundation resolved to amend its Constitution and to adopt an Association model constitution as part of this amendment. At the same time, as part of this amendment process, the Board of Trustees of CORE Education Trust became the sole Member of CORE & Co Foundation under its amended Constitution.

As such, after due consideration, the Board of Trustees have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties about the Charity's ability to continue as a going concern, and thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

b. Reserves policy

Total income receivable during the year amounted to £1,327,069 (2024: £2,432,580) and total expenditure during the year amounted to £1,606,757 (2024: £2,347,281), resulting in an overall deficit of £279,688 (2024: surplus of £85,299). The Charity has total funds of £265,880 (2024: £545,568), consisting of unrestricted funds £1,149 (2024: £1,091) and restricted funds £264,731 (2024: £544,477).

Page 3

Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

CORE & CO FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Financial review (continued)

b. Reserves policy (continued)

It is the policy of the Charity to build unrestricted funds, which are the free reserves of the Charity, at a level that equates to not less than three months core unrestricted expenditure. This will provide sufficient funds to cover management, administration and support costs. At the time of writing unrestricted reserves are minimal. The Charity will build free reserves through the careful financial management of existing and new income streams generated by interventions that support the development and education of children and young people.

c. Principal risks and uncertainties

c. Principal risks and uncertainties
Risk Mitigations
Financial sustainability: Time limited funding for SAFE
Birmingham from the Department for Education and
no other major funding plans currently in place.		 The Foundation is reviewing its long-term strategy
beyond SAFE. New potential funders and supporters
are being identified and approached for longer term
funding. Initial funding for the Foundation’s main two
projects outside of SAFE is secure.
Governance: Risks relating to subsidiary status. Subsidiary status is being actively reviewed by CORE
Education Trust with a view to a potential constitutional
amendment in 2025-26 period.
Operations sustainability: Relationship between CORE
Education Trust and the CORE & Co Foundation.		 The current SLA is under review with a view to
creating a more sustainable leadership model for the
Foundation from September 2026.

Structure, governance and management

a. Constitution

CORE & Co Foundation is a registered charity, number 1189760, and was constituted on 2 June 2020 using a Foundation model constitution. In December 2024, the Board of Trustees of CORE & Co Foundation resolved to amend its Constitution and to adopt an Association model constitution as part of this amendment.

b. Methods of appointment or election of Trustees

Appointment of Charity Trustees:

Page 4

Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

CORE & CO FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Structure, governance and management (continued)

c. Related party transactions

Adrian Packer is the Group CEO and a Trustee of CORE Education Trust, which oversees and manages 4 secondary schools in Birmingham. Amarjit Talwar is a Member of CORE Education Trust, and Justin Eniola is a Trustee of CORE Education Trust.

There were invoices raised from the Academy Trust to CORE & Co Foundation amounting to £88,229 for overheads, support and consultancy provided to the Charity by the Academy Trust during the year. There is no direct benefit derived by Adrian Packer, Amarjit Talwar or Justin Eniola and the services provided by CORE Education Trust were agreed between the Board of Trustees of both organisations under the terms of a Service Level Agreement.

Under the terms of the grant funding agreement that was in place during the year between the DfE and CORE & Co Foundation, CORE Education Trust is the guarantor for CORE & Co Foundation's funding agreement with the DfE. This agreement came to an end during the year on the completion of the SAFE project on 31 March 2025.

As detailed earlier in this report, in December 2024, the Board of Trustees of CORE & Co Foundation resolved to amend its Constitution and to adopt an Association model constitution as part of this amendment. At the same time, as part of this amendment process, the Board of Trustees of CORE Education Trust became the sole Member of CORE & Co Foundation under its amended Constitution.

Plans for future periods

The Three-Year Plan

The Foundation is currently working to a three year strategic road-map January 2024 – December 2026. In light of the ending of DfE funding and the delivery of SAFE Birmingham, Trustees will review this roadmap and adapt it in the interim period leading up to the publication of a new roadmap from September 2026.

Sustainability

The Foundation is prioritising the development of a sustainable finance model that blends time limited programme funding from public sector bodies with more diverse long-term income sources and relationships. Our principal aim in this area is to build a sustainable future to allow the Foundation to grow the level of support available to CORE Education Trust schools and partner schools.

Governance & Leadership

There has been discussion with the CORE Education Trust Board about a review of the current SLA between the Trust and the Foundation. Both parties are at liberty to serve notice on this SLA arrangement. However, all parties agree that a longer term more sustainable relationship between the Trust and the Foundation should be developed. This will be developed with a view to implementation of a new model of working between the Trust and the Foundation from September 2026 with the new strategic roadmap.

Page 5

Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

CORE & CO FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Statement of Trustees' responsibilities

The Trustees of the Charity are responsible for preparing the Trustees' Reportand the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England Wales requires the Trustees to prepare financial statements for each financial year. The Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of theCharity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain theCharity's transactions and disclose with reasonable accuracy at any time the financial position of theCharity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Constitution.They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

The auditors, Cooper Parry Group Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the Board of Trustees on 16 December 2025 and signed on their behalf by:

Natasha Kaplinksy OBE Chair of Trustees

Page 6

Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

CORE & CO FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF CORE & CO FOUNDATION FOR THE YEAR ENDED 31 AUGUST 2025

Opinion

We have audited the financial statements of CORE & Co Foundation (the ‘Charity’) for the year ended 31 August 2025 which comprise Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant 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:

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 responsibilities for the audit of the financial statements section of our report. We are independent of the Charity 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 relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements 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 financial statements 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.

Other information

The other information comprises the information included in the Trustees' annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Page 7

Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF CORE & CO FOUNDATION CONTINUED FOR THE YEAR ENDED 31 AUGUST 2025

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 6, the Trustees 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 Charity’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 Charity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 assessment focused on key laws and regulations the charitable company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Charities Act 2011, taxation legislation, data protection, anti-bribery and employment legislation.

We are not responsible for preventing irregularities, including fraud. Our approach to detecting irregularities, including fraud, included, but was not limited to, the following:

Page 8

Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF CORE & CO FOUNDATION CONTINUED FOR THE YEAR ENDED 31 AUGUST 2025

Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood of detection of fraud based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters 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 Charity and the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Cooper Parry Group Limited Statutory Auditor Cubo Birmingham 4th Floor Two Chamberlain Square Birmingham B3 3AX

20 January 2026

Cooper Parry Group Limited is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 9

Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

CORE & CO FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025

Note
Income from:
Donations and grants
4
Investments
5
Total income
Expenditure on:
Charitable activities
Total expenditure
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
12
Total funds carried
forward
12		 Unrestricted
funds
2025
£
-
58
58
-
-
58
1,091
1,149		 Restricted
funds
2025
£
1,327,011
-
1,327,011
1,600,312
1,600,312
(273,301)
538,032
264,731		 Restricted
fixed asset
funds
2025
£
-
-
-
6,445
6,445
(6,445)
6,445
-		 Total
funds
2025
£
1,327,011
58
1,327,069
1,606,757
1,606,757
(279,688)
545,568
265,880		 Total
funds
2024
£
2,432,525
55
2,432,580
2,347,281
2,347,281
85,299
460,269
545,568

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 13 to 23 form part of these financial statements.

Page 10

Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

CORE & CO FOUNDATION REGISTERED NUMBER:

BALANCE SHEET AS AT 31 AUGUST 2025

Note
Fixed assets
Tangible assets
9
Current assets
Debtors
10
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
11
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds:
Restricted income funds
12
Fixed asset reserves
12
Total restricted funds
Unrestricted funds
12
Total funds		 127
282,141
282,268
(16,388)
264,731
-		 2025
£
-
-
265,880
265,880
265,880
264,731
1,149
265,880		 229,109
527,946
757,055
(217,932)
538,032
6,445		 2024
£
6,445
6,445
539,123
545,568
545,568
544,477
1,091
545,568

The Trustees acknowledge their responsibilities for complying with the requirements of the Charities Act 2011 with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on 16 December 2025 and signed on their behalf by:

Natasha Kaplinksy OBE Chair of Trustees

The notes on pages 13 to 23 form part of these financial statements.

Page 11

Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

CORE & CO FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
Note
Cash flows from operating activities
Net cash used in operating activities
14
Cash flows from investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
15
The notes on pages 13 to 23 form part of these financial statements		 2025
£
(245,863)
58
(245,805)
527,946
282,141		 2024
£
66,644
55
66,699
461,247
527,946

Page 12

Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

CORE & CO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. General information

CORE & Co Foundation is a charitable incorporated organisation registered in England & Wales and meets the definition of a public benefit entity under FRS 102. In the event of the Charity being wound up, the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities. The registered address is detailed on page 1.

2. Accounting policies

2.1 Basis of preparation of financial statements

A summary of the principal accounting policies adopted (which have been applied consistently, except where noted), judgments and key sources of estimation uncertainty, are set out below.

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements.

During the year ended 31 August 2025, the activity of the Charity has primarily been focused on the delivery of the Department for Education ('DfE') funded SAFE Birmingham pilot program, which continued to run until the end of the program period on 31 March 2025. The funding received from the DfE under this program covers the full cost of delivering the program over that 3 year period to 31 March 2025 and resources required to deliver the program were all contracted on a fixed term basis and ended in line with the completion of the program on 31 March 2025.

Now the DfE funded SAFE Birmingham pilot program has ended, the Trustees will continue to explore avenues of fundraising activity to raise funds for the charity to continue delivering its charitable objects and activities in line with its Constitution. In line with its charitable objects, the Charity will work closely with CORE Education Trust and its Trustees and while additional fundraising activities are explored by the Trustees, the Charity may be reliant on support from CORE Education Trust as its parent organisation. The Board of Trustees of CORE Education Trust have committed to provide this ongoing support to the Charity, including financial support if needed, in order for the Charity to continue to meet its charitable objects and pay any debts as and when they fall due.

In December 2024, the Board of Trustees of CORE & Co Foundation resolved to amend its Constitution and to adopt an Association model constitution as part of this amendment. At the same time, as part of this amendment process, the Board of Trustees of CORE Education Trust became the sole Member of CORE & Co Foundation under its amended Constitution. The amended Constitution was approved by the Charity Commission on 10 February 2025.

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Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

CORE & CO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.2 Going concern (continued)

As such, after due consideration, the Board of Trustees have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties about the Charity's ability to continue as a going concern, and thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are 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 entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.4 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.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £5,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

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Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

CORE & CO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.6 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.

2.7 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.

2.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.9 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2.10 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

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 costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgment

In preparing financial statements it is necessary to make certain judgments, estimates and assumptions that affect the amounts recognised in the financial statements. These are outlined as follows:

Tangible fixed assets are depreciated over their economic useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors.

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Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

CORE & CO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

4. Income from donations and legacies

Unrestricted
funds
2025
£
Donations
-
Grants from the DfE
-
Other grants and funding
-
-
Total 2024
1,000		 Restricted
funds
2025
£
-
1,275,351
51,660
1,327,011
2,431,525		 Total
funds
2025
£
-
1,275,351
51,660
1,327,011
2,432,525		 Total
funds
2024
£
1,000
2,385,020
46,505
2,432,525

5. Investment income

Unrestricted
funds
2025
£
Short term deposits
58
Total 2024
55		 Total
funds
2025
£
58
55		 Total
funds
2024
£
55

6. Analysis of expenditure by activities

Charitable activities
Total 2024		 Activities
undertaken
directly
2025
£
1,462,926
2,192,145		 Support
costs
2025
£
143,831
155,136		 Total
funds
2025
£
1,606,757
2,347,281		 Total
funds
2024
£
2,347,281

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Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

CORE & CO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

6. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
Other staff costs
Insurance
ICT costs
Marketing
Financial
Audit
HR
Support services
Other support costs
Total 2024
7.
Staff costs
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes
Other employee benefits
Redundancy payments		 Charitable
activities
2025
£
-
6,445
6,100
4,287
-
1,441
2,572
10,620
30
100,280
12,056
143,831
155,136		 Total
funds
2025
£
-
6,445
6,100
4,287
-
1,441
2,572
10,620
30
100,280
12,056
143,831
155,136
2025
£
121,901
13,928
9,752
434
146,015
2,157
148,172		 Total
funds
2024
£
8,566
6,446
7,535
7,451
329
-
12,112
11,760
144
82,022
18,771
155,136
2024
£
168,188
17,745
13,391
654
199,978
-
199,978

There was 1 redundancy payment in the year totalling £2,157.

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Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

CORE & CO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

7. Staff costs (continued)

The average number of persons employed by the Charity during the year was as follows:

Administration and support
Management		 2025
No.
2
1
3		 2024
No.
3
1
4

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025 2024
No. No.
In the band £60,001 - £70,000 1 -
In the band £70,001 - £80,000 - 1

Key management personnel

The key management personnel of the Charity comprise the Chief Operations Officer. The total amount of employee remuneration and benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the Charity during the year was £76,780 (2024: £93,453 ).

8. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).

During the year ended 31 August 2025, no Trustee expenses have been incurred (2024 - £NIL).

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Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

CORE & CO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

9.
Tangible fixed assets
Cost or valuation
At 1 September 2024
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024
10.
Debtors
Due within one year
Other debtors
Prepayments and accrued income
11.
Creditors: Amounts falling due within one year
Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Accruals and deferred income		 2025
£
127
-
127
2025
£
36
8,552
-
7,800
16,388		 Computer
equipment
£
19,337
19,337
12,892
6,445
19,337
-
6,445
2024
£
-
229,109
229,109
2024
£
6,526
-
6,307
205,099
217,932

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Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

CORE & CO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

12. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Restricted funds
SAFE Birmingham
SAFE start-up funding
Other grants
Restricted fixed asset funds
Fixed asset reserves
Total Restricted funds
Total of funds		 Balance at 1
September
2024
£
1,091
524,032
-
14,000
538,032
6,445
544,477
545,568		 Income
£
58
1,275,351
-
51,660
1,327,011
-
1,327,011
1,327,069		 Expenditure
£
-
(1,567,169)
-
(33,143)
(1,600,312)
(6,445)
(1,606,757)
(1,606,757)		 Transfers
in/out
£
-
(268,250)
268,250
-
-
-
-
-		 Balance at
31 August
2025
£
1,149
(36,036)
268,250
32,517
264,731
-
264,731
265,880

The specific purposes for which the funds are to be applied are as follows:

Restricted funds

This fund primarily represents grants received from the DfE for the SAFE programme, which spanned over a 3 year period to 31 March 2025. As part of the grant agreement with the DfE, a SAFE Birmingham Taskforce was set up to advise on a schools’ led approach to intervention for children at risk of exclusion. The grant funding received in the current year relates to delivery costs of the programme. Income is received in quarterly amounts which cover actual costs of delivering the programme. On the conclusion of the delivery of the three year SAFE Birmingham contract and submission of the Annex G grant return to the DfE after the year end, it was identified that there was additional expenditure on the program of £36,036 that had not been claimed from the DfE. The DfE have agreed to reimburse this expenditure and the funding will be received in the year ending 31 August 2026.

At the start of the SAFE Birmingham project delivery, the Charity agreed with the DfE that there would be some Charity set-up costs and separate start-up funding was provided for the DfE for this. These funds have been retained by the Charity and will be utilised in funding its ongoing charitable objects and activities.

Other restricted grants and funding are provided to support the ongoing charitable objects of the Charity, including the #RaiseYourGame program.

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Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

CORE & CO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

12. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General funds
Restricted funds
SAFE Birmingham
Other grants
Restricted fixed asset funds
Fixed asset reserves
Total Restricted funds
Total of funds		 Balance at
1
September
2023
£
36
447,342
-
447,342
12,891
460,233
460,269		 Income
£
1,055
2,385,020
46,505
2,431,525
-
2,431,525
2,432,580		 Expenditure
£
-
(2,308,330)
(32,505)
(2,340,835)
(6,446)
(2,347,281)
(2,347,281)		 Balance at
31 August
2024
£
1,091
524,032
14,000
538,032
6,445
544,477
545,568

13. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Current assets
1,149
Creditors due within one year
-
Total
1,149		 Restricted
funds
2025
£
281,119
(16,388)
264,731		 Total
funds
2025
£
282,268
(16,388)
265,880

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Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

CORE & CO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

13. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Unrestricted
funds
2024
£
Tangible fixed assets
-
Current assets
1,091
Creditors due within one year
-
Total
1,091		 Restricted
funds
2024
£
-
755,964
(217,932)
538,032		 Restricted
fixed asset
funds
2024
£
6,445
-
-
6,445		 Total
funds
2024
£
6,445
757,055
(217,932)
545,568

14. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
(Increase)/decrease in debtors
Decrease in creditors
Net cash provided by/(used in) operating activities		 2025
£
(279,688)
6,445
(58)
228,982
(201,544)
(245,863)		 2024
£
85,299
6,446
(55)
130,212
(155,258)
66,644

15. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2025
£
282,141
282,141		 2024
£
527,946
527,946

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Docusign Envelope ID: 0B5D2498-F975-4E17-9819-8C0BDA672398

CORE & CO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

16. Analysis of changes in net debt

Cash at bank and in hand At 1
September
2024
£
527,946
527,946		 Cash flows
At 31
August 2025
£
£
(245,805)
282,141
(245,805)
282,141		 Cash flows
At 31
August 2025
£
£
(245,805)
282,141
(245,805)
282,141
282,141

17. Members' liability

In the event of the Charity being wound up, the member of the CIO has no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

18. Related party transactions

Adrian Packer is the Group CEO and a Trustee of CORE Education Trust, a local Multi Academy Trust, which oversees and manages 4 secondary schools in Birmingham. Amarjit Talwar is a Member of CORE Education Trust, and Justin Eniola is a Trustee of CORE Education Trust.

There were invoices raised from the Academy Trust to CORE & Co Foundation amounting to £88,229 (2024: £79,326) for overheads, support and consultancy provided to the Charity by the Academy Trust during the year and £39,737 of this related to mentoring and social skills grants through the SAFE project. At the year end, £8,552 was due to CORE Education Trust (2024: £Nil).

There is no direct benefit derived by Adrian Packer, Amarjit Talwar or Justin Eniola and the services provided by CORE Education Trust were agreed between the Board of Trustees of both organisations under the terms of a Service Level Agreement.

Under the terms of the grant funding agreement that was in place during the year between the DfE and CORE & Co Foundation, CORE Education Trust is the guarantor for CORE & Co Foundation's funding agreement with the DfE. This agreement came to an end during the year on the completion of the SAFE project on 31 March 2025.

In December 2024, the Board of Trustees of CORE & Co Foundation resolved to amend its Constitution and to adopt an Association model constitution as part of this amendment. At the same time, as part of this amendment process, the Board of Trustees of CORE Education Trust became the sole Member of CORE & Co Foundation under its amended Constitution.

19. Controlling party

The Charity is a subsidiary of CORE Education Trust, a company incorporated in England and Wales. The registered office address is 23 Langley Walk, Ladywood, Birmingham, B15 2EF. The consolidated financial statements of CORE Education Trust are available from the Company Secretary.

Page 23