DocuSign Envelope ID: C9ABBE78-65F6-466B-AEDE-46271BCFC4DE
Registered number: 12588358 Charity number: 1189865
IDEA FOUNDATION
(A Company Limited by Guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
DocuSign Envelope ID: C9ABBE78-65F6-466B-AEDE-46271BCFC4DE
IDEA FOUNDATION
(A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Company, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 5 |
| Trustees' Responsibilities Statement | 6 |
| Independent Examiner's Report | 7 - 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 - 11 |
| Notes to the Financial Statements | 12 - 20 |
DocuSign Envelope ID: C9ABBE78-65F6-466B-AEDE-46271BCFC4DE
IDEA FOUNDATION
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023
| Trustees | Arjuna Gihan Fernando MBE |
|---|---|
| Richard William James Parry | |
| Professor Robert Anthony Cryan CBE FIET | |
| Company registered number 12588358 Charity registered number 1189865 Registered office Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH Accountants Peters Elworthy & Moore Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA |
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DocuSign Envelope ID: C9ABBE78-65F6-466B-AEDE-46271BCFC4DE
IDEA FOUNDATION
(A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023
The Trustees present their annual report together with the audited financial statements of the Company for the year to 31 March 2023. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
Policies and objectives
The object of the Charity is to advance the education of the public in general, in particular in the subjects: digital technologies; and enterprise and entrepreneurship; in such ways as the charity trustees think fit, including by providing online tools to develop skills in these and related subjects.
The Trustees have reviewed iDEA Foundation’s objectives, activities and achievements for the year and are satisfied that iDEA Foundation has complied with the requirements of public benefit reporting as set out in the Charity Commission’s General Guidance on Public Benefit, to which they have had regard.
Activities undertaken to achieve objectives
iDEA is enabling people at all stages of life to learn, and evidence their achievements with digital badges and Awards for free. Today, there are more than 1,600,000 learners registered on iDEA.org.uk. iDEA leaners have completed more than 11,500,000 iDEA badges and achieved upwards of 140,000 Awards.
The iDEA team have remained focused on developing and maintaining the infrastructure of the iDEA.org.uk platform and badges, building revenue to ensure the long-term sustainability of the programme, growing iDEA’s outreach to support even more socially disadvantaged people in the UK, launching the first Gold-level badges and further developing the Gold Award, and boosting employer recognition for iDEA Awards.
Thousands of schools have registered students and teachers on iDEA. There are a growing number of other organisations including community groups and charities that provide help to some of the most vulnerable and socially disadvantaged people that are embedding iDEA into their programmes of activity to help their beneficiaries learn and evidence digital and enterprise skills.
The team have responded to over 1,000 enquiries and iDEA has continued hosting and participating in webinars to support iDEA learners and organisers that are getting started. iDEA has run several place-based pilots of the programme with organisations that are supporting disadvantaged learners. Highlights include a partnership with the Digital Poverty Alliance on the Tech4PrisonLeavers project, The Warren community centre in Hull, and our partnership with Power to Connect who provide free devices to digitally excluded families in Wandsworth. We will take lessons learned from these pilots on board to help us design enhancements to the organiser experience. We believe that by better supporting the organisers and educators that use iDEA, iDEA will be able to have a greater impact on the digital skills and confidence of learners.
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DocuSign Envelope ID: C9ABBE78-65F6-466B-AEDE-46271BCFC4DE
IDEA FOUNDATION (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
The first batch of Gold-level badges were published on iDEA in November 2022 to a great response from iDEA’s learners and educators. In line with the strategy, iDEA has collaborated with a group of industry experts and innovative employers to create these badges to ensure that iDEA learners are provided with a blend of digital and technical, personal, and professional skills directly related to the needs of employers and jobs of the future. During this early-release period it is not yet possible for a learner to achieve the Gold Award, because there is not yet enough learning content available to them. Additional Gold-level badges are in development now however, further funds will need to be raised to enable the development of more badges to enable learners to achieve the Gold Award.
One of the most important challenges facing iDEA is generating an income stream that will help sustain the project in the long-term. The team has spent considerable effort testing out plans for rolling out subscriptionbased analytics dashboard for iDEA organisers that are using iDEA with large cohorts of learners. Within six weeks of marketing a paid-for service, almost 200 organisations registered their interest in it. Development work on the first paid-for service offering, which is an advanced reporting package is well underway and its release is planned for April.
The number of learners engaging with the platform has continued to grow substantially, this past year, more than two million iDEA badges have been achieved by more than half a million people.
In June 2022, iDEA reached a big milestone: in total 10 million iDEA badges have been achieved by learners on iDEA.org.uk for free.
Achievements and Performance
On the 31st of March 2023, in total:
-
More than 1.6 million learners are registered on iDEA
-
More than 11.5 million iDEA badges have been achieved
-
More than 140,000 Inspiring Digital Enterprise Awards have been achieved
Fundraising activities and income generation
The Charity does not generally fundraise from the public and does not use professional fundraisers. The Charity follows the guidance laid down by the Fundraising Regulator. The trustees are committed to adhering to all of these regulations, following the Institute of Fundraising’s Code of Practice and complying with the key principles embodied in this Code. We work hard to ensure that all fundraising activities are legal, open, honest and respectful.
Financial review
Going concern
The Trustees have reviewed budgets and forecasts prepared by management for the period to 31 March 2025. After making appropriate enquiries, and considering the ongoing impact of COVID-19, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Reserves policy
The Trustees are currently considering a suitable reserves policy for the Charity following its second period of account. At the year end the Charity had total reserves of £389,425 (£2022: £555,803) all of which were unrestricted.
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DocuSign Envelope ID: C9ABBE78-65F6-466B-AEDE-46271BCFC4DE
IDEA FOUNDATION
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Result for the year
During the current period of account the Charity received total income of £191,110 (2022: £560,412). Total income includes grant income of £130,000 (2022: £449,471). These grants are unrestricted.
The Charity continued to work with partners to develop its programmes and digital badges and income from these activities amounted to £34,767 (2022: £97,426).
Total expenditure in the year amounted to £357,488 (2022: £374,349).
The net loss for the year was £166,378 (2022: income £186,063).
Principal risks and uncertainties
The Trustees have a policy in place for risk management which is reviewed on an annual basis. The principal risks are considered to be:
Risk: Charitable Programmes - Changing external environment for the delivery of programmes, including the continued uncertainty and impact to beneficiaries, partners and grantees caused by the Covid-19 pandemic and the impact of inflation.
Mitigation - Long-term view and flexible approach taken with partners and grantees. During the pandemic additional support was made available to partners and grantees
Risk: Intellectual Property (IP), Brand and Reputation - Damage to brand and reputation due to activities of others
Mitigation - Formal agreements with partners for use of IP, clear statements of copyright ownership and use The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Structure, governance and management
Constitution
iDEA Foundation was registered as a charitable company limited by guarantee on 6 May 2020, number 12588358, and is also registered with the Charity Commission, number 1189865. The Charity is governed by Articles of Association. The Charity is also known as iDEA or Inspiring Digital Enterprise Award.
Methods of appointment or election of Trustees, organisational structure and decision-making policies
The Board of Trustees (“the Board”) is legally responsible for the governance, policy and decision making at the highest level. Under the Articles of Association, Trustees are appointed by the Board. Policies adopted for the induction and training of Trustees
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DocuSign Envelope ID: C9ABBE78-65F6-466B-AEDE-46271BCFC4DE
IDEA FOUNDATION (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
The Board has actively considered the skills base of the existing Board and reviewed Trustee training needs. There is a full induction process in place and a set of annually reviewed policies and procedures. Trustees are also advised of, and encouraged to attend, seminars run by various professional bodies, on topics that may be of interest.
Plans for future periods
Over the next 12 months, the team is focusing on growing iDEA's outreach with socially disadvantaged people in the UK, ensuring the sustainability of the programme, designing, and developing the Gold Award, and building greater employer recognition for iDEA Awards.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
-
so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
-
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information ant to establish that the charity's auditors are aware of that information.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Professor Robert Anthony Cryan CBE FIET
Trustee Date: 21 August 2023
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DocuSign Envelope ID: C9ABBE78-65F6-466B-AEDE-46271BCFC4DE
IDEA FOUNDATION (A Company Limited by Guarantee)
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the 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 . Under company law, 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 the Company 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:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on its behalf by:
Professor Robert Anthony Cryan CBE FIET
Trustee Date: 21 August 2023
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DocuSign Envelope ID: C9ABBE78-65F6-466B-AEDE-46271BCFC4DE
IDEA FOUNDATION (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF IDEA FOUNDATION ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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DocuSign Envelope ID: C9ABBE78-65F6-466B-AEDE-46271BCFC4DE
IDEA FOUNDATION (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
INDEPENDENT EXAMINER'S STATEMENT (CONTINUED...)
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed:
Michael Hewett
FCA DChA
PETERS ELWORTHY & MOORE
Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA
Date: 23 August 2023
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DocuSign Envelope ID: C9ABBE78-65F6-466B-AEDE-46271BCFC4DE
IDEA FOUNDATION
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023
| Note INCOME FROM: Donations and legacies 4 Charitable activities 5 TOTAL INCOME EXPENDITURE ON: Charitable activities 6 TOTAL EXPENDITURE NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds 2023 £ 151 190,959 191,110 357,488 357,488 (166,378) 555,803 (166,378) 389,425 |
Total funds 2023 £ 151 190,959 191,110 357,488 357,488 (166,378) 555,803 (166,378) 389,425 |
Total funds 2022 £ 1,215 559,197 |
|---|---|---|---|
| 560,412 | |||
| 374,349 | |||
| 374,349 | |||
| 186,063 | |||
| 369,740 186,063 |
|||
| 555,803 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 12 to 20 form part of these financial statements.
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DocuSign Envelope ID: C9ABBE78-65F6-466B-AEDE-46271BCFC4DE
IDEA FOUNDATION (A Company Limited by Guarantee) REGISTERED NUMBER: 12588358
BALANCE SHEET AS AT 31 MARCH 2023
| Note FIXED ASSETS Tangible assets 10 CURRENT ASSETS Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES TOTAL NET ASSETS CHARITY FUNDS Restricted funds 13 Unrestricted funds 13 TOTAL FUNDS |
42,956 395,815 438,771 (50,858) |
2023 £ 1,512 1,512 387,913 389,425 389,425 - 389,425 389,425 |
30,807 551,493 582,300 (29,412) |
2022 £ 2,915 |
|---|---|---|---|---|
| 2,915 552,888 |
||||
| 555,803 | ||||
| 555,803 | ||||
| - 555,803 |
||||
| 555,803 |
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
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DocuSign Envelope ID: C9ABBE78-65F6-466B-AEDE-46271BCFC4DE
IDEA FOUNDATION (A Company Limited by Guarantee) REGISTERED NUMBER: 12588358
BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Professor Robert Anthony Cryan CBE FIET
Trustee
Date: 21 August 2023
The notes on pages 12 to 20 form part of these financial statements.
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DocuSign Envelope ID: C9ABBE78-65F6-466B-AEDE-46271BCFC4DE
IDEA FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. GENERAL INFORMATION
The Charity is a company limited by guarantee. The Charity is registered in England and Wales and its registered office is Farrer & Co, 66 Lincoln's Inn Fields, London, United Kingdom, WC2A 3LH.
The members of the Charity are the trustees named on page 1. If the Charity is wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.
2. ACCOUNTING POLICIES
2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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 Companies Act 2006.
iDEA Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 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 Company and which have not been designated for other purposes.
2.3 GOING CONCERN
The Trustees have considered budgets and forecasts to 31 March 2025 and as a result have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. As part of their review they have considered the ongoing impact of the Russia-Ukraine war, COVID-19 pandemic and general economic environment. Accordingly, the financial statements are prepared on the going concern basis.
2.4 INCOME
All income is recognised once the Company 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, including government 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.
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DocuSign Envelope ID: C9ABBE78-65F6-466B-AEDE-46271BCFC4DE
IDEA FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
2. ACCOUNTING POLICIES (CONTINUED)
2.5 EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION
Tangible fixed assets 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:
Computer equipment - 33%
2.7 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.
2.8 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.
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DocuSign Envelope ID: C9ABBE78-65F6-466B-AEDE-46271BCFC4DE
IDEA FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
2. ACCOUNTING POLICIES (CONTINUED)
2.9 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 Company 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.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.10 FINANCIAL INSTRUMENTS
The Company 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.11 PENSIONS
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
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DocuSign Envelope ID: C9ABBE78-65F6-466B-AEDE-46271BCFC4DE
IDEA FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
4. INCOME FROM DONATIONS AND LEGACIES
| Unrestricted funds 2023 £ Donations 151 TOTAL 2022 1,215 |
Total funds 2023 £ 151 1,215 |
Total funds 2022 £ 1,215 |
|---|---|---|
5. INCOME FROM CHARITABLE ACTIVITIES
| Unrestricted funds 2023 £ Grant income 130,000 Badge development income 33,750 Subscription income 26,160 Other income 1,049 190,959 TOTAL 2022 559,197 |
Total funds 2023 £ 130,000 33,750 26,160 1,049 190,959 559,197 |
Total funds 2022 £ 449,471 95,556 11,750 2,420 |
|---|---|---|
| 559,197 | ||
6. ANALYSIS OF EXPENDITURE BY ACTIVITIES
| Digital activities TOTAL 2022 |
Activities undertaken directly 2023 £ 327,668 348,573 |
Support costs 2023 £ 29,820 25,776 |
Total funds 2023 £ 357,488 374,349 |
Total funds 2022 £ 374,349 |
|---|---|---|---|---|
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DocuSign Envelope ID: C9ABBE78-65F6-466B-AEDE-46271BCFC4DE
IDEA FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
6. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)
ANALYSIS OF DIRECT COSTS
| Badge development costs Staff costs Other staff costs Consultancy fees IT, platform maintenance and software costs Certificate fees TOTAL 2022 ANALYSIS OF SUPPORT COSTS Marketing Legal & professional fees Audit & accountancy fees Other general expenses TOTAL 2022 |
Digital activities 2023 £ 54,994 229,516 1,735 4,359 36,381 683 327,668 348,573 Digital activities 2023 £ 763 742 12,100 16,215 29,820 25,776 |
Total funds 2023 £ 54,994 229,516 1,735 4,359 36,381 683 327,668 348,573 Total funds 2023 £ 763 742 12,100 16,215 29,820 25,776 |
Total funds 2022 £ 77,330 231,079 1,525 4,911 33,113 615 |
|---|---|---|---|
| 348,573 | |||
| Total funds 2022 £ 902 726 7,527 16,621 |
|||
| 25,776 | |||
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DocuSign Envelope ID: C9ABBE78-65F6-466B-AEDE-46271BCFC4DE
IDEA FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
7. INDEPENDENT EXAMINER'S REMUNERATION
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Company's independent examiner for the independent | ||
| examination of the Company's annual accounts | 1,350 | - |
| Fees payable to the Company's independent examiner for the audit of the | ||
| Company's annual accounts | - | 5,350 |
| Fees payable to the Company's independent examiner in respect of: | ||
| Accountancy fees | 2,150 | 2,150 |
| Virtual Finance Office and Payroll | 8,538 | 10,027 |
8. STAFF COSTS
| Wages and salaries Social security costs Pension costs |
2023 £ 194,533 19,307 15,676 229,516 |
2022 £ 203,984 20,163 6,932 |
|---|---|---|
| 231,079 |
The average number of persons employed by the Company during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Administrative staff | 3 | 3 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2023 | 2022 | ||
|---|---|---|---|
| No. | No. | ||
| In the band £70,001 | - £80,000 | 2 | 2 |
The Trustees consider themselves to be the key management personnel, none of whom are remunerated.
9. TRUSTEES' REMUNERATION AND EXPENSES
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL).
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DocuSign Envelope ID: C9ABBE78-65F6-466B-AEDE-46271BCFC4DE
IDEA FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
10. TANGIBLE FIXED ASSETS
| COST At 1 April 2022 At 31 March 2023 DEPRECIATION At 1 April 2022 Charge for the year At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 11. DEBTORS DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income Grants receivable |
2023 £ 25,020 4,483 6,703 6,750 42,956 |
Computer equipment £ 3,631 |
|---|---|---|
| 3,631 | ||
| 716 1,403 |
||
| 2,119 | ||
| 1,512 | ||
| 2,915 | ||
| 2022 £ 13,500 7,196 10,111 - 30,807 |
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DocuSign Envelope ID: C9ABBE78-65F6-466B-AEDE-46271BCFC4DE
IDEA FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Other taxation and social security Accruals and deferred income 13. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR UNRESTRICTED FUNDS General STATEMENT OF FUNDS - PRIOR YEAR UNRESTRICTED FUNDS General |
Balance at 1 April 2022 £ 555,803 Balance at 1 April 2021 £ 369,740 |
Income £ 191,110 Income £ 560,412 |
2023 £ 7,154 6,395 37,309 50,858 Expenditure £ (357,488) Expenditure £ (374,349) |
2022 £ 8,298 8,250 12,864 |
|---|---|---|---|---|
| 29,412 | ||||
| Balance at 31 March 2023 £ 389,425 |
||||
| Balance at 31 March 2022 £ 555,803 |
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DocuSign Envelope ID: C9ABBE78-65F6-466B-AEDE-46271BCFC4DE
IDEA FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
| Unrestricted funds 2023 £ Tangible fixed assets 1,512 Current assets 438,771 Creditors due within one year (50,858) TOTAL 389,425 |
Total funds 2023 £ 1,512 438,771 (50,858) 389,425 |
|---|---|
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
| Tangible fixed assets Current assets Creditors due within one year TOTAL |
Unrestricted funds 2022 £ 2,915 582,300 (29,412) 555,803 |
Total funds 2022 £ 2,915 582,300 (29,412) 555,803 |
|---|---|---|
15. PENSION COMMITMENTS
The Charity operates a defined contribution pension scheme for the benefit of employees. The assets of the scheme are administered by trustees of the fund independent to those of the Charity.
During the period contributions totalled £15,676 (2022 - £6,932). The balance outstanding as at 31 March 2023 was £Nil (2022 - £Nil).
16. RELATED PARTY TRANSACTIONS
The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 31 March 2023.
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