Charlty rggl$tratlon number 1190682 THE OPPIDAN FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE OPPIDAN FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustses Mr Wafter Kerr Mr Henry Faber Mr JoshuaAdeyèml Mrs Mati8lla Ardron Mr DanielAfolabi (Appointed 14 FebTuary 20241 (Appointéd 10 Juty 2024) MissAnna Boden Charlty nurnber 1190682 Company number CE022741 Registèréd offlce 20 SL James Street Lond 9RW Independènt examln¢r Trevor Clarke 43 Station Ro Kent UK BR4 OPY Bankers Metrob8nk One Southampton Row London EC1B SHA
THE OPPIDAN FOUNDATION CONTENTS Page Trust88s' report Independent examinerfs report Statement of fina181 knties Balance sheet Notes lo the financial statements 8-13
THE OPPIDAN FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annud repjrt and finonoal statemÈnts forthe year endad 31 December 2023. The financial statements have been ppared in accordants with the acc4)unting policies set out in nol& 1 to the financial stal8m8nls and the Chari$ goveming document, the CharrtiesAct 2011 and'Accounting and Reporting by Charities.. Slatemenl of Recommended Prathce app.Cale to charities preparing their accounts in ac¢ordance with the Financial Reporting StsTKlard app"Cae in the UK and Republic of Ireland {FRS 102)" leffectiV8 1 January 201SI. Objectlves and actlvltles rhe charty was found8d by Henry Faber and Wdlter Kerr ¥th a view to extending into the maintained sedor where possible, mentoring and related services. lch have iw) devekw for in(leporent s(*)OLls by their business. Oppidan Education Limited. The objects of the Charity. as set oul in ils goveming dLKaJMt. are.. to advance the education of children and young people. in parhcular those who are from familie5 and ommunities vthich are economilty disadvantsged. by Kwoviding and 8ssisting in the provision of mentoring, training and other asgstance to support their educatton.. and by proMding training lo devaltsp mentoring skills in the educatKJn-sector to help young P8DpI8, 8spÈcially but not excluwely through lSUre time acttvities. so as to develop their capabilities that they may grow lo full maturity as indivTrduafs and members of sorAety. Throughout 2023, Oppidan Foundation acted as grant pmwder to UK stat&fiJnded schools, supporting them to engage with provision of mentcfflng to students of particular need an(Vor disadvantage. The Foundation assesses the merits of individual schools or MATS through their grant apFdicalion$, before supporbng them to make the mDst of these opportunities. In an cases, programmes are part-fund8cI by Oppidan Foundation, in such a way th81 the school or trust becomes a shared finanaal partner in the outcome and desired impad of the programme. with the school's own money also put lo work to enable the programma. A k8y focus of thès8 programmes includès student readiness. oracy skn'lls and chararler, supporbng y¢wng wJrAe to grow their lrfe skills, confidence and understanding of themSeeS. The Charity works wth schods to ensure. wherever possible, that pupi15 from disadvantaged backgrounds and vulnernble groups are encouraged in particular to lake part in Oppidan Foundation pported programmes. Th8 Trustees have paid due regard to guidance issued by fhe Chaiity Commission in deLId1r what adwities the Charity should undertake. The TrLtstees have had regard to the Charity Commission's guidan on public benefit and when reviewing the Charivs aims arKI objectsves arKI in planning rts future ath"vilies. Achlevements and performance For the period of JanLfary lo December 2023, Oppidan FoundatM)n supported a select list of 6 nw grant applicab"ons, in addition lo conb.nued support of esting live schools {arca 201 from 2022. e than 50fJ students weie impacted through wpported programmes, th Individual grant applicatyons typically suppng a cohort of between 4¢V100 students. Prograrnmes typicalty engaged either one school on an individual basis. or a M4T to include a group of &7 schools in one partnership, COdInating students together on a'hub m¢)dd'. Delivery of awarded progtammes was ents"ty in•person. Programmes reached as far Ncrfth as Skegness. with a balanced mix of schools represented in London vs. more regionally. The regional diversity of supported programmes cantinues to grow with the strategic agreement of the trustees that the Foundab'on wishos to support a divefse cross-seclion of UK schools and 98ographi8S. Both qualitstNe and quanlttalive impacl measuremenls have been posrtive. The Foundation received oveNthelmingly positive feedck from students invofved in programmes it supported. Growth into new schools is an ongoing challenge based the context of schcKJl fijnding aTrJ the intensity of teacher workload. While fiJrHIs remain stsble for the Foundation, il has been dilticull to find schools willin9 to engage in co-funding, which has been a barrier to further grow of Scale and impact.
THE OPPIDAN FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Flnanclal rovlew The charity achieved a net defiut for the period of £29,195, bringing the tharity's total fijnds to £37.939. Total income lor the period was £4,013. 2023 was a year of extremely low CAxts for the Charity. wth Th) employee base cost and l(yw basic expense8 required for its operation. th no steep increase in demand for grant awards, dorK>r fvnding Wds not sought as actNely as when required in previous years. It is fell that this will change earty in 2024 wth new programmes and riew donors. Tlustees are partI(lartY grateful for continued supwt from its dLfKJf5. whicth are listed as wt of the Chanty's supporter list on its websité. This supwrt, mixed wth a cthitinued clarity and Simlfi¢ation of its future ambitions, give the trustees confidènce in the Char$ contiriued gtowth a1 impacL Major risks are continUsIY assessed. most notabty a lack of assured fijture income. This risk has been mitigated by a dramatic reduction in expendrture. It is the policy of the Charity that unrestricted fvnds 1¢h have not been designated for a specific use shOd be maintained at a minimum of £50.L)00. The Trustees consider that r8seNes at this level wll ensure that, in tho event of a significant drop in funding, they wtl be able to continue the Chan8 On9n9 acbvittes while consideration is given lo way8 in which additi funds may be raised. This level of reserves has been maintained IhrouglK)Ut most of the year. De5Plte a reserves pL4icy of £5CI,000. Oppidan Foundation's trustees agreed that vrith tho context of impending, pre- agreed donations of more than £30,000 due for very early 2024. it was felt appropriate and Secu lo dip below the reserves lirnil for a short b"me. The charrtls low cost base arml lack of predicted expen¢Jilure was also a fa¢Aor in feeling confident with thi5 ternForary deasion. structure, gov•manc• and manag•mÈnl The Charity is a charitabl8 incorwrated organisation a1 is govem&J by its Memornndum, last amended 3 August 2020. 11 is registered by the Charity C¢)mmission. The Trustees who Serv during the year and up to the date of &gnalure ofthe finanual Statements were.. Mr Wfrdller Kerr Mr Henry Faber Mr Joshua Adeyemi Mrs Mariella Ardron Ms Cherie lte Mr Daniel Afolabi Miss Anna Ben (Apwnted 28 March 2023 and resignvj 25 June 20241 l*)wirrted 14 Febftry 2024) IAprKJinted 10 Juty 21)24) The Trustee5 were appointed and resigned in accordan with the A"deS of AssoGiakn'on. During the period. no trustees chose to resign from their commitments to thè Charity. Golng ¢oncem The Trustees have reasonable expectation that the CharTty has adequate restyjrces to Continue for the foreseeable future, Tmth the continued support of its knnders and incoming (now recetved) new donations in the early part of 2024. The board continu8S to adopt the gcing conc8m basis in preparing financial statements. Thè trusteès, report was approved by the Board of Trustees. Mr Henry Faber Trustee
THE OPPIDAN FOUNDATION TRUSTEES. REPORT (CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2023 Date.. 12.08.2024
THE OPPIDAN FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees are responsible for preparirKJ the TNslees' R8PCKt and the finanaal statements in atxordance wth applicable law and United Kingdom Accounkn"ng Standards (United lQ"ngdom Generally AGGepted Accounting Praclicel. The law applicable lo charikn'es in EnyarKI and Wales requires the Trustees to prepare financial slalements for each finanaal year which gwe a true and fair wew of the stale of affairs of the Charty and of the incoming resources and applicati of resour of the Charity for that year. In preparing these financial statements. th8 TrUStS are wuired to.. - select suitabl8 accounting pc4icies and then aWy t1 Co$tenty.. - obs8rv8 the methods and winrAKles in the Charibes SORP" - make judgements arKI estimates that are reasonabb and pruden( - slate whether applicable accounting stsrKlards hav8 been folowed. subjeLI to any material departures disclosed and explained in the financial Statemen and - prepare the financi statements on the wrKJ ncarn basis unless it is inappropriale lo presurne that the thartty will continue in operation. The Trustees are responsible for keeping suffiryent accounliThJ records that di5dose wlh reasonable accuracy at any lime the financial posib.on of the CharÈiy and enable them lo ensure that the financial sta18menls comply with the Charits'es Act 2011, the Charity {Accounts and Rèports) Regulations 2008 anrl the provisions of the trust deed. They ar8 also responsible for safeguarding the assets of the Chanty and henee for tsknng reasonable steps for the prevention and detection of fraud and other irwulariti"es.
THE OPPIDAN FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE OPPIDAN FOUNDATION I report to the Trustees on my examination of thè financial Statents of Thè OpFxdan Foundation Ilhe Charity) for th8 year ended 31 December 2023. Responsibilitte5 and l>asis of report As the Trustees of the Charty you arg reswnsible for the preparation of the finan(#al statements in COrdanCe th th8 r8quir8m8nls of thè Charity8sAct 2011 (the 2011 A(a}. I report in respect of my examination of the Charity's 1Snarrial ststements carried OLrt under section 145 of the 2011 Act. In carrwng out my examination I have fcAlowed all the appIable Directions gtven by the Charity Commission under sectioft 145151(bl of the 2011 ACL Independent exarnlnerfs statement I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination gwing me cause to believe that in matenal respect accounting records were not kept in respect of the Charity as UIred by secaion 130 of the 2011 Ac( or the finanal statements do not accord wth those records; or the financial statements do not comply with the applicable requirements conMIng the form and content of aecounts set out in the Charities (Accounts artd Reports) Regulations 2008 other than any requirement that the accounts give a true and fair View which is not a matter considered as part of an Irependent examinali¢)n. I have na con¢8ms and have wme no other matters in conn*Xion wth the examination lo which attention should be drawn in this report in or(ler to enable a FXOP81 understanding of the finanoal statements lo be reached. Trevor Clarke FCCA 43 Station Road Wesl Wckham Kent BR4 OPY UK Dated.. s>,.,,.
THE OPPIDAN FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDrruREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrfcted Vnrostrlcled fvnds funds 2023 2022 Incorne from". DonaliDns and legacies Charitable adivibes 4,013 55,919 17,300 Total Income 4,013 73,219 Expondlture on: R8ising funds Charitab18 8CtiMties 1,307 104,658 33,208 Totsl oxp6ndttuM 33.208 105.965 Net expendlture and movement in funds (29.195 (32.748) R¢conciliation of funds: Fund balances at 1 January 2023 67,134 99,880 Fund balan¢e$ at 31 December 2023 37,939 67,134 The statement of finanal actsvities indudes al gains and Ioss8s recognised in the year. Al income and expendrfcure eve from continuing activities.
THE OPPIDAN FOUNDATION BALANCE SHEEr AS A T 31 DECEMBER 2023 2023 2022 Not8s Current assets DeblL>fS Cash at bank and in hand 12 58 44.481 5.37T 72,658 44.539 78,035 Crgdltors: amounts falllng due wlthlTr ono year 13 {6.6001 (1 ,1) Net current assets 37.939 67.134 Nat assats 8xcluding ponslon Ilablllty 37.939 67,134 Th• funds of the Charlty Unrestricted fund5 37.939 67.134 37.939 87,134 12.08.2024 The financial stslemenls wèr& approv8d by th8 Tre&S on ......................... Mr Henry Faber Trustee
THE OPPIDAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Charlty Inforniatlon The Oppidan Foundab'on was registwed a5 a charitable IFated organisation on 3 August 2020 and is g¢)vemed by a constitution dated 3 August 2020 and registered with the Charity Commission under tharity numbèr ]19L82. The charity's Wincip office address is 20 Sl James Street. Lon¢y, gRW. 1.1 A¢¢ounting conVenOn The fin8ncial statements have been wepared in accordance the Charity'$ goveming document, Charities Act 2011. FRS 102 'The Financial Reporbng Stsndard applicable in the UK and Republic of Ireland" I'FRS 102,1 and the Charth"es SORP 'AcccMJntiro and Reporting by Charities". Slalem8nt of Recommended Practice applicable to charities preparing their accothts in accordance wth the Finanual Reporting Standard applicable in the UK and Republtc of Ireland IFRS 102)" (effeGtive 1 January 2019). The Charity has taken advantage of Ihe prowsions in the SORP for Chare$ not to prepare a Statement of Cash Flows. Th8 financial slat8rn8nls have d8parted from the Charthes (Ao)yJnts and Reports} Reyulab"ons 2008 only to the extent required lo prowde a true and fair This departure has imiolved following the Stsleménl of Recommended Practice for charities appIng FRS 102 rather than the version of the Statement of Recommended Practice which is referred lo in the ReguL4tions but whith has since been wthdrawn. The financial statements are prepared in sterling, which is the fundional (yJrr8ncy of the Charity. hllonetary amounts in these financial statements are roun¢J8(I to the nearest L The ffnancial statements have been prepared urKler the historical cost convenb"on.The principal accounting policies adopted ar8 set out b810w. The Oppidan Foundation meets the definiiion of a putAic benefft entity und8r FRS 102. 1.2 Golng concern Al the ts.me of approwng the finanaal statements, the Trustees have a reasonakje expectation that the Charity has adequate reSoUrS to continue in operats.onal existence for the foSeeable ftrture. Thus th8 Trust88S continue to adopt the going concern basis of accounb.ng in preparing the financial statemenls. 1.3 Charitable funds Unrestrieted funds are available for use at the discxetion of ts Tntstses in fvrtherance of their tharitable objectives. Restricted funds are sutyect to spedfic by dr$ or grantors as to h¢)w they may be used. The purposes and uses of the reslTiCted funds are sel out in the notes to the financial statements. Endowmer)t fijnds are subject to speGffiG COTKIth"ons by donors that the capital must be maintained by thè Charity. 1.4 Income Income 15 recognised when the Charity is legalty entilted to it after any performance condits.ons have been mel, the amounts can be measured reliably. and it is probable that income wll received. Cash donab.ons are recognised on reeeipL Other donations are recognised once the Charity has been notified ol the donation, unless perfOrnian condits.ons require (teferral of the amount. Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised al the lime of the donation.
THE OPPIDAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policias {Contlnuedl 1.5 Expendlture Expenditure is recognised on an accruals basis as a liatility rs incxJtr&J. Expenditure includes any VAT which annot be fvlly recovered. 1.8 Tanglble fixed aets Tangjble fixed assets are inilialty measured at cost and subsequenty measured al cost or valuation, net of depreCIatit and any ImpalmnI bs. Depreciatson is recognised so as lo write off th8 Cost or valuab.on of assets less their residual values over thoir useful lives on the followi bases.. The gain or loss aris1r on the disposal of an asset is determined as the dtfference beiween the sale prcKeeds and the carrying value of Ihe a( and is recognised in the statement of finanu818ctiV4tses. 1.7 Cash and cash equlvalents Cash and cash equivalents Tnclude cash in hand. deposits hetd at call IMth banks. other short4erm liquid investments with original maluriti"e5 of three month5 or less, awKI bank overdrafts. Bank overdrafts are shown svithin borrowngs in current lia.11t1es. 1.8 Flnanclal Instruments The Charty has elected lo apply Ihe provTsions of Sedion 11 'B8sic Fimncial Instruments, and S8Ction 12 'Other Financial Instruments Issues. of FRS 102 to of tts finawal instruments. Finan(7al instruments are re¢ogniwJ in the Charitys balance sheet when the Charity becomes paty to th8 contractual pmvisions of th8 instrument Financia 3ss8ts and liabilities are offset, with the net amounts presented in the financial statements, en there is a legally enforceable rht lo set off the recognised amcyjnts and there is an intention lo settle on a net basis or to realise the asset and setite the lithlty simUltaneS1y. Basic financial assets Basic financial a55ets, byhich indude debtors arKI sh arvJ bank balances. are initially measured al transath.on wce induding Iransact'on costs and are subsequendy carried at amothsed cost using the effective interest method unless the arrangement C0115tttules a finanany transadion, where the transaction is measured al the present vue of the frJture rerEipt5 discounted al a markot rale of interest. Financial assets lassified as receivable wtthin one year are not amortised. Bas1¢ ffnan¢lal Ilabllltles Basic finanoal liabilities. induding ueditors and bank loans are initialty recognised at Iransadion price unless th8 arrangem8nt constitutes a finanang transaction, where the debt instrument is measured al the present value of the future payments discounted at a market rate of interesL Financial liabilities classified as payable w((hin one year are not amortised. Debt instruments are subsequenlty carried at amortised cosL usiTrJ the effecbve interest rale method. Trade creditors are oblig81ions to pay for goods or services that have been acqLNred in the ordinary cours& of operalior15 Irom suppliers. Amounts payable are classified as rrent liabilities rf payment is due wthin one year or less. If not, they are presented as norTrent liabilities. Trade creditors are recognised inJEially at tran5athon price and subsequently meaSUd at amortised cost us(ng the effective interest method. Derecognftlon of flnan¢lal Ilabililies Financial liabilities are derecognised when the Charity's cntratha1 obligalions expire or are distharged or cancelkd.
THE OPPIDAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng poll¢les Icontinued) 1.9 R•tirnment b8n•flts Payrnenls lo defined conlribub.on retiremerrt benefft scthmes are charged as an eypense as they fall due. Critlcal accountlng estlmates and Judgements In the appfication of the Charity's accounting p1¢$. the Trustee$ are required to make judgements. estimates and assumptions aboul the carrying amount of a&sets and liabilities that are not readity apparent from other sources. estimates and a$$tated assumptions are based on historical experience and other factors that are cons&lered to be relevanL A¢tLwI results may differ from these estimates. The estimates ar underlying assumptions are rewewed on an ongoing basis. Rewsions lo aceounling estimates are recognised in Ihe period in whith the estimat8 is revised where the revision affects only that period. or in the period of the revision and fvtU periods Wthere the revision affects both eurrenl and future periods. Incom• from donatlons and legacles UnTe5trlcted funds 2023 Unr08tricted funds 2022 Donations and gifts 4,013 55.919 Income from ¢harltable activities Unrestrlcted Unrestrlcted funds funds 2023 2022 General Schoc4 project revenue 17,300 Expendlture on r4blng funds Unrestricted UnrestrlGted funds funds 2023 2022 Fundrablng and publlcty Adverbsing 1.307 10-
THE OPPIDAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Expenditure on charitabl• activities 2023 2022 Dlre¢t costs Staff costs Depreciation and Thpairment Printing, postage & stslionery IT software & consumables Mentor fees Legal and professi1 fees Accountancy fees Gen8ral Expenditure Rent Insurance Bank charges Frèelan costs Trav81 and subsistance 33,572 559 3,e14 1.934 11.830 21,008 3,060 142 10.800 346 925 2.202 2,670 411 1,380 1,212 6,208 89.658 Grant furKling of adiviti.es {see te n 27,OOD 15.000 33.208 104,658 Analysis by fund Unrestricted fijnds 33,208 104,658 Grants payable 2023 2022 Grants lo inslrtulions". Other 27,000 15,000 Net movement In fund5 2023 2022 The net movement in funds is stated after Charg1{uedthng}: Depreciation of owned tsngible fred assets 559 11
THE OPPIDAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Trustsos None of the TrLtstees (or any persons coned them) received any remuneration or benefits from the Charity during the year. There wtre no trustees. eenSeS paid for ts year ended 31 December 2023. 10 Employees The average monthty number ofempwees during the year was: 2023 Numbor 2022 Numb•r EmpJoyn*nt costs 2023 2022 Wages and salaries Other nSIOn costs 32,962 610 33,572 There were no emkloyeos vthose annual MneratiOn was more than £60.000. Remuneratlon of key managemant p8r50nn•l The remuneration of key management personnel was as frllows.. 11 Taxatlon The charity is exempl from taxatlon on its adthlles because all its inc4Jme Is Sp[ed for charitable purposes. 12 Debtors 2023 2022 Amounts falling due wlthln one year: Trade debtors Prepayments and acclued income 5,377 58 58 5.377 12-
THE OPPIDAN FOUNDATION NOTES TO THE FINANCIAL STATEPAENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Creditors: amounts falling due ¥¥lthin one year 2023 2022 Other creditors Accruals and deferred income 3,281 7,620 6.600 10,901 14 R8tlromant b8ngfft schgmos 2023 2022 Defined Gontributlon Schemes Charge to profft or loss in reSt of defined contribution sthemes 610 The Charity operates a defined contribution pension scheme for all qualfying employees. The assets of the scheme are held sepatalely from those of the Charity in an independenuy administered fund. IS Unrestrfcted funds The unrestricted funds of the charity comprise Ihe unexpended balanS of donabons and grants which are not subject to specific ndItiOnS by ¢Jorws and granlors as to how they may be used. These indude designated funds which hav8 be8n s8t aside out of unr8stricted funds by the trustees for speafic purpose5. At 1 January 2023 Incomlng ources Resources exponded At31 Docembor 2023 General funds 67,134 4.013 133,208) 37.939 Prevlous year: At 1 January 2022 In¢omlng rosourcgs Resources expgnded At31 December 2022 General funds 99.880 73,219 1105.965) 67,134 16 R8lat8d party transactions Two of the trustees, Mr H Faber & Mr W Kerr, are directors of OppiLlan Education Limited. In th8 prtor year, various services were provided by oppan EdLKatbon Limited. During Ihe period. no such services occurred. The value of these service5 totalled £NIL f2022.. £10,800). Oppidan Education knmiled Colled thnation5 of £NIL (2022." £5.37n on behalf of The Oppidan Foundation in the year to 31 December 2023. 13-