Registered number: 11513329 Charity number: 1190809
GET FURTHER LTD
(A Company Limited by Guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
GET FURTHER LTD
(A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 15 |
| Independent Auditors' Report on the Financial Statements | 16 - 19 |
| Statement of Financial Activities | 20 |
| Balance Sheet | 21 |
| Statement of Cash Flows | 22 |
| Notes to the Financial Statements | 23 - 33 |
GET FURTHER LTD
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023
| Trustees | Michele Sutton, Chair |
|---|---|
| Jack Davidson | |
| Chioma Etienne | |
| Fiona Forbes | |
| Philip McGuire | |
| John Peel (resigned 8 February 2024) | |
| Natasha Porter | |
| Laura Roberts | |
| Shoeb Mahmud Salam (resigned 7 June 2023) | |
| Dr Christopher Wilson | |
| Company registered number 11513329 Charity registered number 1190809 Registered office The Yellow Building 1 Nicholas Road London England W11 4AN Chief executive officer Sarah Waite Independent auditors Goodman Jones LLP Chartered Accountants Statutory Auditors 29/30 Fitzroy Square London W1T 6LQ |
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GET FURTHER LTD
(A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023
The Trustees present their Annual Report together with the audited financial statements of the Charity for the year 1 September 2022 to 31 August 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 Charity 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.
The Charity also trades under the name Get Further.
Objectives and activities
a. Policies and objectives
The objectives of the Charity, as stated in the Memorandum and Articles of Association, are:
To advance education for the public benefit by providing people who are socially or economically disadvantaged with extra tuition in English and maths in order to help them succeed and through the provision of such other mentoring and support as deemed appropriate.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
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GET FURTHER LTD
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
Objectives and activities (continued)
b. The challenge
One in three students leave school each year without a pass in GCSE English and maths - this rises to over one in two for young people from disadvantaged backgrounds.(1) These are gateway qualifications. Without them, young people are significantly more likely to drop out of education and are locked out of key professions, apprenticeships, and university courses.
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Fewer than 12% of young people without passes in GCSE English and maths at 16 are studying for an A Level qualification the following year.(2)
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Without GCSEs in English and maths, young people are significantly more likely to drop out of education by 18.(3)
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Without passes in GCSE English and maths, a young person is nine times more likely to be NEET.(4)
Three years on, the fallout from the pandemic is still felt keenly in education. With the return to pre-2020 grading, the pass rate for students retaking GCSE English and maths is now lower than before the pandemic.(5) In turn, the percentage of students needing to retake English and maths qualifications in college has increased by a third.(6) Young people from disadvantaged backgrounds, at both GCSE and in 16-19 education, fell further behind their peers during the pandemic.(7) Meanwhile, school absences have surged.(8) This attendance gap will serve only to exacerbate the attainment gap between poorer and more affluent children, with long-lasting repercussions for individuals, our society, and our economy.
Further education is the part of our education system that serves a large proportion of students from disadvantaged backgrounds against a backdrop of historic underfunding. It is the sector that supports young people with the shortest amount of time left in education to gain the strongest set of qualifications, to set them up for further study or work. We are the only non-profit tutoring organisation working exclusively with the further education sector (colleges, sixth forms and Independent Training Providers). We focus our efforts here because students retaking GCSE English and maths in further education are disproportionately from disadvantaged backgrounds. (9)
In 2018-19, 35 per cent of students in state-funded schools did not achieve a grade 4 or above in GCSE English and maths, rising to 59 per cent for students who were eligible for Free School Meals. DfE (2023), ‘Key stage 4 performance’
The Nuffield Foundation (2021), ‘Moving on from initial GCSE ‘failure’: Post-16 transitions for ‘lower attainers’ and why the English education system must do better’
Machin, S., McNally, S., and Ruiz-Valenzuela, J. (2020), ‘Entry through the narrow door: The costs of just failing high stakes exams’ 4. 7.1 per cent versus 0.8 per cent. The Nuffield Foundation (2021), ‘Moving on from initial GCSE ‘failure’: Post-16 transitions for ‘lower attainers’ and why the English education system must do better’
EPI (2023) ‘Analysis: GCSE Results Day 2023’
AoC (2023), ‘Pressure on colleges mounts as booming number of students resit GCSE maths and English’
EPI (2022), ‘Covid-19 and disadvantage gaps in England 2021’
BBC News (2023), ‘One in five children regularly misses school, figures show’
BBC New (2023), ‘Class sizes grow to keep up with GCSE resits’
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(A Company Limited by Guarantee)
GET FURTHER LTD
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
Objectives and activities (continued)
c. Activities undertaken to achieve objectives
Get Further exists to support students from disadvantaged backgrounds to achieve gateway qualifications, unlocking opportunities in education and work. We have three main activities:
1. Providing additional one-to-one or small group English or maths tutoring to young people from disadvantaged backgrounds in further education
Small group tuition is an intervention that is proven to improve outcomes for students, fast. Having a tutor to provide tailored support and rebuild a student's confidence is one of the most effective ways to close the attainment gap. But the average cost of a private tutor is £40 per hour – and can often rise above this in certain parts of the country and for subjects like maths.* This means that too often, this is out of reach for the poorest young people.
Get Further exists to change this story and ensure more young people from disadvantaged backgrounds can access the extra support they need to get back on track in education. We deliver small group tuition to support young people who have missed out on a pass in GCSE English or maths at school to build their knowledge, skills, and confidence in these essential subjects in further education. We partner directly with further education colleges, Independent Training Providers and sixth forms to match students in need of extra help in English or maths to our top tutors. Our tutors deliver a bespoke post-16 curriculum in one-to-one or small group sessions that complements their classroom education. Each tuition session is tailored to the strengths of each student, helping them to build their confidence and improve their skills in English and maths in preparation for their exams.
All our tutors are talented, subject-specialists, trained by expert teachers and supported by a bespoke curriculum and resources. Tutors build strong mentoring relationships with the students, increasing their motivation and supporting them to make progress.
2. Offering a fully-resourced GCSE resit curriculum and professional development programme
There are not enough qualified, subject specialist English and maths teaching staff in FE. In response to a survey by the Association of Colleges in January 2022, 44% of colleges reported that they had a staffing shortage in maths and 24% reported a staffing shortage in English. A survey conducted in 2018 suggests that over one-third (34%) of maths teachers in FE only have a GCSE or other level 2 qualification (e.g., Functional Skills) as their highest level of maths qualification. The survey also suggests that a significant proportion (over 38%) of maths teachers in FE have not undergone any maths or numeracy specialist teacher training.*
To support teachers in further education, we also offer a fully resourced GCSE resit curriculum and professional development programme, tailored to each college’s timetable and the needs of their student cohort.
3. Advocating for systemic change
We use our impact to prove and champion the potential of young people from disadvantaged backgrounds to build their knowledge, skills and confidence in English and maths in post-16 education. We advocate for further education to receive the policy recognition and funding required to put in place the interventions that these young people need to get further.
- EEF (2021), ‘One to one tuition’ and ‘Small group tuition’; Brookings Institute (October 2020), ‘Tutoring: A time-tested solution to an unprecedented pandemic’
** TutorCruncher (2023), ‘Average Tutoring Rates UK’
*** AoC (2022), ‘AoC English and maths survey January 2022’
**** The University of Nottingham (2018), ‘A survey of teachers of mathematics in England’s Further Education Colleges’
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GET FURTHER LTD
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
Objectives and activities (continued)
d. Short and longer-term aims
Our key strategic priorities for 2023/24 are to:
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Further enrich our understanding of the impact across our tutoring programmes, so that by 2025, we are delivering a tuition programme that yields the maximum possible impact for all the students we support.
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Become a nationally representative charity, delivering programmes in every region.
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Develop our operating model, identifying economies of scale and efficiencies through developing better systems and processes, to ensure that this effectively supports future growth and long-term sustainability.
Alongside these three strategic priorities, we will also continue to disseminate our positive impact, to secure a long-term legacy for tuition for disadvantaged 16-19-year-olds.
e. Further enriching our understanding of our impact
In 2022/23 we undertook a range of activities designed to enrich our understanding of the impact of our tuition programmes. We appointed a part-time Data Officer who has been supporting the development of our data management systems and our approach to data analysis and programme evaluation. We also appointed a Salesforce Officer to enhance our capacity to access and analyse programme data. These appointments enabled us to undertake impact analysis at a more granular level and to publish our first in-depth impact report.
In 2023/24 we are using funding secured in 2022/23 to further develop our systems of real-time reporting so that we can further drive in-year quality improvements. Looking longer-term, we will be using funding secured in 2022/23 to appoint a Director of Impact who will have strategic oversight of our approach to quality and impact. We are also continuing discussions with external organisations who are continuing to support the development of our approach to measuring impact and who will eventually provide external analysis of our impact.
f. Becoming a nationally representative charity
In the 2022/23 academic year, we continued to work with students in London, Yorkshire, Eastern England, the West Midlands and the South East. In 2023/24 we will build new relationships with colleges in new areas, with the proportion of London-based students dropping from ~67% in 2022/23 to an estimated 37% in 2023/24. We have confirmed partnerships for 2023/24 in the north (~16% of student places), south (~10%), east (~22%) and west (~15%) of the country, and expect to continue expanding to new regions in the future.
g. Developing our operating model
In 2022/23, we also invested in Get Further’s infrastructure, with further development planned for 2023/24. This includes a full review of the organisation’s CRM and other systems, enabling internal and external processes to be streamlined. This will save hours of administrative time, improving communication channels, and producing real-time reports highlighting Get Further’s impact across the sector.
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GET FURTHER LTD
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
Objectives and activities (continued)
h. Securing a long-term legacy for tutoring funding for disadvantaged 16-19-year-olds
Funding for state-funded tutoring is confirmed until August 2024. In 2022/23, we significantly increased our advocacy activity with the goal of highlighting the impact of this funding for children and young people from disadvantaged backgrounds and calling on the Government to extend it beyond August 2024. We launched our 2021/22 impact report in Parliament, with guest speakers Munira Wilson MP, the Liberal Democrat Education Spokesperson and Lee Elliot-Major, Professor of Social Mobility at Exeter University. We also partnered with schools tutoring charities, including Action Tutoring and the Tutor Trust, to commission new research examining student, parent and teacher experiences of tutoring. This research was published in the Future of Tutoring report, and launched in Parliament with guest speakers, the Minister for Skills, Apprenticeships and Higher Education, Robert Halfon MP and the Chair of the Education Select Committee, Robin Walker MP.
We are continuing to intensify advocacy activity ahead of the anticipated General Election in 2024, including arranging visits for MPs to colleges in their local constituencies, so that they can meet and speak with students and hear first-hand how funding for tutoring benefits them. We are also diversifying our income, exploring new markets, such as within the apprenticeship sector, for the tuition programme to grow and reach additional disadvantaged learners in need support to secure these gateway qualifications.
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GET FURTHER LTD
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
Our achievements and impact
a. Achievements
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Students who undertook six or more tuition sessions with Get Further were 35% more likely to achieve a grade 4 in English or maths than the national average.
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Students who undertook six or more tuition sessions with Get Further made 50% more progress than the national average. We worked with 21 post-16 providers across 38 campuses and supported 1,296 young people to make progress in their English and maths.
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75% of the young people we reached had at least one marker of disadvantage, 29% had a declared SEND, 33% spoke English as an additional language.
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We recruited 109 tutors from whom we secured a net promoter score of 39 which places us within the ‘Great’ category.
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Students reported a 74% (30 percentage points) increase in confidence relating to English and maths.
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9 in 10 tutors feel they developed their tutoring skills through Get Further, that their students make progress, and that Get Further supports the delivery of high-quality sessions.
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We launched our first external impact report and had our first big celebration event.
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GET FURTHER LTD
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
Our achievements and impact (continued)
b. Our impact
For both English and maths, our pass rates in 22/23 were above the national average. For students who attended 6 or more sessions (equivalent to half a term of tutoring), they were 35% more likely to achieve a grade 4 in English or maths and to make, on average, 50% more progress.
In addition to analysing academic outcomes, we also record whether students on our programme feel more confident towards maths and/or English and if they have enjoyed the tuition sessions. In 2022/23, students reported a 74% (30 percentage points) increase in confidence relating to English and maths. For questions asking about confidence levels relating to specific aspects of both subjects, such as reading an extract from a novel or calculating the value of a missing angle in a triangle, there was a significant increase in “confident” responses (27% for English; 52% for maths) or “very confident” responses (244% for English; 179% for maths) following the programme.
To help us focus our work on the students most in need of additional support, we track indicators of disadvantage. Our disadvantage indicators include whether the student was in receipt of free school meals (when at school) or on benefits or living in one of the 30% most deprived postcodes in the UK. In 22/23, 75% of students on our programme met at least one of these disadvantage indicators. In addition, 29% reported that they had a special educational need or disability and 33% spoke English as an Additional Language.
Over the past four years, our attendance data continues to demonstrate that the more tuition sessions a student attends, the better their performance in the final exam. As a result, we monitor attendance closely and aim to increase student attendance year-on-year. In 22/23 we implemented new attendance strategies to boost the average attendance rate of the students we support. Overall, attendance to sessions in 22/23 increased by 10% compared to 21/22.
In addition to our central team, in 2022/23 we recruited 109 tutors to work directly with the students we support. In response to our annual tutor survey, 91% reported that they had developed their tutoring skills; 91% consider that Get Further supports the delivery of high-quality tuition sessions, and 90% expressed an interest in continuing to work with us again in 23/24.
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GET FURTHER LTD
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
Financial review
a. Financial performance
The total income for the year 2022/23 was £1,092,302. This was made up of educational partner contributions, grants and donations. College sales were slightly lower than 2021/22, primarily due to financial concerns in colleges due to national rising costs, and a reduction in programme sizes for colleges who hadn’t hit their enrolment targets the previous year.
The total expenditure for the period was £1,175,807 which represents a net deficit of £83,505. This is a £231k increase in expenditure from 2021/22 which relates primarily to salaries as investment was made in Get Further’s infrastructure in order to facilitate future growth.
Please see Get Further’s Financial Statements 2022/23 for more information.
b. Funding sources
The largest portion of our income (%) came through contributions from educational partners for the delivery of our tuition and curriculum services. In addition, Get Further is incredibly grateful to the following grant and donation providers for the generous support they gave in 2022/23
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The AKO Foundation
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Garfield Weston Foundation
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The Wates Family Enterprise Trust
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NCFE
The Charity is registered with the Fundraising Regulator and is committed to following the Code of Fundraising Practice and the Fundraising Promise. The Charity has not used any professional fundraisers during the year. Any fundraising activities undertaken by the Charity are done so in accordance with the Charity's safeguarding policies, as required, in order to protect any vulnerable donors.
c. Reserves policy
As of 31 August 2023, Get Further has £706,997 in unrestricted, 'free' reserves. These are all from the Charity's general unrestricted funds and represents approximately 4 months operating costs against 2023/24 budgeted expenditure.
Our reserves policy is to keep between 3 and 6 months expected operating costs based on the incoming year’s budgeted expenditure.
Reserves are used to:
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Provide working capital to protect the continuity of our core programme delivery. This is particularly important over the summer and through the autumn as we prepare for and commence delivery ahead of receipt of programme fees from colleges
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To provide funding for unexpected opportunities
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To provide cover for risks such as unforeseen expenditure or unanticipated loss of income. In particular, in our students’ interests, and to prevent disruption to their studies, we would want to be able to maintain core programme delivery to the end of our scheduled programmes
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GET FURTHER LTD
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
d. Going concern
In adopting the going concern basis for preparing the financial statements, the Board has considered the organisation’s financial activities, unrestricted reserves, and strategy, as well as the risks to the Charity and the applicable controls. The organisation’s business activities, financial performance and reserves position are reviewed quarterly by the Board. The current operational model of the charity relies on sales of services to colleges, funded in part by the government’s 16-29 tuition fund, which has not yet been confirmed for 2024/25. Strong existing relationships and ongoing conversations with colleges suggest that sales will continue into next year regardless of the fund being extended, but the scale of these sales may be affected. The charity has modelled various scenarios in the eventuality that the fund is not extended, which include scaling the preapprenticeships tuition and investment in fundraising resources.
Based on this scenario planning and modelling, the Board is satisfied that the Charity has adequate resources to operate for the foreseeable future and considers it appropriate for the organisation to adopt a going concern basis in preparing its financial statements.
Structure, governance and management
a. Constitution
Get Further Ltd is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. Get Further Ltd registered as a charity with the Charity Commission in England and Wales, with a registration date of 11 August 2020.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association. We run an open application process for trustees, advertising the role widely and requesting nominations and recommendations from the existing trustees and wider stakeholders. Applications are shortlisted and shortlisted candidates invited to a selection panel with the Chair and CEO. Trustees are appointed for a 3-year term. All trustees must provide two references, declare any conflicts of interest, and undergo an enhanced DBS check prior to taking up a position.
The balance and diversity of trustees is kept under review by the Board. Emphasis is placed on ensuring that our trustees provide the specific mix of skills and experience that have been identified as important to our objectives and activities, as well as the Charity's ongoing development.
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GET FURTHER LTD
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
Structure, governance and management (continued)
c. Organisational structure, decision-making, and key management personnel
As of September 2023, Get Further is governed by a Board of nine Trustees. The Board of Trustees meets at least four times a year. These meetings are supported by two additional subcommittees.
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Finance and Risk sub-committee which meets at least five times per year and is intended to deliver an indepth review of Get Further’s financial management, fundraising, and risk management.
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Quality and Impact sub-committee which meets quarterly is and intended to deliver an in-depth review of Get Further’s programme quality and impact.
Trustees are responsible for setting the overall strategy and direction of the Charity, with operational matters connected with implementation of the strategy, together with responsibility for the day-to-day running of the organisation delegated to the CEO and Executive Leadership Team.
Key management personnel comprise the Chief Executive Officer, Director of Operations, and Chief Programmes Officer. It is essential for the success of Get Further (and therefore in the best interests of its beneficiaries) that its key management personnel offer a specific blend of skills and experience.
The Trustees are responsible for conducting the annual review of the Chief Executive Officer and then agreeing their renumeration as a confidential agenda item at the final Board Meeting of the year when they also approve the wider team’s pay policy proposed alongside the annual budget. In setting the remuneration of the Chief Executive Officer, the Trustees’ policy is to balance remuneration levels of chief executive officers of London based charities of equivalent size and complexity. The Chief Executive Officer’s salary is reviewed annually by the Trustees. All Trustees give their time voluntarily.
All trustees and key management personnel are required to declare and register any relevant interests and transactions whichmay give rise to a conflict of interest.
d. Policies adopted for the induction and training of Trustees
Once appointed, each trustee undergoes an induction with the Chief Executive Officer, the Chair (or Interim Chair) and relevant members of the executive team. This induction includes taking Trustees through the charity's Safeguarding Policy and Code of Conduct as well as the current financial position and strategic aims for the future.
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GET FURTHER LTD
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
Structure, governance and management (continued)
e. Risk management
The Trustees and Executive Leadership Team are responsible for risk management and have an active process in place to assess principal risks and implement appropriate strategies. This involves identifying types of risks, prioritising them in terms of potential impact and likelihood, and identifying the means of mitigating such risks. Whilst risk management strategies cannot offer absolute assurance against all forms of loss or damage, the Trustees are satisfied that the measures deployed mitigate exposure to the most significant risks. The Executive Leadership Team review risks monthly, identifying new and additional risks, implementing mitigation measures, and updating the risk register. The risk register is then presented for discussion at the quarterly Finance and Risk Sub-Committee, it is included with all board packs for all Trustees and is a main agenda item for at least one Board Meeting each year. Identified principal risks are:
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GET FURTHER LTD
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
Future Plans
Strategy Development
Our last strategic review has guided the team over the past two years and takes us up to August 2024. Therefore, 23-24 is a key moment to deliver a deeper strategic plan that would take us to August 2029: over 10 years after the charity was founded.
In preparation for developing our next 5-year strategy, we commissioned the Beyond 2024 project, delivered by RBU partnership, to assist the charity in developing plans amid the uncertain funding climate for FE. We have also reviewed our organisational culture and values. We will continue to review this as our future strategy evolves to ensure that our culture and values enable the team to deliver the strategy.
Across 23/24, we will develop our future strategy, and will launch this in summer 2024. All trustees are closely involved in the strategy’s development, with three trustees joining a Strategy Working Group that meets monthly to give us the additional time and space to have deeper discussions on analysis and options that emerge throughout the process.
Tutoring Programme
In 2023/24 we are on track to deliver English and maths tuition to over 3,000 learners undertaking 16-18 Study Programmes in Further Education. We will also be delivering our pilot programme of pre-apprenticeship English and maths to 60 learners. Looking ahead to 2024/25, we are currently planning to deliver English and maths tuition to 4,000 learners and will be exploring the potential to expand our pilot pre-apprenticeship programme to 600 learners. We will be continuing our expansion across England with a focus on areas with the highest levels of socioeconomic disadvantage as we know these are the areas where young people are least likely to secure their grade 4 in English and maths at the age of 16.
Curriculum
In 2023/24 we are working with two Further Education colleges to deliver a holistic programme comprising Get Further’s curriculum package, designed to support the classroom delivery of maths GCSE resits, alongside Get Further’s English and maths tuition programmes. We are also enhancing our continuous professional development (CPD) offer with training sessions for post-16 English and maths teachers developed from our initial tutor training. These are designed to support FE practitioners to apply, in their own teaching and leadership, the principles of pedagogy and curriculum design that underpin our tuition sessions. In 2024/25 we will be expanding our curriculum package and CPD offer to providers across England.
Impact
Our increased capacity to evaluate the impact of our programmes and to monitor key quality measures in real time has enabled us to further develop our programme delivery to support student achievement in 2023/24. This has included the closer monitoring of student attendance and the appointment of an Attendance Officer to drive a consistent approach to supporting student attendance across the organisation. Looking ahead to 2024/25 we are reviewing our impact on specific demographic groups (e.g., those with SEND) and those with different levels of prior attainment to identify ways of enhancing programme design and delivery to ensure we are directly targeting their specific needs.
Income Expectations
The majority of the colleges we work with fund Get Further’s services through the government’s 16-19 tuition fund, the continuation of which has not yet been confirmed for 2024/25. We continue to advocate for extending this fund, and if successful, will continue with the current business model next year.
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GET FURTHER LTD
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
Future Plans (continued)
In order to mitigate the risk of the fund not being extended, we are running an apprenticeships pilot in 2023/24 to establish whether the tuition model can be successfully applied to individuals who are required to pass Functional Skills Level 2 in order to complete their apprenticeship. Significant numbers of students nationally are dropping out of apprenticeships because they have not yet passed their FSK course. Between 2019-21, half of all apprentices withdrew from their course and did not complete the qualification (DfE, 2022), whilst providers have lost over £1.8bn in potential earnings over the past four academic years due to apprentice withdrawals (DfE, 2023).
If successful, we will be looking to scale delivery of this programme from September 2024 and are developing a plan to support sales to this new market from January 2024.
We have also invested in increased capacity within the fundraising team, and are continuing to develop our fundraising strategy to ensure that income from trusts and foundations continues to be a significant resource in helping to reach students that would benefit from Get Further’s tutoring in maths and English.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Charity 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 year. 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 Charity 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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GET FURTHER LTD
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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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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 and to establish that the charity's auditors are aware of that information.
In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by Section 415A of the Companies Act 2006.
Auditors
The auditors, Goodman Jones LLP, were appointed during the year and 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 and signed on their behalf by:
................................................ Phil McGuire Trustee
Date: 04-03-24
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GET FURTHER LTD
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GET FURTHER LTD
Opinion
We have audited the financial statements of Get Further Ltd (the 'charitable company') for the year ended 31 August 2023 which comprise the 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:
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give a true and fair view of the state of the charitable company's affairs as at 31 August 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011 and the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 charitable company'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.
Page 16
GET FURTHER LTD (A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GET FURTHER LTD (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Page 17
(A Company Limited by Guarantee)
GET FURTHER LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GET FURTHER LTD (CONTINUED)
Auditors' 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 Auditors' 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.
Based on our understanding of the charity and sector, we identified that the principal risks of non-compliance with laws and regulations related to sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011, Charity Commission and sector regulations, and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out.
These procedures included:
-
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
-
Reading minutes of meetings of those charged with governance;
-
Obtaining and reading correspondence from legal and regulatory bodies including HMRC;
-
Identifying and testing journal entries;
-
Challenging assumptions and judgements made by management in their significant accounting estimates.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Page 18
(A Company Limited by Guarantee)
GET FURTHER LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GET FURTHER LTD (CONTINUED)
Use of our report
This report is made solely to the charitable company'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 charitable company's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Goodman Jones LLP
Chartered Accountants Statutory Auditors 29/30 Fitzroy Square London W1T 6LQ
Date: 05-03-24
Goodman Jones LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 19
(A Company Limited by Guarantee)
GET FURTHER LTD
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 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 £ 242,634 849,668 1,092,302 1,175,807 1,175,807 (83,505) 765,031 (83,505) 681,526 |
Total funds 2023 £ 242,634 849,668 1,092,302 1,175,807 1,175,807 (83,505) 765,031 (83,505) 681,526 |
Total funds 2022 £ 238,401 1,122,270 1,360,671 |
|---|---|---|---|
| 944,497 944,497 |
|||
| 416,174 | |||
| 348,857 416,174 765,031 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 23 to 33 form part of these financial statements.
Page 20
GET FURTHER LTD (A Company Limited by Guarantee) REGISTERED NUMBER: 11513329
BALANCE SHEET AS AT 31 AUGUST 2023
| Note Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 12 Unrestricted funds 12 Total funds |
81,167 749,702 830,869 (149,343) |
2023 £ 681,526 681,526 681,526 - 681,526 681,526 |
7,345 797,629 804,974 (39,943) |
2022 £ 765,031 |
|---|---|---|---|---|
| 765,031 | ||||
| 765,031 | ||||
| - 765,031 |
||||
| 765,031 |
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
However, an audit is required in accordance with section 144 of the Charities Act 2011.
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.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
Phil McGuire Trustee
Date: 04-03-24
The notes on pages 23 to 33 form part of these financial statements.
Page 21
GET FURTHER LTD
(A Company Limited by Guarantee)
| STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023 |
||
|---|---|---|
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Net cash provided by investing activities Cash flows from financing activities Net cash provided by financing 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 The notes on pages23 to 33form part of these financial statements |
2023 £ (47,927) - - (47,927) 797,629 749,702 |
2022 £ 333,018 - - 333,018 464,611 797,629 |
Page 22
GET FURTHER LTD (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
1. General information
Get Further Ltd is a charitable company registered in England and Wales. The registered office is The Yellow Building, 1 Nicholas Road, London, England, W11 4AN.
The activities of the Charity are set out in the Trustees' Report.
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.
Get Further Ltd 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.
Accounts are prepared in Sterling, the functional currency of the Charity, and rounded to the nearest £.
The Charity is a company limited by guarantee. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.
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 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.
2.3 Going concern
After making appropriate enquiries, including an assessment of the future plans of the Charity and future income, and after conducted various scenario planning and modelling as part of the budgets and forecasts, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees do not believe that there is a material uncertainty regarding the going concern status of the Charity and continue to adopt the going concern basis in preparing the financial statements.
Page 23
GET FURTHER LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
2. Accounting policies (continued)
2.4 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 when the above recognition criteria have been met together with any performance conditions attached to the grants. 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.
Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
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 Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.6 Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Page 24
(A Company Limited by Guarantee)
GET FURTHER LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
2. Accounting policies (continued)
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.
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 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.
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 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.11 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.
3. Critical accounting estimates and areas of judgement
Estimates and judgements 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. The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. No 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 have been identified.
Page 25
(A Company Limited by Guarantee)
GET FURTHER LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
4. Income from donations and legacies
| Unrestricted funds 2023 £ Donated services - Grants 242,634 242,634 Total 2022 228,401 |
Restricted funds 2023 £ - - - 10,000 |
Total funds 2023 £ - 242,634 242,634 238,401 |
Total funds 2022 £ 78,401 160,000 238,401 |
|---|---|---|---|
5. Income from charitable activities
| Unrestricted funds 2023 £ Education Provision 849,668 Total 2022 1,122,270 |
Total funds 2023 £ 849,668 1,122,270 |
Total funds 2022 £ 1,122,270 |
|---|---|---|
6. Analysis of expenditure on charitable activities Summary by fund type
| Unrestricted funds 2023 £ Education Provision 1,175,807 Total 2022 934,497 |
Restricted funds 2023 £ - 10,000 |
Total 2023 £ 1,175,807 944,497 |
Total 2022 £ 944,497 |
|---|---|---|---|
Page 26
(A Company Limited by Guarantee)
GET FURTHER LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
7. Analysis of expenditure by activities
| Education Provision Total 2022 |
Activities undertaken directly 2023 £ 734,307 624,500 |
Support costs 2023 £ 441,500 319,997 |
Total funds 2023 £ 1,175,807 944,497 |
Total funds 2022 £ 944,497 |
|---|---|---|---|---|
Analysis of direct costs
| Staff costs Direct Costs Total 2022 |
Education Provision 2023 £ 674,273 60,034 734,307 624,500 |
Total funds 2023 £ 674,273 60,034 734,307 624,500 |
Total funds 2022 £ 574,064 50,436 624,500 |
|---|---|---|---|
Page 27
GET FURTHER LTD (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
7. Analysis of expenditure by activities (continued)
Analysis of support costs
| Staff costs Accounting and Audit Fees Advertising Consulting Fees Bank Charges Insurance IT Software and Consumables Legal and Professional Fees Travelling Expenses Printing, Postage and Stationary Rent - Desk Space Other Expenses Recruitment Fees Bad Debt Expense Total 2022 |
Education Provision 2023 £ 258,092 18,810 24,038 16,800 309 2,129 24,886 4,432 15,524 77 32,618 9,983 10,522 23,280 441,500 319,997 |
Total funds 2023 £ 258,092 18,810 24,038 16,800 309 2,129 24,886 4,432 15,524 77 32,618 9,983 10,522 23,280 441,500 319,997 |
Total funds 2022 £ 179,492 30,887 5,370 - 17 2,445 34,803 8,862 4,449 723 46,325 2,238 4,386 - 319,997 |
|---|---|---|---|
Included within Accountancy and Audit Fees above are audit fees totalling £9,000 (2022: £9,000).
8. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2023 £ 858,162 61,885 12,318 932,365 |
2022 £ 708,357 37,736 7,463 |
|---|---|---|
| 753,556 |
Page 28
(A Company Limited by Guarantee)
GET FURTHER LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
8. Staff costs (continued)
The average number of persons employed by the Charity during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Administration | 26 | 10 |
In addition to the administration staff, there were 136 (2022: 94) active tutors that were employed by the Charity during the year.
No employee received remuneration amounting to more than £60,000 in either year.
Remuneration costs including employer's National Insurance and pension contributions in respect of key management personnel totalled £181,346 (2022: £184,611) for the year.
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .
During the year ended 31 August 2023, expenses totalling £ 647 were reimbursed or paid directly to 1 Trustee (2022 - £NIL to Trustee) .
10. Debtors
| Due within one year Trade debtors Other debtors Prepayments and accrued income |
2023 £ 60,765 790 19,612 81,167 |
2022 £ 3,660 1,578 2,107 |
|---|---|---|
| 7,345 |
Page 29
(A Company Limited by Guarantee)
GET FURTHER LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
11. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Other creditors Accruals and deferred income Deferred income at 1 September Resources deferred during the year Amounts released from previous periods |
2023 £ 10,016 32,895 5,059 101,373 149,343 2023 £ 3,000 86,990 (3,000) 86,990 |
2022 £ 3,332 11,523 1,674 23,414 39,943 2022 £ 134,700 3,000 (134,700) 3,000 |
|---|---|---|
Deferred income relates to payments received in advance for student sessions that will take place in the following academic year.
Page 30
(A Company Limited by Guarantee)
GET FURTHER LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
| 12. Statement of funds Statement of funds - current year Unrestricted funds General Funds - all funds Statement of funds - prior year Unrestricted funds General Funds - all funds Restricted funds Allen & Overy Total funds |
Balance at 1 September 2022 £ 765,031 Balance at 1 September 2021 £ 348,857 - 348,857 |
Income £ 1,092,302 Income £ 1,350,671 10,000 1,360,671 |
Expenditure £ (1,175,807) Expenditure £ (934,497) (10,000) (944,497) |
Balance at 31 August 2023 £ 681,526 |
|---|---|---|---|---|
| Balance at 31 August 2022 £ 765,031 |
||||
| - | ||||
| 765,031 |
Restricted funds comprise:
Allen & Overy - funds received towards set up costs to extend work across Tower Hamlets and Hackney.
Page 31
(A Company Limited by Guarantee)
GET FURTHER LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
13. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2023 £ Current assets 830,869 Creditors due within one year (149,343) Total 681,526 Analysis of net assets between funds - prior year Unrestricted funds 2022 £ Current assets 804,974 Creditors due within one year (39,943) Total 765,031 |
Total funds 2023 £ 830,869 (149,343) 681,526 Total funds 2022 £ 804,974 (39,943) 765,031 |
|---|---|
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: Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash provided by/(used in) operating activities |
2023 £ (83,505) (73,822) 109,400 (47,927) |
2022 £ 416,174 23,280 (106,436) 333,018 |
|---|---|---|
Page 32
(A Company Limited by Guarantee)
GET FURTHER LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
15. Analysis of cash and cash equivalents
| Cash in hand Total cash and cash equivalents |
2023 £ 749,702 749,702 |
2022 £ 797,629 |
|---|---|---|
| 797,629 |
16. Analysis of changes in net debt
| Cash at bank and in hand | At 1 September 2022 £ 797,629 797,629 |
Cash flows At 31 August 2023 £ £ (47,927) 749,702 (47,927) 749,702 |
|---|---|---|
17. Pension commitments
The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £12,318 (2022 - £7,463). At the balance sheet date, contributions payable to the fund at the balance sheet date totalled £5,059 (2022: £1,674) and are included in creditors.
18. Related party transactions
Except as disclosed elsewhere in these financial statements, there were no transactions with related parties requiring disclosure in either the current or prior years.
Page 33