Charity Registration No. 1191176
Company Registration No. CE023817 (Northern Ireland)
NEXT STEP FOUNDATION TRUSTEES' REPORT AND UNAUDITED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr D Wellesley-Wesley Mr C Bonas Mr J Higgins Charity number 1191176 Company number CE023817 Registered office The Engine Room 18 Battersea Power Station London SW11 8BZ Independent examiner Shorthouse & Martin Limited Worthy House 14 Winchester Road Basingstoke Hampshire RG21 8UQ
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CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiners' report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the accounts | 6 - 10 |
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TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023
The trustees present their report and accounts for the year ended 30 September 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's constitution and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in October 2019.
Structure, governance and management
The charity is a Charitable Incorporated Organisation (CIO), governed by it's 'Foundation' Model Constitution dated 21 April 2022.
The trustees who served during the year were:
Mr D Wellesley-Wesley Mr C Bonas Mr J Higgins Ms A Conway-Hughes (Resigned 18 July 2023)
Recruitment and appointment of trustees
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(a) There must be a minimum of three charity trustees and a maximum of twelve.
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(b) New trustees are appointed by resolution at a properly convened meeting of the charity trustees.
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(c) Trustees are selected based on the skills, knowledge and experience needed for effective administration.
Organisational structure
Ms D Ozanne resigned as Chief Operations Officer (COO) in February 2023. Mr Nathan Lawson resumed oversight as caretaker manager of the Foundation.
Risks
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Objectives and activities
The charity's objects are to advance education for the public benefit by delivering courses to students living in the UK who come from underprivileged backgrounds in order to help them make successful applications to undergraduate programmes at UK Universities. "Underprivileged background" is defined by adherence to one or more of UK Universities' widening participation criteria.
The charity's main activities during the year were:
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Delivering a 10-month online university preparation programme.
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Establishing and maintaining relationships with partner schools and multi-academy trusts (MATs).
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Developing resources and materials.
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Conducting a student selection process.
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Onboarding, training and employing tutors and experts.
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Evaluating the programme and hosting events for participants and alumni.
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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
Achievements and performance
Talent is distributed evenly, but opportunity is not. The Sutton Trust expects a 12% reduction in social mobility due to COVID-19 and the government’s lack of investment in rescuing disadvantaged students. A high-quality university education is crucial for improving life chances.
2023 Achievements:
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Enrolled 145 students onto the programme, exceeding the goal of doubling intake.
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Maintained a 32% or higher acceptance rate to Oxford or Cambridge universities.
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Achieved a 97% rate of scholars going on to a Russell Group university.
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Improved application process and communications with school partners.
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Increased engagement by changing tutor groups to coaching groups.
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Introduced careers insight sessions.
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Launched the first full impact evaluation, with the full report to be published in the Spring
Fundraising achievements
Secured funding for the year enabled the charity to more than double the intake. Continued multi-year grants of £36,000 provide confidence to maintain this trajectory. Secured funding for the upcoming cohort from the Hiscox Foundation and Garfield Weston Foundation.
Financial review
The charity's financial position at the end of the period is healthy. With an established programme and network of professionals to support in delivering it, we can plan with confidence to double in numbers and ensure the necessary level of support costs. The confidence demonstrated by our funders and our upcoming impact report will support further fundraising efforts.
Reserves policy
Unrestricted funds, which have not been designated for a specific use, should be maintained at a level equivalent to between three to six months' expenditure. This level of reserves ensures continuity of the charity's activities in the event of a significant drop in funding. This level of reserves has been maintained throughout the period.
On behalf of the board of trustees
Mr D Wellesley-Wesley Chair Dated: 29 July 2024
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NEXT STEP FOUNDATION
I report on the accounts of the charity for the year ended 30 September 2023, which are set out on pages 4 to 10.
Respective responsibilities of trustees and examiner
The trustees, who are also the directors of Next Step Foundation for the purposes of company law, are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011, the 2011 Act, and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent
examination, it is my responsibility to:
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(i) examine the accounts under section 145 of the 2011 Act;
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(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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(iii) to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention
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(a) which gives me reasonable cause to believe that in any material respect the requirements:
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(i) to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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(ii) to prepare accounts which accord with the accounting records, comply with the accounting requirements of 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities;
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(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Mrs J Saunders ACA
Shorthouse & Martin Limited
Worthy House 14 Winchester Road Basingstoke Hampshire RG21 8UQ
Dated: 29 July 2024
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STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2023
| Unrestricted Restricted funds funds Notes £ £ Incoming resources from generated funds Donations and legacies 2 1,050 - Investment income 3 2 - 1,052 - Incoming resources from charitable activities 4 - 61,000 Total incoming resources 1,052 61,000 Resources expended 5 Costs of generating funds Costs of generating donations and legacies - - Net incoming resources available 1,052 61,000 Charitable activities University preparation programme 4,950 58,160 Governance costs 4,045 - Total resources expended 8,995 58,160 Net (expenditure)/income for the year/ Net movement in funds (7,943) 2,840 Fund balances at 1 October 2022 32,356 27,110 Fund balances at 30 September 2023 24,413 29,950 |
Total 2023 £ 1,050 2 1,052 61,000 62,052 - 62,052 63,110 4,045 67,155 (5,103) 59,466 54,363 |
Total 2022 £ - 2 2 49,520 49,522 1,509 48,013 90,459 2,411 94,379 (44,857) 104,323 59,466 |
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The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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BALANCE SHEET
AS AT 30 SEPTEMBER 2023
| 2023 Notes £ Current assets Debtors 9 2,755 Cash at bank and in hand 67,702 70,457 Creditors: amounts falling due within one year 10 (16,094) Total assets less current liabilities Income funds Restricted funds 11 Unrestricted funds |
2022 £ £ 281 92,381 92,662 (33,196) 54,363 29,950 24,413 54,363 |
£ 59,466 |
|---|---|---|
| 27,110 32,356 |
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| 59,466 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2023. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these accounts.
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.
These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
The accounts were approved by the Board on 29 July 2024
Mr D Wellesley-Wesley Chair
Company Registration No. CE023817
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NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1 Accounting policies
1.1 Basis of preparation
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with applicable accounting standards, the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005 and the Companies Act 2006.
2 Donations and legacies
| Donations and gifts 3 Investment income Interest receivable 4 Incoming resources from charitable activities Grant funding receivable |
2023 £ 1,050 2023 £ 2 2023 £ 61,000 |
2022 £ - |
|---|---|---|
| 2022 £ 2 |
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| 2022 £ 49,520 |
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NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
5 Total resources expended
| Costs of generating funds Costs of generating donations and legacies Charitable activities University preparation programme Activities undertaken directly Support costs Total Governance costs |
2023 £ - 51,513 11,597 63,110 4,045 67,155 |
2022 £ 1,509 78,517 11,942 90,459 2,411 |
|---|---|---|
| 94,379 |
Governance costs includes payments to the independent examiners of £2,400 (2022: £1,920) for independent examination fees.
6 Support costs
| IT software & maintenance Staff costs |
2023 £ 8,978 2,619 11,597 |
2022 £ 5,449 6,493 |
|---|---|---|
| 11,942 |
7 Trustees
One of the trustees (or any persons connected with them) received £8,400 in remuneration during the year for acting as the CEO of the charity whilst a new one was recruited; he was also reimbursed a total of £585 travelling expenses (2022: none were remunerated or reimbursed).
8 Employees
Number of employees
The average monthly number of employees during the year was:
| 2023 | 2022 | ||
|---|---|---|---|
| Number | Number | ||
| Chief | Executive Officer | 1 | 1 |
| There | were no employees whose annual remuneration was £60,000 or more. |
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NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
| 9 Debtors Other debtors Prepayments and accrued income 10 Creditors: amounts falling due within one year Social security and income tax Trade creditors Accruals |
2023 £ 1,115 1,640 2,755 2023 £ - 1,674 14,420 16,094 |
2022 £ - 281 |
|---|---|---|
| 281 | ||
| 2022 £ 2,449 - 30,747 |
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| 33,196 |
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NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
11 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement | in funds | |||
|---|---|---|---|---|
| Balance at 1 | Incoming | Resources | Balance at 30 | |
| October | resources | expended | September | |
| 2022 | 2023 | |||
| £ | £ | £ | £ | |
| Kensington and Chelsea Innovation and | ||||
| Collaboration Fund | 2,160 | - | (2,160) | - |
| The Jordan Charitable Foundation | 23,750 | 30,000 | (30,000) | 23,750 |
| The Worshipful Company of Pewterers - Seahorse | ||||
| Grant | 1,200 | 6,000 | (6,000) | 1,200 |
| Garfield Weston Foundation | - | 10,000 | (8,000) | 2,000 |
| Hiscox Foundation | - | 15,000 | (12,000) | 3,000 |
| 27,110 | 61,000 | (58,160) | 29,950 |
Innovation and Collaboration Fund
This fund was supported by the Kensington and Chelsea Foundation and was restricted for the purpose of supporting 14 young people from Kensington and Chelsea through the 2022 University Preparation Programme.
The Jordan Charitable Foundation
This fund is restricted to providing the support to increase in student intake on the University Preparation Programme to 120 students and to maintain this in future years.
The Worshipful Company of Pewterers
This fund is restricted for the purpose of supporting 6 young people from Sheffield and South Yorkshire through the University Preparation Programme.
Garfield Weston Foundation
This fund is restricted for the purpose of supporting 20 young people through the University Preparation Programme.
Hiscox Foundation
This fund is restricted for the purpose of supporting 30 young people through the University Preparation Programme.
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NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
| 12 | Analysis of net assets between funds | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| funds | funds | |||
| £ | £ | £ | ||
| Fund balances at 30 September 2023 are represented by: | ||||
| Current assets | 27,340 | 43,117 | 70,457 | |
| Creditors: amounts falling due within one year | (2,927) | (13,167) | (16,094) | |
| 24,413 | 29,950 | 54,363 |
13 Related parties
At the end of the year, £nil (2022: £28,032) was owed to Next Step Education Limited for reimbursement of expenses incurred on behalf of the charity.
Next Step Education Limited is a company of which two of the charity's trustees are also directors.
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