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2022-08-31-accounts

Company no. 13076524 Charity no. 1195542

Global Schools Forum

Report and Audited Financial Statements 31 August 2022

Global Schools Forum

Reference and administrative details

For theyear ended 31 August 2022 For theyear ended 31 August 2022
Company number 13076524
Charity number 1195542
Registered office and The Yellow Building
operational address 1 Nicholas Road
London
W11 4AN
Trustees Trustees, who are also directors under company law, who served during
the year and up to the date of this report were as follows:
Zia Abbas appointed 13 July 2021
Stacey Brewer appointed 13 July 2021
Michael Clark resigned 31 August 2022
Corina Gardner
Pablo Jaramillo appointed 13 July 2021
Nirav Khambhati appointed 13 July 2021
Titise Kode resigned 13 July 2021
Vongai Nyahunzvi appointed 13 July 2021
Harry Patrinos appointed 13 July 2021
Paul Skidmore appointed 13 July 2021
Maya Ziswiler Lunsford appointed 13 July 2021, resigned 27
September 2022
Chief executive officer Aashti Zaidi Hai
Bankers Lloyds Bank Plc
39 Threadneedle Street
London
EC2R 8AU
Auditors Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

Global Schools Forum

Report of the trustees

For the year ended 31 August 2022

The trustees present their report along with the financial statements of the charity for the year ended 31 August 2022.

Legal reference and administrative details

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Global Schools Forum (GSF) (referred to throughout as ‘GSF, or ‘the charity’) is a company limited by guarantee, registered in England and Wales, number 13076524, and is a UK registered charity, number 1195542.

Directors

The directors of the charity are its trustees for the purposes of charity law and the members of the company limited by guarantee. Throughout this report they are collectively referred to as the trustees. The list of trustees who served during the year is given on page 1.

None had any beneficial interest in the charity and remuneration of trustees is neither paid by the charity nor permitted under its Articles of Association.

Aashti Zaidi Hai is the Chief Executive Officer (CEO).

Objectives and activities

GSF is a collaborative community of non-state organisations working to improve education at scale for underserved children in low- and middle-income countries. Our vision is that all children can realise their potential through safe access to quality education, and our new 2022-25 Strategic Priorities and Operational Plan for 2022-23 places the community at the centre of all GSF’s work.

The strategy and our organisational focus comprises three key areas:

1 GSF will strengthen and grow a global learning community

Strengthen and grow the community

Nurture leadership, talent and diversity to strengthen our community and grow a mission aligned and globally representative community.

Deepen engagement and learning within the community

Deepen engagement with and between the community via formal and informal connections, communities of practice and other means.

2 GSF will test promising solutions and diffuse evidence

Test promising solutions with potential to scale

Support the testing of promising solutions with potential to scale by providing flexible funding and expert coaching.

Generate and diffuse evidence and best practice

Distil best practices from practitioners; generate evidence on ‘what works’ in education and what makes organisations more effective.

2

Global Schools Forum

Report of the trustees

For the year ended 31 August 2022

3 GSF will partner strategically to shape policy and scale

Shape policy

Engage in, and shape, global policy processes and discussions on how non state capacity can be harnessed to improve education outcomes equitably. Improve the policy, operational and funding environment for non-state education providers.

Foster partnerships for scale

Build relationships with key strategic partners, including funders and policy makers, and amongst the community to support the scaling of promising solutions. Support the scale up of impact of successful solutions by GSF community members.

Our work in 2021/22

Learning & Development

The Learning and Development team continue to deliver a successful work programme, expanding and working collaboratively with our network of members. In 2021/22, we have grown the network to 75 organisations and have had strong and meaningful engagement with the community.

Highlights from the last year include:

3

Global Schools Forum

Report of the trustees

For the year ended 31 August 2022

Impact and innovation

The year ends on a high note, as we have significantly expanded our MEL capabilities with the addition of a Senior MEL Manager (onboarded in September) and a Senior MEL Associate (due to join in October). We have begun the diagnostic of MEL needs for the three organisations selected for the Labs and are in the process of starting to implement our strategy for producing and disseminating knowledge products with the broader GSF community.

Highlights from the last year include:

Policy and partnerships

The Policy and Partnerships team have had numerous successes over the last year and in discussions with key agencies, GSF are seeing greater willingness to acknowledge the reality of the role of non-state provision, and to collaborate with GSF and its members.

Notable achievements from the past year include:

4

Global Schools Forum

Report of the trustees

For the year ended 31 August 2022

Organisational development

GSF continues to expand and grow its membership, adding eleven new members in 2021/22. The GSF membership now stands at 75 members from 53 countries, representing 32,960 schools and 5,185,885 children. This comprises 52 School Network, four Standalone Schools and 19 Intermediaries.

In October 2021 GSF spun out from Ark, the organisation that incubated GSF since its inception, and established ourselves as an independent registered charity. This is an important milestone for GSF, recognising that we have reached a point at which we can sustain ourselves and thrive as an independent entity.

5

Global Schools Forum

Report of the trustees

For the year ended 31 August 2022

GSF’s strategic priorities for the next three years have been approved by the trustees. The GSF team has expanded, welcoming seven new members to support with our work. In a survey, I00% of our team agreed that GSF is an inclusive organisation to work at.

We have also fully onboarded our new trustees and appointed a new Chair and Vice Chair, hosting our first in-person trustees meeting.

Plans for future periods

GSF enters the new financial year in a strong position to continue building on our previous successes, having developed and grown in several key areas that will support our capacity to achieve objectives.

With clear strategic priorities for the next three years (2022-2025) in place and approved by the trustees, in 2022-23 GSF will work towards:

Risk management

In line with Charity Commission risk management guidance, GSF maintains a risk register covering key strategic risks under the following categories: Operational; Financial; External; and Governance.

The likelihood and potential impact of the risk are considered, and an overall rating is given to identify the risk as High, Medium or Low. The risk register includes any relevant risk mitigation and actions required. Responsibility for each risk sits with the senior management team. At each review, trustees consider the level of retained risk and decide whether this is acceptable. All new projects include a consideration of the key risks involved. GSF reviews and monitors the effectiveness of the risk management framework regularly and updates it as required.

The main risks and mitigating actions identified at the time of writing this report are:

6

Global Schools Forum

Report of the trustees

For the year ended 31 August 2022

Financial review

As a new charity, Global Schools Forum continues to be in a period of development. The staff team and costs are growing since the charity was incorporated in 2021. Our income comes from grant funding from private foundations, all multi-year agreements, and some traded income. During the year, we have started working on diversifying our income to support our ongoing operational sustainability.

The total income during the year amounted to £1,403,781, composed of donations of £598,467 and charitable activities of £805,314. The total expenditure for the year was £775,277, resulting in £628,504 surplus for the year. This has resulted in a net increase in the reserves of £628,504, of which £337,562 is restricted reserves.

GSF does not have an investment policy at present but will review this as appropriate.

Reserves policy

The unrestricted general reserves of the charity at the year-end were £167,587. As per GSF’s reserves policy, we aim to hold unrestricted funds of a minimum of three months' operating costs (£148,000) and a target of six months (£296,000). Average monthly operating costs were calculated from estimated levels of recurring operating costs for the following year, including staff costs and fixed costs (e.g. office costs, technology, outsourced finance support, insurance, etc.). The trustees are committed to maintaining reserves at this level to mitigate risks around income shortfalls and periods of growth.

Grant-making policy

The trustees apply the funds of GSF at their discretion and in accordance with the charitable purposes and objectives of the charity. In 2021-22 grants were made to Affordable Private School Associations to support their engagement in country-level policy, research, and advocacy work towards securing more favourable and inclusive policy environments for low-fee private schools. Grants were awarded based on the strategic and financial requirements of each organisation.

Statement of public benefit

Trustees have paid due regard to the Charity Commission’s public benefit guidance and are satisfied that the charity complies with Section 4 of the Charities Act 2011. The sections at the beginning of this trustees’ report dealing with objectives and achievements explain the activities of the charity and the sections of the international community that benefit from GSF’s work. The charity does not rely to any significant extent on the services of volunteers, with the exception of the contribution of time and skills from the trustees and a small number of advisors.

Approach to fundraising

GSF fundraises from a defined list of charitable trusts and foundations, with whom we build strong partnerships across multiple years. We do not conduct mass mailing or telephone campaign fundraising and have no plans to start this kind of fundraising activity. The CEO and senior management team lead on fundraising activities, with additional support from staff. We do not outsource fundraising activities. We comply with the relevant standards set out in the Code of Fundraising Practice. We have not received any fundraising complaints.

7

Global Schools Forum

Report of the trustees

For the year ended 31 August 2022

Trustees’ assessment of going concern status

The trustees have considered the risks facing the charity, the forecast of cash flows and the level of reserves and are confident that GSF will be able to meet all financial obligations as they fall due over the next 12 months following approval of the accounts and therefore conclude that the charity is a going concern.

Structure, governance and management

Governing document

The board of trustees, which has a minimum of three trustees, oversees the charity. The trustees meet at least three times a year. We also have three panels that convene as needed: Programmes; Fundraising; and Finance & Operations. These report to the board and make recommendations in their areas of responsibility. Trustee vacancies are advertised, and prospective candidates will meet with the CEO and the Chair of the board of trustees as part of the appointment process. New trustees undergo an induction programme that includes meeting the senior management team and briefing on their role and responsibilities. Trustees are required to declare and register all relevant interests and withdraw from decisions where a conflict of interest arises.

The CEO is appointed by the trustees to oversee the day-to-day operations of the charity. The CEO has delegated authority for operational matters including finance and employment of staff. The CEO provides regular updates to the trustees against agreed outcomes.

Remuneration statement

The trustees oversee GSF’s pay policy. The trustees decide on the CEO’s salary and benefits and considers and approves proposals regarding salary and benefits of the other members of the senior management team.

GSF pays fair and appropriate salaries to attract and retain the very best people with the right skills to advance the aims of the charity. Staff salaries are set on appointment and approved by the CEO. Salaries are reviewed annually in accordance with pay review procedures. When deciding pay and benefits for staff, salary survey information and other relevant data is used as a benchmark to compare against similar organisations in the voluntary sector.

Trustees are volunteers and are not remunerated for their work but may claim reasonable travel expenses incurred through their responsibilities to the charity.

Statement of responsibilities of the trustees

The trustees (who are also 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, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

8

Global Schools Forum

Report of the trustees

For the year ended 31 August 2022

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees 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.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Auditors

Godfrey Wilson Limited were appointed as auditors to the charitable company during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 20 January 2023 and signed on their behalf by

Nirav Khambhati

Nirav Khambhati - Chair of Trustees

9

Independent auditors' report

To the members of

Global Schools Forum

Opinion

We have audited the financial statements of Global Schools Forum (the 'charity') for the year ended 31 August 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. 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.

10

Independent auditors' report

To the members of

Global Schools Forum

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

11

Independent auditors' report

To the members of

Global Schools Forum

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

▪Testing the appropriateness of journal entries;

▪Assessing judgements and accounting estimates for potential bias;

▪Reviewing related party transactions; and

▪Testing transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

12

Independent auditors' report

To the members of

Global Schools Forum

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 auditor’s report.

Use of our report

This report is made solely to the charityʼs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charityʼs members those matters we are required to state to them in an auditorʼs 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 charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Godfrey

Date: 23 January 2023

Alison Godfrey FCA (Senior Statutory Auditor)

For and on behalf of:

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

13

Global Schools Forum

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 August 2022

Note
Income from:
Donations
2
Charitable activities
3
Total income
Expenditure on:
Raising funds
Charitable activities:
Impact and Innovation
Learning and Development
Policy and Partnership
Total expenditure
5
Net income and net movement in funds
6
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Restricted Unrestricted
£
£
57,923
540,544
521,333
283,981
579,256
824,525
-
121,533
241,694
19,468
-
196,457
-
196,125
241,694
533,583
337,562
290,942
-
-
337,562
290,942		 2022
Total
£
598,467
805,314
1,403,781
121,533
261,162
196,457
196,125
775,277
628,504
-
628,504

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 14 to the accounts.

The charity prepared dormant accounts for the period ending 31 August 2021. On 1 October the charity received a transfer of donated net assets from ARK and began recording income and expenditure. There are therefore no prior year comparatives to report.

14

Global Schools Forum

Balance sheet

As at 31 August 2022

Note
Current assets
Debtors
10
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
11
Net current assets
Net assets
13
Funds
14
Restricted funds
Unrestricted funds
Designated funds
General funds
Total charity funds		 2022
£
9,273
690,479
699,752
(71,248)
628,504
628,504
337,562
123,355
167,587
628,504

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 20 January 2023 and signed on their behalf by

Nirav Khambhati

Nirav Khambhati - Chair of Trustees

15

Global Schools Forum

Statement of cash flows

----- Start of picture text -----
For the year ended 31 August 2022
2022
£
Cash used in operating activities:
Net movement in funds 628,504
Adjustments for:
Increase in debtors (9,273)
Increase in creditors 71,248
Net cash provided by operating activities 690,479
Increase in cash and cash equivalents in the year 690,479
-
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year 690,479
----- End of picture text -----

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

16

Global Schools Forum

Notes to the financial statements

For the year ended 31 August 2022

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Global Schools Forum 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 note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of provision of contracted services and meeting fee income is deferred until criteria for income recognition are met.

d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity 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.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

17

Global Schools Forum

Notes to the financial statements

For the year ended 31 August 2022

1. Accounting policies (continued)

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Grants payable are charged in full in the year in which the offer is conveyed to the recipient except in those cases where the offer is conditional or there are conditions attached to the payment of future installments which could prevent the remainder of the grant being paid. Grants or grant installments subject to conditions are recognised as expenditure when the conditions attached have been fulfilled. Grants offered subject to conditions at the year end are noted as commitments but are not accrued as expenditure.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities based on the proportion of staff and consultancy costs as follows:

2022
Raising funds 15.1%
Impact and Innovation 34.7%
Learning and Development 25.6%
Policy and Partnership 24.6%

i) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

j) Cash at bank and in hand

Cash at bank and cash 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.

18

Global Schools Forum

Notes to the financial statements

For the year ended 31 August 2022

1. Accounting policies (continued)

k) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

l) Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

m) Pension costs

The company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

n) Foreign currency transactions

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.

o) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are not considered to be any key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

19

Global Schools Forum

Notes to the financial statements

For the year ended 31 August 2022

2. Income from donations

Donation from ARK
Total income from donations		 Restricted
£
£
57,923
540,544
57,923
540,544
Unrestricted		 2022
Total
£
598,467
598,467

In October 2021 GSF spun out from Ark, the organisation that incubated GSF since its inception, and became an independent registered entity. This donation represents funds that were transferred from Ark to the new independent GSF entity.

3. Income from charitable activities

Jacobs Foundation and UBS Optimus Foundation
Imaginable Futures
Vitol Foundation
Other contract income
Total income from charitable activities		 Restricted
£
£
521,333
-
-
123,162
-
123,355
-
37,464
521,333
283,981
Unrestricted		 2022
Total
£
521,333
123,162
123,355
37,464
805,314

4. Government grants

The charitable company did not receive government grants during the year.

20

Global Schools Forum

Notes to the financial statements

For the year ended 31 August 2022

5. Total expenditure

Staff costs (note 8)
Freelance staff
Grants made (note 7)
Conferences and travel
Office costs
Audit
Legal, professional and communications
Finance and HR
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
69,909
11,910
-
8,194
-
-
-
-
90,013
31,520
121,533		 Impact and
Innovation
£
126,930
60,610
-
1,260
112
-
-
-
188,912
72,250
261,162		 Learning and
Development
£
13,395
125,406
-
4,143
40
-
-
-
142,984
53,473
196,457		 Policy and
Partnership
£
65,595
67,778
6,875
4,334
161
-
-
-
144,743
51,382
196,125		 Support and
governance
costs
£
86,311
-
-
9,345
43,776
7,146
35,898
26,149
208,625
(208,625)
-		 2022 Total
£
362,140
265,704
6,875
27,276
44,089
7,146
35,898
26,149
775,277
-
775,277

Total governance costs were £29,918.

21

Global Schools Forum

Notes to the financial statements

For the year ended 31 August 2022

6. Net movement in funds

This is stated after charging:

Trustees' remuneration
Trustees' reimbursed expenses*
Auditors' remuneration (including VAT)		 2022
£
Nil
5,256
7,146

*During the year, 8 trustees received reimbursed expenses for travel, accommodation and subsistence for attending board meetings.

7. Grants payable

Grants were made to the following institutions during the year:

Association for Formidable Educational Development (AFED) ($3,000)
Ghana National Association of Private Schools (GNAPS) ($3,000)
Formal Private Education Network Somalia (FPENS) ($3,000)		 2022
£
2,222
2,362
2,291
6,875

There were no amounts payable at the balance sheet date.

8. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs
Sub total
Freelance staff		 2022
£
302,153
26,750
33,237
362,140
265,704
627,844

One employee earned between £60,000 - £70,000 and one employee earned between £80,000 - £90,000 during the year.

The key management personnel of the charitable company comprise the Trustees and the Chief Executive Officer. The total employee benefits of the key management personnel were £105,121.

Average head count 2022
No.
5.9

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Global Schools Forum

Notes to the financial statements

For the year ended 31 August 2022

9. Taxation The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

10. Debtors

Trade debtors
Prepayments		 2022
£
2,250
7,023
9,273

11. Creditors : amounts due within 1 year

Trade creditors
Accruals
Other taxation and social security
Deferred income (see note 12)
Other creditors		 2022
£
24,377
8,237
21,686
2,250
14,698
71,248

12. Deferred income

At 1 September 2021
Deferred during the year
Released during the year
At 31 August 2022		 2022
£
-
2,250
-
2,250

Deferred income relates to annual meeting fee income received in advance.

13. Analysis of net assets between funds

Current assets
Current liabilities
Net assets at 31 August 2022		 £
340,781
(3,219)
337,562
Restricted
funds		 £
123,355
-
123,355
Designated
funds		 £
235,616
(68,029)
167,587
General
funds		 Total
funds
£
699,752
(71,248)
628,504

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Global Schools Forum

Notes to the financial statements

For the year ended 31 August 2022

14. Movements in funds

Restricted funds
Total restricted funds
Designated funds:
Vitol Foundation
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds
Jacobs Foundation and UBS Optimus
Foundation		 At 1
September
2021
£
-
-
-
-
-
-		 Income
£
579,256
579,256
123,355
123,355
701,170
824,525
1,403,781		 £
£
(241,694)
337,562
(241,694)
337,562
-
123,355
-
123,355
(533,583)
167,587
(533,583)
290,942
(775,277)
628,504
At 31 August
2022
Expenditure

Purposes of restricted funds

Jacobs Foundation and UBS Optimus Foundation

The grants from Jacobs Foundation and UBS OF fund the Impact and Innovation workstream launched in 2021-22, that sees GSF supporting members to develop, test and scale education innovations, through providing funding and technical assistance.

Purposes of designated funds

Vitol Foundation

Vitol Foundation designated fund represents funding received from the Vitol Foundation at the end of the 2021-22 financial year intended for supporting the charity's core costs in 2022-23.

15. Related party transactions

There were no related party transactions.

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