Company no. 13076524 Charity no. 1195542 

## **Global Schools Forum** 

## **Report and Audited Financial Statements** 

**31 August 2023** 



## **Global Schools Forum** 

## **Reference and administrative details** 

**For the year ended 31 August 2023** 

**Company number** 13076524 **Charity number** 1195542 **Registered office and** 17th Floor **operational address** 21-24 Millbank London SW1P 4QP 

## **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 Stacey Brewer Corina Gardner Pablo Jaramillo Nirav Khambhati Vongai Nyahunzvi Harry Patrinos Paul Skidmore Maya Ziswiler Lunsford resigned 27 September 2022 

**Chief executive officer** Aashti Zaidi Hai **Senior management team** Alina Lipcan (Director) Philippa Frankl (Operations Director) Peter Colenso (Senior Advisor) Kavita Rajagopalan (Director) **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 

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## **Global Schools Forum** 

## **Report of the trustees** 

## **For the year ended 31 August 2023** 

The trustees present their report along with the financial statements of the charity for the year ended 31 August 2023. 

## **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. 

Our 2022-25 strategy and our organisational focus comprises three key areas: 

## **1 GSF will strengthen and grow a global learning community** 

## **1a Strengthen and grow the community** 

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

## **1b 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** 

## **2a Test promising solutions with potential to scale** 

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

## **2b 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. 

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## **Global Schools Forum** 

## **Report of the trustees** 

## **For the year ended 31 August 2023** 

## **3 GSF will partner strategically to shape policy and scale** 

## **3a 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. 

## **3b 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 2022/23** 

## **1 Strengthen and grow a global learning community** 

Informed by our Learning Framework, GSF creates and curates a vibrant programme of activities to drive peer learning within the community through convenings and Communities of Practice; develops and disseminates practitioner-ready playbooks and resources; supports organisations to strengthen their leadership teams; and provides opportunity to make connections within GSF’s community and to funders, researchers, technical experts. 

_“To be part of a community of people working across the education space has been an enormous support, both as a tool to network through, and a community to drive thought and discussion on how we can innovate, grow, and scale our impact. The GSF team have been incredible thought partners and connectors to other people with relevant knowledge, whenever we have asked for it!”_ _**Rob Alhadeff, CEO and Co-Founder, Jackfruit Finance**_ 

## **GSF’s Annual Meeting** 

A cornerstone of our learning programme is the **GSF Annual Meeting** , bringing together a diverse representation of GSF’s community, funders, investors, policy makers, and other stakeholders. In October 2022, the Annual Meeting was held in Johannesburg under the theme of Nurturing Collective Action. GSF’s next Annual Meeting is planned for Accra, Ghana in February 2024 and will again provide a rich opportunity for organisations in our diverse community to engage and collaborate. 

_The Annual Meeting received a Net Promoter Score* of 86 (“Excellent”), and 100% of survey respondents agreed the Annual Meeting was very useful, providing opportunities to build and deepen their relationships and networks with peers, and that they were able to learn from other participants. Annual Meeting Feedback Survey, October 2022._ 

*Net promoter score (NPS) is a market research metric that is based on a single survey question asking respondents to rate the likelihood that they would recommend a company, product, or a service to a friend or colleague. The score varies from -100 to +100 and generally a score of 60 and above is generally a very good NPS in any industry. 

## **Virtual learning offers** 

Based on needs within the community, and leveraging the collective expertise of the community, the GSF team delivers a number of virtual learning offers through thematic Communities of Practice (CoP) and Ask the Expert sessions. In 2022-23, 8 organisations participated in a CoP on Secondary Education, specifically focused on building skills and agency in young people to help them succeed in tertiary education or work. The collaboration yielded a powerful practice brief and a podcast series. 

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## **Global Schools Forum** 

## **Report of the trustees** 

## **For the year ended 31 August 2023** 

## **Community of Practice on Foundational Learning** 

A second Community of Practice on Foundational Learning engaged close to twenty organisations to share approaches, engage collaboratively and problem-solve, and facilitate peer learning around this critical issue. Each CoP session has addressed key challenges and priority areas for implementing organisations such as: FLN in the context of multi-grade classrooms, local language content and curriculum for FLN, teacher training and resources for teachers, assessments to evaluate learning, and remediation programmes for learners. 

_“Participating in the GSF CoP enabled me and other members of our team to listen to other organisations and practitioners and discuss ideas with them, as well as clarify our own explanations and thinking about what we do when it was our turn to share. Working through challenges and solutions with other people in similar contexts is a powerful way to learn and develop and has prompted a range of adjustments and inclusions into our own practice"_ _**Miriam Mason-Sesay, PhD, Country Director, EducAid Sierra Leone**_ 

_Nearly 75% of participants in the Communities of Practice said they would implement learnings from the sessions in their organisations. GSF Community Survey, September 2023_ 

## **Community connection** 

Another integral component to strengthening our global learning community is providing formal and informal opportunities for the GSF community to connect with one another and with a wider network of partners in the education ecosystem. Member Spotlights give the community a safe space to share their work with a broader set of education practitioners and identify meaningful ways to partner and collaborate. Beyond these formal sessions, in 2022-23, the team facilitated close to 70 personalized connections and introductions and responded to nearly 50 specific requests for support, providing a rich platform to connect, grow and expand social networks. 

_“GSF has helped us develop meaningful connections with a diverse and global network of practitioners, some of which have developed into beautiful collaborative relationships. Presenting our work at GSF forums and briefs has given us more clarity and conviction in presenting our work and increased the visibility of the work we do.”_ _**Laxmi Nair, Foundational Learning Design Consultant, Kizazi**_ 

_96% of respondents agreed that their organization benefitted from being in the GSF community as a network of peers. GSF Community Survey, September 2023_ 

_Respondents rated 4/5 that GSF enables connections and collaboration among the organisations in its community. GSF Community Survey, September 2023_ 

_“One of the best things about being a part of GSF community is to learn about what’s happening around the world. It’s such a great learning experience. Sometimes the context is pretty similar and it’s inspiring to see and learn from other edtech practitioners who are creating innovative solutions to tackle some of the biggest challenges in education. I love how each session is centered around a particular focus area. You also get a chance to present your own work and get feedback from experts. It always gives me so much hope to see other wonderful people giving their best to ensure that high quality education is accessible to all. There’s so much empathy and compassion in the group and it’s contagious. I’m extremely grateful to be a part of this community."_ _**Sabeena Abbasi, Chief Digital Learning Officer, Taleemabad**_ 

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## **Global Schools Forum** 

## **Report of the trustees** 

## **For the year ended 31 August 2023** 

## **2 Test promising solutions and diffuse evidence** 

Harnessing the innovation, agility and resilience of the Global Schools Forum community, our work in this area contributes to education systems change by supporting the scaling of impactful solutions and strengthening the evidence base on what works to improve education quality. 

## **Impact at Scale Lab - innovations for learning recovery** 

The Impact at Scale Labs supports promising solutions with potential to scale with expert coaching and funding. We distill best practices from practitioners and generate evidence on ‘what works’ in education. Our first Lab focuses on supporting organisations with solutions that improve learning recovery post COVID-19. The first cohort, including Dignitas, Gyan Shala and Sabre Education, are receiving a solid foundation for scale including intensive support, funding, extended duration, a focus on evidence, and relationships for scale. 

_“The experimental nature of the Lab is really useful and encourages iterative testing and continuous learning which will bring Sabre to a point where we are confident enough with our private school offering to take it to scale. The project has come at the right time for Sabre – we are in the first months of planning our scaling work with low-fee private schools."_ _**Michael Klutse, Senior Learning Manager, Sabre Education**_ 

_“The support received has been essential not only to the Impact at Scale Labs project but also to the wider scope of work that Dignitas engages in. Critical successes include the fact we have successfully rolled out the A/B test in two counties, and we currently have 968 school leaders being onboarded”_ _**Claude Kandem, Grants & Partnership Manager, Dignitas**_ 

_83% of respondents agree or strongly agree that the tools provided are useful for their scaleup strategy; respondents rated their satisfaction with the Labs as 9/10 and 100% of respondents agree or strongly agree the tools provided are useful for their scale-up strategy Impact at Scale Labs survey Q1 and Q2 2023_ 

## **Impact at Scale Lab - early years in Kenya** 

Our second Lab will focus on supporting promising, locally led organisations working to improve development and learning outcomes for children aged 0-6 years in Kenya. GSF will partner with childcare and early childhood education and development (ECED) organisations in Kenya who have a bold and definitive vision for scale and are looking to build demonstrable models that can be replicated nationally and regionally. The programme received 40 applicants, and the finalists are due to receive financial support alongside intensive coaching to make their scaling action plans a reality. 

_92% of respondents are developing educational innovations within their organization. GSF Community Survey, September 2023_ 

## **Scale-Readiness framework** 

GSF, in partnership with Schools2030 and HundrED, was selected by the School Action Learning Exchange (SALEX) to develop and test a “Scale-Readiness” framework for education. The framework is intended for use by the broader community of practitioners, implementors and facilitating organisations within and beyond the SALEX network to navigate the complex journey of scaling impact. 

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## **Global Schools Forum** 

## **Report of the trustees** 

## **For the year ended 31 August 2023** 

## **Early Childhood Education and Development (ECED) in Emergencies Evidence Hub** 

The evidence hub will focus on building practical and contextual evidence to support grassroots organisations working in emergencies to improve their ECED services. The Hub taps into the wealth of information about innovative programmes, solutions, and partnerships that exist within the GSF community as well as in the broader ecosystem. Along with pilot-based approaches, GSF will also facilitate Communities of Practice to promote the exchange of shared learnings, practices, and resources amongst ECED practitioners and to foster connections. 

## **3 Partner strategically to shape policy and scale solutions** 

Building relationships with key strategic partners and engaging in global policy processes, our work to partner strategically strengthens education systems globally through our diverse programme of work co-creating practitioner-ready tools; highlighting the importance of engaging local actors to build locally responsive education policies and programmes; and conducting research on strengthening regulatory systems for non-state actors. 

## **All Hands-on Deck** 

The All Hands-on Deck programme calls for affirmative action from all education stakeholders so that governments can benefit from the experiences and expertise of the affordable non state sector, through their voice in policy development, implementation, and monitoring. After mapping initiatives globally that have worked to foster systemic change through improved engagement and collaboration, a set of practitioner-ready tools have been developed including an Action Toolkit, Case Studies and Workshop materials to provide an invaluable resource to support better collaboration between the affordable non-state sector and governments globally. 

_“The Global Schools Forum has emerged as a leading player in the global conversation about quality education for all, shedding light on the pivotal role that all non-state actors play in this endeavor. Furthermore, GSF has evolved into a complete ecosystem where organizations from all five continents can connect, collaborate, innovate, and learn from one another, promoting collective learning and expediting impactful innovations on a large scale. We aspire to see more organizations joining this remarkable community in the near future, so that millions of students around the world can begin to receive the education they rightfully deserve.”_ **Pablo Jaramillo Quintero, GSF board member and CEO, Alianza Educativa** 

## **Private School Associations** 

A precursor to the All Hands on Deck initiative, GSF conducted a pilot programme with Private School Associations (PSAs) as a means of engaging with local affordable non-state actors. Affordable nonstate schools represent a significant segment of non-state education provision in low and middleincome countries and can play a key role in providing education to underserved children. To find out more about these organisations and how to engage them, we conducted a landscape analysis of sixty PSAs across nineteen countries. Overall, this engagement with PSAs highlights, as in so many other settings, the importance and value of engaging local actors: they allow for better-informed work at both a country and international level. 

_Respondents rated 4/5 the effectiveness of GSF to increase the visibility of non-state education providers in global education policy and planning frameworks. GSF Community Survey, September 2023_ 

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## **Global Schools Forum** 

## **Report of the trustees** 

## **For the year ended 31 August 2023** 

## **Finance for Education** 

In partnership with Kaizenvest, IDP Foundation, and Varthana, GSF is designing a blended finance fund – the Global Finance for Education Fund. This $65M facility, comprised of a $50M investment fund and a $15M technical assistance fund will focus on: securing flexible and affordable capital for financial institutions targeting underserved education providers; using innovative financing tools such as impact-linked loans issued by financial institutions to drive impact on learning outcomes for the most marginalized families; building evidence and lesson sharing across its portfolio; and animating a community of practice on what works to increase financial inclusion and impact for low-fee education providers. 

## **Government – Non-State Partnerships Evidence Hub** 

The hub will develop and amplify engaging multi-media materials, tools and resources to equip policymakers and non-state education providers to understand the breadth of possible partnership models, with the aim of ultimately seeding more innovative and impactful partnerships. By disseminating the toolkits and resources through a diverse range of channels such as roundtables, workshops, conferences, social media - GSF seeks to identify areas for continued collaboration that can be incorporated within existing government structures and policies. 

## **Joint UNESCO-GSF Regulation report** 

GSF’s Regulating non-state education report explored the perspectives of non-state actors who serve low-income students across five countries: Colombia, Nepal, Nigeria, Pakistan, and Uganda. They include low-fee private schools, school networks, and schools operating within public-private partnerships. This study constitutes a background paper for a wider collaboration between GSF and UNESCO’s Education Policy Section. In this wider project, insights from school operators are combined with government official perspectives to produce a joint set of findings and implications. 

_“This is an important study and we in Lagos State plan to study the recommendations and develop appropriate strategies to engage with our large number of non-state education providers” Folasade Adefisayo, Honourable Commissioner for Education (former), Lagos State, Nigeria, on GSF’s background paper to the joint UNESCO report._ 

## **Our supporters** 

GSF’s work is supported by mission aligned funders and philanthropic institutions. This ongoing support enables the organization to deliver programmes that contribute to improved education outcomes for marginalised children in low-and-middle-income countries around the world. 

_“Right from its founding, we have been a proud supporter of Global School Forum's work to improve education outcomes at scale for children in low-and middle-income countries. The challenges facing us in global education are complex and wide-ranging and we know that dynamic and vibrant communities like GSF provide a vital space for learning, testing and scaling new ideas, building evidence of what works, and engaging with multiple stakeholders so we can work collectively and collaboratively towards sustainable systems change. We look forward to seeing what the next chapter brings, but till then congratulations to the GSF team for this important milestone!"_ _**Maya Ziswiler, CEO,UBS Optimus Foundation**_ 

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## **Global Schools Forum** 

## **Report of the trustees** 

## **For the year ended 31 August 2023** 

_“As a longstanding supporter of Global Schools Forum, we are delighted to congratulate you on the milestone of reaching 100 organisations – many of whom are providing safe access to quality education for some of the world’s most vulnerable populations. At Vitol Foundation we stand behind GSF’s efforts to build a truly catalytic and collaborative community, based on shared learning, partnership and respect for the importance of local leadership and effective solutions. We have been able to witness at close quarters how GSF’s dynamic network can make a real contribution to achieving the SDGs and enable all children to reach their full potential through education, wherever they live and whatever their circumstances.”_ _**Titise Kode, Head of Education, Vitol Foundation**_ 

## **Organisational enablers** 

This was a year of significant internal change. To support the new strategy and large uplift in programmes and activities we grew the GSF team from 12 to 20, launched an internal HR Information System and established HR processes and policies as an independent organisation for the first time. Heading into next year our focus is on bedding in new ways of working and developing culture within this larger global team. 

Our external finance providers completed our first successful independent audit since we spun out from Ark where in Oct 2021 we had been incubated since 2017. Accounting and reporting processes have been rolled out and we are working on developing a full cost recovery approach to budgeting for the coming year, which will support our long-term financial sustainability as a growing organisation in transition from being largely funded from unrestricted sources, to being increasingly funded through investments directly into our growing suite of programmes and activities. 

The GSF Board of Trustees and Independent Global Advisors remain committed and engaged and continue to provide leadership and guidance to the team. Four Board meetings were held over the course of the year, and the Board met in person at the GSF Annual Meeting in Johannesburg South Africa in October 2022. The Global Advisors were formally convened once, and the leadership team continued to have adhoc meetings with individual advisors over the course of the year. 

The uplift in programmatic activity has come with a significant uplift in communications activity, including work to develop a new website for GSF which will launch in late 2023. Our monitoring and evaluation team has also been established this year and have made great strides to develop the frameworks and tools to be able to produce the data and insights presented in this report. For the coming year they will be continuing to embed these frameworks and tools, to analyse the increasing body of data generated from them and to conduct our first ever member census, giving us better insight than ever into the breadth and depth of the community we are privileged to work with. 

## **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. 

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## **Global Schools Forum** 

## **Report of the trustees** 

## **For the year ended 31 August 2023** 

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

- **Financial model:** The lack of a sustainable financial model puts the sustainability and growth of GSF at risk. We have experienced a shift from unrestricted to restricted income during 22-23 and are developing a full cost recovery model to support future financial sustainability; and 

- **Fundraising:** The risk of not raising sufficient funds to fund the delivery of programmes, cover core costs or build reserves in a sustainable way. In line with developing the full cost recovery model we are also working this year to develop our fundraising strategy and to diversify our income streams, including moving to build an earned income stream. 

## **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 almost exclusively from multi-year grant funding from private foundations. A noticeable shift has taken place this year from unrestricted funding to funding targetted to support specific areas of impact, which has resulted in a need to develop a full cost recovery model and to diversify our income base, both of which are priorities for 2023-24. 

The total income during the year amounted to £1,877,935, composed of grants of £1,866,037 and other income of £11,898. The total charitable expenditure for the year was £1,556,710, resulting in £321,225 surplus for the year. This has resulted in a £949,729 fund balance at year end, of which £879,073 is restricted funds. 

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

## **Reserves policy** 

At year end we carried forward £70,656 unrestricted funding. As per GSF's policy we aim to hold unrestricted funds of three months' operating costs. 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) not covered by restricted income for programmes. At year end we calculated our monthly operating costs to be c. £30,000, meaning that we were holding 2.35 months' operating costs at year end. Although this is lower than targeted, as at 31 December 2023 we were holding unrestricted funds equal to 6 months' operating costs calculated on the same basis. 

## **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 2022-23 grants were made to the three organisations selected to participate in the Impact At Scale Lab focused on supporting organisations to scale innovations to aid in learning recovery post-Covid. Grants were awarded based on the strategic and financial requirements of each organisation and after detailed due diligence processes were complete. 

## **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. 

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## **Global Schools Forum** 

## **Report of the trustees** 

## **For the year ended 31 August 2023** 

## **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. 

## **Governance** 

## **Governing document** 

GSF is a company limited by guarantee governed by its Articles of Association dated 11 December 2020 and is registered as a charity with the Charity Commission. 

## **Organisation** 

The Board of Trustees, which has 8 trustees currently (minimum of three), oversees the charity. The trustees meet at least three times a year. 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 trustees’ responsibilities** 

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). 

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## **Global Schools Forum** 

## **Report of the trustees** 

## **For the year ended 31 August 2023** 

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: 

- select suitable accounting policies and then apply them consistently; 

- ▪ observe the methods and principles in the applicable Charities SORP; 

- make judgements and accounting estimates that are reasonable and prudent; 

- ▪ state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

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: 

- there is no relevant audit information of which the charitable company's auditors are unaware; and 

- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. 

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. 

## **Independent auditors** 

Godfrey Wilson Limited were re-appointed as the charitable company's independent auditors during the year and have expressed their willingness to act in that capacity. 

Approved by the trustees on 20 February 2024 and signed on their behalf by 

## Nirav Khambhati 

Nirav Khambhati - Chair of Trustees 

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## **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 2023 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: 

- give a true and fair view of the state of the charity'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; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of 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 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. 

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## **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: 

- the information given in the trustees’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the trustees’ report have been prepared in accordance with applicable legal requirements. 

## **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: 

- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; 

- the financial statements are not in agreement with the accounting records and returns; 

- certain disclosures of trustees’ remuneration specified by law are not made; or 

- ▪ we have not obtained all the information and explanations necessary for the purposes of our audit. 

## **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. 

## **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. 

13 



## **Independent auditors' report** 

## **To the members of** 

## **Global Schools Forum** 

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: 

- identifying, evaluating and complying with laws and regulations, and whether they were aware of any instances of non-compliance; 

- detecting and responding to the risk of fraud, and whether they were aware of any actual, suspected or alleged fraud; and 

- designing and implementing internal controls to mitigate the risk of non-compliance with laws and regulations, including fraud. 

(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. 

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. 

14 



## **Independent auditors' report** 

## **To the members of** 

## **Global Schools Forum** 

## **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: 20 February 2024 

## **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 

15 



## **Global Schools Forum** 

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

## **For the year ended 31 August 2023** 

|Note<br>**Income from:**<br>Donations<br>3<br>Charitable activities<br>4<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>Charitable activities:<br>_Impact and Innovation_<br>_Learning and Development_<br>_Policy and Partnership_<br>**Total expenditure**<br>6<br>**Net income / (expenditure)**<br>7<br>Transfers between funds<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>**Total funds carried forward**|Restricted<br>Unrestricted<br>£<br>£<br>-<br>-<br>1,625,621<br>252,314<br>1,625,621<br>252,314<br>-<br>42,764<br>867,603<br>76,201<br>13,776<br>170,918<br>208,958<br>176,490<br>1,090,337<br>466,373<br>535,284<br>(214,059)<br>6,227<br>(6,227)<br>541,511<br>(220,286)<br>337,562<br>290,942<br>879,073<br>70,656|**2023**<br>**Total**<br>**£**<br>**-**<br>**1,877,935**<br>**1,877,935**<br>**42,764**<br>**943,804**<br>**184,694**<br>**385,448**<br>**1,556,710**<br>**321,225**<br>**-**<br>**321,225**<br>**628,504**<br>**949,729**|2022<br>Total<br>£<br>598,467<br>805,314|
|---|---|---|---|
||||1,403,781|
||||121,533<br>261,162<br>196,457<br>196,125|
||||775,277|
||||628,504<br>-|
||||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. 

16 



## **Global Schools Forum** 

## **Balance sheet** 

## **As at 31 August 2023** 

|Note<br>**Current assets**<br>Debtors<br>11<br>Cash at bank and in hand<br>**Liabilities**<br>Creditors: amounts falling due within 1 year<br>12<br>**Net current assets**<br>**Net assets**<br>13<br>**Funds**<br>14<br>Restricted funds<br>Unrestricted funds<br>Designated funds<br>General funds<br>**Total charity funds**|**2023**<br>**£**<br>**-**<br>**1,056,444**<br>**1,056,444**<br>**(106,715)**<br>**949,729**<br>**949,729**<br>**879,073**<br>**-**<br>**70,656**<br>**949,729**|2022<br>£<br>9,273<br>690,479|
|---|---|---|
|||699,752<br>(71,248)|
|||628,504|
|||628,504|
|||337,562<br>123,355<br>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 February 2024 and signed on their behalf by 

## Nirav Khambhati 

Nirav Khambhati - Chair of Trustees 

17 



## **Global Schools Forum** 

## **Statement of cash flows** 

## **For the year ended 31 August 2023** 

|**For theyear ended 31 August 2023**|||
|---|---|---|
|**Cash used in operating activities:**<br>Net movement in funds<br>Adjustments for:<br>Decrease / (increase) in debtors<br>Increase / (decrease) in creditors<br>**Net cash provided by operating activities**<br>**Increase in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**|**2023**<br>**£**<br>**321,225**<br>**9,273**<br>**35,467**<br>**365,965**<br>**365,965**<br>**690,479**<br>**1,056,444**|2022<br>£<br>628,504<br>(9,273)<br>71,248|
|||690,479|
|||690,479<br>-|
|||690,479|



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

18 



## **Global Schools Forum** 

## **Notes to the financial statements** 

## **For the year ended 31 August 2023** 

## **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 considered the risks facing the charity, the forecast of cash flows and the level of reserves. They 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 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. 

19 



## **Global Schools Forum** 

## **Notes to the financial statements** 

## **For the year ended 31 August 2023** 

## **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: 

||**2023**|2022|
|---|---|---|
|Raising funds|**3.8%**|15.1%|
|Charitable activities:|||
|_Impact and Innovation_|**56.7%**|34.7%|
|_Learning and Development_|**13.2%**|25.6%|
|_Policy and Partnership_|**26.3%**|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. 

20 



## **Global Schools Forum** 

## **Notes to the financial statements** 

## **For the year ended 31 August 2023** 

## **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. 

21 



## **Global Schools Forum** 

## **Notes to the financial statements** 

## **For the year ended 31 August 2023** 

## **2. Prior period comparative: statement of financial activities** 

|**Income from:**<br>Donations<br>Charitable activities<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>Charitable activities:<br>_Impact and Innovation_<br>_Learning and Development_<br>_Policy and Partnership_<br>**Total expenditure**<br>**Net income and net movement in funds**<br>**3.**<br>**Income from donations**<br>**Prior period comparative:**<br>Donation from ARK|Restricted Unrestricted<br>£<br>£<br>57,923<br>540,544<br>521,333<br>283,981<br>579,256<br>824,525<br>-<br>121,533<br>241,694<br>19,468<br>-<br>196,457<br>-<br>196,125<br>241,694<br>533,583<br>337,562<br>290,942<br>Restricted<br>£<br>£<br>57,923<br>540,544<br>Unrestricted|2022<br>Total<br>£<br>598,467<br>805,314|
|---|---|---|
|||1,403,781|
|||121,533<br>261,162<br>196,457<br>196,125|
|||775,277|
|||628,504|
|||2022<br>Total<br>£<br>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. 

22 



## **Global Schools Forum** 

## **Notes to the financial statements** 

## **For the year ended 31 August 2023** 

## **4. Income from charitable activities** 

|_Grants > £75k:_<br>Jacobs Foundation<br>Hilton<br>IDP Foundation<br>BHP Foundation<br>StreetChild UBS<br>UBS Optimus Foundation<br>Vitol Foundation<br>Grants < £75k<br>Events income<br>**Total income from charitable activities**<br>**Prior period comparative:**<br>Jacobs Foundation and UBS Optimus Foundation<br>Imaginable Futures<br>Vitol Foundation<br>Other contract income<br>**Total income from charitable activities**|Restricted<br>£<br>£<br>88,806<br>-<br>438,762<br>-<br>81,811<br>239,966<br>137,194<br>-<br>103,000<br>-<br>580,304<br>-<br>195,744<br>-<br>-<br>450<br>-<br>11,898<br>1,625,621<br>252,314<br>Restricted<br>£<br>£<br>521,333<br>-<br>-<br>123,162<br>-<br>123,355<br>-<br>37,464<br>521,333<br>283,981<br>Unrestricted<br>Unrestricted|**2023**<br>**Total**<br>**£**<br>**88,806**<br>**438,762**<br>**321,777**<br>**137,194**<br>**103,000**<br>**580,304**<br>**195,744**<br>**450**<br>**11,898**|
|---|---|---|
|||**1,877,935**|
|||2022<br>Total<br>£<br>521,333<br>123,162<br>123,355<br>37,464|
|||805,314|



## **5. Government grants** 

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

23 



## **Global Schools Forum** 

## **Notes to the financial statements** 

## **For the year ended 31 August 2023** 

**6. Total expenditure** 

|**Total expenditure**|||||||
|---|---|---|---|---|---|---|
|Staff costs (note 9)<br>Freelance staff<br>Grants made (note 8)<br>Conferences and travel<br>Office costs<br>Legal, professional and communications<br>Finance and HR<br>**Sub-total**<br>Allocation of support and governance costs<br>**Total expenditure**|Raising funds<br>£<br>35,350<br>-<br>-<br>-<br>-<br>-<br>-<br>35,350<br>7,414<br>**42,764**|Impact and<br>Innovation<br>£<br>276,721<br>257,735<br>197,931<br>55,239<br>4,145<br>25,249<br>14,690<br>831,710<br>112,094<br>**943,804**|Learning and<br>Development<br>£<br>36,377<br>87,912<br>-<br>2,454<br>4,093<br>16,691<br>11,099<br>158,626<br>26,068<br>**184,694**|Policy and<br>Partnership<br>£<br>99,915<br>174,306<br>-<br>6,279<br>3,992<br>32,343<br>11,099<br>327,934<br>57,514<br>**385,448**|Support and<br>governance<br>costs<br>£<br>54,554<br>7,619<br>-<br>60,041<br>10,762<br>16,346<br>53,768<br>203,090<br>(203,090)<br>**-**|**2023 Total**<br>**£**<br>**502,917**<br>**527,572**<br>**197,931**<br>**124,013**<br>**22,992**<br>**90,629**<br>**90,656**|
|||||||**1,556,710**<br>**-**|
|||||||**1,556,710**|



Total governance costs were £28,857. 

24 



## **Global Schools Forum** 

## **Notes to the financial statements** 

## **For the year ended 31 August 2023** 

**6. Total expenditure** 

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



Total governance costs were £29,918. 

25 



## **Global Schools Forum** 

## **Notes to the financial statements** 

## **For the year ended 31 August 2023** 

## **7. Net movement in funds** 

This is stated after charging: 

|Trustees' remuneration<br>Trustees' reimbursed expenses<br>Auditors' remuneration (excluding VAT)|**2023**<br>**£**<br>**Nil**<br>**Nil**<br>**7,500**|2022<br>£<br>Nil<br>5,256<br>5,955|
|---|---|---|



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

## **8. Grants payable** 

Grants were made to the following institutions during the year: 

|Dignitas ($100,000)<br>Sabre Education ($100,000)<br>Gyan Shala ($40,000)<br>Association for Formidable Educational Development (AFED) ($3,000)<br>Ghana National Association of Private Schools (GNAPS) ($3,000)<br>Formal Private Education Network Somalia (FPENS) ($3,000)|**2023**<br>2022<br>**£**<br>£<br>**83,005**<br>-<br>**82,126**<br>-<br>**32,800**<br>-<br>**-**<br>2,222<br>**-**<br>2,362<br>**-**<br>2,291<br>**197,931**<br>6,875|
|---|---|



There were no amounts payable at the balance sheet date. 

## **9. Staff costs and numbers** 

Staff costs were as follows: 

|Salaries and wages<br>Social security costs<br>Pension costs<br>Sub-total<br>Freelance staff|**2023**<br>**£**<br>**415,397**<br>**41,643**<br>**45,877**<br>**502,917**<br>**527,572**<br>**1,030,489**|2022<br>£<br>302,153<br>26,750<br>33,237|
|---|---|---|
|||362,140<br>265,704|
|||627,844|



26 



## **Global Schools Forum** 

## **Notes to the financial statements** 

## **For the year ended 31 August 2023** 

**9. Staff costs and numbers (continued)** 

Staff earnings in the following brackets: 

|||**2023**|2022|
|---|---|---|---|
|||**No.**|No.|
|£60k -|70k|**-**|1|
|£70k -|80k|**1**|-|
|£80k -|90k|**-**|1|
|£90k -|100k|**1**|-|



The key management personnel of the charitable company comprise the Trustees, the Chief Executive Officer and the Senior Management Team (2022: Trustees and CEO only). The total employee benefits of the key management personnel were £343,416 (2022: £105,121). Of the total in 2023, £134,359 relates to freelance staff (2022: £nil). 

|Average head count|**2023**<br>**No.**<br>**8.3**|2022<br>No.<br>5.9|
|---|---|---|



## **10. Taxation** 

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

## **11. Debtors** 

|Trade debtors<br>Prepayments<br> **Creditors: amounts due within 1 year**<br>Trade creditors<br>Accruals<br>Other taxation and social security<br>Deferred income*<br>Other creditors|**2023**<br>**£**<br>**-**<br>**-**<br>**-**<br>**2023**<br>**£**<br>**32,889**<br>**32,293**<br>**37,225**<br>**-**<br>**4,308**<br>**106,715**|2022<br>£<br>2,250<br>7,023|
|---|---|---|
|||9,273|
|||2022<br>£<br>24,377<br>8,237<br>21,686<br>2,250<br>14,698|
|||71,248|



## **12. Creditors: amounts due within 1 year** 

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

27 



## **Global Schools Forum** 

## **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 assets<br>Current liabilities<br>**Net assets at 31 August 2023**<br>**Prior period comparative**<br>Current assets<br>Current liabilities<br>Net assets at 31 August 2022|£<br>906,137<br>(27,064)<br>**879,073**<br>£<br>340,781<br>(3,219)<br>337,562<br>Restricted<br>funds<br>Restricted<br>funds|£<br>-<br>-<br>**-**<br>£<br>123,355<br>-<br>123,355<br>Designated<br>funds<br>Designated<br>funds|£<br>150,307<br>(79,651)<br>**70,656**<br>£<br>235,616<br>(68,029)<br>167,587<br>General<br>funds<br>General<br>funds|**Total**<br>**funds**<br>**£**<br>**1,056,444**<br>**(106,715)**|
|||||**949,729**|
|||||Total funds<br>£<br>699,752<br>(71,248)|
|||||628,504|



28 



## **Global Schools Forum** 

## **Notes to the financial statements** 

## **For the year ended 31 August 2023** 

## **14. Movements in funds** 

|**Movements in funds**||||||
|---|---|---|---|---|---|
|**Restricted funds**<br>Street Child - Moldova<br>Hilton Foundation<br>BHP<br>SALEX<br>IDP - All Hands on Deck<br>Governance Partnerships<br>Finance for Education<br>**Total restricted funds**<br>_Designated funds:_<br>Vitol Foundation<br>_Total designated funds_<br>General funds<br>**Total unrestricted funds**<br>**Total funds**<br>**Unrestricted funds**<br>Jacobs Foundation and UBS<br>Optimus Foundation|At 1<br>September<br>2022<br>£<br>337,562<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Income<br>£<br>580,304<br>103,000<br>438,761<br>137,194<br>88,806<br>81,811<br>140,987<br>54,758|£<br>(695,568)<br>(2,840)<br>(172,035)<br>(13,776)<br>(35,573)<br>(73,861)<br>(35,699)<br>(60,985)<br>Expenditure|Transfers<br>between<br>funds<br>£<br>**£**<br>-<br>**222,298**<br>-<br>**100,160**<br>-<br>**266,726**<br>-<br>**123,418**<br>-<br>**53,233**<br>-<br>**7,950**<br>-<br>**105,288**<br>6,227<br>**-**<br>6,227<br>**879,073**<br>-<br>**-**<br>-<br>**-**<br>(6,227)<br>**70,656**<br>(6,227)<br>**70,656**<br>-<br>**949,729**<br>**At 31**<br>**August 2023**||
||337,562|1,625,621|(1,090,337)|6,227|**879,073**|
||123,355|-|(123,355)|-|**-**|
||123,355|-|(123,355)|-|**-**|
||167,587|252,314|(343,018)|(6,227)|**70,656**|
||290,942|252,314|(466,373)|(6,227)|**70,656**|
||628,504|1,877,935|(1,556,710)|-|**949,729**|



## **Purposes of restricted funds** 

In 2022-23, GSF continued to grow its programmes through several new grant agreements that provided restricted funding. These included the following: 

## **Jacobs Foundation and UBS Optimus Foundation** 

As in FY 21-22, we continued to receive funds from Jacobs Foundation to support the delivery of the Impact at Scale Labs, where we will support organisations in their journey to scale evidence-based initiatives. 

## **Street Child - Moldova** 

In partnership with Street Child, GSF helped to design a programme to strengthen early childcare provision in Moldova for Ukrainian refugees. Street Child is the prime signatory of the contract with UBS Optimus Foundation, and GSF has an agreement with Street Child to receive GBP 206,000 as part of the partnership. 

29 



## **Global Schools Forum** 

## **Notes to the financial statements** 

## **For the year ended 31 August 2023** 

## **14. Movements in funds (continued)** 

## **Purposes of restricted funds (continued) Hilton Foundation** 

We signed a grant agreement with Hilton Foundation for USD 1,250,000 to support (a) the delivery of a Impact at Scale Lab 2 to support locally-led Early Childhood Education and Care organisations in Kenya to scale their impact and (b) to establish an Evidence Hub on Early Childhood Education in Emergency settings. 

## **BHP** 

GSF received USD 175,000 to support the delivery of the GSF Annual Meeting in Ghana in February 2024 and to design and deliver a study tour focused on secondary education. 

## **SALEX** 

GSF also applied as part of two consortiums to the Jacobs Foundation Schools Action Learning Exchange (SALEX) programme and was successful in both. As the prime on one consortium, GSF was awarded CHF 249,999 to deliver a scale readiness framework in partnership with Schools2030 and HundrEd. GSF is the sub-grantee in the second consortium, with Global School Leaders and Ghana National Association of Private Schools and will receive CHF 20,868 as part of an initiative to build capability of school leaders in Ghana. 

## **IDP - All Hands on Deck** 

In November 2022, IDP Foundation committed USD 123,000 to GSF to deliver the ‘All Hands on Deck’ initiative, which is part of the Shaping Global Policy and Scaling Partnerships strategic priority to deliver agreed milestones. 

## **Governance Partnerships** 

Ark EPG and GSF co-led an initiative to design and deliver an Evidence Hub on Government Partnerships with Non-State Actors. Ark EPG was the prime signatory to receive USD 250,000 which was to be equally shared between Ark EPG and GSF (USD 125,000 each) as part of the partnership. To note, Ark EPG ceased to operate in October 2023, and the contract has since been novated to GSF. 

## **Finance for Education** 

As part of a consortium with Kaizenvest, Varthana and IDP Foundation, GSF received USD 200,000 to design and pilot a Finance for Education Fund. 

## **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. 

30 



## **Global Schools Forum** 

## **Notes to the financial statements** 

## **For the year ended 31 August 2023** 

## **14. Movements in funds (continued) Prior period comparative** 

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



## **15. Related party transactions** 

During the year, the charity received 2 grant amounts from the IDP Foundation of USD 123,000 and USD 450,000. One of the trustees, Corina Gardner, is also the CEO of the IDP Foundation, and therefore was not involved in any discussions regarding these grants. 

31