ASPIRE LIVERPOOL ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2024 Charity Registration No. 1196570
ASPIRE LIVERPOOL CONTEMrs Pag8 Trustees, Annual Report Independent Examinerfs Report Statement of Financial ActNities Balan Sheet Notes to the Financial Slatements
ASPIRE LIVERPOOL TRUSTEES'ANNUAL REPORT FOR THE YEAR ENDED 28TH FEBRUARY 2024 The Trustees present their report and financial statements for the Charitable Incorporated Organisation for the year ended 28th February 2024. The financial statements have been prepared in accordance wtth the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published (FRS 1021 {effective 1 $1 January 2019). OBJECTIVES AND ACTivrriES The objectives of the Charitable Incorporated Organisation are to advance the education of pupils in the Liverpool City Region by raising the aspirations and maximising the potential of pupils attending schools in Liverpool in order to gain places in top ranked Universities, name Oxford and Cambridge. Since incorporation the Trustees have ensured the objectives of the Charity are delivered through the provision of advice, mentoring. lectures, trips to universities, and University application support. The Charity runs two successful residential trips to Oxford and Cambridge University, with a totsl of 128 students from the city of Liverpool benefiting from this opportunity. As a result, students were more likely to app to the top Iwo universities. The Trustees employ a member of staff who acts as the Director of the Charty and is responsible for both the governing of the Charty and the delivery of its programs, including the delivery of in-school workshops and 1-2-1 support sessions. PaKI for his seNices during this period included transport for our residential trips, personal stateffEnt reviews, and a 1-2-1 mentoring service. In total, the Charity worked with 672 students during the ac¢ounting period, wtth cohorts running November to September. The TTuslees have followed the guidan issued by the Chaiity Commission in decidino what activities the charty should undertake. Publlc Benefits In considering the objectives and activities, the trustees have considered Charity Commission guidance on public benefit to ensure that the organtsation is meeting its public benefit requirements. ACHIEVEMENTS AND PERFORMANCE Since Aspire Liverpool began operations as a charity, we have continued lo see an increase in the number of students from Liverpool applying to Oxbridge. A Sutton Trust report examining the admission years betsveen 2016 and 2019 found Ihat, on average, Liverpool had 55 applicalions each year, with just 15-16 gaining a place at these prestigious unNersities. Aspire Liverpool has developed a program for two main cohorts, our Year 10 '1nspire' and Year 12 'Reaching Higher, cohorts. Each cohort has the opportunity to experien Oxbridge sty lectures and woikshops once per month. and during this accounting period, Aspire has also run 2 successful residential trips to Oxford and Cambridge for both of its cohorts, with the aim of showing students that Oxbridge can be for them. The charity has also delivered additional workshops in this financial year. airning to increase personal confidence to support our students through the Oxbridge application process. In 2022, Aspire Liverpool also began conducting in-school 1-2-1 sessions for it's Year 12 students, and delivered workshops for the Year 10 cohort. This work has continued through to 2023 and 2024. Our Mentoring scheme is also a highlight for our Year 12 students who are
ASPIRE LIVERPOOL TRUSTEES'ANNUAL REPORT FOR THE YEAR ENDED 28TH FEBRUARY 2024 deciding whether to apply and supporting them through the application process. Aspire Liverpool's work, in collaboration with schools across the cty. has now resulted in almost triple the number ofapplications per year. wtlh 132 students applying to Oxbridge for 2022 entry, 148 frjr 2023 entry, and 158 for 2024 enty. FINANCIAL REVIEW Total income forthe year was £50,013 (1P Nov 2021 to 28th Feb 2023.. £53,327). Total expenditure for the year was £40,930 {2023.' £25.644). aVIng a surplus for the year of £9,083 (15. Nov 2021 10 28tr Feb 2023.. Surplus £27.683). At 28th February 2024 the charitab Incorporated Organisation's reserves stood at £36,766 (15th Nov 202110 28° Feb 2023.. £27,683) of which represented the unrestricted funds. RISK MANAGEMENT The trustees have assessed the major risks to which the Charitable Incorporated Organisation is exposed and are satisfied those systems are in place to manage exposure to the major risks. RESERVES POLICY It is the policy of the Charitable Incorporated Organisation to maintain unrestricted funds, which are free reserves at a level to cover a redundancy provision and three months, running costs should no further funding be received. As at tha end of the financial year the UnstriCted funds total £36,766. The Charitable Incorporated Organisalion requires £1.345 for redundancy provision, £10,233 for three months, running costs, Ilotal £11.578). Th8 trustees plan for Ihe balan of the unrestricted reserves is for the improvement and development of the projects and activities and provision of mentoring servicEs. PLANS FOR THE FUTURE The Trustees and Director have identified projects and activities Ihal they wish to improve and explore. including the provision of a mentoring service that is delivered in-house by volunteers of the charity. There Is also a desire to develop a thriving alumni neOrk given the charity has now supported over 130 sludenls who gained places al Oxbridge Sin the beginning ofthe project. There will be a focus in the next Iwo years on linking students in wtth industry, enabling work experiences to enhance their university applications. The charity also wants to expand its trip offering, providing transport to universty open days for aspiring Oxbridge students. STRUCTURE, GOVERNANCE AND MANAGEMENT Aspire Liverpool is a regislered Charitable Incorporated Organisation {CIO), number 1196570 registered on 15th November 2021 under the tems of the Constitution 15th November 2021 revised 2nd April 2022. The charity currently has three trustees which is the minimum required, but there is a maximum of six trustees allowed according to its constitution. Appolntment of charity trustees Apart from the first charity trustees, every trustee must be appointed [for a tem of three yearsl by a resolution passed at a properly convened meeting of the charity trustees. In selecting
ASPIRE LIVERPOOL TRUSTEES'ANNUAL REPORT FOR THE YEAR ENDED 28TH FEBRUARY 2024 individuals for appointsnent as charity trustees. the charity trustees must have regard to the skills, knowledge and experien needed for the effective administration of the CIO. Infomiation for new charity trustees The charty trustees will make available to each new tharity trustee, on or before his or her first appointment.. a copy of the current version of this constitution.. and a copy of the CIO'S latest Trustees, Annual Report and statement of accounts. The board of trustees appoints a trustee who is given delegated authority and is responsible for the day-to-day administration of the charity. as well as delivering the charity's program of activity. The board of trustees holds reserved powers as set out by the Reserved Powers Policy. REFERENCE AND ADMINISTRATIVE DETAILS Name Aspire Liverpool 1196570 Charlty numbar Address & Office William Currie Group Castle Chambers 43 Castle Street Liverpool, L2 9SH The members of the Board of Trustees are as follows: Trustees W C Currie Sir T P Leahy R Stalker Independent Examlner Ying Huang. ACCA LCVS 151 Dale Street, Liverpool, L2 2AH CoTh OperatNe Bank PIC PO Box 250 Skelmersdale. M8 61Mr Bankers Slgned on behalf of tha Trustees. Rachel Stalker, Trustse Date
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ASPIRE LIVERPOOL I report on the accounts ofthe charitab Incorporated Organisation for the yearended 28th February 2024 which are set out on pages 6 to 14. Res res onsibilities of trust8es and examiner The charivs trustees are responsible for the preparation of the accounts. The charity's trustees conshler that an audil is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to= examine the accounts under section 145 of the Charities Act, to follow the procedures laid down in the general Directions gNen by the Charity Commission (under section 145(5)Ib) of the Charities Act, and to stste whether particular matters have come to my attention. My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a Comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair, view, and the report is limited to those matters set out in the statement below. Basis of ind& endent 8xaminer's statement In connectlon wlth my examlnallon, no matter has come lo my attention= Inde endent examinews tement (1) which gives me reasonab cause to believe that in any material respect the requirements: to keep accounting records in accordance with section 130 of the Charitres Act., to prepare accounts which accord with the accounting records and compty with the accounting requirements of the Charities Act have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Name: Mrs Ying Huang Relevant professional qualification or body.. ACCA Address: LCVS 151 Dale Street, L2 2AH Daled..
ASPIRE LIVERPOOL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28- FEBRUARY 2024 Notos Unrestrlcted Restricted Funds Funds Totals Totals 1V Nov 2021 to 2V Feb 2023 2024 2024 2024 Income and Endowments from: Donations and legacies 50.013 50,013 53.327 Total income 50,013 50,013 53,327 Expendlturo on: Charitable activities 40.930 40,930 25,644 Total expendlturo 40,930 40,930 25,644 Net Incomè, net movement In funds 9,083 9,083 27,683 Total funds brought forward 27,683 27,683 Total funds carrlod forward 36,766 36,766 27,683 The notes on pages 8 to 14 fom part of these accounts. All the above amounts relate to continuing activities of the Charitable Incorporated Organisation.
ASPIRE LIVERPOOL BALANCE SHEET AS AT 28TH FEBRUARY 2024 Notes 28th February 2024 28th Fgbruary 2023 Flxed assets Tangible fixed assets Current assets Debtors Cash at bank and in hand 10,596 27,125 29.319 37,721 29,319 Current Ilabllltles Creditors.. amounts falling due within one year {955) (1,6361 Not current as39ts 36,766 27,683 Total assets less current Ilabllltlos 36,766 27,683 Fund8: Unreslricled funds Restrbcted funds 36,766 27,683 36,766 27,683 1£11112oZ Approved by Trustsos on............................ Rachel Stslker, Trustee
ASPIRE LIVERPOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2024 1. Accountlng Pollcles Basls of Accounting The financial statements have been prepared in accordan with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102J ISORP 20191 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) (effective 151 January 2019) and Charities Act 2011. The financial statements are prepared in sterling, which is the functional currency of the harity. Monetary amounts in these financial stslements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention with items recognised al cost or transaction value unless otherwise stated in the relevant note{s} to these accounts. The Charitable Incorporated Organisalion has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. Golng concem At the time of approving the accounts, the Trustees have a reasonable expectation that the Charitable Incorporated Organisation has adequate reserves to continue in operational existence for the foreseeable future. The Trustees are confident that the velS of liquidity and free reseNes will not affect the Charitable Incorporated Organisation operations. Thus, the Trustees Continue lo adopt the going concem basis of accounting in preparing the accounts. Fund accountlng Unrestricted funds are the charitable In¢orporaled Organisation's free reserves available for the Trustees to apply in accordan with the charitable objects. Restricted funds are subject to specific restrictive conditions imposed by the donor. All restricted funds are accounted for as restricted income and expenditure for the purposes is charged to the fund. Income recognStlon All income is recognised once the Charitable Incory>orated Organisation has entitlement to the Income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receNable can be measured reliably. Donations and legacies comprise donations which are recognised in the accounts when received, with the exception of known legacies which are aoUnted for when their receipt is certain. Income from charitable actNities is recognised on an accrual's basis except for grants receivable, which are recognised on the date on which their unconditional payment is confirmed by the donor.
ASPIRE LIVERPOOL NOTES TO THE FINANCIAL STATEMEKfs FOR THE YEAR ENDED 28- FEBRUARY 2024 Fixed Assets Capital expenditure of is treated as a fixed asset and depreciated on the following bases in order lo write off each asset over its estimated useful Itfe: Expandlturo recognition Liabilities are recognised as soon as there is a legal or constructNe obligation committing the Charitable Incorporated Organisation to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accrual's basis. All expenses. including sUPPOrt costs and governan costs, are allocated or apportioned to the applicable expenditure headings in the Staternent of Financial Activities. Support and governance costs are applied to unrestricted funds unless specifically included in the restrictions, as specified by the donor. Expenditure on charitable activities relate to the operation of the charity comprising of direct charitable expenditure to meet the objectNes of the Charitable Incorporated Organisation. Support and governance costs relate to the management and operation of the Organisalion and also compliance with constitutional and statutory requirements in producing the annual report. These are dealt with in the Statement of Financial Activities when paymenl has been approved by the charity. Cash and cash èqulvalonts Cash and cash equivalents include cash in hand, deposrts held at call with banks, other short- term liquid investments with original maturities of three months or less, and bank ovérdrafts. Flnanclal Instruments The charity has elected to app the provisFons of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instmments Issues, of FRS 102 to all of its finan¢ial instruments. Financial instruments are recognised in the charitys balance sheetwhen the charity becomes party lo Ihe contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial slalements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liabilty simultaneously. Baslc financlal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaclion Costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilitles Basic financial liabilities, including creditors and are initialty recognised at the presenl value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequentty carried at amortised cost, using the effective interest rate method.
ASPIRE LIVERPOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28Th FEBRUARY 2024 Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. Critical accounting estlmatss and Judgements In the application of the charity's accounting policies. the trustees are Tequired to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experienc£ and other factors thal are considered to be relevant. Actual results may differ from these estimates. The estimates and undertying assumptions are revEwed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects onty that period. or in the period of the revision and future periods wher8 the revision affects both current and future periods. All expenditure is accounted for on an accnjal's basis. All expenses, including support costs and govemance costs, are allocated or apportioned to Ihe applicable expenditure headings in the Statement of Financial Activities. Support and govemance costs are applied lo unrestricted funds unless specifically included in the restrictions, as specified by the donor. Cost of charitable activities relate to the operation of the charity comprising of direct charitable expenditure lo meet the objectives of the charity. Support and govemance costs relate to the management and operation of the Organisatn and also compliance with wn5titutional and slalulory requirernents in producing the annual report. These are dealt with in the Statement of Financial Activities when payment has been approved by the charity. Taxatlon Income and gains are exempt from taxation as they are receNed and applied for charitable purposes only. The Charitable Incorporated Organisalion benefit5 from various exemptions from taxalion afforded by tax legislation and is not liable to corporation tax on income or gains falling within those exemptions. The Charitsble Incorporated Organisation is not able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT. 2. Income and ondowments from: Unrestrlctod Rgstrlcted Funds Funds Totsl Funds Total Funds Perfod from 16 November 2021 to 28th February 2023 2024 2024 2024 Donations and legacles Donations Gift Aid 40,013 10,000 40,013 10.000 44,339 8,988 Total 50,013 50,013 53,327 io-
ASPIRE LIVERPOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28- FEBRUARY 2024 3. Expenditure on Charitable activitles Direct Charitable Expenditure Support & Governance Costs Total Total Perlod from 16th November 2021 to 28th February 2023 2024 2024 2024 To advance the education of pupils in the Liverpool Cty Region by raising the aspirations and maximising the potential 32,590 8,340 40,930 26,844 a. analysed as follows.. Direct charitable expenditure.. Staff salary costs Pension Training Programme Residential Volunteer expenses DBS fees 17.458 1,317 96 6.429 7,143 147 6.002 439 1,735 12,684 149 148 32,590 21,157 Support & Govemance costs.. Staff salary Costs Pension Insurance offi expenses Telephone Travel Pension sel up fee Payroll fees Accountancy 5.819 439 124 339 232 105 2,001 363 22 360 207 774 542 740 8,340 4,487 Total expenditure on charitable activities 40,930 25.644
ASPIRE LIVERPOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2024 2024 1PNov 2021 to 2V Feb 2023 b. Staff costs Gross wages and salaries Social security costs Pension 22,200 1,077 1,756 7,400 603 585 25,033 8.588 c. Partlculars of employees: The average number of employees during the year, ¢alculated on the basis of full-time equivalents, was as follows.. 2024 16th Nov 2021 to 28" Feb 2023 Charitable activities No employee received emoluments of more than £60.000 during the year. The Trustees are not remunerated for their ser4irEs and are not included in the above number of employees. 4. Tanglble flxed assets There are no tangible fixed assets for the year ended 28th February 2024 (Period from 151h November 2021 to 28th February 2023.. None) 5. Debtors 2024 2023 Other Debtors 10,596 6. Credltors: amounts falllng due wlthln one yoar 2024 2023 Accruals Other creditors 740 215 774 862 955 1,636 12
ASPIRE LIVERPOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28- FEBRUARY 2024 7. Analysis of net assets between Funds 2024 Tangible Fixed Net Current Assets Assets Total Unrestricted Funds General Fund 36.766 36,766 Restrlcted Funds Totals 36.766 36.766 2023 Tanglble Flxed Net Current Assets Assets Total Unrestrlcted Funds General Fund 27,683 27,683 Restrlcted Funds Totals 27,683 27,683 8. Unrostrlctad funds Movaments In the year Income Expendlture 2024 Reserrfes at beglnnlng of Yoar Reserves at End of Yèar General Fund 27,683 50,013 (40,930) 36,766 Movements In the year Income Expendlture 2023 Reserrfes at beglnnlng of Year Reservas at End of Year General Fund 53,327 (25,644) 27,683 General Fund is used to finance the Charitable Incorporated Organisation's general activities and core costs as outlined in the Trustees. Report. 9. Restrlcted funds There are no reslricled funds during the year ended 2024 (period of 15th November 2021 to 28th February 2023: None) 10. Guarantees and Other Flnancial Commitments There were no financial commitments falling due during year ended 2024 {151h November 2021 To 281h February 2023- None) 13
ASPIRE LIVERPOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28Th FEBRUARY 2024 11. Related Parties There were no material related party transactions during this year ended whsch require disclosure. 14-