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2024-10-31-accounts

Annual report and financial statements

For the year ended 31st October 2024 Registered charity number: 1197304

Contents

Reference and Administrative Information 2
Trustees’ annual report 3
Independent Examiner’s Report 17
Statement of Financial Activities 18
Balance Sheet 19
Cash Flow Statement 20
Notes to the Financial Statements 21

BGF Foundation - Annual report and financial statements for year end 31[st] October 2024

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Reference and Administrative Information

Chair Andrew Gregory *

(Appointed 20 February 2024)

Trustees Stephen Welton CBE * Fiona Lowry Neil Inskip * Philip Male Michelle Hill Alistair Brew* Joanne Hannan Arti Sharma Sarah Gillard Jill Williams * Aaron Baker * Zahir Kasmani *

(Resigned 26 February 2024) (Resigned 27th June 2024) (Resigned 21st August 2024) (Resigned 4th September 2024)

(Appointed 5 September 2024) (Appointed 5 September 2024) (Appointed 5 September 2024) (Appointed 17 September 2024) (Appointed 17 September 2024) (Appointed 17 September 2024)

Chief Operating Officer Charlotte Moses Rains (31/10/23 onwards)

Matthew Little Grants and Communications Donya Anvari (25/03/24 onwards) Manager Charity registered in England 1197304 and Wales number Address BGF Foundation Watergate House 13-15 York Buildings London WC2N 6JU Independent Examiner Jonathan Coyle Sayer Vincent LLP 110 Golden Ln London EC1Y 0TG Bankers Lloyds Bank 25 Gresham Street, London, EC2V 7HN

(19/02/24 - 31/10/24) (maternity cover)

BGF Foundation - Annual report and financial statements for year end 31[st] October 2024

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Trustees’ annual report

The trustees present their report and the audited financial statements for the year ended 31st October 2024. Reference and administrative information set out on page 2 forms part of this report. The financial statements comply with current statutory requirements, the charity’s constitution and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

The BGF Foundation has supported organisations focused on helping young people. It focused on the areas where BGF’s donations, skills, networks and knowledge can make the most impact. These are:

Objectives and activities

The objects of the Foundation are to advance such charitable purposes, according to the law of England and Wales, as the trustees see fit from time to time.

The trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Business Growth Fund Ltd (BGF) launched the Foundation in 2022 to provide support and grants to small and mid-sized charities working to improve the life outcomes of young people in the UK.

Our strategy

The mission of the BGF Foundation (BGFF) for 20232026 is to support young people.

Young people in the UK face significant challenges, and many feel they face substantial barriers to success, prosperity and engagement. The cost-of-living crisis has resulted in increased economic uncertainty and mental health concerns for young people.

It is clear the challenges for young people are significant, and for those from poorer backgrounds it is even more difficult.

The BGF Foundation provides unrestricted funding to charities and supports them with pro bono support to scale and grow. BGF’s expertise in growth, and sector knowledge in enterprise, education and health means it can support the Foundation’s work with organisations looking to scale in these areas.

We also want to engage the expertise in BGF’s 15 regional offices. We know that regional teams best understand their local context and are well placed to support young people and charities looking to make a difference in their community.

The Trustees evaluate the success of our grant-making activities using a range of indicators grouped under three core criteria: organisational capacity building, financial and governance-related factors, and social impact outcomes. We assess progress by reviewing how well grantees advance their organisational strategies and growth plans throughout the duration of the grant period.

The BGF Foundation also measures its own effectiveness not only by the financial support provided to charitable organisations but also by the value and outcomes of the pro bono assistance offered. Together, these contributions are assessed in terms of the overall growth and development they help enable within charities we support.

Young people have aspirations for long-term employment, financial security and good mental health. Despite the challenges, young people feel they can achieve their goals but need practical support in managing these challenges and help in building their confidence and skills.

BGF Foundation - Annual report and financial statements for year end 31[st] October 2024

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Achievements

Partnership Grants

The Foundation Trustees agreed to continue two ‘Partnership Grants’ to MyBnk and Leadership Through Sport and Business (LTSB). Partnership Grants are large, unrestricted, multi-year grants to support charities to grow and support more young people. These grants provide unrestricted funding of £300,000 for each charity over two years. The Foundation Trustees approved a new Partnership Grant in April 2024 to Social Enterprise Academy for £200,000 over two years. The grants are awarded to support the growth of these charities and enable them to increase their impact.

administrative burden. It enables charities to report to the Foundation in the same manner as they would to their board of trustees—aligned with their overarching vision, objectives, and strategic priorities.

By grounding reporting in each charity’s own strategic framework, we aim to foster a more meaningful and efficient funding relationship, focused on long-term impact and organisational sustainability.

As a provider of unrestricted funding and a supporter of IVAR’s principles of best practice in grantmaking, the BGF Foundation requests that partner charities submit their current strategic plans and report against these when submitting updates to us. This approach is designed to minimise duplication and reduce unnecessary

BGF Foundation - Annual report and financial statements for year end 31[st] October 2024

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PARTNERSHIPS

MyBnk

MyBnk (now Money Ready) is the largest financial education charity for young people. They work with schools, youth organisations, local authorities and directly with young people to provide them with financial education and make better money choices. MyBnk delivers this through education programmes and workshops that bring money to life, covering topics such as saving, budgeting, debt, independent-living, and student finance. With support from the Foundation, MyBnk will continue its growth plans to reach more young people by expanding its operations, investing in its people, and increasing its presence nationwide.

MyBnk have a commitment to growing their sectorleading impact and evidence base, including further monitoring their social return on investment and more detailed impact at both a regional and national level. By scaling their business model, they aim to benefit from cost efficiencies and operational effectiveness. MyBnk are passionate about maintaining their programme quality and outcomes as they grow. They also want to ensure that their delivery aspirations and impact model is sustainable, ensuring that MyBnk can continue to empower more generations across the UK.

Over the past year, MyBnk has experienced significant strategic growth and national expansion as it continues to lead the way in financial education for young people. A new organisational strategy was developed and introduced internally in early 2024, with external partners being briefed soon after. Following consultation and refinement, the strategy was launched in September 2024, marking the beginning of a new academic and financial year. The refreshed vision, mission, and values reflect MyBnk’s commitment to inclusion, innovation, and systemic impact.

Alongside the strategy, MyBnk has been undertaking a comprehensive brand review in partnership with a pro bono agency. The review is aimed at enhancing accessibility, clarity, and relevance, and will include a full rebrand to be rolled out over a 12–18 month period starting in June 2025. This will involve a redesigned website and a refreshed external identity to align with the organisation’s evolved direction and ambition.

Geographically, MyBnk has expanded its reach across the UK, with the official launch of operations in Northern Ireland in March 2024. Delivered in collaboration with a

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local youth charity, the launch event highlighted financial education as a matter of social justice and was attended by funders, media, delivery partners, and young people. In Wales, the organisation secured funding for permanent operations and is committed to translating its full suite of programme materials to ensure accessibility for Welsh-speaking young people.

To support this scale-up, MyBnk has strengthened its regional and functional teams. This includes new hires within the delivery, partnerships, and fundraising teams, as well as the creation of senior roles focused on people, culture, and strategic oversight. These changes are designed to support the organisation’s continued growth, enhance staff wellbeing, and maintain highquality delivery as operations expand nationwide.

Programme delivery has also seen strong momentum. A second phase of MyBnk’s research on care leavers was launched through an online event that engaged sector leaders, young people, and policymakers. The organisation also made its debut at the Step Up Expo in June 2024, a two-day event where thousands of young

people engaged in financial literacy activities at the MyBnk Olympics stand. Additionally, MyBnk expanded its partnership with Transport for London, delivering life skills sessions to Year 6 pupils across London as part of a wider carousel learning experience—an initiative now being replicated nationally through a partnership with the Junior Citizenship Scheme.

MyBnk is on track to exceed its delivery target of 40,000 young people for the 2023/24 period, with projections nearing 50,000. The organisation continues to shape the financial education agenda through advocacy and research, including a notable feature in the Education Select Committee’s 2024 report.

Looking ahead, MyBnk will continue to deepen its impact, celebrate key partnerships, and deliver against ambitious national targets. With a refreshed strategy and brand, a growing footprint across the UK, and increased demand for its services, MyBnk is well positioned to lead the sector into a new era of inclusive, high-impact financial education.

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Pro Bono Support – MyBnk

Throughout 2024, the partnership between MyBnk and the BGF Foundation has continued to strengthen, delivering vital support that has directly contributed to the organisation’s operations, strategy development, and team capacity building.

In January 2024, MyBnk requested support in developing a refreshed approach to risk and compliance. This request was developed in consultation with the organisation’s leadership, identifying a need for enhanced processes in the identification, management, and mitigation of organisational risk. The aim is to ensure that, as MyBnk grows and increases its impact, its internal systems evolve accordingly to support long-term sustainability and resilience.

Over the course of the year, the BGF Foundation has supported MyBnk by providing access to office space in both London and Birmingham. These spaces have been valuable in hosting a wide range of key internal events, including staff away days, strategy workshops, and training sessions for both the Senior Leadership Team and the Senior Management Team. The ability to host these sessions in professional, collaborative environments has

enhanced the effectiveness of internal planning, strategy development, and staff engagement. MyBnk has expressed appreciation for this ongoing support, which has helped reduce costs while increasing the quality and accessibility of internal development opportunities.

This logistical support from BGF has not only met immediate operational needs but also allowed MyBnk to deliver large-scale strategic sessions that have contributed to the finalisation of its new organisational strategy. With these positive outcomes, MyBnk anticipates that further requests for use of BGF-supported facilities will arise in the coming year as the organisation continues to grow its regional presence and deliver its ambitious plans for national impact.

Looking ahead, MyBnk welcomes continued collaboration with the BGF Foundation and is committed to identifying future areas where additional support—particularly in pro bono services or resource sharing—can further advance its mission to provide effective, inclusive financial education to young people across the UK.

BGF Foundation - Annual report and financial statements for year end 31[st] October 2024

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PARTNERSHIPS

Leadership Through Sport and Business

LTSB is a social mobility charity that prepares and supports young people from disadvantaged backgrounds into meaningful roles with major firms including BDO, NatWest, BKL and Lloyds Bank. Their programmes focus on three aspects: employability, education and long-term employment. Young people receive interview coaching, CV and LinkedIn training, and workshops and events with leading companies and business professionals. They receive expert tutoring and many receive accredited qualifications before and during the apprenticeship placements. Once young people are placed in apprenticeships in major firms, they are supported with pastoral care from LTSB staff and many also receive professional support from corporate mentors.

Funding from the Foundation, combined with skills-based pro bono support from BGF and its networks, is enabling LTSB to continue to grow sustainably, efficiently and deliver meaningful impact. The support is also allowing LTSB to form a strong evidence base for equity, diversity and inclusion regarding youth social mobility and influence key stakeholders in the way that they support disadvantaged young people.

LTSB has made significant progress across its strategic objectives in 2024, strengthening its commitment to supporting disadvantaged young people into meaningful careers and ensuring programme quality, geographical expansion, and organisational sustainability.

Objective 1: Placing More Young People in Meaningful Careers

Throughout the year, LTSB delivered a range of employability bootcamps across key sectors including finance, law, digital, insurance, and customer service. These intensive programmes were held in cities such as London, Birmingham, Manchester, Edinburgh, Belfast, and Greenock. In total, 165 young people completed bootcamps and successfully moved into paid employment, including 84 from the Contact Centre programme and 56 from NatWest Digital and customer service cohorts.

Strong employer engagement underpinned this success. Young people secured roles in companies including

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ASOS, Morrison & Foerster, Omnicom, and Aviva. Notably, the organisation’s work in Belfast achieved a 100% bootcamp completion rate, with 89% of participants gaining employment within days.

The launch of a new Insurance programme in the North West and expansion into Hanley and Southend signal the growing reach of LTSB’s model. LTSB has enhanced its alumni engagement through surveys and motivational Kick Off Conferences, providing platforms for young people to gain peer support and engage with professionals. A new Work Shadowing initiative has also launched, giving participants insight into senior roles across sectors.

Objective 2: Expanding Programmes and Sector Reach

LTSB continues to expand into new sectors and regions. This year saw the launch of the Insurance bootcamp and early planning for a Schools programme, set to pilot with a North London secondary school in 2025.

New strategic employer partnerships were established with Page Group and Day One, offering young people work experience, pro bono support, and unrestricted funding. LTSB also strengthened ties with long-term partners, delivering insight days, mock assessments, and mentoring.

Objective 3: Enhancing Programme Quality and Youth Voice

LTSB reintroduced in-person Kick Off Conferences and formally established its Youth Board. The first Youth Board meeting took place in August, with a Chair now sitting on the LTSB main Board. The Youth Board helps embed young people’s voices in governance and programme design.

The recruitment of programme alumni into staff roles— such as a new Fundraising Apprentice—exemplifies LTSB’s commitment to leadership development. Training for staff in safeguarding and mental health first aid has also been delivered, signalling its importance to the support of young people.

Enabling Goals: Investing in People, Infrastructure, and Funding.

LTSB has undergone significant recruitment, welcoming 13 new staff members since March. Key hires include a Director of Income Generation and a Fundraising Manager. A competency framework for quality assurance is in development, with young people involved in recruitment panels.

Infrastructure improvements include the rollout of a new CRM, Beacon, to enhance donor stewardship.

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Pro Bono Support – LTSB

Throughout 2024, BGF have continued to provide pro bono support to LTSB, helping the charity to deliver its programmes for young people from disadvantaged backgrounds. This partnership has enabled LTSB to access high-quality facilities and specialist expertise, enhancing their ability to deliver impactful services and scale their operations.

In January, BGF’s Birmingham office hosted LTSB’s Kick Off Conference for young people from its Business and Finance programmes in Birmingham and Liverpool. The modern, professional environment offered young participants an aspirational space to begin their journeys into employment. Later that month, and again in February, BGF’s offices were used for staff recruitment interviews, including for the role of Birmingham Employment Manager. LTSB staff highlighted how the setting created a welcoming and aspirational environment for both candidates and team members.

In April, BGF’s London office hosted two days of interviews to support LTSB’s ongoing recruitment, followed by a two-day All Staff Meeting at the end of the month. This key internal event brought together the full LTSB team for training, planning,

and development. The BGF Foundation supported to arrange further office space in both London and Birmingham to support delivery of LTSB’s Business and Law programmes.

Beyond physical space, BGF has also provided specialist expertise. In particular, BGF’s internal teams supported LTSB with a cyber security review, offering insights to help strengthen the organisation’s systems and data protection—a crucial element as LTSB expands its digital infrastructure and programmes.

In September, LTSB team members were invited to attend the BGF and Havas Marketing Summit. The event offered valuable learning and networking opportunities, further strengthening ties between the two organisations and contributing to LTSB’s strategic development.

This year’s support continues a strong and valued partnership between the BGF Foundation and LTSB. The provision of space, knowledge, and resources has made a tangible impact on LTSB’s ability to deliver high-quality programmes and improve outcomes for young people across the UK.

BGF Foundation - Annual report and financial statements for year end 31[st] October 2024

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PARTNERSHIPS

Social Enterprise Academy (SEA)

Social Enterprise Academy (SEA), founded in 2004, is the key learning and development organisation in Scotland supporting social entrepreneurs, social enterprises and enterprising third sector organisations. They design and deliver learning programmes tailored to the demands of the social enterprise sector, with a focus on individuals and their personal development as leaders and potential leaders of social entrepreneurship.

Although primarily focused on the provision of Learning and Development programmes, the Academy exists to effect social change. A key strand of their work is carried out with young people in schools, where the Academy is supporting the creation of social enterprises in schools across Scotland and the wider UK. This underpins entrepreneurship education, building confidence in young people and opens the option of careers in non-profits in addition to business start-up or self-employment as realistic options for young people.

The grant funding from BGF Foundation has supported the Social Enterprise Academy’s initiatives in various key areas, including its delivery capacity, regional community impact, influence on young people, and the broader organisational development.

Delivery Capacity:

The BGF Foundation’s funding has bolstered the Academy’s ability to scale its Social Enterprise Schools program, enabling the hiring of additional coordinator resources to enhance service delivery. This funding helps ensure the sustainability of the program and in expanding its reach. The Academy launched the new role this year, further strengthening the team and improving its capacity to serve schools and young people effectively.

Impact on Regional Communities:

The funding has allowed the Academy to transition its pilot programs in the North East of England and North Wales from small-scale trials to more substantive and sustainable initiatives. The aim of this work is to increase the number of participating schools in these regions from 5-8 to 15 per region. Additionally, efforts to expand visibility and establish stronger partnerships with local authorities and schools are helping to enhance the program’s presence and reputation. This expansion is expected to positively impact more regional communities, providing young people with valuable opportunities to become change-makers.

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Impact on Young People:

Through this grant, the Academy continues to support young people, helping them develop critical life, work, and learning skills. The funding has facilitated the Academy’s work with SEND schools, where the programme has shown significant success. Feedback from both teachers and students highlights the effectiveness of the participative, pupil-led approach. The programme has been particularly impactful in schools such as Elm Court School in Lambeth, where it has been embedded into the Sixth Form curriculum, benefiting students with varying additional needs.

Wider Organisational Impact:

On a broader scale, the grant has enabled the Academy to strengthen its internal operations, particularly in areas such as cash-flow management. Additionally, pro-bono support from BGF has provided valuable expertise in marketing and communication, helping to refine the Academy’s strategy for corporate engagement and content repurposing. The funding has also supported the development of a Foundation, with the feasibility study complete and approval from the Board to move forward. This new Foundation will help secure alternative funding sources, vital in light of tightening public funds.

Overall, the BGF Foundation’s support has enabled the Social Enterprise Academy to expand its reach and impact, empowering more young people across its regions.

Pro Bono Support – SEA

In April 2024, BGF continued to provide pro bono support to the Social Enterprise Academy, notably through its contribution to the Dragons’ Dens initiative. The Foundation helped deliver six of the ten Dragons’ Dens across London, engaging 31 schools—including primary, secondary, and SEND (Special Education Needs and Disabilities)—and 44 social enterprises. A total of 280 young people benefited from the opportunity to pitch their social enterprise ideas to BGF staff members who volunteered as dragons. This experience provided young social entrepreneurs with critical feedback, increased confidence, and the chance to reach wider audiences, including follow-up opportunities with schools to procure additional products and raise awareness.

The BGF finance team also supported the Academy’s cash-flow management efforts. Time with BGF’s finance team offered valuable insights on strengthening cashflow approaches, which proved essential for navigating a ‘lumpy’ cashflow. This type of skills-based volunteering is often not readily available in the charity sector, making this support especially impactful.

Additionally, the Academy’s CEO, Neil McLean, attended the BGF ESG Day in Birmingham, where he had the opportunity to network with BGF staff, partners, and investees. Neil participated in a “fireside chat” with the BGF Foundation, highlighting the impact of the Foundation’s funding and the work of the Social Enterprise Academy. Significant connections were also made at this event.

Furthermore, BGF committed marketing and communications support to the Academy, offering eight hours of guidance on refining its strategy, repurposing existing content, and optimising social media channels.

BGF also hosted the Social Enterprise Academy’s Board Meeting & Strategy Day at its Edinburgh office, providing a welcoming environment and an opportunity for strategic discussions, further strengthening the partnership.

BGF Foundation - Annual report and financial statements for year end 31[st] October 2024

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Future Plans

In the coming financial year, the BGF Foundation intends to continue our focus on young people by providing grants to charities and facilitating pro bono support through BGF staff and the wider BGF network.

We plan to provide multi-year unrestricted grants to organisations supporting young people with one or more of our five areas of focus. We will look for organisations with strong management teams, finance and governance, and robust impact measurement. We can best support entrepreneurial organisations, who are looking to scale their work and already have growth plans in place. The Foundation will hold our first open funding rounds to enable eligible charities from throughout the UK to apply for funding and increase our reach.

We know that pro bono support has the potential to be as transformative as unrestricted funding. The BGF Foundation benefits from the support of BGF and its networks and believe this significant knowledge and experience will help the charities we support scale and grow more quickly. We plan to further invest in facilitating high-quality skills-based pro bono support that engages an increased number of staff members.

BGF Foundation - Annual report and financial statements for year end 31[st] October 2024

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Financial Review

Risk Management

The Foundation had a surplus for the year of £76,184 (2023: £410,303) resulting in total funds held at year end of £486,487 (2023: £410,303). The Foundation had total income of £500,361, comprising a £500,000 donation from BGF and £361 in bank interest. The Foundation spent £424,177 in expenditure. £400,000 in grants and £24,177 in salary costs for one quarter, operating expenses and independent examination fees.

Reserves Policy and Going Concern

The Foundation maintains a risk register that is reviewed quarterly. All identified risks have mitigation actions, deadlines, and designated owners for implementing actions and reviewing progress. The highest identified risks relate to 1) reduction of long-term funding, 2) diversity within the board governance, and 3) safeguarding relating to the foundation and its grantees. To mitigate these risks, the Foundation has implemented a number of actions, including 1) close coordination with senior BGF stakeholders on future funding, 2) recruitment of new trustees, and 3) the development and adoption of a robust safeguarding policy and relevant due diligence processes.

The Foundation holds reserves for the purpose of paying the grants it has awarded and anticipated expenditure in the event of closure. BGF Foundation staff are seconded from BGF resulting in minimal expenditure for the Foundation, the most significant of which is the cost of the Independent Examination. The reserves target is £250,000 to allow the trustees to make final grants in the event of closure. The Foundation held reserves of £486,487 at the end of the accounting period, with the intention to reduce these over the following 12 months through a new grant funding round. The trustees are not aware of any material uncertainties which would affect the going concern basis of preparation of the financial statements.

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Structure, Governance and Management

BGF Foundation is a charitable incorporated organisation (CIO) registered with the Charity Commission for England and Wales on 29 December 2021. The Foundation is governed by its constitution.

The Board of Trustees consists of trustees nominated by BGF and appointed trustees. There should be not less than two nor more than six appointed trustees; and not less than one nor more than six nominated trustees.

Apart from the first charity trustees, every charity trustee appointed by the charity trustees must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees.

Day-to-day responsibility for managing the Foundation is delegated to the Chief Operating Officer, Charlotte Moses Rains and maternity cover from 21st February – 31st October 24 to Matthew Little. The remuneration of the Chief Operating Officer (COO) is determined with reference to sector benchmarks and is assessed in relation to the knowledge, skills, and expertise required for the role. The remuneration is reviewed annually by the BGF HR Team to ensure it remains appropriate and competitive within the sector.

The Foundation has a services agreement with its corporate sponsor, BGF which covers pro bono support given to the Foundation from BGF’s legal, finance, marketing, HR and IT teams and office/meeting room use.

During the financial year the board undertook a skills audit relating to its new focus on young people. In selecting individuals for appointment as appointed trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. During the year the trustees received training and guidance on their responsibilities as trustees. Trustees were recruited and inducted and the new Board consists of five nominated trustees and four appointed trustees.

All trustees give their time voluntarily and receive no benefits from the charity. No expenses were reclaimed from the charity.

The charity trustees will make available to each new charity trustee, on or before their first appointment a copy of the current version of the constitution and a copy of the Foundation’s latest Trustees’ annual report and statement of accounts.

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Statement of Trustees’ Responsibilities

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

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

Approved by the Trustees on:

11[th] June 2025 Date

and signed on its behalf by:

Andrew Gregory

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and group if group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Independent Examiner’s Report to the Trustees of BGF Foundation

I report to the Trustees on my examination of the accounts of BGF Foundation for the year ended 31 October 2024.

This report is made solely to the trustees as a body, in accordance with the Charities Act 2011. My examination has been undertaken so that I might state to the trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for my examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity trustees of the CIO, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the CIO’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011 (‘the 2011 Act’).

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Independent examiner’s statement

Since the CIO’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

Jonathan Coyle FCA DChA Sayer Vincent LLP Chartered Accountants

110 Golden Lane London EC1Y 0TG

Date: 12[th] August 2025

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Statement of Financial Activities

For the year ended 31st October 2024

Notes Total Funds
2024
Total Funds
2023
£
£
INCOME FROM:
Donations:-
Donations received
2
Investment:-
Interest Received
3
TOTAL INCOME
EXPENDITURE ON:
Charitable activities
4, 5
TOTAL EXPENDITURE
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward as at 1st November
10
TOTAL FUNDS CARRIED FORWARD AS AT 31st OCTOBER
10		 500,025
970,754
336
-
500,361
970,754
424,177
560,552
424,177
560,552
76,184
410,203
410,303
100
486,487
410,303

All amounts relate to continuing activities.

All income and expenditure was unrestricted in both periods.

BGF Foundation - Annual report and financial statements for year end 31[st] October 2024

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Balance Sheet

As at 31st October 2024

Notes 2024
2023
£
£
FIXED ASSETS
Investments
7
CURRENT ASSETS
Debtors
8
Cash at bank
CURRENT LIABILITIES
Creditors - falling due within one year
9
NET CURRENT ASSETS
NET ASSETS
FUNDS OF THE CHARITY
UNRESTRICTED FUNDS
General Fund
10
TOTAL FUNDS		 300
100
416,668
291,666
174,419
269,841
591,087
561,507
104,900
151,304
486,187
410,203
486,487
410,303
486,487
410,303
486,487
410,303

Approved by the TRUSTEES on 11[th] June 2025 and signed of their behalf by:

Andrew Gregory

BGF Foundation - Annual report and financial statements for year end 31[st] October 2024

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Cash Flow Statement

For the year ended 31st October 2024

Notes 2024
2023
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
11
Net cash (used in)/provided by operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments
Bank interest
Change in cash and cash equivalents in the year
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR		 (95,658)
269,941
(100)
(100)
336
-
(95,422)
269,841
269,841
-
174,419
269,841

The notes on pages 21 to 26 form part of these financial statements.

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Notes to the financial statements

for the year ended 31st October 2024

1. Accounting policies

a. Basis of preparation

These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of investments being measured at fair value through income and expenditure within the Statement of Financial Activities.

been met, the amount is measurable and receipt is probable.

Grants and Donations Receivable

Grants and Donations are recognised in the SOFA when conditions for receipt have been complied with.

d. Expenditure

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charity is a public benefit entity for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

The Foundation meets the definition of a public benefit entity under FRS 102.

The principal accounting policies adopted in the preparation of the financial statements are set out below.

b. Fund Structure

The General Fund is a fund which the Trustees are free to use in accordance with the charitable objects.

c. Income

All income is recognised in the Statement of Financial Activities (SOFA) when the conditions for receipt have

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The following accounting policies are applied to the different categories of expenditure:

Charitable Activities

Grants payable are recognised when they are approved by the Trustees and the recipient of the grant has been informed of the amount to be paid.

Governance Costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory independent examiner fees together with support costs.

Grants payable

Grants payable are made to third parties in furtherance of the charity’s objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Taxation

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

BGF Foundation - Annual report and financial statements for year end 31[st] October 2024

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e. Investments

Investments are stated at market value at the Balance Sheet date. The SOFA includes the net gains and losses on revaluation and disposals throughout the year.

f. Going concern

The Trustees have assessed whether the use of the going concern basis is appropriate and has considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. After making enquiries the Trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

k. Key Estimates and Judgements

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements.

In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

g. Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

h. 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.

i. Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investment with original maturities of three months or less.

j. Creditors and provisions

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.

BGF Foundation - Annual report and financial statements for year end 31[st] October 2024

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2. Donations Received

2024 2023
£ £
Business Growth Fund Limited 500,000 966,667
Individual Donors 25 4,088
Total 500,025 970,754

3. Interest Income

2024 2023
£ £
Interest received 336 -
Total 336 -

4. Charitable Activities

The charity awarded donations to a number of institutions in furtherance of its charitable activities.

2024 2023
£ £
Leadership through Sport and Business 150,000 150,000
MyBnk 150,000 150,000
Social Enterprise Academy 100,000 -
Befriend a Child - 5,000
The Children's Heartbeat Trust - 5,000
Cwtch Baby Bank - 5,000
Free to Be Kids - 5,000
Home Link Family Support - 5,000
The Joshua Tree - 5,000
Let's Feed Brum - Soup Kitchen - 5,000
Little Village - 5,000
Miss Macaroon - 5,000
Simon on the Street - 5,000
Sunshine Wishes - 5,000
Veterans Outreach - 5,000
The Welcome Organisation - 5,000
Oxfordshire Youth - 5,000
400,000 370,000
Support and governance costs (see note 5) 24,177 190,552
Total 424,177 560,552

BGF Foundation - Annual report and financial statements for year end 31[st] October 2024

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5. Support And Governance

2024 2023
£ £
Travel expenses - 714
Hotels & accommodation - 125
Recruitment costs 22 3,000
Staff Entertainment - 26
Membership & subscriptions 857 1,530
Bank charges 178 194
Consultancy fees* 17,060 177,223
Training & Course Fees 60 -
Marketing Fees 1,200 -
Independent examiner fees** 4,800 7,740
24,177 190,552

*These relate to the Chief Operating Officer’s cost re-charged from BGF Limited for the period April 2022 to December 2023. From 1st January 2024, BGF Limited bore the full employee costs for BGF Foundation and paid an unconditional donation to it of £500,000 per annum.

**Total governance costs are £4,000 (exclusive of VAT), relating to the independent examiner fees.

6. Related Party Transactions

During the year the charity received unrestricted donations of £500,000 (2023: £966,667) from Business Growth Fund Limited, a company with common Directors/Trustees. A balance of £416,667 (2023: £291,666) relating to accrued donations from Business Growth Fund Limited was owing at year end. This amount has been settled prior to the approval of the accounts. During the year Business Growth Fund Limited also re-charged costs of £17,060 (2023: £177,223) to the charity (see note 5). A balance of £nil (2023: £7,023) was owed to Business Growth Fund Limited at year end.

No Trustees received remuneration during the current or prior year. There were no reimbursed trustee expenses during the year (2023: £342 for one trustee).

7. Investments

2024 2023
£ £
Investment in Long Term Incentive Plan of BGF Investments LP 300 100
300 100

BGF Foundation - Annual report and financial statements for year end 31[st] October 2024

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8. Debtors

2024 2023
£ £
Other debtors
Business Growth Fund Limited 416,668 291,666
416,668 291,666
9. Creditors
2024 2023
£ £
Due within one year
Trade creditors - 7,023
Accruals 104,800 84,562
Consultancy fees payable - 59,719
Other creditors 100 -
104,900 151,304
10. Analysis Of Net Assets Between Funds
General Fund Total Funds
2024 2024
£ £
Fixed Assets
Investments 300 300
Current Assets
Cash & Bank 174,420 174,420
Debtors 416,668 416,668
Creditors due within one year (104,900) (104,900)
Total 486,487 486,487
General Fund Total Funds
2023 2023
£ £
Fixed Assets
Investments 100 100
Current Assets
Cash & Bank 269,841 269,841
Debtors 291,666 291,666
Creditors due within one year (151,304) (151,304)
Total 410,303 410,303

BGF Foundation - Annual report and financial statements for year end 31[st] October 2024

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11. Reconciliation Of Operating Surplus To Net Cash Inflow

From Operating Activities

2024 2023
£ £
Net movement in funds £76,184 410,203
Interest income (336) -
(Increase) in debtors (125,002) (291,666)
Increase/(decrease) in creditors (46,504) 151,304
Net cash (used in)/provided by from operating activities (95,658) 269,941

BGF Foundation - Annual report and financial statements for year end 31[st] October 2024

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FOUNDATION www.bgf.co.uk