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2022-12-31-accounts

Charity registration number 1199061

Company registration number 13240146 (England and Wales)

10,000 BLACK INTERNS FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

10,000 BLACK INTERNS FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr J E H Sorrell
Mr O O Kolade
Mr D K Konotey-Ahulu
Ms F Butler
Mr M Barrington-Hibbert
Mr S G Breyer
CEO Rebecca Ajulu-Bushell
Charity number 1199061
Company number 13240146
Principal address 10 New Burlington Street
London
W1S 3BE
Registered office 10 New Burlington Street
London
W1S 3BE
Auditor Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
Bankers Unity Trust Bank
Planetary Road
Willenhall
WV1 9DG
Solicitors Filanthropia Consulting Limited
Heath House
Alldens Lane
Surrey
GU8 4AP

10,000 BLACK INTERNS FOUNDATION

CONTENTS

Page
Trustees' report 1 - 5
Statement of trustees' responsibilities 6
Independent auditor's report 7 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 22

10,000 BLACK INTERNS FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their annual report and financial statements for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: 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 (FRS 102)" (effective 1 January 2019).

The charitable company was incorporated on 2 March 2021. Charitable status was received from the Charity Commission on 22 May 2022.

Objectives and activities

10,000 Black Interns Foundation's mission is to champion underrepresented talent by transforming the horizons and prospects of young Black people in the United Kingdom. We do this by running a programme that offers internships across a wide range of industries, as well as world-class training and mentoring opportunities as set out in the Articles of Association (“The Articles”).

Our objects state that 10,000 Black Interns Foundation exists to:

• Promote equality and diversity for the public benefit by the provision and facilitation of internships for the beneficiaries, particularly in industries where such individuals are underrepresented; and the provision of education and training to develop the capacities, competencies, skills, and knowledge of the beneficiaries.

• In the Articles the beneficiaries are defined as: individuals who trace their ancestry to indigenous inhabitants of Africa including such persons of Caribbean descent and such African and Afro Caribbean persons who are British citizens.

The trustees have had due regard to the guidance issued by the Charity Commission on public benefit. The trustees will seek advice on the public benefit requirement, as necessary/appropriate, as the charity’s impact increases.

The charity carries out its objects by:

By focussing on these areas, we achieve our strategic priorities of increasing opportunity for professional experience to young Black people across the UK whilst building a growing community of alumni who will play a significant role in nurturing the programme’s future talent.

10,000 Black Interns Foundation has benefitted from extensive volunteer engagement. The most significant volunteer contribution has come in the form of training and events. We hosted up to three webinar events per week within the same period (as mentioned above) and we were joined by industry leaders and subject experts to talk to candidates on a range of topics from battling imposter syndrome to interview technique and more sector specific information. Countless hours and expert advice were given to the charity and its beneficiaries thought-out this training period.

10,000 BLACK INTERNS FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Achievements and performance

Over the past 12 months, 10,000 Black Interns Foundation has built on the success of its previous annual programme cycle and the foundations laid in 2021. In the summer of 2023, the programme will have created almost 5,000 paid internship opportunities in just 3 years and impacted tens of thousands of individuals, students and graduates as well as employees at our participating firms.

Our guiding principle is to help support as many individuals as possible. We are committed to a sustainable programme that can deliver this ambition over the next five years, and beyond; with 10,243 applications received and distributed to participating firms already we are aware that we have a responsibility to nurture and support this growing community.

Looking forward to the next 12 months the trustees anticipate:

As we end the year the trustees are looking closely at how our processes could be adapted to meet the needs of other underrepresented groups (for example, disability, social mobility, refugees etc.). We are also focused on how to create impact at scale by expanding our reach to other sectors and areas of the UK outside of the capital through increasing our brand visibility by developing our brand narrative and visual identity whilst also working on stakeholder engagement strategies to try to reach more universities and further geographies.

Our partnership with LinkedIn continues as we think about how to build and nurture our growing alumni community. We are hoping to leverage our partners' platform to group this community and track their progress from the end of their internships and beyond. We understand that our data is extremely important to how we think about impact long term and we are incrementally improving our techstack by deepening our partnership with our ATS partner, Pinpoint, to create even more bespoke tracking solutions for our firms and interns alike, as well as allowing us to understand these experiences through better data collection..

The trustees initially set out to create 100 paid internship opportunities for beneficiaries from 100 firms to be carried out over the Summer of 2021, 502 internships were completed offered by 212 firms. Thereafter the trustees set out to create 2,000 internship opportunities across 20 sectors (to be carried out over the Summer of 2022). At the end of 2022, over 3,000 internships had been offered by over 700 firms across 32 sectors (to take place in the Summer of 2023).

As we continue to surpass our expectations and achieve beyond our initial objectives, we are also mindful of the quality of our programme and that providing impact at scale means ensuring the training elements of our programme continue to be as impressive as our numbers.

The trustees set out to raise £1m across the period, by period end a total of £1.1m was raised. These funds included donations (voluntary donations from firms) and contributions (grants). We have set a target of £1.2m for 2023.

Fundraising

Our fundraising strategy saw us approach our participating firms following the completion of the internship cycle for voluntary donations of any amount. Strategic partnerships were also sought with key stakeholders and leveraged to provide funds or support in kind. No professional fundraisers or third parties were used and we have not received any complaints with regards to fundraising.

Financial review

During the period, the funds raised from donations and grants was £1.1m. At the period end, the charity had unrestricted funds of £761k and restricted funds of £110k.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three- and six-month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves ~~has been achieved.~~

10,000 BLACK INTERNS FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Donations are our largest source of funding and in total we raised £1m from this source. Further contribution of £30k was received in grants. The aim of our fundraising activities is to generate income to fund specific parts of our work, namely our payroll and our marketing efforts. The largest fundraising activity is the success of the programme itself; firms are prompted to make voluntary donations of any amount following their internship period.

Going Concern

Fundraising targets have been exceeded and strategic partnerships that provide funds continue. The Trustees are confident that the charity is a going concern.

Principal Risks and uncertainties

All significant activities undertaken are subject to a risk review as part of the initial activity assessment and implementation. Major risks are identified and ranked in terms of their potential impact and likelihood. Major risks, for this purpose, are those that may have a significant effect on:

The trustees review these risks on an ongoing basis and satisfy themselves that adequate systems and procedures are in place to manage the risks identified. Where appropriate, risks are covered by insurance. The following framework is central to ensuring adequate risk assurance:

We have paid particular attention during the period to increasing coverage of the internal audit. As we are working with multiple stakeholders our trustees recognise that some areas of our work require the management of risk if our key objectives are to be achieved.

10,000 BLACK INTERNS FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Structure, governance and management

10,000 Black Interns Foundation is a non-governmental, non-political, non-religious organisation established in 2021. It is constituted as a company limited by guarantee under a memorandum and articles of association incorporated 2 March 2021 as amended by special resolution registered at companies house on 7 June 2021, as amended by special resolution registered at Companies House on 20 May 2022. It is registered as a charity with the Charity Commission.

In 2022, the trustees began a search for a Chief Executive. The 10,000 Black Interns Foundation team was being run by an experienced Programme Director who was responsible for the day-to-day operation of the charity and managed the staff of the charity on behalf of the trustees until September 2022 when the trustees and programme director on-boarded their Chief Executive.

Our Chief Executive has been responsible for driving improvements and innovation in all areas of the charity, starting with people and organisational structure: building out a more extensive senior management team and developing capacity and capability at the junior end of the organisation, as well as refining our tech-stack, and create standard operating procedures for all charitable activity to manage risks. Our Chief Executive is supported by an experienced Director of Impact, as well as an experienced Programme Manager, she also heads up our staff team who advise on and deliver the strategy and programmes of the charity. The staff team works closely with the Director of Impact and Programme Manager, meeting regularly to liaise on strategy, relationship management, and safeguarding.

Key Team Members

Chief Executive - Rebecca Ajulu-Bushell

Director of Impact - Nana Campbell

Programme Manager - Julie Quist-Therson

Key management remuneration was set based on a skills assessment undertaken by MSCI. This was mapped against average industry rates and an independent report was created by Resource Solutions (an HR research company) that provided recommendations.

The trustees, who are also the directors for the purpose of company law, and who served during the period and up to the date of signature of the financial statements were:

Mr J E H Sorrell

Mr O O Kolade Mr D K Konotey-Ahulu Ms F Butler Mr M Barrington-Hibbert Mr S G Breyer

The articles allow for new trustees to be appointed on a rolling basis and serve until they resign. All our existing trustees have long experience of being a charity trustee and are not remunerated for their trusteeship. Our trustees are unpaid, and details of trustee expenses and any related party transactions are disclosed in the accounts.

Where new trustees are appointed, they are given a formal induction to the work of the charity and provided with the information they need to fulfil their roles, which includes information about the role of trustees and charity law. New trustees are nominated by members of the board of trustees, interviewed by a panel of three trustees and appointed where they have the necessary skills to contribute to the charity’s management and development.

Auditor

In accordance with the company's articles, a resolution proposing that Ensors Accountants LLP be reappointed as auditor of the company will be put at a General Meeting.

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10,000 BLACK INTERNS FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees, who are also the directors of 10,000 Black Interns Foundation for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate 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 Companies Act 2006. They 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.

10,000 BLACK INTERNS FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF 10,000 BLACK INTERNS FOUNDATION

Opinion

We have audited the financial statements of 10,000 Black Interns Foundation (the ‘charity’) for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

10,000 BLACK INTERNS FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF 10,000 BLACK INTERNS FOUNDATION

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 directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, 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 the trustees 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In planning our audit, we identify and assess the risk of material misstatement within the financial statements, whether due to fraud or error. In assessing the risks, consideration is given to the control environment (including trustees' and management's own processes for identification and risk assessment) as well as the nature of the entity, the sector in which it operates and the underlying performance. Consideration is also given to the attitudes and incentives of management to commit fraud, with specific procedures planned and performed to respond to the risk of inappropriate management override of controls.

We also obtained an understanding of the applicable laws and regulations to which the charity must adhere, through discussions with management and those charged with governance, as well as commercial knowledge of the sector and statutory legislation, in order to determine the key laws and regulations applicable to the charity.

10,000 BLACK INTERNS FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF 10,000 BLACK INTERNS FOUNDATION

After assessing the risk of fraud, we performed audit procedures to gain assurance regarding fraud and management override as follows:

We also performed procedures to satisfy ourselves regarding compliance with applicable laws and regulations, including:

All audit team members were made aware of the applicable laws and regulations, as well as potential fraud risks during the planning stage of the audit and this was discussed at the audit team planning meeting. It was therefore determined that team members all had the relevant awareness and competence to identify any instances of noncompliance or fraud.

There are, however, inherent limitations to our above audit procedures. Auditing standards only require us to enquire of the trustees and management regarding non-compliance with laws and regulations, as well as review regulatory and legal correspondence (if there is any). It is therefore possible that instances of non-compliance could be missed, particularly where the law in itself is far removed from any financial transactions.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's 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 charitable company's members those matters we are required to state to them in an auditor's 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Helen Rumsey (Senior Statutory Auditor) for and on behalf of Ensors Accountants LLP

.........................

Chartered Accountants Statutory Auditor

10,000 BLACK INTERNS FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted Restricted **Total ** Unrestricted Restricted Total
funds funds 12 months funds funds 10 months
2022 2022 2022 2021 2021 2021
Notes £ £ £ £ £ £
Income from:
Donations and legacies 3 851,782 220,037 1,071,819 697,400 72,543 769,943
Expenditure on:
Raising funds 4 43,846 - 43,846 44,829 - 44,829
Charitable activities 5 419,395 122,338 541,733 279,371 60,310 339,681
Total expenditure 463,241 122,338 585,579 324,200 60,310 384,510
Net income for the year/
Net movement in funds 388,541 97,699 486,240 373,200 12,233 385,433
Fund balances at 1 January
2022 373,200 12,233 385,433 - - -
Fund balances at 31
December 2022 761,741 109,932 871,673 373,200 12,233 385,433

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

10,000 BLACK INTERNS FOUNDATION

BALANCE SHEET

AS AT 31 DECEMBER 2022

Notes
Fixed assets
Intangible assets
9
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
14
Net assets
Income funds
Restricted funds
16
Unrestricted funds		 2022
£
175,403
679,705
855,108
(78,417)		 £
93,269
1,713
94,982
776,691
871,673
-
871,673
109,932
761,741
871,673		 2021
£
£
109,442
4,514
113,956
120,470
425,534
546,004
(24,527)
521,477
635,433
(250,000)
385,433
12,233
373,200
385,433

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on ......................... 10/07/2023

.............................. Mr O O Kolade

Trustee

Company registration number 13240146

10,000 BLACK INTERNS FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

2022
Notes
£
£
Cash flows from operating activities
Cash generated from operations
20
534,171
Investing activities
Purchase of intangible assets
(30,000)
Purchase of tangible fixed assets
-
Net cash used in investing activities
(30,000)
Financing activities
Proceeds from loans
-
Loan waiver
(250,000)
Net cash (used in)/generated from
financing activities
(250,000)
Net increase in cash and cash equivalents
254,171
Cash and cash equivalents at beginning of year
425,534
Cash and cash equivalents at end of year
679,705		 2021
£
£
292,934
(111,150)
(6,250)
(117,400)
250,000
-
250,000
425,534
-
425,534

10,000 BLACK INTERNS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

10,000 Black Interns Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 10 New Burlington Street, London, W1S 3BE.

1.1 Reporting period

Due to the incorporation of the charity on 2 March 2021, comparative figures in this year's accounts are presented for the period between incorporation and 31 December 2021, a period less than one year. However, the period to 31 December 2022 is a full twelve month period.

1.2 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: 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 (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.5 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies and grants are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, then it is treated as a contingent asset.

10,000 BLACK INTERNS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.6 Expenditure

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

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Raising funds includes all associated costs with building relationships with donors and prospective donors.

Charitable activities includes all costs incurred by the charity in the delivery of its activities and services for its beneficiaries, It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

1.7 Intangible fixed assets other than goodwill

Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is charged once the asset is complete and in use.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software 33% straight line

1.8 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers 33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.9 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

10,000 BLACK INTERNS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, 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 liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction 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 liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14 Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.15 Public benefit concessionary loan

The loan was previously recognised and measured at the amount received, with the carrying amount adjusted in subsequent years to reflect repayments and any accrued interest and adjusted if necessary for any impairment. The loan has been waived in the year and released to income.

10,000 BLACK INTERNS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required 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 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Donations and gifts
821,782
220,037
Other grants
30,000
-
851,782
220,037
Donations and gifts
Donations
759,282
220,037
Gift aid recoverable
62,500
-
821,782
220,037		 Total Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
1,041,819
697,400
72,543
30,000
-
-
1,071,819
697,400
72,543
979,319
697,400
72,543
62,500
-
-
1,041,819
697,400
72,543		 Total
2021
£
769,943
-
769,943
769,943
-
769,943

4 Raising funds

Travel and subsistence
Advertising
Computer costs		 2022
£
8,213
29,299
6,334
43,846		 2021
£
1,017
26,224
17,588
44,829

10,000 BLACK INTERNS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

5 Charitable activities

Staff costs
Advertising
Consultancy fees
Share of support costs (see note 6)
Share of governance costs (see note 6)
Analysis by fund
Unrestricted funds
Restricted funds		 2022
£
203,184
35,134
166,246
404,564
103,013
34,156
541,733
419,395
122,338
541,733		 2021
£
122,439
38,020
104,466
264,925
59,452
15,304
339,681
279,371
60,310
339,681

6 Support costs

Depreciation
Bank charges
Printing, postage and
stationery
Sundry expenses
Insurance
Web development costs
Consultancy fees
Software subscriptions
Accountancy costs
Audit fees
Legal and professional
Bad debt write off
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
48,974
-
322
-
449
-
2,954
-
3,229
-
32,799
-
1,716
-
9,930
-
2,640
-
-
13,000
-
5,156
-
16,000
103,013
34,156
103,013
34,156		 2022
£
48,974
322
449
2,954
3,229
32,799
1,716
9,930
2,640
13,000
5,156
16,000
137,169
137,169		 Support
costs
Governance
costs
£
£
3,444
-
72
-
581
-
225
-
1,919
-
23,506
-
22,740
-
4,872
-
2,093
-
-
11,400
-
3,904
-
-
59,452
15,304
59,452
15,304		 2021
£
3,444
72
581
225
1,919
23,506
22,740
4,872
2,093
11,400
3,904
-
74,756
74,756

10,000 BLACK INTERNS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

7 Trustees and related party transactions

None of the trustees (or any persons connected with them) received any remuneration during either period, but one trustee was reimbursed a total of £870 (2021: £43,025) for expenses incurred.

Donations of £20,000 (2021: £85,000) were received without conditions from organisations connected to the trustees.

An unsecured, interest free loan of £250,000 was provided by Capstone Investment Advisors (UK) LLP in 2021. Jonathan Sorrell, trustee, is president of the Capstone group. During 2022, this was waived via a formal deed of waiver by Jonathan Sorrell, and treated as a donation.

Payments of £6,619 (2021: £0) were made to companies connected to the trustees for services provided on an arms length basis.

8 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2022
Number
3
2022
£
177,691
20,954
4,539
203,184		 2021
Number
2
2021
£
113,127
7,392
1,920
122,439
The number of employees whose annual remuneration was more than £60,000
is as follows:
2022 2021
Number Number
£60,000 - £70,000 1 1

10,000 BLACK INTERNS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

9
Intangible fixed assets
Cost
At 1 January 2022
Additions
At 31 December 2022
Amortisation and impairment
At 1 January 2022
Amortisation charged for the year
At 31 December 2022
Carrying amount
At 31 December 2022
At 31 December 2021
10
Tangible fixed assets
Cost
At 1 January 2022
Disposals
At 31 December 2022
Depreciation and impairment
At 1 January 2022
Depreciation charged in the year
Eliminated in respect of disposals
At 31 December 2022
Carrying amount
At 31 December 2022
At 31 December 2021
11
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 Software
£
111,150
30,000
141,150
1,708
46,173
47,881
93,269
109,442
Computers
£
6,250
(1,846)
4,404
1,736
2,083
(1,128)
2,691
1,713
4,514
2022
2021
£
£
81,773
93,001
66,500
-
27,130
27,469
175,403
120,470

10,000 BLACK INTERNS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

12 Loans and overdrafts

Loans and overdrafts
Concessionary loan
Payable after one year		 2022
£
-
-		 2021
£
250,000
250,000

The long-term loan was an unsecured interest free loan provided by Capstone Investment Advisors (UK) LLP. The loan was waived during the year to 31st December 2022, and has been released as income.

13 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Other creditors
Accruals
Creditors: amounts falling due after more than one year
Notes
Concessionary loans
12		 2022
£
15,598
5,644
13,981
43,194
78,417
2022
£
-		 2021
£
10,108
1,765
514
12,140
24,527
2021
£
250,000

14 Creditors: amounts falling due after more than one year

15 Retirement benefit schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The amount recognised in the Statement of Financial Activities as an expense in respect of defined contribution schemes was £4,539 (2021: £1,920).

10,000 BLACK INTERNS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

16 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 January 2021 resources expended 1 January 2022 resources expended 31 December
2022
£ £ £ £ £ £ £
Sillicon Valley - 72,543 (60,310) 12,233 220,037 (122,338) 109,932

The Silicon Valley funding was awarded to develop the capacity and capability of our team. The funds are therefore restricted to HR spend including key management, employees, and consultants salaries and remuneration as well as training and development costs.

17 Analysis of net assets between funds

Unrestricted
funds
Restricted
funds
2022
2022
£
£
Fund balances at 31
December 2022 are
represented by:
Intangible fixed assets
93,269
-
Tangible assets
1,713
-
Current assets/(liabilities)
666,759
109,932
Long term liabilities
-
-
761,741
109,932		 Total Unrestricted
funds
Restricted
funds
Total
2022
2021
2021
2021
£
£
£
£
93,269
109,442
-
109,442
1,713
4,514
-
4,514
776,691
509,244
12,233
521,477
-
(250,000)
-
(250,000)
871,673
373,200
12,233
385,433		 Total Unrestricted
funds
Restricted
funds
Total
2022
2021
2021
2021
£
£
£
£
93,269
109,442
-
109,442
1,713
4,514
-
4,514
776,691
509,244
12,233
521,477
-
(250,000)
-
(250,000)
871,673
373,200
12,233
385,433
385,433

18 Remuneration of key management personnel

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity.

The remuneration of key management personnel is as follows.

2022 2021
£ £
Aggregate compensation 159,784 41,067

19 Guarantee

The charity is a company limited by guarantee; in the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

10,000 BLACK INTERNS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

20 Cash generated from operations 2022 2021
£ £
Surplus for the year 486,240 385,433
Adjustments for:
Loss on disposal of tangible fixed assets 718 -
Amortisation and impairment of intangible assets 46,173 1,708
Depreciation and impairment of tangible fixed assets 2,083 1,736
Movements in working capital:
(Increase) in debtors (54,934) (120,470)
Increase in creditors 53,891 24,527
Cash generated from operations 534,171 292,934
21 Analysis of changes in net debt
At 1 January Cash flows At 31 December
2022 2022
£ £ £
Cash at bank and in hand 425,534 254,171 679,705
Loans falling due after more than one year (250,000) 250,000 -
175,534 504,171 679,705