OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-08-31-accounts

SHADOW TO SHINE CIO (Registered charity no. 1200087)

TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

SHADOW TO SHINE CIO

REPORT AND FINANCIAL STATEMENTS For the year ended 31 August 2024

CONTENTS

Page
Legal and administrative information 1
Trustees' Annual Report 2
Independent examiner's report 9
Statement of financial activities 10
Balance sheet 11
Notes to the financial statements 12

SHADOW TO SHINE CIO

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS For the year ended 31 August 2024

Charity reg. no. (England) 1200087
Registered office 5 Dorset Street
London
W1U 6QJ
Trustees The trustees who served during the year and up to the date of this
report were as follows:
Manoj Varsani (Chair)
Simon Cooper (Treasurer)
Korinna Williams (appointed 21 January 2025)
Sabrina Stewart
Fatemeh Baharak Fatemi
Andrea Dawuah Archer (appointed 24 January 2024)
Key management Korinna Williams (CEO until 29 November 2024)
personnel Jennifer Uche (CEO from 02 December 2024)
Bankers CAF Bank Ltd
25 Kings Hill Avenue
Kent, ME19 4JQ
Redwood Bank
The Nexus Building
Broadway
Letchworth Garden City
SG6 3TA
Independent Examiner Raymond David Chaplin FCCA
Caton Fry & Co Ltd
Essex House
7-8 The Shrubberries
George Lane
South Woodford
London E18 1BD
Accountants NfP Accountants Ltd
3rd Floor, 86-90 Paul Street
London, E2A 4NE

1

SHADOW TO SHINE CIO

BOARD OF TRUSTEES' REPORT

For the year ended 31 August 2024

The Trustees present their report, together with the financial statements of Shadow to Shine CIO, for For the year ended 31 August 2024. The Trustees confirm that the annual report and financial statements of the charity comply with current statutory requirements, the requirements of the charity's governing document, and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

The reference and administrative information set out on page 1 forms part of this report.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governance

Shadow To Shine is a registered charity, number 1200087, and is constituted under Constitution of a Charitable Incorporated Organisation dated August 2022, last amended on 17/08/2022.

The governance of the charity is the responsibility of the Trustees. Day to day management is by the CEO, who draws on the support and expertise of the highly experienced Board of Trustees as needed.

Shadow To Shine transitioned from a CIC to a CIO on the 17 August 2022.

Recruitment and induction of trustees

Building a strong board of trustees was critical for establishing a strong foundation for Shadow to Shine as a charity. At Shadow to Shine, we adopted a rigorous process, reflecting our commitment to securing robust leadership vital for the success and growth. We prioritise a meticulous selection process to ensure that we appoint trustees who can contribute significantly to our mission while safeguarding the young people we serve. Trustees are elected and co-opted under the terms of the constitution. Trustees are expected to complete a skills audit, to help identify the specific skills and expertise needed within the charity. This skills audit helps us assess their proficiency in areas crucial to our operations, such as finance, marketing, governance, HR, branding, programmes, and safeguarding.

We invite potential trustees to observe 2 board meetings to assess their commitment and compatibility further. After the board observations are complete, the candidate's appointment is put to a vote in a board meeting. We want to ensure that the new trustees are well-aligned with our values and goals, setting us up in good stead for future years.

No other person or external body is entitled to appoint any charity trustees. The Trustees who served during and after the year-end are shown on page 1.

Upon appointment, new trustees at Shadow to Shine undergo a comprehensive induction programme to equip them with the necessary knowledge and understanding of our charity. Recognising the importance of safeguarding, all new trustees must complete the NSPCC’s safeguarding training specific to trustees.

2

SHADOW TO SHINE CIO

BOARD OF TRUSTEES' REPORT For the year ended 31 August 2024

Related parties

The Charity has considered the disclosure requirements of the SORP for related party relationships. The charity has no related party connections with other organisations. The trustees consider that the members of the board and their close connections to be the only related parties of the charity. All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 7 to the accounts.

Trustees are required to disclose all relevant interests and register them at the quarterly board meetings and to withdraw from decisions where a conflict of interest arises. Shadow To Shine maintains a Conflict of Interests register.

Remuneration of key management personnel

The pay of the charity’s CEO is reviewed annually in accordance with changes in duties and London average earnings, depending on affordability. The trustees also draw on their knowledge of the sector and common practice in other charities of similar size to ensure that the remuneration set is fair and not out of line with that generally paid for similar roles.

Risk management

The Board of Trustees fully accepts its responsibilities for ensuring that the major risks to which the Charity is exposed are identified, and that there are systems and procedures in place to mitigate those risks. The CEO is responsible for also sharing any risks with the Board of Trustees.

Volunteers

Our volunteer mentors play a crucial role in Shadow to Shines success, however as of 2023, our stand-alone mentoring service has been on hold so that we can secure funding to recruit for a member of staff to manage this vast work stream. Despite this, we were still able to offer mentors to young people through our delivered programmes as a part of the programme offering and support. Over 125 volunteers are registered in our database serving as mentors and offering their time without reimbursement.

OBJECTIVES AND ACTIVITIES

The objective of the CIO is: to act as a resource for young disadvantaged people living in London and other inner cities by providing advice, assistance and organising programmes of educational and other activities as a means of: a) advancing in life and helping young people by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals; (b) advancing education; (c) relieving unemployment; (d) providing recreational and leisure time activity in the interests of social welfare for people living in the area of benefit who have need by reason of their youth, age, infirmity or disability, poverty or social and economic circumstances with a view to improving the conditions of life of such persons.

Our charitable activities this period focused on supporting underrepresented young people into employment, within London aged 16-25 years old. Our internal objectives are to: provide great services to young people, to grow and reach more young people, to create and maintain a financially stable and ethical organisation and to support young people into employment or to realise their aspirations.

3

SHADOW TO SHINE CIO

BOARD OF TRUSTEES' REPORT

For the year ended 31 August 2024

In this period Shadow To Shine CIO, were proud to deliver several core activities to support young people from London into careers. We offered 15 employability programmes and 9 standalone additional activities and experiences. Our work ensured that 290 young people in London from disadvantaged backgrounds could move closer to work and gain the skills required to begin working. Without our programmes, the young people we serve would not usually have access to the corporate environments that we are able to bring them into. Our work helps lower unemployment rates, increase diversity in the workplace, reduces youth social isolation, improving their mental health and helps create more community cohesion.

In the reporting period, the following projects, activities and events have taken place:-

Public benefit

The trustees review the aims, objectives and activities of the charity each year. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities are referred to the guidance contained in the Charity Commission's general guidance on public benefit. The review helps ensure we are reviewing the work, the purpose and the impact.

The Board of Trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties.

ACHIEVEMENTS AND PERFORMANCE

The development of the charity follows the strategic business plan agreed with the Trustees.

Provide Great Services to Young People

Basis: These objectives were derived from our commitment to maintaining high standards in our services and continuously improving based on feedback and evaluations.

4

SHADOW TO SHINE CIO

BOARD OF TRUSTEES' REPORT For the year ended 31 August 2024

We assessed the impact of our services on the beneficiaries by looking for outcomes in the following areas:

We measured the following areas of impact:

Grow (Reach More Young People)

Basis: These goals were set to expand our reach and ensure we are addressing the needs of the most vulnerable young people. Leveraging digital platforms and strategic partnerships were identified as key growth drivers.

5

SHADOW TO SHINE CIO

BOARD OF TRUSTEES' REPORT For the year ended 31 August 2024

Create and Maintain a Financially Stable and Ethical Organisation

Basis: Financial stability is critical for our sustainability. These objectives were intended to ensure we have a robust funding base and ethical practices in place.

Support Young People into Employment or Other Opportunities

Basis: Our research indicated that employment and education are pivotal for young people's success. These objectives were aimed at equipping them with the necessary skills and opportunities.

We measured the following areas of impact:

We gather this data from feedback forms that young people complete mid-way, and from in-session observations.

6

SHADOW TO SHINE CIO

BOARD OF TRUSTEES' REPORT For the year ended 31 August 2024

FINANCIAL REVIEW

Summary

The charity achieved net income for the year of £3,530, details of which are shown in the Statement of Financial Activities on page 10.

This brings the charity’s total funds to £39,414, £36,096 of which were unrestricted funds, and £3,318 were restricted funds.

Total income for the year increased to £162,387. Total expenditure amounted to £158,857.

Reserves policy

Shadow To Shine’s policy is to ensure that there are reserve funds available to run the basic operations of the charity for a minimum of three months. Our long-term goal is to have six months. The Trustees estimate this would require reserves of £33,000-£66,000. The Charity’s reserves at the end of the reporting period were within this policy.

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Key funding sources

The Trustees are grateful of the continued financial support from the Lloyds Bank Foundation, Westminster Council, Clothworkers Foundation and City Bridge Trust. The Charity continues to work strategically with key partners and supporters. This financial and moral support provides a firm foundation for the charity’s activities which are set to increase even further in the next financial year. We are also in awe of all the staff and volunteers who helped achieve such great heights in helping young people. We believe we lead by example when making a difference to the young people, the society. None of this would be achievable without the support of our funders, volunteers and corporate partners.

Plans for future periods

Shadow To Shine will continue to support more young people into employment by delivering more employability programmes to reach more underrepresented young people in London, the charity will also run more mentoring programmes to match young people with mentors who can help them professionally, and will continue to work with corporates to provide additional opportunities.

7

SHADOW TO SHINE CIO

BOARD OF TRUSTEES' REPORT

For the year ended 31 August 2024

Trustees' Responsibilities in Relation to the Financial Statements

The charity Trustees are responsible for preparing a Trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the charity Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Charity's governing document. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

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.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 August 2024 was 8 (2023 - 11). The Trustees are members of the charity but this entitles them only to voting rights. The Trustees have no beneficial interest in the charity.

Independent Examiner

Caton Fry was reappointed as the charity's Independent Examiner.

Approval of the report

This report was approved by the Board of Trustees on 30 May 2025 and signed on their behalf by:

SIMON COOPER, Treasurer

8

SHADOW TO SHINE CIO

INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF TRUSTEES

For the year ended 31 August 2024

I report on the accounts of the charity for the year ended 31 August 2024, set out on pages 10 to 21.

Respective responsibilities of the trustees and examiner

The charity's trustees are responsible for the preparation of the financial statements. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an Independent Examination is needed.

It is my responsibility to:

Basis of independent examiner's statement

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the next statement.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and reporting by charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 01 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 01 January 2015.

In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attention:

have not been met, or

Raymond David Chaplin FCCA

Caton Fry & Co Ltd Essex House 7-8 The Shrubberries George Lane South Woodford London E18 1BD

Date: ………………………………

9

SHADOW TO SHINE CIO

STATEMENT OF FINANCIAL ACTIVITIES

(incorporating Income and Expenditure Account & Statement of Total Realised Gains and Losses) For the year ended 31 August 2024

Unrestricted
Funds
Note
2024
£
INCOME FROM
Donations and legacies
2
78,937
Charitable activities
3
17,027
2,013
TOTAL INCOME
97,977
EXPENDITURE ON:
Raising funds
4
14,601
Charitable activities
4
Employability
24,160
Mentoring
11,959
Insight
30,533
Corporate engagement
16,512
83,164
TOTAL EXPENDITURE
97,765
212
RECONCILIATION OF FUNDS
TOTAL FUNDS AT 1 SEPTEMBER 2023
35,884
TOTAL FUNDS AT 31 AUGUST 2024
36,096
£
Investments: bank interest
NET INCOME/(EXPENDITURE) FOR THE
YEAR		 Unrestricted
Funds
Note
2024
£
INCOME FROM
Donations and legacies
2
78,937
Charitable activities
3
17,027
2,013
TOTAL INCOME
97,977
EXPENDITURE ON:
Raising funds
4
14,601
Charitable activities
4
Employability
24,160
Mentoring
11,959
Insight
30,533
Corporate engagement
16,512
83,164
TOTAL EXPENDITURE
97,765
212
RECONCILIATION OF FUNDS
TOTAL FUNDS AT 1 SEPTEMBER 2023
35,884
TOTAL FUNDS AT 31 AUGUST 2024
36,096
£
Investments: bank interest
NET INCOME/(EXPENDITURE) FOR THE
YEAR		 Restricted
Funds
2024
£
64,410
-
-		 Total
Funds
2024
£
143,347
17,027
2,013		 Unrestricted
Funds
2023
£
89,889
10,650
77		 Restricted
Funds
2023
£
19,700
500
-		 Total
Funds
2023
£
109,589
11,150
77
97,977 64,410 162,387 100,616 20,200 120,816
-
53,592
7,500
-
-		 14,601
77,752
19,459
30,533
16,512		 13,674
18,814
10,849
3,084
18,311		 -
9,483
-
10,717
-		 13,674
28,297
10,849
13,801
18,311
83,164 61,092 144,256 51,058 20,200 71,258
97,765 61,092 158,857 64,732 20,200 84,932
3,318
-		 3,530
35,884		 35,884
-		 -
-		 35,884
-
36,096
**£ **		 3,318
**£ **		 39,414
**£ **		 35,884
_£ _		 Nil
£		 35,884
_£ _

All income and expenditure has arisen from continuing activities

The annexed notes form part of these financial statements

10

SHADOW TO SHINE CIO (company limited by guarantee number )

BALANCE SHEET As at 31 August 2024

Notes
FIXED ASSETS
Tangible assets
11
CURRENT ASSETS
Cash at bank and in hand
CREDITORS: amounts falling due within one
year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS: amounts falling due after one year
13
NET ASSETS
FUNDS
Restricted funds
14
Unrestricted funds:
General fund
14		 2024
£
£
916
75,026
(11,966)
63,060
63,976
(24,562)
39,414
£
3,318
36,096
39,414
**£ **		 £
86,093
(16,795)		 2023
£
1,674
69,298
70,972
(35,088)
35,884
_£ _
-
35,884
35,884
_£ _

The financial statements were approved, and authorised for issue, by the Board of Trustees on 30 May 2025 and signed on their behalf by:-

Simon Cooper, Treasurer

The annexed notes form part of these financial statements

11

SHADOW TO SHINE CIO

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024

1. ACCOUNTING POLICIES

Basis of preparation of financial statements

The accounts have been prepared under the historical cost accounting rules, and in accordance with 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) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act 2011.

The charity has taken advantage of the provisions in the SORP for charities applying FRS102 (Section 1A) not to prepare a statement of cash flows.

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

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

Judgements and key sources of estimation uncertainty are detailed in the accounting policies where applicable.

Public benefit entity

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

Going concern

The Trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. Key judgements that the charitable company has made which have a significant effect on the accounts include estimating income and expenditure for the next 12 months.

Income

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

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

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Income is only deferred when: the donor specifies that the grant or donation must only be used in future accounting periods; or for performance related grants, where these are received in advance of the performances or specific event to which they relate.

12

SHADOW TO SHINE CIO

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024

Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Interest receivable

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

Company status

Shadow to Shine CIO 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 £1 per member of the Charity.

Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Expenditure and irrecoverable VAT

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

Fundraising costs

Costs of raising funds relate to the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.

Charitable activities

Expenditure on charitable activities includes the costs of delivering services and reading activities undertaken to further the purposes of the charity and their associated support costs.

Other expenditure

Other expenditure represents those items not falling into any other heading.

Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. Staff costs are stated on the basis of staff time. Support costs which cannot be directly attributed to charitable activities are allocated in proportion to staff costs.

Where information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of the area of literature occupied by each activity.

Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

13

SHADOW TO SHINE CIO

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024

Tangible fixed assets and depreciation

Tangible fixed assets (excluding investments) are stated at cost less depreciation. The cost of minor additions or those costing less than £1000 are not capitalised. Other fixed assets with an expected life of more than one year are included at cost and depreciated over three years.

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.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Cash balances exclude any funds held on behalf of service users.

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.

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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Pensions

All employees of the charity have opted out of pensions, therefore the charity does not currently run a pension scheme for its employees.

14

SHADOW TO SHINE CIO

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024

2. DONATIONS AND LEGACIES

Trusts and foundations
Corporate donations
Individual donations
2023
Trusts and foundations
Corporate donations
Individual donations
INCOME FROM CHARITABLE ACTIVITIES
Other earned income
2023
Contractual payment from gov't / public authorities 2
Other earned income		 Unrestricted
Funds
2024
£
27,500
50,000
1,437		 Restricted
Funds
2024
£
64,410
-
-		 Total
Funds
2024
£
91,910
50,000
1,437		 Total
Funds
2023
£
92,471
14,195
2,923
78,937
**£ **		 64,410
**£ **		 143,347
**£ **		 109,589
_£ _
Unrestricted
Funds
2024
£
72,771
14,195
2,923		 Restricted
Funds
2024
£
19,700
-
-		 Total
Funds
2024
£
92,471
14,195
2,923		 Total
Funds
2023
£
11,150
89,889
_£ _		 19,700
_£ _		 109,589
_£ _
Unrestricted
Funds
2024
£
17,027		 Restricted
Funds
2024
£
-		 Total
Funds
2024
£
17,027
17,027
**£ **		 Nil
£		 17,027
**£ **		 11,150
_£ _
Unrestricted
Funds
2024
£
-
10,650		 Restricted
Funds
2024
£
-
500		 Total
Funds
2024
£
-
11,150
10,650
_£ _		 500
_£ _		 11,150
_£ _

3. INCOME FROM CHARITABLE ACTIVITIES

15

SHADOW TO SHINE CIO

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024

4. ANALYSIS OF EXPENDITURE

Employability
Mentoring
Insight
Corporate engagement
Fundraising costs
Support & governance
2023
Employability
Mentoring
Insight
Corporate engagement
Fundraising costs
Support & governance		 Staff costs
£
35,463
15,554
24,432
13,212		 Direct costs
£
33,467
36
24
14		 Support &
governance
costs
£
8,822
3,869
6,077
3,286		 Total
2024
£
77,752
19,459
30,533
16,512		 Total
2023
£
28,297
10,849
13,801
18,311
88,661
9,607
9,532		 33,541
2,604
14,912		 22,054
2,390
(24,444)		 144,256
14,601
-		 71,258
13,674
-
107,800
**£ **		 51,057
**£ **		 Nil
£		 158,857
**£ **		 84,932
_£ _
Staff costs
£
15,117
7,692
9,354
12,983		 Direct costs
£
6,977
-
608
-		 Support &
governance
costs
£
6,203
3,157
3,839
5,328		 Total
2024
£
28,297
10,849
13,801
18,311
45,146
8,883
15,743		 7,585
1,146
6,429		 18,527
3,645
(22,172)		 71,258
13,674
-
69,772
_£ _		 15,160
_£ _		 Nil
£		 84,932
_£ _

Of the total expenditure, £97,765 (2023 - £64,732) was unrestricted and £61,092 (2023 - £20,200) was restricted.

16

SHADOW TO SHINE CIO

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024

5. NET INCOME / EXPENDITURE FOR THE YEAR

This is stated after charging / crediting:
Independent auditor's / examiner's remuneration:
Independent examiner’s fees
6.
STAFF COSTS AND NUMBERS
Salary costs
Wages and salaries
Social security costs		 Unrestricted
Funds
2024
£
62,114
2,165		 Restricted
Funds
2024
£
43,521
-		 2024
£
1,440		 2023
£
1,200
Total
Funds
2024
£
105,635
2,165		 Total
Funds
2023
£
69,320
452
64,279
**£ **		 43,521
**£ **		 107,800
**£ **		 69,772
_£ _

The average number of employees (on a head count basis) during the year was 3.8 (2023 - 2.5).

The total employee benefits of the key management personnel were £57,580 (2023 - 49,358).

No employees earned more than £60,000, including benefits.

7. TRUSTEES' REMUNERATION AND EXPENSES

The charity trustees were not paid and did not receive any other benefits from association with the charity in the year. No charity trustee received payment for professional or other services supplied to the charity.

The Trustees received no payments in reimbursement of out-of-pocket costs.

8. RELATED PARTY TRANSACTIONS

Other than trustees' expenses above, there are no reportable related party transactions to disclose for 2024 (2023 - the same).

9. TAXATION

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

17

SHADOW TO SHINE CIO

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024

10. SUPPORT AND GOVERNANCE COSTS

Programme freelance
Accountancy
Independent examination
Recruitment
Training
DBS
Other programme costs
IT and equipment
Insurance
Entertaining
Dues and Subscriptions
Bank and PayPal Fees
Other office costs
Depreciation
Other professional services
Staff support costs		 Total
Funds
2024
£
1,200
4,426
1,440
876
1,641
176
563
203
822
68
1,950
69
270
758
450
9,532		 Total
Funds
2023
£
370
600
1,200
-
364
90
93
61
459
164
1,925
20
325
758
-
15,743
24,444
**£ **		 22,172
_£ _

11. TANGIBLE FIXED ASSETS

Cost
At 1 September 2023 and 31 August 2024
Depreciation
At 1 September 2023
Charge for the year
At 31 August 2024
Net book value
At 31 August 2023
At 31 August 2024
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Social security and other taxes
Bank loan repayable in one year
Accruals		 2024
£
-
10,526
1,440		 Office
equipment
£
3,031
1,357
758
2,115
1,674
_£ _
916
**£ **
2023
£
3,592
11,403
1,800
11,966
**£ **		 16,795
_£ _

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

18

SHADOW TO SHINE CIO

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024

13. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR

CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
2024
2023
£
£
Bank loans
24,562
35,088
Amount due in one year
10,526
11,403
Amount due in two to five years
24,562
35,088
35,088
£
46,491
£
In March 2023, the charity received a £50,000 loan from CAF bank to help with cash flow and operations. This is
repayable from April 2023 to December 2027.		 2024
£
24,562		 2023
£
35,088
35,088
**£ **		 46,491
_£ _

14. STATEMENT OF FUNDS

STATEMENT OF FUNDS
RESTRICTED FUNDS
City Bridge Trust (City of London)
City of Westminster
Cloth Workers
Foyle Foundation Foundation
Young Westminster Foundation
SUMMARY OF FUNDS
General Funds
Restricted Funds
2023
RESTRICTED FUNDS
Awards for All
Peabody
SUMMARY OF FUNDS
General Funds
Restricted Funds		 Brought
Forward
£
-
-
-
-
-		 Incoming
Resources
£
26,910
15,000
10,000
7,500
5,000		 Resources
Expended
£
(26,910)
(15,000)
(6,682)
(7,500)
(5,000)		 Transfers and
investment
gains/(losses)
£
-
-
-
-
-		 Carried
Forward
£
-
-
3,318
-
-
Nil
£		 64,410
**£ **		 (61,092)
£		 Nil
£		 3,318
**£ **
35,884
-		 97,977
64,410		 (97,765)
(61,092)		 -
-		 36,096
3,318
35,884
**£ **		 162,387
**£ **		 (158,857)
£		 Nil
£		 39,414
**£ **
Brought
Forward
£
-
-		 Incoming
Resources
£
9,700
10,500		 Resources
Expended
£
(9,700)
(10,500)		 Transfers and
investment
gains/(losses)
£
-
-		 Carried
Forward
£
-
-
Nil
£		 20,200
_£ _		 (20,200)
£		 Nil
£		 Nil
£
-
-		 100,616
20,200		 (64,732)
(20,200)		 -
-		 35,884
-
Nil
£		 120,816
_£ _		 (84,932)
£		 Nil
£		 35,884
_£ _

19

SHADOW TO SHINE CIO

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Funds
Designated
General
Restricted
Funds
Funds
Funds
£
£
£
2024
2024
2024
Tangible fixed assets
-
1,674
-
Net current assets
-
65,980
3,318
Creditors due in more than one year
-
(35,088)
-
Nil
£
32,566
£
3,318
£
2023
Unrestricted Funds
Designated
General
Funds
Funds
£
£
Tangible fixed assets
-
1,674
Net current assets
-
69,298
Creditors due in more than one year
-
(35,088)
Nil
£
35,884
£
16. ANALYSIS OF THE NET MOVEMENT IN FUNDS
Unrestricted
Restricted
Funds
Funds
2024
2024
£
£
Net movement in funds
212
3,318
212
£
3,318
£
2023
Unrestricted
Restricted
Funds
Funds
2023
2023
£
£
Net movement in funds
35,884
-
35,884
£
Nil
£		 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Funds
Designated
General
Restricted
Funds
Funds
Funds
£
£
£
2024
2024
2024
Tangible fixed assets
-
1,674
-
Net current assets
-
65,980
3,318
Creditors due in more than one year
-
(35,088)
-
Nil
£
32,566
£
3,318
£
2023
Unrestricted Funds
Designated
General
Funds
Funds
£
£
Tangible fixed assets
-
1,674
Net current assets
-
69,298
Creditors due in more than one year
-
(35,088)
Nil
£
35,884
£
16. ANALYSIS OF THE NET MOVEMENT IN FUNDS
Unrestricted
Restricted
Funds
Funds
2024
2024
£
£
Net movement in funds
212
3,318
212
£
3,318
£
2023
Unrestricted
Restricted
Funds
Funds
2023
2023
£
£
Net movement in funds
35,884
-
35,884
£
Nil
£		 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Funds
Designated
General
Restricted
Funds
Funds
Funds
£
£
£
2024
2024
2024
Tangible fixed assets
-
1,674
-
Net current assets
-
65,980
3,318
Creditors due in more than one year
-
(35,088)
-
Nil
£
32,566
£
3,318
£
2023
Unrestricted Funds
Designated
General
Funds
Funds
£
£
Tangible fixed assets
-
1,674
Net current assets
-
69,298
Creditors due in more than one year
-
(35,088)
Nil
£
35,884
£
16. ANALYSIS OF THE NET MOVEMENT IN FUNDS
Unrestricted
Restricted
Funds
Funds
2024
2024
£
£
Net movement in funds
212
3,318
212
£
3,318
£
2023
Unrestricted
Restricted
Funds
Funds
2023
2023
£
£
Net movement in funds
35,884
-
35,884
£
Nil
£		 Restricted
Funds
£
2024
-
3,318
-		 Total
Funds
£
2024
916
63,060
(24,562)		 Total
Funds
£
2023
1,674
69,298
(35,088)
Nil
£		 32,566
**£ **		 3,318
**£ **		 39,414
**£ **		 35,884
_£ _
Restricted
Funds
£
-
-
-		 Total
Funds
£
1,674
69,298
(35,088)
Nil
£		 35,884
_£ _		 Nil
£		 35,884
_£ _
Unrestricted
Funds
2024
£
212		 Restricted
Funds
2024
£
3,318		 Total
Funds
2024
£
3,530		 Total
Funds
2023
£
35,884
212
**£ **		 3,318
**£ **		 3,530
**£ **		 35,884
_£ _
Unrestricted
Funds
2023
£
35,884		 Restricted
Funds
2023
£
-		 Total
Funds
2023
£
35,884
35,884
_£ _		 Nil
£		 35,884
_£ _

20

SHADOW TO SHINE CIO

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024

17. OPERATING LEASE COMMITMENTS

The charity had no operating leases in the current year (2023 - the same).

18. OTHER LEGAL INFORMATION

Shadow to Shine CIO is a charitable incorporated organisation, registered in England and Wales, with registration number 1200087, and is controlled by its constitution. Its registered office address is 5 Dorset Street, London W1U 6QJ. The accounts are presented in GBP rounded to £1.

The CIO was registered on 17 August 2022. Prior to this, the activities of the charity were undertaken through a Community Interest Company. Up on registration of the charity, the net assets of the CIC were donated to the charity.

21

SHADOWTO SHINE ao OARD OFTRUSTEEV REPORT Forlhoyogr Mdad 31 August *24 stat￿?￿￿ for gach yw a trutr arnl far of the ot affaNs of tha Lknty aAI of thB stalem8ni8, theTrustsas 8r6 rffjuirwl to.. disd¢Js8d ￿ ekpWn8d In Ihe siat8ments'. group comnuo li ￿n￿$s.

m￿Y ith the ChaTibe5 Act a)11, the Ch2rtheS IMLxounis arKI ReFWtsI R8guLqlrns. ￿ the evgnt up. Tr totst ryJ)r ￿ SLK gL4rwtaS8 at 31 W X>24 IX¢J. 111. benefici￿ interest in th6 charty. Ind0￿NdIn1 ExamSn8r

SHAEQWTOSHWIE CIO Itmh•d Al ai21 Augu# 2024 Tangkn￿ assets 916 1.674 CURREKf A8SErs Cath atbsN(8NI in haThl cRE￿ORS.. WhlOllltt• l•MINJ thtlthln fl& NEf CURRElff ASSErs 70.972 CREDITOAS: ￿nts￿lI￿* du•aftèrorn•)Tw 13 (34LW) NET ASSETS £ 31414 £ 3488rf FUNDS 14 Unro8trict8d furKi5.' fuThJ 14 É 4414 £ 35. 2WS aTrJ on tsr bd)alt ty..

Statement of Activity

Shadow To Shine

September 1, 2023-August 31, 2024

DISTRIBUTION ACCOUNT TOTAL
Income
4100 Donations income £1,437.15
4200 Grant Income £141,910.00
4600 Earned income £17,026.50
4850 Bank interest received £2,012.55
Total for Income £162,386.20
Cost of Sales
Gross Profit £162,386.20
Expenses
5100 Salary costs 0
5101 Gross wages £105,635.23
5102 Employers NIC £2,164.80
Total for 5100 Salary costs £107,800.03
5200 Freelance staff 0
5201 Programmes freelance staff £19,633.34
5202 Accountancy £5,926.20
5205 Other consultancycosts £1,200.00
Total for 5200 Freelance staff £26,759.54
5300 Other staff costs 0
5301 Recruitment Costs £875.85
5302 Training £1,744.54
5303 DBS £212.00
Total for 5300 Other staff costs £2,832.39
6100 Programme costs 0
6101 Programme Delivery Costs £2,842.40
6102 Programme travel, incl Oyster card top-ups £824.88
6103 Marketing and promotion £526.26
6104 Space hire £1,140.00
6105 Programme resources and materials £1,674.95
6106 Mentee Gifts and Expenses £1,108.29
6107 Youth Bursary £200.00
Total for 6100 Programme costs £8,316.78
6200 General running costs 0
6201 IT and computer costs £6,785.59
6202 Insurances £821.93
6204 Entertaining £147.54
6205 Dues and Subscriptions £2,112.08
6206 Bank and PayPal Fees £68.60
6208 Other office costs £106.45
6209 Other Professional Services £450.00
6211 Refreshments £23.12
6212 Staff travel and subsistence £434.35
6213 Depreciation £757.75

1/2

Accrual Basis Monday, June 02, 2025 10:58 AM GMTZ

Statement of Activity

Shadow To Shine

September 1, 2023-August 31, 2024

DISTRIBUTION ACCOUNT TOTAL
6215 Independent Examination £1,440.00
Total for 6200 General running costs £13,147.41
Total for Expenses £158,856.15
Net Operating Income £3,530.05
Other Income
Other Expenses
Unrealized Gain or Loss
Total for Other Expenses 0
Net Other Income 0
Net Income £3,530.05

2/2

Accrual Basis Monday, June 02, 2025 10:58 AM GMTZ

15 May 2025

Shadow To Shine CIO 5 Dorset Street Marylebone London W1U 6QT

Our Ref : RC/ CF/SHADO/C

Dear Jennifer

Shadow To Shine CIO Independent Examination for the year ended 31 August 2024

As is customary on completion of an independent examination, I am writing a letter to yourself as CEO summarising the main matters arising, and you should discuss these areas with the Trustees at an appropriate Trustees meeting.

1. Review of Accounts

The financial statements have been appropriately prepared in accordance with (1) 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 (FRS102) effective 1 January 2015 known as the Charities SORP (FRS102)) and (2) the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). The Trustees Report was consistent with the financial statements, and the financial statements included the necessary disclosures to comply with the reporting requirements.

2. Independent Examination

My examination was carried out in accordance with the General Directions of the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, I do not express an audit opinion on the view given by the accounts.

The bookkeeping and financial reporting systems were appropriate to the nature and scope of operations undertaken by the charitable company. Financial records were well maintained and all items requested were made available to us efficiently.

3. Independent examiner’s statement

In connection with my examination, no matter has come to my attention which gives me reasonable cause to believe that, in any material respect, the requirements to keep accounting records in accordance with Section 130 of the 2011 Charities Act; and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

If there are any issues you wish to discuss relating to the Accounts, please do not hesitate to contact me.

Yours sincerely,

Ray Chaplin Caton Fry & Co Ltd