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2023-12-31-accounts

Company number: 1686164 Charity Number: 286621

Edge Foundation

Report and financial statements For the year ended 31 December 2023

Edge Foundation

Contents

For the year ended 31 December 2023 Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent auditor report .......................................................................................................... 18 Statement of financial activities (incorporating an income and expenditure account) ................... 23 Balance sheet ............................................................................................................................... 24 Statement of cash flows ............................................................................................................... 25 Notes to the financial statements ................................................................................................. 26

Edge Foundation

Reference and administrative information

For the year ended 31 December 2023

Company number 1686164 Charity number 286621 Registered office and operational address 44 Whitfield Street, London W1T 2RH Trustees Trustees, who are also directors under company law, who served during the financial year and up to the date of this report are as follows: Neil Bates - Chair Professor Ann-Marie Bathmaker Michael Butler Pauline Daniyan Andrew Stevens Elaine Lilley Rebecca Garrod Waters Amma Anderson Charles Rollason (appointed 8[th] March 2023) Key management Alice Barnard Chief Executive personnel Oliver Newton Executive Director Ben Dowdeswell Company Secretary Bankers HSBC 16 King Street Covent Garden London WC2E 8JF Solicitors Russell-Cooke 2 Putney Hill Putney London SW15 6AB Auditors Sayer Vincent LLP Chartered Accountants and Statutory Auditors 110 Golden Lane London EC1Y 0TG

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Edge Foundation

Trustees’ annual report

For the year ended 31 December 2023

The Trustees present their report and the audited financial statements for the year ended 31 December 2023.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

1 Purpose, aims, objectives and activities

As set out in the Foundation’s memorandum and articles of association, Edge’s purpose is to promote, develop and encourage the advancement of education. The Trustees have agreed to concentrate on the paths people take from secondary education and Further Education through Higher Education to the world of work, focusing on how to make all aspects of education more relevant.

The Edge Foundation believes all young people should have the opportunity to achieve their potential by ‘Making Education Relevant’.

We believe in high quality professional education and training, a broad and balanced curriculum, interactive and engaging real-world learning and rich relationships between education and employers. In 2020, the Board approved a five-year strategic plan and updated the strapline of the organisation to ‘Making Education Relevant’. In doing so, they set out the following vision for the organisation:

Making education relevant for:

2 Strategic report

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 when planning its future activities all activities are undertaken for the purpose of furthering the Foundation’s charitable purposes for the public benefit.

Research Review Group

Edge chairs a Research Review Group which brings together leading academics and researchers, research commissioners and policymakers. It aims to improve the overall quality and effectiveness of research in this area by providing an overview of the work being done to identify cold and warm

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Edge Foundation

Trustees’ annual report

For the year ended 31 December 2023

spots, whilst minimising overlap and promoting collaboration. The group has been recognised as an example of good practice by the research community.

This year, Edge has further increased the strength of the group and continued to build on its success by leading a series of more specific research groups, including those on skills shortages in the UK economy, European vocational education research, innovation in Higher Education, and education in an island context.

Supporting Emerging Researchers

Edge brings together a network of more than 30 Emerging Researchers (who are undertaking or have recently finished their PhD) working in the areas covered by the charity’s interests. It provides networking and peer support opportunities including a termly Network meeting as well as support to help these researchers present their work at conferences.

Edge has also sponsored collaborative studentship PhDs at the University of Oxford, Kings College London (KCL) and Sheffield Hallam University. Through these activities, we are building the next generation of researchers working in this area.

Find out more about the support for emerging researchers at https://www.edge.co.uk/research/research-networks/emerging-researchers-network/

Primary Research

Edge has developed its own expertise and in-house capacity for independent primary research on projects that further the charity’s Aims, often working with partners who share similar objectives. This year, we completed several pieces of primary research, including:

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Trustees’ annual report

For the year ended 31 December 2023

We have developed further our strand of research around learning from past policy initiatives, including updating Honourable Histories and running a very successful webinar focused on looking back at the 14-19 Diplomas. All of this material can be found at:

https://www.edge.co.uk/research/Learning-from-the-past/. We have published a report in this area summarising key messages too:

We have also continued the successful partnership with KCL funded by the Economic & Social Research Council (ESRC) for the four-year longitudinal study ‘Young Futures, Young Lives’ that will look at how young people make post-16 transitions.

Find out more about this research project at https://www.ylyf.co.uk/

External Research

Edge works with associate researchers in a number of respected University Departments and research organisations to support them in undertaking high quality research that takes forward the charity’s aims and improve practice in the sector.

We have deliberately shifted in recent years to undertaking more of our own primary and collaborative research, but still commission specific pieces where we can use others’ expertise or take the opportunity to develop the research capacity of the sector.

We have commissioned a piece from AELP and IER Warwick on Functional Skills which will report early next year. We have also commissioned five small research projects from emerging researchers which will help to further hone their skills and give them a greater profile in the sector.

Skills Shortages in the UK Economy

Edge continued to publish biannual bulletins on the current state of the UK economy and the future of the labour market which are widely read and used in the sector.

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We also publish and keep up to date a short summary of the key messages from across this series which we know is of particular use to busy policymakers and practitioners - https://www.edge.co.uk/research/projects/skills-shortages-uk-economy/Skills-ShortagesBulletin-Summary/.

We have this year launched a Skills Shortages Publications Library to bring together all of the primary material in this area for the ease of researchers and policy colleagues - https://www.edge.co.uk/research/skills-shortages/skills-shortages-publication-library/.

Debating the First Principles of English Vocational Education

Edge continued to lead a series of debates in partnership with KCL and the UCL Institute of Education to discuss the fundamental principles of education philosophy in the context of the English vocational education system.

This year we published the report of the debates that took place at the end of 2022 – https://www.edge.co.uk/research/projects/principles-english-vocational-education/debatingthe-first-principles-of-english-vocational-education-5/

We also put plans in place for the next day of debate, which will take place in February 2024 and focus on work based learning.

Policy Network

Building on the success of our various research networks, in 2021 we founded our Edge policy network, which grew again in 2023 to more than 100 members who lead policy development in charities, think tanks, awarding organisations and others with an interest in vocational education policy making.

The group meets 5-6 times a year to discuss and debate policy ideas or to hear from senior government officials.

Rethinking Assessment

The charity helped to found the ‘Rethinking Assessment’ movement. to develop and push for new means of multimodal assessment that go beyond written exams to value the wider skills and attributes that young people develop, and continues to be a member of the leadership group - https://www.rethinkingassessment.com/.

Four Nations Policy Work

Edge champions greater connection and joint work between the four nations of the UK and the Crown Dependencies around the UK (e.g. Isle of Man, Channel Islands).

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The charity co-founded and sponsors the College Alliance, run by the Association of Colleges, which brings together College Principals and senior FE policymakers from all four nations of the UK regularly to discuss the future of the sector.

Edge also works directly with government agencies in all four nations to provide independent support and facilitation to enhance their work. In 2023, Edge supported stakeholder workshops for the Welsh Government’s vocational skills reforms, as well as workshops for DfE, HMTreasury and IFATE in England. We convened a new group bringing together officials from all four nations to discuss FE policy and are working on a guide to FE across the four nations for publication early next year.

Responses to Consultations and Select Committees

During the year, the Edge Foundation provided detailed and constructive responses to public consultations by both the government and Select Committees of both Houses. The full list of policy responses is at https://www.edge.co.uk/policy/policy-responses/.

Deeper Learning

Building on our partnerships with leading school and college models around the world, in 2022, the Edge Foundation founded Deeper Learning UK, to draw together all of the organisations (Multi-Academy Trusts, College Groups and other voluntary sector organisations) practicing or championing the new approaches to pedagogy that we have been encouraging, in particular project based learning and real world learning.

The group has grown in strength and numbers to over 50 in 2023. We organised the annual face to face event at XP school in Doncaster as well as a wide range of other visits and online events and practitioner networks.

We launched a new area of our website, the ‘practice dashboard’ to provide free learning and training materials to schools and colleges looking to develop and use new forms of more engaging pedagogy to support their students’ learning.

AoC Beacon Award

The AoC Beacon Awards, highlight the breadth and quality of education in colleges throughout the UK, helping to increase the understanding of colleges’ contribution to their communities’ economic and social development.

Edge has for a number of years supported an award which recognises, celebrates and promotes examples of excellent practical teaching which champion real world learning.

In 2023 EKC Group, which runs campuses including Broadstairs College, won the Edge Award for Excellence in Real World Learning for their training hotel The Yarrow.

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Sponsorship

Bringing our work to life

In 2023 the comms team worked with a range of creative professionals to develop a variety of engaging content for our channels.

Illustrations

Social media graphics

Podcasts

Event graphics

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Edge Foundation

Trustees’ annual report

For the year ended 31 December 2023

Videos

Campaign collateral

Reports and research

Education Comms Network (ECN)

ECN, the network (founded and led by Edge) hosted termly webinars with contributions from Senior Comms professionals from; Third Space Learning, STEAM CO, Hard Numbers, Propellernet, Be Better Known, Aspirations Academies as well as independent consultants and coaches. This group has gone from strength to strength and continues to grow.

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Edge Youth Network

The Youth Network (founded and led by Edge) flourished in 2023 offering young people the opportunity to share their opinions and experiences of the education system in Parliament at APPGS, on the stage at education conferences, with MPs, exam boards, party conferences and even at The Council of Europe.

Main conferences and events 2023

Next Generation Assessment- (in person one day conference on assessment, London)

Held in January at Drapers Hall London this event was organised by Edge in partnership with ASCL, Rethinking Assessment, St Pauls Girls School & HMC

Keynote addresses - Andrew Haldane, Royal Society of Arts and Beatriz Pont, UNESCO International Institute for Education Planning

Sessions were chaired by Rachel Sylvester (The Times), Julie McCulloch (ASCL), Rachel Macfarlane (Herts for Learning) and Alison Peacock (Chartered College of Teaching)

Panellists included Olly Newton (Edge Foundation), Sarah Fletcher (St Paul’s Girls' School), David Gallagher (NCFE), Rebecca Boomer-Clark (Academies Enterprise Trust), Bill Lucas (Centre for Real World Learning & Rethinking Assessment), Wayne Holmes (UCL & Council of Europe), Gabrielle Finn (University of Manchester), Tom Richmond (EDSK), Mary Curnock Cook (Pearson Education) Nicola Mason (School 21), Gavin O’Loughlin (Golftyn CP School), Al McConville (King Alfred School), Kimberley Elms (Livingstone Academy Bournemouth), Helena Good (Daydream Believers), Chris Husbands (Sheffield Hallam University), Jane Walton (FSB), April McMahon (University of Manchester), Sally Dicketts (DD Consulting) Fran Wilby (Rethinking Assessment), and Mike Flanagan (Mastery Transcript Consortium)

Philosophy of Education (Webinar) The second debate in our latest series, chaired by Kevin Orr (University of Huddersfield), welcomed four expert panellists including

The panel came together to tackle a core yet often overlooked question within VET: how broad or narrow should vocational education be?

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Trustees’ annual report

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Are We Listening? Youth Voice Research Showcase (Webinar)

This session, co-chaired by Ife Obasa, a young person from Edge’s network, reviewed, compared, and unpicked the findings from four recent research studies which have listened to and shared young people’s views.

The research presented in the showcase was:

Our research The perspectives of learners - How are schools developing employability skills? Youth Employment UK's Youth Voice Census 2022

City and Guilds' Youth Misspent report

Our research in partnership with Young Lives, Young Futures, Schools for All Young people's experiences of alienation in the English secondary school system

Learning from the past- Looking back to move forward (Webinar)

Due to poor policy memory, education professionals often bypass opportunities to learn from past successes and failures. To tackle this, Edge hosted a webinar exploring the history of education policy in England. 150 attendees evidenced the fact that there is a clear appetite among education professionals to learn more about this topic. Chaired by Jonathan Slater, former Permanent Secretary of the Department for Education, we heard from 4 panellists including;

What is the future role of universities? (Webinar)

The aim of this webinar was to investigate how the role of universities is changing and to find out how different institutions are responding and adapting their offer to meet the needs of learners and industry. The event was chaired by Dr Helen Carasso and speakers included;

Bacc to the drawing board (Webinar)

Edge hosted a thought-provoking webinar that sought to present an alternative to the English Baccalaureate (Ebacc) currently in place in England. It featured Dame Alison Peacock assuming the role of a new Minister for Schools. Three ‘experts’: Professor Bill Lucas (Centre for Real-World Learning), Steve Wilshaw (Chair, National Baccalaureate Trust for England) and Rosie Clayton (Head of Rethinking Assessment) and we also heard from Tom Richmond (Director, EDSK) and Richard Markham (Chief Executive, IBSCA)

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Edge Foundation

Trustees’ annual report

For the year ended 31 December 2023

Deeper Learning Network Annual Conference (In person event, Doncaster)

The Deeper Learning Network gathered together a diverse group of organisations at XP School in Doncaster. This group represents groups of educational institutions, from MATs to college groups and organisations like Whole Education and Schools of Tomorrow. These groups represent a spectrum of educational approaches, united by a shared commitment to Deeper Learning.

Party Conferences (In person Liverpool & Manchester)

Fringe session The Future of Skills and Schools -what changes do we need to see?

In Manchester at the Conservative Party Conference

Lord David Blunkett, Faiza Khan (City & Guilds), Liz Robinson (Big Education),& Ife Obasa (Edge Youth Network)

In Liverpool at the Labour Party Confernce

Olly Newton the Executive Director of the Edge Foundation, Jude Hillary Quantitative Research Director at NFER, Alison McGovern the Labour MP for Wirral South, Toby Perkins the Labour MP for Chesterfield and Jonas Andrew Phillip (Edge Youth Network)

14-19 Diplomas – A missed opportunity? (Webinar)

In October Edge invited Sir David Bell to chair a panel discussion critically examining 14-19 Diplomas and what they could teach us as we look to the future of the education system in England. Following some invaluable historical context from Edge’s Director of Research, Dr Andrea Laczik, the expert panel – comprising researchers, policymakers, and practitioners with direct involvement – explored various aspects of the 14-19 diplomas. The issues debated can be largely divided into successes and challenges.

Chair Sir David Bell Speakers: Lord Jim Knight, Prof Prue Huddleston, Nicola McLeod, Ian Pryce CBE.

Sustainable Education Summit 2023 (In person conference, Coventry)

Edge hosted our second Sustainable Education Summit in November, in partnership with Schools of Tomorrow. The event was a unique opportunity for school leaders and their students to work together to create a more sustainable future for their school. The two main speakers were,

Employment and Skills Summit 2023: Achieving better outcomes for young people (Online) Olly Newton participated in a workshop at the Learning and Work Institute’s (L&W) Employment and Skills Summit 2023. Unpicking the latest evidence, the panel explored how best to facilitate young people’s access to apprenticeships and training, and ultimately improve their employment outcomes.

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Chaired by L&W’s Deputy Director, Sam Avanzo Windett, the panel also included Jess Evans (NonExecutive Director) and Chris Goulden (Director of Impact and Evidence) from Youth Futures Foundation (YFF), alongside Sonal Shenai, Investment Director from the non-profit Impetus, which helps young people from disadvantaged backgrounds access the support they need to succeed.

John West-Burnham memorial (In person event Mary Ward House, London)

In November we held a special symposium to celebrate the life and legacy of Professor John WestBurnham and will consider ways in which to take forward his central ideas and thinking, focused on the nature and role of community, compassion and leadership in schools.The event was chaired by Professor Dame Alison Peacock, while contributors included Maggie Farrar, CBE, Professor Mick Waters, and Clare Flintoff, CEO of Asset Trust, which John helped to establish and chaired for many years.

Small Business Saturday (In person Harlow & Feltham)

In December the Edge Policy team joined forces with two MPs who are passionate about education, skills and growing their local economies: the Rt. Hon. Robert Halfon MP - the Conservative MP for Harlow and the villages, and Minister for Skills, Further and Higher Education - and Seema Malhotra MP - the Labour MP for Feltham and Heston and Shadow Skills Minister. We hosted breakfast roundtables for small businesses in Harlow and Feltham to seek to understand their businesses' skills needs and any barriers to finding and retaining local talent.

3 Plans for the future

The Edge Foundation will continue to position itself as the leading organisation promoting innovative models of education to prepare people for their future careers, from primary school right through to lifelong learning. The direction of Edge over the next year is contained within the strategy document which expires in 2025. A review of the strategic plan will take place in advance of its expiration. 2024 will see the current Chair step down and the new Chair take up position at the Board Meeting on the 31[st] May 2024. The new Chair will instigate a review of the strategy with the support of the Board and senior executive.

With this in mind, Edge wishes to focus on providing constructive solutions that redefine the debate. This will evolve over the coming year, but until the new strategy is crystallised, we will focus on:

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Edge Foundation

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Edge also aims to continue to play a central coordinating and convening role, bringing together a range of organisations and partners to support technical and professional education. This will include:

2024 will see the Edge Foundation celebrate its 20[th] anniversary, this will be formally recognised in May as part of a number of reflective and forward-looking activities undertaken throughout the year.

It will be a significant year from a political standpoint, with an election forecast by the third quarter of the year. Edge has spent 2023 considering it’s strategy to ensure that it is able to maximise it’s influence to the greatest extent in the run up to an election. On-going work with all political parties continues and our activities continue to develop and evolve to reflect the strength and respect of the Edge Foundation as the ‘go to’ on all matters education policy related.

The Board continues to develop the strength and breadth of it’s members and plans to recruit a number of new Trustees over 2024.

4 Financial review

Total income for the year was £0.69m (2022: £0.61m), the majority of which is investment income. Resources expended during the year were £2.11m (2022: £1.95m), which resulted in net outgoing resources before investment disposals or revaluations of £1.42m (2022: £1.34m). After an increase in the value of investments of £0.35m (2022: £2.55m decrease) the result was a deficit of £1.08m (2022 deficit: £3.89m). Net assets at 31 December 2023 were £20.49m (2022: £21.56m) including £9.04m (2022: £12.25m) held as long-term investments.

Principal risks and uncertainties

The Board has identified the major risks facing the charity, and the Finance Committee reviews these in detail to ensure that these risks are managed. Such issues are reported to the Board and the Board reviews the risk register on an annual basis.

The principal risks are:

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Edge Foundation

Trustees’ annual report

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The Trustees consider the company’s status as a going concern, including its financial security, the adequacy of its reserves and the robustness of future financial forecasts. Edge Foundation has undertaken a re-appraisal of expenditure across a number of areas and made conservative future budget projections. There is a reasonable level of confidence attached to the current projections, which do not threaten the solvency of Edge Foundation or its status as a going concern. Current resources provide the company with sufficient financial strength to withstand a significant downturn within the coming twelve months, while income and expenditure remain carefully controlled.

Prior to a new project being undertaken, an assessment process is carried out by Senior Management to identify any potential risks to the charity. Any significant risks are highlighted to the Board as appropriate prior to approval of the project.

Reserves policy and going concern

At 31 December 2023 the reserves of Edge are £20.49m (2022 £21.56m). The charity’s reserves are required to provide sufficient income to cover the budgeted annual expenditure. Edge does not have any other significant sources of income and is therefore reliant on the reserves to generate sufficient return for its ongoing operations. The Board approves expenditure of the reserves to increase the effectiveness of the charity over the medium term. For 2024 it has approved £2.3m of expenditure.

Investment policy and performance

The charity’s investment policy during 2023 included a target to obtain a return of between 3 and 4% p.a. from the portfolio without diminishing the capital value of the fund (adjusted for inflation).

Following the downturn in the economic markets during 2022, investments were carefully managed throughout the year with cash deposits placed into fixed term high interest accounts to take advantage of higher interest rates whilst protecting against market volatility.

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Edge Foundation

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For the year ended 31 December 2023

With a turbulent financial market, poor investment performance continued throughout 2023 and after careful consideration by the Finance Committee and Board, a further drawdown of £3.5m into high interest cash deposits was made during the final quarter. A cash ladder was created at different fixed terms to give flexible access to cash if required.

£9.04m of investments remain at year end enabling the charity to capitalise on market gains as and when conditions improve.

This structure will be reviewed again in 2024 in response to future market conditions.

Fund Raising policy

The Trustees are aware of their obligations under the Charities Act to report the charity’s fundraising policy. We occasionally engage with statutory funders, trusts and foundations in order to raise our income but do not engage in public fundraising or use commercial fundraisers. There have been no instances of complaints or non-compliance with any code.

5 Structure, management and governance

The organisation is a charitable company limited by guarantee, incorporated on 10 December 1982 and registered as a charity on 4 May 1983. The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association. 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.

Appointment of Trustees

A nominations committee set up by the Board helps to ensure that new Trustees are selected by establishing that their skills complement those of the existing members, thereby guaranteeing that the membership reflects all the activities of the charity. Members are elected to the Board by a majority vote of the members present at the Board meeting.

Trustee induction and training

To ensure effective performance, new members are provided with information to inform them of the governance of the charity, the current and future activities of the charity, the financial status of the charity and details of other Board members and key staff.

Related parties and relationships with other organisations

See Note 22 for details of related parties and connected organisations.

Remuneration policy for key management personnel

The Trustees consider the Board of Trustees and the Chief Executive as comprising the key management team of the charity. No Trustees receive any remuneration. The remuneration of the Chief Executive is reviewed annually during an appraisal by the Chairman. A bonus is considered

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Edge Foundation

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as part of that process and requires Board approval. The Board also approves the annual cost of living pay rises for all staff. Remuneration is, when necessary, benchmarked initially with similar organisations to ensure fair and in line with general remuneration levels for similar roles.

Statement of responsibilities of the Trustees

The Trustees (who are also directors of Edge Foundation for the purposes of company law) are responsible for preparing the Trustees’ annual report including the strategic 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 year which give a true and fair view of the state of affairs of the charitable company 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 charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

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

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 December 2023 was 9 (2022: 8). The Trustees are members of the charity, but this entitles them only to voting rights. The Trustees have no beneficial interest in the charity.

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Edge Foundation

Trustees’ annual report

For the year ended 31 December 2023

Auditor

Following a tender process, Sayer Vincent LLP were re-appointed as the charitable company's auditors during the year and have expressed their willingness to continue in that capacity.

The Trustees’ annual report, which includes the strategic report, has been approved by the Trustees on 13 June 2024 and signed on their behalf by

Elaine Lilley Trustee

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Independent auditor’s report

To the members of

Edge Foundation

Opinion

We have audited the financial statements of Edge Foundation (the ‘charitable company’) for the year ended 31 December 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and the 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 FRS 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 charitable company 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 Edge Foundation’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.

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Independent auditor’s report

To the members of

Edge Foundation

Other information

The other information comprises the information included in the trustees’ 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 the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual 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:

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Independent auditor’s report

To the members of

Edge Foundation

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as 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 charitable company’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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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Independent auditor’s report

To the members of

Edge Foundation

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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

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Independent auditor’s report

To the members of

Edge Foundation

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.

Jonathan Orchard (Senior statutory auditor)

Date: 25 June 2024 for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

22

Edge Foundation

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

For the year ended 31 December 2023

For theyear ended 31 December 2023
2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
Note £'000 £'000 £'000 £'000 £'000 £'000
Income from:
Charitable activities 2 20 51 71 7 133 140
Investments 3 554 - 554 471 - 471
Other income 66 - 66 - - -
Total income 640 51 691 478 133 611
Expenditure on:
Raising funds 4 63 - 63 81 - 81
Charitable activities:
Research 4 1,217 18 1,235 1,148 17 1,165
Promotion and PR 4 258 - 258 139 - 139
Public Affairs 4 92 - 92 95 - 95
Education 4 432 33 465 359 116 475
Total expenditure 2,062 51 2,113 1,822 133 1,955
Net expenditure before net losses on
investments (1,422) - (1,422) (1,344) - (1,344)
(Losses) / Gains on investments 12 347 - 347 (2,551) - (2,551)
Net expenditure for the year and movement in
funds (1,075) - (1,075) (3,895) - (3,895)
Reconciliation of funds:
Total funds brought forward 21,563 21,563 25,458 - 25,458
Total funds carried forward 20,488 - 20,488 21,563 - 21,563

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 17 to the financial statements.

23

Edge Foundation

Company no. 1686164

Balance sheet

As at 31 December 2023

As at 31 December 2023
Note
Fixed assets:
10
11
12
Current assets:
13
Liabilities:
14
16
17
Net current assets
Debtors
Creditors: amounts falling due within one year
The funds of the charity:
Total net assets
Creditors: amounts falling due after one year
Unrestricted income funds:
Revaluation reserve
General funds
Total assets less current liabilities
Total charity funds
Investments
Cash at bank and in hand
Tangible assets
Intangible assets
Short Term Deposits		 £'000
159
10,983
416		 2023
£'000
83
31
9,038		 £'000
120
6,000
3,337		 2022
£'000
101
44
12,252
9,152
11,336		 12,397
9,181
11,558
222		 9,457
276
20,488
-		 21,578
15
20,488 21,563
(147)
20,635		 (553)
22,116
20,488 21,563

Approved by the trustees on 13 June 2024 and signed on their behalf by:

Elaine Lilley Trustee

24

Edge Foundation

Statement of cash flows

For the year ended 31 December 2023

For the year ended 31 December 2023 For the year ended 31 December 2023 For the year ended 31 December 2023
Note
£'000
£'000
19
(1,971)
554
(3)
(16)
3,498
4,033
2,062
9,337
11,399
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
2023
Cash flows from operating activities
Net cash provided by investing activities
Net cash (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of fixed assets
Capital drawdown from investments
Purchase of intangible fixed assets		 £'000
£'000
(1,744)
471
(6)
(24)
6,794
7,235
5,491
3,846
9,337
2022
2,062
9,337		 5,491
3,846
11,399 9,337

25

Edge Foundation

Notes to the financial statements

For the year ended 31 December 2023

b) Basis of preparation

The financial statements have been prepared 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), the Charities Act 2011 and the Companies Act 2006.

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

c) Public benefit entity

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

The trustees have assessed whether the use of the going concern basis is appropriate and have 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 concluded that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The Trustees do not consider that there are any key judgements that the charitable company has made which have a significant effect on the accounts.

The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Income is recognised when the charity has entitlement to the funds, 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 received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) 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.

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Funds are mainly generated from the long term investment fund.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor.

h) 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:

26

Edge Foundation

Notes to the financial statements

For the year ended 31 December 2023

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such 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 area of literature occupied by each activity.

Promotion and PR 12%
Public Affairs 6%
Education 12%
Research 63%
Support costs 6%
Governance costs 1%

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

k) Depreciation and amortisation Tangible fixed assets:

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Computer equipment 2 years
Furniture and fittings 5 years
Leasehold improvements Over the length of the lease

Intangible assets:

Intangible assets are capitalised at cost and amortised to write off the cost over the estimated useful life.

 Website costs between 3 to 5 years

 CRM costs between 3 to 5 years

Website and CRM costs have been capitalised within intangible assets as they can be identified with a specific project anticipated to produce future benefits. Once brought into use they will be amortised on the straight line basis over the anticipated life of the benefits arising from the completed project.

27

Edge Foundation

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies (continued)

m) 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.

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.

q) Pensions

All pension schemes are defined contribution schemes and the costs are therefore accounted for in full as they are incurred on a monthly basis.

28

Edge Foundation

Notes to the financial statements

For the year ended 31 December 2023

the year ended 31 December 2023
Income from charitable activities
Unrestricted
£000's
Big Education Trust
-
King's College London
-
Skills Development Scotland
11
Greater Manchester Combined Authority
-
Other Consultancy
7
Welsh Government
-
Carmarthenshire County Council
1
Other Income
1
AoC Charitable Trust
-
AMBS University of Manchester
-
Doncaster Opportunity Area
-
Tertiary Education Reform Division, Department for Eco
-
The Switch
-
XP School Visits
-
20
Other income
66
86
Income from long term investments
Interest on cash at bank
Income from investments		 £000's
19
18
-
10
-
4
-
-
-
-
-
-
-
-
51
-
51
Restricted		 2023
Total
£000's
19
18
11
10
7
4
1
1
-
-
-
-
-
-
71
66
137
2023
Total
Unrestricted
£000's
238
316
554		 2022
Total
£000's
-
18
5
100
-
-
-
-
1
2
1
4
7
2
140
-
140
2022
Total
Unrestricted
£000's
463
8
471

29

Edge Foundation

Notes to the financial statements

For the year ended 31 December 2023

4a Analysis of expenditure

Analysis of expenditure
he year ended 31 December 2023
Staff costs
Research
Policy
Public Affairs
Edge Grant Fund
AOC Beacon Awards
Next Generation Learning
Other grants and sponsorship
Communications
Other employee costs
Premises and office costs
Administration and IT costs
Investment Management fees
Support costs
Governance costs
Total expenditure 2023
Total expenditure 2022		 Cost of
raising
funds
£'000
-
-
-
-
-
-
-
-
-
-
-
-
63		 Charitable activities Governance
costs
£'000
9
-
-
-
-
-
-
-
-
-
2
2
-		 Support
costs
£'000
52
-
-
-
-
-
-
-
-
4
13
12
-		 2023 Total
£'000
946
189
50
-
-
-
164
109
66
67
243
216
63		 2022 Total
£'000
936
130
-
1
(105)
9
297
66
60
57
224
199
81
Research &
Policy
£'000
600
189
50
-
-
-
-
-
-
42
154
137
-		 Promotion
and PR
£'000
115
-
-
-
-
-
-
-
66
8
30
26
-		 Partnerships
and Projects
£'000
55
-
-
-
-
-
-
-
-
4
14
13
-		 Education
£'000
115
-
-
-
-
-
164
109
-
9
30
26
-
63
-
-		 1,172
55
8		 245
11
2		 86
5
1		 453
10
2		 13
-
(13)		 81
(81)
-		 2,113
-
-		 1,955
-
-
63 1,235 258 92 465 - - 2,113 1,955
139 95 475 - -

30

Edge Foundation

Notes to the financial statements

For the year ended 31 December 2023

4b Analysis of expenditure (prior year)

Analysis of expenditure (prior year)
Staff costs
Research
Public Affairs
Edge Grant Fund
AOC Beacon Awards
Next Generation Learning
Other grants and sponsorship
Communications
Other employee costs
Premises and office costs
Administration and IT costs
Investment Management fees
overheads / salary allocation
Support costs
Governance costs
Total expenditure 2022		 Cost of
raising
funds
£'000
-
-
-
-
-
-
-
-
-
-
-
81		 Charitable activities Governance
costs
£'000
13
-
-
-
-
-
-
-
-
3
3
-		 Support
costs
£'000
86
-
-
-
-
-
-
-
5
21
18
-		 2022
£'000
936
130
1
(105)
9
297
66
60
57
224
199
81
Research &
Policy
£'000
611
130
-
-
-
-
-
-
38
147
130
-		 Promotion
and PR
£'000
47
-
-
-
-
-
-
60
3
11
10
-		 Partnerships
and Projects
£'000
56
-
1
-
-
-
-
-
3
13
12
-		 Education
£'000
123
-
-
(105)
9
297
66
-
8
29
26
-
81
-
-		 1,056
65%
95
14		 131
5%
7
1		 85
6%
9
1		 453
13%
19
3		 19
1%
-
(19)		 130
9%
(130)
-		 1,955
-
-
81 1,165 139 95 475 - - 1,955

Accrued grant funds totalling £105,079.10 were written off in 2022, shown in the Education column. Unsettled grants were identified and reviewed based on extended periods of non-responsive communication and/or incomplete milestones. Management were satisfied after several attempts to distribute outstanding grants to write these amounts back into the Statement of Financial Activities.

31

Edge Foundation

Notes to the financial statements

For the year ended 31 December 2023

5 Grant making

Big Education Trust
The Design & Technology Association
AOC Charity
Enabling Enterprise
St Georges House Trust
Steam Co
DMH Associates
At the end of the year		 2023
£'000
57
16
15
13
3
5
-		 2022
£'000
-
-
41
-
-
-
7
109 48

Grants are made to further Edge's mission and to support the strategic objectives of the charity. All grants are paid to institutions and none to individuals

6 Net outgoing resources for the year

This is stated after charging:

This is stated after charging:
2023 2022
£'000 £'000
Depreciation 21 24
Amortisation 29 31
Operating lease rentals:
Property 136 136
Other - 1
Auditors' remuneration (excluding VAT):
Audit 11 11

32

Edge Foundation

Notes to the financial statements

For the year ended 31 December 2023

7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
Other forms of employee benefits
Other third parties and secondments		 2023
£'000
793
86
48
19
-		 2022
£'000
777
86
42
4
27
946 936

The following number of employees received employee benefits (excluding employer pension costs and national insurance contributions) during the year between:


insurance contributions) during the year between:
2023 2022
No. No.
£60,000 - £69,999 1 -
£100,000 - £109,999 1 1
£160,000 - £169,999 1 1

The total employee benefits including pension contributions and employer's NI contributions of the key management personnel were £302,909 (2022: £305,421).

The charity Trustees were not paid or received any other benefits from employment with the charity in the year (2022: £nil). No charity Trustee received payment for professional or other services supplied to the charity (2022: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £1,750 (2022: £1,742) incurred by 3 (2023: 3) members relating to attendance at meetings of the Trustees.

8 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

Public Affairs
Support
Research
Education
Promotion and PR		 2023
No.
9
2
1
2
1		 2022
No.
10
1
1
2
1
15 15

33

Edge Foundation

Notes to the financial statements

For the year ended 31 December 2023

9 Taxation

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

10 Tangible fixed assets

Tangible fixed assets
At the end of the year
At the end of the year
At the start of the year
Charge for the year
Cost
Net book value
At the start of the year
Additions in year
Depreciation
At the start of the year
At the end of the year		 Leasehold
improvements
£'000
142
-		 Fixtures and
fittings
£'000
21
-		 IT equipment
£'000
65
3		 Total
£'000
228
3
142 21 68 231
50
14		 21
-		 56
7		 127
21
64 21 63 148
78 - 5 83
92 - 9 101

All of the above assets are used for charitable purposes.

11 Intangible fixed assets

Intangible fixed assets
At the start of the year
Additions in year
At the start of the year
Net book value
Cost
At the end of the year
At the end of the year
Amortisation
At the start of the year
Charge for the year
At the end of the year		 Website costs
£'000
52
3		 CRM costs
£'000
24
13		 Total
£'000
76
16
55 37 92
30
18		 2
11		 32
29
48 13 61
7 24 31
22 22 44

Website and CRM development costs were completed in March 2021 and amortised over a period of 3 years. In October 2022 the CRM was updated to a new system, which is also being amortised over a period of 3 years. The old CRM costs have been treated as a disposal, and the residual NBV has been recognised as a cost in 2022.

All of the above assets are used for charitable purposes.

34

Edge Foundation

Notes to the financial statements

For the year ended 31 December 2023

12 Listed investments

12
Listed investments
13
Accrued income
Prepayments
14
Dilapidations Provision under 1 Year
Trade creditors
Taxation and social security
Other creditors
Accruals
Disposal proceeds
Cash held by investment broker pending reinvestment
Fair value at the end of the year
Fair value at the start of the year
Trade debtors
Investments comprise:
Historic cost at the end of the year
Cash
Listed investments
Debtors
Creditors: amounts falling due within one year
Additions at cost
Net gains on change in fair value		 2023
£'000
12,243
54
(3,613)
347		 2022
£'000
21,676
12,673
(19,555)
(2,551)
9,031
7		 12,243
9
9,038 12,252
9,185 12,806
2023
£'000
9,031
7		 2022
£'000
12,243
9
9,038 12,252
2023
£'000
33
20
106		 2022
£'000
11
23
86
159 120
2023
£'000
59
69
33
27
34		 2022
£'000
-
121
42
54
59
222 276

35

Edge Foundation

Notes to the financial statements

For the year ended 31 December 2023

For the year ended 31 December 2023
15
Balance at the beginning of the year
Grants written back during the year
Charged to expenditure
Paid in the year
Balance at the end of the year
16
Long Term dilapidations provision
Grant note
Creditors: amounts falling due after one year
Creditors : amounts due within one year		 2023
£'000
-
-		 2022
£'000
143
(105)
-
-		 (105)
(38)
- -
- -
2023
£'000
-		 2022
£'000
15
- 15

36

Edge Foundation

Notes to the financial statements

For the year ended 31 December 2023

17a Movements in funds - current year

Movements in funds - current year Movements in funds - current year
At the start
of the year
£'000
Restricted funds:
King's College London
-
Greater Manchester Combined Authorit
-
Big Education Trust
-
Welsh Government
-
-
(553)
22,116
21,563
Total funds
21,563
Revaluation reserve
Total restricted funds
Unrestricted funds:
General funds		 Income &
gains
£'000
18
10
19
4		 Expenditure &
losses
£'000
(18)
(10)
(19)
(4)		 Transfers
£'000
-
-
-
-		 At the end of
the year
£'000
-
-
-
-
- 51 (51) - -
(553)
22,116		 -
640		 347
(2,062)		 59
(59)		 (147)
20,635
21,563 640 (1,715) - 20,488
21,563 691 (1,765) - 20,488

Purposes of restricted funds

Greater Manchester Combined Authority funded a programme to support the development of school and college leaders in Greater Manchester.

The Switch funded the development of training materials to support young people to develop employability skills.

Kings College London funding supported the Young Lives Young Futures longitudinal research project looking at how young people aged 14-18 make transitions.

The AoC Charitable Trust, AMBS University of Manchester and Department for Economy funding supported Edge’s wider research and policy work.

17b Movements in funds - prior year

Movements in funds - prior year Movements in funds - prior year
At the start
of the year
£'000
King's College London
-
AoC Charitable Trust
-
Greater Manchester Combined Authorit
-
AMBS University of Manchester
-
Tertiary Education Reform Division, De
-
The Switch
-
-
1,407
24,051
25,458
25,458
Unrestricted funds:
Revaluation reserve
General funds
Restricted funds:
Total Restricted funds		 Income &
gains
£'000
18
1
100
2
5
7		 Expenditure &
losses
£'000
(18)
(1)
(100)
(2)
(5)
(7)		 Transfers
£'000
-
-
-
-
-
-		 At the end of
the year
£'000
-
-
-
-
-
-
- 133 (133) - -
1,407
24,051		 -
478		 (2,551)
(1,822)		 591
(591)		 (553)
22,116
25,458 478 (4,373) - 21,563
25,458 611 (4,506) - 21,563

37

Edge Foundation

Notes to the financial statements

For the year ended 31 December 2023

18a Analysis of net assets between funds

18a
Analysis of net assets between funds
Investments
Tangible fixed assets
Intangible fixed assets
Net current assets
18b
Investments
Tangible fixed assets
Intangible fixed assets
Net current assets
Long term liabilities
Analysis of net assets between funds - prior year		 Restricted
funds
£'000
-
-
-
-		 Unrestricted
funds
£'000
9,038
83
31
11,336		 Total funds
£'000
9,038
83
31
11,336
- 20,488 20,488
Restricted
£'000
-
-
-
-
-		 Unrestricted
£'000
12,252
101
44
9,181
(15)		 Total funds
£'000
12,252
101
44
9,181
(15)
- 21,563 21,563

19 Reconciliation of net income / (expenditure) to net cash flow from operating activities

19
Reconciliation of net income / (expenditure) to net c		 ash flow from o perating activitie s
Net expenditure for the reporting period
(as per the statement of financial activities)
Depreciation charges
Amortisation charges
Loss on disposal of fixed assets
Investment fees
Losses / (Gains) on investments
Dividends, interest and rent from investments
Decrease in debtors
Decrease in creditors
Net cash (used in) operating activities
20
Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents		 At 1 January
2023
£'000
3,337		 Cash flows
£'000
(2,922)		 2023
£'000
(1,075)
21
29
-
63
(347)
(554)
(39)
(69)		 2022
£'000
(3,895)
24
31
21
81
2,551
(471)
21
(107)
(1,971) (1,744)
Other changes
£'000
-		 £'000
415
At 31
December
2023
3,337 (2,922) - 415

38

Edge Foundation

Notes to the financial statements

For the year ended 31 December 2023

21 Operating lease commitments

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods


following periods
Less than one year
One to five years		 2023
2022
£'000
£'000
122
163
-
122
122
285
Property		 2023
2022
£'000
£'000
-
1
-
-
-
1
Equipment
122 285 - 1

22 Related party transactions

There were no related party transactions in the year.

23 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

39