Annual

Report
2019
Creating a inancially capable and enterprising generation
 Why Financial Education?
Half of young people in the UK worry they will never be inancially stable.
A quarter of children live in poverty*. A decade of austerity has seen young
people face the gig economy, higher rents and increased personal
responsibility with less security.

The beneits of a meaningful inancial education are evident but there remains
signiicant gaps in relevant, effective and evaluated provision. Today, having
key money management skills and positive inancial habits is essential to
live independently.
*Sources: Princes Trust, National Youth Agency

Who Are We? Our Vision

MyBnk is a UK charity that A inancially capable and
delivers expert-led inancial enterprising generation
education programmes to 7-25
year olds in schools and youth
organisations

Our Values:
Our Values
The MyBnk values in tweets:
#YouthAtTheHeart of @MyBnk,
#YouthAtTheHeart
why do we do it? –of It’s@MyBnk,
all about
why the
do we do it?
young – It’s #obvs
people all about
the young people #obvs.
#Impact @MyBnk, always
#Impact @MyBnk,
delivering always
the best deliv-
possible
ering the best for
outcomes possible
youngoutcomes
people Our Mission
for young #quality
people #quality.
To empower young
people to take charge of
#LaughAsYouLearn @MyBnk
#LaughAsYouLearn @MyBnk, their future by bringing
bringing
bringing money & enterpriseto
money & enterprise tolife
life money to life
for
foryoung
youngpeople,
people,staying
stayingfresh,
fresh,
focused
focusedand
andfun.
fun

#Driven @MyBnk,
#Driven being
@MyBnk, relent-
being
less in the pursuit
relentless in the of our mission
pursuit of our
#pacesetting.
mission #pacesetting

#StraightUp
#StraightUp@MyBnk,
@MyBnk,telling
tellingitit
how
howititreally
reallyisis––helping
helpingyoung
young
people make informed decisions.
people make informed decisions
 3
Chair & CEO's Welcome
As MyBnk enters its teenage years we are working
hard to keep youth at the heart of everything we do.

This year I was delighted to welcome Yasmin Drakes

to represent young people on our Trustee Board and
begin the process of evolving youth participation to
better relect who we work with.

Towards fulilling our wider vision, we helped develop

a uniied Financial Education Planning Framework for
3-19 year olds with partners of the UK’s Youth
Financial Capability Group.

Distributed with the support of Martin Lewis OBE, it will support teachers to embed high quality
inancial education into their lessons and signpost to organisations such as MyBnk.

There is never a dull moment at MyBnk. We look ahead to the next decade with the desire to scale the
impact of the last one, I hope many will join us for the next leg of the journey.

Lily Lapenna-Huda MBE, Chair, MyBnk

This year MyBnk delivered a record 6,600 hours of

expert-led inancial education, an increase of 7%.

For the irst time our work with young adults

exceeded that of school children, consolidating
us as the leader in this specialised ield.

Continued independent evaluation proved that

participants develop positive money behaviours,
start to save, reduce debts and avoid eviction
long after our intervention.

We brought our range of award-winning programmes to new parts of the UK, opening hubs in the
North West, Yorkshire, and Scotland - including a third location for the youth homelessness prevention
scheme, The Money House, in Westminster. MyBnk also delivered a strong legacy for our project
helping young people with sensory impairments, Money Mechanics.

With the KickStart Money coalition, MyBnk continued to campaign for compulsory money lessons in
primary schools engaging over a dozen prominent MPs on the frontline.

I was also delighted to recognise the achievements of members of our Youth Advisory Panel with our
new Young Trustee.

Experience and evidence are leading us to increase our focus on the under 11s and 16-25 year olds –
the very young and the transition into adulthood. We plan to deliver fewer, but more concentrated,
sessions with 11-16 year olds, acknowledging the day-to-day time pressures most schools face.

With our team refreshed and expanded, a new government and the Money and Pension Service
strategic plan published, we look forward to contributing to an exciting year for inancial education
with the support of our wonderful funders, trustees, patrons and youth advisors.

Guy Rigden, CEO MyBnk

 4 4
Contents
Trustees’ Report 1 - 19

Independent Auditor's Report 20 - 21

Statement of Financial Activities 22

Balance Sheet & Statement of Cash Flow 23

Notes on the Financial Statements 24 - 30

Reference & Administrative Details

Trustees:

Elisabetta Lapenna-Huda MBE (Chair)

Karim Kei (Treasurer)
Gary Coyle
Yasmin Drakes (from 3rd July 2019)
Viral Kataria
Carol Knight
Michael Mompi (resigned 2nd October 2018)
Margaret Morrissey
Simona Paravani-Mellinghoff

CEO: Guy Rigden

Company Secretary: Manfred Meyer

Company Registered Number: 6215005 Charity Registered Number: 1123791.

Principal and Registered Ofice Address: 5-15 Cromer Street, London WC1H 8LS.

Auditors: Haysmacintyre LLP, 10 Queen Street Place, London EC4R 1AG.

Bankers: The Co-operative Bank plc, Head Ofice, P.O. Box 101, Balloon Street, Manchester M60 4EP.
Lloyds Bank plc, 25 Gresham Street, London EC2V 7HN.

The purpose of the charity as set out in our governing document

All purposes which are charitable under the laws of England and Wales including: to act as a resource
for young people by providing advice and assistance and organising programmes of educational and
other activities as a means of:

1) Helping young people to advance in life by developing their skills and capabilities to enable them to
participate in society as independent, mature and responsible individuals; or
2) Advancing education; or
3) Relieving inancial hardship.

These activities are undertaken to further the charity’s purposes for the public beneit.
 5
Strategic Objectives
Delivering Education
The Need
MyBnk’s core function is to directly educate
7–25 year olds in money knowledge and 7-11 year olds:
skills and motivate them to take control of
their lives and futures. Just 48% say they received key
elements of inancial education at
7-11 year olds: Behavioural - Introduce school or home.
monetary concepts and develop positive
mindsets and habits, and involve teachers 41% of parents are concerned about
and families. pressure on children to make
purchases.
11-18 year olds: Capability - Develop
core money knowledge, skills and 18-24 year olds:
conidence to build inancial capability.
Average unsecured debts of £1,460.
16-25 year olds: Survival - Help those
transitioning to adulthood, especially the The most likely age group to turn to
vulnerable, but also students and new payday loans and high-interest loans
workers, learn how to live to make ends meet.
independently.
70% spend money on something they
For All: Inclusive - Cater for a variety of had second thoughts about.
needs and circumstances.
A 73% rise in money mules.

Leveraging Impact: 48% have gambled.

Through youth engagement, inluence and MaPS, Ofcom, Stepchange, FCA, Goldman Sachs,
advocacy, innovation, volunteers, communication Cifas, Gambling Commission - 2019

and collaboration.

“Collaboration with partners, such as MyBnk,

who continue to use innovative ways to reach
and engage children and young people and can
deliver at scale, is key to reaching our 2030
target for two million more young people to
receive a meaningful inancial education”. Sarah
Porretta, Strategy and Insights Director,
Money and Pensions Service.

Case Study

“When leaving care, I knew it was the start of the journey

to debt. I wasn’t taught about bills, rent, council tax or
housing beneit. It was overwhelming to the point I thought
there was nothing to live for and tried to ile for bankruptcy.
Learning to live independently taught me I had worth. I am
so grateful MyBnk helped me focus my mind and deal with
the hardships and confusion. Every month since I started
work, I know exactly how much I earn, what is coming in,
going out, and how much I have left after paying bills”.
Amia, 23, Bridging the Gap, Money Works, supported
by Wellington Asset Management Foundation UK.
 6
Our Programmes
MyBnk provides a range of expert-led inancial
education and enterprise workshops for 7-25 year
olds in schools and youth organisations. These
can be integrated into PSHE, Citizenship, Maths
and employability programmes.

School Age
These programmes aim to build inancial capability at key transitional moments, create positive
mindsets, attitudes and behaviours and help young people understand the world of money.

Money Twist (Key Stage 2 - Lower/Upper)

Aimed at 7-11 year olds in primary schools. This combines a full year assembly,
workshops and teacher and family resources to improve inancial conidence and
habits such as saving and budgeting.

Money Twist (Key Stage 3/4)

Aimed at 11-18 year olds in secondary schools. Covers practical and relevant
everyday inancial matters including budgeting, needs versus wants, tax, banking,
interest, savings, pensions and investments. Delivered at separate Key Stages.
An outdoor ‘Sporty’ version is also available.

Money Twist (Key Stage 5)

Aimed at 16-18 year olds in secondary schools and colleges. Designed to get
young people thinking and caring about their inances, both now and in their
futures. It covers banking, tax, interest, credit and debt, savings, pensions and
budgeting.

Uni Dosh
Aimed at 16-18 year olds considering going to university. A comprehensive
overview of student inance and repayment, the costs of living independently,
employment, pitfalls and the importance of budgeting.

Young Adults
Our expert-led programmes aim to give young adults in vulnerable circumstances 'survival' money
skills and knowledge that they can implement immediately in their transition into independent living.

Money Works
Aimed at 18-25 year olds not in mainstream education. This accredited survival
money management programme focuses on independent living, digital inance
skills and debt prioritisation.

The Money House

A simulated living programme based in real lats. It helps young people manage
their money and remain independent as they move into housing.

Enterprise-in-a-Box
A start-up toolkit for budding social entrepreneurs that puts business and sales
training into practice. Featuring exclusive ethical products that young people are
challenged to then sell in their community.
 7
How We Do It
MyBnk takes a holistic approach to education,
using real life case studies, colourful resources,
games, videos and links to popular culture to
bring money to life whilst catering for all
learning types. Sessions challenge negative
inancial attitudes and build self-belief.

Super Methodology

Specialist: Delivered by experienced trainers.

Unique: We embrace innovative teaching methods to maximise learning.

Participatory: Young people learn by doing. Our Youth Advisory Panel meets regularly to advise
us, co-create programme content and act as ambassadors.

Effective: Programmes are suitable for a wide range of young people in different settings.

Relevant: We use real life stories, examples and videos to talk about money in a relatable way.

Programme Development
The needs of young people are ever-evolving and
MyBnk evolves with them.

Last year we renewed our lagship schools

programme, Money Twist, in alignment with the
curriculum, independent evaluation and the new
Financial Education Planning Framework. Our
Key Stage 4 offering was reduced from three
to two 100-minute workshops to better it the
stretched GCSE timetable. We also created a
new Key Stage 5 programme, designed for those
about to enter the workplace, begin an
apprenticeship or live independently.

Our programmes for young adults entered a

detailed renewal process, relecting the lessons
of signiicant, independent evaluations. New
topics were added including money muling and
“It’s fantastic to get outside experts into our
scams. We also developed materials to support
school. It adds a real buzz, not just in this class,
learners who are non-native English speakers and but in our other subjects too. Teachers don’t
are training staff to better understand the needs necessarily understand these areas. MyBnk are
of learners who are Unaccompanied Asylum properly trained with up to date information”.
Seeking Children. Nicola Sullivan, Lead Teacher Citizenship,
Character & Culture, Noadswood School.
We created a legacy offering for Money Money Twist KS2, supported by KickStart
Mechanics, a partnership helping young people Money.
with sensory impairments. This included a free
resources website, training and sight impaired
workshops created for educators.
 8
Youth Participation & Trainers
Keeping ‘youth at the heart’ of everything we do
is a core value at MyBnk.
“Growing up I had a turbulent relationship
Last year we welcomed our irst Young with money. I had never had any advice or
Trustee and new Youth Advisory (YAP) was ever asked what my priorities were - later
I became homeless. It was scary how easily
members to widen representation of the cohorts
it had all fallen apart. Today, I frequently see
we serve. Students from Walthamstow School
young people going down the same path I
for Girls sat on a panel at the Money and did. I want to make sure that we are reaching
Pensions Service Teacher Conference in the right people”. Yasmin Drakes, MyBnk
Westminster to share their views on inancial Young Trustee and Commissioning Oficer,
education. We also launched our irst primary Housing, Haringey Council.
YAP via Wingield Primary, who also took part in
ilming educational content and gave feedback
on our programmes.

We are developing youth participation into three

strands: Primary, Secondary and Young Adults.
This uses a new model of school-age youth
engagement through an Ambassador Schools
programme and expanding efforts across our
UK Hubs.

The Speakers’ Club, a group of ambassadors

who have gone through our programmes,
continue to share their success stories and
appear in the press and long-term case studies.

Trainers

MyBnk trainers are selected for their proven

ability to engage young people.

Our team of 14 in-house Education Oficers and

23 freelancers comprise of teachers and youth
and inance sector workers. High quality is
ensured through ongoing professional
development, such as behaviour management
and safeguarding. This is coupled with regular
observations and frequent core subject
knowledge tests.

“I’ve made new friends, and gotten involved in

lots of unique opportunities, like representing
young people at events. It’s enabled me to learn
lifelong inancial skills which I would never be
able to gain through academic education alone”.
Mominah, 14, MyBnk Young Ambassador,
Walthamstow School for Girls.
 9
Our Delivery
This year MyBnk increased total delivery hours by 7%. Young People Reached
A greater focus on young adults in vulnerable
circumstances saw us spend more time per young 2018/19
person.

We increased our reach in Scotland and the North West

whilst maintaining a high level of delivery in London and
the South East.

Including The Money House (TMH), a weeklong

project, we delivered 7% more hours in London.

Hours of Training Delivered

32,306
UK Region Hours excl. TMH
46%
Greater London 2,868 = 66%.
6,551
6,108
Hours
Hours of
of training
training South East 879 = 21%.
delivered
delivered through
through
54% 264
287 hosts
hosts in
in 69
62 local
local North West 388 = 9%.
authorities
authorities
Scotland 95 = 2%.

Other 86 = 2%.
54% Out of School.
Generally, with vulnerable
250,000 Programme Hours
young people in
organisations such as
220,000
young people
Leaving Care Services and young people
reached Money Twist KS3/4/5, Sporty, Uni
sheltered housing. reached
via 1,200 hosts Dosh = 2,074.
via 1,100
since hosts
2007
46% Primary and since 2007
The Money House = 2,235.
Secondary Schools.
Money Works = 1,212.

Money Twist KS2 = 907.

Enterprise = 123.

“Every young person has the right to a

meaningful inancial education. Organisations
like MyBnk are making that happen. Together
with the new Money and Pensions Service
and a refocused government, the 2020s can
be the decade where we effectively tackle
one of the deepest root causes of poverty in
the UK”. Julian Knight MP, Chair, APPG on
Financial Education for Young People.
 10
Impact
We have a commitment to collect high quality
evaluation. This helps us improve our programmes and Key Findings
generate better outcomes for young people.
Two out of three young people
School Age - Money Twist KS2 actively work towards a savings goal
– double the national average of 34%.
We reinforced indings from 2017/18 that 7-11-year
olds can defer gratiication and start saving if One year after intervention, 70% stick
exposed to expert-led inancial education at primary to their money plans.
school age.
59% who could not delay
A follow up external evaluation study found young gratiication, now can.
people gain knowledge on topics such as banking
and skills like budgeting. They also forge new habits 74% who could not distinguish needs
such as resisting temptation and understand the and wants, now can.
consequences of inancial decisions. Particular
improvements were made by pupils who initially Substance – 2018/19
reported weak inancial knowledge and conidence or
low inancial literacy and irregular saving patterns.

The study gathered data from over 1,000 young people surveyed before and after delivery. Progress and
impact retention were additionally tracked by follow ups at 3 and 12 month intervals. Sessions including
videos, manga comics, games and role play covered the value of money, consumer choices, mindsets
and prioritisation. Four hours of face-to-face expert-led sessions were supported with six hours of
teacher resources and four hours of family activities.

Secondary Schools - Money Twist KS3/4/5

This year we revised our evaluation tools with new research from the Money and Pensions Service after
taking part in last year’s Money Advice Service ‘What Works’ project. This included tracking the habits
and behaviours of participants, the key drivers behind an individual's inancial capability. We have also
aligned measurement tools across our secondary school offerings to allow for better consistency. Our
evaluation found a 15% increase in those able to correctly identify how banks apply interest, a 20%
increase in understanding where and how the government gets and spends tax and a 22% rise in
understanding of pension auto-enrolment.

Money Mechanics Key Findings

A 13-month study by MyBnk and the Royal Young Deaf People:
Association for Deaf (RAD) people showed young
people with sensory impairments can learn to budget, 32% rise in conidence managing money
understand their entitlements and improve access to and 43% in going to university.
inance and university, if exposed to expert-led
inancial education. 37% rise in understanding the Disability
Living Allowance.
We analysed data from 350 participants at 37
specialist schools and sensory units. Young Sight Impaired People:

27% rise in the ability to create a budget.

35% rise in conidence choosing a bank

account to suit their needs and in
knowing where to get further inancial
education and advice.
MyBnk/RAD – 2018/19
 11
Young Adults in Vulnerable
Circumstances - Money Works Key Findings
In 2018/19 MyBnk built upon existing external 18% conidence in ability to make
evaluation, examining indings from over 1,000 inancial decisions.
Money Works participants. Participants were 16-25
year old NEETS (Not in Employment or Training) and 26% increase in understanding the
care leavers, who are more likely to be in poverty and importance of credit history.
have problem debt.
10% decrease in those having trouble
Participants initially below the national average with their day-to-day inances.
across a range of indicators later exceeded their more
capable peers long after MyBnk’s intervention. 12% increase in those paying bills
online.
ERS - 2017-19

Preventing Youth Homelessness -

The Money House (TMH)

Following last year's powerful impact results, TMH

project was renewed for three years. Existing funders
JP Morgan and The Berkeley Foundation, were joined
by the L&Q Foundation.

TMH worked with over 550 young adults in vulnerable

circumstances across London. This year also saw an
expansion of the project to a third borough, the City of
Westminster.

The youth homelessness prevention scheme is now a

mandatory requirement for young people accessing
social housing within partner boroughs and has 45
referral partners including Centrepoint and Depaul UK.

Key Findings “Our study has demonstrated the importance of

this pioneering intervention, through its ability
to help young people understand how to create
and stick to savings plans and delay gratiication
45% 22% for their own future beneit”. Dr. Kath Edgar,
Senior Researcher, Substance.
Reduction in Increase in those
those incurring borrowing safely, and
bank charges and avoiding loan sharks
missing bills
ERS - 2016-18
ERS - 2016-18

27%
£3.36 Increase in
Social value conidence
generated for every managing money,
£1 spent exceeding the
ERS - 2016-18 national average
ERS - 2016-18
 12
Partnerships & Collaboration
UK Hubs
2018/19 has been an exciting year for MyBnk's
growth outside of London.

In the South East of England we have doubled our

delivery capacity, focusing in and around
Southampton and Portsmouth. We have
continued signiicant delivery in schools whilst
developing our contacts for young adult provision.

In the North West of England, we focus on Money

Works, Enterprise-in-a-Box and Money Twist KS2.
We have also expanded to South Lancashire and
North Cheshire from our Liverpool base.

In Scotland, we deliver these same programmes

across the Glasgow-Edinburgh central belt and
are authorised by the Scottish Qualiication
Authority to issue oficial awards in Personal
Money Management.

International
This year MyBnk trained youth workers from the
Value School in Madrid, Spain, to adapt and
deliver our Money Works programme to 16-25
year olds as they diversify their interventions.
Money Mechanics
Using MyBnk’s tried and tested programmes as a
base, together with the Royal Association of Deaf
people (RAD), we created three distinct and
accessible interventions for young people with
sensory impairments. These sessions build
inancial capability, provide practical enterprise
experiences and prepare students for university.

After 13 months of development and delivery to

600 young people in 34 specialist schools and
associations, we published a legacy of resources
that can change lives. Currently MyBnk deliver
sight impaired workshops, funded by the Thomas
Pocklington Trust and RAD deliver hearing
impaired sessions. The project was previously
Primary schools - KickStart Money funded by Players of People’s Postcode Lottery.

We continued to deliver Money Twist KS2 Money Buzz

workshops for 7-11 year olds, supported by
KickStart Money, an alliance of 20 of the UK’s We renewed our partnership with UK Power
leading investment irms. MyBnk reached 6,100 Networks to deliver ‘Money Buzz’. This extension
young people in 75 schools. We also digitised our of our primary school offering targets 9-11 year
Family Pack of resources for 9-11 year olds; the olds in areas with high pupil premiums to
app is now available to download from iTunes. help reduce fuel poverty. This year the energy
After testing we made the decision to trial the eficiency sessions reached 852 young people
project with 5-7 year olds, taking an e-learning across 19 schools, backed up with teacher and
approach. family resources.
 13
Octopus Group
Halfway through a three-year partnership, staff
from the Octopus Group have given their skills
to support us behind the scenes. This included
Salesforce tutorials and guiding our move to
cloud-based storage and infrastructure to
support our UK Hubs. They also raised £11,000
in donations via employee focused fundraising
initiatives.

Youth Financial Capability Group

(YFCG)
The YFCG brings together UK charities with a
signiicant focus on developing the inancial
capability of young people. In 2018/19 we JP Morgan Foundation
jointly produced a set of planning frameworks
for 3-19 year olds which were distributed to all The Foundation has historically supported
schools. We also collaborated on PR to MyBnk to expand nationally and is currently
express a joint vison on how we can achieve a key partner in The Money House project.
a meaningful inancial education for all young MyBnk supports the Foundation’s 'Financial
people. Current members include The Money Empowerment Pillar' and their desire to lead
Charity, London Institute of Banking and innovation in impact. This year, structured
Finance, MyBnk and Young Money – with the volunteering through the Force for Good and
Money and Pensions Service in an observer Service Corps initiatives improved our
role. infrastructure. Their partners, such as the
Behavioural Insights Team, are also examining
data from our Young Adults programmes.

“I don’t often speak to or engage with younger Volunteering

generations, so it was great to be in a classroom
environment and understand how kids engage with By stepping into a classroom, our corporate
each other and learn and gain inancial knowledge. I volunteers support young people directly by
wish more schools tackled life skills that prepare our bringing complicated inancial topics to life and
young people for the real world”. Victoria Barber,
providing valuable career insights.
Strategic Partnerships Manager, Octopus
Investments.
This year we renewed our volunteer offering,
hosting 90 volunteers from several funders,
including KickStart Money, the Octopus Group
and Quilter plc. Their feedback on programmes
enabled us to relect on and strengthen our
outcomes.

Over the next year, we look forward to

building on our progress and growing our
volunteer community, both in London and
across UK Hubs.

62% 89%
Found their Would
volunteering recommend
experience MyBnk
extremely volunteering to a
valuable friend / colleague
MyBnk MyBnk
 14
Communications
Communications played a crucial role in
leveraging MyBnk’s independent evaluation reports,
which showed our work has a deep and lasting
impact on the lives of young people.

Findings from our primary school study were

featured in an all-day live location report for BBC
News and additional stories shared via BBC London
and BBC Worldwide Radio.
4
The powerful results of The Money House (TMH) youth homelessness prevention scheme appeared in
the Financial Times, Guardian and Big Issue – the latter resulting in MyBnk being named as a
Changemaker organisation for preventing youth homelessness in the UK.

Our experts shared their knowledge with tips and commentary via the Daily Mail, The Times and the
inancial sector press. We also spread the word of our new UK Hubs, appearing on BBC Radio
Merseyside and in the Yorkshire Post.

The voice of young people shone through in case studies and opinion pieces in national newspapers.
BBC Radio 4’s Moneybox show shared how TMH helped a young care leaver transition into
independent living. The Guardian also ran a piece on our Young Trustee’s appointment to our board.

External Relations
MyBnk supported wider efforts promoting
inancial education for young people by speaking at
and organising events for our Money Mechanics
project, the MRS Youth Research Conference and
StepChange's Debt Advice Forum.

Young people from our Youth Advisory Panel also

shared their experiences of helping to improve money
lessons at the Money and Pensions Service’s (MaPS)
Financial Education Conference.

MyBnk gave our insights and research to the All-Party Parliamentary Group on Financial Education for
Young People's ‘Children in Care’ investigation, the MaPS Listening Document, the London Children in
Care & Partnership for Young London – Social Action Research Report and Ofsted Inspection
Framework consultation.

MP visits to our primary school workshops, in partnership with funders, KickStart Money, included the
Chair of the Education Select Committee Rt Hon. Robert Halfon MP. Our CEO, Guy Rigden, promoted
our values on MaPS’ Financial Capability Board and the Consumer Advisory Board of UK Finance. With
members of the Youth Financial Capability Group, a joint sector organisation, we shared a vision for
universal effectiveness in the Financial Times. TMH was showcased at the UK’s Financial Education
Forum of inancial educators, funders and supporters.

We also ran our own inancial capability awareness

week on the Isle of Man with Old Mutual Wealth
International, helping over 600 young people.

MyBnk continues to make the case for proper funding

for inancial education in UK schools and adequate
support of young adults in vulnerable circumstances.
 15
Plans for the Future
MyBnk has a vision to become fully national and
triple the number of young people we work with
within three to ive years. We will build on core
programmes and innovate our delivery, training and
funding models.

Plans are already underway with a sector

consortium to deliver and test at scale, inancial
education offerings for 16 and 17 year olds, and
independently, young people of working age. These
trials, directly commissioned by the Money and
Pensions Service (MaPS), may act as a precursor for
national rollouts.

Evolving our Offering

Delivery to young adults in vulnerable circumstances will comprise approximately 60% of MyBnk’s
total training hours in 2019/20, an increase of 20%, underpinned by an increased delivery of Money
Works and a new third, and planned fourth, location for The Money House project.

Work is also underway to support young people who have English as a Second Language.

Our core development project is the creation of digital resources and teacher training for 5-7 year olds.
We will evaluate at the level of teacher and child and, if successful, this departure from our direct
delivery model could provide a platform and learnings for other efforts. We also plan to increase our
primary school work, supported by the KickStart Money consortium.

Most growth can be seen through our UK Hubs. We hope to expand to the Midlands and deepen our
efforts in the North West and Scotland. We are adding more regional context to core content.

Under the umbrella of ‘Magnet MyBnk’, we are exploring and testing a modular set of digital
outcomes-linked resources accessed directly by young people, working with a youth platform to
digitalise and distribute this content.

Evaluation across existing and developing programmes will help demonstrate the direct beneit to
organisations that may commission us and support further expansion.

Youth at the Heart

This year will see a major revamp in our youth participation
strategy to ensure young people remain at the heart of
everything we do. This includes the launch of an Ambassador
Schools programme and a fundamental revision of our
engagement with young adults.
As our team grows and becomes more nationally dispersed, we
are strengthening infrastructure, systems, technology and
processes.
We will continue to be widely and deeply networked, renewing our mandate with members of the Youth
Financial Capability Group, and representation and contribution to industry bodies and think-tanks.
The new government and the direction of MaPS, the Department for Education and HM Treasury remain
crucial in shaping the sector.
 Structure, Governance & Management

Financial Review and Reserves Policy

Statement of Responsibilities of the

Trustees

Independent Auditor's Report

Statement of Activities

Balance Sheet, Statement of Cash Flow

Notes to Financial Statements 2018/19

Structure, Governance & Management

Constitution
The company is registered as a charitable company limited by guarantee and was set up by a Memorandum
of Association on 17 April 2007. The company number is 6215005. MyBnk is also a registered charity number
1123791.

Method of Appointment or Election of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under the
terms of the Memorandum of the Articles. The Board approve the vision and objectives of the organisation.
Plans, budgets and strategies are regularly reviewed and approved. Publications from the Charity Commission
and other organisations regarding Trustees’ roles and responsibilities are made available and training for the
general and speciic role of trustees is available when required. The Board meets quarterly.

Organisational Structure and Decision Making

The Board appoints and delegates the responsibility for the day-to-day management of MyBnk to the CEO, who
provides leadership to the organisation. The CEO is responsible to the Board in the execution of his duties and
leads the Management Team, which is organised functionally, consisting of Business Development,
Communications, Education, Expansion and Impact, and Operations.

The Finance Committee, overseeing income and expenditure, The Risk Committee covers risks in all aspects.
Each meet quarterly and report to the main Board.
 17
Public Beneit
The trustees are mindful of their duty under the Charities Act 2011 to ensure that the Charity’s activities exist for
the public beneit. They have considered Charity Commission guidance on public beneit and are satisied that
the performance and achievements of the Charity during the year have beneited the public.

Fundraising with the Public

We are not pro-actively fundraising with the wider public and do not engage in street, door-to-door or private
site fundraising but we do get occasional donations from individuals that know us or hear about us in the media
or through our work. We adhere to the rulebooks of the Fundraising Regulator. No complaints were made in the
reporting period.

Remuneration Policy
MyBnk are committed to ensuring that we pay our staff fairly and in a way which ensures we attract and retain
the right skills to have the greatest impact in delivering our charitable objectives. MyBnk’s CEO, COO and
relevant team leaders propose changes to staff salaries to the Board of Trustees for their approval. The CEO’s
salary is set by the Chair of Trustees, taking into account the performance and development of the organisation.
Further considerations and factors in the process of setting remunerations at MyBnk are set out in our
Remuneration and Beneits Policy.

Management of Risk
The Trustees are ultimately responsible for risk management at MyBnk. The Executive continually monitors risk,
formally updating a monthly a risk register to be addressed by the Team Leaders. The Risk Committee meets
quarterly to oversee the management of organisational, reputational and other risks.

Risk: Changes in funder trends, public spending cuts, policy changes and deteriorating economic conditions
could lead to a reduction in our access to income.

Mitigation: We have put measures in place to increase the lexibility of our expenditure and the robustness and
diversity of our income. Our income strategy emphasises income diversiication and conservatively estimates the
success rate of bids. We also work to maintain a strong pipeline of prospective funders. In 2019 we hired a new
Commercial Director and intend to strengthen earned income from sales, contracts and consultancy.

Risk: We are working with a large number of young people every year and we hold data on a relatively small
number of them. There is a risk of our staff failing in their safeguarding duties, and there is also the potential for
loss of data of vulnerable people. In either case this could have wide ranging consequences for the young people
affected and MyBnk.

Mitigation: We regularly train all our staff on how to spot and deal with children and vulnerable adult
safeguarding issues and we run DBS checks for all our workers. We have a full range of policies and procedures
in place, including Data Protection and Child and Vulnerable Adult Protection, which we annually review and
update.

Risk: Failure to deliver against funders’ requirements due to failure to employ and train suficient education
oficers and freelance trainers in a timely manner, or due to failure to effectively liaise with partner organisations
to reach young people.

Mitigation: Education delivery is our core business. We have experienced management, quality and training,
facilitation and income teams. We monitor progress at our bi-weekly team leaders’ meeting and take action when
required. We have taken more operational control of delivery outside of London, and all deliveries are recorded
through our Salesforce CRM system, giving us timely information on delivery progress. We have been improving
our recruitment processes and benchmark our salaries to relevant competitors in the market.

Risk: High staff turnover and dificulties in attracting and retaining quality staff and the related loss of unique
MyBnk knowledge and culture.

Mitigation: Our People are recognised as key enablers of our work and we focus on them. In 2019 we introduced
a Wellbeing policy and signed the ‘time to change’ pledge run by the mental health charity Mind. We undertake
an annual salary review and have a policy of personal development and training for all employees. Our staff
appraisal system gives opportunity for 360˚ feedback and is designed to recognise issues early.
 18
Financial Review & Reserves Policy

Income received for the period totalled £1,827,698 of which £1,791,167 was received as grants and donations
and £36,002 was generated in contractual income. This included sales to schools (£26,892) and consultancy fees
(£9,110). We also received £529 in bank interest. Expenditure totalled £1,652,129 and the charity’s activities
during the year resulted in an increase in funds for the period of £175,569, which was carried forward. In the
period we have additionally received grants totalling £165,987 that are deferred to the inancial year 2019/20.
Further forward commitments from a range of funders total £1,075,193 at 31 August 2019 for the inancial year
2019/20.

MyBnk’s trustees set a reserve policy with the aim that reserves will build to cover at least three months of
expenditure (currently £471,300). Our income targets include a surplus in unrestricted funds. Reserves are
deined as unrestricted funds excluding ixed assets. Under this deinition the charity had reserves of £208,216 on
31 August 2019.

Principal funding for MyBnk came from Aberdeen Asset Management, Allan & Gill Gray Philanthropy
Foundation, Allen & Overy London Foundation, Berkeley Foundation, BNY Mellon, Building Society Trust, Campus
Living Villages, City Bridge Trust, City of Westminster, Drapers Charitable Fund, Flying Futures, Garield Weston
Foundation, Goldsmiths’ Company Charity, The Hyde Charitable Trust, Hymans Robertson, Jack Petchey
Foundation, John Ellerman Foundation, JP Morgan Chase Foundation, Kickstart Money, London Stock Exchange
Group Foundation, L&Q, Man Group Charitable Trust, Money and Pensions Service, MUFG Bank, NDL
Foundation, Octopus Giving, Paul Hamlyn Foundation, the Players of People´s Postcode Lottery, The Quilter
Foundation, Royal Borough of Greenwich, Step Change, St James’s Place, Thomas Pocklington Trust, UK Power
Networks, Wellington Management UK Foundation and Wells Fargo.

We have also been fortunate to receive pro bono support in the course of the year. Octopus helped with
providing ongoing Salesforce and IT support. We received support through the JP Morgan Force for Good
programme to develop and reine our management data dashboard. Alexander Beard Wealth LLP are handling
our pension and staff beneit administration.
 19
Statement of Responsibilities of the Trustees

The Trustees are responsible for preparing the annual report and the inancial statements in accordance with
applicable law and regulations.

Company law requires the trustees to prepare inancial statements for each inancial year. Under that law the
trustees have elected to prepare the inancial statements in accordance with United Kingdom Generally
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law
the trustees must not approve the inancial statements unless they are satisied that they give a true and fair view
of the state of affairs of the charitable company, and of the result of the charitable company for that year.

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

• Select suitable accounting policies and then apply them consistently;

• Observe the principles in the Charities SORP;
• Make judgments and accounting estimates that are reasonable and prudent;
• State whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the inancial statements;
• Prepare the inancial statements on the going concern basis unless it is inappropriate to presume that the
charitable company will continue in business.

The Trustees are responsible for keeping adequate accounting records that are suficient to show and explain the
Charity’s transactions and disclose with reasonable accuracy at any time the inancial position of the Charity and
enable them to ensure that the inancial statements comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.

So far as each of the Trustees is aware at the time the report is approved:

• There is no relevant audit information of which the Charity's auditors are unaware; and
• The Trustees have taken all steps that they ought to have taken to make themselves aware of any
relevant audit information and to establish that the auditors are aware of that information.

Auditors
Haysmacintyre LLP have indicated their willingness to continue in ofice and a resolution will be proposed for
reappointment in accordance with section 485 of the Companies Act 2006.

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by
section 415A of the Companies Act 2006.

This report was approved by the board on 6th February 2020 and signed on its behalf by:

Elisabetta Lapenna-Huda MBE

 20
Independent Auditor's Report to the Members of MyBnk
Opinion
We have audited the inancial statements of MyBnk for the year ended 31 August 2019 which comprise the
Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the inancial statements,
including a summary of signiicant accounting policies. The inancial reporting framework that has been applied
in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting
Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom
Generally Accepted Accounting Practice).

In our opinion, the inancial statements:

• give a true and fair view of the state of the charitable company’s affairs as at 31 August 2019 and of the
charitable company’s net movement in funds, including the income and expenditure, for the year then
ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and
• have been prepared in accordance with the requirements of the Companies Act 2006.

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 inancial statements section of our report. We are independent of the charity in accordance with the ethical
requirements that are relevant to our audit of the inancial statements in the UK, including the FRC’s
Ethical Standard, and we have fulilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is suficient and appropriate to provide a basis for our
opinion.

Responsibilities of Trustees for the Financial Statements

As explained more fully in the trustees’ responsibilities statement, set out on page 19, the trustees (who are also
the directors of the charitable company for the purposes of company law) are responsible for the preparation of
the inancial statements and for being satisied that they give a true and fair view, and for such internal control as
the trustees determine is necessary to enable the preparation of inancial statements that are free from material
misstatement, whether due to fraud or error.

In preparing the inancial 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 inancial 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 inluence the economic decisions of users taken on the basis of these inancial statements.

A further description of our responsibilities for the audit of the inancial statements is located on the Financial
Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our
auditor’s report.
 21
Conclusions Relating to Going Concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to
report to you where:
• the trustees’ use of the going concern basis of accounting in the preparation of the inancial statements
is not appropriate; or
• the trustees have not disclosed in the inancial statements any identiied material uncertainties that may
cast signiicant doubt about the charitable company’s ability to continue to adopt the going concern
basis of accounting for a period of at least twelve months from the date when the inancial statements
are authorised for issue.

Other Information
The trustees are responsible for the other information. The other information comprises the information included
in the Trustees’ Annual Report. Our opinion on the inancial 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.

In connection with our audit of the inancial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the inancial statements or our
knowledge obtained in 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 there is a material
misstatement in the inancial statements or a material misstatement of the other information. 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:
• the information given in the Trustees’ Annual Report (which incorporates the directors’ report) for the
inancial year for which the inancial statements are prepared is consistent with the inancial statements;
and
• the Trustees’ Annual Report (which incorporates the directors’ report) has been prepared in accordance
with applicable legal requirements.

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 identiied material misstatements in the Trustees’ Annual Report (which
incorporates the directors’ 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:
• adequate accounting records have not been kept by the charitable company; or
• the charitable company inancial statements are not in agreement with the accounting records and
returns; or
• certain disclosures of trustees’ remuneration speciied by law are not made; or
• we have not received all the information and explanations we require for our audit; or
• the trustees were not entitled to prepare the inancial statements in accordance with the small
companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’
report and from the requirement to prepare a strategic report.

Use of our Report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16
of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's
members those matters we are required to state to them in an Auditor's report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable
company and the charitable company's members as a body, for our audit work, for this report, or for the opinions
we have formed.

Adam Halsey (Senior Statutory Auditor)

For and on behalf of Haysmacintyre LLP, Statutory Auditors, 10 Queen Street Place, London, EC4R 1AG.
 22
Statement of Financial Activities
(Incorporating Income and Expenditure account)

For the year ended 31 August 2019

Unrestricted Restricted 2019 2018

Funds Funds Total Total
Notes £ £ £ £

Income from:

Donations and legacies 2 64,421 - 64,421 149,557

Charitable activities 2 267,669 1,495,079 1,762,748 1,434,206
Investment income 2 529 - 529 190
----------- ----------- ----------- -----------
Total income 332,619 1,495,079 1,827,698 1,583,953
======= ======= ======= =======
Expenditure on:

Charitable activities
– Educational activities 3 332,427 1,319,702 1,652,129 1,535,412
----------- ----------- ----------- -----------
Total expenditure 332,427 1,319,702 1,652,129 1,535,412
======= ======= ======= =======

Net Movement in Funds 12 192 175,377 175,569 48,541

Reconciliation of Funds
Total Funds brought forward
at 1 September 2018 215,405 308,717 524,122 475,581
----------- ----------- ----------- -----------
Total Funds carried
forward at 31 August
2019 215,597 484,094 699,691 524,122
======= ======= ======= =======

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 24 to 30 form part of these inancial statements.

 23
Balance Sheet
As at 31 August 2019
2019 2018
Notes £ £ £ £

FIXED ASSETS
9 7,381 5,395
Tangible ixed assets

CURRENT ASSETS

Debtors 232,865 255,874

10
Cash at bank and in hand 702,965 527,711
----------- -----------
935,830 783,585

CREDITORS: amounts falling due 11 (243,520) (264,858)

within one year ----------- -----------
692,310 518,727
NET CURRENT ASSETS ----------- -----------
699,691 524,122
TOTAL NET ASSETS ====== ======

CHARITY FUNDS

484,094 308,717
Restricted Funds 12 215,597 215,405
Unrestricted Funds ----------- -----------
699,691 524,122
====== ======

The inancial statements have been prepared in accordance with the special provisions of Part 15 of the Companies
Act 2006 relating to small companies.

The inancial statements were approved and authorised for issue by the Board of Trustees on 6th February 2020
and were signed on its behalf by:

Elisabetta Lapenna-Huda MBE

Statement of Cash Flows

For the year ended 31 August 2019
2019 2018
Notes £ £

Cash lows from operating activities:

Cash lows provided by/(used in) operating activities 17 179,461 (177,169)

Cash lows (used by) investing activities 18 (4,207) (1,001)

----------- -----------
Change in cash and cash equivalents in the reporting period 175,254 (178,170)

Cash and cash equivalents at 1 September 2018 527,711 705,881

----------- -----------
Cash and cash equivalents at 31 August 2019 19 702,965 527,711
======= =======
 24
Notes on the Financial Statements
For the year ended 31 August 2019

1. Accounting policies

1.1 Basis of preparation of inancial statements when they are distributed to the projects. Gifts
The inancial statements have been prepared in donated for resale are included as income when
accordance with Accounting and Reporting by they are sold.
Charities: Statement of Recommended Practice
applicable to charities preparing their accounts Donated facilities are included at the value to
in accordance with the Financial Reporting the company where this can be quantiied and
Standard applicable to the UK and Republic of a third party is bearing the cost. No amounts
Ireland (FRS 102) (effective 1 January 2015) – are included in the inancial statements for the
(Charities SORP (FRS 102)), the Financial services donated by the volunteers.
Reporting Standard applicable in the UK and
Republic of Ireland (FRS 102) and the Donated services or facilities, which comprise
Companies Act 2006. donated services, are included in income at a
valuation which is an estimate of the inancial
MyBnk meets the deinition of a public cost borne by the donor where such a cost is
beneit entity under FRS 102. Assets and quantiiable and measurable. No income is
liabilities are initially recognised at historical cost recognised where there is no inancial cost
or transaction value unless otherwise stated in borne by a third party.
the relevant accounting policy note(s).
Income tax recoverable in relation to donations
1.2 Company status received under Gift Aid or deeds of covenant is
The company is a company limited by recognised at the time of the donation.
guarantee. The members of the company are
Trustees named in the trustee report. In the Income tax recoverable in relation to investment
event of the company being wound up, the income is recognised at the time the investment
liability in respect of the guarantee is limited to income is receivable.
£1 per member of the company.
1.6 Expenditure
1.3 Preparation of the accounts on a going All expenditure is accounted for on an accruals
concern basis basis and has been included under expense
Having considered future budgets and cash categories that aggregate all costs for
lows, the trustees conirm that they have no allocation to activities.
material uncertainties about the entity’s ability to
continue as a going concern for the foreseeable Where costs cannot be directly attributed to
future. particular activities they have been
allocated on a basis consistent with the use of
1.4 Fund accounting the resources.
Restricted funds are funds subject to speciic
restricted conditions imposed by the donor. Governance costs include those incurred in the
governance of the charity in particular those
General funds are unrestricted funds which are costs associated with constitutional and
available for use at the discretion of the Trustees statutory requirements.
in furtherance of the general objectives of the
company and which have not been designated Fundraising costs are those incurred in
for other purposes. seeking voluntary contributions and do not
include costs of disseminating information in
Investment income, gains and losses are support of the charitable activities.
allocated to the appropriate fund. Support costs are those costs incurred directly
in support of expenditure on the objects of the
1.5 Income recognition charity.
Income is included in the Statement of
Financial Activities when the company is entitled 1.7 Tangible ixed assets and depreciation
to the income, it is probable that the income will All assets costing more than £300 are
be received and the amount of income can be capitalised.
measured reliably.
Tangible ixed assets are stated at cost less
Gifts in kind are donated for distribution and are depreciation. Depreciation is provided at rates
included at valuation and recognised as income to write off the cost of ixed assets, less their
 25
estimated residual value, over their expected 1.11 Estimation uncertainty
useful lives on the following basis: In the view of the trustees in applying the
accounting policies adopted, no judgements
Fixtures, Fittings & equipment - 25% straight were required that have a signiicant effect on
line basis the amounts recognised in the inancial
Computer equipment - 25% straight statements nor do any estimates or
line basis assumptions made carry a signiicant risk of
material adjustment in the next inancial year.
1.8 Debtors
Trade and other debtors are recognised at the 1.12 Financial instruments
settlement amount due after any trade The charity only has inancial assets and
discount offered. Prepayments are valued at inancial liabilities of a kind that qualify as
the amount prepaid net of any trade discounts basic inancial instruments. Basic inancial
due. instruments are initially recognised at
transaction value and subsequently measured
1.9 Cash at bank and in hand at their settlement value.
Cash at bank and in hand includes bank
accounts, 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.

1.10 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.

2. Analysis of Income Unrestricted Restricted Total Total

Funds Funds 2019 2018
£ £ £ £
Donations and Legacies Income

Grants - - - 17,543
Donations received 64,421 - 64,421 132,014
----------- ----------- ----------- -----------
64,421 - 64,421 149,557
======= ======= ======= =======
Charitable Activities

Grants 231,667 1,495,079 1,726,746 1,371,877

Sales to educational institutions 26,892 - 26,892 35,062
Consultancy fees 9,110 - 9,110 27,267
----------- ----------- ----------- -----------
267,669 1,495,079 1,762,748 1,434,206
======= ======= ======= =======
Investment Income
Bank interest received 529 - 529 190
======= ======= ======= =======
 26

3. Charitable Activities - 2019 Direct Support Total Total

Costs Costs 2019 2018
£ £ £ £

Staff and related costs 846,812 380,072 1,226,884 1,155,332

Programme and evaluation costs 241,468 - 241,468 172,152
Rent, services and ofice costs - 141,017 141,017 124,789
Other administration costs - 32,687 32,687 74,676
Governance costs - 10,073 10,073 8,463
----------- ----------- ----------- -----------
1,088,280 563,849 1,652,129 1,535,412
======= ======= ======= =======

Charitable Activities - 2018 Direct Support Total

Costs Costs 2018
£ £ £

Staff and related costs 797,481 357,851 1,155,332

Programme and evaluation costs 172,152 - 172,152
Rent, services and ofice costs - 124,789 124,789
Other administration costs - 74,676 74,676
Governance costs - 8,463 8,463
----------- ----------- -----------
969,633 565,779 1,535,412
======= ======= =======
4. Governance Costs
Unrestricted Restricted Total Total
Funds Funds 2019 2018
£ £ £ £

Audit fees 7,560 - 7,560 7,200

Accountancy 2,513 - 2,513 1,263
----------- ----------- ----------- -----------
10,073 - 10,073 8,463
======= ======= ======= =======

5. Net Income 2019 2018

£ £
This is stated after charging:
Depreciation of tangible ixed assets:
Owned by charity 2,750 2,884
Audit fees 7,560 7,200
Accountancy 2,513 1,263
======= =======

6. Staff Costs 2019 2018

£ £
Staff costs were as follows:
Wages and salaries 897,455 892,745
Social security costs 80,910 81,601
Other pension costs 37,403 24,182
Freelance costs 116,054 103,241
----------- -----------
1,131,822 1,101,769
======== =======

No. No.
The average monthly number of employees during the period was as follows:
31 31
======= =======
No employee received remunerations amounting to more than £60,000 in either year.
The key management personnel of the charity are considered to be the CEO, COO, Head of Education – School Age, Head of
Education – Young Adults and Expansion & Impact Director. The total employee beneit of the key management personnel of the
charity were £212,213 (2018: £265,799).
 27

7. Trustees’ Remuneration

During the period no Trustees received any remuneration, beneits, nor were reimbursed any expenses.

8. Taxation

The company is exempt from corporation tax on its charitable activities.

9. Tangible Fixed Assets Computer

Furniture and other
and ittings equipment Total
£ £ £
Cost
At 1 September 2018 1,811 38,191 40,002
Additions - 4,736 4,736
Disposals - - -
----------- ----------- -----------
At 31 August 2019 1,811 42,927 44,738
----------- ----------- -----------
Depreciation
At 1 September 2018 1,811 32,796 34,607
Charge for the year - 2,750 2,750
Disposals - - -
----------- ----------- -----------
At 31 August 2019 1,811 35,546 37,357
----------- ----------- -----------
Net Book Value
At 31 August 2019 - 7,381 7,381
======= ======= =======
At 31 August 2018 - 5,395 5,395
======= ======= =======

10. Debtors: due within one year 2019 2018

£ £

Trade debtors 192,376 118,905

Prepayments and accrued income 28,378 127,582
Other debtors 12,111 9,387
----------- -----------
232,865 255,874
======= =======

11. Creditors: amounts falling due within one year 2019 2018
£ £

Social security and other taxes 24,638 19,544

Other creditors 4,591 75,421
Accruals 48,304 23,334
Deferred income (see below) 165,987 146,559
----------- -----------
243,520 264,858
======= =======
Deferred income at start of the year 146,559 156,886
Amount released to income from current activities (146,559) (156,886)
Amount deferred in the year 165,987 146,559
---------- ---------
Deferred income at the end of the year 165,987 146,559
======= =======

Deferred income at the end of the year relates to grants received in advance for the next accounting period.
 28

12. Movement in Funds - 2019 Brought Carried

Forward Income Expenditure Forward
£ £ £ £
Restricted Funds

Education workshop delivery funds 181,412 729,029 (712,036) 198,405

The Money House funds 107,322 563,287 (417,334) 253,275
Education development funds - 90,560 (90,560) -
Organisation development funds 19,983 112,203 (99,772) 32,414
----------- ----------- ----------- -----------
308,717 1,495,079 (1,319,702) 484,094

Unrestricted Funds
General 215,405 332,619 (332,427) 215,597
----------- ----------- ----------- -----------
Total Funds 524,122 1,827,698 (1,652,129) 699,691
======= ======= ======= =======

Education workshop delivery funds: Funds to deliver our inancial education workshops Money Twist for
Keystages 2/3/4/5, Money Works, Uni Dosh and Enterprise-in-a-Box.

The Money House funds: Funding to deliver The Money House project in three London boroughs.

Education development funds: Funding to develop, improve and evaluate inancial education programmes for
young people.

Organisation development funds: Funding to improve our organisational systems and processes.

13. Movement in Funds - 2018

Brought Carried
Forward Income Expenditure Forward
£ £ £ £
Restricted Funds

Education workshop delivery funds 171,574 708,935 (699,097) 181,412

The Money House funds 122,981 312,011 (327,670) 107,322
Education development funds - 216,808 (216,808) -
Organisation development funds 1,650 20,000 (1,667) 19,983

Restricted Donations
Education workshop delivery donation 2,285 - (2,285) -
----------- ----------- ----------- -----------
298,490 1,257,754 (1,247,527) 308,717

Unrestricted Funds
General 177,091 326,199 (287,885) 215,405
----------- ----------- ----------- -----------
Total Funds 475,581 1,583,953 (1,535,412) 524,122
======= ======= ======= =======
 29

14. Analysis of net assets between Funds Unrestricted Restricted Total

2019 Funds Funds Funds
£ £ £

Fixed assets 7,381 - 7,381

Current assets 451,736 484,094 935,830
Current liabilities (243,520) - (243,520)
----------- ----------- -----------
Net assets at 31 August 2019 215,597 484,094 699,691
======= ======= =======

15. Analysis of net assets between Funds Unrestricted Restricted Total

2018 Funds Funds Funds
£ £ £

Fixed assets 5,395 - 5,395

Current assets 474,868 308,717 783,585
Current liabilities (264,858) - (264,858)
----------- ----------- -----------
Net assets at 31 August 2018 215,405 308,717 524,122
======= ======= =======

16. Operating Lease Commitments Property

2019 2018
At 31 August 2019 the Charity had the following commitments £ £
under non-cancellable operating leases which expire in:

Less than 1 year 13,431 17,208

1 – 2 years 26,863 22,774
2 – 5 years 15,670 -
======= =======

17. Reconciliation Of Net Income/(Expenditure) to 2019 2018

Net Cash Flow from Operating Activities £ £

Net income for the reporting period 175,569 48,541

Depreciation 2,750 2,884
Interest receivable (529) (190)
Decrease / (increase) in debtors 23,009 (155,486)
(Decrease) in creditors (21,338) (72,918)
----------- -----------
Net cash provided by/(used in)operating activities 179,461 (177,169)
======= =======

18. Cash Flows from Investing Activities 2019 2018

£ £

Interest received 529 190

Purchase of tangible ixed assets (4,736) (1,191)
----------- -----------
Net cash (used by) investing activities (4,207) (1,001)
======= =======

19. Analysis of Cash and Cash Equivalents 2019 2018

£ £

Cash in hand and at bank 702,965 527,711

======= =======
 30

20. Financial Instruments 2019 2018

£ £

Financial assets measured by amortised cost 204,487 128,292

======= =======
Financial liabilities measured by amortised cost 4,591 75,421
======= =======
Financial assets include trade and other debtors.
Financial liabilities include other creditors.

21. Statement of Financial Activities - 2018

Unrestricted Restricted 2018
Funds Funds Total
£ £ £
Income from:

Donations and legacies 132,014 17,543 149,557

Charitable activities 193,995 1,240,211 1,434,206
Investment income 190 - 190
----------- ----------- -----------
Total Income 326,199 1,257,754 1,583,953
======= ======= =======
Expenditure on:

Charitable activities – educational activities 287,885 1,247,527 1,535,412

----------- ------------ ------------
Total expenditure 287,885 1,247,527 1,535,412
======= ======== ========
Net movement in Funds 38,314 10,227 48,541

Reconciliation of Funds
Total Funds brought forward at September 2017 177,091 298,490 475,581
----------- ----------- ----------
Total Funds carried forward at 31 August 2018 215,405 308,717 524,122
======= ======= =======

22. Related Parties

There were no related party transactions to be reported in the inancial year (2018 – the same).
Huge thank you to all of our supporters!

Aberdeen Asset Management, Allan & Gill Gray Philanthropy Foundation, Allen & Overy London
Foundation, BNY Mellon, Building Society Trust, Campus Living Villages, City of Westminster,
Drapers Charitable Fund, Flying Futures, Goldsmiths’ Company Charity, The Hyde Charitable
Trust, Hymans Robertson, Jack Petchey Foundation, London Stock Exchange Group
Foundation, Money and Pensions Service, MUFG Bank, NDL Foundation, Paul Hamlyn
Foundation, Borough of Newham, Players of People´s Postcode Lottery, Royal Borough of
Greenwich, St James’s Place, Thomas Pocklington Trust, UK Power Networks, Wellington
Management UK Foundation and Wells Fargo.

A special thank you to all our individual donors.

[email protected]
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