MyBnk Annual Report 2021

Annual Report
2021
The why
Half of young people in the UK worry they will never be financially stable. A
decade of austerity and the economic fallout of the pandemic has
disproportionately impacted young people.
Positive financial wellbeing may be supported by better products, protection, and positive
nudges. For individuals, choices are key. Regrettably, much of the guidance available is
irrelevant, unproven, inaccurate, or linked to selling.
MyBnk offers independent, trusted, relevant and proven financial education and guidance
to help young people make the right choices.
Who are we?
MyBnk is a UK charity that delivers expert-led financial education programmes to 5-25-

year olds – directly, virtually and online.
Our Mission
To empower young people to take charge of their future by bringing money to life.
Our Vision
“A financially capable generation.”
Our Values
Youth At The Heart of MyBnk, why do we do it? It’s all about the young people.
Impact at MyBnk, always delivering the best possible outcomes for young
people.
Laugh As You Learn at MyBnk, bringing money to life

for young people, staying fresh, focused and fun.
Driven at MyBnk, being relentless in the pursuit of our

mission.
Straight Up at MyBnk, telling it how it really is –

helping young people make informed decisions.
www.mybnk.org - [email protected] - 020 3581 9920 - © MyBnk 2022

MyBnk is a company limited by guarantee (No. 6215005) and a registered charity (No. 1123791) - SC050175 in Scotland 2
Chair’s & CEO’s Welcome
MyBnk continues to play a hugely valuable role in society, as the

UK’s leading financial education charity for young people. With
thanks to a high-quality team, dedicated trustees, and generous
socially minded funders, MyBnk improved the lives of almost
17,000 young people last year, bringing the total to over 292,000
since launch in 2007.
The pandemic has made the challenge even greater for young adults,
especially those from lower income households, who are
disproportionately impacted by diminished job prospects and interrupted education. At the same
time, innovation in financial services continues to gather pace, with the normalisation of Buy Now
Pay Later services and cryptocurrencies increasing the potential financial risks to those less
capable with money.
In my second year as Chair, I have focused on helping MyBnk prepare for the next phase of
growth. Our evidence of impact continues to be robust, and we enter the year positively with
the support of new and long-term funders.
Asesh Sarkar, Chair of MyBnk.
Three quarters of training delivered was in-depth, accredited

programmes for young adults who cannot afford mistakes.
Virtual versions of The Money House and Money Works proved practical
to implement, were similarly effective to in-person delivery and helped
us meet strong demand in the North West and Scotland. In contrast,
virtual sessions in schools proved challenging to run and less impactful.
We reviewed outcomes for males and females of different ages in the

context of ability, mindset, degree of money independence and behaviours. With the support of
the Money and Pensions Service (MaPS), we led a sector project to compare different ways of
delivering financial education for ages 16 and 17. We developed a process to better target in-
person delivery to the 2 in 10 young people most in need at school. Evaluation underpins our
Vision 2024 to further target in-person programmes to relative need, adding context, such as a
new gender-focused Money Balance programme. Online programmes will increase reach to
young people more generally.
Building on experience and evidence, we are investing in front-line and organisational capacity.
We will expand in-person workshops significantly in Scotland and the Midlands and innovate
online. The need for independent, relevant and proven financial education, helping young people
make money choices to survive and thrive, remains.
Guy Rigden, CEO, MyBnk

Contents
Trustees’ Report Page 2-28

Independent Auditors’ Report Page 29-32
Statement of Financial Activities Page 33
Balance sheet & Statement of Cash Flow Page 34-35
Notes on the Financial Statements Page 36-43
Reference & Administrative Details
Trustees:
Asesh Sarkar (Trustee and Chair)

Elisabetta Lapenna-Huda MBE
Karim Kefi (Treasurer)
Gary Coyle (until 2nd February 2021)
Carol Knight
Viral Kataria
Margaret Morrissey
Simona Paravani-Mellinghoff
Yasmin Drakes (until 30th June 2021)
CEO: Guy Rigden
Company Secretary: Manfred Meyer
Company Registered Number: 6215005
Charity Registered Number, in England and Wales: 1123791, in Scotland: SC050175

Principal and Registered Office Address: 3 Bath Place, London EC2A 3DR.
Auditors: Haysmacintyre LLP, 10 Queen Street Place, London EC4R 1AG.
Bankers: The Co-operative Bank plc, Head Office, P.O. Box 101, Balloon Street,
Manchester M60 4EP. Lloyds Bank plc, 25 Gresham Street, London EC2V 7H.
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 financial hardship. These activities are
undertaken to further the charity’s purposes for the public benefit.

Strategic Objectives
MyBnk’s core function is to educate 5-25 year olds in money knowledge and skills,
building confidence and capability to make money choices to take control of their
lives and futures.
Leveraging impact
Beyond delivering programmes, we use our Delivering Education:

platform (delivery, evaluation and
communications) to demonstrate what is Ages 5-11: Behavioural, introduce
required to deliver impactful financial money, develop mindsets and
education consistently at scale. Active and habits.
open communication is primarily directed at
stakeholders who can help drive systemic Ages 11-16: Preventative, develop
change. core money knowledge, skills,
confidence, and structure within a
The Need financial journey to build capability.
50% of young people worry they will Ages 16-18: Transitional, cover
never be financially stable. practical and relevant everyday
financial matters at key transitional
48% of young people used Buy Now Pay moments.
Later schemes from April 2020 – April
2021. Half of these did it without realising Ages 16-25: Survive and Thrive,
and one in three went on to regret it. practical help for those entering
independent living.
69% of young cryptocurrency investors
do not realise it is unregulated and 1/5 For All: Inclusivity, cater for and
use a form of debt to fund the target a variety of needs and
investment. circumstances.
Under 25s who grew up in the least-

affluent households were over twice as
likely to have transitioned out of work
between April 2020 and March 2021 compared to their more affluent peers.
Young people reporting financial security declined from 65% before the pandemic
to 54% by early 2021. This contrasts with an increase in financial security among
those who had a more affluent upbringing.
Sources: The Prince’s Trust, StepChange, Citizens Advice, Interactive Investor, FCA, Statista, Resolution
Foundation.

Programmes
MyBnk provides a range of expert-led financial education programmes for 5-

25 year olds – directly, virtually and online. Education can be integrated into
PSHE, Citizenship and Maths in schools and moving on and employability
programmes for young adults.
School age
These programmes aim to build financial capability at key transitional moments, create
positive mindsets, improve attitudes and behaviours and help young people better
understand the world of money.
Money Twist Key Stage 1 (MTKS1)

A teacher-led training programme involving resources, lesson plans and
online CPD (Continuing Professional Development).
Money Twist Key Stage 2 (MTKS2) / P3 – 6 in Scotland)

Aimed at 7-11 year olds in primary schools. This combines a full year
assembly, workshops, teacher resources and family challenges to improve
financial confidence and habits such as saving and budgeting. Upper and
Lower KS2 versions available.
Money Twist Key Stage 3/4/5 (MTKS3/4/5)

Aimed at 11-18 year olds in secondary schools. Designed to get young
people thinking and caring about their finances, both now and in their
futures. Covers practical and relevant everyday financial matters including
budgeting, needs versus wants, tax, banking, interest, savings, credit,
pensions and investments. Versions available for each Key Stage and for
S4-6 pupils in Scotland.
Uni Dosh (UD)
Aimed at 16-18 year olds considering going to university. A comprehensive

overview of student finance and loan repayment, the costs of living
independently, employment, pitfalls, and the importance of budgeting.

Young adults
These programmes equip young adults with 'survival' money skills and knowledge that
they can implement immediately in their transition into independent living.
Money Works (MW)

Aimed at 16-25 year olds not in mainstream education. This accredited
survival money management programme focuses on independent living,
digital finance skills and debt prioritisation. This programme is also
available as a virtual course.
The Money House (TMH)

A specialist accredited programme helping 16-25 year olds in, or about to
move into social housing, manage their money and remain independent.
Over five days, in real flats, experts help young people gain the practical
financial skills and confidence to pay their rent, bills and living costs. They
learn how to prioritise debts, manage spending, avoid scams and navigate
the banking and benefits system. Trainers use games, role play and
activities mined from youth culture to help bring money to life. This
programme is also available as a virtual course.
Studying or working
Work Dosh
A Specialist money management programme that empowers young
professionals, aged 18-30, to gain control of their finances. MyBnk’s
experts help to build their money skills, knowledge and confidence. We
debunk the jargon and offer helpful hints and impartial tips.
#MoneyHacks
A programme designed to help students manage their money at university.
Undergraduates in or at risk of rent arrears gain vital information and skills
including how to tackle debt, FOMO, the gig economy, loans and living
costs. Can be tailored to specific year groups.

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 different age groups, backgrounds
and abilities. Sessions challenge negative financial attitudes and build self-
belief.
Super Methodology
Specialist: Delivered and created by experienced trainers.
Unique: We embrace innovative teaching methods to maximise learning.
Participatory: Young people learn by doing. MyBnk’s materials and programmes

are all trialled, refined and launched with the input of our young people across
programmes.
Effective: Programmes are suitable for a wide range of young people in different
settings.
Relevant: We use real life stories and examples to talk about money in a relatable
way.
Programme Development
The needs of young people are ever evolving and MyBnk evolves with them. Reacting to
the global pandemic, we created an exciting range of online courses, tools and virtual
workshops.
We continued to develop online and virtual adaptations of programmes so that every

school age programme had a digital alternative. We broadcast a special festive episode
of our live web show, My Moneycast.
We created Money Balance, a programme that recognises the specific financial needs of
girls and women, for those aged 16 through to university and/or work, to be piloted in
2021/22. The programme explores how interactions with and experiences of money may
differ for women and what they can do to bridge the gap.
Content, such as scams, was updated across all core programmes in line with the
national curriculum and the Financial Education Planning Framework.

We overhauled our accreditation process leading to changes behind the scenes, such
as an extra hour of training for Virtual Money Works programmes, designed to keep
quality high.
Youth Participation – School Age
Our Youth Ambassador Scheme is in collaboration with four partner schools. Youth
Ambassadors contributed to the creation of new online programmes and downloadable
resources for Talk Money Week 2020. They shared their stories via case studies and
submitted their own article for a local news website on the importance of financial
education.
We welcomed new ambassador schools, The Green School For Boys and The Green
School For Girls, whose students joined those from Walthamstow School for Girls and
Wingfield Primary School as our Youth Ambassadors.
Youth Participation – Young Adults
MyBnk wants to invest in leveraging the connections we build with young adults through
The Money House and Money Works. These programmes have great potential for
fostering youth advocacy around financial capability and encouraging peer education
amongst participants. This is due to the depth and length of the interventions as well as
the personal experiences or challenges which participants share.
We encouraged young people to participate after course completion in areas such

as: volunteering; open days; media opportunities and focus groups, promoting these
opportunities through a monthly email newsletter.
Trainers
MyBnk trainers are firstly selected for their proven ability to engage young
people. Our team of 18 in-house trainers and 15 freelancers have at least
two years’ teaching or youth work experience. High quality is ensured
through ongoing professional development, such as behaviour
management and safeguarding training. This is coupled with regular
observations and frequent core subject knowledge tests. This year saw us
upskill our trainer pool to meet the additional challenges of delivering
virtually.

Equality, Diversity and Inclusivity
MyBnk is committed to fostering an inclusive working and learning environment that

promotes a sense of safety and belonging for our staff and beneficiaries to feel supported
to achieve their potential.
Building on recommendations from an externally facilitated Anti-Racism Committee, we

overhauled our recruitment policy to root out unconscious bias. We then focused on
training and career progression, values and behaviours. In 2021/22 we will establish an
Equality, Diversity and Inclusivity committee to ensure that we are listening, learning,
constantly evolving and tackling prejudice in all its forms.

Delivery
In a year affected by the pandemic, we increased training delivered by 30%,

with 60% delivered virtually. Programmes for young adults grew significantly.
Scotland was a stand-out, growing 82%, the North West grew

23%, the South grew modestly, but London recorded a slight
drop.
Although all Money Twist programmes (KS2-5) were adapted

to virtual, it proved challenging to maintain deliveries.
Changing conditions and school closures meant programmes
were continually re-booked. We became concerned that
16,929
connectivity and interaction through virtual versions was
inadequate. Even when schools were open, students were
sent home at short notice. In all, and in contrast to virtual
sessions with young adults, we could not prove similar impact Young people
to in-person deliveries. The mix of programmes moved further reached in 2020/21
towards KS5 and KS2 and away from KS3 and 4. Piloting
Money Twist KS1 for teachers was postponed to 2021/22.
The Money House and Money Works grew strongly, driven by virtual sessions. 450 young
people attended Virtual Money House and 1030 Virtual Money Works. We further tested
Work Dosh, delivering to groups from the Army and Money Hacks, for those in their first
year at university.
We experienced greater staff turnover than in recent years and two members of staff in
the Education Team were on maternity leave. This made it harder to facilitate
large London schools and added to the pressure on our Facilitation Team.
UK Hubs
Due to growing demand in Scotland, we strengthened our training team accordingly. We

continued to deliver programmes across the Central Belt, expanding virtual offerings from
Inverness down to the Scottish Borders.
In the South of England, we broadened delivery across Hampshire and expanded into
West Sussex, Dorset and the Isle of White. We have diversified from our traditional
schools base to deliver more Money Works programmes with organisations such as
Hampshire Fire & Rescue Service and Bournemouth, Christchurch and Poole Council.

“MyBnk helped our students really
In the North West, we continued to grow Money understand money for the first time and
Works, expanding our network with organisations become aware of the best options for
such as Groundwork. We moved our base from them. Money Works showed them the ins
Liverpool to Manchester to provide a more central and outs of managing their living costs”.
location to work across the North of England.
Cheryl McGivern, Head of Foundation
Sports, Widnes Vikings Sports
Foundation.
New online offerings
MyBnk’s online learning platform hosts home school

and digital school-age offerings. It has seen 2,162 unique users register for at least one
course with over 100,000 page views. Online Money Twist KS3 continues to be the most
popular, with Session 1 being completed over 1000 times. We bought the Moneyready
platform and assets and will use it as a key online platform going forward, at least for
schools.
Total hours of training delivered
79% in out of school settings. Generally, with vulnerable

young people, in partnership with organisations such as
Leaving Care Services, sheltered housing and
292,000
Young people
employability course providers.
reached via
1,360 hosts since
21% in primary and secondary schools.
2007
Hours of training delivered per region (ex. TMH)
Greater London: 1,496 = 61%.
South East: 464 = 14%. 201

Partners in 117
North West: 477 = 12%.
local authorities
Scotland: 542 = 10%.
Other: 203 = 3%.

Hours of training delivered per programme
Money Twist KS3/4/5, Uni Dosh: 667.
The Money House: 3,190.
Money Works: 1,864.
Money Twist KS2: 651.

Impact
Since 2007, MyBnk has worked to secure the best possible outcomes for each
of the 292,000 young people we have supported.
We are a sector leader in robust impact measurement. By designing, delivering and

scaling financial education we can effectively evaluate each part of the process, what
works and how to improve. From independent assessment and feedback from
participants and stakeholders, we know how to maximise impact at a reasonable cost.
MyBnk interventions aim to:

“It has made me think about how I’m using
my money and spending it. After the first
Instil good money habits.
session we talked about putting money
away for things, so I’m going to do that”.
Prepare for the future and prevent
problems later on. Eden, 10, Colinton Primary School,
Scotland.
Build capability for money survival.
Despite coronavirus disruption, during the last year we:
Published three external evaluation reports: a continuation report on Money Twist

Key Stage 2, The Money House 2019-21 and results of the MaPS’ Pathfinder
Project for 16 and 17 year olds.
Investigated the correlation between young people more in need (YPMIN) of

financial education and the provision of free school meals.
Created a new organisation-wide Theory of Change supporting our updated vision.
“Young people need this class to tackle the

common misconceptions about student
finance. It might make more people consider
uni as an option. It gives you all the facts and
shows the different paths you can go down”.
Luke, 17, The Burgate School, Hampshire.

Selected outcomes for young people
Instilling good money habits in the very young
53% 72% 3
of those who Months after
Who could not
could not intervention 51%
delay spending
correctly identify would make and
gratification,
needs and wants, stick to money
now can
now can plans
Source: Substance & MyBnk 2021.
Preparing for the future and preventing financial problems in teenagers
13% 24% 9%
Increase Increase
Increase
in confidence in understanding
in confidence
managing money of bank accounts,
keeping a closer
statements and
track of their
transactions
money
Source: Trust Impact 2021.
Building capability for money survival in young adults entering independence
41%
30% 50% Increase in those
Decreased their Increase in those using comparison
debts more likely to websites to
seek specialist maximise their
debt advice money
Source: ERS 2021.

Preventing Youth Homelessness – The Money
House
“There were certain things I was doing
Attending The Money House is a mandatory before before I entered TMH – I budgeted
requirement for young people accessing social in the wrong way. This course gives you a
housing within several local authorities. It has 45 sense of confidence and stability to know
you’re on the right track”.
referral partners including Centrepoint and Depaul
UK. Mia, 17, TMH Greenwich.
Key findings:
3X 64%
Participants less likely Drop in evictions for
to have unsustainable those ‘at risk’ of losing
rent arrears their home
£1,638 78%
Average benefit to Of this benefit coming from
participants reduction in money related
anxiety and depression

Participants who said The Money House greatly improved their knowledge and skills:
36% 32%
Subsequently Reduction in
saved for at those failing to
least 3 keep up with
consecutive priority
months payments
£250 50%
Average debt Increased their
reduction, credit score
averaging a £90 rating
a month fall
Sources: ERS Ltd & NEF Consulting 2019-21
Returns for stakeholders and society

“Many young people, especially those
MyBnk’s independent evaluation continues to from underserved communities, struggle
financially to navigate some of life’s
push boundaries in demonstrating the benefit most significant financial moments.
of financial education for young people, “We’re proud to support MyBnk’s The
stakeholders and society. Money House programme in their
mission to help people improve their
We have continued to show how our financial health and resilience.”
programmes support young adults to save
Stephanie Mestrallet, Head of U.K.
more, manage debt and be more confident Philanthropy at JPMorgan Chase.
managing their money.
We calculated the monetary value of reduced

Mia, 17, TMH Greenwich.
evictions, lower rent arrears and less anxiety in terms of cost savings for local authorities
on their statutory obligation for care leavers. Our young adult programmes generate up
to £5.56 of social value per £1 invested.
For school-age, we continue to support Maths, Citizenship and PSHE (Personal, Social,
Health and Economic Education) subjects where financial education is included in the
national curriculum.
Insights & What Works
We have continued to use our data and evaluation capabilities to generate insights around
what works in delivering effective financial education, for whom and why.
In schools, we conducted an in-depth investigation assessing how young people more in

need (YPMIN) could be targeted. Analysing over 4000 baseline responses across three
years, we established a positive correlation between YPMIN and deprivation. Grouping
by school, we positively showed that targeting schools with higher proportions of free
school meals allowed us to reach those more in need. Whereas 1 in 5 are YPMIN
nationally, this can be up to 3 in 5 in these schools. We are pursuing a new targeting
strategy based on these results in the year ahead.
Supported by MaPS, we ran a collaboration project with 4 other organisations supporting

16 – 17 year olds to manage their money. We found that longer interventions more
tailored to the needs of the young people produced the most significant results,
but trainers receiving lighter training could deliver meaningful outcomes on shorter
programmes. From this, we have taken learnings into our Vision 2024 strategy to better
tailor the depth of programmes to the needs of the participants.
Having rapidly introduced virtual delivery during the previous Covid-19 affected year, we
conducted a comparative investigation. On balance, we found both in-person and virtual
courses to be effective for young adults. While there were some losses in engagement
with virtual delivery, these were mitigated by benefits including improved access for those
with social anxiety and childcare responsibilities. We developed the infrastructure to
deliver virtually more widely in the years ahead.
“We’re in an area of high deprivation and

many of our families are struggling. Money
Twist makes children more aware of
prioritising wants and needs and they
understand that there are costs of living”.
M Davies Oliveck, Head Teacher, Starks

Field Primary, London.

Partnerships
The Quilter Foundation
The Quilter Foundation have supported MyBnk since 2016, first focused on a Southern
hub around Southampton, later extended across England. Quilter chaired KickStart
Money, now evolved to The Centre for Financial Capability (TCFC), demonstrating a
commitment to effective financial education for primary-aged children through supporting
direct delivery of Money Twist KS2, independent evaluation and a PR campaign.
Berkeley Foundation
The Berkeley Foundation are key supporters of MyBnk. Their continued support has
helped The Money House programme expand and flourish across London. Together, we
look forward to growing and helping more deserving young people thrive across London
and beyond, starting with the new Midlands Money House due to open in Spring 2022.
BMO Global Asset Management
MyBnk continued to grow corporate and consultancy activities, working with new partner
BMO Global Asset Management to create video and blog content to support young
people’s understanding of Child Trust Funds and the options available to them when they
reach 18.
Hymans Robertson Foundation
In 2019, the Hymans Robertson Foundation appointed MyBnk as its financial education
partner. With their extended charity partner network, the foundation recognises the need
for specialist education in money management. Building financial capability is a key
priority for the foundation and MyBnk is ideally placed to support this.
Youth Financial Capability Group (YFCG)
The YFCG brings together UK charities with a significant focus on

developing the financial capability of young people. Current
members include MyBnk, The Money Charity, The London Institute
of Banking and Finance, and Young Money – with MaPS as an
observer.

GoHenry
MyBnk consulted with the GoHenry team to provide the framework for gamified lessons
linked to national financial education guidelines for the launch of GoHenry’s in-
app tool Money Missions.
Volunteering
Due to the continued impact of Covid-19, MyBnk were unable to host many volunteers.
However, we were delighted that six volunteers from one of our key supporters, PIMCO,
supported the renovation of The Money House in Westminster. Vision 2024 sees us
exploring new volunteer opportunities with a particular focus on skills-based volunteering,
looking at how supporters can use their expertise, knowledge and insights to help MyBnk
achieve its mission.
“At the Berkeley Foundation we believe that

every young person has enormous potential.
We work in partnership with organisations,
like MyBnk, that take a positive approach to
encouraging young people, helping them
overcome barriers and take control of their
futures. We are proud to support MyBnk and
the continued growth of their award-winning
homelessness project, The Money House”.

Communications
Communications plays a vital role in helping MyBnk fulfil its core mission.
Historically we have focused on stakeholders; in future we want to better
communicate with young people directly.
We align with MyBnk’s Vision 2024 and link money capability to issues such as child
poverty and deprivation, youth homelessness, gender inequality and reform of the
national curriculum.
Evaluation and expert insight featured in national media outlets such as the Daily Mail,
Daily Telegraph, BBC News and Radio 4, The Independent and The Financial Times.
MyBnk continue to make inroads into specialist publications such as The Big Issue, Inside
Housing and Education Today and podcasts such as FinTech Insider. Our regional media
presence has increased with coverage on BBC Scotland and London, the Evening
Standard and local press.
Young people shared their stories through case studies and opinion pieces. BBC Radio
4’s Moneybox show highlighted how The Money House programme helped a young care
leaver transition into independent living.
Our social media channels continue to draw increasingly younger audiences. We also
supported the Education Team with youth and stakeholder engagement and promotion
of awareness campaigns such as Talk Money Week.
External Relations
MyBnk supported wider efforts that promote financial education

for young people. We submitted insights and research to the All-
Party Parliamentary Group on Financial Education for Young
People report on primary schools, SmartPurse’s Financial
Parenting study, and to the Financial Education Forum.
MPs visiting MyBnk workshops, in partnership with The Centre for

Financial Capability (formerly KickStart Money) included the Rt
Hon Thérèse Coffey, the Secretary of State for Work and Pensions.
Our CEO, Guy Rigden, promoted our values and insights as a
member of the Challenge Group for Children and Young People
for MaPS and the Consumer Advisory Board of UK Finance. We
worked together with the YFCG to promote alternative ways of
providing financial education in schools.

Plans for the Future
We enter 2022 focused on Vision 2024: becoming a national charity with revenues
of £4-5 million, educating 40-50,000 young people a year and focused on relative
need, where we can make the most impact and there is little alternative provision.
Those in greatest need include young adults who cannot afford mistakes, and the 2 in 10
school children who exhibit low financial capability (YPMIN). We will further concentrate
on those in primary education and young people entering independence. There will be
less emphasis on those aged 11-16 in the mainstream.
By region, we aim to continue growth beyond Greater London in Scotland, the North
West, the South and the Midlands.
In 2021/22 we plan 30% more programme delivery, reaching 25,000 young people and
actively targeting YPMIN. New Money Houses will be opened in the Midlands and Central
Scotland. Money Works will be available nationally and include an online version. Work
in schools should recover even as we discontinue virtual delivery developed through the
pandemic, owing to challenges of delivery and concerns of efficacy.
We will invest in reaching young people directly, supplementing our in-person delivery
model and partners such as schools, youth organisations and local authorities. Building
on the Moneyready platform acquired in 2020/21, we will establish online programmes
with improved functionality, starting with Money Twist KS4 and Money Works. We will
complete a pilot to provide content and to train teachers for Key Stage 1. In summer 2022
we will launch a strategy to directly attract young people to programmes and services.
We must remain at the forefront of making and demonstrating impact and intend to
collaboratively work on at least two externally validated studies, supplemented by two
internally authored insight reports. One significant project will involve conducting and
publishing a study considering the volume and quality of financial education provided to
care leavers across England and Scotland.
Our increased size and diversity requires strengthening

capability and adding capacity. Having invested in the
fundraising team last year, our financial position is strong. This
year we are strengthening the trustee board with the
recruitment of a young trustee and increasing our capability in
education, technology and communications.

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 in England and Wales (number 1123791) and in Scotland
(number SC050175).
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 specific
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 and Communications, Education Delivery,
Education Content, Collaboration and Operations.
MyBnk has a Finance Committee, overseeing income and expenditure, and a Risk Committee
covering all aspects of risks management. Each meet quarterly and report to the main Board. An
Equality, Inclusivity and Diversity Committee will be established this year.
Public benefit
The Trustees are mindful of their duty under the Charities Act 2011 to ensure that the Charity’s
activities exist for the public benefit. They have considered Charity Commission guidance on
public benefit and are satisfied that the performance and achievements of the Charity during the
year have benefited the public.
Fundraising with the public
We are not proactively 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 Fundraising Regulator
Code of Fundraising Practice. 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.
Management of risk
The Trustees are ultimately responsible for risk management at MyBnk. The Executive
continually monitors risk, formally updating a monthly risk register to be addressed by the senior
Management Team. The Risk Committee meets quarterly to oversee the management of
organisational, reputational and other risks.
Risk: MyBnk’s core model is to send trainers, who normally travel by public transport, to deliver
education in-person to groups of young people at schools, colleges and other host
organisations. The Covid-19 pandemic has intermittently led to school and host closures and
social distancing rules have also made deliveries on location in The Money Houses more
difficult. There continues to be a bigger risk of illness and quarantine rules disrupting our work.
Mitigation: We have had discussions with all our funders, who have allowed us to
redirect funds to alternatives such as the development and delivery of virtual courses. We are
now able to deliver many of our programmes virtually without visiting hosts and this means
we can reach young people even when in-person delivery is not possible, particularly those in
vulnerable circumstances. We introduced measures to minimise the risks for our trainers when
working with hosts and enforced Covid-19 safety rules for our London office.
Risk: MyBnk has grown significantly as an organisation over the last few years and Vision
2024 plans further growth by expanding delivery across the UK and investing
in digital transformation. Growth of turnover and staff numbers bring the risk that key skills and
capabilities do not keep up with the needs of a bigger organisation and the delivery capacity
and quality are not sufficient to fulfil all funders´ needs.
Mitigation: MyBnk has started a reorganisation process to align our structure to the needs of an
organisation with over 50 employees. We have strengthened our HR function and have secured
funding to bring in further expertise in digital, IT and finance systems. We are investing to
increase capabilities in communication and evaluation to allow us to deal with the increased
demands of our new corporate partners and to ensure we keep serving the needs of young
people across the UK.
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 maintain reserves to give us time to cut expenditure in line with income. We
have invested in our Fundraising Team and have built robustness and diversity into sources
of income. Our income strategy emphasises income diversification and conservatively estimates
the success rate of bids. We also work to maintain a strong pipeline of prospective funders.
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 for 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. In 2020 we have introduced new safeguarding
guidelines for online education. We are registered with the ICO.
Risk: High staff turnover and difficulties 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 their
wellbeing. We have built on the recommendations of our Anti-Racism Committee to inform and
advise the MyBnk Executive and Trustee Board and to develop a systemic approach to Equality,
Diversity and Inclusion. We operate a Wellbeing Policy and build on the ‘Time to Change’ pledge
run by the mental health charity Mind. We plan to introduce internal values and associated
behaviours, supported across the charity. 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.
Financial Review & Reserves Policy
Income received for the period totalled £2,120,791 of which £2,061,193, was received as grants
and donations and £53,970 was generated in contractual income. This included sales to schools
(£14,320) and consultancy fees (£39,650). We also received £5,628 in government grants from
the job retention scheme. In the period we have additionally received grants totalling £250,975
that are deferred to the financial year 2021/22. Further forward, commitments from a range of
funders total £1,963,208 for the financial year 2021/22. Expenditure totalled £2,023,751 and the
charity’s activities during the year resulted in an increase in funds for the period of £97,040,
which was carried forward.
MyBnk’s trustees set a reserve policy with the aim that reserves will build to cover at least three
months of expenditure (currently £620,000). Our income targets include a surplus in unrestricted
funds. Reserves are defined as unrestricted funds excluding fixed assets. Under this definition
the charity had reserves of £487,576 on 31 August 2021.
Going Concern
The trustees consider that there are no material uncertainties about MyBnk’s ability to continue
as a going concern. The Covid-19 pandemic continues to impact the charity’s ability to deliver
programmes in-person, particularly in schools. However, we have developed a range of virtual
programmes that allow us to deliver against the targets set by our funders. Our cash flow is
healthy and our operation in the financial year 2021/22 is secure with over 95% of our budgeted
costs covered by funder commitments. We have also secured funding to cover more than half
of forecast and increased expenditure for 2022/23. A continued inability to deliver our
programmes in-person might lead to less young people reached and a fall in income but we
have mitigated those risks by developing alternative modes of delivery (see the risk
management section of the annual report for more information) and positive relationships with
key supporters.

Principal Funding
Principal funding for MyBnk came from Agnes Hunter Trust, Allan & Gill Gray Philanthropy
Foundation, Berkeley Foundation, Building Society Trust, City Bridge Trust, City of
Westminster, David & Elaine Potter Foundation, Gannochy Trust, Garfield Weston Foundation,
Goldsmiths’ Company Charity, Hiscox Foundation, Hymans Robertson, John Ellerman
Foundation, JP Morgan Chase Foundation, KickStart Money, Kusuma Trust, London Borough of
Newham, L&Q, Man Group Charitable Trust, M&G, Money and Pensions Service, NDL
Foundation, Octopus Giving, Pantheon Charitable Trust, Paul Hamlyn Foundation, the Players of
People´s Postcode Lottery, PIMCO, The Quilter Foundation, Robertson Trust, Royal Borough of
Greenwich, St James’s Place and Swire Charitable Trust.
We have also been fortunate to receive pro bono support in the course of the year. Alexander
Beard Wealth LLP are handling our pension and staff benefit administration.
Statement of Responsibilities of the Trustees
The Trustees are responsible for preparing the annual report and the financial statements in
accordance with applicable law and regulations.  
Company law requires the trustees to prepare financial statements for each financial year.
Under that law the trustees have elected to prepare the financial 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 financial
statements unless they are satisfied 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 financial statements, the trustees are required to:  
Select suitable accounting policies and then apply them consistently;  

Observe the principles in the Charities SORP;  
Make judgements 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 financial statements;  
Prepare the financial 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 sufficient to show and
explain the Charity’s transactions and disclose with reasonable accuracy at any time the
financial position of the Charity and enable them to ensure that the financial statements
comply with the Companies Act 2006. They are also responsible for safeguarding the
assets of the Charity and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.  

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 office 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 22nd February 2022 and signed on its behalf by:
Asesh Sarkar

Independent Auditor's Report to the Members of MyBnk
Opinion
We have audited the financial statements of MyBnk for the year ended 31 August 2021 which
comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes
to the financial statements, including a summary of significant accounting policies. The financial
reporting framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard
applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting
Practice).
In our opinion, the financial statements:
give a true and fair view of the state of the charitable company’s affairs as at 31 August 2021
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 and the
Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities
Accounts (Scotland) Regulations 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 financial statements section of our report. We are independent of
the charity in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern
basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to
events or conditions that, individually or collectively, may cast significant doubt on the charitable
company's ability to continue as a going concern for a period of at least twelve months from when the
financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described
in the relevant sections of this report.

Other information
The trustees are responsible for the other information. The other information comprises the information
included in the Trustees’ 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.
In connection with our audit of the financial statements, 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 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 financial 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 includes the strategic report and
the directors’ report prepared for the purposes of company law) for the financial year for
which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report included within the Trustees’ Annual Report
have 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 identified material misstatements in the Trustees’
Annual Report (which incorporates the strategic report and the directors’ report).
We have nothing to report in respect of the following matters in relation to which the Companies Act
2006 and the Charity Accounts (Scotland) Regulations require us to report to you if, in our opinion:
adequate accounting records have not been kept by the charitable company; or
the charitable company financial statements are not in agreement with the accounting records
and returns; or
certain disclosures of trustees’ remuneration specified 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 financial 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.
Responsibilities of trustees for the financial statements
As explained more fully in the trustees’ responsibilities statement set out on page 27, the trustees (who
are also the directors of the charitable company for the purposes of company law) are responsible for
the preparation of the financial statements and for being satisfied that they give a true and fair view,
and for such internal control as the trustees determine is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the 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 is detailed below:
Based on our understanding of the charitable company and the environment in which it operates, we
identified that the principal risks of non-compliance with laws and regulations and we considered the
extent to which non-compliance might have a material effect on the financial statements. We also
considered those laws and regulations that have a direct impact on the preparation of the financial
statements such as Companies Act 2006 and the Charities Act 2011.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial
statements (including the risk of override of controls), and determined that the principal risks were
related to posting inappropriate journal entries to revenue and management bias in accounting
estimates. Audit procedures performed by the engagement team included:
Inspecting correspondence with regulators and tax authorities;

Discussions with management including consideration of known or suspected instances of
non-compliance with laws and regulation and fraud;
Evaluating management’s controls designed to prevent and detect irregularities;
Identifying and testing journals; and
Challenging assumptions and judgements made by management in their critical accounting
estimates
A further description of our responsibilities for the audit of the financial 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.

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, section 44(1)(c) of the Charities and Trustee
Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations
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.

STATEMENT OF FINANCIAL ACTIVITIES
(Incorporating Income and Expenditure account)
FOR THE YEAR ENDED 31 AUGUST 2021
Unrestricted Restricted 2021 2020

Funds Funds Total Total
Note £ £ £ £
Income from:
Donations and Legacies 2 25,467 - 25,467 100,146

Charitable activities 2 433,964 1,661,360 2,095,324 1,987,400
------------------ ----------------- ------------------ ------------------
Total income 459,431 1,661,360 2,120,791 2.087,546
========= ========= ========= =========
Expenditure on:
Raising funds 3a 34,944 126,360 161,304 158,060

Charitable activities – Educational activities 3b 314,238 1,548,209 1,862,447 1,790,509
------------------- ------------------- ------------------- -------------------
Total expenditure 349,182 1,674,569 2,023,751 1,948,569
========= ========= ========= =========
Net Movement in Funds 12 110,249 (13,209) 97,040 138,977
Reconciliation of funds
Total funds brought forward at 1 September 2020 388,382 450,286 838,668 699,691
------------------ ------------------ ------------------ ------------------
Total Funds Carried Forward at 31 August 2021 498,631 437,077 935,708 838,668
======== ========= ========= =========
The Statement of Financial Activities includes all gains and losses recognised in the year.
The previous year’s Statement of Financial Activities can be seen in note 22.
The notes on pages 36 to 43 form part of these financial statements.

BALANCE SHEET (Registered Company No: 6215005)
AS AT 31 AUGUST 2021
2021 2020
Notes £ £ £ £
FIXED ASSETS
Tangible fixed assets 9 11,055 5,859
CURRENT ASSETS
Debtors 10 103,979 137,875

Cash at bank and in hand 1,190,664 1,074,350
-------------------- --------------------
1,294,643 1,212,225
CREDITORS: amounts falling due
within one year 11 (369,990) (379,416)
-------------------- --------------------
NET CURRENT ASSETS 924,653 832,809
------------------ ------------------
TOTAL NET ASSETS 935,708 838,668
========= =========
CHARITY FUNDS
Restricted funds 12 437,077 450,286

Unrestricted funds 498,631 388,382
------------------ ------------------
935,708 838,668
========= =========
The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act
2006 relating to small companies.
The financial statements were approved and authorised for issue by the Board of Trustees on 22th February 2022
and were signed on its behalf by:
……………………………….
Asesh Sarkar
The notes below form part of these financial statements.

STATEMENT OF CASH FLOWS
2021 2020
Notes £ £
Cash flows from operating activities:

Cash flows provided by operating activities 17 124,892 373,107
Cash flows from investing activities 18 (8,578) (1,722)

----------------- -----------------
Change in cash and cash equivalents in the reporting period 116,314 371,385
Cash and cash equivalents at 1 September 2020 1,074,350 702,965

----------------- -----------------
Cash and cash equivalents at 31 August 2021 19 1,190,664 1,074,350
======== ========

NOTES ON THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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 Statement of
Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019), the Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
MyBnk meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised
at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
1.2 COMPANY STATUS

The company is a company limited by guarantee. The members of the company are Trustees named in the trustee
report. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per
member of the company.
1.3 PREPARATION OF THE ACCOUNTS ON A GOING CONCERN BASIS

Having considered future budgets and cash flows, the trustees confirm that they have no material uncertainties about
the entity’s ability to continue as a going concern for the foreseeable future.
1.4 FUND ACCOUNTING

Restricted funds are funds subject to specific restricted conditions imposed by the donor.
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of
the general objectives of the company and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
1.5 INCOME RECOGNITION

Income is included in the Statement of Financial Activities when the company is entitled to the income, it is probable
that the income will be received and the amount of income can be measured reliably.
Gifts in kind are donated for distribution and are included at valuation and recognised as income when they are
distributed to the projects. Gifts donated for resale are included as income when they are sold.
Donated facilities are included at the value to the company where this can be quantified and a third party is bearing
the cost. No amounts are included in the financial statements for the services donated by the volunteers.
Donated services or facilities, which comprise donated services, are included in income at a valuation which is an
estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is
recognised where there is no financial cost borne by a third party.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the
time of the donation.

1. ACCOUNTING POLICIES (continued)
1.6 EXPENDITURE
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate
all costs for allocation to activities.
Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with
the use of the resources.
Governance costs include those incurred in the governance of the charity in particular those costs associated with
constitutional and statutory requirements.
Fundraising costs are those incurred in seeking voluntary contributions and costs of raising grant income and do not
include costs of disseminating information in support of the charitable activities. Support costs are those costs
incurred directly in support of expenditure on the objects of the charity.
1.7 TANGIBLE FIXED ASSETS AND DEPRECIATION

All assets costing more than £300 are capitalised.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates to write off the cost of
fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures, Fittings & equipment - 25% straight line basis

Computer equipment - 25% straight line basis
1.8 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.
1.9 CASH AT BANK AND IN HAND

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.
1.11 ESTIMATION UNCERTAINTY

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

2. ANALYSIS OF INCOME Unrestricted Restricted Total Total
Funds Funds 2021 2020
£ £ £ £
Donations and Legacies income
Government grants – furlough claims 5,628 - 5,628 52,796
Donations received 19,839 - 19,839 47,350
------------------ ------------------ ------------------ ------------------
25,467 - 25,467 100,146
========= ========= ======== ========
Charitable Activities
Grants 379,994 1,661,360 2,041,354 1,965,448

Sales to educational institutions 14,320 - 14,320 19,350
Consultancy fees 39,650 - 39,650 2,602
----------------- ------------------ ----------------- -----------------
433,964 1,661,360 2,095,324 1,987,400
========= ========= ======== ========+
3a. COST OF RAISING FUNDS Direct Support Total Total

Costs Costs 2021 2020
£ £ £ £
Staff and related costs - 150,358 150,358 155,837

Other fundraising costs - 10,946 10,946 2,223
------------------ ------------------ ------------------- -------------------
- 161,304 161,304 158,060
========= ========= ========= =========
3b. CHARITABLE ACTIVITIES - 2021 Direct Support Total

Costs Costs 2021
£ £ £
Staff and related costs 1,032,682 294,671 1,327,353
Programme and evaluation costs 323,414 - 323,414
Rent, services and office costs - 177,592 177,592
Office administrative costs - 22,883 22,883
Governance costs (Note 4) - 11,205 11,205
------------------- ------------------- -------------------
1,356,096 506,351 1,862,447
========= ========= =========

3c. CHARITABLE ACTIVITIES - 2020 Direct Support Total
Costs 2020 2020
£ £ £
Staff and related costs 996,108 275,525 1,271,633
Programme and evaluation costs 313,457 - 313,457
Rent, services and office costs - 167,731 167,731
Office administrative costs - 28,928 28,928
Governance costs (Note 4) - 8,760 8,760
------------------ ------------------- -------------------
1,309,565 480,944 1,790,509
========= ========= =========
4. GOVERNANCE COSTS Unrestricted Restricted Total Total

Funds Funds 2021 2020
£ £ £ £
Audit fees 9,600 - 9,600 7,560
Accountancy 1,605 - 1,605 1,200
--------------- ---------------- --------------- ---------------

11,205 - 11,205 8,760
======= ======== ======= =======
5. NET INCOME 2021 2020

£ £
This is stated after charging:
Depreciation of tangible fixed assets:
Owned by charity 3,382 3,244
Audit fees 9,600 7,560
Accountancy 1,605 1,200
======= =======
6. STAFF COSTS 2021 2020

£ £
Staff costs were as follows:
Wages and salaries 1,175,433 1,155,391
Social security costs 107,268 101,108
Other pension costs 45,388 38,033
Freelance costs 64,289 61,436
------------------ ------------------
1,392,378 1,355,968
========= =========
No. No.
The average monthly number of employees during the year was as follows: 40 39
===== ======
1 employee received remuneration amounting to between £60,000 to £70,000 (2020 – one).
The key management personnel of the charity are considered to be the CEO, COO, Collaboration Director, Business
and Engagement Director, Expansion and Impact Director, Head of Education – School Age, Head of Education –
Young Adults and Head of Communications. The total employee benefits of the key management personnel of the
charity were £393,695 (2020: £430,762).

7. TRUSTEES’ REMUNERATION
During the period no Trustees received any remuneration, benefits, 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 fittings equipment Total
£ £ £
Cost
At 1 September 2020 1,811 44,649 46,460
Additions - 8,578 8,578
Disposals - - -
-------------- -------------- ---------------
At 31 August 2021 1,811 53,227 55,038
-------------- -------------- ---------------
Depreciation
At 1 September 2020 1,811 38,790 40,601
Charge for the year - 3,382 3,382
Disposals - - -
-------------- -------------- ---------------
At 31 August 2021 1,811 42,172 43,983
-------------- -------------- ---------------
Net Book Value
At 31 August 2021 - 11,055 11,055
======= ======= =======
At 31 August 2020 - 5,859 5,859
======= ======= =======
10. DEBTORS: due within one year 2021 2020

£ £
Trade debtors 35,434 39,077

Prepayments and accrued income 59,170 87,875
Other debtors 9,375 10,923
-------------- --------------
103,979 137,875
======= =======

11. CREDITORS: amounts falling due within one year 2021 2020
£ £
Social security and other taxes 34,875 36,632

Other creditors 2,035 26,137
Accruals 82,105 41,015
Deferred income (see below) 250,975 275,632
---------------- ----------------
369,990 379,416
======== ========
Deferred income at start of the year 275,632 166,412

Amount released to income from current activities (275,632) (166,412)
Amount deferred in the year 250,975 275,632
---------------- ----------------
Deferred income at the end of the year 250,975 275,632
======== ========
Deferred income at the end of the year relates to grants received in advance for the next accounting period.
12. MOVEMENT IN FUNDS - 2021 Brought Carried

Forward Income Expenditure Forward
£ £ £ £
Restricted funds
Education workshop delivery funds 84,966 978,110 (926,035) 137,041
The Money House funds 329,198 643,250 (708,534) 263,914
Organisation development Funds 36,122 40,000 (40,000) 36,122
--------------- ----------------- -------------------- ----------------
450,286 1,661,360 (1,674,569) 437,077
Unrestricted Funds
General 388,382 459,431 (349,182) 498,631
----------------- ----------------- --------------------- -----------------
Total funds 838,668 2,120,791 (2,023,751) 935,708
========= ======== ========== ========
13. MOVEMENT IN FUNDS - 2020 Brought Carried

Forward Income Expenditure Forward
£ £ £ £
Restricted funds
Education Workshop Delivery Funds 198,405 748,691 (862,130) 84,966
The Money House Funds 253,275 725,862 (649,939) 329,198
Education Development Funds - 214,813 (214,813) -
Organisation Development Funds 32,414 97,853 (94,145) 36,122
--------------- ----------------- -------------------- ----------------
484,094 1,787,219 (1,821,027) 450,286
Unrestricted Funds
General 215,597 300,327 (127,542) 388,382
----------------- ----------------- --------------------- -----------------
Total funds 699,691 2,087,546 (1,948,569) 838,668
========= ======== ========== ========

Education workshop delivery funds: Funds to deliver our financial education workshops Money Twist for Key Stages
2/3/4/5, Money Works and Uni Dosh.
The Money House funds: Funding to deliver The Money House project in four London boroughs.
Education development funds: Funding to develop, improve and evaluate financial education programmes for young
people.
Organisation development funds: Funding to improve our organisational systems and processes.
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted Total

2021 Funds Funds Funds
£ £ £
Fixed assets 11,055 - 11,055

Current assets 857,566 437,077 1,294,643
Current liabilities (369,990) - (369,990)
----------------- ----------------- ----------------
Net assets at 31 August 2021 498,631 437,077 935,708
======== ======== ========
15. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted Total

2020 Funds Funds Funds
£ £ £
Fixed assets 5,859 - 5,859

Current assets 761,939 450,286 1,212,225
Current liabilities (379,416) - (379,416)
----------------- ----------------- ----------------
Net assets at 31 August 2020 388,382 450,286 838,668
======== ======== ========
16. OPERATING LEASE COMMITMENTS Property

2021 2020
At 31 August 2021 the Charity had the following commitments under non- £ £
cancellable operating leases which expire in:
Less than 1 year 60,850 50,931

1 – 2 years 65,702 26,863
2 – 5 years 151,512 1,679
======== =========
17. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO 2021 2020

NET CASH FLOW FROM OPERATING ACTIVITIES £ £
Net income for the reporting period 97,040 138,977

Depreciation 3,382 3,244
Decrease in debtors 33,896 94,990
(Decrease)/increase in creditors (9,426) 135,896
---------------- ----------------
Net cash provided by operating activities 124,892 373,107
======== ========

18. CASH FLOWS FROM INVESTING ACTIVITIES 2021 2020
£ £
Purchase of tangible fixed assets (8,578) (1,722)

---------------- ----------------
Net cash (used by) investing activities (8,578) (1,722)
======== ========
19. ANALYSIS OF CASH AND CASH EQUIVALENTS 2021 2020

£ £
Cash in hand and at bank 1,190,664 1,074,350

========== ==========
20. ANALYIS OF CHANGES IN NET DEBT
At 1 September Cash flows Other non-cash At 31 August

2020 changes 2021
£ £ £ £
Cash and bank 1.074,350 116,314 - 1,190,664
======== ======== ========== ========
21. RELATED PARTIES
There were no related party transactions to be reported in the financial year (2020 – the same).
22. STATEMENT OF FINANCIAL ACTIVITIES – 2020
Unrestricted Restricted 2020

Funds Funds Total
£ £ £
Income from:
Donations and Legacies 100,146 - 100,146

Charitable activities 200,181 1,787,219 1,987,400
------------------ ----------------- ------------------
Total income 300,327 1,787,219 2,087,546
========= ========= =========
Expenditure on:
Raising funds 22,739 135,321 158,060

Charitable activities – Educational activities 104,803 1,685,706 1,790,509
------------------- ------------------- -------------------
Total expenditure 127,542 1,821,027 1,948,569
========= ========= =========
Net Movement in Funds 172,785 (33,808) 138,977
Reconciliation of funds
Total funds brought forward at 1 September 2019 215,597 484,094 699,691
------------------ ------------------ ------------------
Total Funds Carried Forward at 31 August 2020 388,382 450,286 838,668
======== ========= =========

A huge thank you to our funders
Agnes Hunter Trust, Building Society Trust, City of Westminster, David & Elaine Potter
Foundation, Gannochy Trust, Garfield Weston Foundation, Goldsmiths’ Company
Charity, Hiscox Foundation, Hymans Robertson, John Ellerman Foundation, JP Morgan
Chase Foundation, Kusuma Trust, London Borough of Newham, L&Q, M&G, NDL
Foundation, Octopus Giving, Pantheon Charitable Trust, Paul Hamlyn Foundation, the
Players of People’s Postcode Lottery, Robertson Trust, Royal Borough of Greenwich, St
James’s Place and Swire Charitable Trust.
We have also been fortunate to receive pro bono support in the course of the
year. Alexander Beard Wealth LLP are handling our pension and staff benefit
administration.
A special thank you to all our individual donors.

MyBnk is a company limited by guarantee (No. 6215005) and a registered charity (No. 1123791) - SC050175 in Scotland
It has been a pleasure working with you
Schools & Colleges The Arnewood School

The Bishops' Blue Coat Church of England High School
Hounslow London Borough
Imago Community
Amery Hill School The Burgate School and Sixth Form Into University (North Islington)
Applemore College The Elmgreen School Isle of Wight Leaving Care Team
Ark Academy Primary The Fulham Boys School Jem Services
Ark King Solomon Academy The Green School for Boys Just for Kids Law
Beis Yaakov Primary School The Green School for Girls L&Q
Bevois Town Primary School The Malling School Lambeth College
Bishop Challoner Girls’ School Tiverton Primary School Lambeth London Borough
Blackwood Primary School Tree Tops Primary Academy Lancashire Fire and Rescue
Brighstone Church of England Aided Primary University of Winchester Leaders in Community (LIC)
School Walthamstow School for Girls Lewisham London Borough
Broadmead Primary School Waterside Primary Academy Liverpool Education Employment Partnership
Cannon Lane Primary School West Acton Primary School Look Ahead
Capel Manor Primary School Whitchurch Primary School & Nursery London Community Rehabilitation Company
Caterham High School Wingfield Primary School Marsha Phoenix Memorial Trust
Chobham Academy Marvellous Care
City of London Academy Highbury Grove MCRS Care
Clifton Primary School Local Authorities & Youth Meridian Money Advice
Colinton Primary School
Crosshouse Primary School
Organisations Merseyside Fire & Rescue Service
Merton London Borough
Dog Kennel Hill School METRO Charity
2-3 Degrees
Dorothy Barley Junior Academy National Probation Service
Aberdeenshire Council Supported Lodgings
Dover Park Primary School NCY TRUST
Above Beyond Care Ltd
Eton College Nelbro Group
Adviza Training
Flora Gardens Primary School Netpex
AFC Bournemouth Community Sports Trust
Forthview Primary School New College of the Humanities
Ayrshire College (Ayr, Kilmarnock and Kilwinning
Foulds School Newham London Borough
Campus)
Fulham School Notting Hill Genesis
Barnado’s (Dundee, Edimburgh, Paisley,
Gurnard Primary School One Housing Group
Inverness)
Guru Nanak Sikh Academy On Route Youth Employability Service
Barnet London Borough
Haberdashers’ Aske’s Crayford Academy Orchid Place Ltd
BCP Council
Haimo Primary School Own Life
Bexley London Borough
Henry Beaufort School Palace for Life Foundation
Blackburn Rovers Community Trust
Hewens College Pathways to Independence UK
Blackpool FC Community Trust
Hollydale Primary School Pause
Broadwater Farm Community Centre
Hugh Baird College Peabody
Brent London Borough
John Hanson Community School Poplar HARCA
Bromley London Borough
Judd School Progressive Mindz
CAB Woolwich
Kingsmoor Academy Queens Park Rangers Football Club
Cambridge House
Lancaster Royal Grammar School Quo Vadis Trust
Capstone Foster Care
Linaker Primary School Redbridge London Borough
CARAS
Longstone Primary School Refugee Support Network
Cardinal Hume Centre
Lyne and Longcross CofE Aided Primary School Richmond and Wandsworth Council
Caritas Anchor House
Mab Lane Junior Mixed and Infant School Rotherham Council
Catch 22
Mansbridge Primary School Royal Borough of Greenwich
CAYSH
Meadow Park School Royal Borough of Kingston-upon-Thames
Centre 63
Mossbourne Community Academy Saints Foundation
Centrepoint
Much Woolton Catholic Primary School Salford City College
Cheshire Fire & Rescue Service
Mulberry School for Girls Single Homeless Project
Circle Collective
New City College Skills for Growth
City of Glasgow College
Noadswood School Southern Housing Group
Coin Street
Olivers Battery Primary School South Thames College
Committed Care House
Our Lady of the Visitation Catholic Primary Sch St Ignatius Housing Association
Coram
Our Lady's R.C. Primary School Stonewall Housing
Croydon London Borough
Parsloes Primary School Supporting Young Future
CXK
Preston Manor School Sutton London Borough
Defoe Group CIC
Ravens Wood School Southwark London Borough
Depaul UK
Regents Park Community College St Christopher's Fellowship
Dorset & Wiltshire Fire and Rescue
Rendlesham Primary School The British Army
DRIVE Forward Foundation
Richard Taunton Sixth Form College The Change Foundation
Dumfries & Galloway College – PT Team
Riverside School The Fostering Network
Ealing London Borough
Robert Fitzroy Academy The Passage
East Riding of Yorkshire Council
Roding Primary School The House Project Manchester
Edinburgh College
Rokeby School The Prince's Trust
Elliot Leigh
Royal Greenwich Trust School The Prince's Trust Wolfson Centre
ELATT - Connected Youth
Rudston Primary School Think Forward
Enham Trust Charity
Ryde Academy Sixth Form Tottenham Hotspur Foundation
Esland Care
Saint Louise Primary School Tower Hamlets London Borough
Essex County Council
Saint Mary's Catholic Primary School, Voyage Youth
EY Foundation
Loughborough Waltham Forest London Borough
Family Action Rogerfield Easterhouse
Saint Thomas More Language College Way4ward
Family Mosaic
Salford City College West College Scotland PT Team
Fife College - (Dunfermline and Stention
Scotts Park Primary School West Ham United Foundation
Campus)
Shalfleet Church of England Primary School Westminster City Council
Gateway Independent Living
Sheringham Primary School Widnes Vikings Education
Glasgow Clyde College
Smithdown Primary School Wigan Youth Zone
Global Academy
South Bank Engineering UTC XLP
Go! Youth Trust
South Rise Primary School YMCA (East Surrey, Tayside)
Greater London Authority (GLA)
Southfield Primary School
Groundwork BBOR Young Futures
St Brendan's Primary School
St Cuthbert's Catholic Primary and Nursery Sch
Groundwork CLM Youth Fed
Groundwork Greater Manchester
St George's Catholic School
Hackney London Borough
St James Senior Girls' School
Hammersmith & Fulham London Borough
St Jude's CofE Primary School
Hampshire County Council
St Mary's Catholic Junior School
Hampshire Fire and Rescue Service
St Mary's Catholic Primary School
Haringey London Borough
St Peter's Catholic School
Harrow London Borough
St Sebastian's Catholic Primary School and Nursery
Havering London Borough
St Teresa Catholic Primary School
HCUC (Harrow College & Uxbridge College)
Stanhope Primary School
Highbury College
Starks Field Primary School
Homes for Haringey
Stationers' Crown Woods Academy

MyBnk is a company limited by guarantee (No. 6215005) and a registered charity (No. 1123791) - SC050175 in Scotland

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Annual Report

Who are we?

MyBnk is a UK charity that delivers expert-led financial education programmes to 5-25-

“A financially capable generation.”

Laugh As You Learn at MyBnk, bringing money to life

Driven at MyBnk, being relentless in the pursuit of our

Straight Up at MyBnk, telling it how it really is –

www.mybnk.org - [email protected] - 020 3581 9920 - © MyBnk 2022

MyBnk continues to play a hugely valuable role in society, as the

Asesh Sarkar, Chair of MyBnk.

Three quarters of training delivered was in-depth, accredited

We reviewed outcomes for males and females of different ages in the

Guy Rigden, CEO, MyBnk

www.mybnk.org - [email protected] - 020 3581 9920 - © MyBnk 2022

Trustees’ Report Page 2-28

Reference & Administrative Details

Asesh Sarkar (Trustee and Chair)

CEO: Guy Rigden

Company Secretary: Manfred Meyer

Company Registered Number: 6215005

Charity Registered Number, in England and Wales: 1123791, in Scotland: SC050175

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

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

www.mybnk.org - [email protected] - 020 3581 9920 - © MyBnk 2022

Beyond delivering programmes, we use our Delivering Education:

Under 25s who grew up in the least-

www.mybnk.org - [email protected] - 020 3581 9920 - © MyBnk 2022

MyBnk provides a range of expert-led financial education programmes for 5-

Money Twist Key Stage 1 (MTKS1)

Money Twist Key Stage 2 (MTKS2) / P3 – 6 in Scotland)

Money Twist Key Stage 3/4/5 (MTKS3/4/5)

Uni Dosh (UD)

Aimed at 16-18 year olds considering going to university. A comprehensive

www.mybnk.org - [email protected] - 020 3581 9920 - © MyBnk 2022

Money Works (MW)

The Money House (TMH)

www.mybnk.org - [email protected] - 020 3581 9920 - © MyBnk 2022

Specialist: Delivered and created by experienced trainers.

Unique: We embrace innovative teaching methods to maximise learning.

Participatory: Young people learn by doing. MyBnk’s materials and programmes

We continued to develop online and virtual adaptations of programmes so that every

www.mybnk.org - [email protected] - 020 3581 9920 - © MyBnk 2022

Youth Participation – School Age

Youth Participation – Young Adults

We encouraged young people to participate after course completion in areas such

www.mybnk.org - [email protected] - 020 3581 9920 - © MyBnk 2022

MyBnk is committed to fostering an inclusive working and learning environment that

Building on recommendations from an externally facilitated Anti-Racism Committee, we

www.mybnk.org - [email protected] - 020 3581 9920 - © MyBnk 2022

In a year affected by the pandemic, we increased training delivered by 30%,

Scotland was a stand-out, growing 82%, the North West grew

Although all Money Twist programmes (KS2-5) were adapted

Due to growing demand in Scotland, we strengthened our training team accordingly. We

www.mybnk.org - [email protected] - 020 3581 9920 - © MyBnk 2022

MyBnk’s online learning platform hosts home school

Total hours of training delivered

79% in out of school settings. Generally, with vulnerable

Hours of training delivered per region (ex. TMH)

Greater London: 1,496 = 61%.

South East: 464 = 14%. 201

Select suitable accounting policies and then apply them consistently;  