MyBnk Annual Report 2021
MyBnk Annual Report 2021
MyBnk Annual Report 2021
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.
Our Mission
To empower young people to take charge of their future by bringing money to life.
Our Vision
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.
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.
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.
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.
Trustees:
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.
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:
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MyBnk is a company limited by guarantee (No. 6215005) and a registered charity (No. 1123791) - SC050175 in Scotland 4
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.
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
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.
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.
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.
These programmes equip young adults with 'survival' money skills and knowledge that
they can implement immediately in their transition into independent living.
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.
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
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 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.
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.
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.
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.
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
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.
Since 2007, MyBnk has worked to secure the best possible outcomes for each
of the 292,000 young people we have supported.
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
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
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
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
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
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.
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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.
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.
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.
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.
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.
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.
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
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.
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).
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.
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.
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.
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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
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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.
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 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.
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:
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
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).
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.
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.
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.
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.
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.
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.
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
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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.
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:
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.
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.
For and on behalf of Haysmacintyre LLP, Statutory Auditors, 10 Queen Street Place, London, EC4R
1AG.
Income from:
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.
AS AT 31 AUGUST 2021
2021 2020
Notes £ £ £ £
FIXED ASSETS
CURRENT ASSETS
CHARITY FUNDS
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
2021 2020
Notes £ £
1. ACCOUNTING POLICIES
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).
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.
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.
1.6 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.
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:
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.
The average monthly number of employees during the year was as follows: 40 39
===== ======
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).
During the period no Trustees received any remuneration, benefits, nor were reimbursed any expenses.
8. TAXATION
Deferred income at the end of the year relates to grants received in advance for the next accounting period.
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.
There were no related party transactions to be reported in the financial year (2020 – the same).
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
======== ========= =========
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.