upReach Annual Report 2023-24 - Report - Page 37
Trustees’ Annual Report (Continued)
For The Year To 31 July 2024
We were incredibly proud to be recognised for our work with students in collaboration with
some of our esteemed partners. After launching the Thrive Academy programme in partnership
with iQ Student Accommodation, we were thrilled to be awarded Social Impact Initiative of the
Year at the Student Accommodation Awards. We were also ‘Highly Commended’ for the Social
Mobility Initiative of the Year at the British Diversity Awards, alongside our strategic partner,
Bank of America.
Financial Review
In the 2023/24 昀椀nancial year, our income grew by 10% to £4,176,801 (2023 = £3,798,756)
of which £58,435 was attributable to Gifts in Kind (2023 = £97,800). Excluding Gifts in Kind,
income was £4,118,366, an increase of 11% on the previous year (2023 = £3,700,956).
Expenditure during the period was £4,037,691, an increase of 5% on the previous year
(2023 = £3,854,770), of which £58,435 was attributable to Gifts in Kind (2023 = £97,800).
Excluding Gifts in Kind, expenditure was £3,979,256, a 6% increase on 2023 (£3,756,970).
Overall, the Charity generated a surplus of £139,110 for the 2023/24 昀椀nancial year, compared to
a de昀椀cit of £56,014 in the previous annual period. After the exceptional in昀氀ationary pressures in
2022/23, and the subsequent impact on our 昀椀xed costs during that time, it is reassuring that we
have been able to return to surplus in 2023/24 and rebuild our Reserves, enabling the Charity to
sustainably support future growth in line with our 2027 strategy.
As of 31st July 2024, there was a cash balance of £1,686,534, an increase of £505,258 (43%)
from the opening balance of £1,181,276 at the prior year-end.
Reserves Policy
Reserves are needed to bridge the funding gaps between expenditure on charitable activities
and receiving income through donations and fees, as well as enabling upReach to ful昀椀l its
昀椀nancial obligations in the event of unforeseen circumstances.
The Charity aims to ensure that over a projected 12-month period, the consolidated unrestricted
available cash of upReach Charitable Company and its wholly owned subsidiary, upReach
Services Ltd, remains the higher of:
a)
Three months unrestricted expenditure (forward-looking); and
b)
Our estimated Costs of Closure, plus 20% contingency.
Unrestricted available cash at year-end totalled £955,193 (Unrestricted cash of £546,216 plus
£408,977 of deferred income which would be recognised during a 2-month wind-down period,
as per our policy, to provide continued support to our bene昀椀ciaries during this time). This is above
our solvency targets of 3 months unrestricted expenditure (£454,356) and the estimated Costs of
Closure including 20% contingency (£787,581).
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