THE MAYOR’S FUND FOR LONDON · The Mayor’s Fund for London exists to give disadvantaged young Londoners the skills and opportunities to get a decent job, escape the threat of

THE MAYOR’S FUND FOR LONDON

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

Company Number: 6621189

Charity Number: 1124833



CONTENTS Pages

Legal and administrative information 3

Trustees’ report 4

Independent auditors’ report 11

Statement of Financial Activities 12

Balance sheet 13

Notes to the financial statements 14



2

Patron

Boris Johnson, Mayor of London

Directors and Trustees

The directors of the charitable company (the “Fund”) are its Trustees for the purpose of the charity law and

throughout this report are collectively referred to as the Trustees.

The Trustees at the date of this report are as follows:

Paulette Rowe (Chair)

Ana Botin

Robert E Diamond Jr.

Lord Stanley Fink 1,3

Lesley King-Lewis 2,3

Ian Livingstone 1

Harvey McGrath 4

Ian Mukherjee 3

Stephen O’Brien 2

Michelle Pinggera 1,4

Tim Roberts 2

1 Member of the Finance, Risk and Audit

Committee 2 Member of the Programme Committee 3 Member of the Fundraising Committee 4 Member of the Personnel Committee

Chief Executive Officer Matthew Patten

Company Secretary John Barnes FCA

Charity Number 1124833

Company Number 6621189

Principal and Registered Office City Hall

The Queen’s Walk

London

SE1 2AA

Auditors haysmacintyre

26 Red Lion Square

London

WC1R 4AG

Bankers Barclays Bank PLC

1 Churchill Place

London

E14 5HP



3

The Trustees are pleased to present their report together with the financial statements of the Charity for the

year ended 31 December 2014.

ABOUT THE MAYOR’S FUND FOR LONDON

The Mayor’s Fund for London exists to give disadvantaged young Londoners the skills and

opportunities to get a decent job, escape the threat of poverty and play a full part in London’s future

as the greatest city on Earth.

The children and young people of London are its future, yet 4 in every 10 young Londoners live in

poverty. We believe the best way out of poverty is a decent job.

The year under review saw significant developments in the Fund’s activities, including:

New projects and increased activities targeted at the Charity’s three priorities:

o Health and Well-being - Helping young

Londoners to be engaged, healthy and

motivated to learn

o Core Skills - Extra support for skills

which employers say are absolutely

essential,

particularly numeracy and literacy

o Employment - Supporting employers to

create decent and sustainable career

prospects for young Londoners

Continued expansion of charitable activities across Greater London, with day-to-day activities

in all 33 boroughs

Broader fundraising and promotional relationships to enhance the sustainability of

the Charity’s activities and support other not-for-profit organisations working to enhance the

prospects of young Londoners

The Charity was founded in 2008 as an independent, non-political charity with the Mayor of London as

Patron. We are grateful for Mayor Boris Johnson’s tireless support of our activities and the young

Londoners we serve.

Charitable Activities

The Fund’s principal charitable activities in 2014

are summarised in Figure 1. These activities were

informed by two primary sources of evidence:

Areas of economic disadvantage in London –

as defined by the GLA’s Intelligence Unit

What employers want from young people – as

defined by employer and other business

surveys (eg. CBI)

2014 Charitable Highlights

Over 25,000 programme interventions

benefiting young Londoners

307 London Primary and Secondary schools

33 London boroughs

495 young people supported into

employment

Working with 170 London employers

Figure 1. 2014 Overview of Charitable Activities



4

1. HEALTH & WELL-BEING

Mayor’s Fund for London School Breakfast Clubs

Mayor’s Fund for London, in partnership with Magic Breakfast & Greggs, is delivering two individual 3-year

programmes commissioning healthy breakfast provision to London primary school children where a high

proportion of pupils are eligible to receive free school meals. These programmes support hungry children in

school who are often unable to concentrate in class, which can be a barrier to education.

65 London primary schools across 17 boroughs have been supplied with healthy and nutritious

breakfasts

3,229 children are receiving a healthy breakfast each school day

17 London boroughs have been impacted – Bexley, Camden, Ealing, Enfield, Greenwich, Hackney,

Havering, Hounslow, Islington, Kensington and Chelsea, Lambeth, Lewisham, Newham, Southwark,

Tower Hamlets, Wandsworth, Westminster

One school is now fully sustainable having been self-financing from September 2014 and a further 8

schools are working towards a January 2015 start for testing sustainability models

Based on a sample of 24 school s in 2014, teachers reported 100% improvement in pupil

attendance at school as a result of attending the breakfast club and 95% of pupils showed increased

energy and concentration in class1

Mayor’s Fund for London Holiday Breakfast Clubs

In the summer of 2014, Mayor’s Fund for London delivered a 1-year pilot to commission breakfast provision

outside term time to organisations operating during the school holidays.

In partnership with Kellogg’s we provided funding to existing local organisations in the 6 growth boroughs to

host breakfast over the summer holidays for children between the ages of 5-11 affected by the five ‘pathways

to poverty’ identified by the Centre for Social Justice.

5 holiday clubs provided breakfast to children during the summer

2,678 children were fed breakfasts across the five holiday clubs

6 London Growth boroughs have been impacted – Barking and Dagenham, Greenwich, Hackney,

Newham, Tower Hamlets and Waltham Forest

All clubs reported an improvement in attendance after the introduction of the breakfast scheme

Be the Best You Can Be (BTBYCB)

Be The Best You Can Be, delivered by 21st Century Legacy and supported by Taylor Wimpey, aims to

engage and raise the aspirations of young Londoners, many of whom have limited sense of their potential.

Using Olympic and Paralympic athletes as part of the London 2012 Legacy, the programme enhances the

skills of teachers to engage and empower their pupils.

Over the next three years, BTBYCB will reach 50,000 children in 250 schools across London. Since

December 2013 has reached:

36 London primary and secondary schools are currently engaged in the programme

8,035 children and young people are being supported to engage and raise their aspirations

21 London boroughs have been impacted – Ealing, Redbridge, Enfield, Tower Hamlets, Hackney,

Southwark, Islington, Havering, Waltham Forest, Haringey, Hounslow, Wandsworth, Barnet,

Westminster, Lambeth, Greenwich, Barking & Dagenham, Bexley, Richmond, Croydon, Sutton

18 London Olympians, Paralympians, High Achievers and 12 Life coaches have delivered teacher

training sessions to participating schools

1 July 2014 Magic Breakfast Annual Monitoring and Measuring



5

Theatre of Law

Delivered in partnership with the National Centre for Citizenship and Law (NCCL), Theatre of Law teaches

school children about the law and justice system, where pupils explore issues around crime and the

consequences of breaking the law through activities and role-play. During 2015, Theatre of Law will engage a

further 960 primary and secondary school children in 8 additional schools. Since March 2014 to December

2014:

22 London primary and secondary schools have participated in the programme.

1,140 children have participated in real court situations

12 London boroughs have been impacted - Barnet, Brent, Croydon, Greenwich, Hackney,

Harrow, Islington, Lewisham, Newham, Tower Hamlets, Wandsworth, Westminster

NCCL’s 2014 Evaluation report revealed that 85% of the participants said they knew a lot more

about how crime affects people. This shows a 52% increase in participants’ knowledge about the

affect crime has on people prior to participating in the project

88% of teachers found that the project helped raise students awareness about how crime impacts

on individuals and society, the consequences of crime, and how students can learn to avoid it in their

lives2

2. SKILLS

Inspiring Reading

Delivered in partnership with Beanstalk and part of the Evening Standard’s ‘Get London Reading’ Campaign,

Inspiring Reading supports children who are falling behind in reading. Literacy is a core skill for employers

while illiteracy is closely linked to long-term unemployment, ill-health and crime. Inspiring Reading places

reading volunteers into schools to support children to get back on track.

During the school year, over 50% children on the programme made over 3 sub-levels progress with 1-in-3

making 2 sub-levels progress. Over the course of four years, the project will support 2,160 children in 95

schools. Since its launch in 2012, the project has been delivered to:

78 London primary schools have been engaged in the programme

1,524 children have received reading support

201 Reading Helpers have volunteered to support children with their reading

10 London boroughs – Islington, Lambeth, Hackney, Lewisham, Newham, Camden, Tower

Hamlets, Croydon, Southwark, Haringey

Step Up

Step Up is a transition project providing academic support to underachieving students in secondary schools.

Delivered in partnership with Shine, it provides practical literacy and numeracy support, together with

science and wider enrichment activities over two years.

3 secondary schools are currently participating in the Programme

360 students are being supported with their transition from primary school

3 London boroughs – Croydon, Ealing and Greenwich

‘The students are really enjoying the sessions because they are learning without realising. The teachers are

very committed to the ethos of the project and the student mentors are amazing. We have already created a

really relaxed but industrious atmosphere each Saturday that encourages all the students to feel positive

about themselves’ – Acton High School Project Manager

2 NCCL Evaluation Report August 2014



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Mayors’ Fund for London Count on Us

The Count on Us numeracy programme was designed by the Mayor’s Fund for London in consultation with

the National Numeracy Trust, City Bridge, schools and other practitioners, in response to the lack of co-

ordinated London-wide programme. Like literacy, numeracy is a core skill required by employers and

innumeracy is closely linked to unemployment, crime and disadvantage.

Count on Us comprises 3 elements:

1. Maths Clubs

2. Maths Challenge

3. Maths Parents (commences in 2015)

Count on Us Maths Clubs

These sustainable maths clubs provide opportunities for primary school children to take part in maths

activities in a fun and safe environment, outside the formal curriculum during lunchtime or after school.

Over the next 3 years we will work with 2,000 children in 24 schools.

14 primary schools have been engaged

390 children have received numeracy support

7 London boroughs – Bromley, Croydon, Enfield, Greenwich, Newham, Southwark, Tower

Hamlets

Plans for best practice dissemination have begun, including analysis of the most effective ways to

share learning from the project to London schools, at no cost to the schools.

Count on Us Maths Challenge

This is a fun pan-London schools mental maths competition which combines a series of mental arithmetic

and problem solving games to improve confidence and academic performance. The competition culminates

in finals held at City Hall. Since the project started in 2014:

104 schools have participated in the competition and attended City Hall

Over 7,000 children have played the 24 game during class lessons with 312 children representing

their schools for the competition

20 London boroughs – Brent, Barking and Dagenham, Croydon, Enfield, Greenwich,

Hammersmith and Fulham, Hillingdon, Hounslow, Islington, Kensington, Kingston, Lambeth,

Lewisham, Newham, Redbridge, Southwark, Tower Hamlets, Waltham Forest, Westminster

95% of teachers reported that pupils’ confidence in maths has increased following their participation

in the Count on Us Challenge

3. EMPLOYMENT

Young London Working

Young London Working, supported by Goldman Sachs and Jobcentre Plus, aims to provide young Londoners

with the support and opportunity to secure a good quality job.

The programme connects employers with young Londoners and a network of providers in London, creating

pathways to decent jobs, apprenticeships and work experience.

1,140 young people have been supported into employment

170 employers have been engaged since 2013

15 London boroughs – Barking and Dagenham, Greenwich, Islington, Newham, Waltham Forest,

Hackney, City of London, Lambeth, Southwark, Westminster, Brent, Enfield, Haringey, Lewisham,

Tower Hamlets



7

Tech City Stars

In 2014 Tech City Stars gave young Londoners the opportunity to secure a digital apprenticeship, City &

Guilds Level 3 NVQ and employment in London’s fast-growing tech sector. It provides companies working

in the burgeoning Tech City/Old Street area of London with a turnkey process to employ talented local

apprentices. Delivered in partnership with London Citizens and Optimity, Tech City Stars has worked with:

600 young Londoners aged 17-14

40 apprenticeships have been secured by young people on the programme

Pathway into an employer-led pilot sponsored by the UK Commission for Employment and Skills and

supported by L&Q, to engage 318 young Londoners in Level 2 and 3 apprenticeships

Creativity Works

Creativity Works is a 3-year programme supported by the Berkeley Foundation that provides specific skills

and work experience for young London NEETs in a range of creative industries. Over 3 years, the

programme aims to reach 3,288 young Londoners aged 17-24 years old, with 288 re-engaging in education,

employment or training and 528 participating in the programme’s events. Since the programme began in the

summer of 2014:

52 young people have directly participated and moved into employment, further education or gained

an Arts award NVQ qualification

3 projects have been delivered - Fashion and Design, Hounslow Outdoor Event, Punch Drunk

Manor in Barking and Dagenham

3 London boroughs –Hackney, Hounslow, Barking and Dagenham

As a result of participating the Creativity Works Fashion project, one young person secured a 6-

month internship with Paris Vogue

PAN-PORTFOLIO PROGRAMMES

City Pitch

Supported by Santander, City Pitch gives young Londoners the opportunity to secure funding for community

projects led by them. As part of the process, they receive mentoring to develop their proposals and

presentation skills before pitching their ideas to a panel of experts in front of an audience of their peers and

supporters.

The programme aims to lead a legacy of change across disadvantaged London communities and have a

positive impact in the lives of 2,100 young people and create meaningful engagement and volunteering

opportunities for over 125 Santander’s employees.

145 young people have been engaged in the pitching process

157 additional young attended the pitch events as spectators and supporters

4 City Pitch Events have been delivered in City Hall since 2013



8

FUTURE PLANS

Looking forward, the Mayor’s Fund for

London has a 3-year planned pipeline of

charitable activities across Greater

London focused on its 3 priority areas of

Health and Wellbeing, Core Skills and

Employment. Figure 2 summarises key

elements in 2015.

Healthy Holidays 2015

Over the next two years Mayor’s Fund

for London, in partnership with

Lambeth, will develop a strategic

approach to food poverty work in the borough of Lambeth.

Funded by the Innocent Foundation,

Healthy Holidays will provide small grants to community based organisations to deliver healthy food

provision for children and young people in the borough during the school holidays.

500 children and young people will receive healthy holiday meals in their local clubs over the two

years

300 children’s parents will be given nutritional advice and support per week

1 borough - Lambeth

Count on Us Challenge – Secondary Schools

Fun pan-London schools mental maths competition with the finals held at City Hall in summer 2015.

Combining a series of mental arithmetic and problem solving games, the Secondary Challenge will develop

secondary school pupils’ (13 and 14 year olds) mathematical fluency and improve their academic

performance.

48 secondary schools will participate in the project

2,880 pupils will be engaged in the Secondary Challenge

Count on Us Parental Engagement

Count on Us Parents recognises the essential role parents and carers have in supporting numeracy learning

and attitudes. The project is designed to meet a variety of challenges in this area, from re-engagement with

the school to intensive support at home. Over the next year, we will work with:

Up to 10 secondary schools in London

TECH-UP NATION

The next phase of the Tech City programme will be an employer-led pilot funded by UKCES and supported

by L&Q and Bank of America Merill Lynch.

Tech-Up Nation will work with employers based in and around Tech City/Old Street to design a bespoke

programme for the technology industry to improve the job readiness of young Londoners. As part of the

programme, 2 new qualifications are being developed for the tech sector to be rolled-out nationally.

1,680 young Londoners will receive careers guidance

328 will improve employability skills

224 will access apprenticeships

229 will engage in employment, training or education

2 new qualifications will be created

Figure 2. 2015 Overview of Charitable Activities



9

FUNDRAISING & COMMUNICATIONS

The period under review saw a further increase in the Charity’s fundraising and communications

activities.

2013 saw a step-change in the Fund’s approach to fundraising and communications, resulting in a

broader portfolio of corporate and individual supporters, trusts and foundations and events, together

with growing awareness of its activities.

2014 saw the continuation and consolidation of this process. The Mayor’s Fund for London is very

grateful to the companies, trusts, foundations and donors whose generous support enables us to have

such a positive impact on the lives of so many young Londoners from disadvantaged backgrounds.

2014 also saw the Mayor’s Fund launch a new public fundraising programme, Penny for London,

designed to allow Londoners make micro-donations when paying contactlessly at nominated retail

outlets (eg. to travel on the tube or buy a coffee). This world-first, highly innovative project,

developed with BarclayCard and Transport for London, has already attracted interest from other cities

around the world. The proceeds of Penny for London will be shared with other not-for-profit

organisations working to enhance the prospects of young Londoners from disadvantaged backgrounds.

The Mayor’s Fund for London continued to increase its public profile to support its work and

champion young Londoners. Campaigns included London’s Biggest Breakfast, the Fund’s new

Employment Awards, City Pitch and Penny for London, together with many announcements and

updates about its charitable projects and partners.

Of particular note is the Fund’s Youth Board, launched in 2014, which has quickly become an

important part of the Charity’s activities. The Board meets regularly with individual members

frequently supporting and speaking at a wide variety of events and activities. We are very grateful for

the time and support of the Youth Board.

The Fund was also active in supporting and connecting with other organisations working with young

Londoners, hosting and participating in a wide range of joint conferences, seminars and briefings.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Mayor’s Fund for London is a company limited by guarantee governed by its Memorandum and Articles,

and was incorporated on 16 June 2008. It is registered as a charity with the Charity Commission.

Appointment of trustees

The Trustees at the date of this report are shown on page 1. The Charity welcomed Alisa Swidler as a new

Trustee in March 2015.

Trustee induction and training

Prior to appointment, the Trustees are informed about the organisation, its aims and plans and their

responsibilities as Trustees. They are kept up to date on developments within the Fund, on child poverty in

London and in the Charity Sector generally as appropriate.



10

Organisation

The Board of Trustees administers the charity. The Chief Executive Officer has delegated authority for

operational matters, including finance within agreed limits.

The Board has the following subcommittees, each chaired by a Trustee:

Finance, Risk and Audit Committee

The committee, chaired by Lord Fink, meets 3 times a year and is responsible for:

- Appointing and reviewing the performance of the external auditors

- Reviewing the annual financial statement

- Reviewing risk and controls within the Fund

Programme Committee

The committee, chaired by Tim Roberts, meets 4 times a year and is responsible for:

- Reviewing existing projects,

- Reviewing projects under development

- Considering possible future projects and making recommendations to the Board.

Fundraising Committee

The committee, chaired by Ian Mukherjee, meets 4 times a year and is responsible for:

- Approving the fundraising plan

- Approving the marketing and communications

- Monitoring and directing the progress of fundraising, marketing and communication

- Maintaining the policy on the Ethics of Donors

Personnel Committee

The committee, chaired by Harvey McGrath, meets twice a year and is responsible for:

- Reviewing staffing levels and performance development

- Overseeing the appointment procedure for senior staff.

- Reviewing remuneration and benefits

- Overseeing policies for staff discipline, grievance and capability.

Risk Management

The Finance, Risk and Audit Committee has reviewed the major risks within the charity and is satisfied that

adequate strategies and controls are in place to mitigate those risks. This has been formally documented

within the Charity’s risk register.

Public Benefit

The Trustees have paid due regard to Charity Commission guidance in determining the activities of The

Mayor’s Fund for London.



11

FINANCIAL ACTIVITIES AND RESULTS

The Fund received incoming resources totalling £2,712,156 during the year to 31 December 2014 (2013:

£2,115,278). This included restricted income of £1,108,890 (2013: £982,717) and unrestricted income of

£1,603,266 (2013: £1,132,561).

We spent £1,966,807 on our projects during 2014 (2013: £1,365,680). Other costs, including donated

services amounted to £252,920 (2013: £260,531), consisted primarily of staff costs, office rental and other

overheads.

We endeavour to work to the Prompt Payment Code wherever possible and aim to settle all supplier

accounts and grant applications within 10 working days of the agreement of the invoice or claim.

We are an accredited employer of The Living Wage Foundation.

Reserves

We had unrestricted general reserves of £654,036 at 31 December 2014 (2013: £736,608). The Finance,

Risk and Audit Committee has reviewed the financial position and agreed that the current level of general

reserves is necessary and adequate to covering the following requirements:

The need to maintain adequate working capital to cover everyday income flows and overheads

The set up and development costs of various large-scale fund raising events and other projects

Ensuring the continuity of multi-year interventions and the support of our beneficiaries and partners

Ensuring that resources are maintained for the most appropriate of interventions giving the

maximum impact



12

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also the directors of the charitable company for the purposes of company law) are

responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable

laws 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 incoming resources and application of

resources, including the income and expenditure, of the charitable company for that period. In preparing the

financial statements, the Trustees are required to:

select suitable accounting policies and apply them consistently;

observe the methods and principles in the Charities SORP;

make judgements and estimates that are reasonable and prudent;

state whether applicable UK 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 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 charitable company’s transactions and disclose with reasonable accuracy at any time the financial

position of the charitable company and enable them to ensure that the financial statements comply with the

Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and

hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as we are aware:

There is no relevant audit information of which the charitable company's auditor is 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 auditor is aware of that information.

AUDITOR

haysmacintyre has expressed its willingness to continue in office and a resolution for its reappointment will

be adopted by the board.

SMALL COMPANIES EXEMPTION

This report has been prepared in accordance with the special provisions for small companies under Part 15

of the Companies Act 2006.

On behalf of the Board

Paulette Rowe

Chair



13

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE MAYOR’S FUND FOR LONDON

We have audited the financial statements of The Mayor’s Fund for London for the year ended 31 December 2014

which comprise the Statement of Financial Activities, the Balance Sheet and the related notes. The financial reporting

framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards

(United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of

the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's

members those matters we are required to state to them in an Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinion we have formed.

Respective responsibilities of Trustees and auditor

As explained more fully in the Statement of Trustees Responsibilities, 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. Our responsibility is to audit and express an opinion on the

financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those

standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the financial statements

A description of the scope of an audit of financial statements is provided on the Financial Reporting Council’s website at

www.frc.org.uk/auditscopeukprivate.

Opinion on financial statements

In our opinion the financial statements:

give a true and fair view of the state of the charitable company's affairs as at 31 December 2014 and of its

incoming resources and application of resources, including its 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.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Trustees' Report for the financial year for which the financial statements are

prepared is consistent with the financial statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to

you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received

from branches not visited by us; or

the 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 take advantage of the small companies exemption in preparing the Trustees’

Annual Report incorporating the Strategic Report.

Richard Weaver

Senior Statutory Auditor

for and on behalf of haysmacintyre 26 Red Lion Square

Statutory Auditor London

WC1R 4AG

19 March 2015



14

STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating Income and Expenditure account)

Unrestricted Restricted Total funds Total funds

Funds Funds 2014 2013

Notes £ £ £ £

INCOMING RESOURCES

Incoming resources from generated

funds:

Voluntary income 3 806,621 1,025,166 1,831,787 1,782,688

Activities for generating funds 4 788,750 83,724 872,474 328,312

Investment income – bank interest receivable 7,895 - 7,895 4,278

-------------------- ----------------- ------------------- ------------------

Total incoming resources 1,603,266 1,108,890 2,712,156 2,115,278

---------------------- ---------------------- ---------------------- ----------------------

RESOURCES EXPENDED

Costs of generating funds:

Costs of generating voluntary income 5 252,920 - 252,920 260,531

Costs of activities for generating funds 6 617,226 - 617,226 108,555

Charitable activities 5 764,986 1,201,821 1,966,807 1,365,680

Governance costs 5 50,706 - 50,706 47,946

------------------- ------------------ ------------------- -------------------

Total resources expended 1,685,838 1,201,821 2,887,659 1,782,712

---------------------- --------------------- ---------------------- ----------------------

Net (outgoing) incoming resources (82,572) (92,931) (175,503) 332,566

Total funds brought forward 736,608 760,700 1,497,308 1,164,742

------------------ ----------------- ------------------- -------------------

Total funds carried forward 654,036 667,769 1,321,805 1,497,308

======== ======== ========= =========

All incoming resources and resources expended derive from continuing activities. There were no recognised gains or

losses, other than those included in the Statement of Financial Activities, during the current and previous year.

The notes on pages 13 to 17 form part of these financial statements.



15

BALANCE SHEET

2014 2013

Notes £ £ £ £

FIXED ASSETS

Tangible fixed assets 11 - 5,069

CURRENT ASSETS

Debtors 12 284,458 195,182

Cash at bank 1,300,806 1,448,208

---------------------- ----------------------

1,585,264 1,643,390

CREDITORS: amounts falling due

within one year 13 263,459 151,151

------------------- --------------------

NET CURRENT ASSETS 1,321,805 1,492,239

---------------------- ----------------------

TOTAL ASSETS LESS CURRENT

LIABILITIES

1,321,805 1,497,308

---------------------- ----------------------

NET ASSETS 1,321,805 1,497,308

========== ==========

CHARITY FUNDS

Restricted funds 667,769 760,700

Unrestricted funds 654,036 736,608

------------------- -------------------

TOTAL CHARITY FUNDS 14 1,321,805 1,497,308

========== ==========

These 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 Trustees on 10 March 2015 and signed on their

behalf, by:

Lord Stanley Fink

Chair of Finance, Risk and Audit Committee

The notes on pages 14 to 20 form part of these financial statements.

AS AT 31 DECEMBER 2014 Company Number: 6621189



16

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

a) Accounting basis

The financial statements have been prepared under the historic cost convention, and in accordance with

the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP 2005) issued in

March 2005, applicable UK Accounting Standards and the Companies Act 2006. The principal accounting

policies adopted in the preparation of the financial statement are set out below.

b) Basis of consolidation

No consolidated financial statements have been produced as the wholly owned subsidiary, Penny for

London, was dormant from its incorporation to the end of the year. The Mayor’s Fund owns 100% of the

£1 ordinary share capital of Penny for London.

c) Voluntary Income

Grant and donation income received from companies, trusts and individual donors are accounted for on a

receivable basis, including Gift Aid where applicable. Investment income is recognised when earned.

The estimated value of goods and services given by corporate supporters has been incorporated into

these financial statements where it has been practicable to quantify the amount. They have been valued at

the amount that the charity would have paid in order to obtain them and are included both in incoming

resources and resources expended.

Facilitated income relates to monies facilitated and administered by Mayor’s Fund for London where the

donor has retained the physical control of the monies, the Mayor’s Fund for London acted as principal

and had responsibility for its charitable application. There was no facilitated income during the current

year.

d) Activities for generating funds

The charity runs various fund raising events and projects, the income from such events is accounted for

on a gross cash received basis. The costs of running such events are included in resources expended.

e) Resources expended

Expenditure is recognised when a liability is incurred. Contractual arrangements are recognised when

goods or services are supplied. Grants are included in the financial statements when approved by the

Trustees and notified to recipients. The value of committed grants unpaid at the year end is accrued.

Charitable activities consist of those costs associated with achieving the Fund’s charitable objectives

including the cost of developing the Fund’s charitable focus and approach.

Governance costs include those incurred in the governance of the charity to meet constitutional and

statutory requirements.

f) Irrecoverable VAT

The charity is not able to recover the majority of VAT on its outgoings. Irrecoverable VAT is charged

against the category of resources expended for which it was incurred.



17

NOTES TO THE FINANCIAL STATEMENTS (continued)

g) Tangible fixed assets

Tangible fixed assets are capitalised at cost and depreciated at rates calculated to write off the cost less

estimated residual value of each asset over their estimated useful lives on a straight line basis, as follows:

Office equipment and website development: 3 years

h) Funds

Unrestricted funds are those funds that can be used in accordance with the charity’s objects at the

discretion of the trustees. Restricted funds have been given for a particular purpose and are to be used in

accordance with the wishes of the donor.

i) Cash Flow Statement

The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the

requirement to prepare a cash flow statement on the grounds that it qualifies as a small company, as

defined by section 382 of the Companies Act 2006.

2. LEGAL STATUS OF THE FUND

The Fund is a company limited by guarantee and has no share capital. In the case of an insolvent winding up the

members will be required to contribute an amount of £1 each to the assets of the charity.

3. VOLUNTARY INCOME Unrestricted Restricted 2014 2013

£ £ £ £

Donations 806,621 1,000,386 1,807,007 1,639,521

Donations in kind - 24,780 24,780 43,167

Facilitated income - - - 100,000

------------------ ------------------ ------------------ ------------------

806,621 1,025,166 1,831,787 1,782,688

========= ========= ========= =========

Donations in kind represent consultancy and other services provided to the charity by supporters.

4. ACTIVITIES FOR GENERATING FUNDS 2014 2013

£ £

Fund raising events 486,624 322,208

Fund raising projects and programme income 385,850 6,104

------------------ ------------------

872,474 328,312

========= =========

Fund raising and programme income includes donations in kind of £302,000 (2013 nil).



18


5. ALLOCATION OF COSTS

The Fund has allocated its costs as shown in the table below. Direct costs have been allocated directly, based on

the nature of the expenditure and support costs have been apportioned on a basis consistent with the use of

resources, principally based on staff numbers.

Activities for Programme

generating development 2014 2013

Fundraising funds and delivery Governance Total Total

£ £ £ £ £ £

Direct costs

Actual costs 45,034 531,694 1,168,076 10,706 1,755,510 837,721

Staff costs 97,804 35,532 661,834 - 795,170 529,957

Support costs

Staff costs 82,329 50,000 97,500 35,000 264,829 263,237

Other costs 27,753 - 39,397 5,000 72,150 151,797

--------------- --------------- --------------- -------------- ----------------- ----------------

252,920 617,226 1,966,807 50,706 2,887,659 1,782,712

======== ======== ========= ======= ========= =========

6. ACTIVITIES FOR GENERATING FUNDS 2014 2013

£ £

Fund raising events 196,448 108,555

Fund raising projects 420,778 -

------------------ ------------------

617,226 108,555

======== ========

2014 2013

£ £

Net incoming resources are stated after charging:

Depreciation 1,000 3,035

Auditor’s remuneration - audit services 7,186 5,900

non audit services 6,109 2,046

======== =========



19


7. CHARITABLE ACTIVITIES

Our mission is to give disadvantaged young Londoners the skills and opportunities to get a decent job, escape the

threat of poverty and play a part in London’s future as the greatest city on Earth. We do this through three main

focus areas:

Activities Grant

undertaken funding of Support 2014 2013

directly activities costs Total

£ £ £ £ £

Health and wellbeing 163,860 317,671 39,298 520,829 144,426

Skills 135,595 301,886 35,704 473,185 295,371

Employment 763,896 6,262 62,854 833,012 659,730

Other activities 69,692 71,048 11,487 152,227 266,153

--------------------- ----------------- ----------------- --------------------- ---------------------

1,133,043 696,867 149,343 1,979,253 1,365,680

========== ======== ======== ========== ==========

8. ANALYSIS OF STAFF COSTS 2014 2013

£ £

Salaries 950,829 806,631

National insurance 97,577 78,960

Recruitment and other staff related costs 22,400 368

Pension contributions 4,618 -

------------------ ------------------

1,075,424 884,959

========= =========

During the year the charity introduced a contributory money purchase pension scheme for its staff.

9. STAFF NUMBERS 2014 2013

No. No.

The average number of staff during the year was:

Fundraising and charitable activities 8 4

Programme delivery 10 10

---------- ----------

18 14

===== ======

The number of employees whose emoluments (excluding pension contributions) exceeded £60,000 was as

follows:

2014 2013

No. No.

£70,000 - £79,999 1 -

£80,000 - £89,999 - 1

£100,000 - £109,999 1 1

£150,000 - £159,999 1 1

===== ======



20


10. TAXATION

The Mayor’s Fund for London is a registered charity, and is therefore potentially exempt from taxation of its

income and gains as it falls within the definition of a charitable company as defined by Part 1, Schedule 6 of the

Finance Act 2010. No tax charge has arisen in the year.

11. TANGIBLE FIXED ASSETS Office

Website equipment Total

£ £ £

Cost

At 1 January 2014 6,905 6,973 13,878

Additions - - -

Disposals - (6,973) (6,973)

-------------- ------------ -------------

At 31 December 2014 6,905 - 6,905

-------------- ------------ -------------

Depreciation

At 1 January 2014 5,905 2,904 8,809

Charge for year 1,000 - 1,000

Eliminated on disposals - (2,904) (2,904)

-------------- ------------ -------------

At 31 December 2014 6,905 - 6,905

-------------- ------------ -------------

Net Book Value

At 31 December 2014 - - -

======= ======= =======

At 31 December 2013 1,000 4,069 5,069

======= ======= =======



21


12. DEBTORS 2014 2013

£ £

Debtors 260,414 183,423

Accrued income and other debtors 24,044 11,759

---------------- ----------------

284,458 195,182

======== ========

13. CREDITORS: amounts falling due within one year 2014 2013

£ £

Creditors 167,964 44,535

Accruals 95,495 106,616

------------------ ------------------

263,459 151,151

======== ========

14. CHARITY FUNDS At At

1 January Incoming Resources 31 December

2014 resources expended 2014

£ £ £ £

Restricted funds

Programme expenditure 760,700 1,108,890 1,201,821 667,769

Unrestricted funds

General funds 736,608 1,603,266 1,685,838 654,036

-------------------- ---------------------- -------------------- --------------------

1,497,308 2,712,156 2,887,659 1,321,805

========= ========== ========= =========

Restricted funds consist of donations that have been provided and utilised for a specific project or theme.

15. NET ASSETS BY FUND Tangible Current

fixed assets Current

assets

liabilities Total

£ £ £ £

Restricted funds - 667,769 - 667,769

Unrestricted funds - 917,495 263,459 654,036

--------------- --------------------- ------------------ ---------------------

- 1,585,264 263,459 1,321,805

======= ========= ======== =========

16. RELATED PARTY TRANSACTIONS

The trustees have not received any remuneration, benefits in kind or reimbursement of expenses during the year

(2013: nil).

Documents

THE MAYOR’S FUND FOR LONDON · The Mayor’s Fund for London exists to give disadvantaged young Londoners the skills and opportunities to get a decent job, escape the threat of