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Registered number: 09959547
SCALE-UP INSTITUTE
(A Company Limited by Guarantee)
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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SCALE-UP INSTITUTE
(A Company Limited by Guarantee)
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COMPANY INFORMATION
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SCALE-UP INSTITUTE
(A Company Limited by Guarantee)
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CONTENTS
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Directors' Responsibilities Statement
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Statement of Income and Retained Earnings
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Notes to the Financial Statements
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SCALE-UP INSTITUTE
(A Company Limited by Guarantee)
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their report and the financial statements for the year ended 31 December 2021.
Our ambition is that the UK becomes the most fertile ground for businesses, not only to start up but to scale up and grow. If the UK is to capitalise on its long history as a trading nation and the vibrant entrepreneurial spirit which has seen and explosion in vitality over recent years, it now needs to focus determinedly on how it 'leans in' to support its growing firms to scale.
Scaleups exist across the country and across all sectors. Increasing the number of firms researching scale has the potential to deliver hundreds and thousands of additional jobs and billions to the local economy to drive forward productivity in every community. Evidence shows these businesses are also highly productive and international.
The UK's future economic prosperity and social wellbeing are critically dependent upon our being a world-leading environment in which companies thrive after they have been started, enabling opportunity for reach and scale and contributing positive impact for generations to come. We believe that making the UK a fertile ground for developing such businesses across localities, industries and supply chains is fundamental to achieving both immediate and long-term UK economic value.
Closing the 'scaleup gap' has the potential to deliver:
∙up to 150,000 additional jobs by 2034, across every region of the UK;
∙as much as £225bn (net) towards UK GDP, from 2015 to 2034; and
∙increased productivity in all sectors of the economy.
Scale-Up Institute is a private sector led, not-for-profit organisation focused on collaborating with policy makers, corporates, finance players, educators and Government at a local and national level.
We aim to advance understanding of how to scaleup a business, and how to build the most effective environment in which scaleups can flourish. We undertake education, thought leadership, research and targeted projects with partners. We spread good practice, providing opportunities for scaleup companies across industry sectors and regions to meet and share ideas.
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SCALE-UP INSTITUTE
(A Company Limited by Guarantee)
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Our network is at the heart of our support. Through our wide variety of activities, our economic development programme, our policy committees and our research and education agenda, we enable cross sections of private and public sector local, national and international ecosystems to work and learn from each other, thereby developing and accessing initiatives to close the scaleup gap and provide solutions to the leaders of our scaling businesses. We work with policy makers to identify opportunities that will support scaleup businesses. We share our methodology and ideas to create resources that will help aspiring scaleup businesses.
∙We act as a catalyst, bringing together national and local business and public sector players to map and develop both a national and local ecosystem for scaleups.
∙We undertake detailed analysis of the scaleup landscape across the UK, providing detailed evidence of how scaleups are developing at a national and local level.
∙We support the development of local scaleup ecosystems through training programmes and engagement with Local Enterprise Partnerships, Growth Hubs, Business Schools and Universities up and down the UK.
∙We publish reports that have set the agenda for current thinking on growth and productivity across Government and the Business community.
∙We develop policy proposals based upon rigorous evidence to evolve the business landscape so that the UK can become the best place to grow a business.
∙We convene experts from across the business community and academia, policymakers and decision makers to kick-start new thinking and deliver concrete improvements for fast growing business firms, including the launch of our Annual Review.
We continued to strengthen our financial position in 2021, finishing with a £200k surplus, and total equity of £301k.
For further information, including our 2021 annual review, can be found at www.scaleupinstitute.org.uk.
The directors who served during the year were:
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A C Hale (resigned 16 June 2022)
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T C Hoegh (resigned 25 February 2021)
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J N Steinberg (resigned 25 February 2021)
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G H L Lindsay (appointed 1 September 2021)
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E M Platts (appointed 16 September 2021)
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In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
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SCALE-UP INSTITUTE
(A Company Limited by Guarantee)
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
This report was approved by the board and signed on its behalf.
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SCALE-UP INSTITUTE
(A Company Limited by Guarantee)
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DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors 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 Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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SCALE-UP INSTITUTE
(A Company Limited by Guarantee)
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Interest payable and similar expenses
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Retained earnings at the beginning of the year
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Retained earnings at the end of the year
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The notes on pages 8 to 11 form part of these financial statements.
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SCALE-UP INSTITUTE
(A Company Limited by Guarantee)
REGISTERED NUMBER:09959547
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BALANCE SHEET
AS AT 31 DECEMBER 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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SCALE-UP INSTITUTE
(A Company Limited by Guarantee)
REGISTERED NUMBER:09959547
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BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 8 to 11 form part of these financial statements.
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SCALE-UP INSTITUTE
(A Company Limited by Guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Scale-Up Institute is a private company, limited by guarantee, domiciled and incorporated in England and Wales (registered number: 09959547). The registered office address is 41 Luke Street, Shoreditch, London, EC2A 4DP.
The Company's functional and presentational currency is GBP.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The Company's financial statements have been prepared on a going concern basis on the grounds that, despite the impact of COVID-19, current and future sources of funding or support will be more than adequate for the Company's needs. The directors have considered a period of twelve months from the date of approval of the financial statements.
The directors have also considered the adequacy of the disclosures in the financial statements relating to going concern and are satisfied that no further disclosures are required relating to the Company’s ability to continue as a going concern are required in order to give a true and fair view.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Turnover from a contract to provide services is recognised over the period in which the services are provided. Amounts received on such contracts in excess of the turnover recognised are shown as deferred income. Government grant recievable is recognised in revenue.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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SCALE-UP INSTITUTE
(A Company Limited by Guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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SCALE-UP INSTITUTE
(A Company Limited by Guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Income from government grant
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Income from government grants
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The average monthly number of employees, including directors, during the year was 9 (2020 - 7).
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SCALE-UP INSTITUTE
(A Company Limited by Guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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The Company is a private company, limited by guarantee, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the Company in the event of liquidation.
The directors do not consider there to be an ultimate controlling party.
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