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2022-08-31-accounts

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Registered number: 02462697 Charity number: 1000041

15billionebp

(A company limited by guarantee)

Directors’ Report and Financial Statements For the period ended 31 August 2022

DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Contents

Page
Reference and administrative details of the charity, 1 - 3
its trustees and advisers
Directors’ report 4 - 18
Independent auditor’s report 19 - 23
Consolidated statement of financial activities 24
Consolidated balance sheet 25 - 26
Statement of cash flows and consolidated statement of cash flows 27
Notes to the financial statements 28 - 53

DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Reference and administrative details of the charity, its trustees and advisers for the period ended 31 August 2022

Trustees/Directors

Sugathan Sahadevan, Chair Jennifer Wilkins, Vice chair

Charles Belcher* David Forste (Resigned 21 July 2022) Robert Hales Gaynor Powley Sundeep Bhandari Simon Clinton Jessie Lenson (Resigned 17 December 2021) Larisa Budaeva (Appointed 1 February 2022) Kishen Gajjar (Appointed 29 December 2021) James Jennings (Appointed 1 February 2022) Paul Lawrenson (Appointed 29 December 2021) Mohammed Moradi (Appointed 29 December 2021) Simon Piesse (Appointed 29 December 2021) Matthew Sparkes (Appointed 29 December 2021 and Resigned 9 March 2023) Zenab Mumtax (Appointed 26 April 2023) Richard Stephens (Appointed 29 December 2021)

(Trustee’s identified by * are also members of the Finance and General Purposes Committee)

Company registered number 02462697 Charity registered number 1000041 Registered office 34-38 Dalston Lane London England E8 3AZ

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15BILLIONEBP (A company limited by guarantee)

Reference and administrative details of the charity, its trustees and advisers for the period 31 August 2022

Key management personnel (in addition to the Trustees):

Senior Managers of 15billion: Company

Ian Porter Secretary and Group Chief Executive Shereen El-Shennawy Deputy Chief Executive Deirdre O’Flynn Head of Advice and Guidance Rezaul Hussain Development Manager

Independent auditor LB Group Chartered Accountants Statutory Auditor Number one, Vicarage Lane Stratford London, E15 4HF

Bankers Aldermore Bank 50 St Mary Axe London EC3A 8FR Virgin Money Jubilee House Gosforth Newcastle Upon Tyne NE3 4PL

United Trust 80 Haymarket London SW1Y 4TE

Hodge Bank One Central Square Cardiff CF10 1FS

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15BILLIONEBP (A company limited by guarantee)

Reference and administrative details of the charity, its trustees and advisers for the period 31 August 2022

Administrative details continued.

Lloyds Bank Plc 25 Gresham Street London EC2V 7HN

Redwood Bank Limited The Nexus Building Broadway Letchworth Garden City SG6 3TA

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the period ended 31 August 2022

The charity trustees (who are also the directors of the charity for the purposes of the company law) are pleased to present their annual directors report together with the consolidated audited financial statements of the charity and its subsidiaries for the period ending 31st August 2022 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), (effective 1 January 2015). Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director’s Report) Regulations 2013 is not required.

Directors

The names of all directors who served in the year can be found on page 3. The governing body of the charity is the Board of Directors who work in a range of employment sectors including the growth areas within the regeneration area of East London. Directors are also encouraged to link to a specific area of responsibility i.e., Risk Management, Health & Safety, Finance, Human Resources and Safeguarding.

The Chair and Chief Executive, whose roles are to develop and maintain strategic links with business, education, and the wider community, identify potential recruits to the Board and ascertain their interest and commitment to the charity. Senior personnel in key organisations who can bring relevant expertise are sought. Potential directors are invited to give a short resume of their career, their reasons for involvement and their intended commitment. They then meet with the Chair and Chief Executive to discuss membership and are invited to attend two Board meetings as observers. At the third meeting if there is mutual agreement, a proposal is made to appoint. Following appointment, the new director is invited to meet employees of the charity and its subsidiaries to learn more about our work.

New directors receive an information pack including the Memorandum and Articles, statutory accounts, business plan, role description, and Charity Commission and other literature. Directors are required to annually declare any conflicting or potentially conflicting interests. Ongoing training is provided to directors to ensure they are kept up to date with best practice about safeguarding, charity and company law compliance.

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the period ended 31 August 2022

Governance

The directors are responsible for the overall management of the charity and its subsidiary and had due regard to guidance on public benefit published by the Charity Commission in exercising their powers and duties. During the period they met formally 8 times. The directors chose to temporarily suspend meetings of the Finance and General Purposes Committeeand decided to meet more frequently. This enabled directors to better manage the risk facing the charity caused by the Coronavirus pandemic and its aftermath.

The day to day running of the charity is delegated to the Chief Executive and a senior leadership team.

Risk management

All operational and financial decisions are made against a risk framework comprising a risk policy and a risk register. Identified risks are assessed against a “likelihood and impact” matrix criteria and mapped against systems and procedures designed to mitigate the risk. The result of this process is the quantification of the level of residual risk.

Our approach to management is based on the comprehensive risk framework developed in partnership with skilled volunteers from the Financial Conduct Authority. During the period under review the risk register was regularly reviewed by Trustees and senior staff as they responded to the consequences of the Coronavirus pandemic, the resulting restrictions in relation to social distancing and the subsequent lifting of those restrictions. Consistent across all reviews was the understanding that a loss of reputation remained an underlying risk facing the charity. However, in the short term one of the consequences of the lock down was the break in continuity in working with schools and the database of employers not being properly maintained. Despite this directors were of the opinion that our services would continue to be sought by schools and therefore it was appropriate to use our reserves to rebuild our delivery capacity acknowledging there would be time lag before revenues would be restored to the pre-pandemic levels. The following table summarises what were considered to be the most significant risks at 31[st] August 2022.

Risk Management Response
Loss of income due to the slow return of
confidence in face to face delivery following the
relaxation of restrictions imposed on social
distancing
arising
from
the
Coronavirus
pandemic while expenditure would revert
immediately back to pre-pandemic levels		 Short
term:
seek
alternative
funding
opportunities, explore other government support
Medium term: maintain communication with
schools, employers and other funding agencies
to be in a strong position to restart activity as
confidence returns
Safeguarding – failure to protect young people,
staff, and volunteers resulting in adverse
publicity and a loss of reputation.		 Comprehensive
policies
and
procedures
embedded
and
adequately
resourced
compliance monitoring
Adverse publicity following a sensitive data
breach		 Regular review and updating of data security
measures.
Future income streams threatened by schools Identifying alternative income streams and

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15BILLIONEBP (A company limited by guarantee) budget reductions and reduction is Corporate maintaining adequate reserves to cover any Social Responsibility funding targeting income shortfall increasing social mobility.

Pay Policy for senior staff

The directors consider the Board of Directors, who are the charity’s trustees, and the senior leadership team in charge of directing and controlling, running, and operating the charity on a day-to-day basis, are the key management personnel of the group. All charitable and subsidiary company directors, except for the Group Chief Executive who is a director of a subsidiary company, give their time voluntarily and no charity director received remuneration or expenses in the period.

The pay of the senior leadership team is reviewed annually against a benchmark of the change in the cost of living, similar roles in other London based charitable organisations of similar size and complexity, together with an overall assessment of future financial outlook for the charity.

Investment powers and policy

The directors, having regard to the liquidity requirements of operating the charity, have kept available working capital funds in interest bearing deposit accounts and where practical, seek to reduce exposure to any one bank to the level of protection offered by the Financial Services Compensation Scheme. The invested funds held on short term deposit achieved an average rate of 0.25%.

Objectives and Performance

15billionebp and its subsidiaries undertake a wide variety of activities, all of which aim to further its charitable purposes for public benefit.

The objects of the charity remain unchanged and are to advance for the public benefit the education and training of children and young people with particular reference to equipping them for employment and facilitating their obtaining work in industry, commerce and the professions. The objects of its subsidiaries, 15billion and the New Hackney Education Business Partnership, are to help support young people achieve their potential and provide services that promote social and economic regeneration. Both objectives are entirely complimentary and both activities promote the upward social mobility of children and young people.

Services are delivered across London.

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the period ended 31 August 2022

The objectives of the charity are achieved by:

15billionebp and New Hackney Education Business Partnership

15billion, in addition to the above undertakes:

Following the merger of 15billionebp and the New Hackney Education Business Partnership, Trustees from both charities together with the Senior Leadership Team came together to formulate a new 3 year strategic plan for the combined entity:

Our vision

All young people have access to the opportunities and inspiration they need to achieve their potential.

Mission

We “inspire” children and young people across London and beyond, using data to understand the barriers they face and connecting them with a range of employers and opportunities to open doors to their success.

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the period ended 31 August 2022

Guiding Principles

Strategic Aims

Always sticking to those guiding principles four new strategic aims were identified:

Achievements and performance

We report our achievements against our previous strategic aims, which was the objectives we worked too during the period under review.

  1. Excellence in pioneering careers work

We continued to make a valuable contribution through our careers guidance activity to helping young people take full advantage of the opportunities open to them at different stages in their school life and make a successful progression from education to employment. During much of the period under review our activity was either directly or indirectly adversely affected by the Coronavirus Pandemic. This included both the measures introduced by the government to slow down the spread of the virus and the slow return in confidence after the restrictions were finally lifted.

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the period ended 31 August 2022

Primary school work

We believe learning about the world of work should start at the beginning of a young person’s journey of learning and continue throughout their academic education.

The charity deliverers two programmes aimed at nursery and primary schools. They are entirely complimentary – one is delivered in school time as part of the national curriculum and the other outside of normal school hours.

The Childrens University

Children’s University (CU) is a programme that is aimed at inspiring a lifelong love of learning beyond the classroom. Children’s University provides families with positive extra-curricular activities in a range of inspirational settings.

During the period under review, while we continued to work closely alongside 2 primary schools in the London Boroughs of Newham and Redbridge graduation ceremonies were put on hold. During the period physical learning destinations were closed we used this an opportunity to build the resource base and Learning Destinations offered via ‘CU Online.’ We also continue to develop the CU Online Passport that will enable children and their families to record their hours on an online passport as well as their physical passport. Our collaboration with Essex CU and Bexley CU continued as we developed additional Learning Packs to our Children University pupils.

As previously reported we were selected to be part of a national Education Endowment Foundation (EEF) funded project to collect academically robust data to further evaluate the effectiveness of Children’s University and the importance of extra-curricular activities on education and attainment. Because of the Coronavirus pandemic delivery was delayed. However, during the period we were successful in signing up twenty one schools and delivery was able to commence in January 2022.

World of Work Week/Work Week

The World of Work Programme (15billionep) and Work Week (Inspire) are two very similar programmes. They are both a week and meets the need to raise aspirations and understanding of working life at foundation stages, Key stage 1 & Key stage 2. Pupils “come off” timetable for a week to learn about the working world and how this links to what they are learning in school.

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the period ended 31 August 2022

Due to the delays in rebuilding school leaders contacts and sourcing employers to host work place visits delivery did not commence until September 2021. However, we were still able to engage 10 primary schools in the academic year 2021-22 reaching over 5,000 primary school pupils with work related learning activities. Pleasingly, we received excellent feedback from schools and businesses alike about the effectiveness of the activities.

Secondary school work

While delivery in secondary schools continued to be disrupted for part of the period we remained in contact with all the established schools in the London Borough of Newham. In so doing we were able to preserve the three way partnership between the Local Authority, the school and ourselves that in previous years has proved so beneficial in maximising the percentage of young people who remain in learning.

Work related Learning

The beginning of the period was characterised by an intense effort to re-engage school leaders and re-build our data base of volunteers who are essential for the delivery of our programmes. Over the period this effort was rewarded as contracts were signed with secondary schools to the extent that the number of young people we were able to support rose to over 7,000 students which was near prepandemic levels. Responding to feedback from teachers and students we adapted our programs to account for the time pupils lost during the pandemic and we have received good feedback from participants, teachers and businesses.

Work Experience: April – August 2021

During the above period Government Covid-19 restrictions were still in place to various extents which had an impact on face to face work experience placements being able to take place. Between April to July 2021, we were able to successfully deliver our Virtual Work Experience Programme to a total of 397 students. This enabled the students to still be able to gain a valuable experience of the ‘World of Work’ at a time when the traditional work experience was unable to go ahead. The programme consisted of a Career’s Carousel, Work Based Project set by an employer, Project Presentation and CV Writing/feedback. We were able to engage a range of business volunteers from different businesses, including Metropolitan Police, Deutsche Bank, Greater London Authority, Mace, Riverlinx and East London Foundation NHS Foundation Trust. Of the students who took part in the Virtual Programme in April, 95% of students rated the programme as Excellent/Good.

It was not until July 2021, we were able to organise our first post Covid-19 face to face work experience placements for a small group of Yr 10 students. This proved to be challenging, given the government restrictions in place but with additional communication with employers around recommended amendments in line with guidance we were able to successfully deliver this and it proved hugely rewarding not only to the students who were able to get the experience that others had missed out on due to the pandemic, but also to the team to be able to get the

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the period ended 31 August 2022

programme up and running during a difficult period, and still have the support of our employer network.

Work Experience: September 202 – August 2022

A total of 2,931 placements were organised during the 2021/22 Academic Year, which was a great achievement as this was nearing pre-pandemic levels in a short space of time after restrictions were lifted.. Of the 2931 placements organised, 2905 were face to face work experience placements, and 26 took part in our Virtual Programme.

Information Advice and Guidance(IAG)

Our IAG service provides 1-2-1 careers guidance interviews within schools, working closely with them to target potential NEET students. We advise the borough of both potential NEET young people identified through school’s work and those encountered during tracking activities, enabling support to be provided at the earliest opportunity.

Our Careers Guidance delivery has supported three schools who underwent OFSTED Inspections during the Autumn term. Information was provided to schools in preparation and all three received positive comments relating to their Careers work, with specific mention of the careers interviews made during one inspection.

During this period, we delivered 2,500 careers interviews to young people in Newham schools, supporting them in making their post 16 decisions and developing their career plans. In autumn 2020, we appointed two members of staff to undertake a level 6 apprenticeship in Careers Guidance. The apprentices began working with young people in the Spring of 2021, taking on their own caseloads from September 2021. The introduction of the apprentices has been welcomed and positively impacted on the team and students we work with. The schools the apprentices worked with during the 2021/22 were keen to retain them for the 2022/23 academic year

Student interview feedback continues to inform our practice, with students commenting positively on various aspects ranging from understanding post-16 qualifications, understanding qualifications needed for different careers and being clear about what they need to do next. In addition to the post interview feedback, our matrix inspector led 3 focus groups of year 10 students who had recently undertaken a careers interview, all of which gave positive feedback on their experience.

International Collaboration

To support the strategic aim of pioneering excellence in careers guidance we have continued our role as a lead and as a participating partner across two European Commission Erasmus+ funded projects.

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the year ended 31 March 2021

During the period we led a collaboration of partners delivering the “Erasmus Employment Plus” project,. This involved linking specialist partner organisations from the Netherlands, Spain, Austria, Poland and Bulgaria and is creating a new curriculum and guidance for

practitioners who support people with limited skills and qualifications. We were able to pilot the curriculum and facilitators' guide in Autumn 2021 and work on an online assessment tool as well as a best practice manual. Partners across Europe continued to share the products of the project and hold exciting and informative multiplier events. The international final conference was held online on 2nd July 2021, with guest speakers from a variety of organisations such as Migrateful, Caretrade and KXRecruit. Our keynote speaker was Daisy Cooper MP, Lib Dem spokesperson for Education.

As a UK national delivery partner we also continued to support our Cypriot based lead partner on their “Enter School Mind” project. This has involved developing a new curriculum to encourage an “entrepreneurial mindset” in primary school aged pupils as well as creating and delivering teacher training to enhance teacher’s understanding of fostering an entrepreneurial mindset in the classroom. We have been able to draw on our extensive knowledge of both the corporate sector and experience of working with primary aged children to provide a unique perspective to the project.

2. Excellence in developing management information that underpins careers work

The Management Information Team (MI) continued to provide and enhance the Client Caseload Information System (CCIS) to eight East London Local Authorities together with the City of London Corporation. Our service extends past the statutory collection and return of young people’s progression data to modules which support the delivery of Local Authority Youth Services and our in-house Work Experience Team. The CCIS database is hosted, deployed, managed and administered to over 200 users across various local authority services.

The MI Team service enables local authorities to meet their statutory National CCIS requirements and includes the management and administration of the database, the submission of reports to the Department for Education, the production of regular comprehensive reports and the provision of training to users. Although we contract separately with individual Local Authorities, we maintain a strong sub-regional approach through a strategic steering group made up of representatives from each Local Authority. As well as the operational benefits, this approach provide Local Authorities with the benefits arising from economies of scale.

CCIS is an important database that is used at a strategic level to understand the demographics and needs of young people, whilst also enabling Local Authorities and other services to plan resource allocation and evaluate the effectiveness of interventions on young

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the period ended 31 August 2022

people’s outcomes. At a practitioner level it is used as a caseload management information system to record details of interventions and the individual needs of over 150,000 young people.

Over the period we have:

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the period ended 31 August 2022

The national profile of CCIS continues to hold a firm position due partly to the dependency on the data recorded for the delivery of national requirements and key returns such the annual Scorecard and Raising the Participation Age. This year specific focus has been given to the monitoring of vulnerable characteristics and the outcomes of young people within these groups, which will be published nationally as part of the annual Local Authority Scorecard.

Our Impact

The Board consider the measurement and evaluation of impact as a key objective and receive a quarterly impact report covering the full range of our activities.

The combined work of both the charity and its subsidiary working in partnership with the other key stakeholders has had an important strategic impact in the London Borough of Newham. Measuring the impact of our activities continues to be the focus of our work to improve the outcomes of young people aged 16-19. The year 11 activity survey continues to be a key reporting measure. As reported previously, the Year 11 Annual Activity Survey is an important measure in reporting on the destination of young people as of the 1[st] of November following completion of year 11. Young people’s progression to positive destinations has continued to rise from 97.2% in 2020 to 97.5% in 2022. Our work supports this continued improvement through both our IAG and tracking contracts.

Financial review

On 21 December 2021 trustees from 15billionebp and the New Hackney Education Business Partnership decided to merge the two charities. The accounting reference date was extended from 31[st] March 2022 to 31 August 2023 to align the group’s accounting period to the academic year.

The results for the seventeen-month period are as set out in the Statement of Financial Activities. Due to the difficulty in accessing schools several of our key programmes including the ESF/GLA funded Careers cluster delivery needed further re-profiling through the period and into the 2022/23 financial year. Furlough support continued to be claimed up until the scheme finished on 30 September 2021 and while this did partially offset lost income the reprofiling has an adverse effect on the financial result for the period, which was a deficit of ££92,000) 2021: £(310,000). Funding was received from a variety of sources, the main ones being the Skills Funding Agency, the Mayor of London Young Londoners Fund, the European Commission through its Erasmus+ programme and its Social Fund, Local Authorities, trusts and foundations and individual schools colleges and businesses. The directors recognize total reserves carried forward at the year-end of £502,000 are less than the lower band set in the reserves policy.

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the period ended 31 August 2022

Reserves policy and going concern

The reserves policy was reviewed during the period as part of the review of the risk identification and management policy of the charity noted above and as a direct result of the merger with the New Hackney Education Business Partnership. The review identified in the medium term the need to maintain sufficient reserves to continue activity for a reasonable period of time should there be an unexpected delay in securing follow on contracts after previous contracts expired; However, it was also acknowledged that in the short term the merger would have an adverse effect on reserves given the net negative position of the New Hackney Education Balance Sheet at the point of merger.and the need to rebuild operational capacity of both charities following the Covid pandemic, Following the period end, the directors have given consideration to the potential impact of the economic uncertainty in the economy and continued pressure on school budgets. Given the unpredictability of the medium-term economic outlook and of securing external contracts they believe this still translates in practice to maintaining a level of reserves that equates to between four and eight months running costs of the charity and its subsidiaries. Excluding the pension asset the group has a level of unrestricted reserves of £394,000 which is lower than the the set band lower level of £727,000 . The Board has given due consideration to the current level of reserves and have acknowledged that it has been necessary to use some of the reserves to re-build the charity after the Covid pandemic. They are now actively pursuing a strategy to rebuild the reserves to the pre pandemic level.

The charity had reserves (including the pension asset) of £502,000 of unrestricted funds. The merger with the New Hackney Education Business Partnership has given us access to a wider range of corporate supporters, the retention of existing contracts and the level of unrestricted reserves the directors are of the opinion that the charity and its subsidiaries do not face material uncertainties regarding being a going concern.

Plans for future periods

While the merger with the New Hackney Education Business Partnership took place on 21[st]

December 2021 operationally the new subsidiary operated as a standalone entity up until 1[st] September 2022. During this time we consulted widely with internal and external stakeholders staff to agree a new strategic plan (as noted above) as well, as implement the full operational integration of the two organisations staff team.

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the period ended 31 August 2022

This means from 1[st] September 2022 we have one work related learning delivery team and one work experience team covering the London Boroughs of Hackney, Newham and neighbouring borough’s. Also from the same date the combined entity commenced operating under the single trading name of Inspire. Directors felt this name best reflected the ethos of what the charity did. In addition, with the generous pro-bono support from WMH we have been given an exciting new brand identity with a full supporting catalogue of materials which we will use to help introduce us to new income leads.

The re-organisation has enabled us to create a new senior post dedicated to Partnership Development, essential as funding for our services becomes ever more difficult to source. We have also created resources within our operational teams to both grow their departmental income and cross-sell programmes. Already this is paying off as we anticipate that the newly combined charity will deliver in excess of 5,000 work experience placements during the 2022/23 academic year.

However, we are conscious that re-branding and income development resource must work in tandem with ensuring we continue to deliver high quality profitable programmes. To that end we will review all our programmes taking the best from the previous 15billionebp and the New Hackney Education Business Partnership ones to rationalise our offer and maximise the potential to cross-sell of services to schools. We are also committed to continuing to review our back office efficiency. We will continue to roll out our IT strategy which involves relocating all our IT services to be cloud hosted by September 2023. This will increase the reliability of the system, reduce risk and in the medium term reduce the operational support cost of the network.

Having successfully merged with the New Hackney Education Business Partnership during the period the directors remain open to exploring all opportunities that present themselves with regard to expanding collaboration with other charities across all aspects of operational activity, including administration, fundraising, raising public profile, resource sharing and streamlining of costs and service delivery.

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the period ended 31 August 2022

Statement of directors' responsibilities in relation to the financial statements

The directors (who are the trustees of 15billionebp for the purposes of charity law) are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the directors to prepare financial statements for each financial period, which give a true and fair view of the state of affairs of the charitable company and the group and the incoming resources and application of resources, including the income and expenditure, of the charitable group for the period. In preparing these financial statements, the directors are required to:

The directors 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 detection and prevention of fraud and other irregularities.

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the period ended 31 August 2022

Statement as to disclosure to our auditors

The directors have confirmed that, so far as they are aware at the time of approving our annual report:

Preparation of the report

This report of the directors has been prepared taking advantage of the small companies exemption of section 415A of the Companies Act 2006.

30-05-23 This report was approved by the directors on and signed on their behalf by:

Sugathan Sahadevan Director

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15BILLIONEBP (A company limited by guarantee)

Independent auditor’s report to the members of 15billionebp

We have audited the financial statements of 15billionebp (the ‘parent charitable company) and its subsidiaries (the ‘group’) for the period ended 31 August 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheet, the Consolidated and Charity Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company 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.

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15BILLIONEBP (A company limited by guarantee)

Conclusions relating to going concern

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Responsibilities of trustees

As explained more fully in the directors' responsibilities statement, the trustees (who are also the directors of the charitable company for the purpose of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures

are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Independent auditor’s report to the members of 15billionebp

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Independent auditor’s report to the members of 15billionebp

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Richard Lane (Senior Statutory Auditor) For and on behalf of LB Group (Stratford)

.........................

Chartered Accountants Statutory Auditor

Number One Vicarage Lane Stratford London England E15 4HF

Date

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP

(A company limited by guarantee)

Income:
Note
Continued operations
Income from charitable activities
4
Investment income
Discontinued operations
Income from charitable activities
4
Total income
Expenditure:
Continued operations
Charitable activities
5
Discontinued operations
Charitable activities
5
Total expenditure
Net income before other recognised gains and losses
Re-measurement (loss)/ gain on defined benefit pension scheme
Net movement in funds for the period
Reconciliation of funds
Total funds brought forward
Transfer between funds
Total funds carried forward
12		 Unrestricted
Funds
2022
£’000
2,851
2
239
3,092
2,857
378
3,235
(143)
67
(76)
606
21
551		 Restricted
Funds
2022
£’000
116
-
-
116
116
-
116
-
-
-
21
(21)
-		 Total
Funds
Period ending August 2022
£’000
3,017
2
239
3,208
2,973
378
3,351
(143)
67
(76)
627
-
551		 Total
Funds
Year ending March 2021
As restated
£’000
1,420
4
752
2,176
2,041
377
2,418
(238)
(72)
(310)
937
-
627

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Consolidated and Charity balance sheets as at 31 August 2022

Note
Fixed assets
Tangible assets
9
Current assets
Debtors
10
Cash at bank and in hand
Creditors:amounts
falling due within one year
11
Net current assets
Total assets less
current liabilities
Defined benefit pension
scheme asset
Net assets including
pension scheme asset
16
Funds:
12
Restricted funds
Unrestricted funds:
General funds
Pension reserve
Total unrestricted funds
Total funds		 Group
31
August
2022
£’000
23
508
454
962
(542)
420
443
108
551
-
443
108
551
551		 Group
31
March
2021
As
restated
£’000
33
428
918
1,346
(794)
552
585
43
628
21
564
43
628
628		 Charity
31
August
2022
£’000
20
2,431
211
2,642
(2,254)
408
408
-
408
-
408
-
408
408		 Charity
31
March
2021
£’000
26
1,826
432
2,258
(1,975)
283
309
-
309
-
309
-
309
309

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

The directors have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies relating to small companies and constitute the annual accounts required by the Companies Act 2006.

The financial statements were approved by the directors on 30-05-23 and signed on their behalf by:

Sugathan Sahadevan Director Company registration number: 02462697

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Statement of cash flows and consolidated statement of cash flows For the period ended 31 August 2022

Note
Cash generated (used) in
operating activities
17
Cash flows from investing
activities
Purchase of tangible Fixed Assets
Interest income
Cash provided by investing
activities
Cash flows from financing
activities
Increase (decrease) in cash and
cash equivalents in the year
Cash and cash equivalents at the
beginning of the year
Total cash and cash equivalents
at the end of the period		 Group
Period
ending
August
2022
£’000
(467)
-
2
2
-
(465)
919
454		 Group
Year
ending
March
2021
As
restated
£’000
80
-
2
2
-
82
837
919		 Charity
2022
£’000
(222)
-
1
(221)
-
(221)
432
211		 Charity
2021
£’000
42
-
2
2
-
44
388
432

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

1 Accounting policies

1.1 Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The financial statements have been rounded to the nearest £1,000.

15billionebp meets the definition of a public benefit entity under FRS 102.

Assets and liabilities are initially recognised at historic cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Basis of consolidation and prior year restatements

The consolidated financial statements incorporate those of 15billionebp and all of its subsidiaries (i.e., entities that the group controls through its power to govern the financial and operating policies to obtain economic benefits). All financial statements are made up to 31 August 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances, and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

All entities acquired in the period are consolidated using the merger accounting rules and not acquisition accounting. As such, the 2021 comparatives of the financial statements are restated on the basis that 15billionebp and its subsidiaries have always formed a consolidated group of entities.

1.3 Reporting period

The Financial statements are prepared based on a seventeen-month period from 1 April 2021 until 31 August 2022. For this reason, the comparatives set out in these financial statements (including the related notes) will not be entirely comparable.

1.4 Preparation of the accounts on a going concern basis

The financial period under review was characterised by immense uncertainty. For example, a phased reopening of schools commenced on 1 June 2021. This decision was reversed during the autumn term and there followed another period of school closure for the majority of pupils. This had a severely detrimental effect on our ability to plan the delivery of our programmes.

The general uncertainty around the impact on the economy as a result of the Covid 19

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

pandemic, the invasion of Ukraine and the political upheaval during the autumn of 2022 have all severely dented confidence and affected our delivery model. For example throughout both the previous period and the subsequent period while lockdown restrictions have been eased and schools fully re-opened many of our business partners and large corporate supporters have adopted a hybrid style of working for their employees. With employees not coming into the office five days a week it is difficult for them to host a one week work placement or engage in a skilled volunteering day in a school. We have incurred additional cost as we source alternative arrangements.

Having noted the above, dialogue with school leads remains extremely positive. The charity is highly regarded across the boroughs and has a strong reputation as the “turntoo” local not-for-profit provider of quality services that both help support schools meet the Gatsby benchmarks and genuinely strengthen the soft skills of their students. For example, we are on target to deliver 5,000 quality work placements by the end of July 2023 which is an all-time record. And we see significant opportunity to increase this number further as we rebuild our employer database after it was neglected during the lockdown period. Similarly, while there has been a dramatic reduction in corporate social responsibility spending, as they themselves respond to the ongoing economic slowdown we are seeing a steady re-engagement of our historic funders as well as pleasingly new ones coming on board for the first time. We expect this will further increase as we roll out our new branding and launch our new website in the summer of 2023.

As noted in these accounts we have aligned our financial reference date with the academic year. This means our school contracts run parallel with our own budgetary timeline. It is pleasing to note that as we look at the 2022/23 academic year, we already have contracts in place for a significant percentage of our delivery. In addition, we are in firm contractual position with our nine London Local Authorities who procure our Information Management Services, and which makes a significant contributions to our core costs.

Given the strong contractual position we are in, the increasing number of enquiries we are receiving from corporate funders and the level of unrestricted reserves held by the group the financial stability for the 12 months from the date of approval of these financial statements is secure, and on that basis, the charity and its subsidiary do not face material uncertainties regarding being a going concern.

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

1.5 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the directors in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

1.6 Incoming resources

All incoming resources are included in the statement of financial activities when the charity has entitlement to the funds, receipt is more likely than not, and the amount can be measured with sufficient reliability.

Income from donations, grants, and contract income, including capital grants, is included in incoming resources when these are receivable, except as follows:

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

1.7 Resources expended and irrecoverable VAT

Expenditure is recognised on an accruals basis, once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure 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 (see 1.8 below).

Redundancy and termination payments are recognised when the employee is formally notified that their post is terminated and after no suitable alternative employment has been identified.

Irrecoverable VAT is charged as a cost against the activity for which expenditure was incurred.

1.8 Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include premises, general office costs and governance costs which support the charity’s services. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. The bases on which governance and support costs have been allocated are set out in note 6.

1.9 Tangible fixed assets and depreciation

Tangible fixed assets are capitalised if they cost more than £2,000 and are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Office & computer equipment - 25% - 33% straight line Fixtures and Fittings - 10% - 20% straight line - Short leasehold premises 20% straight line

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

1.10 Operating leases

Rentals under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term.

1.11 Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.12 Cash at bank and in hand

Cash at bank and in hand includes cash balances and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.13 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.14 Financial instruments

The charity and group only hold basic financial instruments. The financial assets of the charity/group which are held at amortised cost are as follows:

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

1 Accounting policies (continued)

The financial liabilities of the charity/group which are held at amortised cost are as follows:

Cash is valued at face value and pension liabilities are valued at fair value in accordance with note 16.

1.15 Foreign currency translation

The subsidiary receives payments and pays partners for some projects in Euros. Such currency transactions are recorded at the exchange rate ruling on the date of transaction. At the year-end Euro monetary balances are re-translated at the rate prevailing at that date. Exchange gains and losses are recognised in the Statement of Financial Activities.

1.16 Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and meets the definition of a charitable company for UK corporation tax purposes. It therefore does not suffer tax on income or gains applied to charitable purposes.

In so far as the subsidiary is funded from grants from Local Authorities and European Social Funds no liability to Corporation Tax arises on grant funds. Interest receivable generated on grant funds placed on short term deposit is redeployed to the delivery of the principal activities and no liability to tax is expected to arise.

1.17 Employee Benefits

The group operate defined contribution plans for their employees and following autoenrolment the schemes are open to all employees. A defined contribution plan is a pension plan under which the group pay fixed contributions into a separate entity. Once the contributions have been paid the group have no further payment obligations. The pension contributions are allocated to expenditure in accordance with the employee salary to which they relate. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the group entities in independently administered funds.

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

1.17 Employee Benefits (continued)

The subsidiary company also operates a defined benefit pension scheme for certain of its existing employees. The scheme is closed to new members. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled. The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to the statement of financial activities. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in the statement of financial activities as employee costs, except where included in the cost of an asset, comprises:

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognized in the statement of financial activities as a 'finance expense'

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

2 Company status

The charity is a company limited by guarantee and has no share capital. It has 15 members (year to 31 March 2021 – 9). In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

3 Financial performance of the charity

The consolidated statement of financial activities includes the results of the charity’s wholly owned subsidiary. The summary financial performance of the charity alone is:

Income
Expenditure on charitable activities
Net Surplus / (Loss)
Total funds brought forward
Total funds carried forward
Represented by:
Restricted income funds
Unrestricted income funds
Total funds		 Period to
31 August
2022
£’000
699
600
99
309
408
-
408
408		 Year ended
31 March
2021
£’000
458
476
(18)
327
309
-
309
309

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

4 Incoming resources from charitable activities - analysis by activity

Continued
Operations
Activities relating
to charity
Work related
learning
Work experience
placements
brokered
Sub total
Activities relating
to subsidiary
European
Development
programme
Employability
programmes
Information Advice
and Guidance
Management
Information Systems
Inspire
Discontinued
Operations
Inspire Direction
School
Total		 Unrestricted
Funds
£’000
506
193
699
___
-
179
465
535
975
239
3,092		 Restricted
Funds
£’000
-
-
-
______
100
-
-
-
16
-
116		 Period
ending
August
2022
£’000
506
193
699
____
100
179
465
535
991
239
3,208		 Year
ending
March
2021 As
restated
£’000
315
141
456
____
123
87
231
351
792
752
2,176

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

5 Expenditure by charitable activity – summary by activity

Continued Operations
Charity activities:
Work related learning
Work experience
placements brokered
Sub total
Subsidiary activities:
European development
Employability programmes
Information Advice and
Guidance
Information Management
Systems
Inspire
Discontinued Operations
Inspire Direction School
Total		 Staff
costs
£’000
272
188
460
_
20
136
476
365
742
274
2,473		 Direct
costs
£’000
93
29
122
__
76
17
44
129
249
104
741		 Support
Costs
£’000
15
8
23
____
-
6
15
15
78
-
137		 Period
ending
August
2022
£’000
380
225
605
__
96
159
535
509
1069
378
3,351		 Year
ending
March
2021
As
restated
£’000
285
191
476
_____
123
92
318
343
1066
-
2,418

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

6 Analysis of support costs

Premises Costs
General Office
Legal and other
professional fees
Auditors’
remuneration
Salaries and
wages
Total		 General
Support
£’000
93
13
0
-
-
106		 Governance
Function
£’000
-
1
0
19
11
31		 Period
ending
August
2022
Total
£’000
193
14
0
19
11
137		 Basis of
apportionment
Year
ending
March
2021
As
restated
Total
£’000
11
Weighted average of
turnover & headcount
9
Weighted average of
turnover & headcount
1
Governance
14
Governance
9
Governance
44

7 Net outgoing resources

This is stated after charging:

his is stated after charging:
Year
Period ending
ending March
August 2021
2022 As
restated
£’000 £’000
Depreciation of tangible fixed assets:
- Owned by the charitable group 10 15
Auditors’ remuneration 21 25
Pension costs 172 120

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

8 Staff costs

Staff costs were as follows:

Wages and salaries
Social security costs
Other pension costs		 August
2022
£’000
2,282
142
142
2,566		 March
2021
£’000
As
restated
1,667
144
127
1,938

Included within staff salaries are staff redundancy costs of £40,000 (2021: £11,364).

8 Staff costs (continued)

The average monthly number of employees during the year was as follows:

Chief Executive
Finance and contracts
Work related learning team
Work experience team
15billion – Service delivery
15billion – Support and administration
Inspire
Total
 August
2022
No.
1
1
12
5
7
2
21
49
__		 March
2021
As
restated
No.
1
1
10
6
7
2
31
58
____

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

The number of higher paid employees was:

----- Start of picture text -----
August March
2022 2021
No. No.
In the band £70,001 - £80,000 1 1
----- End of picture text -----

17 employees (year to 31 March 2021: 16) were directly employed by 15billionebp.

The charity directors, who are also the directors of its wholly owned subsidiary 15billion, were not paid a salary and did not receive any other benefits from either the charity or its subsidiary in the year (year to 31 March 2021 – £NIL) neither were they reimbursed expenses during the year (year to 31 March 2021 - £NIL). No director received payment for professional or other services supplied to the charity (year to 31 March 2024 - £NIL).

The key management personnel of the group comprise those of the charity and the key management personnel of its subsidiary.

The key management personnel of the parent charity, 15billionebp, comprises the charity directors. The total employee benefits of the key management personnel of the charity were £NIL (year to 31 March 2021: £NIL), including employer’s national insurance contributions.

The key management personnel of 15billion are the Group Chief Executive, Development Manager, Head of Management Information Systems and Head of Advice and Guidance, whose employee benefits together total £382,575 (year to 31 March 2021: £266,061) including employer’s national insurance contributions. The employee benefits of key management personnel for the group were therefore £382,575 (year to 31 March 2021: £266,061)

The Group Chief Executive, who is a director of 15billion but not a trustee or director for 15billionebp received remuneration (excluding employer’s national insurance contributions) in the year of £121,723 (year to 31 March 2021 - £86,700). During the period retirement benefits were accruing to one director (year to 31 March 2021 – 1) in respect of a defined contribution pension scheme.

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

9 Tangible fixed assets

ngible fixed assets
Furniture, Fittings and Equipment
£’000
Group – as restated 2022
Cost
At 1 April 2021 229
Additions -
Disposals -
At 31 August 2022 229
Depreciation
At 1 April 2021 196
Written back on disposal -
Charge for the year 10
At 31 August 2022 206
Net book value
At 31 August 2022 23
At 31 March 2021 33

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

9 Tangible fixed assets (continued)

Furniture, Fittings and Equipment
£’000
Charity
Cost
At 1 April 2021 37
Additions -
31 August 2022 37
Depreciation
At 1 April 2021 11
Charge for the year 6
At 31 August 2022 17
Net book value
At 31 August 2022 20
At 31 March 2021 26

10 Debtors

Prepayments and accrued income
Other Debtors
Amounts due from subsidiary
Grants and contracts / Trade debtors		 Group
August
2022
March
2021
As
restated
£’000
£’000
430
283
-
-
-
-
78
145
508
428		 Charity
August
2022
March
2021
£’000
£’000
78
66
-
-
2,292
1,747
61
13
2,431
1,826		 Charity
August
2022
March
2021
£’000
£’000
78
66
-
-
2,292
1,747
61
13
2,431
1,826
1,826

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

11 Creditors

Creditors
Trade creditors
Other taxation and social security
Other creditors
Amount due to subsidiary
Accruals and deferred income		 Group
August
2022
March
2021
As
restated
£’000
£’000
40
48
102
59
-
2
-
-
400
685
542
794		 Charity
August
2022
March
2021
£’000
£’000
5
1
32
8
-
2
2,174
1,799
43
165
2,254
1,975
1,975

11 Creditors (continued)

Deferred income (Included within Accruals and deferred income
above)
Deferred income at 1 April 2021
Amounts released from previous years
Amount deferred in the year
Deferred income at 31 August 2022		 Group
£’000
422
(422)
255
255		 Charity
£’000
80
(80)
23
23

Deferred income comprises grant and contract sums received in the year to the extent that the funder has specified they must be used in future periods or are time-apportioned where they relate to services provided over a period spanning the year end.

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

12 Analysis of funds 12 Analysis of funds
Brought
Forward
£’000		 Incoming
Resources
£’000		 Resources
Expended
£’000		 (Losses)/
Gains
£’000		 Transfers
between
funds
£'000		 Carried
Forward
£’000
Analysis of
movement
in
unrestricted
funds
Designated
funds
Fixed assets
fund		 26 - (5) - - 21
26 - (5) - - 21
General
funds
Charity’s
general fund		 282 701 (595) - - 388
15Billion
(excluding 334 1,061 (1,202) - - 193
fixed assets)
Pension
reserve 43 - (2) 67 - 108
(subsidiary)
Inspire
(subsidiary)		 (79) 1,330 (1,431) - 21 (159)
580 3,092 (3,230) 67 21 530
Total
unrestricted 606 3,091 (3,235) 67 21 551
funds
Subsidiary
restricted 21 116 (116) - (21) -
funds
Total
restricted 21 116 (116) - (21) -
funds
Total of 627 3,208 (3,351) 67 - 551
funds

44 | P a g e

DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

12 Analysis of funds (continued)

Designated Funds

The fixed asset fund represents the net book value of fixed assets.

Restricted Funds (subsidiaries)

Restricted funds represent funds received from:

13 Analysis of net assets between unrestricted funds

Fixed assets
Net current assets		 Unrestricted
funds
£’000
21
530
551		 August 2022
£’000
21
530
551		 March
2021
As
restated
£’000
26
580
606

45 | P a g e

DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

14 Operating lease commitments

The company had annual total commitments under non cancellable operating leases as detailed below:

Group
Expiry date:
Within 1 year
Between 2 and 5 years
In over 5 years
Charity
Expiry date:
Within 1 year
Between 2 and 5 years
In over 5 years		 Land and buildings
2022
£’000
2021
As restated
£’000
118
142
104
596
-
288
-
72
-
144
-
288		 Other
2022
£’000
2021
As
restated
£’000
-
-
-
-
-
-
-
-		 Other
2022
£’000
2021
As
restated
£’000
-
-
-
-
-
-
-
-
-
-

15 Subsidiary

15billionebp is the sole guaranteeing member of 15billion, a company limited by guarantee and registered in England and Wales, (company number 04301654) which was incorporated on 9 October 2001.

The principal activities of 15billion during the year remained the delivery of young people’s support and ancillary services directly and in partnership with other statutory, private and third sector organisations.

Company name Country 15billion England and Wales

46 | P a g e

DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

The results and year end balance sheet of 15billion were as follows:

Turnover
Cost of sales
Gross (loss)/profit
Administrative expenses
Operating profit for the year
Interest receivable and similar income
Other finance income
Taxation
(Loss)/Profit for the year
Actuarial (loss) /gain related to pension scheme
Total recognised gains relating to the year
Tangible fixed assets
Current assets
Current liabilities
Defined benefit pension scheme asset
Net assets
Profit and loss account
Pensions account
Capital and reserves carried forward		 Period
ending
August
2022
£’000
1,161
(1,279)
(118)
(25)
(143)
1
-
-
(142)
67
(75)
August
2022
£’000
-
516
(323)
108
301
2022
£’000
193
108
301		 Year
ending
March
2021
As
restated
£’000
793
(852)
(59)
(25)
(84)
2
-
-
(82)
(72)
(154)
March
2021
As
restated
£’000
-
549
(215)
43
377
2021
£’000
334
43
377

47 | P a g e

DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

15 Subsidiary (continued)

New Hackney Education Business Partnership Limited (t/a Inspire! EBP) is a company limited by guarantee and registered in England and Wales, (company number 05157521) and a registered charity (No. 1111037) which was incorporated on 18 June 2004.

The principal activities of New Hackney Education Business Partnership Limited (t/a Inspire! EBP) remained the delivery of young people’s support and ancillary services directly and in partnership with other statutory, private and third sector organisations.

Company name Country New Hackney Education England and Wales Business Partnership Limited (t/a Inspire! EBP)

The results and year end balance sheet of New Hackney Education Business Partnership Limited (t/a Inspire! EBP) were as follows:

Turnover
Cost of sales
Gross (loss)/profit
Administrative expenses
Operating (loss)/profit for the year
Interest receivable and similar income
Total recognised losses relating to the year		 Period
ending
August
2022
£’000
1,346
(1,447)
(101)
-
(101)
-
(101)		 Year
ending
March
2021
£’000
928
(1,065)
(137)
-
(137)
-
(137)

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DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

15 Subsidiary (continued)

Tangible fixed assets
Current assets
Current liabilities
Net assets
Unrestricted funds
Restricted funds
Total funds		 Period
ended 31
August
2022
£’000
2
96
(257)
(159)
2022
£’000
(159)
-
(159)		 Year
ended 31
March
2021
£’000
7
286
(351)
(58)
2021
£’000
(79)
21
(58)

16 Pension commitments

Defined contribution pension schemes

Staff who are directly employed by the charity were eligible to join a stakeholder pension scheme. This scheme was available to all staff until April 2014. Staff in this scheme contribute a minimum of 5% of their gross salary and the assets of the scheme are held separately from those of the company in an independently administered fund with Friends Provident.

A personal defined contribution pension scheme was available to staff employed by the subsidiary up until April 2014. Staff in this scheme contribute a minimum of 3% of their gross salary and the assets of the scheme are held separately from those of the company in an independently administered fund with Legal & General.

From April 2014 15billion, and from April 2015 the charity, introduced a group auto enrolment scheme for the remaining staff not in an existing pension scheme and for all new staff. Staff contribute a minimum of 5% of their gross salary and the assets of the scheme are held separately from those of the company in an independently administered fund with Legal & General.

49 | P a g e

DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

The pension cost charge represents contributions to all funds and amounts to £57,566 (year to 31 March 2021 - £38,031). At the year-end there were outstanding contributions of £10,332 (year to 31 March 2021 - £4,126).

Defined benefit pension schemes

In the charity, staff jointly employed by the London Borough of Newham are included in the London Borough of Newham pension scheme for the proportion of their salary paid for by the Borough, which is a defined benefit scheme. The payments made to London Borough of Newham in respect of staff costs include the employer's pension scheme contribution. The charity’s liability is limited to the amount of that contribution which was £NIL (year to 31 March 2021 - £NIL). Staff employed directly by London Borough of Newham are also part of the same defined benefit pension scheme. The contribution this year for these staff members was £8,604 (year to 31 March 2021 - £6,186). There were no amounts outstanding at the year end.( year to 31 March 2021 -£NIL). In both cases, the actuarial pension liability remains with the London Borough of Newham.

15billion operates a defined benefit pension scheme, which is based on final pensionable pay. The assets of the scheme are held separately from those of the company, being invested in a multi-company scheme. The defined benefit pension

scheme is closed to new members and is only for staff transferred to 15billion in August 2008 as part of their terms and conditions of service under the Transfer of Undertaking Protection of Employment rights regulations.

The contributions are determined by a qualified actuary on the basis of triennial valuations using the projected unit method. The most recent valuation was at 31[st] March 2018, which has been updated to reflect conditions at the balance sheet date. The assumptions that have the most significant effect on the results of the valuation are those relating to the rate of increase in salaries and pensions. It was assumed that salary increases would average 2.85% per year and that present and future pensions would increase at the rate of 1.95% per year.

The agreed contribution rate for future years is 33.1% for employers and 6% for employees.

The principal actuarial assumptions used by the actuary were:

31 August 2022 31 March 2021
% %
Inflation (Retail Price Index) 3.50 3.40
Inflation (Consumer Price Index) 3.00 2.85
Rate of general increase in salaries 3.00 2.85
Discount rate for scheme liabilities 4.25 1.95

50 | P a g e

DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

Longevity assumptions as at 31 August 2022:

Base table Bespoke longevity tables provided by Club Vita for the formal valuation of the Section as at 31 August 2022

Future Improvements
Increase in longevity improvements have been assumed to tail off
over the next 10-20 years and over the long term will stabilize at
1.5% per year for males and females
Life expectancies
Male
Female
Retiring today
21.2
23.3
Retiring in 20 years
23.6
26.3
Balance Sheet position
Assets
Fund value
at 31 August
2022
£’000
Fund value
at 31 March
2021
Restated
£’000
Equity securities
51
39
Diversified Growth & Hedge Funds
0
95
Debt securities – Corporate
-
-
Debt securities – Government
-
-
Cash and cash equivalents
Insurance linked securities
LDI
Multi asset credit funds
Asset-backed securities
Synthetic Credit
Absolute Bond Return
124
49
124
-
236
39
44
131
41
169
-
176
24
48
Total value of assets
667
723
Actuarial value of (liabilities)
(559)
(680)
Surplus of funded plan liabilities and net pension asset
108
43
Analysis of amount charged to operating profit
31 August
2022
£’000
31 March
2021
As restated
£’000
Current service cost
34
21
Administration cost
33
17
Loss on settlement
-
-
Total operating charge
67
38		 Future Improvements
Increase in longevity improvements have been assumed to tail off
over the next 10-20 years and over the long term will stabilize at
1.5% per year for males and females
Life expectancies
Male
Female
Retiring today
21.2
23.3
Retiring in 20 years
23.6
26.3
Balance Sheet position
Assets
Fund value
at 31 August
2022
£’000
Fund value
at 31 March
2021
Restated
£’000
Equity securities
51
39
Diversified Growth & Hedge Funds
0
95
Debt securities – Corporate
-
-
Debt securities – Government
-
-
Cash and cash equivalents
Insurance linked securities
LDI
Multi asset credit funds
Asset-backed securities
Synthetic Credit
Absolute Bond Return
124
49
124
-
236
39
44
131
41
169
-
176
24
48
Total value of assets
667
723
Actuarial value of (liabilities)
(559)
(680)
Surplus of funded plan liabilities and net pension asset
108
43
Analysis of amount charged to operating profit
31 August
2022
£’000
31 March
2021
As restated
£’000
Current service cost
34
21
Administration cost
33
17
Loss on settlement
-
-
Total operating charge
67
38		 Future Improvements
Increase in longevity improvements have been assumed to tail off
over the next 10-20 years and over the long term will stabilize at
1.5% per year for males and females
Life expectancies
Male
Female
Retiring today
21.2
23.3
Retiring in 20 years
23.6
26.3
Balance Sheet position
Assets
Fund value
at 31 August
2022
£’000
Fund value
at 31 March
2021
Restated
£’000
Equity securities
51
39
Diversified Growth & Hedge Funds
0
95
Debt securities – Corporate
-
-
Debt securities – Government
-
-
Cash and cash equivalents
Insurance linked securities
LDI
Multi asset credit funds
Asset-backed securities
Synthetic Credit
Absolute Bond Return
124
49
124
-
236
39
44
131
41
169
-
176
24
48
Total value of assets
667
723
Actuarial value of (liabilities)
(559)
(680)
Surplus of funded plan liabilities and net pension asset
108
43
Analysis of amount charged to operating profit
31 August
2022
£’000
31 March
2021
As restated
£’000
Current service cost
34
21
Administration cost
33
17
Loss on settlement
-
-
Total operating charge
67
38		 Future Improvements
Increase in longevity improvements have been assumed to tail off
over the next 10-20 years and over the long term will stabilize at
1.5% per year for males and females
Life expectancies
Male
Female
Retiring today
21.2
23.3
Retiring in 20 years
23.6
26.3
Balance Sheet position
Assets
Fund value
at 31 August
2022
£’000
Fund value
at 31 March
2021
Restated
£’000
Equity securities
51
39
Diversified Growth & Hedge Funds
0
95
Debt securities – Corporate
-
-
Debt securities – Government
-
-
Cash and cash equivalents
Insurance linked securities
LDI
Multi asset credit funds
Asset-backed securities
Synthetic Credit
Absolute Bond Return
124
49
124
-
236
39
44
131
41
169
-
176
24
48
Total value of assets
667
723
Actuarial value of (liabilities)
(559)
(680)
Surplus of funded plan liabilities and net pension asset
108
43
Analysis of amount charged to operating profit
31 August
2022
£’000
31 March
2021
As restated
£’000
Current service cost
34
21
Administration cost
33
17
Loss on settlement
-
-
Total operating charge
67
38		 Future Improvements
Increase in longevity improvements have been assumed to tail off
over the next 10-20 years and over the long term will stabilize at
1.5% per year for males and females
Life expectancies
Male
Female
Retiring today
21.2
23.3
Retiring in 20 years
23.6
26.3
Balance Sheet position
Assets
Fund value
at 31 August
2022
£’000
Fund value
at 31 March
2021
Restated
£’000
Equity securities
51
39
Diversified Growth & Hedge Funds
0
95
Debt securities – Corporate
-
-
Debt securities – Government
-
-
Cash and cash equivalents
Insurance linked securities
LDI
Multi asset credit funds
Asset-backed securities
Synthetic Credit
Absolute Bond Return
124
49
124
-
236
39
44
131
41
169
-
176
24
48
Total value of assets
667
723
Actuarial value of (liabilities)
(559)
(680)
Surplus of funded plan liabilities and net pension asset
108
43
Analysis of amount charged to operating profit
31 August
2022
£’000
31 March
2021
As restated
£’000
Current service cost
34
21
Administration cost
33
17
Loss on settlement
-
-
Total operating charge
67
38
67 38

51 | P a g e

DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

Analysis of amount credited to other finance income
Interest income on Plan assets
(Interest) on Plan liabilities
Net interest on net defined benefit asset
Total amount charged to income and expenditure account
(total operating charge less net interest)
Analysis of amount recognised in Other
Comprehensive income (OCI)
Annual return on assets excluding amounts included in net
assets
Actuarial gain / (loss) on Plan obligations
Remeasurement gain / (loss) in Plan recognised in the OCI
Reconciliation of Plan benefit obligation:
At 1 April 2021
Current Service cost
Administration costs
Interest cost
Contributions by plan participants
Actuarial losses (gains)
Liabilities (extinguished) on settlement due to bulk transfer
Benefits (paid)
At 31 August 2022		 31 August
2022
£’000
20
(19)
1
66
31 August
2022
£’000
(99)
166
67
31 August
2022
£’000
680
34
33
19
6
(166)
-
(48)
559		 31 March
2021
As restated
£’000
15
(12)
3
35
31 March
2021
£’000
33
(105)
(72)
31 March
2021
£’000
543
21
17
12
4
105
-
(22)
680

52 | P a g e

DocuSign Envelope ID: FD5AF2FB-1982-4F22-BFB7-B76F0631CE18

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the period ended 31 August 2022

Reconciliation of fair value of Plan assets:
At 1 April 2021
Interest Income
Contributions by plan participants
Contributions by the employer
Actual return on assets excluding amount included in net
interest
Assets distributed on settlement due to bulk transfer
Benefits paid out
At 31 August 2022		 31 August
2022
£’000
723
20
6
64
(99)
-
(48)
667		 31 March
2021
£’000
651
15
4
42
33
-
(22)
723

17 Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in funds
Add back depreciation charge
Less interest income shown in investing
activities
Decrease (Increase) in debtors
(Decrease) Increase in creditors
Cash flow from operating activities		 Group
2022
£’000
(143)
11
(2)
(132)
(201)
(467)		 Group
2021
£’000
(238)
11
(2)
210
99
80		 Charity
2022
£’000
(29)
4
(3)
(205)
11
(222)		 Charity
2021
£’000
(19)
4
(2)
100
(41)
42

18 Related party transactions

From time to time some organisations for which board members work give grants and donations to the charity to support the funding of the services of the charity. These arrangements are considered to be conducted on an 'at arm's length basis' and in no case does the relevant director have any financial interest in the funding provided (2021 – none).

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