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← 15billionebp

2025-08-31-accounts

Registered number: 02462697 Charity number: 1000041

15billionebp (trading as Inspire) (A company limited by guarantee)

Directors’ Report and Financial Statements

For the year ended 31 August 2025

15BILLIONEBP (A company limited by guarantee)

Contents

Page
Reference and administrative details of the charity, its trustees and 01 – 02
advisers
Directors’ report 03 – 14
Independent auditor’s report 15 – 18
Consolidated statement of financial activities 19
Consolidated balance sheet 20
Statement of cash flows and consolidated statement of 21
cash flows
Notes to the financial statements 22 – 48

15BILLIONEBP (A company limited by guarantee)

Reference and administrative details of the charity, its trustees and advisers

Trustees/Directors Sugathan Sahadevan, Chair Jennifer Wilkins, Vice chair Charles Belcher Robert Hales Sundeep Bhandari Simon Clinton Larisa Budaeva Kishen Gajjar James Jennings Simon Piesse Zenab Mumtaz Richard Stephens (Trustees identified by * are also members of the Finance and General Purposes Committee)

Company registered number 02462697 Charity registered number 1000041 Registered office Unit MI.220 12 Marshgate Lane Stratford, London E15 2NH Company secretary Shereen El-Shennawy (appointed 01/10/2024) Ian Porter (resigned 30/09/2024)

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15BILLIONEBP (A company limited by guarantee)

Reference and administrative details of the charity, its trustees and advisers

Key management personnel (in addition to the Trustees):

Senior Managers of 15billionebp:

Shereen El-Shennawy Company Secretary and Group Chief Executive (Appointed 01/10/2024) Ian Porter Company Secretary and Group Chief Executive (Resigned 30/09/2024) Rezaul Hussain Business & Partnerships Development Director

Independent auditor Affinia Chartered Accountant Statutory Auditor Lynwood House Crofton Road Orpington Kent BR6 8QE

Bankers Aldermore Bank 50 St Mary Axe London EC3A 8FR Lloyds Bank Plc 25 Gresham Street London EC2V 7HN

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the year ended 31 August 2025

Directors’ report

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 year ending 31st August 2025 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 Group 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 Group 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.

Governance

The directors are responsible for the overall management of the charity and its subsidiaries and have due regard for guidance on public benefit published by the Charity Commission in exercising their powers and duties. During the year they met formally 4 times. The Finance and General Purposes Committee also met 4 times, to which all directors as well as committee members were invited to attend.

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the year ended 31 August 2025

The day-to-day running of the charity is delegated to the Group Chief Executive and 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 either transfer or 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 originally developed in partnership with skilled volunteers from the Financial Conduct Authority. During the year under review the risk register was reviewed by Trustees and senior staff as they continued to integrate the new subsidiary into the group and focus on further building stakeholder relationships. The following table summarises what were considered to be the most significant risks at 31[st] August 2025.

Risk Management Response
Governance & Compliance Regular compliance checks, trustee training,
external audit, GDPR/data protection policy
Safeguarding – failure to protect young people,
staff, and volunteers		 Comprehensive
policies
and
procedures;
annual external review; regular staff updates
and training; dual process review after
incidents
Adverse publicity following a data breach or
safeguarding incident		 Regular review of data security and GDPR
compliance; annual external safeguarding
review; staff training at induction and annually;
incident review process
Reliance on key individuals for crucial
processes (e.g., Finance, BD, HR)		 Process documentation; contingency planning;
cross-training;
CRM
implementation,
technology backup
Future income streams threatened by school
budget cuts or Corporate Social Responsibility
funding reduction		 Identify
and
develop
alternative
income
streams, maintaining adequate reserves to
manage income shortfalls.
Proactively
grow
new
funding
avenues,
including individual giving and diversified
partnerships.
Enhance and communicate the measurement
of partnership impact with schools, employers,
and funders to retain support and attract new
income.

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

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the year ended 31 August 2025

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 year.

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 3.45%.

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 them to obtain 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.

The objectives of the charity are achieved by:

15billionebp and New Hackney Education Business Partnership

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the year ended 31 August 2025

15billion, in addition to the above undertakes:

Following the merger of 15billionebp and the New Hackney Education Business Partnership, in December 2022 Trustees from both charities together with the Senior Leadership Team came together to formulate a 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.

Guiding Principles

Strategic Aims

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

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the year ended 31 August 2025

Achievements and performance

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.

Primary school work

We believe that learning about the world of work should begin early in a young person’s educational journey and continue throughout their academic life and beyond.

During the year, Inspire working collaboratively with its ultimate parent company 15billionebp delivering three Primary School programmes:

Programme Reach:

Working in Secondary schools

Our work-related programmes in collaboration with secondary schools facilitated meaningful employer engagement for 6,164 young people across 11 London boroughs, supporting them in developing essential skills and exploring diverse career and education pathways.

Our Secondary Schools menu of offer includes:

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the year ended 31 August 2025

Programme Reach:

Volunteers play a vital role in helping young people understand the workplace and the opportunities available to them. Through school-based activities and workplace visits, students encounter a diverse range of industries, from law firms to theatres, precious metals to textile design, and aviation to quantum computing.

Work Related learning supporting young people who have additional learning needs

Our Additional Needs programmes continue to be a vital part of Inspire's offer, ensuring that young people with special educational needs and disabilities (SEND) can access meaningful work-related learning experiences. These programmes are designed to be inclusive, flexible, and tailored to the needs of each cohort, recognising that mainstream approaches may not be suitable for all learners.

This year, three core programmes were delivered to support young people with additional needs:

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the year ended 31 August 2025

year, designed to introduce students to the concept of social enterprise. Through a series of workshops and workplace visits, students explore social issues, develop business ideas, and create their own social enterprise projects. The programme encourages creativity, teamwork, and a sense of purpose, while building key employability skills.

Reach and engagement:

These programmes were delivered in partnership with a range of schools and businesses committed to inclusive practice. Feedback from educators and employers highlighted the value of these experiences in boosting confidence, communication skills, and career awareness among participants.

Work Experience:

During the 2024–25 academic year, Inspires Work Experience (WEX) team successfully placed 4,471 students into work experience opportunities, collaborating with nearly 1,000 employers and partnering with 31 schools across Newham, Hackney, Waltham Forest, and Camden.

Our team continue to maintain strong relationships with other Education Business Partnerships (EBPs), including collaborative efforts on pre-placement visits within our geographical area.

Looking ahead to 2025–26, we are focused on enhancing the quality and impact of work experience placements. Inspire will be partnering with ten employers to co-develop a new offer that meets the full criteria of Gatsby Benchmarks 5 and 6, ensuring placements are meaningful for both students and employers. Learning from this pilot will guide our approach as we work to align all placements with these standards over the next two years. In addition, aligned with the new Equalex model, we are preparing to pilot a new product that will support schools in delivering the full Equalex framework. With the Labour government’s 'two-week guarantee' initiative placing greater emphasis on work experience, we anticipate it becoming an increasingly central part of school life—and we are excited to be at the forefront of this development.

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the year ended 31 August 2025

Information Advice and Guidance (IAG):

Our IAG service primarily delivers one-to-one career guidance interviews within school settings across the London Boroughs of Newham, Waltham Forest, and Hackney. While our careers advisers are available to support all students, particular focus is given to those at key transition points, such as Year 11 and Year 13. During this academic year, our core team of six advisers provided IAG across 16 schools, supporting approximately 2,000 students through a total of 2,260 interviews. We are proud to report that our IAG services have once again been awarded Matrix accreditation, the national quality standard for careers education.

One of the ongoing challenges in delivering 1:1 IAG is managing time effectively while ensuring meaningful engagement. We recommend schools schedule five interviews per day, allowing each student 45 minutes with a careers adviser. However, individual schools often set their own interview durations, and we have observed a gradual reduction in allocated time due to increasing student numbers. Balancing quality, depth of interaction, and affordability remains a key concern. Additionally, gathering feedback from students during these sessions is difficult, as the limited time is rightly focused on their individual needs. In response, we are developing a new feedback form and will trial alternative methods of collecting student feedback throughout this academic year.

We continue to work closely with colleagues from the London Borough of Newham, advising them of young people we have identified as potential NEETs, which enables tailored and prompt support for them and the schools. We have fantastic working relationships with our schools which includes the sharing of action plans and the development of strategies for targeting and supporting those students most in need.

Looking ahead to the 2025–26 academic year, we are excited to expand and diversify our IAG offer. We plan to grow our team of careers advisers to meet increasing demand from both long-standing partner schools and new institutions. There is a notable rise in requests for support tailored to neurodiverse and SEND students, and we are committed to ensuring all young people receive the guidance they need to make informed post-education choices. In addition to expanding our 1:1 provision, we are developing a new group guidance offer. These themed sessions - such as “University vs Apprenticeships” will complement individual interviews and provide targeted support to specific student cohorts. We are also exploring the integration of more interactive tools into our sessions, including resources like “What’s Your Strength?” and “Shape of Career” cards, to further enrich the student experience.

Our IAG provision plays a vital role in helping schools meet the Gatsby Benchmarks, as set out by the Department for Education and the Careers and Enterprise Company. These services are instrumental in guiding students through key decision-making processes regarding their future pathways.

Management information that underpins careers work:

The Management Information Team (MI) continues to deliver and enhance the Client Caseload Information System (CCIS) for eight East London Local Authorities and the City of London Corporation. Our services encompass not only statutory collection and reporting of young people’s progression data, but also include modules that facilitate the operation of

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the year ended 31 August 2025

Local Authority Youth Services and support the Inspire Work Experience Team. The CCIS database is administered and maintained for more than 250 users across a range of local authority departments.

The MI Team service supports local authorities in fulfilling their statutory National CCIS obligations by managing and administering the database, submitting required reports to the Department for Education, generating comprehensive regular reports, and delivering user training.

While we establish contracts independently with each Local Authority, Inspire upholds a robust sub-regional approach through a strategic steering group comprised of representatives from all participating authorities. Beyond operational advantages, this method enables Local Authorities to leverage economies of scale.

CCIS serves as a critical database, providing strategic insights into the demographics and specific needs of young people. It enables Local Authorities and partner organisations to plan resource allocation effectively and assess the impact of interventions on youth outcomes. At the practitioner level, CCIS functions as a caseload management information system, facilitating the recording of intervention details and the individual requirements of more than 150,000 young people.

Over the past year, we have achieved the following:

The national profile of CCIS remains strong, partly because its data is essential for meeting national requirements and key reports like the annual Scorecard and Raising the

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the year ended 31 August 2025

Participation Age. This is especially important given the high number of young people who are not in education, employment, or training (NEET).

Impact

Impact measurement is fundamental to our mission and continues to shape how we design, deliver, and improve our services. This year, we collectively supported over 22,000 young people - an achievement made visible through our re-launched Impact Report. The report reflects our commitment to rigorous evaluation, combining quantitative data with case studies to tell a compelling story of change. Our ongoing programme of work to strengthen impact measurement includes refining our frameworks, embedding longitudinal tracking, and ensuring that our insights resonate with funders, trustees, and the communities we serve. This approach not only demonstrates accountability but also ensures that our interventions remain responsive, inclusive, and effective.

Financial review

The results for the year are as set out in the Statement of Financial Activities.

Income surpassed budgeted expectations due to intentional diversification of funding streams to recognise the ongoing pressure on school budgets. A continued focus for the year under review was the implementation of the post-merger three-year strategic plan and maximising efficiencies of combined systems and services.

The financial result for the year was a surplus of £69,000 2024: £21,000. Funding was received from a variety of sources, including Local Authorities, trusts and foundations, direct donation, fund raising activities and individual schools, colleges and businesses. The directors recognise total reserves carried forward at the year-end of £478,449 are less than the lower band set in the reserves policy and representing positive gains towards the desired level of reserves.

Reserves policy and going concern

It was understood that the 2022 merger with New Hackney Education Business Partnership would have a short term adverse effect on reserves due to the net negative position of the New Hackney EBP Balance Sheet at the point of merger, however due to the compound effect of the cost of living crisis it was acknowledged that the impact on reserves has extended to the medium term and a strategy to rebuild is actively underway, forming a continued priority for the coming year. Following the improved year end position, Directors have assessed the required level of reserves with due consideration to the continued pressure on school budgets and contracts secured for 2025/2026, this translates to maintaining a level of reserves of between 3 and 6 months running costs of the Charity and its subsidiaries.

Excluding the pension asset the group has a level of unrestricted reserves of £299,449, which is lower than the set band lower level of £378,956. They are actively pursuing a strategy to rebuild the reserves.

The charity had reserves (including the pension asset) of £478,449 of unrestricted funds.

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the year ended 31 August 2025

Given the retention of existing contracts, the level of unrestricted reserves and the securing of new income in 2025/26 the directors are of the opinion that the charity and its subsidiaries do not face material uncertainties regarding being a going concern.

It is noted that during the period to 31 August 2025 the trustees commenced the structured close down of New Hackney Education Business Partnership and transferred all activities, contracts and staff into 15billionebp. Whilst the group is not impacted by this restructure, the individual accounts of New Hackney Education Business Partnership are not prepared on a going concern basis.

Plans for future years

In the year ahead, we will intensify our focus on robust impact measurement, building on the momentum of our re-launched Impact Report and engaging specialist expertise to further evolve our reporting. This will ensure that the outcomes of our services are captured, evidenced, and communicated with even greater clarity to funders, schools, and the communities we serve.

We are committed to embedding the Equalex framework across our programmes, supporting schools to deliver on the new national guarantee for work experience, and ensuring every placement is meaningful, inclusive, and aligned with the evolving needs of young people and employers.

Our innovation agenda includes co-developing new products with employer partners, piloting enhanced work experience offers that meet the full criteria of Gatsby Benchmarks 5 and 6 and leveraging technology to streamline processes and improve the quality of our provision. We will continue to align our services with national policy priorities, including the Labour government’s emphasis on work experience and the growing demand for tailored support for neurodiverse and SEND students.

Alongside these developments, we will maintain our commitment to staff development, cross-team collaboration, and partnership working - ensuring that 15billionebp remains agile, resilient, and at the forefront of preparing young people for the changing world of work.

As we consolidate our group structure and transition to a more efficient operating model, we remain open to new collaborations and opportunities that will further our mission and extend our impact.

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 year, 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 year. In preparing these financial statements, the directors are required to:

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15BILLIONEBP (A company limited by guarantee)

Directors’ report for the year ended 31 August 2025

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.

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.

This report was approved by the directors on 11/02/2026 and signed on their behalf by:

Sugathan Sahadevan Director

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15BILLIONEBP (A company limited by guarantee)

independent Auditor’s Report

Opinion

We have audited the financial statements of 15billionebp (trading as Inspire) and its subsidiary (the group) for the year ended 31 August 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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) and the Charities SORP 2019.

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 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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15BILLIONEBP

(A company limited by guarantee)

independent Auditor’s Report

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report, including the incorporated strategic report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees 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

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15BILLIONEBP (A company limited by guarantee)

independent Auditor’s Report

misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company, or 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance

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independent Auditor’s Report

with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Louise Hallsworth FCA (Senior Statutory Auditor)

For and on behalf of Affinia (Orpington), Statutory Auditor Chartered Accountants Lynwood House Crofton Road Orpington BR6 8QE

Date: .[24 February 2026] ........................

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15BILLIONEBP (A company limited by guarantee)

Consolidated statement of financial activities for the year ended 31 August 2025

Income:
Note
Continued operations
Income from charitable activities
5
Investment income
Total income
Expenditure:
Continued operations
Charitable activities
6
Total expenditure
Net income before other recognised gains and losses
Re-measurement gain/(loss) 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
2025
£’000
1,579
3
1,582
1,513
1,513
69
-
69
332
-
401		 Restricted
Funds
2025
£’000
-
-
-
-
-
-
78
78
-
-
78		 Total
Funds
Year ending August 2025
£’000
1,579
3
1,582
1,513
1,513
69
78
147
332
-
479		 Total
Funds
Year ending August 2024
£’000
1,678
1
1,680
1,659
1,659
21
18
39
293
-
332

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15BILLIONEBP (A company limited by guarantee)

Consolidated and Charity balance sheets as at 31 August 2025

Note Group Group Charity Charity
31 31 31 31
August August August August
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Fixed assets
Tangible assets 10 12 17 5 7
Current assets
Debtors 11 175 328 227 232
Cash at bank and in
hand		 366 212 272 184
541 540 499 416
Creditors:amounts
falling due within one 12 (253) (316) (155) (150)
year
Net current assets 288 224 344 266
Total assets less
current liabilities		 300 241 349 273
Defined benefit pension
scheme asset		 17 179 91 - -
Net assets including
pension scheme asset		 479 332 349 273
Funds: 14
Restricted funds:
Pension reserve 179 91 - -
Unrestricted funds:
General funds 300 241 349 273
Total unrestricted funds
Total funds		 300
479		 241
349
273
332
349
273
~~——~~

The directors have prepared group accounts in accordance with 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 note on pages 22 to 48 form part of the financial statements.

The financial statements were approved by the directors on 11/02/2026 and signed on their behalf by:

Sugathan Sahadevan Director Company registration number: 02462697

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15BILLIONEBP (A company limited by guarantee)

Statement of cash flows and consolidated statement of cash flows for the year ended 31 August 2025

Note
Cash generated (used) in
operating activities
18
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
Year
ending
August
2025
£’000
151
-
3
154
-
154
212
366		 Group
Year
ending
August
2024
£’000
70
-
2
72
-
72
140
212		 Charity
2025
£’000
85
-
3
88
-
88
184
272		 Charity
2024
£’000
86
-
2
88
-
88
96
184

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15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

1 Accounting policies

1.1 Basis of preparation

These financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are 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 2025. 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 are consolidated using the merger accounting rules and not acquisition accounting.

1.3 Preparation of the accounts on a going concern basis

The financial year under review continued to present challenges, with persistent pressure on school budgets and the wider effects of an uncertain economic climate. Despite these conditions, 15billionebp has shown resilience through the diversification of funding streams, effective delivery of our post-merger strategic plan, and increased operational efficiency.

We have secured a significant number of contracts for 2025/2026, including positive expansion into new areas to provide much-needed services. Demand from local

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15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

authorities, schools, and corporate partners remains strong, and our reputation as a trusted provider of quality careers guidance services and work experience placements is well established. This year, we supported over 22,000 young people and facilitated more than 4,400 work experience placements, with further enquiries continuing to be received. The trustees have initiated the structured closure of New Hackney Education Business Partnership, having transferres all activities, contracts, and staff into 15billionebp. This consolidation will streamline operations and reduce governance costs.

The directors have reviewed detailed cashflow forecasts, which indicate a positive position for the year ahead. Given this, alongside the retention of existing contracts, new income secured for 2025/26, and the current level of unrestricted reserves, the directors have confidence that the charity and its subsidiaries do not face material uncertainties regarding their status as a going concern for the next 12 months.

1.4 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.

Restricted funds are funds held under specific trusts, often imposed by donors, and must be used for specified purposes.

1.5 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:

• When funders impose conditions specifying that donations and grants, including capital grants, are for restricted purposes, which do not amount to pre-conditions regarding entitlement, the income is included in incoming resources of restricted funds when receivable.

1.6 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

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15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

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.

1.7 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.

1.8 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 basis:

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

1.9 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.

1.10 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.

1.11 Cash at bank and in hand

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15BILLIONEBP (A company limited by guarantee) Notes to the financial statements for the year ended 31 August 2025

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.

1.12 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.

1.13 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:

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.

1.14 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.

1.15 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

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15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

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.

1.16 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.

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

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15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

defined benefit obligation and the fair value of plan assets. This cost is recognized in the statement of financial activities as a 'finance expense'

2 Company status

The charity is a company limited by guarantee and has no share capital. It has 12 members (year to 31 August 2024 – 12). 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 Judgements and key sources of estimation uncertainty

In the application of the Charity’s accounting policies, the Trustees required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

4 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 (Loss) / Surplus
Total funds brought forward
Total funds carried forward
Represented by:
Unrestricted income funds
Total funds		 Year ended
31 August
2025
Unrestricted
£’000
980
904
76
273
349
349
349		 Year
ended
31 August
2024
Unrestricted
£’000
728
726
2
271
273
273
273

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15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

5 Incoming resources from charitable activities - analysis by activity

Continued
Operations
Work related
learning
Work experience
placements
brokered
European
Development
programme
Employability
programmes
Information Advice
and Guidance
Management
Information
Systems
Total		 Unrestricted
Funds
£’000
671
316
-
-
241
354
1,582		 Restricted
Funds
£’000
-
-
-
-
-
-
-		 Year
ending
August
2025
£’000
671
316
-
-
241
354
1,582		 Period
ending
August
2024
£’000
742
325
-
-
256
355
1,678

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15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

6 Expenditure by charitable activity – summary by activity

Continued Operations
Work related learning
Work experience
placements brokered
European development
Employability programmes
Information Advice and
Guidance
Information Management
Systems
Total		 Staff
costs
£’000
490
308
-
-
226
190
1,214		 Direct
costs
£’000
97
36
-
-
20
91
244		 Support
Costs
£’000
23
12
-
-
11
9
55		 Year
ending
August
2025
£’000
610
356
-
-
257
290
1,513		 Year
ending
August
2024
£’000
568
419
-
-
330
342
1,659

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15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

7 Analysis of support costs

Premises Costs
General Office
Legal and other
professional
fees
Auditors’
remuneration
Salaries and
wages
Total		 General
Support
£’000
9
16
-
-
-
25		 Governance
Function
£’000
-
1
-
22
7
30		 Year
ending
August
2025
Total
£’000
9
17
-
22
7
55		 Year
ending
August
2024
Total
Basis of
apportionment
£’000
17
Weighted average
of turnover &
headcount
17
Weighted average
of turnover &
headcount
-
Governance
19
Governance
8
Governance
61

8 Net outgoing resources

This is stated after charging:

Year Year
ending ending
August August
2025 2024
£’000 £’000
- Depreciation of tangible fixed assets owned by the
charitable group		 6 20
- Auditors’ remuneration 22 19
- Pension costs 64 94

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15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

9 Staff costs

Staff costs were as follows:

Wages and salaries
Social security costs
Other pension costs		 August
2025
£’000
1,025
108
64
1,197		 August
2024
£’000
1,061
102
94
1,257

Included within staff salaries are staff redundancy costs of £NIL (2024: £14,789).

9 Staff costs (continued)

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

August August
2025 2024
No. No.
Chief Executive 1 1
Finance and contracts 1 1
Work related learning team 12 9
Work experience team 7 5
15billion – Service delivery 4 7
15billion – Support and administration 2 2
Inspire 2 8
Total 29 33
The number of higher paid employees was:
August
2025
 August
2024
No. No.
In the band £70,001 - £80,000 1 1
21 employees (2024: 18) were directly employed by 15billionebp.

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15BILLIONEBP (A company limited by guarantee) Notes to the financial statements for the year ended 31 August 2025

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 (2024 - £NIL) neither were they reimbursed expenses during the year (2024 - £NIL). No director received payment for professional or other services supplied to the charity (2024 - £NIL).

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 (2024: £NIL), including employer’s national insurance contributions.

The key management personnel of the group are the Group Chief Executive, Business Development Manager and Head of Management Information Systems, whose employee benefits together total £164,264 (2024: £274,773 which included outgoing CEO) including employer’s national insurance contributions.

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15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

10 Tangible fixed assets

ible fixed assets
Furniture, Fittings and Equipment
£’000
Group 2025
Cost
At 1 September 2024 36
Additions -
Disposals (10)
At 31 August 2025 26
Depreciation
At 1 September 2024 18
Written back on disposal (10)
Charge for the year 6
At 31 August 2025 14
Net book value
At 31 August 2025 12
At 31 August 2024 17

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15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

10 Tangible fixed assets (continued)

ible fixed assets (continued)
Furniture, Fittings and Equipment
£’000
Charity
Cost
At 1 September 2024 7
Additions -
Disposals -
31 August 2025 7
Depreciation
At 1 September 2024 -
Charge for the year
Written back on disposal		 2
-
At 31 August 2025 2
Net book value
At 31 August 2025 5
At 31 August 2024 7

11 Debtors

ebtors
Prepayments and accrued income
Amounts due from subsidiary
Grants and contracts / Trade debtors		 Group
31
August
2025

31
August
2024
£’000
£’000
95
227
-
-
80
101
175
328		 Charity
31
August
2025

31
August
2024

£’000
£’000
75
176
94
14
58
42
227
232
232

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15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

12 Creditors

editors
Trade creditors
Other taxation and social security
Amount due to subsidiary
Accruals and deferred income		 Group
31
August
2025
31
August
2024
£’000
£’000
13
50
43
38
-
-
197
228
253
316		 Charity
31
August
2025
31
August
2024
£’000
£’000
12
13
31
14
-
-
112
123
155
150
150

12 Creditors (continued)

Deferred income (Included within Accruals and deferred
income above)
Deferred income at 1 September 2024
Amounts released from previous years
Amount deferred in the year
Deferred income at 31 August 2025		 Group
£’000
195
(195)
160
160		 Charity
£’000
115
(115)
90
90

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 timeapportioned where they relate to services provided over a period spanning the year end.

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15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

13 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
Fixed assets
fund		 17 - (5) - - 12
17 - (5) - - 12
General
funds
Charity’s
general fund		 266 980 (903) - - 343
15Billion
(excluding (97) 595 (553) - - (55)
fixed assets)
Inspire
(subsidiary)		 55 7 (62) - - -
224 1,582 (1,518) - - 288
Total
unrestricted 241 1,582 (1,523) - - 300
funds
Pension
reserve 91 78 - 10 - 179
(subsidiary)
Total
restricted 91 78 - 10 - 179
funds
Total of 332 1,660 (1,523) 10 - 479
funds

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15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

14 Analysis of net assets between unrestricted funds and restricted funds


Fixed assets
Net current
assets
Pension
asset		 Unrestricted

funds
£’000
12
288
-
300		 Restricted
fund
£’000
-
-
179
179		 August
2025
£’000
12
288
179
479		 August
2024
£’000
17
224
91
332

15 Operating lease commitments

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

Charity and Group
Expiry date:
Within 1 year
Between 2 and 5 years
In over 5 years		 Land and buildings
2025
£’000
2024
£’000
-
41
-
36
-
-		 Other
2025
£’000
2024
£’000
-
-
-
-

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15BILLIONEBP (A company limited by guarantee) Notes to the financial statements for the year ended 31 August 2025

16 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

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

Turnover
Cost of sales
Gross profit/(loss)
Administrative expenses
Operating profit/(loss) for the year
Interest receivable and similar income
Other finance income
Taxation
Profit/(Loss) for the year
Actuarial gain related to pension scheme
Total recognised gains relating to the year		 Year
ending
August
2025
£’000
595
(547)
48
-
48
-
-
-
48
78
126		 Year
ending
August
2024
£’000
594
(625)
(31)
-
(31)
-
-
-
(31)
18
(13)

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15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

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		 August
2025
£’000
6
136
(191)
179
130
2025
£’000
(49)
179
130		 August
2024
£’000
11
42
(140)
91
4
2024
£’000
(87)
91
4

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15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

16 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

New Hackney Education Business Partnership Limited (t/a Inspire! EBP)

Country

England and Wales

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 (loss)/profit relating to the year
Total funds b/f
Total funds		 Year
ending
August
2025
£’000
7
(62)
(55)
-
(55)
-
(55)
55
-		 Year
ending
August
2024
£’000
358
(308)
50
-
50
-
50
5
55

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15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

16 Subsidiary (continued)

bsidiary (continued)
Tangible fixed assets
Current assets
Current liabilities
Net assets
Unrestricted funds
Restricted funds
Total funds		 Year
ended 31
August
2025
£’000
-
-
-
-
2025
£’000
-
-
-		 Year
ended 31
August
2024
£’000
-
95
(40)
55
2024
£’000
55
-
55

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15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

17 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.

The pension cost charge represents contributions to all funds and amounts to £12,601 (2024 - £36,293). At the year-end there were outstanding contributions of £1,690 (2024 - £4,840).

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 (2024 - £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 £31,568 (2024 - £36,628). There were no amounts outstanding at the year end.(2024 -£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 2024, 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 present and future pensions

43 | P a g e

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

would increase at the rate of 1.50% per year.

The agreed contribution rate for future years is 37.8% for employers and 6% for employees.

The principal actuarial assumptions used by the actuary were:

31 August 2025 31 August 2024
% %
Inflation (Retail Price Index) 3.05 3.15
Inflation (Consumer Price Index) 2.60 2.70
Rate of general increase in salaries - 2.70
Discount rate for scheme liabilities 5.80 4.95

Longevity assumptions as at 31 August 2025:

Base table Bespoke longevity tables provided by Club Vita for the formal
valuation of the Section as at 31 March 2024
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 21.1
22.7
Retiring in 20 years 22.8
25.8

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15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

Balance Sheet position

Assets
Equity securities
Cash and cash equivalents
Insurance linked securities
LDI
Multi asset credit funds
Asset-backed securities
Synthetic Credit
Absolute Bond Return
Total value of assets
Actuarial value of (liabilities)
Surplus of funded plan liabilities and net pension asset
Analysis of amount charged to operating profit
Current service cost
Administration cost
Total operating charge		 Fund value
at 31
August
2025
£’000
-
15
-
437
158
-
-
-
610
(431)
179
31 August
2025
£’000
3
23
26		 Fund value
at 31
August
2024
£’000
60
73
27
218
-
231
28
30
667
(576)
91
31 August
2024
£’000
9
20
29

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15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

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 (loss) / gain in Plan recognised in the
OCI
Reconciliation of Plan benefit obligation:
At 1 September 2024
Current Service cost
Administration costs
Interest cost
Contributions by plan participants
Actuarial losses (gains)
Benefits (paid)
At 31 August 2025		 31 August
2025
£’000
31
(27)
4
22
31 August
2025
£’000
(14)
92
78
31 August
2025
£’000
576
3
23
26
1
(92)
(106)
431		 31 August
2024
£’000
32
(27)
5
24
31 August
2024
£’000
27
(9)
18
31 August
2024
£’000
535
9
20
27
3
9
(27)
576

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15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

Reconciliation of fair value of Plan assets:
At 1 September 2024
Interest Income
Contributions by plan participants
Contributions by the employer
Actual return on assets excluding amount included in net
interest
Benefits paid out
At 31 August 2025		 31 August
2025
£’000
667
31
1
31
(14)
(106)
610		 31 August
2024
£’000
588
28
3
48
27
(27)
667

18 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
2025
£’000
163
6
(3)
21
(36)
151		 Group
2024
£’000
(101)
20
(2)
166
(13)
70		 Charity
2025
£’000
103
2
(3)
(16)
(1)
85		 Charity
2024
£’000
(39)
17
(2)
111
(1)
86

47 | P a g e

15BILLIONEBP (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2025

19 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.

During this financial year the charity received no funding from related parties

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