Charity Registration No. 1016744 Company Registration No. 02775469 (England and Wales LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 SOMERBYS LIMITED CHARTEREDACCOUNTANTS 30 NELSON STREET LEICESTER LE17BA LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustses Mrs B Chantrill - Chair Mrs CA Boucher Mr P Dean Mrs N P Hudey Dr S Matthews Dr R Moody Mrs S Tilley Mr AAshar (Appointed 19 July 2024) (Appointed 24 October 2024> Chtef Executive Mr I Caldwell Charity number 1016744 Company numbor 02775469 Principal addres$ 30 Frog Island Off North Bridge Place Leicester LE3 SAG Registered offlce 30 Frog Island Off North Bridge Place Leicester LE3 SAG Auditor Somerbys Limited 30 Nelson Street Leicester LE17BA Bankers HSBC Bank UK 9 Leicester Road Wigston Leicestershire LE18 1NR LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED CONTENTS Page Trustees, report Statement of Trustees, responsibilities 12 Independent auditor's report 13-15 statement of financial activilies 16-17 Balance sheet 18 Statement of cash flows 19 Notes to the financial statements 20-32 LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees. who are also the Directors of the company, p￿sent their report and finanaal statements for the year ended 31 August 2024. The financial statements have been prepared. in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's goveming document, the Companies Act 2006 and °Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appliGable in the UK and Republic of Ireland (FRS 102)" Objectives and activities The objects of the Charity are to.. Prowde services to sohools, colleges, businesses and individuals that enable children, young people and adults to develop skills, knowledge and attitudes, which will prepare them for working life. Support the business community, including charities, to facilitate their involvement in helping children and young people learn more about their busines5 or sector. which in tum supports their future recruitment. Develop new busines5, which frts wtlh the objects of the charity. Attract sponsorship from the business Community and Trust Fund grants, wher8 possible. Provide a professional working environment and condilions for staff to ensure the charity attracts and retsins high calibre staff to fulfil its objectives. Th8 main activities during the year have been as follows: Prowsion of careers guidance, related one to one and group activities that help young people to develop knowledge and skills to help inform their future pathways, including apprenticeships. Managemenl of Science, Technology, Engineering and Malhs (STEM) brokerage activity across the East Midlands, as a sub-contractor to STEM Leaming. the national organisation. Management of the Nuffield Foundation Summer research placements project a¢yoss the East Midlands. Provision of a health, safety, welfare vetting and work experience placement seNice for schools and colleges who wish to offer a work experience or work-related leaming opportuntiy to 14-19 year olds. Provision of a health, safety and welfare audit $ervi¢e for secondary schoo15 and Colleges who commission AltematlV8 Provision for their learners. Delivery of the National Citizen Service (NCS) Community programmes across Lei¢estershire. on behalf of the EFL. We would like to thank Walkers Sna¢k Foods and Cambridge and Counties Bank for their sponsorship support and a private donor who recognises our overall work lo help young people to reach their potential. LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Public Benefit The Trustees confirm that they have referred to the guidance contained in the Chariiy Commission's general guidance on public benefft when reviewing the Trus¥s aims and objectives and in planning future activities. These are the headlines of the charitls work in terms of public benefft: Children and young peoplo. We deliver careers guidance and events and we facilitate work experience for young people. This is to help them lo understand the wortd of work and employment. aTrJ to support their personal development and, ultimately. their career decision making to enhance their future prospects. Schools and colleges purchase our services so that children and young people, from all educational settings, can benefit from learning more about the world of work and engage directly with employers. Our programmes aim to enhance young people's vmrk readiness and employability and, with Ihis, awareness of citizenship and positive social action. Leaders of schools and collegos. Staff in schools and colleges receive information and advice from the charity regarding careers education and encounters with businesses. Some examples indude sourGing employers to support vocational subjects., advising school staff on enterprise leaming within curriculum subjects" advising leaders on ideas to fulfil Gatsby benchmarks to provide a hIg￿qual￿ careers education programme for young people. Local employevs. Investing in young people whilst they are in school or college supports an important Corporats SoGial Responsibilty priority for employets. Employers offer work placements. host young people on visits to their Workpla￿$. give lalks to young people in the dassroom and get involved in curriculum projects. Undergraduate volunteers. Undergraduates have supported curriculum projeds in the field of Science. Te¢hnology. Engineering and Maths to gain leadership, Confiden￿ and communication skills. Strat•glc report The description under the headings "Achievements and performance" and "Financial review. meet the company law Tequirements for the Trustees to present a strategic report. LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achievemènts and perforniance This has been a positive year for our charity. Trustees made the decision in January 2024 to advertise for a permanenl Chief Executive, resulting in the appointment of lan Caldwell who we welcomed to the business on 15th October 2024. 1 would like to recognise the work of all Trustees, the interim Chief Executive, Rachael Clarke. the management team and all slaff who all made a significant contrrbution, it was very impressive team work. Our headlines for the year are., Work Experience - There is national evidence on how significant work experien￿ is to a young person in securing their first job. yet many young people do not have the network and contacts. through family and friends, to secure high quality work experience placements. Wrth the support of over 2.600 local businesses, including 720 new businesses, we arranged qualty work experieno placements for 5,951 young people, many of whom are from disadvantaged backgrounds. We are indebted to our strong partnèrships with the business community, many who are small employers. W8 estimate that employers gave over 178,000 hours of their time through our work experien¢e programme to supporting a young person on placement at their premises. It is very pleasing to note that 60 young people were offered a part timejob or an Apprenticeship as an outcome of their pla￿Ment. We also arranged over 275 work experience placements for young people with special educalional ne￿IS and disabilities, supporting the host employers in making appropriate adjustments. to underpin Ihe success of each placement. Through our work experience setvice, we are able to offer high quality opportunities to create more of an even playing field for young people who might otheTrvise be marginalised, induding an ambition to increase workplace opportunilies for young people with additional needs. Health & Safety Assessments - Our assessments of aliemative leaming centres, Such as small vocational centres, enabled 676 vulnerable young people to gain skills and be more aware of behaviours which employers expect of young people. STEM Learning - We are proud to manage and Tun the East Midlands STEM Learning Ambassador Programme. Our team of +1.000 STEM Ambassadors gave 20.456 hours to support 2,747 regional events. Across the region. 830A of secondary schools beneffted from the support of a STEM Ambassador. Young people heard first hand from the Ambassadors about innovation and technological developments thal are taking place within businesses lo inspire them to study STEM subjects. We have encouraged STEM Ambassadors to support young minority groups who are furthest from enlering STEM careers, including home schooled young people. girls and young people receiving free school meals. This is to ensure that they can see the potential of where STEM related oreers ¢an take them. We have also been successful in securing several STEM contracts, independenl of the STEM Learning programme. These contracts have enabled us to offer more STEM opportunities lo primary schools in a¢SJition to young people in secondary education. This included the AeroDis¢over project, funded by the Civil Aviation Authoity and Department for Transport. with its dedi¢ated careers website being launched at the end of this year. LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Careers Guidance and Events - We provided ¢areers guidance in more schools than evèr before, such as one to one interviews with 2,787 young people, whilsl 13.149 young people benefited from careers talks. This was supported by 461 volunteers from local businesses giving over 3,5(10 hour3 of their time to share their careei histories and knowledge of the sectors and businesses in which they work. This is a summary of our overall performance and what our customers said about our seNices: Work Experience We organised work experien￿ plac*ment5 across the city and county within a broad range of companES: public, private, and the Gharitylvoluntary sector. for young people from schools across Leicester, Leicestershire and Northamptonshire. In terms of sourcing work placements from employers, home working continued to limit the number of placements available, whilst limitations on travel for some young people restr￿ed which placements they could take up. Despite this, 5.951 young people Gompleted a work experience placement, including 275 young people with special eduGational need or dlsability. We also had 720 new work experience opportunities offered by employers whi¢h is really encouraging. comn￿nts From Young People: 87•A of young people now feel that they can make a positive contributs'on to the workplace 81•A of young people feel more confident following their placement week 810/• of young people feel they have improved their communication skills 74°A of young people say they have developed new skills. °Really lovely people. awesome wort( environment, felt super included and leamed lots - even was assurnd support in my future ca￿arpathWay.° "It was very insighfful and enjoyable. It has helped me a lot when deciding what I want to do in the fvture 8nd helped me to gain betterskills." "The plac8ment was beneficial in widening my understanding of the worfd of wo￿. It was enjoyable with v8ry fiiendly staff and a relaxed gnvironment. I have definitely buitt on my social skills due to the plaoement as there was a lot of talh'ng with otherpeople, such as taking ordèts and making general conversation." For each placement, employers are required to assess the risks to young people and employees in the workplace. Our Health. Safety and Welfare Assessors a5SiSt the employer with this process by working with them to gather relevant information whiGh includes tasks to be undertaken and agreeing a generic risk asse5srnent with associated control measures. This information forrns the basis of a formal agreement between the employer, young person and parentrlegalty responsible person where appropriate. This year 1.487 assessments were completed which resulted in 1,567 opportunities for young people, an increase of 4% on last year. We also Ca￿led out audits on Afternattve Provision rRntres. These centres offer an alternalive education to very vulnerable young people who are unable to access mainstream school for reasons including school exclusion, behavioural issues, or illness. As a result of our effective guidance and support lo the training providers, 676 vulnernblè young people were able to access alternative education in safe enviionmenl$. LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Out of 122 employers who Completed the work experience assessor Su￿eY we found that: 1 OOIAI of employers felt that the overall experience of the EmployerA$sessor visit was good to excellent. 100•/0 of employers found that the information they received about preparing for a young person on work experience was adequate I clear. Comments From Employers: "As hosting a student on 1 week woth experience is a new expeiien¢e lor me. I found Rhiannon both professional and kno￿edge8b1e. Good inftimiation given, and questsons answered well.. °Reassuring to know that by going thmugh the placement description and the ri$k assessmgnt gave us ¢onfid8nce that we have got all bases covered as a company." Science, Enginoering. Technologyy Maths (STEM) Amba￿adOr Programme In September 2023 we secured the STEM Ambassador Hub ¢ontract for the year and expanded our previous delivery area to now include all areas within the East Midlands. We have continued to deliver additional STEM Enrichment Contracts with STEM Leaming, to support the European Spa¢e Agency's One Million Interaclions scheme as well as continuing with the management of the NLrfield Pla￿rnent project in the East Midlands too. In the East Midlands STEM Ambassador Hub there has been over 1.042 active Ambassadors during the year. Ambassadors have18d and supported 2,747 activrties, which amounted to 24.587 volunteering hours. Over 41• of Ambassadors are female, over 52QA are under the age of 35 and over 180A represent ethnic minorities. Comments From S¢hools: "students had such a great time playing ￿th the circuits and maknng theirown circuits, a great moming." "Just yestenlay I had a student coming to ask for more details about 141S as they really conneded M'th the ¢ont8nt covered and are now considering a careerin interstellar sludiesl" "Here is our entry from Tiptree Heath Primary School coding dub. We am very proud of what the &udents have aGhieved and are keen for any f88dback. Thank you for mnning this competition ea¢h ygar. The children lov8 it. Comments From STEM Ambassadors: °It was a delight to meet and engage wi.th the students along ￿"th academic staff. We discussed my Msc wo and it gave me the opportunity to highlight Ca￿erpathwayS and science itsem.. .1 ￿allY enioygd this again this year and so please put me on the list lo judge again next year." °Whal l Mll say is that the effort th8t some of the children made was Commendable and their passion mally shone through. It was very nice to see. l Mll keep my eye out fornaxtyoafs event." LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Nuffield Research Placements The Nuffield Foundation Research Placements give young people in Year 12 across the UK a chance to complete a real research project for 1 01 2 weeks over the Summer. The young people work alongside piofessional scientists. lechnologisls. engineers and mathematicians at various universilies, companies and research institutions and we hold the contract for Leicestershire, Northamptonshire. Lincolnshire. Derbyshire and Nottinghamshire. This year the programme was delivered mainly face to face with 34 young people fulty completing their placements. We would like to recognise COWI, Pepsico, Cummins, Briiish Geological Survey, and the following Universities: De Monffort University,. The University of Derby,. The University of Leicester., The University of Lincoln- The University of Nottingham ftjr hosting young people this Summer. All participants were from disadvantaged backgrounds or households with no previous experience of higher education. Primary And Secondary School Events For young people in secondary schools, we set up tsilor made events, such as, Careers Talks, Employability Days, Mock InteNiews. World of Work Wisits and Speed Nelworking. For primary pupils, the activities delivered by LEBC were: Global Leicester., What's My Job. Forensics Workshops. We recfuited over 650 business representatives from different sectors to inspire. inform and motivate young people to ihink about their future careers, who supported 100 events. There were 6 Primary School events and 94 evenls for Secondary schools and colleges. including Further Education. We were able to support 13,749 young people lo learn more about the world of worf(. supported by 245 employers, many of whom 5UPPOrted several different events during the year. Comments From Young People: 820A of young people enjoyed the event they took part in 89°A of young people said they learnt something new 71°A of young people felt more inspired because of the event 63•A of young people felt that their confiden¢e was improved as a result of tsking part. .1 found it eniiching and interesting, as I got to hearof othars perspective and experiences. 18njoyed internewing the busin8ss people as I got to hear a range of porspectives.. LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED TRUSTEES, REPORT IINCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Comments From A Buslnoss and School: 190 of the volunteers from a business completed our feedback survey and 100% rated LEBC'S organisation. rnanagement and delivery of the event °Very Good. or 'Excellent'. 100% of the volunteers who attended the school and college careers events said that they would consider attending another in Ihe future. hank you foryour WO￿ in organising whal fett like a seamless event. Its been great to be involved.. .1 think all Ihe students did really well. If I could think back to their age I wouldnl have been able to hold a conversation ￿'th a professional, so well done for oryanising.- "A very well o￿a￿lTsed avant, a grnat school to volunteer at, a verypleasant first oxporience." 24 schools provided feedbad( on our 5erdice last y6ar. scoring us 9110. All schools stated that their event had helped their students to learn more about working life and would run the event again. "The Mock Inte￿IewS today were exceptional. The oryanisaitron, delivery and continual energy was supgrt). Lizzie was fabulous, great with Ihe volunteers but even more great with our students. Lizzie shamd in￿gh￿Ul conversats'ons, motivatèd and celebrated each student's success. Lizzie showed such compassion for our more vulnerable sludents and adapted to the Batsngton vibe with gase. The voluntagrs were on point too." °In Year 4, we have focused on Hinduism during our RE lessons. The trip helps to enhance and bring to lrfe their dassroom l&aming. Also, as we liv8 in a predominanNy white Bnti"sh arna, it is g￿81 for the children to experience a culturn different to their own. Thank-you for another bnlliant wsitl" Career3 Advice We provided Careers advi￿ to over 2,787 students in 32 schoolslcollegos, including one to one sèssions and group WOTk5hops in areas such as CV wriiing, UCAS applications, apprenti¢eship opportunities. labour market infomiation, confidence building and motivation. Comments From Young People: Vlthen students were asked how happy they were with the guidance they had received, they rated the session an average of 9.3110. Their comments included: °Miss was 8xlr8m8ly kind and helpful but 81$0 patient. She has h8lpad me answer all the questions I had and has given me guidance on how to build my futuTr car8erf °Today I was shown muttiple apprnnticeships for after sixth fonn which really helped me with my wonies about the future. thankyou.- Unbox Your Fuiure We have delivered a new 4 session programme of employer interactions for 600 students from 6 local secondary schools, fjjnded by the Leiceslershire Careers Hub. This new model of 3 sessions in Ihe school and then 1 visit to the company has been welcomed by the schools and businesses. They have been impressed wilh the projects created and presented to them by the students, whilst students have enjoyed the process of gaining a greater understanding of work and careers provided by local companies. LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Nailonal Cltlzen Service {NCS} This programme was delivered to 15 to 17 year olds from Lei¢ester City and County and had five core components. connecting with new people, making a differen¢e, reflecting on experiences, experiencing challenge and feeling part of something bigger. The new style of Community Programmes have attracted over 150 local young people in 2023-2024, with the focus of the programmes being personal development sessions from First Aid lo Healthy Living and supporting 2 local charities. The partieipanls raised over £300 in 2 days. Comments From Young People: 'The skills I have 8¢hi8vgd through the NCS experience are leadership, aiming high, speaking and list8ning. I would definitely be more confident if I was to do this again, I was a little terrifi8d on the first day." 'Ill tak8 away ￿'th me.. Memories, experience ￿th inteNiews, and finally some support in Unde￿landing tax.. "I have leamt to bg MO￿ Gonfident and b8comg a better version and person by myself. This was done through communicating and listening to people s ideas so that when I go back to College, 1 tr8n sp8ak to more people. Apprenti¢eshlps . Support For Young Peoplo We have helped 74 young people to build a good CV, with 30 of them going onto receive interview pradi¢e and additional support. We provided young people with advice on how to search for apprentI￿ShIp jobs and prepare for job interviews by conducting mo¢k interviews. Through our support, 8 young people notified us that they secured Apprenticeships {including higher and degree apprenticeships). We have worked with 12 employers to promote their apprenticeship vacancies to local young people. We have delivered 25 Apprenticeship Awareness Assemblies in secondary schools and 14 follow up workshops. many of which were delivered as part of a new contract with the LLEP, to raise awareness of ApprentiC8ship opportunities with young people in Year 9. Financial revlew We have ended the year with reserves of £1.726,433. We a￿ forecasling a deficit of for 2024125 but the management team and Truslees are working to Close this deficit and to realign current activities with a sustainable future direction for the charity. We have a designated income fund of £188,281 representing the 'Doing Good, programme with the aim of helping young people secure apprenticeships with employers. We will continue to provide work experi8nce placements to young p80ple in Years 10 to 13 and career5 related opportunities which enable them to build skills. knowledge and inspiration through our excellent relationships with employers. We value all our benefieiaries and stakeholders and will always strive to provide them with high standards of service and value whilst continuously looking for new ways to support their needs whi¢h frt with the overall objectives of our charity. LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Investment Powers and Policy Under the Memorandum and Artides of Association, the charity has the power to invest in any way the Trustees wish. The Trustees have reviewed the ¢harity's investment funds and have transferred the bulk of the funds to bank deposits for the foreseeable future. This is to provide a guaranteed income at a time when our income has significantly reduced. Reserves Policy The Trustees have eslablished that the level of free ￿selveS (funds which are freely available} should cover at least one academic year, offering much needed assuran￿ in Ihese uncertain times. This will enable the charity lo retain staff capacity to deliver essential services to young people vthile the charity seeks to identify and pursue new market opportunities in line with its objective5. In addition. funds are held should any redundancies be necessary in Ihe future. The free reserves as at 31 August 2024 are £1,528,454. (2023 - £1.484.729) Risk Management The Trustees have an annual Tisk managemenl strategy which comprises.. • an annual review of the risks the charity might face the implementation of policies, systems and procedures to mitigate those risks identified in the plan. As best practice, The Chief Executive r8Vi8WS the budget risk each quarter with managers to detemiine progress towards the business plan targets and formally reports to Trustees on a quarterly basis. Procedures are in place to ensure compliance with safeguarding requirements. health and safety and welfare of staff., young people on work experience.. exiemal voluntsers giving their time in schools and colkges" young people tsking part in the NCS programme. Future Plans The UK continues to experience financial challenges which may negatively impact the commissioning of educational services. whilst restricting the ability of employers to offer apprenticeships and work placements. At the same time. the emergence of the Mutti Academy Trusts may create cost down pressures whilst inflation may impact LEBC'S ability to keep tharges for SeNi￿S compelitive. Despite these challenges, we remain optimistic about the future. Vve are well placed to continue delivering our core Se￿ICeS to schools, colleges, STEM Leaming, and other commissioning organisations. We are also well placed lo capitalise on our scale and reach, and our knowledge and expertise of Ihe careers market. Furthermore. investment in various technologies and our ne￿ork of partner organisalions should enable us to secure and enhance our offer and, with it, additional or new sour¢es of funding to grow our impact. LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Structure. governance and management Goveming Document Leicestershire Education Business Company (LEBC) is a company lirntted by guarantee governed by its Memorandum and Articles ofAssociation, which were reviewed by Trustees and adopted at an Exlraordinary General Meeting held on 11 th May 2023. It is a registered charity with the Charify Commission. There are Currently 8 Truste6s. each of whom agree to Contribute £10 in the event of the charity winding up. Board Structure The Board meets four times per year to review progress, poliaes and plans. Supporting this the Board operated 3 sub committees: Audit., Remuneration. Investment. Following a review of Ihe Terms of Reference for the sub committees, Trustees ratified the setting up of 2 new committees on 24th October 2024.. Internal Audit. Staff Retention and Succession Planning. The Chief Executive has delegated aulhority. within temis approved by the TTUStees, for operational matters including finance and employment. The remuneration of the Chief Executive is agreed by the Board. Management In April 2023. the Trustees appointed an Interim Chief Executive, Rachael Clarke. Rachael. the management team and staff have delivered a very high level of service during the yeai which is highlighted in wr operational results and the feedback received from our beneficiaries and partners. The new Chief Executive, lan Caldwell, started in OGlober 2024, LEBC will continue to develop its management structure to reflect th8 continued delivery of c¢re services, strategic focus and emerging requirements within the work experience, careers and STEM environments. The Trustees, who are also Directors for the purpose of company law, and who served during the year and up to the dale of signature of the financi81 statements were: Mrs B Chantrill (Chair) Dr R Moody Mr P Dean Mrs C Boucher MTS N Hurley Dr S Matthews Mrs s filley Mr P J Elliott Mrs A Bhullar Mr AAshar (Appointed 18.7.2024) (Deputy Chair) (Resigned 18.7.2024) (Resigned 18.2.2024) (Appointed 24.10.2024) Mrs B Chanlrill Mr P Dean mmi Mrs B Chanlrill Mr P Dean Dr R Moody nls Mrs B Chantrill Mr P Dean Dr R Moody Mr P J Elliott (Resigned 18.7.2024} 10- LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Appoinlmont of Trustees The Board aims to have 12 Trustees represenling the interests of both business and education. As set out in the Articles of Association, one third of the Trustees retire each year by rotalion at the Annual General Meeting. New Trustees, who will add value due to their skillset and knowledge, will be proposed by the Chief Execulive and Chairman to the Board who have responsibility for approving the appoirrtment of new Trustee5. Our aim is to identify individuals who wish to share their sector knowledge and ¢ontribute strategically to the development of the Charity because they are interested in the personal development of young people and how they can contribute to our economy. Trustees Induction and Training New Trustees are briefed on their legal responsibilities under charity and company law, Ihe content of the Memorandum and Articles of Association, the structure and frequency of meetings, the business plan and recent financial perfomian¢e of the charity. Trustees are invited to attend 8vents to experience the day-t day operations of the charity and to understand how the work impacts on people in our community, Relatod Parties LEBC has many relationships with partners and stakeholders, including many l¢xal Charities and community organisations. It particularly champions the benefit of employer involvement in schools and colleges to help young people to develop skills, confidence and knowledge for their working lives. Sin¢e 2015 we have been tenanls of Waming Zone. an education charity, and enjoy a supportive working relalionship with them. Audltor In accordance with the company's articles, a resolution proposing that Somerbys Limited be reappointed as auditor of the company will be put at a General Meeting. Di$¢losure of inforniation to auditor Each of the Trustees has confirmed that there is no relevant infomation, that they are aware of, that hasn't been disclosed to the Auditors. They have furtheT Confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. The Trustees. report, induding the strategic reporl, was approved by the Board of Twstees. B Chantrfii Chair Dated: 23 January 2025 11 LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees. who are also the Directors of Leicestershire Education Business Company Limited for the purpose of company law. are responsible for preparing the Trustees. Report and the finanual staternents in aGcordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally AC￿pted Accounting Practi￿). Company Law require5 the Trustees lo prepare financial statements for each financial year which gNe a true and fair view of the State of affairs of the charity and of the in¢oming resources and application of resoUr￿s. induding the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Trustees are required to: select suitsble accounting policies and then apply them consistently. - obsenR the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare the financial stslements on the going concem basis unless il is inappropriate to presume that the charity will continue in operation. The Twstees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the GhaTity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 12- LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED Opinion We have audited the financial statements of Leicestershire Education Business Company Limited (the 'charity') for the year ended 31 August 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements. including significant accounting pOI￿leS. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards. including Financial Reporting Standard 102 The Finan￿al RepO￿ng Standard applicable in the UK and Republic of Ireland (Uniied Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements= give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 arKI of its inc￿mIng resources and applicalion of resources. induding its income and expenditu￿, for the year then ended,. have been properly prepared in accordan￿ with United Kingdom Generalty Accepted Accounting practi￿,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Slandards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs Trsponsibilities for the audit ol the financial statements seclion of our report. W@ are independent of the charity in accordance with Ihe ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRtts Ethical Standard, and we have fulfilled our other elhical 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 golng concern In auditing the financial statements, we have conduded Ihat the Trustees, use of the going concem basis of accounting in the preparation of the financial ststements is appropriate. Based on the work we have perfonned, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may casl signrficant doubt on the charity's abilrty to continue as a going ¢oncern for a period of at least Iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of thè Trustees with respect to going conc8m are described in the levant sections of this report. Ixher Inforniation The other information comprises the information included in the annual report other than the financial statements and our auditorfs report thereon. The Trustees are responsible for the other information contsined within the annual report. Our opinion on the financial statements does not cover the other infomiation and, except to the extent othe￿iSe expliciuy stated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the other infonnation is materially inconsistenl with the financial ststements or our knowledge obtained in the course of the audit, or othemise appears to be materially misstated. If we identfy such material inconsislencies or apparent material misstatemenls, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the worf( we have perforrned, 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 ￿gard. 13- LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED Oplnlons on other matters pre$¢rfbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the Trustees, Report. which includes the Directors, report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with Ihe financial statements- and the strategic report and the Directors, report induded within the Trustees, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not idenlified material misstatements in the strategÉc report or the Direclors, report included within the Trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit hav8 not been re￿iVed from branches not visiled by us,. or the financial statements are not in agreement with the a¢counting records and retums., or certain disclosures of Trustees, remuneration specrfied by law are not made., or we have not rec8ived all the information and explanations we require for our audit. Respon$lbllltles of Trustees As explained more fully in the statement of Trustees, responsibilities, the Trustees, who are also the Directors of the charity for the purpose of Company law, are responsible for Ihe preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal cLJntrol as the Trustèes determine is necessary to enable Ihe preparation of finan¢ial 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 charity's ability to continue as a going ¢oncem, 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 to cease operations, or have no realistic alternative but to do so. Audltorfs responsibilltles for the audit of tho financial statèments Our objectives are to obtain reasonable assurance about whether the financial statemen15 as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditorfs 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 delect a material misststement when it exists. Misstatemenls Gan arise from fraud or etror 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. The risk of not detecting a material misstatement resulting from error is considered to be low. Tr risk of not detecting a material misstatement resulting from fraud is higher, as fraud may involve collusion, fLYgery, intentional omissions, misrepresenlations, or the override of intemal controls. In the context of Leicestershire Education Business Company Limited. we have not identified any S￿cIfiC laws and regulations other than general commercial laws and regulations. such as: Companies Act 2006,. Charities Act 2016. Trustees Act 2000,. Charities Commission regulations. Heatth and Safety legislation and employment law. 14- LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED Our understanding of the legal and regulatory framework applicable to Leicestershire Education Business Company Limiied and how the charitable company has complied with its obligations has been obtained by enquiry of management and those charged with governance. As part of our enquiries we have discussed policies and procedures on compliance with laws and regulations and whether any instances of non compliance have occurred. Our understanding of the charitable company's policies and pmcedures on fraud risk has been obtained through enquiry with management as to the control activities, operational systems in place and whether there is knowledge of any actual. suspected or alleged fraud. We consider that the audit team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. During our audit work there were no significant instances of non-comDliance identified. In response to the audit risks identffied in respect of irregularity and fraud. we have undertaken the following procedures.. Enquiry of management, and those charged with governan￿ around a¢lual and potential litigalion and daims. Enquiry of management to identify any instances of non-compliance wrth laws and regulations. Enquiry of management to identify any subsequent events that have oCcU￿ed after the year end relating to this financial year. Reviewing legal expenses during and after the year end for evidence of non-compliance with laws and regulations. Reviewing financial statement disdosures and testing to supporting documentation lo assess compliance with applicable laws and regulations. Auditing the risk of managemenl override of controls, including through testing journal entrtes and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https:11 vMW.frc.org.uklauditors￿sponSlbll1*le8. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable compan￿$ members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Acl 2006. Our audit work has been undertaken so that we might State to the charitafje company's mernbers 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 fo kerty FCA FCCA I ior Statutory Auditor) For and on behalf of Somerbys Limited. Statutory Auditor Chartered Accountants 30 Nelson Street Leicester LE17BA Date.. 15- LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Current finan¢lal year Unrestricted Restrfcted funds fund$ 2024 2024 Total Total 2024 2023 Notes Grants and donations Charitable activities other trading activities Inveslments 35,015 725,518 1,000 57,306 35,015 957,186 1,000 57,306 25,000 934,474 500 33,473 231,668 Total income 818.839 231,668 1.050.507 993.447 Total resources expended 817,933 241,399 1,059,332 1,097,387 Net gainsl(losses) on investments 11 35,067 35,067 (39,498) Net Incomingl{outgoing) resour¢e8 beforè transfers 35,973 (9,731) 26,242 {143,438) Gross Iransfers between funds (9,731) 9,731 Net movement in funds 26,242 26.242 {143,438) Fund balances at 1 September 2023 1,700,191 1,700,191 1,843,629 Fund balancos at 31 August 2024 1,726,433 1,726,433 1,700,191 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from ¢ontinuing activities. The ststement of financial activities also complies with the requirements for an income and expenditure account under the Companies AGt 2006. 16- LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED STATEMENT OF FINANCIALACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Prior flnanclal year Unre8trfctsd Restricted funds funds 2023 2023 Total 2023 Notes Granls and donations Charitable activities Other trading activities Investments 25.000 720,045 500 33,473 25,000 934,474 500 33,473 214,429 Total income 779.018 214.429 993,447 Totsl resources expended 882,958 214,429 1,097,387 Net gains/{losses) on investments 11 (39.498) (39.498) Net incomingl(outgoing} resources before transfers (143,438) (143,438) Net movement In funds (143,438) (143,438) Fund balances at 1 September 2022 1,843,629 1,843,629 Fund balances at 31 August 2023 1,700,191 1,700,191 The ststement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing adivities. The statement of financial activities also Complies with the requirements for an income and expenditure account under the Companies Act 2006. 17 LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED BALANCE SHEET AS AT31 AUGUST2024 2024 2023 Notes Fixod assets Tangible assets Investmenls 12 13 9,698 331,383 11.174 884,229 341.081 895,403 Current assets Debtors Cash at bank and in hand 14 183.292 1,368,701 85,434 889.277 1,551,993 974,711 Credttora: amounts falling due wlthln one year 15 {166.641} {169,923) Net current assets 1.385.352 804,788 T¢)tal assets less current liabilities 1,726,433 1,700.191 Ineome funds DeS￿nated funds General unrestricted funds 20 188,281 1,538,152 204,288 1,495,903 1.726,433 1,700,191 1.726,433 1,700,191 The fjnancial statements were approved by the Trustees on 23 January 2025 B Chantrfii Chair Company Registration No. 02775469 18- LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notss Cash flows from operatlng activities Cash {absort)ed by)Ig8nerated from operations 25 {162,930) 51.332 Investing activities Purchase of tangible fixed assets Purchase of investments Pr¢xeeds from disposal of investments Investment income received (2,865) (5,348) 593,261 57,306 (11,370} {15,266) 33,473 Not cash gonerated from investlng activitieg 642,354 6,837 Net cash generdted from flnancing activities Net Increase in cash and cash equivalents 479.424 58,169 Cash and cash equivalents at beginning of year 889.277 831,108 Cash and cash equlvalents at ond of year 1.368.701 889,277 19- LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng policies Charity infomlatlon Leicestershire Education Business Company Limited is a private company limited by guarantee incorporated in England and Wales. The registered Offic￿ is 30 Frog Island, Off North Bridge Place, Le1￿$ter, LE3 SAG. 1.1 Accounting conventlon The finan¢ial statements have been prepared in accordance with the Gharity's goveming document, the Companies Act 2006 and 'A¢¢ounting and Reporting by Charitiès.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial R8POrting Standard applicable in the UK and Republic of Ireland (FRS 102>° (as amended for accounting p8riods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102. The ffinancial statements are prepared in sterling, whi¢h is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, rnodified to indude the revaluation of investmen15 at fair value. The principal a¢¢ounting policies adopted are set out below. 1.2 Going ¢on¢em At the time of approving the financial statements, the Truslees have a reasonable expectation that the charity has adèquate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the finan¢i81 statements. 1.3 Charltable funds Unrestricted fvnds are available for use al the discrelion of the TNslees in furthèrance of their charitablè objects'ves. Designated funds are funds set aside by the Trustees out of the unrestricted general funds for specific future purposes or projects. Restricted funds can only be used for particular purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular purposes. Further explanations of the nature and purpose of each fund is included in the notes to the accounts. 1.4 Incomlng resources Income is recognised when the charity is legally entilled to it after any perft)rman¢e ¢onditions have been met, the amounts Can be measured reliably, and it is probable that income will b8 received. Cash donations are recognised on receipt. other donations are recognised onc8 the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenanl is recognised al the time of the donation. Grants and volunlary income are r8cognised as in¢oming resources when receivable. Deferred income represents amounts received for futu￿ periods and is released to incoming resources in the period for which it has been received. Investmenl income is recognised when receivable. -20- LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 A¢Gountlng pollcles (Contlnued) 1.5 Resources expended Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to third party, it is probable thal a transfer of economic benefits will be required in settlement. and the amount of the obligation can be measured reliably. Expenditure is classified by actiwty. The costs of each activty are made up of Ihe total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributatle to a single activity are allocated directly to that activity- Shared costs which contribute to more than one activty and support costs which are not attributable to a single activity are apportioned between those a¢tivities on a basis consistent with the use of reSoUr￿s. Central staff costs are allocated on the basis of time spent. and depreciation charges are allocated on the portion of the asset's use. All resources expended are accounted for on an accruals basis and include irrecoverable VAT. Certain costs are directly attributable to core activities. Certain staff costs and office costs are apportioned on the basis of an estimate of the proportion of income received from the actNtty. 1.6 Tangible flxed assets Tangible fixed assets are initially measur8d at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to ¥vrite off the cost or valualion of assets less their residual values over their useful lives on the following bases.. Fixtures, ffttings & equipment Computers 200/0 per annum of cost 33.330h per annum of cost The gain or loss arising on the disposal of an asset is detemined as the difference behveen the sale proceeds and the carying value of the asset, and is recognised in the statement of financial activities. 1.7 Flxed asset investments Fixed assel investmenls are initially meaSU￿d 21 transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel{expenditure) for the year. Transaction costs are expensed as incurred. 1.8 Cash and cash equivalents Cash and cash equivalenls inGlude cash in hand, deposits held al call with banks, other sho￿terM liquid investments wilh original maturities of three months or less. and bank overdraft5. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Gharity's balance sheet when the Charity becomes party to Ihe contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial ststements, when there is a legally enforceable right to set off the recognised amounls and there is an intention to settl8 on net basis or to realise the asset and settle the liability simullaneously. 21 LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting pollcles IContinu8d} Basi¢ financlal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the a￿angement ¢onstitul8s a financing transaction, where the transadion is measured at the present value of the future receipts discKJunted at a market rale of interesl. Financial assets dassified as receivable within one year are not amortised. Basic financial liabllitles Basic financial liabilities, including credilors and bank loans are inilially recognised at transaction price unless the arrangement constttules a financing transaction. where the debt instrument is measured at the present value of the future payments di$Gounled at a market rate of interest. Financial liabilities Classified as payable within one year are nol amortised. Debt instruments are subsequentty Carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services thal have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, Ihey are presenled as nonacurrent liabiliti'es. Trade creditors are recognised initially at transaction Pfrce and subsequently measured at amortised cost using the effedive interest method. Dere¢ognition of financial liabljltles Finan¢ial liabilities are derecognised when the charify's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The Cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. 1.11 hnslon Contributions to the pension scheme are charged to the Statement of Financial Activities as incurred. Grants and donotions Unrestri¢ted Unrestricted funds funds general general 2024 2023 Grants and donations 35,015 25,000 22- LEICESTERSHIRE EDUCATION BUSINESS COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 3 Charitable activities Charttable Charitable Income Income 2024 2023 Work Experieno- Health & SafetyTria¢ement services Nuffield programme STEM Careers Education Service National Citizen Service 468.672 33,037 160,009 256,846 38.622 442,956 35,219 179,210 206,505 70,584 957,186 934,474 Analysis by fund Unrestricted funds - general Restrided fvnds 725,518 231.668 720,045 214,429 957,186 934,474 Other trading activities Unrestrlcted Unrestricted funds funds general general 2024 2023 Sponsorship & initiatives 1.000 500 Invesljnents Unrestricted Unrestri¢ted funds funds general general 2024 2023 Income from listed investments Bank interest receivable 7,295 50.011 17,617 15,856 57,306 33,473 -23- trj 1£4p*8 3_ ¢yu> ¢£S(oOC4¢Q*￿) (*JoirJ winr￿£DW *X)¢OVCfjO ¢fjrtsO pin¢0 O*,ONLDr ICO(*Or*ty)In I C¢LSa¢nmG<