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2024-03-31-accounts

THE SPRINGBOARD CHARITY FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

Charity Number : 1045411 and SC040506 Company Registration Number : 03031621

THE SPRINGBOARD CHARITY

Contents Page
Reference and administrative details 1
Report of the Trustees
About springboard 3
Strategic report 5
Report of the Trustees 7
Independent Auditor’s Report 23
Consolidated Statement of Financial Activities 28
Consolidated and Charity Balance Sheets 29
Consolidated Cash Flow Statement 30
Notes to the Financial Statements 31

THE SPRINGBOARD CHARITY

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees

The Trustees serving during the year and since the year end were:

Alastair Storey (Chair) Jennifer Earland Elaine Grell Sean Haley Kay Harriman Andy Kemp Kate Nicholls Allister Richards Gareth Sharpe Robert Silk Ian Springford Michael Taylor (appointed 22 March 2024) Alex Wilson Aisling Zarraga

The number of Trustees shall not be less than 3. The Trustees, who are also directors of the Charity for the purposes of the Companies Act, are appointed by the Board of Trustees, following recommendations from the Governance Committee.

Chief Executive Chris Gamm Secretary Gareth Sharpe Principal & Registered Office Coopers’ Hall 13 Devonshire Square London EC2M 4TH Company Number 03031621 Charity Number 1045411 (England and Wales) SC040506 (Scotland) Independent Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL

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THE SPRINGBOARD CHARITY

REFERENCE AND ADMINISTRATIVE DETAILS

Solicitors Dentons UKMEA LLP The Pinnacle 170 Midsummer Boulevard Milton Keynes MK9 1FE Bankers NatWest Bank Plc Commercial Banking Centre 3[rd] Floor, Citylink House 4 Addiscombe Road Croydon Surrey CR0 5TT

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THE SPRINGBOARD CHARITY

ABOUT SPRINGBOARD

Our mission

Springboard’s mission is to futureproof the talent pipeline for hospitality and tourism.

This means we promote the industry as a great place to work to the next generation, we attract talent into the industry, give young and disadvantaged people the skills to launch their careers and help them secure sustainable work in the industry.

The Springboard Charity and Springboard UK are two distinct organisations, working interdependently to reach the shared goals of promoting hospitality and helping unemployed people get into work.

The Springboard Charity and Springboard UK are two distinct organisations, working interdependently to reach the shared goals of promoting hospitality and helping unemployed people get into work.

The Springboard Charity

Inspires young people into careers in hospitality, giving them knowledge, skills and advice through our education programmes in schools, colleges and universities.

Helps people get sustained employment through our training programmes, tailored support, dedicated after care and access to work placements; Launching people into future careers in the hospitality, leisure and tourism industries.

Springboard UK

Provides specialist careers advice and guidance – and champions the hospitality industry, promoting it as a rewarding and worthwhile career path. We also collaborate with our business partners to imaginatively attract and retain talent.

Equips hospitality businesses with hard-working, motivated and enthusiastic staff now and in the future.

Together, we tackle youth unemployment and poverty across the UK, help people achieve their potential, improve perceptions of the industry and build skills, confidence and morale to aid a full recovery post coronavirus.

Who we work with

Springboard’s beneficiaries fall into three main categories:

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THE SPRINGBOARD CHARITY

ABOUT SPRINGBOARD

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THE SPRINGBOARD CHARITY

STRATEGIC REPORT

Chairman’s review

It is with great pleasure that I present to you the Springboard 2023-24 Annual Report. This year, our mission to train and empower unemployed individuals while promoting the hospitality industry has been at the heart of our efforts. I firmly believe that by providing skills, opportunities, and support, we can truly transform lives.

Throughout the year, we have witnessed numerous success stories as Springboard’s trainees transitioned from unemployment to contributing their talents to an industry that values their hard work, dedication, and determination. Helping more than 5,000 young people secure jobs in the hospitality sector over the past 12 months is a remarkable achievement.

While we celebrate these successes, we remain mindful of the ongoing challenges. The hospitality industry, like many others, has faced unprecedented disruptions due to global events, economic and social pressures. The industry urgently needs more inspiring individuals like Springboard’s trainees. I strongly encourage anyone not yet involved with Springboard to support the vital role it plays.

Over the past year, Springboard has demonstrated agility, adapting our programs to meet the evolving needs of both the industry and our trainees. We have also continued to strengthen our board of trustees, ensuring they have the skills and information necessary to best support Springboard’s mission.

In closing, I would like to extend my heartfelt thanks to the board of trustees, Chris, and the entire Springboard team, as well as all the individuals and businesses who have partnered with Springboard over the past 12 months. Your generous support, trust, and commitment are both vital and greatly appreciated.

Alastair Storey

Chairman, Springboard

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THE SPRINGBOARD CHARITY

STRATEGIC REPORT

CEO’s review

Springboard's mission is to futureproof the hospitality talent pipeline. We achieve this by promoting the industry as an excellent career choice to the next generation, attracting new talent, equipping people with the skills to start their careers, and helping them secure stable employment in hospitality.

This work has never been more crucial, and I am immensely proud of Springboard's accomplishments over the past year, one of the most active in the charity's history. We have supported 5,164 individuals in finding jobs in hospitality, largely due to the support of our lead partners Diageo, Barclays and the Savoy Educational Trust.

Over the last 12 months, the Springboard team has trained 2,760 young and disadvantaged individuals, providing them with CV and interview skills, meta-skills such as teamwork, confidence, and resilience, accredited industry-recognised qualifications, practical hospitality skills, industry visits, and work experience. I’m delighted that 74% of our trainees were inspired to join the hospitality industry. This has a significant impact as our trainees are motivated and loyal, with 76% still employed after 12 months.

During the year, 40,837 pupils benefited from Springboard's careers and education programs, including 14,127 through FutureChef and 2,389 attending a hospitality takeover day. Additionally, 168,578 individuals accessed careers advice, including 124,981 users of the CareerScope hospitality careers portal, with 2,585 Springboard Ambassadors supporting our efforts.

We were also honoured to receive a Queen Elizabeth II Platinum Jubilee volunteering award last year in recognition of our work with young people.

One thing is certain: the staffing challenges in the industry have not disappeared. Springboard’s efforts to promote the industry to the next generation and provide people with the skills and opportunities to launch their careers are more vital than ever.

We aim to engage 148,000 people per year through our employability training, careers, and education programs and the CareerScope platform, while supporting 5,000 people annually in securing jobs in the hospitality and tourism sectors. It’s a significant but essential challenge.

Lastly, I want to thank Alastair and all the trustees, patrons, Ambassadors, partners, the Springboard team, and every business or individual who has contributed their time, energy, and support to Springboard this year. Our achievements would not have been possible without your support.

As we look to the future, we remain committed to our mission and inspired by the impact we've already made. With your continued support and dedication, we will strive to expand our reach, enhance our training programs, and create even more opportunities for those seeking a new beginning.

Chris Gamm

Chief executive officer, Springboard

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THE SPRINGBOARD CHARITY

REPORT OF THE TRUSTEES

Activity review

Education programmes

Springboard nurtures young people into careers in hospitality, leisure and tourism by equipping them with the inspiration knowledge, skills, advice and guidance they need. We do this through our award-winning education programmes in schools, colleges and universities.

Key programmes include:

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THE SPRINGBOARD CHARITY

REPORT OF THE TRUSTEES

Activity review (continued)

Employability programmes

We help transform the lives of people who have barriers to work and can benefit from our support, so that they get sustained employment in hospitality, leisure and tourism, whatever their age, background or ability. We do this by providing tailored support, quality programmes, dedicated aftercare, access to work experience placements and ultimately sustainable employment.

Key programmes include:

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THE SPRINGBOARD CHARITY

REPORT OF THE TRUSTEES

Activity review (continued)

Careers & advice

We provide specialist careers information, advice and guidance to inform young people, adults and key influencers about the industry and facilitate quality work experience opportunities. We do this through our specialist careers activities on-line, face-to-face and through careers events.

Key programmes include:

Impact

Over the past 12 months, Springboard has had a huge impact futureproofing the hospitality talent pipeline, including:

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THE SPRINGBOARD CHARITY

REPORT OF THE TRUSTEES

Success stories

Lauren Shepherd, Liverpool

During the three-week course, I gained a wealth of knowledge, from bar skills and events management, to food and drink pairing and mixology. Acquiring new qualifications and refining my existing skills, the course has also enhanced my communication abilities and public speaking techniques.

Working with a great group of people at Springboard motivated me and helped me to gain confidence – pushing me to excel and achieve my best. Following the course, I completed a placement at Hilton Liverpool, leading to a position as a Food and Beverage Assistant. Now, a month into my role, I am going to be starting a Food and Beverage Apprenticeship – a stepping stone towards my ultimate goal of moving into management.

Precious Ogechi, Cardiff

During the programme, we completed a lot of practical training such as order taking, tray handling, table set up, bartending plus qualifications such as World Host Customer Service, Food and Safety Level 2.

We also had many venue tours to get to know what hospitality was all about. After the programme and placement finished, I received help with job applications and I got a work trial at The Ivy Asia. It’s fair to say that they were happy with me and gave me a job! I have since also had a promotion.

Kierra Smith, Nottingham

The Springboard programme helped me become more confident in myself, as I had a lot of self-doubts in my abilities. It helped me understand the variety of roles available and visiting hotels gave me the idea that I wanted to do meetings and events. It really helped with my organisation skills and confidence in dealing with different people. What I loved was the opportunity to organise the graduation for the group – I gave everyone jobs, thought of activities to do and made sure everyone knew what they were doing for the day. I’m now working at the Park Plaza Nottingham as a host for meeting and events and am loving working there

Jamie Cornwall, Cardiff

I had worked in hospitality before but when I was younger and just wanted to work and then go home. But after taking this course I have realised that I want to be the kind of person that when someone goes out for a drink or a meal can really make them smile and help them enjoy their time by being the friendliest person I can be.

I’ve always been a person that likes to be silly and make jokes to see other people smile and I think the hospitality industry is the perfect place for me to let my colours shine. Not only has the course let me gain the knowledge I need to work in this industry , it has helped with practice for interviews and CV building which I believe will be a great help when searching for my new life in the industry.

Stephen Harrison, Manchester

I would recommend anyone going into the hospitality sector to give this course ago. At the end of the course, we got put into work placements for a week. I got put into a coffee shop called 200 Degrees Coffee in Manchester City Centre, where I got offered a full time job. I know I’m on my way to being a head barista and maybe in the future open my own record shop with a coffee shop inside.

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THE SPRINGBOARD CHARITY

REPORT OF THE TRUSTEES

Our patrons and supporters

We are hugely grateful to all the organisation, businesses, individuals and partners who support our work. They include:

Life patrons

Patrons

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THE SPRINGBOARD CHARITY

REPORT OF THE TRUSTEES

Our patrons and supporters (continued)

Patrons (continued)

Lead partners

Funding partners

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THE SPRINGBOARD CHARITY

REPORT OF THE TRUSTEES

Our patrons and supporters (continued)

Funding partners (continued)

Supporting partners

Corporate partners

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THE SPRINGBOARD CHARITY

REPORT OF THE TRUSTEES

Our patrons and supporters (continued)

Corporate partners (continued)

Business partners

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THE SPRINGBOARD CHARITY

REPORT OF THE TRUSTEES

Governance report

The trustees present their report together with the consolidated financial statements of the Charity and its subsidiary for the year ended 31 March 2024. The financial statements comply with all statutory requirements and the requirements of the Charity’s governing document.

This report equates to a directors’ report as required by Part 15 of the Companies Act 2006 and this has also been prepared in accordance with the Charities Act 2011 and the Accounting and Reporting by Charities: Statement of Recommended Practice.

Objectives and activities

The charity’s objects contained in the articles of association are:

In fulfilling its objects, The Springboard Charity has focused its purpose to provide support to young people; unemployed adults; and people who live in poverty and/or face multiple challenges in securing gainful employment. The Charity aims to help each group better their prospects in life, attain economic wellbeing, through supporting entry into sustainable employment and fruitful careers in hospitality, leisure, and tourism.

As part of a new three-year strategy, we have set a goal of engaging 148,000 people per year through our employability training, careers & education programmes and the CareerScope platform, while supporting 5,000 people per year into work in the hospitality sector. Strategy KPIs supporting this goal include:

Public benefit

The trustees confirm that that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity.

The Springboard Charity’s work delivers significant public benefit, focused as it is on helping young people achieve their potential, relieving unemployment or alleviating poverty. An overview of our activities in each of these areas is provided below.

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THE SPRINGBOARD CHARITY

REPORT OF THE TRUSTEES

Governance report (continued)

Financial review

The financial statements have been prepared in accordance with applicable accounting standards, current statutory requirements, the requirements of the Statement of Recommended Practice (SORP), “Accounting and Reporting by Charities” (SORP 2019), and the charity’s governing document.

Total income for the year was £3,779,598 (2023: £3,787,115) and total expenditure was £3,655,516 (2023: £3,496,924) giving a net surplus of £124,082 (2023: £290,191).

Net assets totalled £1,565,737 (2023: £1,441,655) with net current assets of £1,394,898 (2023: £1,255,595). The liquid cash balance (accessible within one year) was £2,029,696 (2023: £1,750,676).

Fundraising approach

An objective of the year was to build a balanced portfolio of income streams that raised sufficient income to deliver our ambitious goals, while achieving the strategic goal of building cash reserves to six months’ worth of operating costs.

Trusts & foundations committed to supporting education and employment work represent a major source of funding, worth £1m, overseen by an in-house fundraising team and senior leadership team. Business & corporate partnerships represent the other major funding source at £1.65m. This includes partnerships with industry employers, corporate partnerships with the likes of Diageo and Barclays. This is led by the business development team and senior leadership team.

Public funding (£177k) includes local authority & government funding. Events & sponsorship (£296k) is led by the marketing & events team and supported by the fundraising committee. Individual giving (£159k) is made up of donations from patrons, hospitality professionals and donations at third party events.

We process all donations, fundraising appeal responses and partnerships in house and continually update our income processes to ensure maximum security, efficiency and accuracy. No professional fundraisers were used and no fundraising complaints were received. All staff carry out regular data protection training and our privacy policy and communications give ways for supporters to change how they hear from us.

We have continued to further expand and strengthen our Ambassador network to more than 2,500 volunteers, who play a vital role in supporting our programmes, promoting the industry to young people, taking part in mock interviews, giving industry talks and mentoring beneficiaries.

Reserves policy

The charity holds unrestricted reserves to ensure we can continue to operate in the event of any unforeseen and significant decrease in income. The board of trustees’ policy with regards to unrestricted reserves has been set to six month’s of projected unrestricted expenditure, which is approximately £1.7m. At 31 March 2024, we held £1,056,188 (2023: £918,970) in free reserves, being unrestricted reserves less fixed assets.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the charity will continue in operation for a period of at least 12 months from the date of approval of this financial statement. The trustees and finance & resources committee continue to regularly review the financial forecast and in producing this statement have taken account of the possible impact on the income and ability of the charity to deliver its services.

Taking into account the current environment, the improved financial position, an 18-month cashflow forecast and strong pipeline of activity, the trustees have concluded that there are no material uncertainties about the charitable company's ability to continue as a going concern.

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THE SPRINGBOARD CHARITY

REPORT OF THE TRUSTEES

Structure, governance and management

Board of trustees

The board of trustees is the governing body that administers the charity. All major decision are made by the board, which meets at least four times a year to discuss and formulate policy and strategic direction. The trading subsidiary has its own board of directors consisting of three trustees and three executive directors. They are responsible for ensuring that the work of the trading subsidiary is fulfilled properly and for providing reports to the board of trustees.

Trustees who have been in office since 1 April 2023 are:

Trustee recruitment, appointment and induction

The number of trustees shall not be less than three. The Trustees, who are also directors of the charity for the purposes of the Companies Act, are appointed by the board of trustees, following recommendations from the governance committee.

The governance committee is responsible for the recruitment of new trustees, who are nominated for consideration through recommendations received and specific searches, appointing the chair and vice chair.

Appointments to the board are made against a skills and diversity matrix. Appointments are made for a term of three years, renewable. After trustees have served for three consecutive terms, re-appointments may be made subject to the governance committee being satisfied that a worthwhile contribution is being made. All new trustees receive a trustee induction pack and take part in periodical trustee training.

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THE SPRINGBOARD CHARITY

REPORT OF THE TRUSTEES

Structure, governance and management (continued)

Sub-committees

To assist in the smooth running of the charity, the trustees have set up sub-committees that oversee and advise the charity’s work and they report to the board of trustees. These sub-committees are:

Finance & resources committee

Governance committee

Fundraising committee

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THE SPRINGBOARD CHARITY

REPORT OF THE TRUSTEES

Structure, governance and management (continued)

Sub-committees (continued)

Marketing & PR committee

The finance & resources committee meet monthly, while the fundraising and marketing & PR committees meet quarterly and governance committee meets twice per year.

In addition, steering groups covering employability, careers & education and partnerships meet quarterly to support Springboard’s aims and strategy and comprise industry employers, specialists and influencers.

Trustee responsibilities

The Trustees (who are also directors of the Springboard Charity for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees 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 of the income and expenditure of the charitable group for that period. In preparing these financial statements, the trustees are required to:

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THE SPRINGBOARD CHARITY

REPORT OF THE TRUSTEES

Structure, governance and management (continued)

Trustee responsibilities (continued)

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time of 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the trustees is aware at the time the report is approved:

Risk management

The executive team and governance committee are responsible for the group’s risk register, which is reviewed quarterly and presented to the trustees for approval. The risk management strategy allows for the ongoing review of the risks that the group face and the development of systems and procedures to mitigate those risks should they arise.

In May 2024, the register was updated, with changes presented to trustees and approved by the governance committee. Areas highlighted include fundraising not meeting needs and economic climate impacting donations, sponsorship and business partnerships, in line with current economic trends. Another areas with an increasing or medium risk score were around adverse publicity, rising costs impacting cashflow, high staff turnover, loss of key staff and organisation structure failing to deliver on priorities. Preventive actions and safeguards were updated for all risk areas and include the following:

Fundraising doesn’t meet needs

Rising costs impacts cashflow and profitability of projects

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THE SPRINGBOARD CHARITY

REPORT OF THE TRUSTEES

Structure, governance and management (continued)

Risk management (continued)

Adverse publicity

High staff turnover and loss of key staff

Organisation structure fails to deliver on priorities

Equity, diversity and inclusion

Springboard is committed to cultivating the fullness of equity diversity and inclusion among its workforce. We aim to have a team who live and breathe our values and feel proud to work for the organisation. In providing services and facilities, we are also committed against unlawful discrimination of internal and external stakeholders. The aim is for our workforce to be truly representative of all sections of society and our customers and for each employee to feel respected and able to give their best.

Our equity, diversity and inclusion strategy is owned by a working group comprising team members across the organisation. Its purpose is:

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THE SPRINGBOARD CHARITY REPORT OF THE TRUSTEES structure, governance and management (continued) quity, diverslty and Incluslon Icontinuedl Its objectives cover three main areas: Inclusive culture- Cultivate and promote an inclusive culture that maximises existing skills ond talents within our workforce. Diverse workforce Identify. attract and retain a pipeline of diverse candidates with a wealth of experience and talent. Beneficiary needs - To understand the needs of our beneficiaries, ensuring our service is accessible and meets their requirements. Over the post 12 months. Springboard's EDI working group hos been actively involved in promoting diversily ond inclusion within our charity.11 celebraled events such as International Women's Day, Mental Health Awarene55 Week, LGBTQIA+ month and Notional Inclusion Week. Additionally. we conducted meditation sessions led by the mental health firsl aiders group, reviewed job adverts for inclusivily, explored new recruitment channels, emphasised becoming an age-friendly employer and raised owareness about menopause in the workplace through training sessions. Legal slatus The Springboard Charity is limited by guarantee and does not have share capital. Consent h05 been obtained lor the omission ol the wold 'Limited from the name of the compony, under the terms of Section 30, Companies Act 2006. It is a registered charity, number 1045411 (England and Wales) and number SC040506 (Scotlandl. The Charity's status was formalised in the Memorandum of AsSOClation doted 17 February 1995, and updoted os Articles of Association in June 2021. The c harily hcs a trading subsidiary, Springboard UK Limited. As well as taking responsibility for raising funds for the charily, the trading subsidiary promole coreers, attrocls talent to it, provides opportunities for staff development, and suppoils Ihe delivery ol social responsibility priorities to businesses in and associaled with hospitality, leisure, and tourism. This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. pproved by the trustees on on their behalf by: air of trustees rey OBE 22

THE SPRINGBOARD CHARITY

INDEPENDENT AUDITOR’S REPORT

Opinion

We have audited the financial statements of The Springboard Charity (the ‘charitable parent company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2024 which comprise the group statement of financial activities, group and charitable parent company balance sheets and statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

INDEPENDENT AUDITOR’S REPORT

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report and financial statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

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THE SPRINGBOARD CHARITY

INDEPENDENT AUDITOR’S REPORT

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the charitable parent 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 group or the charitable parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

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

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THE SPRINGBOARD CHARITY

INDEPENDENT AUDITOR’S REPORT

Auditor’s responsibilities for the audit of the financial statements (continued)

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

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

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

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

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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THE SPRINGBOARD CHARITY

INDEPENDENT AUDITOR’S REPORT

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charity’s trustees as a body, in accordance with Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 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.

Hugh Swainson (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 20 September 2024

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THE SPRINGBOARD CHARITY

GROUP STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME & EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 202 4

Unrestricted Restricted 2024 2023
Notes Funds Fund Total Total
£ £ £ £
Income from:
Donations and legacies 4 19,378 2,645,021 2,664,399 2,373,992
Other trading activities 4 910,942 - 910,942 1,122,042
Charitable activities 4 210 177,477 177,687 288,180
Investment income 26,570 - 26,570 2,901
------------------ ------------------ ------------------ ------------------
Total Income 957,100 2,822,498 3,779,598 3,787,115
--------------------- --------------------- ------------------ ------------------
Expenditure on:
Raising funds:
Trading Expenses 5 529,643 - 529,643 497,887
Fundraising Activity Costs 5 100,208 150,313 250,521 189,953
Charitable Activities:
Youth Education 5 - 344,328 344,328 313,151
Youth Advancement 5 - 341,002 341,002 308,573
Employment Programmes 5 205,252 1,984,770 2,190,022 2,187,360
--------------------- --------------------- ------------------ -----------------
Total Expenditure 835,103 2,820,413 3,655,516 3,496,924
--------------------- --------------------- ------------------ -----------------
Net income and movement in funds 121,997 2,085 124,082 290,191
Total funds brought forward at
1 April 2023 1,105,030 336,625 1,441,655 1,151,464
--------------------- --------------------- ------------------ --------------
Total funds carried forward at
31 March 2024 12 1,227,027 338,710 1,565,737 1,441,655
========= ========= ========= ========

All activities are continuing and there were no other gains and losses other than stated above.

The notes on pages 31 to 44 form part of these financial statements.

28

THE SPRINGBOARD CHARITY Company Number: 03031621 CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31 MARCH 2024 Group 2024 Charity 2024 Notes 2023 2023 FIXED ASSETS Tangible assets Intangible fixed ossets 44.027 126,812 47,780 138,280 170,839 186,060 CURRENT ASSETS Deblors Short term deposits Cosh at bank 10 315,250 900,000 1,129,696 340,378 500,000 1,250,676 238,702 900.000 876,616 185.961 500,000 1,183,583 2,344,946 2,091,054 2,015,318 1,869,544 CREDITORS: amounts falling due within one year (950,048) 1835,4591 (621,029) 1791 ,6651 NET CURRENT ASSETS 1,394,898 1,255,595 1,394,289 1,077,879 NET ASSETS 1,565,737 1,441.655 1,394,289 1,077,879 FUNDS Restricted funds Unrestricted Funds Tangible fixed assets fund General funds 338,710 336,625 338.710 336,625 170,839 1,056,188 186,060 918,970 170,839 884,740 186,060 555,194 12 1,565,737 1,441,655 1,394,289 1,077,879 The financial statements were approved and authorised lor issue by the Board of Trustee5 were signed below on its behalf by: Dal holrman torey OBE The notes on pages 3110 44 form part of these financial statements. 29

THE SPRINGBOARD CHARITY

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 202 4

Cash flows from operating activities
Net income
Depreciation charge
Amortisation charge
Investment Income
(Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of intangible fixed assets
Interest from short term deposit account
Withdrawal of short term deposits
Purchase of short term deposits
Net cash used in investing activities
Movement in cash
Cash and cash equivalents at the beginning of
the period
Cash and cash equivalents at the end of the
period
Analysis of cash and cash equivalents
Cash at bank and in hand
Analysis of changes in net debt
Cash
Total		 2024
£
£
124,082
19,890
48,764
(26,570)
25,128
114,589
---------------------
305,883
(16,137)
(37,296)
26,570
500,000
(900,000)
-------------------
(426,863)
-------------------
(120,980)
1,250,676
--------------------
1,129,696
=========
1,129,696
=========
1,129,696
At 1 April
2023
£
Cash
flows
£
1,250,676
(120,980)
1,250,676
(120,980)		 2024
£
£
124,082
19,890
48,764
(26,570)
25,128
114,589
---------------------
305,883
(16,137)
(37,296)
26,570
500,000
(900,000)
-------------------
(426,863)
-------------------
(120,980)
1,250,676
--------------------
1,129,696
=========
1,129,696
=========
1,129,696
At 1 April
2023
£
Cash
flows
£
1,250,676
(120,980)
1,250,676
(120,980)		 2023

£
£
290,191
26,715
39,851
(146,754)
(198,236)
---------------------
11,767
(10,549)
(61,163)
-
(500,000)
-------------------

(571,712)

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

(559,945)

1,810,621

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

1,250,676

=========

1,250,676

=========
1,250,676
Other
non-cash
changes
£
At 31
March
2024
£
-
1,129,696
-
1,129,696		 2023

£
£
290,191
26,715
39,851
(146,754)
(198,236)
---------------------
11,767
(10,549)
(61,163)
-
(500,000)
-------------------

(571,712)

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

(559,945)

1,810,621

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

1,250,676

=========

1,250,676

=========
1,250,676
Other
non-cash
changes
£
At 31
March
2024
£
-
1,129,696
-
1,129,696
1,250,676 (120,980) - 1,129,696
1,250,676 (120,980) - 1,129,696

The notes on pages 31 to 44 form part of these financial statements.

30

THE SPRINGBOARD CHARITY NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES

(a) General information

The Springboard Charity is a charitable company is limited by guarantee and incorporated in England and Wales (Company number 03031621). The registered office is:

Coopers Hall 13 Devonshire Square London, EC2M 4TH

(b) Basis of preparation

The financial statements are prepared under the historical cost convention. The financial statements have been prepared in accordance with the 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) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Springboard Charity is a public benefit entity as set out in section 3 of FRS102.

(c) Basis of consolidation

The Statement of Financial Activities (SOFA) and Balance Sheet consolidate the financial statements of the Charity and those of its subsidiary undertakings. The results of the subsidiaries are consolidated on a line-by-line basis on an acquisition basis from the date control passes to the Charity.

(d) Going concern

The trustees have considered the requirement that the financial statements should be prepared on a going concern basis. The trustees and finance & resources committee continue to regularly review the financial forecast and in producing this statement have taken account of the possible impact on the income and ability of the charity to deliver its services.

Taking into account the current environment, the improved financial position and strong pipeline of activity, the trustees have concluded that there are no material uncertainties about the charitable company's ability to continue as a going concern.

(e) Income

Donations including corporate and business partnership contracts and donation via service agreements are recognised when receivable or when the Charity becomes legally entitled to them and they can reasonably be measured in financial terms. Events income is received from the sale of entry tickets, raffle tickets and donations made via fundraising through each event. All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants from trusts, foundations and public funding are recognised when receivable. In the event that a grant is subject to conditions that require a level of performance before the charity is entitled to the funds or where the grant is specifically for a subsequent period, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

31

THE SPRINGBOARD CHARITY NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES (continued)

(f) Expenditure

Expenditure is accounted for on an accrual basis. Expenditure which is directly attributable to specific activities is classified as direct costs and included in those cost categories. Central costs, including governance costs, which cannot be directly allocated are classified as support costs and are apportioned across cost categories on the basis of an estimate of the proportion of time spent by staff on those activities.

Fundraising activity costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

(g) Pension Costs

The Charity contributes to a number of defined contribution schemes for its staff. Contributions are charged against the Statement of Financial Activities as they fall due.

(h) Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided to write off the cost, less estimated residual values, of all fixed assets over their expected useful lives. It is calculated at the following rates on a straight-line basis:

Furniture, fixtures and fittings 20% per annum Computers, audio visual equipment and website 33% per annum

(i) Intangible fixed assets

Intangible fixed assets consist of website development costs and are stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is provided on all intangible assets to write off the cost, less estimated residual values, over their expected useful lives of five years.

(j) Operating Leases

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

(k) Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

(l) Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

(m) Financial Instruments

The charitable company and group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

32

THE SPRINGBOARD CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES (continued)

(n) Unrestricted Funds

These funds are expendable at the discretion of the Trustees in furtherance of the objects of the Charity and which have not been designated for other purposes.

(o) Restricted Income Funds

Restricted funds are funds that are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes.

These funds represent grants and donations received towards specific purposes. The cost of raising and administering such funds are charged against the specific funds. The aim and use of the funds is set out in the notes to the financial statements.

(p) Parent charitable company results

These financial statements consolidate the results of the Charity and its wholly owned subsidiary Springboard (UK) Limited on a line-by-line basis. In accordance with Section 408 of the Companies Act 2006 the Statement of Financial Activities of the parent undertaking is not presented as part of these financial statements. The parent undertaking’s total income for the year was £2,789,287 (2023: £2,882,602) and its result for the year was a surplus of £316,410 (2023: a surplus of £295,309).

2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the charity’s accounting policies and the reported assets, liabilities, income and expenditure and the disclosures made in the financial statements. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The critical key estimates or judgements are

33

THE SPRINGBOARD CHARITY NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

3. SUBSIDIARY UNDERTAKING

Springboard UK Limited, a company limited by guarantee and incorporated in England and Wales (company number 02502511), is a wholly owned subsidiary of the charitable company by virtue of the powers granted to it under the company’s articles of association. Springboard UK Limited carries out work to increase awareness and understanding of the Hospitality, Leisure, and Tourism industry as a career. Its trading results for the year and amounts paid in gift aid to the parent charity are summarised below:

elow:
2024 2023
£ £
Turnover 1,303,081 1,270,242
Expenditure* (1,182,640) (969,633)
-------------------- --------------------
Profit for the year 120,441 300,609
Gift aid paid to The Springboard Charity (312,769) (305,729)
-------------------- --------------------
Loss for the year (192,328) (5,120)
Funds at beginning of year 363,778 368,898
-------------------- --------------------
Funds at end of year 171,450 363,778
========= ========
he assets and liabilities of the subsidiary were:
2024 2023
£ £
Tangible fixed assets 44,027 47,780
Intangible fixed assets 126,812 138,280
Current assets 351,620 536,674
Creditors: amounts falling due within one year (351,009) (358,956)
-------------------- --------------------
Net assets 171,450 363,778
========= =========

The assets and liabilities of the subsidiary were:

Amounts owed to Springboard UK Limited by the charitable parent company are disclosed in Note 11.

* During the year expenditure was met by Springboard UK Limited for The Springboard Charity. This was allocated to charitable expenditure based on staff time, facility usage and specific charitable project spends. The figure above represents the expenditure allocated to Springboard (UK) Limited for the year.

34

THE SPRINGBOARD CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

4. ANALYSIS OF INCOME INCOME FROM DONATIONS AND LEGACIES

Unrestricted Restricted 2024 Unrestricted Restricted 2023
Group funds funds Total funds funds Total
£ £ £ £ £ £
Business Partnerships /Contract
-		 1,645,115 1,645,115 - 780,878 780,878
Trusts & Foundations 19,378 999,906 1,019,284 437,782 1,155,332 1,593,114
---------------------- ----------------- ----------------- ---------------------- ----------------- -----------------
19,378 2,645,021 2,664,399 437,782 1,936,210 2,373,992
========== ========== ========== ========== ========== ==========
INCOME FROM OTHER TRADING ACTIVITIES
Unrestricted Restricted 2024 Unrestricted Restricted 2023
Group funds funds Total funds funds Total
£ £ £ £ £ £
Business Partnerships/Contract 265,342 - 265,342 619,794 - 619,794
Ticket Sales 110,982 - 110,982 54,732 - 54,732
Raffle/Auction Sales 25,818 - 25,818 68,854 - 68,854
Business Sponsorship 272,423 - 272,423 211,400 - 211,400
Corporate Patrons/ Adopt-a-
Charity 62,593 - 62,593 33,500 - 33,500
Gift Aid 14,212 - 14,212 8,032 - 8,032
Individual Giving 159,572 - 159,572 125,730 - 125,730
---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ----------------------
910,942 - 910,942 1,122,042 - 1,122,042
========== ========== ========== ========== ========== ==========
INCOME FROM CHARITABLE INCOME
Unrestricted Restricted 2024 Unrestricted Restricted 2023
Group funds funds Total funds funds Total
£ £ £ £ £ £
Govt/Govt Agency/Local
Govt Contracts 210 177,477 177,687 11,400 276,780 288,180
========== ========== ========== ========== ========== ==========
Investment INCOME
Unrestricted Restricted 2024 Unrestricted Restricted 2023
Group funds funds Total funds funds Total
£ £ £ £ £ £
Interest income 26,570 - 26,570 2,901 - 2,901
========== ========== ========== ========== ========== ==========

35

THE SPRINGBOARD CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

5. ANALYSIS OF TOTAL EXPENDITURE Support
Direct Costs 2024
Costs (Note 6) Total
£ £ £
Fundraising Activity Costs 235,197 16,062 251,259
Charitable activities
Youth Education 261,157 87,175 348,332
Youth Advancement 257,831 87,176 345,007
Employment Programmes 1,841,788 178,157 2,019,945
-------------------- --------------------- ----------------------
Total for Charity 2,595,973 368,570 2,964,543
Trading costs of subsidiary 505,365 185,608 690,973
---------------------- --------------------- ----------------------
Total for Group 3,101,338 554,178 3,655,516
========== ========== ==========
Support
Direct Costs 2023
Costs (Note 6) Total
£ £ £
Fundraising Activity Costs 179,206 10,747 189,953
Charitable activities
Youth Education 231,380 81,771 313,151
Youth Advancement 226,802 81,771 308,573
Employment Programmes 2,004,579 182,781 2,187,360
-------------------- --------------------- ----------------------
Total for Charity 2,641,967 357,070 2,999,037
Trading costs of subsidiary 330,279 167,608 497,887
---------------------- --------------------- ----------------------
Total for Group 2,972,246 524,678 3,496,924
========== ========== ==========

36

THE SPRINGBOARD CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

6. SUPPORT COSTS Support costs have been allocated according to staff time spent on each activity and are made up as follows:

as follows:
2024 2023
Total Total
£ £
Computer and IT costs 103,188 85,023
Finance and HR costs 255,200 262,509
General Office costs 178,860 160,646
Governance costs 16,930 16,500
---------------- ----------------
Total for Charity 554,178 524,678
======= =======
Group results for the year are stated after charging:
Depreciation and amortisation 68,654 66,566
Auditor’s Remuneration – statutory audit 16,929 16,500
======= =======
7. STAFF COSTS 2024 2023
£ £
Wages and salaries 2,303,534 2,221,116
Social security costs 227,139 237,545
Other pension costs 67,619 62,662
---------------------- ----------------------
2,598,292 2,521,323
========== ==========

The average monthly number of employees during the year was 66 (2023: 65).

The number of employees whose emoluments exceeded £60,000 were:

2024 2023
Number Number
£60,000 - £69,999 2 1
£70,000 – £79,999 1 1
£90,000 – £99,999 1 1
======== ==========

Key management personnel remuneration for the year was £477,745 (2023: £392,396).

No trustees were paid any remuneration or reimbursed expenses during the year (2023: £nil).

37

THE SPRINGBOARD CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

8. TANGIBLE FIXED ASSETS - Group

TANGIBLE FIXED ASSETS - Group
Furniture & Computers & Group
Fittings Equipment Total
£ £ £
COST
At 1 April 2023 2,004 154,962 156,966
Additions - 16,137 16,137
Disposals - (67,662) (67,662)
-------------------- -------------------- -------------------
At 31 March 2024 2,004 103,437 105,441
-------------------- -------------------- ------------------
DEPRECIATION
At 1 April 2023 1,968 107,218 109,186
Charge for the year 36 19,854 19,890
Written back on disposals - (67,662) (67,662)
-------------------- -------------------- -------------------
At 31 March 2024 2,004 59,410 61,414
-------------------- -------------------- -------------------
NET BOOK VALUE
At 31 March 2024 - 44,027 44,027
========= ========= ========
At 31 March 2023 36 47,744 47,780
========= ========= =========
9. INTANGIBLE FIXED ASSETS - Group Website
development
costs
£
COST
At 1 April 2023 221,015
Additions 37,296
------------------
At 31 March 2024 258,311
------------------
AMORTISATION
At 1 April 2023 82,735
Charge for the year 48,764
------------------
At 31 March 2024 131,499
------------------
NET BOOK VALUE
At 31 March 2024 126,812
========
At 31 March 2023 138,280
========

38

THE SPRINGBOARD CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

10. DEBTORS Group Charity
2024 2023 2024 2023
£ £ £ £
Trade debtors 61,091 221,419 6,184 104,822
Prepayments and accrued
income 254,159 118,959 210,528 81,139
Amount due from subsidiary 21,990
------------------ ------------------
 ------------------- -------------------
315,250 340,378 238,702 185,961
======== ========
 ========= ==========
11. CREDITORS: amounts falling
due within one year Group Charity
2024 2023 2024 2023
£ £ £ £
Trade creditors 53,076 43,701 - -
Sundry creditors 20,163 23,655 2,804 2,804
Taxation and social security 127,665 159,178 36,984 24,260
Accruals and deferred
income 749,144 608,925 581,241 449,439
Amounts due to subsidiary - - 315,162
------------------ ------------------- ------------------
 -------------------
950,048 835,459 621,029 791,665
========= ========= ========= =========

39

THE SPRINGBOARD CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

12. STATEMENT OF FUNDS – 2024 Brought 31 March
Forward Income Expenditure 2024
Unrestricted funds £ £ £ £
General funds 1,105,030 957,100 (835,103) 1,227,027
----------------- ----------------- ----------------- --------------------
Restricted funds
29th May 1961 - 6,000 (2,000) 4,000
A&N(Annandale&Nithsdale)-Foundation
Scotland - 17,000 (2,000) 15,000
Barclays UK Year 2 contract 133,350 - (133,350) —
Barclays New Contract - 874,800 (874,800) —
Cadbury 7,500 - (7,500) —
Cardiff & Vale College - 1,140 (1,140) —
The Castansa Trust - 8,000 (4,000) 4,000
Charles Hayward 8,416 - (8,416) —
Considered Ask - 5,000 (1,000) 4,000
Diageo GB - 4,000 (4,000) —
Diageo New 42,528 - (42,528) —
Diageo Northern Ireland - 20,000 (20,000) —
Diageo UK L4L - 746,315 (746,315) —
DM Thomas Foundation (Peter Cruddas) - 12,700 (12,700) —
DYW Tay Cities - 8,000 (8,000) —
Fidelity - 105,770 (105,770) —
Gannochy 4,125 17,750 (18,125) 3,750
Garfield Weston 16,667 50,000 (25,001) 41,666
The Gerald And Gail Ronson Foundation - 5,000 (5,000) —
The Greater London Authority - 28,988 (28,988) —
Hilton UK foundation 48,750 129,749 (56,825) 121,674
The Holywood Trust - 12,788 (6,394) 6,394
Hugh Fraser 3,750 5,000 (3,750) 5,000
Ian Carter 5,000 (5,000) —
Inspire Hounslow - 20,222 (16,178) 4,044
London Community Foundation - 74,925 (74,925) —
The Lord Forte Foundation 13,750 - (13,750) —
National Lottery Wales - 127,149 (127,149) —
NI Tourism Grant - 20,201 (20,201) —
Nisbet - 5,000 - 5,000
Peter Harrison 8,333 - (8,333) —
Portal Trust - 13,382 - 13,382
The Rayne Trust - 10,000 (10,000) —
The Robertson Trust 13,990 - (13,990) —
Savoy Educational Trust - 300,000 (250,000) 50,000
Savoy Educational Trust -FutureChef 100,000 (100,000) —
Solidarity Accor - 10,019 (10,019) —
St James Place 23,733 35,600 (41,533) 17,800
Worshipful Company of Cooks 43,000 43,000
Worshipful Company of Innholders 11,733 - (11,733) —
------------------------ ------------------------ --------------------------- ----------------------
Restricted funds 336,625 2,822,498 (2,820,413) 338,710
----------------------- ----------------------- --------------------------- ----------------------
Total funds 1,441,655 3,779,598 (3,655,516) 1,565,737
========== ========== =========== ==========

40

THE SPRINGBOARD CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

12. STATEMENT OF FUNDS(continued)– 2023 Brought 31 March
Forward Income Expenditure 2023
Unrestricted funds £ £ £ £
General funds 855,990 1,574,125 (1,325,085) 1,105,030
----------------- ----------------- ----------------- -------------
Restricted funds
Barclays UK Year 2 contract 190,000 - (190,000) -
Barclays New Contract - 233,350 (100,000) 133,350
Cadbury - 15,000 (7,500) 7,500
The Castansa Trust - 8,726 (8,726) -
Charles Hayward 21,000 21,040 (33,624) 8,416
Diageo New - 372,528 (330,000) 42,528
Diageo Jinzu - 175,000 (175,000) -
Diageo Northern Ireland - 65,027 (65,027) -
Diageo UK L4L Year 3 65,000 - (65,000) -
DM Thomas Foundation (Peter Cruddas) 6,100 9,242 (15,342) -
Gannochy - 8,250 (4,125) 4,125
Garfield Weston - 50,000 (33,333) 16,667
The Gerald & Gail Ronson Family Foundation - 3,000 (3,000) -
The Greater London Authority (GLA) - 97,325 (97,325) -
Hilton UK foundation - 65,000 (16,250) 48,750
The Holywood Trust - 10,908 (10,908) -
Hugh Fraser - 5,000 (1,250) 3,750
Inspire Hounslow - 23,887 (23,887) -
London Community Foundation 4,532 99,900 (104,432) -
The Lord Forte Foundation 2 - 15,000 (1,250) 13,750
National Lottery Wales - 123,566 (123,566) -
NI Tourism Grant - 43,787 (43,787) -
NOLB - 39,889 (39,889) -
Peter Harrison - 10,000 (1,667) 8,333
The Robertson Trust 8,842 13,500 (8,352) 13,990
St James Place - 35,600 (11,867) 23,733
Savoy Educational Trust - 200,000 (200,000) -
Skills Development Scotland Tourism EF Residual
contract - 16,000 (16,000) -
Solidarity Accor - 17,064 (17,064) -
Starbucks - 37,601 (37,601) -
Tomoro Foundation - 10,000 (10,000) -
Trusthouse Charitable Foundation - 375,000 (375,000) -
Worshipful Company of Innholders - 12,800 (1,067) 11,733
------------------------ ------------------------ --------------------------- ----------------------
Restricted funds 295,474 2,212,990 (2,171,839) 336,625
----------------------- ----------------------- --------------------------- ----------------------
Total funds 1,151,464 3,787,115 (3,496,924) 1,441,655
========== ========== =========== ==========

The General funds represent the free funds of the charity which have not been designated for particular purposes.

41

THE SPRINGBOARD CHARITY NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

12. STATEMENT OF FUNDS (continued)

The restricted funds represent monies received for particular projects/purposes which meet the Charitable objects of helping the young, the unemployed and the disadvantaged. The funds can be summarised as follows:

Restricted funds

Project/Purpose

Funding to support unemployed people into work in the Midlands

29th May 1961 Funding to support unemployed people into work in the Midlands Annandale & Nithsdale Foundation Scotland Funding for employability in Annandales & Nithsdale area Barclays Funding to support unemployed people into work in the hospitality industry Cadbury Funding to support unemployed people into work in the Midlands Cardiff & Vale College 2 days practical Cocktail training Castansa Trust Specialist employability training in partnership with HMP Dumfries. Charles Hayward Foundation Galvin's Chance programme - employability provision. Considered Ask Research into employability participants aged 50 years+

Funding to support unemployed people into work through delivery of Learning for Life programme

Diageo

DM Thomas Foundation(Peter Cruddas) Galvin's Chance programme- employability provision in London DYW Tay Cities Funding for careers & education delivery in Dundee Fidelity UK Foundation Careerscope digital build Gannochy Delivering careers activities in schools Garfield Weston Foundation Funding for employabilty training The Gerald And Gail Ronson Family Foundation Funding FutueChef Greater London Authority (GLA) Employabilty training London Hilton Uk Foundation Funding for Careers & Education activities The Holywood Trust Specialist employability training in partnership with HMP Dumfries. Huge Fraser Foundation Careers & education delivery in Fife Ian Carter Contribution towards Galvin's Chance programme Inspire Hounslow Grant to support employability programme for young people in Hounslow

Skill Up Step Up programme - employability provision for trainees aged 16 - 24 - London Community Foundation London. The Lord Forte Foundation Contribution towards Ambassodors volunteer programme National Lottery Wales Employability training in Wales Nisbet Trust FutureChef delivery in Bristol Northern Ireland Tourisum Hospitality careers recruitment and marketing FutureChef tailored and delivered to young people with disabilties in South East Peter Harrison Foundation region Portal Trust Careers & education delivery in London Funding for Careers & education delivery, employability training and careers Savoy Educational Trust marketing Savoy Educational Trust - FutureChef Funding sponsorship of FutureChef Solidarity Accor Grant to support employability training provision St James Place Charitable Foundation Grant to deliver a range of activities to support employability in Manchester The Rayne Foundation Grant to support young people's mental health and wellbeing The Robertson Trust Grant to support employability training in Dumfries and Galloway and Fife Worshipful Company of Cooks Grant to support FutureChef delivery and Summer School Worshipful Company of Innholders Grant to support Summer School

42

THE SPRINGBOARD CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

13. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

CURRENT YEAR Restricted Unrestricted Total
Funds Funds Funds
£ £ £
Fixed assets - 44,027 44,027
Intangible fixed assets - 126,812 126,812
Current assets 338,710 2,006,236 2,344,946
Liabilities - (950,048) (950,048)
--------------------- -------------------- --------------------
Total net assets 338,710 1,227,027 1,565,737
========= ========= =========
PRIOR YEAR Restricted Unrestricted Total
Fund Funds Funds
£ £ £
Fixed assets - 47,780 47,780
Intangible fixed assets - 138,280 138,280
Current assets 336,625 1,754,429 2,091,054
Liabilities - (835,459) (835,459)
--------------------- -------------------- --------------------
Total net assets 336,625 1,105,030 1,441,655
========= ========= =========

14. COMMITMENTS UNDER OPERATING LEASES

As at 31 March 2024 the company and group had future minimum lease payments under noncancellable operating leases as follows:

Other Land and buildings Land and buildings
2024 2023 2024 2023
£ £ £ £
Minimum lease rentals falling due in:
Less than one year 23,632 26,636 55,038 50,000
Between two to five years - 25,891 - 55,038
---------------- ---------------- ---------------- ----------------
23,632 52,527 55,038 105,038
======= ======= ======= =======

Leases in place for land and buildings are jointly held by the company and its parent charitable company, The Springboard Charity.

Total lease rentals in the year were £88,264 (2023: £74,636).

15 RELATED PARTY TRANSACTIONS

Donations made by trustees (and their related parties) and key management personnel to the charitable company in the year totalled £227,989 (2023: £185,500).

16 AGENCY ARRANGEMENTS

The Charity acts as an agent in distributing Kickstart income. Total income received in the financial year ended 31 March 2024 was £0 (2023: £53,486). Expenses paid during the year were £0 (2023: £71,076). The balance which remains outstanding as at 31 March 2024 was £0 (2023: £4,593).

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THE SPRINGBOARD CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

17 PRIOR YEAR COMPARATIVE SOFA

Unrestricted Restricted 2023
Notes Funds Fund Total
£ £ £
Income from:
Donations and legacies 4 437,782 1,936,210 2,373,992
Other trading activities 4 1,122,042 - 1,122,042
Charitable activities 4 11,400 276,780 288,180
Other income 4 - - -
Investment income 2,901 - 2,901
------------------ ------------------ ------------------
Total Income 1,574,125 2,212,990 3,787,115
--------------------- --------------------- ------------------
Expenditure on:
Raising funds:
Trading Expenses 5 497,887 - 497,887
Fundraising Activity Costs 5 73,001 116,952 189,953
Charitable Activities:
Youth Education 5 - 313,151 313,151
Youth Advancement 5 15,671 292,902 308,573
Employment Programmes 5 738,526 1,448,834 2,187,360
--------------------- --------------------- ------------------
Total Expenditure 1,325,085 2,171,839 3,496,924
--------------------- --------------------- ------------------
Net income and movement in funds 249,040 41,151 290,191
Total funds brought forward at
1 April 2022 855,990 295,474 1,151,464
--------------------- --------------------- ------------------
Total funds carried forward at
31 March 2023 12 1,105,030 336,625 1,441,655
========= ========= =========

44