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2020-08-31-accounts

Company number: 3087362 Charity number: 1059173

The Brokerage Citylink

Report and financial statements For the 17 month period ended 31 August 2020

The Brokerage Citylink

Contents

For the period ended 31 August 2020

Reference and administrative information .................................................................................... 1 Trustees’ annual report ................................................................................................................ 3 Independent auditor’s report ...................................................................................................... 14 Statement of financial activities (incorporating an income and expenditure account) .................. 18 Balance sheet ............................................................................................................................. 19 Statement of cash flows .............................................................................................................. 20 Notes to the financial statements ............................................................................................... 21

The Brokerage Citylink

Reference and administrative information

For the period ended 31 August 2020

Company number 3087362 Charity number 1059173 Trading as The Brokerage Registered office and operational address 65 London Wall LONDON EC2M 5TU Country of registration England & Wales Country of incorporation United Kingdom Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Philip Grant Chair Ahmer Huda Treasurer Esther Felton Leila Gomes (resigned 5 December 2019) Catherine Knivett Charles Logan (resigned 5 December 2019) Mohammed Marikar Frank Moxon Kate Temple-Brown (resigned 22 June 2020)

Key management Bridget Gardiner Executive Director (until 30 June 2019) personnel Katerina Rudiger Chief Executive (from 25 June 2019) Rosa Morgan-Baker Head of Partnerships and Income Generation (until 22 October 2019) Bankers National Westminster Bank Co-operative Bank 94 Moorgate PO Box 101, 1 Balloon Street LONDON, EC2M 6XT MANCHESTER, M60 4EP Metro Bank Virgin Money plc 120 Cheapside 115 Houndsditch LONDON, EC2V 7JB LONDON, EC3A 7BR

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The Brokerage Citylink

Reference and administrative information

For the period ended 31 August 2020

Solicitors Simmons & Simmons CityPoint One Ropemaker Street London EC2Y 9SS Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor Invicta House, 108-114 Golden Lane LONDON, EC1Y 0TL

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The Brokerage Citylink

Trustees’ annual report

For the period ended 31 August 2020

The trustees present their report and the audited financial statements for the 17 month period ended 31 August 2020.

Reference and administrative information set out on pages 1 and 2 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

The purposes of our charity as set out in our governing document (“the objects”) include: the relief of unemployment particularly amongst disadvantaged persons resident in areas of deprivation in the United Kingdom including young people in educational establishments and ethnic minority groups, in such ways as the trustees may think fit but in particular by the establishment in life of young persons by the provision of advice, guidance and vocational training.

The main activities the charity undertakes in relation to these objects are to provide a range of opportunities for state school students in Greater London to access careers in financial, professional and related services and improve their employability skills. This includes delivering awareness-raising workshops for students from local schools, bringing groups of young people into the City and other business districts in London and matching young people with work placements and other opportunities.

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Achievements and performance

The charity's main activities and who it tries to help are described below. All its charitable activities focus on young people from disadvantaged backgrounds aged 10-24, and are undertaken to further The Brokerage’s charitable purposes for the public benefit. We estimate having directly supported 7,600 young people through a range of services, programmes, information provision and opportunities to learn in 2019/20 (6,650 in 2018/19). The increase in total numbers of young

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The Brokerage Citylink

Trustees’ annual report

For the period ended 31 August 2020

people directly reached reflects the longer financial year. We reached fewer young people per month in 2019/20 because of the disruption to services caused by the Covid 19 restrictions.

At its meeting on 19 September the board of trustees approved the key objectives for the year and for the incoming CEO:

A summary of our achievements against these objectives is as follows:

Education work stream

90 Year 6 primary school pupils took part in a total of 3 aspiration-raising workshops during the year, with funding and hosting provided by Reed Smith. 15 further workshops for this programme were planned but cancelled due to the Covid 19 crisis, with funding (via the Big Give appeal) redirected to outreach work to take place in the academic year 2020/21.

Working in the City, funded by Nomura and the Peter Cruddas Foundation delivered its final workshops, with 359 young people attending workshops hosted by city firms in the summer of 2019.

Gateway to City Careers (funded by the Worshipful Company of International Bankers and UBS) is a multi-stage programme. Its pilot year completed in Summer 2019 with 48 young people completing the full programme. The second year started in September 2019 when 682 young people attended a total of 31 workshops introducing them to the city. These were hosted by various companies and introduced young people to careers in the city.

Bootcamps were held both face to face and, from April 2020, online. In total 114 young people took part in these 3 day courses where volunteers from a variety of companies helped them develop their knowledge and skills.

Maths Gateway to the City, a development of Gateway to City Careers started its first year. 9 Maths in the City workshops were delivered before the lockdown. In addition, we have delivered a further 2 sessions online during lockdown. 240 young people from more than 15 schools have taken part. 25 pupils were registered for the programme before lockdown was enforced. The remaining registrations will take place during Autumn 2020. One to one phone calls with these students were held, as was one bootcamp.

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The Brokerage Citylink

Trustees’ annual report

For the period ended 31 August 2020

The remainder of the programme is delayed to Autumn 2020.

Tech in the City was able to deliver its full pilot year before the lockdown began. 229 young people attended 11 workshops hosted by a variety of companies, including tech companies and also companies with large and engaged tech departments.

The Mock Assessment Centre programme was affected by lockdown, with 6 of the planned 10 workshops delivered so far. 120 young people attended to learn about recruitment practices.

57 Year 12 candidates were able to take part in face to face work experience in the summer of 2019, hosted by Reed Smith, RBS/Natwest, Charles Russell Speechlys, BMO and SMBP.

During the year, we provided 2 young people with a week’s structured work experience at The Brokerage. We are an accredited provider of the Work Experience Quality Standard from Fair Train.

Talent Development work stream

2836 students learnt about careers in financial, professional and related services (FPRS) through 42 school assemblies. Of these 972 students subsequently registered with The Brokerage at our offices, affording the first of several opportunities for us to meet, get to know and support those young people who are seriously considering a career in FPRS.

The first year of the Summer Placement Programme, (September 2018-August 2019) was a big success. Of the 348 students that registered for this programme, 98 interns were placed in 28 companies across London, such as DWF, Ruffer, Crowe and Marsh & McLennan Companies. This exceeded the target of 90 interns successfully placed. 11 had their contracts extended or were offered a full time role as a direct result of their internship. In addition, 71% of respondents to a feedback survey indicated that they would like a career in the industry they completed their internship in.

The second year of the Summer Placement Programme (September 2019-August 2020) was shaping up to be a similar success, with 624 students registered and over 50 placements advertised when the crisis of Covid-19 hit in March and forced us to cancel all of the internships. In its place we created The Brokerage Online Mentoring Programme, so our young people could still develop their skills and learn from an experienced professional, even though the internships they had been applying for were no longer available. 129 young people were matched with a mentor from one of our corporate partners, and they worked through a structured seven-week programme tailored towards each mentees’ specific development needs. 126 young people completed this programme.

“I learnt a lot from my mentor in terms of what the world of work is like. I gained a lot of information on his role and his firm, and I was able to find out what the routes are to entering into Investment Banking. Overall I think my mentor has been very helpful in guiding me through the

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The Brokerage Citylink

Trustees’ annual report

For the period ended 31 August 2020

last seven-week of mentoring in what’s it's like in professional life.” – Mentee, The Brokerage Online Mentoring Programme

Lloyd’s Community Programme funded a package of work this financial year. This included the ‘Apprenticeships: Straight into Work’ insight day which was attended by 42 students, two iterations of the Lloyd’s IntoWork Conference which were attended by a total of 156 students, a mentoring programme with 21 participants, and the Insuring Human Progress programme for 32 students. Lloyd’s also part funded the 2018/19 and 2019/20 Summer Placement Programme alongside the Worshipful Company of Insurers and Southwark Council.

A number of other mentoring initiatives also took place this financial year, supporting 169 students in year 12. These were funded by Facebook, State Street, Reed Smith, Charles Russell Speechlys, Acuris and Miller. 11 CV workshops also took place, supporting 77 students.

There has been a crossover in the work undertaken by the education team and that of the talent development team the past financial year. Our new strategic approach will more clearly define our work in our next statutory accounts report under four streams ‘outreach’ ‘academy’ ‘placements’ and ‘corporate changemaker’.

Recruitment work stream

We placed 10 young people into paid roles starting in September 2019, and 13 into paid roles starting in September 2020. We also advertised bursary schemes and job opportunities to students on the database.

Donated funds

We continued to offer a free employment advice service, via The Brokerage Skills Academy, to any young person who attends or attended state school in London, by ‘phone, email or face-to-face, using funds raised through The Big Give 2019 Appeal. This funding also enables us to provide and regularly update information for students and teachers on our website, which we are able to offer free of charge to beneficiaries.

Thanks are also due to the many alumni members, friends and supporters who took on fundraising challenges to support our work in 2019/20.

Strategic planning

The Brokerage is at a crucial point in its existence as a charity. The team has achieved great success in the past delivering high quality services to young people and in doing so has learnt a huge amount about the fits and mismatches between the potential, aspirations and ambitions of young people and the needs of key London labour market segments (finance, legal and professional services). Over the autumn 2019 and winter 2020 we have been developing strategy and plans that turn this learning – and associated insights – into greater impact and a more sustainable theory of change for the charity (and therefore its beneficiaries). We have realised that

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The Brokerage Citylink

Trustees’ annual report

For the period ended 31 August 2020

we have the potential to create a ‘virtuous circle’ from the insights we gather from working with young people and the intentions of corporates to become more socially responsible, more diverse, better enablers of social mobility and more attractive to young talent. We have also realised that the current business model makes the charity very dependent on key donors whilst underselling its services with the vast majority of corporates that it works with. A key priority was thus to develop a sustainable funding and partnership model, which we have done with the help of external expert consultancy (via the recruitment of a fundraising expert for a 4 month maternity cover for the CE). Going forward we will be focusing testing and rolling out this new partnership model and developing an enhanced proposition for corporates that also aims to support them in changing their organisational practices and behaviours.

Impact

We continue to measure the short-term impact of all our interventions using our STACK framework. In 2019/20 this was revised to make use of aspects of the Skills Builder framework, a framework that codifies a shared approach to soft-skills. SkillsBuilder is used by a range of different organisations, including some of our partner businesses to provide an universal way of talking about soft-skills.

The STACK framework covers Self-awareness, Teamwork, Atttude, Communication and Knowledge, with some categories divided into subsections.

Candidates were asked to complete before and after self-assessment surveys using the STACK framework. The survey awarded scores based on how highly the young people rated themselves in each category.

Average STACK scores for 2019/20 Before: 44 out of 64

After: 55 out of 64 An average change of 11 points.

80% of respondents had indicated an increase in their STACK scores, indicating that young people’s skills and knowledge are increased by their participation in Brokerage Programmes.

Volunteering and gifts-in-kind

A total of 3,060 volunteering hours given by 1,527 volunteers during 2019/20 was worth an estimated £172,217 to The Brokerage (1,911 hours by 1,627 volunteers worth £107,551 in 2018/19), enabling us to deliver our education, talent development and mentoring programmes along with support for fundraising and marketing in a cost-effective way. We have estimated the value of gifts-in-kind as £102,750 (£103,956 in 2018/19) as shown in note 3 of the financial statements. The value of gifts-in-kind covers meeting rooms for workshops and masterclasses, event space and refreshments provided by our generous corporate partners, along with training scholarships supported by UBS. We would particularly like to thank all the volunteers as well as all the companies that provided meeting rooms and refreshments for workshops and events during the course of the year.

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The Brokerage Citylink

Trustees’ annual report

For the period ended 31 August 2020

Financial review

The financial period end was changed to 31 August during the period. This better aligns our accounting period and the programmes we deliver with the academic year.

Income for the 17 month period increased to £964,158 from £688,808. This includes £102,750 in gifts-in- kind received compared to £103,956 the previous year. The charity receives funding from City organisations and grant-making foundations and trusts. The charity applies these funds to support the work as detailed above.

Expenditure increased to £874,282 from £672,751.

The charity made a surplus of £89,876; restricted funds decreased to £29,697 and unrestricted increased to £431,124. At the end of the year net funds were £460,821.

Principal risks and uncertainties

The trustees acknowledge their responsibility to consider the risks to which the charity is exposed, and adequacy of controls to identify, assess and mitigate such risks.

In 2018 the trustee board approved a new risk policy and risk register identifying key risks to the quality of services, financial health and reputation of The Brokerage and controls and assurance activities. Risks are categorised under either strategic, operational, people or governance and assessed using a RAG points system against likelihood, financial impact and repetitional impact. In November 2019, the board reviewed the operation of the risk framework and approved the continuation of the approach to risk management and reporting.

Management report to the trustees in accordance with the risk policy, and updates and progress of agreed risk mitigation activities are considered at Finance and Resources Sub Committee (‘FRSC’) meetings (meetings held quarterly).

Covid 19

The operational and financial impact of the COVID-19 pandemic has been monitored over the period, with increased governance and reporting to the trustee board.

During the period the charity was subjected to a clear test of its business continuity plan, operational risk policies and procedures following the COVID-19 pandemic. Staff were able to work effectively from home and developed new ways of delivering services online rather than in an office based setting. The charity’s approach to risk had previously identified key areas that allowed it to react swiftly to the issues arising. As such a risk of negative financial impact to income has been mitigated as the charity was able to raise additional funds under its Generation 2020 appeal to support those young people most affected.

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The Brokerage Citylink

Trustees’ annual report

For the period ended 31 August 2020

The on-going implications of COVID-19 will continue to be monitored in accordance with the risk framework. Whilst the impact of COVID-19 is likely to be felt in a number of ways during 2020-21 it is not currently considered a key risk for The Brokerage due to the work undertaken in 2019-20.

Key risks – 2020/21

Management and trustees have identified the following principal areas of risk for 2020/21 from assessment in accordance with the risk framework:

  1. People: Resourcing not appropriate to provide planned services – as noted in the report above a restructure of the staff team will take place in 2020-21 to support our new business model The recruitment, induction and integration of new staff will be key to managing this risk.

  2. 2.Governance: Trustees having an appropriate mix of skills and experience – during 2020 the Chair undertook a board effectiveness review and a board skills analysis is in progress to support the recruitment of new trustees.

  3. 3.Operational: Pace of organisational change resulting in lack of appropriate supporting internal process and procedures – the restructuring in both the income model and staff team has led to significant organisational change in a short period of time. The charity is investing in additional administration roles to ensure processes and procedures are implemented and followed.

  4. 4.Service & Impact: Lack of effective implementation and delivery of business plan – clear organisational structure and reporting mitigates this risk, the restructure will more clearly define internal responsibilities and accountability further enhancing mitigation of this risk.

Reserves policy and going concern

Trustees consider given the current economic conditions that it is prudent to hold six months’ running costs in unrestricted reserves. Trustees believe we should utilise these reserves when we need to. Trustees unanimously approved that the current policy and level of unrestricted reserves held were appropriate.

The equivalent of six months’ running costs in the General Fund (£330,635) would support the running of the organisation in the event of loss of a significant piece of funding.

The General Fund (£431,124) currently represents nearly 8 months’ running costs.

The trustees have considered the financial uncertainties facing the charity. Given the level of reserves, the trustees believe the charity is a going concern for the foreseeable future.

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The Brokerage Citylink

Trustees’ annual report

For the period ended 31 August 2020

Plans for the future

Plans for the future are being discussed with the Trustees and are focused on:

Structure, governance and management

The organisation is a charitable company limited by guarantee, incorporated on 3 August 1995 and registered as a charity on 13 November 1996.

The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.

All trustees give their time voluntarily and receive no benefits or expenses from the charity.

Trustees continue to review the Charity Governance Code and take actions to adhere to the Code including:

  1. Organisational purpose. The charity undertook a review of its strategic priorities during 2020. Our Strategy 2020 and beyond now has clearly defined strategic priorities and aligned programmes.

  2. The Chair, supported by the Board of Trustees, continues to review and ensure that the governance structure is in place to support the charity.

  3. The board is responsible for the review and approval of all policies relating to both internal matters around the employment and welfare of its staff and volunteers, as well as those relating to the external environment including safeguarding and data protection. There is a schedule for the review of all The Brokerage’s policies and procedures ranging from annually to every three years.

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The Brokerage Citylink

Trustees’ annual report

For the period ended 31 August 2020

Trustee meetings and responsibilities

The Brokerage trustees take responsibility for the financial health and strategic direction of the organisation, delegating the day-to-day operations to the staff team, led by the chief executive.

The board of trustees meet formally on a quarterly basis. The trustee board represents a wide range of relevant professional skills including business development, financial management, recruitment, digital skills, law, insurance and banking. All trustees are covered by trustees’ indemnity insurance.

Trustee recruitment & induction

Trustees are recruited through our stakeholders and are appointed by the existing trustees (in their capacities as members of the charitable company).

Prospective trustees meet with the chair and at least one other trustee for an informal discussion. They are invited to attend a board meeting as an observer before deciding if they want to stand for election.

New trustees receive an induction pack which includes information on the responsibilities of charity trustees together with recent literature and board papers. They are also offered free training about the responsibilities and duties of being a good trustee. New trustees meet with the staff team, and are invited to observe delivery of our programmes. Prospective trustees must be recommended by the trustees, and are appointed by a resolution passed by a vote in trustee meetings.

At each AGM the one-third of the trustees longest in office since their appointment or reappointment retire, and may be re-appointed. Trustees will normally serve a maximum of three years and a total of three terms, unless there are exceptional circumstances.

Related parties and relationships with other organisations

During the course of the year we partnered with over 200 schools, 100 corporates and six livery companies and groups to deliver our charitable work.

Remuneration policy for key management personnel

Pay is reviewed annually by the finance and resources sub-committee (FRSC). The FRSC benchmark against pay levels in other similar-sized organisations. All staff posts, other than the chief executive, are set within salary pay bands, with annual increments subject to performance. The chief executive’s salary is in line with similar-sized charities, and is agreed by the FRSC.

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The Brokerage Citylink

Trustees’ annual report

For the period ended 31 August 2020

Statement of responsibilities of the trustees

The trustees (who are also directors of The Brokerage for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the 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 of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 March 2019 was 9 (2018: 11). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

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The Brokerage Citylink

Trustees’ annual report

For the period ended 31 August 2020

Auditor

Sayer Vincent LLP was re-appointed as the charitable company's auditor during the year and has expressed its willingness to continue in that capacity.

The trustees’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

The trustees’ annual report has been approved by the trustees on 3 December and signed on their behalf by

Philip Grant Chair

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Independent auditor’s report

To the members of

The Brokerage Citylink

Opinion

We have audited the financial statements of The Brokerage Citylink (the ‘charitable company’) for the period ended 31 August 2020 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for

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Independent auditor’s report

To the members of

The Brokerage Citylink

the other information. 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

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

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, 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

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Independent auditor’s report

To the members of

The Brokerage Citylink

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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or 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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

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Independent auditor’s report

To the members of

The Brokerage Citylink

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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. 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.

Joanna Pittman (Senior statutory auditor) 15 January 2021 for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

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The Brokerage Citylink

Statement of financial activities (incorporating an income and expenditure account)

For the period ended 31 August 2020

Note
Income from:
3
4
4
4
5
6a
6a
6a
6a
Reconciliation of funds:
Total funds carried forward
Total funds brought forward
Net income / (expenditure) for the year
and net movement in funds
Donations and legacies
Charitable activities
Total expenditure
Charitable activities
Recruitment
Education
Talent Development
Education
Talent Development
Raising funds
Recruitment
Total income
Expenditure on:
Investments		 Unrestricted
£
356,968
5,508
1,707
33,114
1,548		 Designated
£
-
-
-
-
-		 Restricted
£
-
248,528
316,785
-
-		 2020
Total
2019
Total
£
£
356,968
260,160
254,036
180,956
318,492
216,559
33,114
30,378
1,548
755
964,158
688,808
129,474
84,260
345,278
304,632
362,146
240,962
37,384
42,897
874,282
672,751
89,876
16,057
370,945
354,888
460,821
370,945
398,845 - 565,313
129,474
73,484
16,308
37,384		 -
-
-
-		 271,794
345,838
-
256,650 - 617,632
142,195
288,929		 -
-		 (52,319)
82,016
431,124 - 29,697

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 19 to the financial statements.

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The Brokerage Citylink

Company no. 3087362

Balance sheet

As at 31 August 2020

Note
Fixed assets:
12
Current assets:
13
Liabilities:
14
Creditors: amounts falling due in more than one year
15
19a
Total unrestricted funds
Restricted income funds
Unrestricted income funds:
Net current assets
Total net assets
Cash at bank and in hand
Tangible assets
The funds of the charity:
Creditors: amounts falling due within one year
General funds
Total charity funds
Debtors
Total assets less current liabilities		 £
81,421
463,781		 2020
£
£
-
-
165,966
304,088
470,054
(79,109)
480,821
480,821
(20,000)
460,821
29,697
288,929
431,124
460,821		 2019
£
-
-
390,945
545,202
(64,381)
431,124
390,945
(20,000)
370,945
82,016
288,929
370,945

Approved by the trustees on 3 December 2020 and signed on their behalf by

Philip Grant Chair

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The Brokerage Citylink

Statement of cash flows

For the period ended 31 August 2020

Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income/(expenditure) for the reporting period
(as per the statement of financial activities)
Dividends, interest and rent from investments
(Increase) in debtors
Increase/(decrease) in creditors
Net cash provided by / (used in) operating activities
Note
£
£
19
158,145
1,548
-
1,548
159,693
304,088
463,781
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
Change in cash and cash equivalents in the period
2020
Cash flows from operating activities
Net cash provided by investing activities
Net cash provided by / (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Return of short deposits		 Net income/(expenditure) for the reporting period
(as per the statement of financial activities)
Dividends, interest and rent from investments
(Increase) in debtors
Increase/(decrease) in creditors
Net cash provided by / (used in) operating activities
Note
£
£
19
158,145
1,548
-
1,548
159,693
304,088
463,781
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
Change in cash and cash equivalents in the period
2020
Cash flows from operating activities
Net cash provided by investing activities
Net cash provided by / (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Return of short deposits		 Net income/(expenditure) for the reporting period
(as per the statement of financial activities)
Dividends, interest and rent from investments
(Increase) in debtors
Increase/(decrease) in creditors
Net cash provided by / (used in) operating activities
Note
£
£
19
158,145
1,548
-
1,548
159,693
304,088
463,781
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
Change in cash and cash equivalents in the period
2020
Cash flows from operating activities
Net cash provided by investing activities
Net cash provided by / (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Return of short deposits		 2020
£
89,876
(1,548)
84,545
(14,728)		 2019
£
16,057
(755)
(12,257)
12,387
158,145 15,432
159,693
304,088
463,781

20

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2020

1 Accounting policies

a) Statutory information

The Brokerage Citylink is a charitable company limited by guarantee and is incorporated in the United Kingdom.

The registered office address is 65 London Wall, London, EC2M 5TU.

b) Basis of preparation

The financial statements have been prepared in accordance with 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.

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

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. 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 nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

In line with the authority provided by the Memorandum and Articles of Association, during 2019-20 the accounting year end was extended to 31 August 2020. This better aligns our accounting period and the programmes we deliver with the academic year. The accounts are prepared for a 17 month period with comparatives for a 12 month period, hence comparatives are not directly comparable.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

21

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2020

h) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

i) Expenditure and irrecoverable VAT

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

j) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on staff time, of the amount attributable to each activity

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

k) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

l) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £2,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

3 years

22

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2020

1 Accounting policies (continued)

m) Debtors

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

n) Cash at bank and in hand

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

Short term cash deposits have a maturity of more than three but less than twelve months.

o) Creditors and provisions

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

p) Pensions

Pension contributions are made by the company in respect of employees' individual personal money purchase pension schemes. The assets of the fund are held separately from those of the charitable company which has no liability under the schemes other than for the payment of contributions.

2 Detailed comparatives for the statement of financial activities

Investments
Total income
Total funds brought forward
Raising funds
Charitable activities
Income from:
Expenditure on:
Net movement in funds
Talent Development
Recruitment
Talent Development
Recruitment
Education
Education
Total funds carried forward
Total expenditure
Charitable activities:
Donations and legacies		 £
238,824
8,665
4,325
30,378
755
Unrestricted		 Designated
£
-
21,640
58,696
-
-		 2019
Restricted
Total
£
£
21,336
260,160
150,651
180,956
153,538
216,559
-
30,378
-
755
325,525
688,808
84,260
180,003
304,632
117,926
240,962
-
42,897
297,929
672,751
27,596
16,057
54,420
354,888
82,016
370,945
282,947 80,336
84,260
102,989
64,340
42,897		 -
21,640
58,696
-
294,486 80,336
(11,539) -
300,468 -
288,929 -

23

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2020

3 Income from donations and legacies

Income from donations and legacies
Grants and donations:
City of London Corporation
Awards for All
Worshipful Company of Insurers
Government grant
The Big Give
Other donations (including Gift Aid)
Generation 2020
Peel Hunt
CFC Underwriting
Donated services
PIMFA
SMBC
Fitch Ratings
Peter Cruddas		 Unrestricted
£
-
-
50,000
122,959
3,000
10,000
5,000
5,000
10,000
-
11,876
34,985
1,398
102,750		 Designated
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Restricted
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2020
Total
£
-
-
50,000
122,959
3,000
10,000
5,000
5,000
10,000
-
11,876
34,985
1,398
102,750		 Unrestricted
£
-
-
50,000
6,200
-
-
-
-
10,000
8,543
60,116
-
103,965		 Designated
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Restricted
2019
Total
£
£
16,125
16,125
5,211
5,211
-
50,000
-
-
6,200
-
-
-
-
-
-
-
-
-
10,000
-
8,543
-
60,116
-
-
-
103,965
21,336
260,160
356,968 - - 356,968 238,824 -

Donated services include pro bono legal advice and office space provided by corporate companies who run workshops for our programmes.

4 Income from charitable activities

Income from charitable activities
DWF Foundation
City of London (Open House)
Worshipful Company of Insurers
Barnett Waddingham
Southwark Council
UBS
Worshipful Company of International
Bankers
The Nomura Charitable Trust
QBE Foundation
Sidley Austin LLP
ArgoGlobal
Royal Bank of Canada
Sub-total for Talent Development
Sub-total for Recruitment
Recruitment fees
BMO
Access Foundation
Acuris
Charles Russell Speechly
Lloyd's Community Programme
Miller Insurance
William Blair
Rothschild
MS Amlin
State Street Global Advisors
Factset
Facebook
City Bridge Trust
Reed Smith
Worshipful Company of Actuaries
Workshop delivery and paid work
CFC
Sub-total for Education
City of London Business Traineeship
Total income from charitable activities
Other income
RBS
Mercers		 Unrestricted
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,508		 Designated
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Restricted
£
-
53,500
31,839
49,428
20,000
7,578
12,104
10,500
20,040
1,300
39,876
-
2,363
-		 2020
Total
£
-
53,500
31,839
49,428
20,000
7,578
12,104
10,500
20,040
1,300
-
39,876
-
2,363
5,508		 Unrestricted
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8,665		 Designated
£
21,640
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Restricted
2019
Total
£
£
-
21,640
44,500
44,500
11,777
11,777
25,553
25,553
20,000
20,000
7,754
7,754
10,069
10,069
12,500
12,500
-
-
1,300
1,300
9,984
9,984
-
-
7,214
7,214
-
-
-
8,665
150,651
180,956
-
58,696
30,000
30,000
-
-
-
-
7,866
7,866
-
-
2,708
2,708
21,974
21,974
68,719
68,719
1,260
1,260
4,733
4,733
-
-
-
-
-
-
3,368
3,368
4,960
4,960
7,950
7,950
-
4,325
153,538
216,559
-
30,378
-
30,378
304,189
427,893
5,508
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,707		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 248,528
-
70,000
2,000
58,726
-
7,171
21,951
7,435
119,403
1,260
-
10,485
9,906
8,448
-
-
-
-		 254,036
-
70,000
2,000
58,726
-
7,171
21,951
7,435
119,403
1,260
-
10,485
9,906
8,448
-
-
-
1,707		 8,665
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,325		 21,640
58,696
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,707
33,114		 -
-		 316,785
-		 318,492
33,114		 4,325
30,378		 58,696
-
33,114 - - 33,114 30,378 -
40,329 - 565,313 605,642 43,368 80,336

24

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2020

5 Income from investments

Income from investments
Bank interest Unrestricted
£
1,548		 Restricted
£
-		 2020
Total
£
1,548		 Unrestricted
£
755		 Restricted
2019
Total
£
£
-
755
-
755
1,548 - 1,548 755

25

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2020

6a Analysis of expenditure

Staff costs (Note 8)
Direct project costs
Rent & rates
Consultancy
Finance support
Audit fees
General office costs
Donated services
Support costs
Governance costs
Total expenditure 2020
Total expenditure 2019		 Cost of
raising funds
£
62,890
19,392
-
-
-
-
-
82,282
44,956
2,236
129,474
84,260		 Education
Talent
Development
Recruitment
£
£
£
144,506
193,789
19,065
11,333
1,185
4,011
-
-
-
-
-
-
-
-
-
-
-
-
81,000
21,750
-
236,839
216,724
23,076
103,299
138,528
13,630
5,140
6,894
678
345,278
362,146
37,384
304,632
240,962
42,897
Charitable activities		 Education
Talent
Development
Recruitment
£
£
£
144,506
193,789
19,065
11,333
1,185
4,011
-
-
-
-
-
-
-
-
-
-
-
-
81,000
21,750
-
236,839
216,724
23,076
103,299
138,528
13,630
5,140
6,894
678
345,278
362,146
37,384
304,632
240,962
42,897
Charitable activities		 Governance
costs
£
7,748
-
-
-
7,200
-
-
14,948
-
(14,948)
-
-		 Support
costs
£
35,922
-
94,573
54,005
36,586
-
79,327
-
300,413
(300,413)
-
-
-		 2020
Total
2019
Total
£
£
463,920
380,165
35,921
21,237
94,573
71,038
54,005
36,586
23,059
7,200
7,200
79,327
66,096
102,750
103,956
874,282
672,751
-
-
-
-
874,282
672,751
Education
£
144,506
11,333
-
-
-
-
81,000
236,839
103,299
5,140
345,278
304,632		 Talent
Development
£
193,789
1,185
-
-
-
-
21,750
216,724
138,528
6,894
362,146
240,962

26

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2020

6b Analysis of expenditure

Charitable activities

Staff costs (Note 8)
Direct project costs
Rent & rates
Finance support
Audit fees
Database management project
General office costs
Donated services
Support costs
Governance costs
Total expenditure 2019		 Cost of
raising funds
£
60,482
5,789
-
-
-
-
-
-
66,271
16,434
1,555
84,260		 Education
£
116,667
6,570
-
-
-
-
-
75,706
198,943
96,549
9,140
304,632		 Talent
Development
£
115,763
4,753
-
-
-
-
-
28,250
148,766
84,223
7,973
240,962		 Recruitment
£
29,777
4,125
-
-
-
-
-
-
33,902
8,217
778
42,897		 Governance
costs
£
12,246
-
-
-
7,200
-
-
-
19,446
-
(19,446)
-		 Support
costs
2019
Total
£
£
45,230
380,165
-
21,237
71,038
71,038
23,059
23,059
-
7,200
-
-
66,096
66,096
-
103,956
205,423
672,751
(205,423)
-
-
-
-
672,751

27

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2020

This is stated after charging:
2020 2019
£ £
Auditor's remuneration (excluding VAT):
Audit 6,300 6,100

Staff costs were as follows:

Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes		 2020
2019
£
£
399,377
314,864
30,875
28,647
33,668
36,654
463,920
380,165

The following number of employees who received employee benefits (excluding employer pension costs and employer national insurance) from £60,000 is as follows:

2020 2019
No. No.
£60,000 - £69,999 - 1

The total employee benefits including pension contributions and employers national insurance of the key management personnel were £110,051 (2019: £149,893).

The charity trustees were not paid or received any other benefits from employment with the charity in the period (2019: £nil). No charity trustee received payment for professional or other services supplied to the charity (2019: £nil).

9 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

Raising funds
Talent Development
Support
Recruitment
Education		 2020
2019
No.
No.
1.5
1.5
3.0
3.5
4.0
3.5
0.5
1.0
1.0
1.0
10.0
10.5

10 Related party transactions

There are no related party transactions to disclose for 2020 or 2019.

There are no donations from related parties which are outside the normal course of business or with conditions attached.

28

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2020

11 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

12 Tangible fixed assets

Tangible fixed assets
At the end of the period
At the start of the year
Depreciation
Net book value
At the start & end of the period
At the start & end of the period
Cost or valuation		 Office
equipment
£
4,700		 Total
£
4,700
4,700 4,700
- -
- -

All of the above assets are used for charitable purposes.

13 Debtors

Accrued income
Service contracts and fees
Other debtors
Prepayments		 2020
2019
£
£
51,438
92,122
24,534
24,434
5,449
24,410
-
25,000
81,421
165,966

All of the charity’s financial instruments, both assets and liabilities, are measured at amortised cost. The carrying values of these are shown above and also in note 14 below.

14 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Provision
Pension creditor
Trade creditors
Taxation and social security
Creditors: amounts falling due in more than one year
Deferred income (note 16)
Accruals		 2020
£
4,663
1,847
6,573
51,298
-		 2019
£
7,775
3,482
7,709
22,237
37,906
64,381 79,109
2020
£
20,000		 2019
£
20,000
20,000 20,000

15 Creditors: amounts falling due in more than one year

The provision relates to potential dilapidations which may occur at the end of the current lease. Any amount payable will be subject to negotiation so the provision is based on the current best estimate of cost.

29

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2020

16 Deferred income

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 2020
2019
£
£
37,906
25,710
(37,906)
(25,710)
-
37,906
-
37,906

Deferred income relates to income received in advance for salary costs from 1 April 2019.

17 Pension scheme

Pension contributions are made by the company in respect of employees' individual personal money purchase pension schemes. At 31 March 2020 the liability was £1,847 (2019: £3,482 ).

18a Analysis of net assets between funds (current year)

18a
Analysis of net assets between funds (current year)
18b
Tangible fixed assets
Net current assets
Long term liabilities
Net assets at 31 August 2020
Analysis of net assets between funds (prior year)
Tangible fixed assets
Net current assets
Long term liabilities
Net assets at 31 March 2019		 General
£
-
451,124
(20,000)		 Restricted
£
-
29,697
-		 Total funds
£
-
480,821
(20,000)
431,124 29,697 460,821
General
£
-
308,929
(20,000)		 Restricted
£
-
82,016
-		 Total funds
£
-
390,945
(20,000)
288,929 82,016 370,945

30

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2020

19a Movements in funds (current year)

Lloyd's Community Programme
Acuris
The Right Career Goal
Introduction to working life
Momentum
Jump Start
Getting there together
RBC Academy
London Community Response Fund
Mock Assessment Centres
Reed Smith mentoring
Charles Russell Speechly
Miller Insurance
Barnett Waddingham
Facebook mentoring programme
William Blair
Aspire
Mercers
Maths in the City
Factset
BMO work experience
Total restricted funds
General funds
Restricted funds:
Unrestricted funds:
Gateway to the City
Awards for all
Access Foundation
DWF
Summer Placement Programme
Total funds
Total unrestricted funds		 At 1 April
2019
£
9,897
-
-
13,300
15,000
12,422
10,671
-
7,866
-
-
-
-
-
-
-
-
-
-
-
-
-
4,211
3,825
4,824		 Income &
gains
£
119,403
7,171
75,300
20,000
90,040
49,428
-
21,951
-
1,260
39,876
10,039
12,104
10,485
8,448
1,300
58,726
9,906
7,435
2,363
2,000
10,500
7,578
-
-
-		 Expenditure
& losses
£
(129,300)
(7,171)
(75,300)
(26,633)
(105,040)
(61,850)
(10,671)
(21,951)
(7,866)
(1,260)
(39,876)
(10,039)
(12,104)
(10,485)
(8,448)
(1,300)
(38,726)
(9,906)
(7,435)
(2,363)
(2,000)
(10,500)
(7,578)
(4,211)
(3,825)
(1,794)		 At 31
August
2020
£
-
-
-
6,667
-
-
-
-
-
-
-
-
-
-
-
-
20,000
-
-
-
-
-
-
-
-
3,030
82,016 565,313 (617,632) 29,697
288,929 398,845 (256,650) 431,124
288,929 398,845 (256,650) 431,124
370,945 964,158 (874,282) 460,821

Purposes of restricted funds

Lloyd's Community Programme funds the salary and related costs of an insurance focused staff member and their programme activity.

Acuris funds support the salaries and running costs for their mentoring programme.

Gateway to the City funds support the salaries and running costs for the programme.

The Right Career Goal is a programme targeting year 12 students from Waltham Forest and Barking and Dagenham schools. Carried forward restricted funds will cover workshops and masterclasses delivered in the summer term.

The Summer Placement Programme places year 13 and undergraduates in internships across financial, professional related services.

Introduction to Working life is a year 6 primary school programme to raise aspirations for pupils from Enfield and Lewisham schools. Carried forward restricted funds will cover workshops delivered in the summer term.

31

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2020

Momentum is a mentoring programme targeting undergraduates.

Jump Start is a talent pipeline programme supported by MS Amlin.

Getting there together is a talent pipeline programme supported by ArgoGlobal. Carried forward restricted funds will cover internship delivered in the summer holidays.

RBC Academy is a talent pipeline programme.

London Community Response Fund provides funding to cover costs during the COVID19 pandemic.

Mock assessment centres are supported by UBS, The Mercer's Company and Barnett Waddingham and introduce year 12 and 13 students to the processes involved in participating in an assessment centre.

Reed Smith funds a mentoring programme for year 12 students. Carried forward restricted funds will cover mentoring delivered in the summer term.

Facebook, Charles Russell Speechly and Miller Insurance both fund mentoring programmes.

William Blair fund a programme encouraging careers in the financial technology sector.

Aspire is a mentoring for year 12 students from the borough of Lewisham.

DWF fund workshops to showcase how tech skills can be used in city professions.

Maths in the City is a programme for students in years 10-13 relating the use of maths in the corporate workplace. Factset fund a mentoring programme for year 12 students.

Awards for All grant is to fund a promotional charity video.

Access Foundation is to fund a feasibility study for developing recruitment services.

The BMO programme will fund online mentoring for year 12 students.

Purposes of designated funds

The City of London Open House contract supports opportunities for students to take forward their learning about the City, its jobs and skills.

The City of London Business Traineeship (CBT) funds cover the costs of managing the CBT programme which provides City work placements of inner city A level school leavers.

32

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2020

19b Movements in funds (prior year)

Premises Fund
Lloyd's Community Programme
Working in the City
The Right Career Goal
Introduction to working life
Momentum
Jump Start
Getting there together
RBC Academy
RBS Legal First Step
Mock Assessment Centres
Reed Smith mentoring
CFC mentoring programme
Avenues to Law
Aspire
Maths in the City
Factset
BMO work experience
Total restricted funds
General funds
Fearless Girl
Awards for all
Access Foundation
Unrestricted funds:
Designated funds:
City of London (Open House)
City of London (CBT)
Total unrestricted funds
Total funds
Restricted funds:
Gateway to the City
Summer Placement Programme		 At 1 April
2018
£
-
-
9,000
-
24,140
-
13,029
-
-
1,490
-
4,761
2,000
-
-
-
-
-
-
-
-
-
-		 Income &
gains
£
16,125
68,719
22,250
22,250
20,000
30,000
47,314
11,857
2,708
7,866
1,260
4,733
1,300
10,069
7,214
3,368
7,165
2,952
12,500
7,754
5,211
7,950
4,960		 Expenditure
& losses
£
(16,125)
(58,822)
(31,250)
(22,250)
(30,840)
(15,000)
(47,921)
(1,186)
(2,708)
(1,490)
(1,260)
(9,494)
(3,300)
(10,069)
(7,214)
(3,368)
(7,165)
(2,952)
(12,500)
(7,754)
(1,000)
(4,125)
(136)		 At 31 March
2019
£
-
9,897
-
-
13,300
15,000
12,422
10,671
-
7,866
-
-
-
-
-
-
-
-
-
-
4,211
3,825
4,824
54,420 325,525 (297,929) 82,016
-
-		 21,640
58,696		 (21,640)
(58,696)		 -
-
300,468 282,947 (294,486) 288,929
300,468 363,283 (374,822) 288,929
354,888 688,808 (672,751) 370,945

Purposes of restricted funds

City of London premises grant supports premises costs including rent, service charges, rates and insurance.

Lloyd's Community Programme funds the salary and related costs of an insurance focused staff member and their programme activity.

Working in the City funds support the salaries and running costs for the programme.

Gateway to the City funds support the salaries and running costs for the programme.

The Right Career Goal is a programme targeting year 12 students from Waltham Forest and Barking and Dagenham schools. Carried forward restricted funds will cover workshops and masterclasses delivered in the summer term.

The Summer Placement Programme places year 13 and undergraduates in internships across financial, professional related services.

33

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2020

19b Movements in funds (prior year continued)

Introduction to Working life is a year 6 primary school programme to raise aspirations for pupils from Enfield and Lewisham schools. Carried forward restricted funds will cover workshops delivered in the summer term.

Momentum is a mentoring programme targeting undergraduates.

Jump Start is a talent pipeline programme supported by MS Amlin.

Getting there together is a talent pipeline programme supported by ArgoGlobal. Carried forward restricted funds will cover internship delivered in the summer holidays.

RBC Academy is a talent pipeline programme.

RBS Legal First Step is an introduction to the legal profession.

Mock assessment centres are supported by UBS and Barnett Waddingham and introduce year 12 and 13 students to the processes involved in participating in an assessment centre. Carried forward restricted funds will cover assessment centres delivered in the summer term.

Reed Smith funds a mentoring programme for year 12 students. Carried forward restricted funds will cover mentoring delivered in the summer term.

CFC funds a mentoring programme for year 12s students.

Avenues to Law is an introduction to the legal profession.

Aspire is a mentoring for year 12 students from the borough of Lewisham.

Fearless Girl introducing young women to careers in financial, professional related services.

Maths in the City is a programme for students in years 10-13 relating the use of maths in the corporate workplace.

Factset fund a mentoring programme for year 12 students.

Awards for All grant is to fund a promotional charity video.

Access Foundation is to fund a feasibility study for developing recruitment services.

The BMO programme will fund work experience for year 12 students.

20 Operating lease commitments

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods

One to five years
Less than one year		 2020
2019
£
£
56,063
50,588
187,809
-
243,872
50,588
Property

21 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £10.

34