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2025-08-31-accounts

Company number: 3087362 Charity number: 1059173

The Brokerage Citylink

Report and financial statements For the year ended 31 August 2025

The Brokerage Citylink

Contents

For the year ended 31 August 2025

Reference and administrative information ........................................................................................ 1 Trustees’ annual report................................................................................................................................................ 3 Independent auditor’s report ......................................................................................................... 17 Statement of financial activities (incorporating an income and expenditure account) ..................... 21 Balance sheet ................................................................................................................................. 22 Statement of cash flows ................................................................................................................. 23 Notes to the financial statements ................................................................................................... 24

The Brokerage Citylink

Reference and administrative information

For the year ended 31 August 2025

Company number 3087362
Charity number 1059173
Trading as The Brokerage
Registered office Sayer Vincent LLP
110 Golden Lane
LONDON
EC1Y 0TG
Operational Three Tuns House
address 109, Borough High Street
LONDON
SE1 1NL
Country of England & Wales
registration
Country of United Kingdom
incorporation
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:
Carole Ditty (Chair) Appointed 4 February 2025
Philip Grant Resigned 4 February 2025
Mohammed Marikar
Claire Taylor-Harris Resigned 4 February 2025
Sean Taylor
David Lee Treasurer
Sonia Jenkins Resigned 30 September 2025
Manaal Chaiwalla
Kahar Hussain
Key management Sarah Devonport Chief Executive
personnel

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The Brokerage Citylink

Reference and administrative information

For the year ended 31 August 2025

Bankers National Westminster Bank 94 Moorgate LONDON EC2M 6XT Virgin Money plc Jubilee House Gosforth Newcastle Upon Tyne NE3 4PL Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Golden Lane LONDON EC1Y 0TG

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The Brokerage Citylink

Trustees’ annual report

For the year ended 31 August 2025

The trustees present their report and the audited financial statements for the year ended 31 August 2025

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 people 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 and undergraduates 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 remain 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.

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The Brokerage Citylink

Trustees’ annual report

For the year ended 31 August 2025

Achievements and performance

The board of trustees approved the following key objectives for the year 2024/2025, as outlined in our previous annual report. Each of these objectives feeds into the charity’s overall vision of a world where a young person’s ability and aspiration alone determine their career path. They also contribute to achieving our mission to ignite the potential within working-class youth, whilst building a dynamic alliance with forward-thinking employers. We equip both sides with the essential skills, knowledge and networks to ensure hidden talent can be accessed and retained. Together, we develop an inclusive and equitable workforce, one that authentically mirrors the rich diversity of our society.

  1. To establish an alliance that unites employers from diverse industries to share best practices, insights, and resources, to support their journey to build an inclusive and equitable workforce

  2. To go beyond a career access programme, bringing together our Alumni to create a community, that empowers and supports career sustainability and development

  3. To establish strategic partnerships with like-minded organisations to enhance operational efficiency, share resources, and maximise the impact of our programs

  4. To strengthen our external communications strategies and tactics to engage, inform, and inspire key audiences, driving increased awareness, support, and participation in our programmes

  5. To enhance the skills, knowledge, and capabilities of our team, developing culture of continuous learning and improvement to further enhance the value to our stakeholders

1. To establish an alliance that unites employers from diverse industries to share best practices, insights, and resources, to support their journey to build an inclusive and equitable workforce

Our particular focus in this area for 2024/2025 is to aim for a balanced budget with flat expenditure and an income mix. We planned to do this by:

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The Brokerage Citylink

Trustees’ annual report

For the year ended 31 August 2025

Partnerships

2024/2025 was the fifth year of our partnership model. 30 partners took part this year, representing financial services, banking, insurance, management consultancy, asset management, investment management, law, property and advertising.

Grants and funders

In 2024/25 we were successful in securing grants from two of our longest standing Livery Company funders, the Worshipful Company of Insurers (WCI) and Worshipful Company of International Bankers (WCIB). In addition we secured repeat funding from the Garfield Weston Foundation and continued to work with The Quilter Foundation (2024/25 was the second of three years where we are a strategic partner with Quilter Foundation).

Programmes

2024/25 was the second year that we worked with The Royal Academy of Engineering to deliver their ‘Graduate Engineering Engagement Programme’ (GEEP) as part of a consortium of 4 organisations.

Donations

During 2024/2025 we continued to attract a range of individual donations, as well as large donations from corporates with whom we have both new and existing relationships. This included a generous donation from Mileway towards a pilot of the Next Gen Talent Programme.

Changemaker Services

In 2024/25 we continued to offer our Changemaker Services to companies including our partners. As a charity operating in the social mobility space, we believe that for too long the focus has been on encouraging young people to ‘fit in’ with the corporate norm. To this end, all our Changemaker Services have been designed to help businesses to shift their perspective and consider how they can address the internal practices and cultures that are inadvertently disadvantageous to both themselves and working class and ethnically minoritised young people.

We delivered the following changemaker services in 2024/25:

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The Brokerage Citylink

Trustees’ annual report

For the year ended 31 August 2025

Volunteering and gifts-in-kind

During 2024/25 we have run in person events for our young people, hosted by partner companies, as well as online events. Across our events and mentoring programmes we have worked with 483 volunteers, who between them gave a total of 850 volunteering hours to The Brokerage.

A number of our key partners and supporters also provided gifts-in-kind for our work by providing venues and in some cases catering for our events. We also received pro-bono support in the form of free legal advice provided by Pallas Partners LLP.

2. To go beyond a career access programme, bringing together our Alumni to create a community, that empowers and supports career sustainability and development

Across all our services this year, 4162 young people aged 16 to 25 took part to develop their skills, knowledge and experience. This includes candidates accessing online resources as well as taking part in programmes and events as outlined below.

Outreach

Our Outreach programme is where we introduce young people to our work and to our partner companies for the first time. It is the first stage of our Pathways to the City programme. In 2024/25 we moved this activity online, providing online resources and introductory online sessions via our online hub. This included 1375 young people signing up to take part in our services for the first time, 2973 accessing our online resources and 35 attending 5 online introductory sessions.

The Academy

The Academy encompasses the second and third stages of our Pathways programme. The second stage was renamed in 2022/23 as ‘Brokerage Essentials.’ The Brokerage Essentials are the topics that candidates need to have covered to be ready to apply for jobs and opportunities. These include CVs and cover letters, applications and interviews, business communications and sector knowledge.

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The Brokerage Citylink

Trustees’ annual report

For the year ended 31 August 2025

To complete their Brokerage Essentials, young people take part in a variety of interventions designed to develop their employability, including masterclasses, CV clinics, and interview and assessment centre preparation. These events are all delivered alongside corporate volunteers who provide insight support and guidance to the young people. The aim is that they will cover all the Brokerage Essentials and that this will put them in a better position to go on to access one of the placement opportunities we can provide, or use their new skills to find alternative placements or work experience opportunities.

In 2024/25 we delivered 64 Academy events (not including mentoring, which is discussed below), which were attended by 850 candidates. 483 volunteers from our partner companies worked with the young people at these events. This included masterclasses and ‘bootcamps’. In addition, two stand out elements of The Academy in 2024/25 were our mentoring programme with Meta and our Insider Careers Conferences:

Mentoring - Mentoring is a vital part of The Academy. In 2024/25, we worked with Meta, helping 60 mentor and mentee pairs work together to complete our short, personalised, skills-focussed mentoring programme.

The mentoring programmes included creating an individual action plan for the mentee, with mentors guiding them through sessions to develop their skills and knowledge across 5 to 7 weeks.

In addition, 60 pairings took part in ‘micro mentoring’ which involves candidates and mentors working together for just one or two hours to focus on the most pressing skills they most need help with (most often CVs and interview skills).

The Insider Careers Conferences - We were pleased to hold 2 large scale one-day conference events in 2024/25. These events saw 102 candidates attend. They were able to take part in a range of learning sessions, developing their skills with interviews, psychometric tests, business case studies and networking.

Outcomes

In the Academy, including mentoring, the development of young people’s skills and knowledge is measured using our Skills Mapper framework. Candidates are asked to rate their skills at the start of the year (or when they first register) and then again at the end of the year. The framework measures the areas of knowledge, commercial awareness, self-awareness, personal brand, research, applications and interviews, and networking. Key statistics from analysing the results from our Skills Mapper in 2024/25 are:

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The Brokerage Citylink

Trustees’ annual report

For the year ended 31 August 2025

Placements

The Brokerage works with its partners to recruit for work placements, providing valuable professional work opportunities for our young people. This includes work experience, apprenticeships, graduate and school leaver roles, and internships. The majority, though not all internships are recruited as part of our Summer Placement Programme. This programme sees candidates recruited for paid internships that last for a minimum of 4 weeks.

2024/25 has seen a decrease in placements advertised by us and filled by our candidates when compared to 2023/24. This year The Brokerage advertised a total of 105 roles on behalf of partners and placed 77 of our candidates directly into these placement vacancies. This included 43 internships, 29 work experience placements, and 5 entry level roles including graduate roles and vocational traineeship schemes.

The 43 internships were recruited for the Summer Placement Programme. This is a programme that involves Brokerage candidates applying for paid summer internships in a variety of roles. 43 companies took part in this programme, hiring interns into a large variety of roles across their businesses, including underwriting assistants, HR roles, finance, actuarial and others.

Next Gen Talent Programme

An important part of our strategy was to redesign and test a new version of our Pathways to the City programme. The process to do so included taking feedback from candidates and alumni on what they need from a programme. We also asked them to help us rename the programme, leading to the programme now being named ‘The Next Gen Talent Programme.’

As well as candidates and alumni, programme design was informed by existing and potential funders and analysis of past impact. The result was a two stage programme, with stage 1 that helps candidates develop their skills and knowledge (similar to the previous Academy) followed by stage 2 that sees candidates working with a ‘career coach’ to secure their first paid work experience. Stage 2 builds on lessons learnt from mentoring sessions and from informal career coaching that Brokerage team members have always offered.

In 2024/25 a successful pilot of this programme was run with 45 candidates taking part. Funding has already been secured to run the programme in 2025/26 with a first career coach hired in 2024/25 to develop the programme and deliver the pilot.

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The Brokerage Citylink

Trustees’ annual report

For the year ended 31 August 2025

3. To establish strategic partnerships with like-minded organisations to enhance operational efficiency, share resources, and maximise the impact of our programmes

2024/25 was the second year of our involvement in the Royal Academy of Engineering’s Graduate Engineering Engagement Programme (GEEP). We delivered GEEP as part of a consortium, including The Royal Academy, The Talent People (who help to recruit students for the programme), Brightside (who run the mentoring element) and Causeway Education (coordination and reporting).

GEEP seeks to work with engineering undergraduates from social backgrounds which means they are less likely to pursue careers in engineering, helping them develop skills and build their networks with the engineering industry. The eventual outcome will be to greatly increase the chances of those students beginning careers in engineering.

The second year of the consortium’s delivery of GEEP has been very successful.

4. To strengthen our external communications strategies and tactics to engage, inform, and inspire key audiences, driving increased awareness, support, and participation in our programmes

The 2024/25 period marked a significant step forward in our brand and marketing development. The website was relaunched with refreshed branding, supported by the creation of in-house brand templates to ensure consistency across all materials — from new business proposals and programme delivery presentations to our bespoke Next Gen Talent Programme.

Marketing and Advertising have now been incorporated into client proposals as an additional service offering, broadening our portfolio.

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The Brokerage Citylink

Trustees’ annual report

For the year ended 31 August 2025

Our social media presence has seen strong growth and engagement across key platforms:

We also continued to expand our video content strategy, strengthening our presence on Instagram and TikTok to better reach and engage our target audiences for attraction campaigns.

5. To enhance the skills, knowledge, and capabilities of our team, developing a culture of continuous learning and improvement to further enhance the value to our stakeholders

A skilled and knowledgeable team is vital if The Brokerage is to achieve its mission. To that end, this year we recruited our first ‘Career coach’, a role vital to the delivery of our Next Gen Talent Programme.

In addition, in reaction to the changing funding landscape, the reduction in recruitment work from our corporate partners and the staffing needs of the new Next Gen Talent Programme, a restructuring process was begun in July 2025. This was implemented to ensure that our delivery approach and team skills best achieve the commitments to students and partners and ensure financial sustainability to achieve our charitable mission.

Financial review

Income and Expenditure

Total income for the 12 months to 31 August 2025 was £955,765 (2024: £1,220,016). The charity’s funding continued to come primarily from corporate organisations and grant-making foundations and trusts. For a second consecutive year, the charity also received funding to deliver a programme for the Royal Academy of Engineering.

Partnership agreements generally align with the academic year (September to August). Accordingly, any partnership income received relating to the 2025–26 academic year has been deferred at the year end. The charity applies all funds received to support its programme of work as outlined above.

Total expenditure for the year was £1,165,780 (2024: £1,083,007), resulting in a deficit of £210,015 (2024: surplus £137,009). Restricted funds remained at £0, while unrestricted funds and net assets decreased to £445,681 at the year end.

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The Brokerage Citylink

Trustees’ annual report

For the year ended 31 August 2025

Key Points for 2024/25

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.

The Brokerage maintains a 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 reputational impact.

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. Key risk items and mitigations are reported to and considered by the Board at the quarterly Board meetings.

Key Risks – 2024/25

Management and trustees have identified the following principal areas of risk for 2024/25 from assessment in accordance with the risk framework:

  1. Strategic Direction and Delivery Model: As a result of the prevailing socio-economic climate, there is a risk of inability to attract new significant funding/partners and/or to secure programme renewals with existing funders and corporate partners. The Brokerage has undertaken a strategic focus review to further refine our operating model so we can best meet the needs of funders and partners who are aligned to our core mission. We continue to seek to diversify our partner companies and funding streams, while ensuring that we maintain our core mission.

The launch of our Next Generation Talent Programme has enabled us to tailor our programme to best equip our young people to thrive in the workplace, whilst focusing their awareness and training to respond to the requirements of our corporate partners and funders. The strategy has

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The Brokerage Citylink

Trustees’ annual report

For the year ended 31 August 2025

also involved the development of strategic partnerships with like-minded organisations to enhance operational efficiencies, share resources and maximise the impact of programmes delivered. This has been supported by a focus on strengthening our external communications, to engage, inform, and inspire key audiences, driving increased awareness, support, and participation in our programmes.

The onboarding of partners in new industries such as the Creative Sector, property and Engineering also widens the pool of potential partners going forward.

  1. Financial: Economic uncertainty as a result of the ongoing socio-economic impact of national and global events. Continued monitoring of the environment in which partner businesses operate, together with prudent budgeting, close monitoring of our income pipeline and careful management of expenditures will remain key to mitigating this risk. The recent organisational restructure is a key measure to mitigate this risk, adapting our cost base moving forward to address this financial risk.

  2. Operating Model and Organisational Structure: Key risk area of focus to ensure that the team structure and resourcing model best enables us to deliver against our core mission and strategic priorities. This area of focus includes ensuring that team skills and expertise are developed to successfully deliver client requirements and best equip candidates to enter the professional workforce, recognising the challenging landscape for entry level recruitment into professional services

  3. Governance and Regulatory Compliance: Ensuring that our governance approach includes appropriate awareness of all regulatory requirements and that we maintain close oversight and controls in place.

Reserves policy and going concern

The trustees recognise that the key financial risks facing the charity relate primarily to the potential loss, delay or non-renewal of significant funding streams alongside ongoing cost pressures. In particular, the likely continued downturn in early careers recruitment in financial services firms – the main sector The Brokerage serves – creates a risk to funding in coming years.

In response to these challenges, the organisation has taken a number of proactive steps. These include streamlining its organisational structure to improve efficiency, adopting a more flexible cost base and implementing a more cost-effective approach to office space. In addition, the charity has secured several multi-year funding contracts, improving income stability and forward visibility. The charity will also work to guard against risk by diversifying both its funding streams and the industries it works with, for example by continuing to build on recent moves into property and engineering. The organisation continues to actively monitor its financial position through regular management accounts, cash flow forecasting and scenario planning with a focus on maintaining financial resilience and sustainability.

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The Brokerage Citylink

Trustees’ annual report

For the year ended 31 August 2025

Plans for the future

Our Mission

Empower. Unite. Transform.

Our mission is to ignite the potential within working-class youth, whilst building a dynamic alliance with forward-thinking employers. We equip both sides with the essential skills, knowledge and networks to ensure hidden talent can be accessed and retained. Together, we develop an inclusive and equitable workforce, one that authentically mirrors the rich diversity of our society. In line with our mission we have our priority areas of development for the year 25/26 as follows:

  1. To further strengthen the impact of our Next Gen Talent, placement and other programmes, to enable the young people we support to enter professional life and flourish in a challenging environment for entry-level careers in professional services.

  2. To continue our focus on ensuring that our services are tailored to best respond to the requirements of our corporate partners and funders.

  3. To build on our ‘changemaker’ work, ensuring that we help our partners understand issues around social mobility and the best methods they can use to recruit and retain early careers talent from lower socioeconomic background.

  4. To build on the success of the recent programmes in the property and engineering sectors with strategic focus on broadening the reach of the Brokerage in these sectors, while ensuring we maintain our core mission.

  5. To further strengthen our Alumni programme by continuing to build a community that empowers and supports career sustainability and development.

  6. To further enhance the skills and capabilities of our team in order to best deliver for students, corporate partners and funders, while ensuring that our staff are supported to thrive and develop in an inclusive working environment that is welcoming to colleagues from all backgrounds.

These objectives represent our commitment to advancing social mobility, whilst recognising the current challenging environment, as we look to deepen our impact in the year ahead and ensure our financial sustainability.

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The Brokerage Citylink

Trustees’ annual report

For the year ended 31 August 2025

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:

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 Chair and CEO have regular informal catch ups in order to share news and developments, which are then communicated by the Chair to the wider board. Finance and Human Resource and Governance Sub-Committees of the board meet quarterly to scrutinise finance and operational matters in detail, in advance of board meetings. Additional trustee meetings and/or working groups are convened as needed, to scrutinise key strategic matters, ahead of decision making. The trustee board represents a wide range of relevant professional skills. A register of trustee skills and experience is maintained to inform consideration of the balance and range of skills and experience available to the board of trustees and to highlight areas for potential enhancement. All trustees are covered by trustees’ indemnity insurance.

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The Brokerage Citylink

Trustees’ annual report

For the year ended 31 August 2025

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, in addition to partners under our partnership model, we worked with over 39 schools, 2 corporates and 2 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. They compare pay levels to other similar-sized organisations. All staff posts, other than the chief executive, are set within salary pay bands, with annual increments subject to board approval. The chief executive’s salary is in line with similar-sized charities and is agreed by the board.

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:

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The Brokerage Citylink

Trustees’ annual report

For the year ended 31 August 2025

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 August 2025 was 7 (2024: 8). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

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 and signed on their behalf by

Carole Ditty Chair

Date: 05 May 2026

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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 year ended 31 August 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The Brokerage Citylink'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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Independent auditor’s report

To the members of

The Brokerage Citylink

Other Information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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Independent auditor’s report

To the members of

The Brokerage Citylink

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 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.

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 are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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Independent auditor’s report

To the members of

The Brokerage Citylink

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

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

Farrah Kitabi (Senior statutory auditor) Date: 12 May 2026

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

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The Brokerage Citylink

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

For the period ended 31 August 2025

Total income
Total expenditure
Net income for the year and net
movement in funds
Total funds carried forward
Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
Expenditure on:
Raising funds
5a
Charitable activities
5a
Reconciliation of funds:
Total funds brought forward		 Unrestricted

£
114,668
755,055
15,812		 Restricted
£
20,230
50,000
-		 955,765
1,220,016
1,165,780
1,083,007
2025
Total
£
2024
Total
£
134,898
805,055
15,812
155,762
1,051,662
12,592
158,765
1,007,015
184,946
898,061
885,535 70,230
158,765
936,785		 -
70,230
1,095,550 70,230
(210,015)
655,696		 -
-		 (210,015)
137,009
655,696
518,687
445,681 - 445,681
655,696

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 16 to the financial statements.

21

The Brokerage Citylink

Balance sheet

Balance sheet
As at 31 August 2025 Company no. 3087362

Net current assets
Total assets less current liabilities
Creditors: amounts falling due in more than one year
Total net assets
Total unrestricted funds
Total charity funds
Approved by the trustees and signed on their behalf by
Current assets:
Note
Debtors
11
Cash at bank and in hand
Liabilities:
Creditors: amounts falling due within one year
12
The funds of the charity:
14a
Restricted income funds
Unrestricted income funds:
General funds
£
82,664
549,070		 445,681
2025
£		 £
122,612
627,584		 655,696
2024
£
631,734
(186,053)		 750,196
(94,500)
445,681 655,696
445,681
-		 655,696
-
445,681 655,696
-
445,681		 -
655,696
445,681 655,696

As at 31 August 2025

Carole Ditty Chair

Date: 05 May 2026

22

The Brokerage Citylink

Statement of cash flows

For the period ended 31 August 2025

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

Net cash provided by operating activities
Cash flows from operating activities
Net cash provided by operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Net cash provided by investing activities
Change in cash and cash equivalents in the period
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
Net income for the reporting period
(as per the statement of financial activities)
Dividends, interest and rent from investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Note		 (94,325)
15,812
15,812
(78,514)
627,584
549,070

2025
£
£		 (94,325)
15,812
15,812
(78,514)
627,584
549,070

2025
£
£		 (210,015)
(15,812)
39,948
91,553
2025
£		 137,009
(12,592)
76,616
(304,084)
2024
£
(94,325) (103,051)
(78,514)
627,584		 (90,459)
718,043
549,070 627,584

23

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2025

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

The registered office address is c/o Sayer Vincent, 110 Golden Lane, London, EC1Y 0TG

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.

c) Public benefit entity

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

d) Going concern

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.

24

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2025

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.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

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.

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

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

Fundraising costs 16%
Charitable activities 84%

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.

25

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2025

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

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.

26

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2025

Detailed comparatives for the statement of financial activities
2024
Unrestricted Restricted Total
£ £ £
Income from:
Donations and legacies 155,762 - 155,762
Charitable activities: 941,555 110,107 1,051,662
Investments 12,592 - 12,592
Total income 1,109,909 110,107 1,220,016
Expenditure on:
Raising funds 184,946 - 184,946
Charitable activities 787,954 110,107 898,061
Total expenditure 972,900 110,107 1,083,007
Net movement in funds 137,009 - 137,009
Total funds brought forward 518,687 - 518,687
Total funds carried forward 655,696 - 655,696

27

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2025

Grants and donations
Donated services		 Unrestricted
£
34,891
79,777		 Restricted
£
20,230
-		 2025
Total
£
55,121
79,777		 Unrestricted
£
40,691
115,071		 Restricted
£
-
-		 2024
Total
£
40,691
115,071
114,668 20,230 134,898 155,762 - 155,762

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

2025 2024
Unrestricted Restricted Total Unrestricted Restricted Total
£ £ £ £ £ £
Programme income 278,717 50,000 328,717 286,438 110,107 396,545
Partnership income 450,298 - 450,298 647,667 - 647,667
Other income 26,040 - 26,040 7,450 - 7,450
Total income from charitable activities 755,055 50,000 805,055 941,555 110,107 1,051,662

28

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2025

5a Analysis of expenditure (current year)

Support costs
Governance costs
Total expenditure 2025
Total expenditure 2024
Staff costs (Note 7)
Direct project costs
Rent & rates
Consultancy
Finance support
Audit fees
General office costs
Donated services		 110,302
752,624
44,221
232,158
4,242
22,233
612,507
27,785
-
35,495
-
-
-
76,837
Cost of
raising funds
£
Charitable
activities
£
110,302
-
-
-
-
-
-
-		 15,075
-
-
-
-
11,400
-
-
Governance
costs
£		 107,098
-
47,349
-
35,410
-
83,582
2,940
Support
costs
£		 1,165,780
1,083,007
-
-
-
-
844,982
27,785
47,349
35,495
35,410
11,400
83,582
79,777
753,277
23,185
59,031
5,070
37,998
10,500
78,875
115,071
2025
Total
£
2024
Total
£
26,475
-
(26,475)		 276,379
(276,379)
-
158,765
1,007,015		 - - 1,165,780
1,083,007
184,946
898,061		 - -

29

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2025

5b Analysis of expenditure (prior year)

Support costs
Governance costs
Total expenditure 2024
Staff costs (Note 7)
Direct project costs
Rent & rates
Consultancy
Finance support
Audit fees
General office costs
Donated services		 120,524
632,319
57,964
239,102
6,458
26,640
497,163
23,185
-
420
3,680
-
1,800
106,071
Cost of
raising funds
£
Charitable
activities
£
120,524
-
-
-
-
-
-
-		 22,598
-
-
-
-
10,500
-
-
Governance
costs
£		 297,066
1,083,007
(297,066)
-
-
-
112,992
-
59,031
4,650
34,318
-
77,075
9,000
753,277
23,185
59,031
5,070
37,998
10,500
78,875
115,071
Support
costs
£
2024
Total
£
33,098
-
(33,098)
184,946
898,061		 - -
1,083,007

30

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2025

This is stated after charging:
2025 2024
£ £
Auditor's remuneration (excluding VAT):
Audit 9,500 8,400

Staff costs were as follows:

Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
Redundancy and Termination costs		 2025
£
691,127
70,159
48,033
35,663		 2024
£
645,329
63,595
44,353
-
844,982 753,277

Redundancy and termination costs of £29,055 were accrued, and £6,608 paid, as at the balance sheet date.

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

2025 2024
No. No.
£60,000 - £69,999 1 -
£70,000 - £79,999 1 1

The total employee benefits including pension contributions and employers national insurance of the key management personnel were £88,111 (2024: £88,111).

The charity trustees were not paid or received any other benefits from employment with the charity in the period (2024: £nil). No charity trustee received payment for professional or other services supplied to the charity (2024: £nil).

8 Staff numbers

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

Raising funds
Charitable activities
Support		 2025
No.
2.2
13.2
2.4		 2024
No.
3.0
12.8
1.0
17.8 16.8

31

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2025

There are no related party transactions to disclose for 2025 or 2024.

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

10 Taxation

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

11 Debtors

Debtors
Service contracts and fees
Other debtors
Prepayments and accrued income		 2025
£
67,023
500
15,141		 2024
£
4,000
30,938
87,674
82,664 122,612

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 13 below.

12 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Trade creditors
Pension creditor
Taxation and social security
Accruals
Deferred income (note 16)		 2025
£
12,725
4,040
20,184
60,402
88,702		 2024
£
15,414
4,178
17,076
26,832
31,000
186,053 94,500

32

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2025

13 Deferred income

Balance at the end of the year
Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year		 2025
£
2024
£
31,000
352,667
(31,000)
(352,667)
88,702
31,000
88,702
31,000

Deferred income relates to partnership income for the academic year 2025-26 received in the current financial year.

14 Pension scheme

Pension contributions are made by the company in respect of employees' individual personal money purchase pension schemes. At 31 August 2025 the liability was £4,040 (2024: £4,178)

15a Analysis of net assets between funds (current year)

15a
Analysis of net assets between funds (current year)
Net current assets
Net assets at 31 August 2025
15b
Analysis of net assets between funds (prior year)
Net current assets
Net assets at 31 August 2024		 General
unrestricted
Restricted
Total funds
£
£
£
445,681
-
445,681
445,681
-
445,681
General
unrestricted
Restricted
Total funds
£
£
£
655,696
-
655,696
655,696
-
655,696

33

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2025

16a Movements in funds (current year)

16a
Movements in funds (current year)
Restricted funds:
Next Gen Talent
Pathway to The City
Total restricted funds
Unrestricted funds:
General funds
Total unrestricted funds
Total funds
16b
Movements in funds (prior year)
Restricted funds:
Summer Placement Programme
Pathway to the City
Total restricted funds
Unrestricted funds:
General funds
Total unrestricted funds
Total funds		 At 1
September
2024
£
-
-		 Income &
gains
£
20,230
50,000		 Expenditure
& losses
£
(20,230)
(50,000)		 At 31
August
2025
£
-
-
- 70,230 (70,230) -
655,696 885,535 (1,095,550) 445,681
655,696 885,535 (1,095,550) 445,681
655,696 955,765 (1,165,780) 445,681
At 1
September
2023
£
-
-		 Income &
gains
£
40,000
70,107		 Expenditure
& losses
£
(40,000)
(70,107)		 At 31
August
2024
£
-
-
- 110,107 (110,107) -
518,687 1,109,909 (972,900) 655,696
518,687 1,109,909 (972,900) 655,696
518,687 1,220,016 (1,083,007) 655,696

34

The Brokerage Citylink

Notes to the financial statements

For the period ended 31 August 2025

Purposes of restricted funds

Next Gen Talent funds were spent on salaries and running costs for a pilot programme.

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

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

17 Operating lease commitments

The charity operates on a one year rental agreement for the provision of office space and therefore has no operating lease commitments to disclose.

18 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.

35