Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 Company registration number.. 04159512 Charity number.. 1097832 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) MENZIES BR16HTER THINKING
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) CONTENTS Page Reference and admlnlstratlve detalls of the Company, Its Trustees and advlsers Trustees. report Independent auditor's report on the flnanclal statements Consolidated statement of financial activities 8-11 12 Consolidated balance sheet 13 Company balance sheet Consolidated statement of cash flov 14 15 Notes to the financial statements 16-29
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022 Trustees M Marangu M Osheowitz Z Ashcroft AAbbas M Aganval N Grose D Shah (appointed 17 February 20221 A Fairbaim (appointed 1 July 20221 Company registered number 04159512 Charity registered number 1097832 Règistèred offieè 41 Great Guildford Street London SE1 OES Company secretary Z Ashcroft Chief executive officer N Richards Independent auditor Menzies LLP Chartered Acwunlanls Centrum House 36 Station Road Egham Surrey TW20 9LF Bankers HSBG Bank PIC 20 E8Stcheap London EC3M 1ED Sollcltors Winston & Strawn London CityPoint One Ropemaker Street London EC2Y 9HU Page 1
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The trustees, who are also directors lor the purposes of company law, present their report and the financial statements of the charity for the year to 31 August 2022. REFERENCE AND ADMINISTRATIVE DETAILS Referell and adrllinislralive details are shown on page 1 of the financial 5talernenls. THE TRUSTEES The trustees who served the company during the period were as follows.. M Marangu M Osheowitz R Sesson- resigned on 30 June 2022 Z Ashcroft AAbba5 M Agarw81 N Grose D Shah- joined the Board on the 17 February 2022 A Fairbairn- joined the Board on the 30 JLJne 2022 The charitable company also uses the name SEO London. STRUCTURE, GOVERNANCE AND MANAGEMENT . GOVERNING DOCUMENT Sponsors for EducAtion81 Opportunity Limited I'SEO London or the 'ch8rity°I w85 est8blished 8s a comp8ny limited by guarantee on 13 February 2001. On 5 June 2003. the company was registered a5 a chaiity In England and Wale5 by th8 Charity Commi5510n. It is governed by its Metllorandutn and Articles ol Associabon dated 13 February 2tXJ1. b. TRUSTEE BOARD The charity is administered by a board of Trustees. Trustees are appointed after being nSIdered and assessed by the Chairman and other Trustees to determine their suit8bility. after which the fvll board will vote to appiove their appoinlmenl. All current Tiustees are experienced professionals within either th8 fin8nci81 s8rvices, 18g818ndloi charty profession with no less than ten years. experience in their sector. The Chairman will take responsibility, with SEO London's staff, to ensure Trustees are provided with adequate training on the nature of their duties as a trustee before appointments are confirmed. c. MANAGEMENT Day to day management of the charity is undertaken by the staff of SEO London, headed by the Managing Director Andrew Fairbairn with operating title of Chief Executive Offir. The Managing Director will provide regular updates to the Chairman throughout the year and revert lo him for 8pprov81 on any rnateiially significant business decisions. The board of Trustees will spesk in peison and telephonically at least four times a year and 8t other designated tirnes to review the charity's operational and financial performance and to discuss the Strategic direction ol SEO London. SEO London Finance Committee meets every month to focus on financial aspects of the Charity. SEO London New Product Committee meets when appropriate to focus on strategic new programmes the Charity might undertake. Page 2
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 d. WIDER SUPPORT NETWORK Sponsors for Educational Opportunity ISEOI, was originally founded in 1*3 as one of New York's first mentoring programme3 for high school students. Its aim was to provide personal and educational development for students from minority rarial group5 by means of sustained 5UPPOrt and coaching. In 1980. SEQ started ils Career Progiarnme in New York to provide summer internship opportunities to university students in Investment banking. Subsequent internship programrn8s w8r8 d8velop8d in management consulting, corporate law, accounting, and technology, arnongst others. Since 2000, SEO has expanded intemationally. There are now several SEO programmes in cities across the United States ISEO USAI, Beijing ISEO China), Ho Chi Minh City ISEO Vietnam), Accra ISEO Africa), Lagos ISEO Africa) and London ISEO London). Following a successful pilot prograrmrne in 2000. SEO London was forrnally launthed in February 2001, bringing to the UK an organisation with an exceptional track record of 5ucce5S In the US. Thousand5 of SEO London alumni can now be found across the UK and globally, many with senioi leadership positions wrthin their Industiies. The organisation currently works with over 15,000 diverse students and professionals across the UK and around the world, engaging over 120 elite firms across industries ranging from financial serVIS to corporate law, corporates, consulting and technology. Through its unique attraction, mentoring and training programmes, SEO London seeks to improve the academic and career potential of students from under served communities, specifically under represented ethnic minority groups or those from deprived socio economic backgrounds. SEO London also actively supports the gender balance goals of its sponsor firms and regularly partners Wlth other organisations supportive of advancing workplace diversity and inclusion. SEO London's support is focused to m8leri8lly assist with students, progression through secondary school and university and uttirn8lely into some of the Tnosl COTnpetitive university graduate ¢8reer paths and beyond. SEO London Is in tuin supported financially by the donations of its sponsor firrn5. Several hundred employees ol these rims. Induding investment bankers, lawyers, management consultants, media and technology professionals and accountants, volunteer their time to help train, mentor and coach students coming through the various SEO London training programmes. e. RELATED PARTIES The charity has a subsidiary undertaking, SEO Connect Limited. SEO Connect provides financial institutions and corporate rims an avenue to support their experiend hiring needs. The company started trading in August 2014 (dormant In the prior period). All profits made in SEO Connect are gifted back to SEO London. f. RISK MANAGEMENT Through regular finance committee and full board meetings, the Trustees rneet to identify, prioritise and address risks to the charity and its ability lo achieve its mission.. Fin8n¢i81 risks that are regularty reviewed include potential decrease5 in revenue. increases in costs. and shortages of cash flow. The tirneliness 8nd accuracy of financial d8t8 Is 8150 regulaily ieviewed. Operational risks that are regulady reviewed centre on the qualty and ambibon of the charity's programming in the context of the charity's overall mission. Strategic risks that are regularly reviewed focus on how the organisation responds to evolving systemic shifts across the various constituencies invested in the charity's mission, i.e. students and alumni, secondary and tertiary academic institutions, charity employees and staff. and sponsor firms.Any new programme offerings that the charity wants to undertake goes through a review prOsS with the New Product Gommittee consisting of a subset of Iruslees. Only after sign off and approval fioTn the NPC do the new piogrammes go into execution to rninimize potential strategic iisks. The TrLJStees believe that all reviewed risks are managed and mitigated within acceptable operational bounds, and that none represents a threat to the ability of the charity to sustainably deliver agairist its mission. Page 3
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Objectives and activities . OBJECTIVES AND AIMS SEO London Is a not-for-piofit organisab.on that seeks to improve the academic and career potential tsf students Iiom under- represented communities. SEO London seeks to support two groups." those from either or both 1. under-represented black, Asian and minority ethnic backgrounds, and., 2. those from low socioeconomic families from all communities SEO London is also committed to gender equality and seeks wherever possible to ensure an equal number of male and female participants on its programmes. b. SIGNIFICANT ACTIVITIES The aims of the charity are to.. encourage more undeigiaduale students from the above referenced undei represented (x)mmunilies to ¢onsider car8er in 5UPPOrt8d industries and to rnake application5 for internships 8nd giaduate positions in th85e industries., increase the support of secondary school students from these communities eadier in the academic cycle Ispeafically in the latter years of secondary school) to ensure more suctsssfully achieve their academic potential., create a vibrant and self sustaining alumni community which provides lifelong benefits to SEO London programme beneficiaries and provides a vehide for alumni to give back to the next generation of young people,. provide the highest leve15 of training. mentoring and support lo those selected for the various programmes,. and work with sponsor firms lo increase the number of such students successful in $U[Ing places on Iheir18lenl piogr8mmes. The biggest prinapal differen that the charity seeks to effect is an increase in the number of students from the above referenced under represented communities securing work experience and ultimately full-time positions with the UK'S most sought-after ernployers. In doing so the programrne aims to increase the representation of people trom these cornmunities in some of the most prestigious. remunerative and cornpetitive industries across the UK. The Strategy to achieve these objectives has been lo.. work with an increasing numbei of universities to educate eligible students about the opportunities available to them", identify those with the greatest interest and potential for intemship and full time opportunities with partner firms., provide these students with a comprehensive range of training and rnentoring to ensure they are able to excel in both interviews and intemships with these firms., widen the reach of the scheme to an increasing nurnber of employers that are faced with the type of under repiesenlalion in their Workfor th81 SEO London seeks lo address.. work with talented and eligible students at secondary schools across London to provide them with greater education, mentoring and work insight.. and engage professionals from sponsor firms and SEO London alumni as volunteers in support ol the communities that SEO London serves. This support frequently takes the forrn of taking part in SEO London education81 events and in training. coaching. and mentoring students from under represented communities that have been selected to complete internships 8t partner firm5. In determining the charrty's objective5 in 2021, the Trustees have complied wrth the duty in section 4 of the Charitie5 Act 2006 tts have regaid to the Charity Commission guidance on public benefit. Page 4
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Achievements and performance . CHARITABLE ACTivrriES SEO London provides a platform of superior educational, training and rnentoring programmes to provide career access to young people from under-represented and under-served background5 to help maximise their opportunitie5 for long-temi career Suc88. SEO London's mission is to deliver a wodd where no individual feels that their demographic background holds them back from achieving their professional aspirations. SEO London delivers its mission through three principal programmes.. SEO Schools supported over 230 secondary school students, prirnarity across London., SEO Careers iegistrations surged above 12.000. of which more than 3,7(X) universty students P8rticipated direcrfy in a variety of SEO London In person and virtual programming,. with SEO Careers support over 870 student5 gained access to Work experiences, spring and SLJmmer intetnships, Industrial placements and fLJlI-time jobs," and SEO Alumni engaged over 1,500 alumni ol SEO London's programmes, through a mix of job search support, networking, continuing professional education, and leadership development. All programmes are underpinned by a focus on ensuring participating students pass along the life changing benefits of the programme to others corning after them in the prograrnme and in their communities. The Charity's theory of change. as proven by it5 long experience. is that it5 alurllni driven approach of passing along benerrts within dis8dv8nlaged comrnunities al scale over time is 8 highly effective and visible method of achieving the org8ni58tion's mis510n. Financial revigw . FINANCIAL posmoN The charity has performed strongly in the past year, serving more students and alumni than ever before. with a corresponding increase in the number of sponsor firrns investing in the charity's rnission. In cornbination with a continued focus on cost controls and tight cash flow management, these operational factors have yielded a financial position showcasing strong con501idated revenues 1£3.423.9911. tightly controlled costs 1£2.391,1181 and consolidated cash balan at an 811-lime high1£3,023,9381. b. INCOME The charity has seen another Increase in ievenue for the financial period ended 31 August 2022 as SEO'S flagship progiamme (Altemative Investment Programmel which kicked ofl in September 2021, continLJes to evolve and attract new sponsorship. However, the revenue growth is also reflected in a large general increase of sponsor interest in the SEO London mission. Page 5
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 c. RESERVES POLICY During the finanaal year the trustees decided that the targeted rninimum reserve threshold for SEO London would be an arnounl equivalent to approximately twelve weeks operating costs. It was agreed that the amount in question would be determined on an annual basis by the average rnonthly operating costs in the previous financial year. In fiscal year 2022 this amount would be in the region of £510,000. Total funds held at the end of the reporting peiiod were £3.043.055. of which none of these funds were restricted and thus unavailable for general purposes. The total amount ol free ieserves, after allowing ftsi funds tied up in tangible and intangible fixed assets, stands at £2,991,293. The amount of retained funds exceeds the resetve threshold of £510,000 with any eXsS funds allocated to future general operating purposes, principally programme delivery. The trustees will continue to review the reserves level periodically to reffiect evolving aver8ge monthly operating SIs. All fund5 are held in cash in imTnedi8tety available banking facilities. d. PLANS FOR FUTURE PERIODS SEO London's plans for 2022123 indude deepening the quality and ambition of the work Ljndertaken aeross all primary programmes ISEO Schools, SEO Careers, SEO Alumni). The range of support provided will remain within the areas of SEO London's expertise namety education, training and mentoring to facilitate Workpla access and professional growth ol the populations we serve. It is also intended that SEO London will explore or further develop partnerships in other industries that have traditionally struggled to attract the type5 of under-represented communities that SEO London supports. e. GOING CONCERN The trustees have 8 reasonable expectation that the chaiity has adequate resource5 to continue operational existence for the foreseeable future. For this reason, the trustees continue to adopt the going concem basis of accounting in preparing the annual financial statements. f. SIGNIFICANT EVENTS There have been no significant events affecting the financial performance of and financial position of the charity during the reporting period. Following the resignation of Andrew Fairbairn as CEO, there was an orderly transition lo the incorning CEO, Nalhalie Rich8rds. who joined 8$ CEO on 23rd May 2022. Thereafter, Andrew Fairbaiin becarne a Trustee and CTrChairm8n on 30th June 2022. Small companias exèmption The financial statements and Trustee's report have been prepared in accordance wth the provisions applicable to entities subject to the small companies regime. Page 6
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Statement of Trustees. responsibilities The Trustees (who are also the directors of the Company for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordance wrth applicable law and United Kingdom Accounting Standards (United Kingdorn Generally Accepted Accounting Practi1. Company law requires the Trustees lo prepare financial stalernents for each financial . Under company law, the Trustees musl not approve the fin8nci81 statement5 unless they are $8t151ied th81 they give a true and fair view of the state of affairs of the Group and the Company and of their incorning resources and application of resources, Induding their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to." select suitable accounting policies and then apply them consistentty", observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting St8ndards IFRS 1021 have been followed, subject to any material departures disdosed and explained in the financial statements", prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Companys transactions and disclose with reasonable accuracy at any time the financial position of the Group and the 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 Group and the Gompany and hen for taking reasonable steps for the prevention and detection of fraud and other irregul8rities. Di¥¢losure of inforniation to auditor Each of the persons who are TIu5tees at the time when this Trustees, report is approved h85 confirmed that". so far as that Trustee is aware, there is no relevant audit infomation of which the charitable group's auditor is unaware, and they have taken any $88ry steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditor is aware ol that infomation. Auditor The auditor, Menzies LLP, has indicated his willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. DoCuSd tsy.. tkxus*nidby.' D Shah Trustee Date.. 18-May-2023 SOE1140ACC414 A Falrbum Trustee Date.. 18-May-2023 2D870nCD4F74FC.. Page 7
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) MENZIES INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED Opinion We have audited the financial statements of Sponsors ft)r Educational Opportunity Limited (the 'p8rent charit8ble company'l and its sub51diaries Ithe 'gioup'l foi the year ended 31 August 2022 which comprise the Consolidated statement of financial activitie5, the Consolidated balance sheet, the Cornpany balance sheet, the Consolidated statetnent of cash flows and the related notes, including a summary of significant accounting poliaes. 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, Iunited Kingdom Generally Accepted Accounting Practicel. In our opinion the financial slatemenls.. give a true and fair view of the state of the Group's and of the parent chaiitable companys affairs as al 31 August 2022 8nd of the Group's Incoming reSoUrS and application of resouice5, induding its incorne and expenditure for the year then ended", have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilitie5 under those standards are further described in the Audilorfs responsibilities for the audit of the financial statements section of our report. We are independent of the Group IN accoid8nce wlh the ethical requirements that are relevant to our 8udit of the fin8n¢i81 st8tements in the United Kingdorn. including the Fin8rTrci81 Reporting Council's Ethical Standard, and we have fulfilled our other ethical iesponsibilities In accordance with these requiiements. We believe that the audit eviden we have obtained 15 sufficient and appropriate to provide a ba51s lor our opinion. Conclusions relating to going concem In auditing the finanaal statements. we have conduded 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 perforrned. we have not identified any material unrtaiNtieS relating to events or conditions that. individually 01 colle¢lively. rnay rasl significant doubl on the Group's or the parent charitable company's ability lo continue as a going concein foi a period of at least twelve months fiotn when the financial statements ale 8uthorised for 155ue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 8
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED(CONTINUED) Other information The other information cornprises the information included in the Annual report other than the financial stalernents 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 Ver the other information and. except to the extent otherwise explicitly stated in our report, we do not express any fonn of assurance Conclusion thereon. Qur responsibility is lo read the other infoirn8tion and. in doing so. consider whether the olhei information is materially inconsistent with the financi81 statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially tnisstated. If we idèntify such material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we condude 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. Opinion on other matters prescribed by the companies Act 2006 In our opinion. based on the Work undertaken in the wurse of the audit.. the inforrnation given in the Trustees. report for the financial year for which the financial statements are prepared is consistent with the financi81 statements. the Trustees, report has been prepared in accordance with applicable legal requirements. Mattern on which we are required to report by excèption In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our SLJdit have not been received from blanches not visited by us.. or the parent charitable company financial statements are not in agreement with the accoLJnting ieeords and retums", or certain di10$ureS of Trustees. remuneration specffied by law are not made., or we have not received all the information and explanations we require for our audit., or the Trustees were not enlilled to prepare the financial statements in accordance with the srllall companies regirne and take advantage of the small cornp8nies' exernptions in preparing the Trustees, report and frorn the iequiietnent to prepare a Strategic report. Responsibilities of trustèès As explained more fully in the Trustees, responsibilities statement, the Trustees Iwho ale also the directors of the charitsble company for the purposes of company lawl are responsible for the preparation of the finanaal statements and for being satisfied that they give a true and fair view, and lor such internal control as the Trustees determine is netsssary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial staternents. the Trustees are responsible for assessing the Group's and the parent charitable companys ability to continue as 8 going concern, disdosing. as applicable. matters related to going concein and using the going concern basis of accounting unless the Ttustees either Intend to liquidate the Group or the parent chaiitable cotnp8ny or to cease operations, or have no realistic alternative but to do so. Page 9
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED(CONTINUED) Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuranTr about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and lo 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 IUKI will ahfifays detect a material misslalemenl when it exists. Misslalements can arise trom fraud or error and are considered material if. individually or in the aggregate. they could re8sonabty be expected lo influence the econornic decisions of users tsken on the basis of these financial statèments. 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, induding fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below.. The Group and parent Charity is subject to laws and regulations that directly affect the financial staternents including rin8nci81 reporting legis18tion. We determined that the following laws 8nd regulations were most signrficant including the Charities Act 2011. Safeguaiding Vulnerable Groups Act 2tK)6 and ernployment law. We assessed the extent of compliance with these law5 and regulations as part of our procedures on the related financial stateTnent Items. We understood how the Group and the parent Charity is compfying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance protsdures. We corroborated our inquiries through our review of board minutes. The engagement partner assessed whether the engagement learn collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issue5 in this area. We assessed the susceptibility of the Charity's fin8nci81 stslements to m8teri81 misstatement. induding how fraud might occur. We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas", posting of fraudulent joumal entries, authorisation, pro$SIng, and payment of fraudulent expenses and timing of revenue recognition. Audit procedures performed by the engagerllent team inoauded.. Identifying and assessing the design effediveness of oonlrols management h85 in place to prevent and detect fraud., Understanding how those chaiged with governance considered and address8d th8 Potential for ov8iride of controls 01 other Inappropriate influence over the financial reporting process", Challenging assumptions and jLJdgments made by management in its significant accounting estimates," and Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. 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 cornpliance with a law or regulation is removed frorn the events and transactions reflected in the finanaal statements, as we will be less likely to becorne aware of instances of non-complian. The risk is also greater regarding irregularities occurring due lo fraud rather than error. as fraud involves intentional concealment, forgery. collusion. omission or misrepresentation. A further description of our responsibilities for the 8udit of the fin8nry81 statements is located on the Fin8nci81 Reporting Council's website al.. www.fi This desciiplion forms part of our Auditorfs ieport. Page 10
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED(CONTINUED) Use of our report This report is rnade solely to the charitable company's members, as a body, in accordance with Chapter 3 01 Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required lo stale to them in an Auditorf5 report and for no other purpose. To the fullest extent permitted by law. we do not 8ccept or assurne responsibility lo anyone other than the ch81it8ble company and its mernbers. as 3 body. for tsur audit work, for this ieport, or ft)r the opinions we have fomied. DocuS*n•d by.. 634F240E92A4471 Janlce Matthews FCA (Senlor statutory audltorl lor and on behalf of Menzies LLP Chartered Accountants Statutory Auditor Centrum House 36 Station Road Egha Suriey TW20 9LF Date.. 18-May-2023 Page11
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022 Unrestrietèd funds 2022 Total funds 2022 Totèl funds 2021 Inoome from= Donations and legacies Other trading activities Investments 3,323,567 100,300 124 3.323,567 100,300 124 2.703,033 213,90Q 54 Total Income 3.423,991 3.423,991 2,916,981 Expenditure on= Raising funds Charitable activities 21,992 2,369,126 21,992 2,369,126 26,875 1,449,523 Total expenditure 2.391,118 2.391,118 1.476,398 Nèt movement in funds 1.032,873 1.032,873 1,440,589 Reconciliation of funds.. Total funds brought forward Net rnovement in funds 2.010,182 1,032,873 2,010,182 1,032,873 569,593 1.440,589 Total funds carried forward 3,043,055 3,043,055 2,Q10, 182 The Consolidated statement of financial activities includes all gains and losses recognised in the year. The notes on pages 16 to 29 forrn part of these financial statements. Page 12
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) REGISTERED NUMBER:04159512 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2022 2022 2L121 Not• Fixed assets Intangible assets Tangible assets 7,056 44,706 15, 797 22,825 10 51,762 38,622 Current ass•ts Debtors 12 814.503 3,023,938 250.411 2,310,339 Cash at bank and in hand 3,838,441 2,560, 750 Creditors.. amounts falling due within one year 13 1837,8981 (589, 790) Net current assets 3,000,543 1.971,560 Total assets less current liabilities 3,052,305 2.010, 182 Piovisions for liabilities 14 19,2501 Totsl net assets 3,043,055 2.010. 182 Charity funds Unrestricted funds 15 3.043,055 2,010, 182 Totsl funds 3,043,055 2.010, 182 The Trustees acknowledge their responsibilities ft)r complying wrth the requirements of the Act with iespect to accounting records and preparation ol financial statements. The financial ststements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The finanaal statements were approved and authorised for issue by the Trustees and signed on their behalf by.. by." Do¢uSWby'. D Shah Trustee Date.. 18-May-2023 A Fairbum Trustee Date.. 18-May-2023 2OB7073CD4F74FC... The notes on pagès 16 to 29 form part of these finanaal statements. Page13
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) REGISTERED NUMBER:04159512 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2022 2022 2L121 Not• Fixed assets Intangible assets Tangible assets Investments 7,056 44,706 100 15, 797 22,825 100 10 51,862 38, 722 Current assets Debtors 12 991,177 2,825,053 367,242 2, 147,325 Cash at bank and in hand 3,816.230 2,508,567 Creditors.. amounts falling due within one year 13 1827,4881 (583.845? Net current assets 2,988,742 1.924, 722 Total assets less current Ilabllltles 3.040,604 1,963,444 Piovisions for liabilities 14 19,2501 Total net assets 3,031,354 1.963,444 Charity funds Unrestricted fund5 15 3.031,354 1.963,444 Total funds 3.031,354 1.963,444 The Company's net rnovemenl in fvnd5 for the year was £1,067.910 (2021- £Y.315,556J. The Truste85 acknowledge th8ir responsibilities for complying wrth th8 requirements of the Act with 185PeCt to 8CCOLJnting records and preparation ol financial statements. The financial ststements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The finanaal statements were approved and authorised for and signed issue by the Trustees on D Shah Trustee 5DE714cAl494 A Fairbum Trustee D*e.. 18-May-2023 Date.. 18-May-2023 The notes on pagès 16 to 29 form part of these finanaal statements. Page 14
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022 2022 2L121 Notè Cash flows from operating activities Net cash generated frorn operating activities 753.200 1.781,304 Cash flows from investing activities Purch8se of intangible assets Purchase of tsngible fixed asset5 {10,800) (20, 738) 10 139,6011 Net cash used in investing activities 139,6011 131,5381 Cash flows from flnanelng actlvltles Repayments of borrowing (200,000) Net cash provlded byllused Inl flnanclng actlvltles 1200,0001 Change In cash and cash equlvalents In the year 713,S99 1,549,766 Cash and cash equiv81enls at the beginning of the year 2,310.339 760,573 Cash and cash equivalents at the end of the year 18 3,023,938 2.310,339 The notes on pages 16 to 29 forrn part of these finanual statements Page15
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accountlng pollcles 1.1 Basis of preparation of financial statements The financial slalemenls have been prepared in accordan with the Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Staternent of Recornrnended Pr8Ctice applicable to ch8rities preparing their account5 in accordance with the Financial Reporting Standard applicable In the UK and Republic of Iieland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Sponsors for Educational Opportunrty Limited meets the definition of a public benefit ents'ty under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless othetwise stated in the relevant accounting policy. The Consolidated statement of Iinancial activities ISOFAI 8nd Consolidated balance sheet consolidate the rinancial statements of th8 Comp8ny 8nd its 5LJbsidiary undertaking. The results ol the subsidiary are consolidated on a line by line basis. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement ol financial activities in these finanaal statements. 1.2 Company status The company is a private company limited by guarantee incorporated in England and Wales under the Companies Act. The members of the company are the trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. The address of the registered office is disclosed on the reference and administrative details page. 1.3 Basis of consolidation The financial staternents consolidate the accounts of Sponsors foi Educational Opportunty Limrted and its subsidiary undertaking. The company has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Incorne and expenditure account. 1.4 Going concem After making 8ppropriale enquiries, the Trustees have a reasonable expectation that the Comp8ny has adequate resoUrS to oonlinue in operational existence for the foresee8ble future. For this reason. they continue to 8dopt the going concern basis In prep8ring the financi81 statements. Further details regarding the 8doption of the going concem basis can be found in the accounting policie5. 1.5 Ineome All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donated services or faalities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the itern is probable and that economic benefit can be measured reliably. Income tax recov8iab18 in r818tion to Investment income is recognised at th8 time the inv8Stm8nt inc0rn8 IS receivable. Page 16
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accountlng pollcles Icontlnuedl 1.8 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in settlernent and the amount of the obligation can be measured reliably. Charitable activities and Governan costs are costs incuired on the cornpany's charitable operations, including support costs and costs relating to the govemance of the cornpany apportioned to charitable activitiès. All expendrfture is indusive of irrecoverable VAT. 1.7 Tangible & Intangible fixed assets and depreciation A review for impairrnent of a fixed asset is carried out rf events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable arllounts are recognised as impairments. lrnpairmenl losses are recognised in the Slalemenl of financial activities. Fixed assets 8ie c8rried * cost, net of depieci81ion and any provision foi irnpairmenl. Depreciation is provided at rates calculated to write off the cost of fixed assets, le5S their estimated residual value, over their expected useful lives on the following bases.. Equipment Fixtures and fittings Website & Sofiware 25Q/D Straight line 25Q/D Straight line 35°/D Straight line 1.8 Operating leases Rentals paid under operating leases are tharged to the Gonsolidated statement of financial activities on a stiaight line basis over the lease tetm. 1.9 Liabilitiès Liabilities and provisions are recognised when there is an obligation at the Balance sheet date as a resuK of a past event, it is probable that a transfer of economic benefrt will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments lor the goods or services it must provide. 1.10 Financial instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their seltlernenl value with the exption of bank loans which are subsequently measured al arnortised cost using the effective interest tnethod. 1.11 Pensions The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. Page17
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accountlng pollcles Icontlnuedl 1.12 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtheran of the general objectives of the Group and which have not been designated for other purposes. Critical a¢¢ounting e8timate8 and areas of judgment Estimates and judgments are continually evaluated and are based on historical experien and other factors, including expectations Of future Èvents that are believed to be ieasonable undei the circutnstances. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Page 18
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Income from donations and legacies Unrestricted fijnds 2022 Total funds 2022 Total funds 2Q21 Donations 3,323,567 3,323.567 2,703,033 Total 2021 2. 703.033 2,703,033 Income from other trading activities Income from non charitable trading activities Unrestricted fund8 2022 Total funds 2022 Totsl funds 2021 SEO Conn8Ct incom 100,300 100.300 213,900 Total 2021 273,900 213,9QO Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2022 Total 2022 Tot81 2Q21 Programmes 2.369,126 2,369.126 1.449.523 Ttrtal 2021 1,449,523 1,449,523 Page 19
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Analysis of expenditure by activities Activities undertaken directly 2022 Support costs 2022 Total funds 2022 To181 funds 2Q21 Programmes 2,354,210 14,916 2,369.126 1,449,523 Total 2021 1.438.223 11.300 1.449.523 Analysis of direct costs Total funds 2022 Total fvnds 2Q21 Programmes 2022 Staff costs Depreciation Charitable activities 1,743,564 25,703 584,943 1,743,$64 2S,703 584.943 1.081,669 18,927 337,621 2.354.210 2,354,210 1.438,223 Total 2021 1,438,223 1,438,223 Analysis of support costs Total funds 2022 Total fvnds 2Q21 Programmes 2022 Professional fees 14,916 14,918 11,30Q Total 2027 11,300 17,300 Page 20
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Auditorfs remuneration 2022 2Q21 Fees payable to the company's auditor and its associates for the audit of the company's annual accounts Fees payable to the cornpany's auditor and its associ8tes in respect of.. The auditing of accoLJnts of the subsidiary of the company Accounting services Taxation compliance servi$ 12,430 11,300 2,970 4,510 850 2, 700 4, 10Q 775 Staff costs Group 2022 Group 2021 Company 2022 Company 2L121 Wages and salaries Social security costs Contribution to defined contribution pension schemes 1,550,900 165,411 966.350 98,370 1,550,900 165,411 966,35Q 98,37Q 27,253 16,949 27,253 16,949 1,743.564 1,081,669 1,743.564 1,081,669 The average nurnber of persons employed by the Company during the year was as follows.. Group 2022 No. Group 2Q21 No. Support Staff 42 24 The Number of employees whose employee benefits (excluding employer pension costs) exceeded £60.000 was.. Group 2022 No. Group 2Q21 No. In the band £60,001- £70,000 In the band £70,001- £80,000 In the band £80,001- £90,000 In the band £170.001 £180.000 The total employee benefits for Key Management Personnel was £117,79412021". £200,210). Page 21
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Intanglble assets Group and Company Webslte & Software Cost At 1 September 2021 82,793 At 31 August 2022 82,793 Amortisation At 1 September 2021 Charge for the year 66,996 8,741 At 31 August 2022 75,737 Net book value At 31 August 2022 7,OS6 At 31 August 2021 15. 797 Page 22
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 10. Tanglble fixed assets Group and Company Plant and Fixtures and machinery fittings Total Cost or valuation At 1 September 2021 Additions 33,662 39,601 233 33,895 39,601 At 31 August 2022 73,263 233 73,496 Depreclatlon At 1 Septembei 2021 Charge foi the year 10.944 17,662 126 11,070 17,720 58 At 31 August 2022 28,606 184 28,790 Net book value Al 31 August 2022 44.657 49 44,706 At 31 August 2021 22, 718 107 22,825 Page 23
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 11. Flxed asset Investments Investment in subsidiary company Company Cost or valuation At 1 September 2021 100 At 31 August 2022 100 Net book value At 31 August 2022 100 At 31 August 2021 10Q 12. Debtors Group 2022 Group 2021 Company 2022 Company 2Q21 Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income $40,963 213.500 498,963 222,750 28,SOO 240.964 192,50Q 132,437 17,589 18,716 32,576 240.964 18, 195 18,716 814.503 250,411 991.177 361,242 Page 24
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 13. Creditors: Amounts falling due within one year Group 2022 Gft)up 2021 Company 2022 Compafty 2021 Tiade creditor5 104.862 44,439 99.372 43,569 Amounts owed to group undertakings Other taxation and social security Other creditors Accruals and deferred income 52,522 6,586 673,928 36.417 4.119 5Q4,215 52,522 6,586 669,008 36,417 4,119 499, 740 837,898 589, 190 827,488 583,845 GTOUP 2022 Group 2021 Company 2022 Company 2021 Deferred income at 1 September 2021 ReSoUrS deferred during the year Amounts released from previous periods 479,774 350.000 1179,7741 50,000 479,774 (50,000) 479,774 350.000 1179.7741 50,OOQ 479, 774 (50,000) 650,000 479.774 650.000 479. 774 Deferred income relates to donations received in relation to the continous funding of the Alternatives Investment Programme which was launched in the year. Provisions Group and Company Dilapidation¥ Additions 9,250 9,250 Page 25
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 1S. Statement of funds Statement of funds - current year Balance at 1 September 2021 Balance at 31 Expenditure August 2022 Income Unrestricted funds General Funds 2,010.182 3.423,991 12,391.1181 3,043,055 Statement of funds - prior year Balance at I September 2020 Balance al 37 August 2Q21 Income Expenditure Unrestrlcted funds General Funds 569,593 2.916.987 (1,476.398? 2.010, 182 16. Analysis of net assets beeen funds Analysis of net assets beeen funds- current year Unrestricted funds 2022 Total funds 2022 Tangible fixed assets Intangible fixed a55ets Current assets 44,706 7,056 3.838.441 1837,8981 19,2501 44,706 7,056 3,838,441 1837,8981 19,2501 Creditors due within one year Provisions for liabilities and charges Total 3.043.055 3,043,055 Page 26
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 16. Analysls of net assets beeen funds Icontlnuedl Analysis of net assets between funds- prior year nstricted nds 2021 Total funds 2Q21 Tangible fixed assets Intangible fixed assets Current assets Creditors due within one year 22,825 15. 797 2,560, 750 (589, 190) 22,825 15, 797 2.560, 75Q (589, 19Q) Totsl 2,010, 782 2,010, 182 17. Reconciliation of net movement in funds to net cash flow from operating activities Group 2022 Group 2Q21 Net income for the year las per Statement of Finanaal Activities) 1,032,873 1.440,589 Adjustsnents for= Dep18ciation charg8S Amortisation charges Loss on the 58le of fixed assets Increase in debtors Increase in creditors 17.720 8.741 10,012 12,079 48 (136,398) 454,974 1564,0921 257,958 Net cash provlded by operatlng actlvltles 753.200 1,781,304 18. Analysis of cash and cash equivalents Group 2022 Group 2Q21 Cash in hand 3,023,938 2.310,339 Total cash and cash equlvalents 3,023,938 2.510,339 Page 27
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 19. Analysis of changes in net debt At1 September 2021 At 31 August 2022 Cash flows Cash at bank and in hand 2.310,339 713.599 3.023,938 2,310,339 713,599 3,023,938 20. Operatlng lease commltments At 31 August 2022 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows.. Company 2022 Company 2Q21 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 y88r5 82,732 451.B83 38.000 66, 191 6,650 572,615 72,847 The following lease payments have been recognised as an expense in the Statement of financial adivities". Group 2022 Gft)up 2021 Company 2022 Compèfty 2021 Opei8ting lease rentals 63,330 55,650 63.330 55,65Q Page 28
Docusign En¥ÈlopÈ ID." 5BFB559442F1425E-A427-1CA05COAAED2 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 21. Related party transactlons There were £Nil12021'. £Nill of trustees, expenses paid during the period. Donations made by trustees during the period totalled £Nil12021'. £Nill. There were No trustees, remuneration or other benefits paid or incurred for the year ended 31 August 2022 nor for the ye8r ended 31 August 2021. The company is exempt under FRS 102 paragraph 33.1A from disdosing related party transactions with entities that are wholly owned within the group. 22. Prlnclpal subsldlarfes The following was a subsidiary undertaking ofthe Company.. Name Company Registered office or principal Class of number place of business shares Holding SEO Connect Limited 07359677 41 Great Guildford Street. London. Ordinary SE1 OES 100Y¢ The finan81 results of the subsidiary lor the year were.. Name Incom8 Expenditure ProfiUILoBsl for thè yèar Net assets SEO Connect Limited 100,300 186,7921 13,508 11.801 Page 29