Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E Company registration number: 04159512 Charity number: 1097832 TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) ## CONTENTS ||Page| |---|---| |**Reference and administrative details of the Company, its Trustees and advisers**|1| |**Trustees' report**|2 - 7| |**Independent auditor's report on the financial statements**|8 - 11| |**Consolidated statement of financial activities**|12| |**Consolidated balance sheet**|13| |**Company balance sheet**|14| |**Consolidated statement of cash flows**|15| |**Notes to the financial statements**|16 - 29| Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## 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 2024 **Trustees** M Marangu (resigned 14 December 2023) M Osheowitz (resigned 27 March 2024) Z Ashcroft A Abbas M Agarwal N Grose (resigned 19 December 2024) D Shah A Fairbairn N Wadhera (appointed 30 January 2024) P Hutchinson (appointed 30 January 2024) K A Bloua (appointed 14 December 2023) K Ejikeme (appointed 27 March 2024) K Chamberlain (appointed 25 March 2025) **Company registered number** 04159512 **Charity registered number** 1097832 **Registered office** 41 Great Guildford Street London SE1 0ES **Company secretary** Z Ashcroft **Chief executive officer** N Richards **Independent auditor** Menzies LLP Chartered Accountants Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP **Bankers** HSBC Bank Plc 20 Eastcheap London EC3M 1ED Page 1 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) ## TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The trustees, who are also directors for the purposes of company law, present their report and the financial statements of the charity for the year to 31 August 2024. ## **REFERENCE AND ADMINISTRATIVE DETAILS** Reference and administrative details are shown on page 1 of the financial statements. ## **THE TRUSTEES** The trustees who served the company during the period were as follows: Z Ashcroft A Abbas M Agarwal N Grose D Shah A Fairbairn N Wadhera P Hutchinson ## **New Joiners** - K Agbo-Bloua (joined December 2023) - K Ejikeme (joined March 2024) - ## **Resignations** - M Marangu (resigned December 2023) - M Osheowitz (resigned March 2024) The charitable company also uses the name “SEO London”. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **a. GOVERNING DOCUMENT** Sponsors for Educational Opportunity Limited (“SEO London” or the “charity”) was established as a company limited by guarantee on 13 February 2001. On 5 June 2003, the company was registered as a charity in England and Wales by the Charity Commission. It is governed by its Memorandum and Articles of Association, as adopted by Special Resolutions of the Company passed on 21 March 2003. ## **b. TRUSTEE BOARD** The charity is administered by a Board of Trustees. Trustees are appointed after being considered and assessed by the Cochairs and other Trustees to determine their suitability, after which the full board votes to consider and, if appropriate, approve their appointment. All current Trustees are experienced professionals in the financial services, legal and/or charity and/or education or other related professions, with no less than ten years’ experience in their sector. The Co-chairs 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 Chief Executive Officer Nathalie Richards. The CEO provides regular updates to the Co-chairs throughout the year and reverts to them for approval on any materially significant business decisions. The Board of Trustees meets in person and/or virtually (i.e., via Zoom) at least four times a year and at other designated times, to review the charity’s operational and financial performance and to discuss the strategic direction of SEO London. Page 2 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The Board of Trustees has formed two sub-committees that report in, to the Board and raise matters arising for discussion and resolution as appropriate. SEO London Finance and Audit Committee (FAC) meets every month, other than in the months when a quarterly board meeting takes place, to monitor financial performance and scrutinise and support the Charity’s financial administration. SEO London Governance, Culture and Risk (GCR) Committee meets quarterly (as needed) to monitor and support SEO London’s governance, identification of and mitigations against risk, development of SEO London’s Board and staff team and culture, and provide advice and recommendations. Both sub-committees consist of a sub-set of Trustees. ## **d. HISTORY AND WIDER SUPPORT NETWORK** Sponsors for Educational Opportunity, Inc. (“SEO US”) is a United States not-for -profit organisation which was originally founded in 1963 as one of New York's first mentoring programmes for high school students. Its aim is to provide personal and educational development for students from minority racial groups by means of sustained support and coaching. In 1980, SEO US started its Career Programme in New York; this provides training, coaching mentoring and internship opportunities to university students in investment banking. Subsequent internship programmes were developed in management consulting, corporate law, accounting, and technology, among others. Since 2000, the SEO US network has expanded, both within the United States and internationally. There are now several SEO US inspired programmes in cities across the United States and, internationally, in Beijing (SEO China), Ho Chi Minh City (SEO Vietnam), Accra (SEO Africa), Lagos (SEO Africa), Paris (SEO Europe) and London (SEO London). Following a successful pilot programme in 2000, SEO London was formally launched in February 2001 following its incorporation, bringing to the UK an organisation with an exceptional track record of success in the US. Thousands of SEO London alumni can now be found across the UK and globally, many with senior leadership positions in their industries. The organisation currently works c 5,000 ethnically diverse and socio-economically disadvantaged undergraduate students and young professionals across the UK primarily, engaging in partnership with over 140 partner firms across financial services, corporate law, corporates, consulting, technology, real estate and insurance. 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 underrepresented ethnic minority groups and those from low socioeconomic backgrounds. SEO London also actively seeks equal participation of male and female candidates and regularly partners with other organisations supportive of advancing workplace diversity and inclusion. SEO London’s support materially assists students’ progression through secondary school and university and into some of the most competitive university graduate career paths and beyond. SEO London is in turn supported financially by the donations of its sponsor firms. Several hundred employees of these firms, including investment bankers, lawyers, management consultants, media and technology professionals and accountants, volunteer their time to help train, mentor and coach students participating in the various SEO London training programmes. ## **e. RELATED PARTIES** The charity has a subsidiary undertaking, SEO Connect Limited, which is a private company limited by shares incorporated under the laws of England and Wales (“SEO Connect”). SEO Connect provides financial institutions and corporate firms with an avenue to support their experienced 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** At regular Finance and Audit and GCR Committees and full Board meetings, the Trustees identify, prioritise and address risks to the charity and its ability to achieve its mission: Page 3 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Financial risks that are regularly reviewed include potential decreases in revenue, increases in costs, and shortages of cash flow. The timeliness and accuracy of financial data is also regularly reviewed. Operational risks that are regularly reviewed include the quality, impact and ambition of the charity’s programming in the context of the charity’s overall mission and compliance and adherence to best practices. We also consider any safeguarding risks. Strategic risks that are regularly reviewed include 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 sponsor firms. New programmes that the charity wants to undertake are reviewed by the FAC and GCR, who make recommendations to the Board based on financial, compliance and people-based considerations and implications. The Trustees 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 against its mission. ## **OBJECTIVES AND ACTIVITIES** ## **a. OBJECTIVES AND AIMS** SEO London is a not-for-profit organisation formed with the objective of improving the academic and career potential of students from under- represented communities. SEO London operates in the UK and in France. In the UK, as SEO London, the organisation primarily supports those from either: 1. under-represented black, Asian and minority ethnic backgrounds; or; 2. those from low socio-economic families from all communities. SEO London is also committed to gender equality and seeks wherever possible to ensure an equal number of men and women on its programmes. In France, under the name “SEO Europe”, the organisation supports: 1. those from low income and socioeconomic backgrounds 2. women ## **b. SIGNIFICANT ACTIVITIES** The aims of the charity are to: 1. encourage more undergraduate students from the above referenced under-represented communities to consider a career in supported industries and to make applications for internships and graduate positions in these industries; 2. increase the support of secondary school students from these communities earlier in the academic cycle (specifically in the latter years of secondary school) to ensure that greater numbers of students successfully achieve their academic potential; 3. create a vibrant and self-sustaining alumni community which provides lifelong benefits to SEO London programme participants and a vehicle for alumni to give back to the next generation of young people; 4. provide the highest levels of training, mentoring and support to those selected for the various programmes; and 5. work with sponsor firms to increase the number of such students successful in securing places on their talent programmes. The biggest principal difference 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 full-time positions with the most sought-after professional services firms in the UK and France. In doing so the programmes aim to increase the representation of people from these communities in some of the most prestigious, remunerative and competitive industries. Page 4 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) ## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The strategy to achieve these objectives has been to: 1. work with an increasing number of universities and tertiary education institutions to educate eligible students about the opportunities available to them; 2. identify those with the greatest interest and potential for internship and full-time opportunities with partner firms; 3. provide these students with a comprehensive range of education, training and mentoring to ensure they are able to excel in both interviews and internships with these firms; 4. widen the reach of the scheme to an increasing number of employers that are faced with the type of under representation in their workforce that SEO London seeks to address; 5. work with talented and eligible students at secondary schools across London to provide them with greater education, mentoring and work insight: and 6. engage professionals from sponsor firms and SEO London alumni as volunteers in support of the communities that SEO London serves. This support frequently involves participating in SEO London educational events and in training, coaching, and mentoring students from under-represented communities that have been selected to complete internships at partner firms. In determining the charity's objectives in 2023/24, the Trustees have complied with the duty in section 4 of the Charities Act 2006 to have regard to the Charity Commission guidance on public benefit. ## **ACHIEVEMENTS AND PERFORMANCE** ## **a. CHARITABLE ACTIVITIES** SEO London provides a platform of superior educational, training and mentoring programmes to provide career access to young people from under-represented and under-served backgrounds to help maximise their opportunities for long-term career success. SEO London’s mission is to deliver a world 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: 1. SEO Schools - which supported over 230 secondary school students, primarily across London; 2. SEO Careers - with SEO Careers support, over 800 students secured summer internships, vacation schemes and graduate roles. In academic year 2023-24, c 5,000 school students, undergraduates and recent graduates participated directly in a variety of SEO London in-person and virtual programming. Participants were spread across 98 UK Universities. 3. SEO Alumni -– thousands of alumni of SEO London’s programmes are supported 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 coming after them in the programme and in their communities. The charity’s theory of change, as proven by its extensive experience, is that its alumni driven approach of passing along benefits within disadvantaged communities at scale over time, is a highly effective and visible method of achieving the organisation’s mission. Page 5 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E # SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 ## **FINANCIAL REVIEW** ## **a. FINANCIAL POSITION** 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 firms investing in the charity’s mission. In combination with a continued focus on cost controls and tight cash flow management, these operational factors have yielded a financial position showcasing strong consolidated revenues of £4,312,831 and costs of £4,312,943 resulting in an almost breakeven position. The cash held at 31 August 2024 year end is at an all-time high of £3,442,912. ## **b. INCOME** The charity has seen another increase in revenue for the financial period ended 31 August 2024 as SEO’s flagship programme (Alternative Investment Programme), which started in September 2021, continues 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. ## **c. RESERVES POLICY** We have calculated our reserves based on the funds needed to be able to successfully deliver training and support for all the candidates whom we are currently serving. We have c 5000 students receiving our support, many of whom come from low-income backgrounds. Our students are offered in-person sessions where they receive in-depth coaching and guidance. We have therefore concluded that the appropriate level of reserves for our charity is around eight months of total expenses. We will review our reserves policy as needed and at least once per year. Total funds held at the end of the reporting period were £3,143,483, of which none of these were restricted and thus available for general purposes. The total amount of free reserves, after allowing for funds tied up in tangible and intangible fixed assets, stands at £2,960,193. The amount of retained funds exceeds the reserve threshold of £2.87m with any excess funds allocated to future general operating purposes, principally programme delivery. The Trustees will continue to review the reserves level periodically to reflect evolving average monthly operating costs. All funds are held in cash in immediately available banking facilities. Part of the cash reserves at the end of the financial year was invested in a short-term money market fund (LGT Wealth Management, an established private bank in the UK) to enhance returns. As of 31st August 2024, funds in this account stood at £3.13m. ## **d. PLANS FOR FUTURE PERIODS** SEO London's plans for 2024/25 include deepening the quality and ambition of the work undertaken across all primary programmes (SEO Schools, SEO Careers, SEO Alumni). The range of support provided will remain within the areas of SEO London’s expertise - namely education, training and mentoring that facilitates workplace access and professional growth of 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 types of under-represented communities that SEO London supports. ## **e. GOING CONCERN** The Trustees have a reasonable expectation that the charity has adequate resources to continue operational existence for the foreseeable future. For this reason, the Trustees continue to adopt the going concern 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. Page 6 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) ## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 ## **Small companies exemption** The financial statements and Trustees’ report have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. ## **Statement of Trustees' responsibilities** The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' 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. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including 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 consistently; - observe the methods and principles of the Charities SORP (FRS 102); - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed 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 Company's 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **Disclosure of information to auditor** Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that: - so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditor is unaware; and - they have taken any necessary 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 of that information. ## **Auditor** Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. Approved by order of the members of the board of Trustees and signed on their behalf by: ................................................ ................................................ **D Shah A Fairbairn** Co-Chairman Co-Chairman Date: 21-May-2025 Date: 21-May-2025 Page 7 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) ## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED ## **Opinion** We have audited the financial statements of Sponsors for Educational Opportunity Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 August 2024 and of the Group's incoming resources and application of resources, including its income 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 (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 8 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## 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 comprises the information included in the Annual report other 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. ## **Opinion on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the Trustees' report including the Strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements. - the Trustees' report and the Strategic report have been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** 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 including the Strategic 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 audit have not been received from branches not visited by us; or - the parent charitable company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of Trustees' remuneration specified 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 entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report. ## **Responsibilities of trustees** As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent 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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Page 9 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## 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 assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The Group and parent Charity is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including the Charities Act 2011, Safeguarding Vulnerable Groups Act 2006 and employment law. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. - We understood how the Group and the parent Charity is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes. - The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. - We assessed the susceptibility of the Charity's financial statements to material misstatement, including 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 journal entries, authorisation, processing, and payment of fraudulent expenses and timing of revenue recognition. - Audit procedures performed by the engagement team included: - Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; - Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; - Challenging assumptions and judgments 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 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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report. Page 10 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E # 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 made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the 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 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed. ## **Janice Matthews FCA (Senior statutory auditor)** for and on behalf of **Menzies LLP** Chartered Accountants Statutory Auditor Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP > Date: 22-May-2025 Page 11 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## 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 2024 |**Note**
**Income from:**
Donations and legacies
2
Other trading activities
3
Investments
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
4
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward as previously stated
Prior year adjustment
Total funds brought forward as restated
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
**4,071,162**
**85,051**
**156,618**
**4,312,831**
**105,736**
**4,207,207**
**4,312,943**
**(112)**
**3,143,178**
**417**
**3,143,595**
**(112)**
**3,143,483**|**Total**
**funds**
**2024**
**£**
**4,071,162**
**85,051**
**156,618**
**4,312,831**
**105,736**
**4,207,207**
**4,312,943**
**(112)**
**3,143,178**
**417**
**3,143,595**
**(112)**
**3,143,483**|_As restated_
_Total_
_funds_
_2023_
_£_
_4,197,172_
_58,800_
_22,922_| |---|---|---|---| ||||_4,278,894_| ||||_151,423_
_3,916,931_| ||||_4,068,354_| ||||_210,540_| ||||_3,043,055_
_(110,000)_| ||||_2,933,055_
_210,540_| ||||_3,143,595_| The Consolidated statement of financial activities includes all gains and losses recognised in the year. The notes on pages 16 to 29 form part of these financial statements. Page 12 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) REGISTERED NUMBER: 04159512 ## CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2024 |**Note**
**Fixed assets**
Intangible assets
8
Tangible assets
9
**Current assets**
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one year
12
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Unrestricted funds
14
**Total funds**|**490,354**
**3,442,912**
**3,933,266**
**(973,073)**|**2024**
**£**
**194**
**183,096**
**183,290**
**2,960,193**
**3,143,483**
**3,143,483**
**3,143,483**
**3,143,483**|_763,300_
_3,325,066_
_4,088,366_
_(1,210,437)_|_As restated_
_2023_
_£_
_2,800_
_262,866_| |---|---|---|---|---| |||||_265,666_
_2,877,929_| |||||_3,143,595_| |||||| |||||_3,143,595_| |||||_3,143,595_| |||||| |||||_3,143,595_| The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: ................................................ ................................................ **D Shah A Fairbairn** Co-Chairman Co-Chairman Date: 21-May-2025 Date: 21-May-2025 The notes on pages 16 to 29 form part of these financial statements. Page 13 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) REGISTERED NUMBER: 04159512 ## COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2024 |**Note**
**Fixed assets**
Intangible assets
8
Tangible assets
9
Investments
10
**Current assets**
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one year
12
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Unrestricted funds
14
**Total funds**|**560,024**
**3,348,114**
**3,908,138**
**(952,212)**|**2024**
**£**
**194**
**183,096**
**100**
**183,390**
**2,955,926**
**3,139,316**
**3,139,316**
**3,139,316**
**3,139,316**|_850,158_
_3,231,415_
_4,081,573_
_(1,205,011)_|_As restated_
_2023_
_£_
_2,800_
_262,866_
_100_| |---|---|---|---|---| |||||_265,766_
_2,876,562_| |||||_3,142,328_| |||||| |||||_3,142,328_| |||||_3,142,328_| |||||| |||||_3,142,328_| The Company's net movement in funds for the year was (£3,012) _(2023 - £220,557)._ The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: ................................................ ................................................ **D Shah A Fairbairn** Co-Chairman Co-Chairman Date: 21-May-2025 21-May-2025 The notes on pages 16 to 29 form part of these financial statements. Page 14 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 |**Note**
**Cash flows from operating activities**
Net cash generated from operating activities
16
**Cash flows from investing activities**
Purchase of intangible assets
8
Purchase of tangible fixed assets
9
**Net cash used in investing activities**
**Cash flows from financing activities**
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
17|**2024**
**£**
**128,907**
**(194)**
**(9,378)**
**(9,572)**
**-**
**119,335**
**3,323,577**
**3,442,912**|_As restated_
_2023_
_£_
_591,860_| |---|---|---| |||_-_
_(290,732)_| |||**(290,732)**| |||| |||**-**| |||**301,128**
_3,022,449_| |||| |||_3,323,577_| The notes on pages 16 to 29 form part of these financial statements Page 15 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E # SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ## **1. Accounting policies** ## **1.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Sponsors for Educational Opportunity Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking, SEO Connect Limited. The results of the subsidiary are consolidated on a line by line basis. ## **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 company has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and expenditure account. ## **1.4 Going concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. ## **1.5 Income** 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. Any income received in advance of the financial period to which it refers, is deferred and included in accruals and deferred income. Donated services or facilities 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 item is probable and that economic benefit can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 16 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E # SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ## **1. Accounting policies (continued)** ## **1.6 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Charitable activities and Governance costs are costs incurred on the company's charitable operations, including support costs and costs relating to the governance of the company apportioned to charitable activities. All expenditure is inclusive of irrecoverable VAT. ## **1.7 Tangible & Intangible fixed assets and depreciation** Tangible and intangible assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. A review for impairment of a fixed asset is carried out if 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 amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities. Fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: |Fixtures and fittings|- 25% straight line| |---|---| |Office equipment|- 25% straight line| |Website & Software|- 35% straight line| ## **1.8 Operating leases** Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight line basis over the lease term. ## **1.9 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit 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 for 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 at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Page 17 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ## **1. Accounting policies (continued)** ## **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. ## **1.12 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. ## **2. Income from donations and legacies** |Donations
Other Income
_Total 2023 as restated_|**Unrestricted**
**funds**
**2024**
**£**
4,015,468
55,694
4,071,162
_4,197,172_|**Total**
**funds**
**2024**
**£**
**4,015,468**
**55,694**
**4,071,162**
_4,197,172_|_As restated_
_Total_
_funds_
_2023_
_£_
_4,130,104_
_67,068_| |---|---|---|---| ||||_4,197,172_| ||||| Any income received in advance of the financial period to which it refers, is deferred and included in accruals and deferred income as disclosed in note 12. ## **3. Income from other trading activities** ## **Income from non charitable trading activities** |SEO Connect income
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£**
85,051
_58,800_|**Total**
**funds**
**2024**
**£**
**85,051**
_58,800_|_Total_
_funds_
_2023_
_£_
_58,800_| |---|---|---|---| ||||| Page 18 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ## **4. Analysis of expenditure on charitable activities** ## **Summary by fund type** |Programmes
_Total 2023_
**Analysis of expenditure by activities**
Programmes
_Total 2023_|**Activities**
**undertaken**
**directly**
**2024**
**£**
4,185,997
_3,878,273_|**Unrestricted**
**funds**
**2024**
**£**
4,207,207
_3,916,931_
**Support**
**costs**
**2024**
**£**
21,210
_38,658_|**Total**
**2024**
**£**
**4,207,207**
_3,916,931_
**Total**
**funds**
**2024**
**£**
**4,207,207**
_3,916,931_|_Total_
_2023_
_£_
_3,916,931_| |---|---|---|---|---| |||||_Total_
_funds_
_2023_
_£_
_3,916,931_| |||||| ## **5. Analysis of expenditure by activities** ## **Analysis of direct costs** |Staff costs
Depreciation
Charitable activities
_Total 2023_|**Programmes**
**2024**
**£**
3,299,256
88,383
798,358
4,185,997
_3,878,273_|**Total**
**funds**
**2024**
**£**
**3,299,256**
**88,383**
**798,358**
**4,185,997**
_3,878,273_|_Total_
_funds_
_2023_
_£_
_2,672,459_
_70,681_
_1,135,133_| |---|---|---|---| ||||_3,878,273_| ||||| _Total 2023_ Page 19 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 **5. Analysis of expenditure by activities (continued)** ## **Analysis of support costs** |Professional fees
_Total 2023_|**Programmes**
**2024**
**£**
21,210
_38,658_|**Total**
**funds**
**2024**
**£**
**21,210**
_38,658_|_Total_
_funds_
_2023_
_£_
_38,658_| |---|---|---|---| ||||| ## **6. Auditor's remuneration** ||**2024**|_2023_| |---|---|---| ||**£**|_£_| |Fees payable to the company's auditor and its associates for the audit of||| |the company's annual accounts|**15,750**|_15,675_| |Fees payable to the company's auditor and its associates in respect of:||| |The auditing of accounts of the subsidiary of the company|**4,000**|_3,270_| |Accounting services|**5,300**|_4,960_| |Taxation compliance services|**1,050**|_935_| **7. Staff costs** |Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes|**Group**
**2024**
**£**
**2,925,669**
**296,221**
**77,366**
**3,299,256**|_Group_
_2023_
_£_
_2,369,393_
_249,835_
_53,231_
_2,672,459_|**Company**
**2024**
**£**
**2,925,669**
**296,221**
**77,366**
**3,299,256**|_Company_
_2023_
_£_
_2,369,393_
_249,835_
_53,231_| |---|---|---|---|---| |||||_2,672,459_| The average number of persons employed by the Company during the year was as follows: Support Staff |**Group**|_Group_| |---|---| |**2024**|_2023_| |**No.**|_No._| |**68**|_58_| Page 20 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 **7. Staff costs (continued)** The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |**Group**
**2024**
**No.**
In the band £60,001 - £70,000
**4**
In the band £80,001 - £90,000
**1**
In the band £120,001 - £130,000
**-**
In the band £130,001 - £140,000
**1**
The total employee benefits for Key Management Personnel was £342,328 (2023: £322,996).
**8.**
**Intangible assets**
**Group and Company**
**Cost**
At 1 September 2023
Additions
At 31 August 2024
**Amortisation**
At 1 September 2023
Charge for the year
At 31 August 2024
**Net book value**
At 31 August 2024
_At 31 August 2023_|_Group_
_2023_
_No._
_3_
_1_
_1_
_-_
**Website &**
**Software**
**£**
**82,793**
**194**| |---|---| ||**82,987**| ||**79,993**
**2,800**| ||**82,793**| ||**194**| ||_2,800_| Page 21 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ## **9. Tangible fixed assets** ## **Group** |**Cost or valuation**
At 1 September 2023
Additions
At 31 August 2024
**Depreciation**
At 1 September 2023
Charge for the year
At 31 August 2024
**Net book value**
At 31 August 2024
_At 31 August 2023_|**Fixtures and**
**fittings**
**£**
**226,075**
**-**
**226,075**
**48,176**
**56,460**
**104,636**
**121,439**
_177,899_|**Office**
**equipment**
**£**
**138,153**
**9,378**
**147,531**
**53,186**
**32,688**
**85,874**
**61,657**
_84,967_|**Total**
**£**
**364,228**
**9,378**| |---|---|---|---| ||||**373,606**| ||||**101,362**
**89,148**| ||||**190,510**| ||||**183,096**| ||||_262,866_| Page 22 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ## **9. Tangible fixed assets (continued)** ## **Company** |**Cost or valuation**
At 1 September 2023
Additions
At 31 August 2024
**Depreciation**
At 1 September 2023
Charge for the year
At 31 August 2024
**Net book value**
At 31 August 2024
_At 31 August 2023_
**10.**
**Fixed asset investments**
**Company**
**Cost or valuation**
At 1 September 2023
At 31 August 2024
**Net book value**
At 31 August 2024
_At 31 August 2023_|**Fixtures and**
**fittings**
**£**
**226,075**
**-**
**226,075**
**48,176**
**56,460**
**104,636**
**121,439**
_177,899_|**Office**
**equipment**
**£**
**135,539**
**9,378**
**144,917**
**50,572**
**32,688**
**83,260**
**61,657**
_84,967_|**Total**
**£**
**361,614**
**9,378**| |---|---|---|---| ||||**370,992**| ||||**98,748**
**89,148**| ||||**187,896**| ||||**183,096**| ||||_262,866_| ||||**Investment in**
**subsidiary**
**company**
**£**
**100**| ||||**100**| ||||**100**| ||||_100_| Page 23 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ## **11. Debtors** |Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income|**Group**
**2024**
**£**
**318,051**
**-**
**73,366**
**98,937**
**490,354**|_Group_
_2023_
_£_
_574,067_
_-_
_45,615_
_143,618_
_763,300_|**Company**
**2024**
**£**
**315,051**
**73,332**
**72,704**
**98,937**
**560,024**|_Company_
_2023_
_£_
_556,067_
_113,574_
_36,899_
_143,618_
_850,158_| |---|---|---|---|---| ## **12. Creditors: Amounts falling due within one year** |Bank overdrafts
Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 September 2023, as restated
Resources deferred during the year
Amounts released from previous periods|**Group**
**2024**
**£**
**-**
**44,709**
**-**
**73,535**
**11,315**
**843,514**
**973,073**
**Group**
**2024**
**£**
**928,677**
**685,883**
**(813,677)**
**800,883**|_Group_
_As restated_
_2023_
_£_
_1,489_
_72,367_
_-_
_80,677_
_49,412_
_1,006,492_
_1,210,437_
_Group_
_As restated_
_2023_
_£_
_650,000_
_728,677_
_(450,000)_
_928,677_|**Company**
**2024**
**£**
**-**
**44,693**
**-**
**73,535**
**11,315**
**822,669**
**952,212**
**Company**
**2024**
**£**
**928,677**
**672,133**
**(813,677)**
**787,133**|_Company_
_As restated_
_2023_
_£_
_1,489_
_72,351_
_-_
_80,677_
_49,412_
_1,001,082_| |---|---|---|---|---| |||||_1,205,011_| |||||_Company_
_As restated_
_2023_
_£_
_650,000_
_728,677_
_(450,000)_| |||||_928,677_| Deferred income relates to donations received which refer to charitable activities due to take place in the following year or later financial period. Page 24 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ## **13. Prior year adjustments** During the current year, management revised the income accounting policy to better align with FRS 102 and Charities SORP. This update aims to more accurately reflect income and provide more reliable and relevant information regarding the periods to which sponsorship income pertains. This has resulted in an increase in funds brought forward and decrease in deferred income of £417 in 2024 _(Decrease in funds brought forward and increase in deferred income of £110,000 in 2023)_ . ## **14. Statement of funds** ## **Statement of funds - current year** |**Unrestricted funds**
General Funds - all funds
**Statement of funds - prior year**
**Unrestricted funds**
General Funds|**As restated**
**Balance at 1**
**September**
**2023**
**£**
**3,143,595**
_As restated_
_Balance at_
_1 September_
_2022_
_£_
_2,933,055_|**Income**
**£**
**4,312,831**
_As restated_
_Income_
_£_
_4,278,894_|**Expenditure**
**£**
**(4,312,943)**
_Expenditure_
_£_
_(4,068,354)_|**Balance at 31**
**August 2024**
**£**
**3,143,483**| |---|---|---|---|---| |||||_As restated_
_Balance at_
_31 August_
_2023_
_£_
_3,143,595_| Page 25 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ## **15. Analysis of net assets between funds** ## **Analysis of net assets between funds - current period** |Tangible fixed assets
Intangible fixed assets
Current assets
Creditors due within one year
**Total**|**Unrestricted**
**funds**
**2024**
**£**
183,096
194
3,933,266
(973,073)
3,143,483|**Total**
**funds**
**2024**
**£**
**183,096**
**194**
**3,933,266**
**(973,073)**| |---|---|---| |||**3,143,483**| ## **Analysis of net assets between funds - prior period** |Tangible fixed assets
Intangible fixed assets
Current assets
Creditors due within one year, as restated
**Total As restated**|_As restated_
_Unrestricted_
_funds_
_2023_
_£_
_262,866_
_2,800_
_4,088,366_
_(1,210,437)_
_3,143,595_|_As restated_
_Total_
_funds_
_2023_
_£_
_262,866_
_2,800_
_4,088,366_
_(1,210,437)_| |---|---|---| |||_3,143,595_| Page 26 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ## **16. Reconciliation of net movement in funds to net cash flow from operating activities** |Net income/expenditure for the period (as per Statement of Financial Activities)
**Adjustments for:**
Depreciation charges
Amortisation charges
Decrease in debtors
Increase/(decrease) in creditors
Provisions released
**Net cash provided by operating activities**
**17.**
**Analysis of cash and cash equivalents**
Cash in hand
Overdraft facility repayable on demand
**Total cash and cash equivalents**
**18.**
**Analysis of changes in net debt**
**At 1**
**September**
**2023**
**£**
Cash at bank and in hand
**3,325,066**
Bank overdrafts repayable on demand
**(1,489)**
**3,323,577**|**Group**
**2024**
**£**
**(112)**
**89,148**
**2,800**
**272,946**
**(235,875)**
**-**
**128,907**
**Group**
**2024**
**£**
**3,442,912**
**-**
**3,442,912**
**Cash flows**
**£**
**117,846**
**1,489**
**119,335**|_Group_
_As restated_
_2023_
_£_
_210,540_| |---|---|---| |||_72,572_
_4,256_
_51,203_
_262,539_
_(9,250)_| |||| |||_591,860_| |||_Group_
_2023_
_£_
_3,325,066_
_(1,489)_| |||| |||_3,323,577_| |||**At 31 August**
**2024**
**£**
**3,442,912**
**-**| |||**3,442,912**| Page 27 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ## **19. Operating lease commitments** At 31 August 2024 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows: |Not later than 1 year
Later than 1 year and not later than 5 years|**Company**
**2024**
**£**
**97,200**
**191,196**
**288,396**|_Company_
_2023_
_£_
_97,200_
_288,396_| |---|---|---| |||| |||_385,596_| The following lease payments have been recognised as an expense in the Statement of financial activities: ||**Group**|_Group_|**Company**|_Company_| |---|---|---|---|---| ||**2024**|_2023_|**2024**|_2023_| ||**£**|_£_|**£**|_£_| |Operating lease rentals|**108,322**|_97,090_|**108,322**|_97,090_| Page 28 Docusign Envelope ID: 3693F91A-1921-41E9-B4AF-4302DC72309E ## SPONSORS FOR EDUCATIONAL OPPORTUNITY LIMITED (A company limited by guarantee) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ## **20. Related party transactions** There were £Nil (2023: £Nil) of trustees' expenses paid during the period. Donations made by trustees during the period totalled £16,092 (2023: £718). There were no trustees' remuneration or other benefits paid or incurred for the year ended 31 August 2024 nor for the year ended 31 August 2023. The company is exempt under FRS 102 paragraph 33.1A from disclosing related party transactions with entities that are wholly owned within the group. ## **21. Principal subsidiaries** The following was a subsidiary undertaking of the Company: |**Name**|**Company**|**Registered office or principal**|**Class of**|**Holding Included in**| |---|---|---|---|---| ||**number**|**place of business**|**shares**|**consolidation**| |SEO Connect Limited|07359677|41 Great Guildford Street, London,|Ordinary|100% Yes| |||SE1 0ES||| The financial results of the subsidiary for the year were: |**Name**|**Income**|**Expenditure**|**Profit/(Loss)/**|**Net assets**| |---|---|---|---|---| ||**£**|**£**|**Surplus/**|**£**| ||||**(Deficit) for**|| ||||**the year**|| ||||**£**|| |SEO Connect Limited|**85,051**|**(82,151)**|**2,900**|**4,267**| Page 29