Identifying the next generation of leadership **Annual Report and Accounts 2024**
**(Incorporating the directors’ report) and financial statements for the year ended 30 November 2024**
Charity No: 1138699 Company No: 0708250
## Our motto
## “ Sharing success with tomorrow’s leaders”
## **CHARITY**
|**CHARITY**||
|---|---|
|Chairman’s Statement|1|
|Trustees’ Statement|2|
|**GOVERNANCE**||
|Organisational Information|3|
|Our Structure|4|
|Trustees/Management|5|
|Our Mission, Vision and History|6|
|**OUR ACTIVITIES**||
|A) Programmes|7|
|B) Online Mentoring|21|
|C) Alumni Engagement|23|
|**FINANCES**||
|Our Finances|24|
|Independent examiner’s report|26|
|Statement of financial activities, Balance||
|sheet, Notes to the financial statements|27|
**Aleto Foundation** Annual Report and Accounts 2024
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## Chairman’s Statement
For the year ended 30 November 2024
## Committed to fostering positive change
## **DEAR FRIENDS OF THE ALETO FOUNDATION,**
It is my great pleasure to introduce the Aleto Foundation’s Annual Report for 2024. This year has been one of strategic growth and transformation as we continue our mission to unlock opportunities for tomorrow’s leaders whose tough reality backgrounds present barriers that would otherwise prevent them from fulfilling their potential.
_2024 has been a defining year for Aleto. Following a review, we have embarked on an ambitious new strategy that will assure our impact in the years to come.”_
First and foremost, I would like to extend my sincere gratitude to our CEO, David Villa-Clarke BEM whose energy, enthusiasm and vision has been instrumental in driving us to new heights. Thanks also go to our dedicated team, whose tireless efforts ensure that Aleto remains a beacon of opportunity and support, and to our supporters and sponsors — your generosity and commitment make everything we do possible.
2024 has been a defining year for Aleto. Following a review, we have embarked on an ambitious new strategy that will assure our impact in the years to come. Our focus is now on expanding our programmes to reach Aleto alumni at different stages of their careers, ensuring that we provide meaningful support not only at the beginning of their journeys but also as they grow and progress. We are also broadening our scope to offer sector-specific programmes, allowing our alumni to gain targeted insights, mentorship, and opportunities within industries that match their aspirations and talents.
As well as continuing with programmes for our existing partners, 2024 saw Aleto benefit from a National Lottery Community Fund grant, which resulted in a cosponsorship deal with dmg media, who generously hosted our Summer Leadership Programme.
This partnership enabled us to expand our reach and provide an even greater number of young people with the invaluable skills, mentorship, and networks that are crucial to their future success.
This year we have upgraded our mentoring programmes, with the introduction of a new streamlined platform. This has enhanced the mentoring experience by ensuring that mentors and mentees can connect more effectively, access structured guidance, and benefit from a wealth of professional development materials.
The importance of this evolution cannot be overstated. We recognise that the barriers faced by young people from tough reality backgrounds do not disappear after the first step into the professional world. Our new strategy aims to ensure that Aleto remains a lifelong partner in their success, equipping them with the skills, networks, and confidence they need to thrive.
Finally, I would like to express my deep appreciation to our Board of Trustees for their vision, guidance, and steadfast support. Our Trustees’ leadership has been crucial in steering the foundation through another year of growth and transformation while ensuring we remain focused on our core mission.
As we look ahead, our commitment remains unwavering: to open doors, break down barriers, develop skills, and create pathways to success for those with the talent, ambition, and drive to excel as great leaders for the future. With the continued support of our partners, we are poised to make an ever-greater impact in the coming years.
Thank you for standing with us in this vital work. Together, we are not only changing individual lives but shaping a more inclusive and equitable society for all.
**SIR KENNETH OLISA OBE** Chair, Board of Trustees
Speaking at the launch of OVO BLAc 2024
Aleto Foundation Annual Report and Accounts 2024
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## Trustees’ Statement
## Trustees’ Annual Report
## for the year ended 30 November 2024
The Trustees present their annual report and the audited financial statements of the Aleto Foundation (“Aleto” or “the Foundation”) for the year ended 30 November 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 published in October 2019.
Since Aleto qualifies as a small company under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 has been omitted.
**Aleto Foundation**
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Annual Report and Accounts 2024
## Organisational Information
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TRUSTEES
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STAFF TEAM EXECUTIVE ASSISTANT Sir Kenneth Olisa OBE David Villa-Clarke BEM Mercedes Vancootan
CHAIRMAN CEO EA TO CEO
Daniel Taylor MBE Eniitan Page
TRUSTEE TRUSTEE
Sorraya McGlothan Alexandra Ruddock
Fope Adelowo Gary Elden OBE HEAD OF HEAD OF
TRUSTEE TRUSTEE OPERATIONS PROGRAMME DELIVERY
Bernice Graham-Moore Macarius Agagah
Michael Hall Syreeta Brown ONLINE MENTORING HEAD OF
TRUSTEE TRUSTEE PROGRAMMES MANAGER ALUMNI ENGAGEMENT
Abosede Alaka
Gemma Adair Matt Nixon HEAD OF Shezad Dilmohamud
TRUSTEE TRUSTEE IMPACT AND REPORTING MARKETING EXECUTIVE
Oscar McEntee
Joyce Materego Vasanthi Smedley TRUSTEE CORPORATE ENGAGEMENT
TRUSTEE & FUNDRAISING MANAGER
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**SENIOR LEADERSHIP TEAM**
Aleto Foundation Annual Report and Accounts 2024
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## Governance
## Our Structure
The Foundation was originally formed on 29th October 2010 and was incorporated as a company limited by guarantee on 29th October 2010. The Foundation is governed by its Articles of Association.
## **OUR GOVERNANCE STRUCTURE IS DESIGNED TO ENSURE THAT:**
- There is strong representation from a broad range of Senior Business leaders coming from low socioeconomic backgrounds.
- The Foundation is advised by a breadth of specialist organisations and people, consulting and professional service firms.
- The Foundation receives appropriate information and advice to support decision-making.
- The Foundation has flexible mechanisms for engagement with young people and our supporters.
**Aleto Foundation** Annual Report and Accounts 2024
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## Governance continued
## Trustees/Management
## **THE BOARD OF TRUSTEES**
The Board is the governing body of the Foundation. There is no determined maximum number of Trustees but a minimum of three. We currently have 11 Trustees offering a range of knowledge, skills and expertise to the Foundation and the Board ordinarily meets in a formal session four times a year.
The Articles of Association provide a degree of flexibility for changes to be made to the composition of the Board.
All Trustees are provided with a comprehensive induction to the Foundation, which includes an overview of the organisational strategy and current priorities, together with briefings on the roles and duties of Trustees. Each trustee sits on one or more of the five sub-committees (Alumni, Finance & Risk, Fundraising, Governance and Strategy) which contribute to the effective functioning of the charity and help foster an environment of transparency, accountability, and continuous improvement.
The Board seeks to maintain and improve its governance arrangements and uses the Charity Governance Code to benchmark its structure and processes against the code’s recommended practices.
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Trustee Board meeting July 2024
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## **MANAGEMENT**
The Board takes responsibility for governance and strategy and mandates the Chief Executive and the Head of Operations to conduct operational management within clearly defined policies. A robust and formal reporting structure together with the attendance of the Chief Executive at Board of Trustees meetings helps to ensure that appropriate checks and balances are maintained.
The Chief Executive provides a written overview of performance against agreed priorities to each meeting of the Board. The Board uses a range of information and key performance indicators to measure the degree of success achieved by the Foundation in meeting its aims and objectives.
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## Our Mission,Vision and History
## **OUR OBJECTIVES**
The principal objects of the Foundation are to promote:
the development of young people from tough reality backgrounds in achieving their full potential by providing support and activities which develop their skills, capacities and capabilities to enable them to participate in and contribute to society as mature and responsible individuals; and equality and diversity for the public benefit by:
- (a) advancing education and raising awareness for equality and diversity;
- (b) promoting activities to foster understanding between people from diverse backgrounds;
- (c) conducting research on equality and diversity issues and publishing the results to the public.
In order to ensure our work delivers our aims and delivers public benefit, we review our aims, objectives and activities each year. The Trustees have had regard to the Charity Commission’s guidance on public benefit. This report looks at what we achieved and the outcomes of our work for the period 1 December 2023 to 30 November 2024. We look at the success of each key activity and the benefits they have brought to young people which helps us to ensure our aims, objectives and activities remain focussed on our stated purposes.
## **OUR VISION**
Our vision at Aleto is to become a respected leadership development organisation, dedicated to supporting young people whose personal circumstances present barriers that impede attainment of their potential, in accelerating their careers to become influential leaders of tomorrow, shaping the future of leadership in the uK.
## **OUR HISTORY**
In 2010 a group of influential business and cultural leaders came together to discuss what they could do to help the next generation play their rightful part in the nation’s leadership - irrespective of their personal circumstances. After a few rounds of insightful and soulsearching conversations, they agreed that creating an institution which had the sole purpose of identifying and equipping young leaders from tough reality backgrounds would be the legacy they would create. Soon after The Aleto Foundation was created, although at the time it was known by its previous name: The Powerlist Foundation.
The newly created team of executives and Trustees worked together with partners such as Deloitte and Powerful Media to begin their search for 40 young people with leadership potential, and in the summer of 2011, the first Aleto Leadership programme took place.
The feedback from the programme was overwhelming, with the delegates who took part stating how the Foundation had impacted their lives. A new form of family-like bond was created among the young delegates which persists to this day, and which has laid the foundation for the Foundation’s philosophy of lifelong membership. From the very beginning, it was clear that something special was happening.
Today the Foundation has grown significantly, impacting hundreds more young people, with plans for an even bigger reach to create even more young leaders.
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## A) Programmes
2024 was a transformative year for Aleto, marked by an expanded range of programmes and opportunities for both new delegates and alumni.
We strengthened our collaborations with key partners, continuing to share success and inspire the next generation of leaders. A major milestone was securing sponsorship from the National Lottery Community Fund, which enabled us to host our 13th Summer Leadership Programme in partnership with dmg media — an event that received overwhelmingly positive and constructive feedback. Our partnership with OVO has also continued to flourish, with Aleto delivering a third successful leadership programme for university students alongside the launch of a Senior Black Leadership Academy. Additionally, our relationships with companies such as Aston Martin F1, MAKO, and Johnson & Johnson remained strong, allowing us to expand our outreach to young people transitioning from university to early careers. Our goal of creating a greater impact in 2024 has been successfully achieved, and we are excited to build on this progress in 2025.
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## A) Programmes continued
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|||
|---|---|
|1. GENDER|
|BREAKDOWN|
|Male|57%|
|Female|40%|
|Non-binary|3%|
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3. GEOGRAPHIC 4. IMD
2. ETHNICITY
DISTRIBUTION (INDEX OF MULTIPLE
BREAKDOWN
(POSTCODES) DEPRIVATION)
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|||||||
|---|---|---|---|---|---|
|African (Black, Black British,|London (E, SE, SW)|45.2%|0-20% (High Deprivation)|30%|
|Caribbean or African)|46.8%|
|Manchester|6.5%|21-50%|50%|
|Caribbean (Black, Black British,|
|Caribbean or African)|9.7%|Bristol|4.8%|51-80% (Low Deprivation)|20%|
|Indian (Asian or Asian British)|14.5%|Birmingham|3.2%|
|Pakistan (Asian or Asian British)|8.1%|Other uK Regions|38.7%|
|English, Welsh, Scottish, Northern|
|Irish or British (White)|9.7%|
|White and Black African (Mixed)|4.8%|CONCLUSION|
|Any Other Mixed Background|4.8%|The programmes have a strong concentration|
|in|London (45.2%)|, reflecting the city’s diverse|
|Any Other Ethnic Group|4.8%|population and accessibility. Other participants|
|are spread across major urban areas like|
|Arab|1.6%|
|Manchester, Bristol, and Birmingham|. Rural|
|Any Other Black Background|3.2%|and regional representation is present but|
|comparatively low.|
|CONCLUSION|
|Participants from|Black or Caribbean|
|backgrounds|make up the majority at|56.5%|.|
|The programme also demonstrates significant|
|diversity with 1|4.5% Indian, 8.1% Pakistani, and|
|9.7% White British|representation. Mixed ethnic|
|backgrounds contribute a further|9.6%|, showing|
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Participants from **Black or Caribbean backgrounds** make up the majority at **56.5%** . The programme also demonstrates significant diversity with 1 **4.5% Indian, 8.1% Pakistani, and 9.7% White British** representation. Mixed ethnic backgrounds contribute a further **9.6%** , showing the programme’s commitment to inclusion.
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## A) Programmes continued
Aston Martin Aramco Cognizant Formula One® Team is the racing team of the British luxury sports car manufacturer Aston Martin. Aston Martin, known for its iconic sports cars, has a rich history in motorsports. The team competes in the Formula One World Championship, which is the premier class of single-seater auto racing.
In 2024 Aleto were delighted to see the delegates from our first leadership programme in partnership with Aston Martin F1 ‘graduate’ at the Make a Mark Day at Silverstone in July, as well as welcoming a new cohort of university students onto our 2024/5 programme. These programmes are helping to deliver on Aston Martin F1’s vision of showing every young person that there is a place for them in motorsport, no matter where they come from.
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## A) Programmes continued
## Aston Martin F1 x Aleto Leadership
in Motorsport Programme – Inaugural class of 2023/4
## **OBJECTIVES**
The Aston Martin F1 x Aleto Foundation Leadership in Motorsport Programme was launched with three key objectives:
1. **Expanding Access & Interest** – Encouraging more young people from ethnic minority backgrounds to explore and pursue careers in motorsport.
2. **Raising Awareness** – Enhancing access to information about opportunities within the industry for young people across the uK.
3. **Building Meaningful Connections** – Creating opportunities for Aston Martin F1 professionals to engage with, learn from, and mentor a diverse pipeline of future talent.
## **SELECTION CRITERIA**
The inaugural programme welcomed 16 talented young people aged 17–19 from ethnic minority backgrounds, all studying STEM subjects and demonstrating a strong interest in motorsport. To ensure accessibility, participants were selected from communities near Motorsport Valley (Oxfordshire and the Midlands). For our second programme which kicked off in September 2024 we focused on recruiting 14 talented university students.
## **PROGRAMME HIGHLIGHTS**
- **Immersive Work Experience** – Participants took part in a week-long mentorship week at Silverstone, gaining hands-on exposure across key areas such as engineering, design, marketing, and communications.
- **Team Building & Networking** – A dedicated development day in London helped students connect, collaborate, and build confidence within a professional setting.
- **Business Challenge** - A Leadership Masterclass Day at Aston Martin Aramco Cognizant Formula One[®] Team’s Technology Campus in Silverstone which included a public speaking workshop, fireside chat with the CEO, ‘Story of the Team’ Workshop and a tour of the new state-of-the-art AMR Technology Campus.The delegates were set a business-related challenge, which they worked on in groups and presented virtually before a panel of senior industry leaders a month later.
- **One-to-One Mentorship** – Each participant was matched with an Aston Martin F1 mentor for a nine-month programme, receiving tailored career guidance and industry insights as they transitioned from A-levels to university or apprenticeship pathways to early careers.
By equipping these young people with practical experience, professional networks, and industry knowledge, this pioneering initiative is paving the way for greater inclusion and representation in motorsport.
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## A) Programmes continued
## **DELEGATE TESTIMONIALS**
“This programme has been amazing in facilitating an easy environment for us as delegates to network with those in professional positions.”
“The programme has helped me to gain the confidence to seek out others and expand my network.”
“From the first day to the last, my leadership skills have improved.”
“As a result of the programme, I am greatly interested in taking on a career with the Aston Martin F1 Team. This programme has not only increased my motivation to reach this goal, but also showed me how progressive and driven the AMF1 Team are.”
## **IMPACT DATA**
- 80% significantly agreed that their leadership skills improved because of the programme.
- 93% of delegates said they would actively seek STEM career/ education opportunities because of the programme.
- 80% of delegates agreed they are more interested in a career in motorsport because of the programme.
- 93% of delegates would recommend the programme to a friend or colleague.
David Villa-Clarke (Aleto, CEO) and Debbie Wall (Aston Martin F1, ESG Director) with the 2024/5 delegates
_Participating in the programme has had a substantial impact upon my professional network.”_
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## A) Programmes continued
Inspiring Future Leaders The Aleto Summer Leadership Programme
In partnership with dmg media and The National Lottery Community Fund, the Aleto Summer Leadership Programme welcomed 25 young delegates for a transformative three-day experience at dmg media’s South Kensington offices. Designed to equip future leaders with essential skills, confidence, and networks, the programme provided invaluable mentorship and career insights.
This programme was open to delegates identifying as coming from a low socio-economic background in their penultimate or final year of university or recently graduated with aspirations to become a leader of tomorrow. Places were awarded following an interview process, which was run in conjunction with volunteers from S Three, a global STEM-specialist recruitment company. In addition 14 volunteers were recruited by dmg media to provide guidance and mentoring and 6 Buddies (delegates from previous programmes) were selected by Aleto, to support delegates during the leadership programme.
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## A) Programmes continued
## **DAY 1: INSPIRATION & PUBLIC SPEAKING**
Delegates heard from Sir Ken Olisa OBE, whose personal journey encouraged them to dream big. Fireside chats with dmg media leaders explored diversity and career growth, while David Villa-Clarke BEM led a public speaking workshop to enhance communication skills.
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100% of delegates would
recommend the programme
to a friend or colleague.”
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## **DAY 2: CAREER DEVELOPMENT & NETWORKING**
Sessions on networking, CV building, and personal branding were led by industry experts, including CandidateX’s Man Wong and Boyden’s Karen Daly-Gherabi. dmg media provided insights into roles and application processes, helping delegates navigate future career opportunities.
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WHAT DO YOU EXPECT THE MEDIA/EDITORIAL
WORLD TO LOOK LIKE IN 2030?
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- How do you think people will consume content (news and other type of informative and entertaining content) in 2030?
- Do you think that people who want to be informed on news will still behave as they do today or will they do it differently? Think about different sources, platforms and formats.
By the end of the programme, delegates had gained confidence, leadership skills, and a strengthened belief in their potential. As one participant put it: “This programme has taught me that anyone can be a leader if they have the right mindset and the heart desire to help and bring the best out of others. Now, after the three-day programme, I believe that that I am a leader in progress.”
## **DAY 3: INNOVATION & LEADERSHIP IN ACTION**
Delegates worked in teams to envision the future of media in 2030, presenting their ideas to a distinguished panel, including Aston Martin F1’s Kate Dalton, Aleto trustee Eniitan Page and dmg media leaders. The team presentations showcased innovative ideas and deep thinking, reflecting the skills and confidence the delegates had developed over the course of the programme. A surprise visit from Olympian Dalton Grant provided further motivation and encouragement.
We look forward to following their journeys as they apply these experiences to drive positive change in their communities and careers.
## **FEEDBACK/TESTIMONIALS**
_**“**_ The Aleto Summer Leadership Program significantly enhanced my leadership skills through immersive experiences and mentorship. It provided opportunities to develop strategic thinking, communication, and team-building abilities, equipping me with valuable tools to excel in leadership roles.”
“Since the programme, I’ve been able to take better intentional steps and approaches to nudge me in the right path. There is just something different since I completed the programme as I’ve approached each day with a mindset of getting things done.”
“The public speaking workshops and the challenge pushed me out of my comfort zones and made me actively work on my delivery and how to connect with my audience. Being surrounded by 24 amazing delegates was inspiring, the energy and passion that we all had motivated me to continue to invest in myself and my leadership. I have gained a deeper understanding of my leadership style and the importance of fostering a collaborative and inclusive environment. I feel more equipped to motivate and empower teams to achieve shared goals, adapting strategies as needed to drive continuous improvement and innovation.”
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Partner Spotlight
**RICHARD MORGAN** Chief Human Resources Officer at dmg media shares his insights about partnering with the Aleto Foundation
## **1. WHY DID DMG MEDIA DECIDE TO SPONSOR THE ALETO SUMMER LEADERSHIP PROGRAMME 2024?**
dmg media decided to sponsor the Aleto Summer Leadership Programme 2024 as part of our commitment to fostering diversity and inclusivity within the media industry. We recognise the importance of providing opportunities to talented young individuals from varied backgrounds, particularly those who may not have considered a career in media. Partnering with Aleto allowed us to support the development of future leaders while also aligning with our corporate values of social responsibility and community engagement, the programme gave us access to a talented population who normally would not have considered dmg media as a work destination.
## **2. WHAT WAS YOUR EXPERIENCE OF THE PROGRAMME ITSELF? ANY STANDOUT MOMENTS YOU COULD SHARE?**
The experience of the programme was incredibly enriching and inspiring. One standout moment was witnessing the enthusiasm and creativity of the participants during the project presentations. Their innovative solutions and fresh perspectives on realworld challenges highlighted the immense potential of today’s youth. Additionally, engaging in discussions with the participants and hearing their aspirations reaffirmed the significance of investing in the next generation.
## **3. WHAT DID YOUR ORGANISATION 5. HOW DO YOU SEE THE GAIN FROM THE PARTNERSHIP PARTNERSHIP BETWEEN DMG WITH ALETO? MEDIA AND ALETO EVOLVING,** Through our partnership with Aleto, **AND WHAT OUTCOMES WOULD** dmg media gained invaluable **YOU LIKE TO ACHIEVE THROUGH THIS COLLABORATION?**
Through our partnership with Aleto, dmg media gained invaluable **YOU LIKE TO ACHIEVE THROUGH** insights into the aspirations **THIS COLLABORATION?** and concerns of young people We envision the partnership from diverse backgrounds. This between dmg media and Aleto experience has not only enhanced evolving into a long-term our understanding of the talent pool collaboration that continues to available to us but has also allowed impact youth positively. Future us to identify areas where we can outcomes might include expanded improve our recruitment strategies programmes that not only provide to be more inclusive. Moreover, the leadership training but also address collaboration strengthened our specific industry challenges through commitment to social responsibility workshops and mentorship. We aim and demonstrated our ability to to create pathways for sustained create tangible impact within engagement and opportunities for the community. young individuals, ensuring that they are well-prepared for careers **4. HOW DID THE PROGRAMME** in media and other sectors. Our goal **BENEFIT NOT ONLY THE YOUNG** is to influence a systemic change **PEOPLE INVOLVED BUT THE STAFF** in how our industry attracts and **AT DMG MEDIA?** nurtures diverse talent.
**4. HOW DID THE PROGRAMME BENEFIT NOT ONLY THE YOUNG PEOPLE INVOLVED BUT THE STAFF AT DMG MEDIA?**
The programme yielded mutual benefits for both the young participants and our staff at dmg media. For the young people, it provided essential skills, mentorship, and networking opportunities that will aid in their future career endeavours. For our staff, engaging with the participants sparked fresh ideas and renewed passion for our work. It fostered a culture of learning and reflection, as colleagues came together to support and mentor the next generation, ultimately enriching our workplace environment.
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## A) Programmes continued
_I appreciated the interactive nature of the sessions, where participants were encouraged to ask questions and engage with the speakers. This made the experience even more enriching, as it provided valuable insights into the trading world and a genuine sense of collaboration. The professionalism and attention to detail throughout the afternoon were commendable.”_
## MAKO is a global trading company committed to technological innovation
For the second year, we had the
## **OBJECTIVES**
privilege of partnering with MAKO Trading to deliver an insightful and engaging day for 11 first and second-year university STEM students. The event began with a ‘Careers in Trading’ session and Q&A, followed by an interactive trading exercise that provided hands-on experience of the fastpaced demands of the industry. A ‘Careers in Software’ session then offered in-depth insights into tech career paths. After a tour of MAKO’s dynamic offices, showcasing the high-energy trading environment, the day concluded with an overview of graduate and internship opportunities. Students left feeling inspired and well-informed about their future career options.
To provide young people from less-represented backgrounds with an understanding of trading, technology and software development and to give them the opportunity to learn more about MAKO’s internship opportunities.
_Fantastic event which I left feeling energised!”_
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OVO Energy is a major UK energy supplier launched in 2009. It is part of the OVO group, a collection of companies with a single vision: To power human progress with clean affordable energy.
100% _**would recommend the OVO/Aleto leadership programme to others**_
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**Aleto Foundation** Annual Report and Accounts 2024
A) Programmes continued
## OVO x Aleto A Partnership for Progress
Since 2022, Aleto has built a strong and productive partnership with OVO, helping to drive diversity, leadership, and career development for young people from underrepresented backgrounds
• **6-Month Mentoring Programme** (May – October 2024) – All ten mentees participated in a structured online mentoring programme, receiving:
• **Community Engagement:** Several mentees have contributed to sustainability efforts, including clean energy projects and community training on renewable solutions.
## **OVO10**
## **EMPOWERING FUTURE LEADERS**
The **OVO10 Programme** was designed to provide **ten young people from low socio-economic backgrounds** with leadership skills, industry insights, and career-enhancing opportunities, including potential access to OVO’s internship and graduate schemes.
- One-on-one coaching with OVO mentors.
## **KEY SKILLS DEVELOPED**
- **Public Speaking:** 85% reported a significant improvement in confidence and ability to present ideas.
- Monthly career development check-ins.
- Insights into the energy industry and personal career planning.
- **Confidence & Initiative:** Over 90% now feel more proactive, with 80% making strong progress towards career goals.
## **PROGRAMME HIGHLIGHTS**
- **Leadership Challenge Day** (April) – Hosted at OVO’s Bristol offices, mentees engaged in career talks, mentoring sessions, and a challenge designed to foster innovation: “How can OVO make decarbonisation products more accessible and appealing to all?”
## **PROGRAMME IMPACT & OUTCOMES**
- **Career Readiness:** 100% of mentees now feel more prepared to pursue new opportunities in fields such as consulting, tech, and energy.
- **Problem-Solving:** 60% demonstrated growth in tackling challenges creatively and independently.
- **Leadership & Teamwork:** 80% reported advanced or expert capabilities in leadership and collaboration.
- **Pathways in Energy:** 80% of participants feel equipped to advance in the energy sector, demonstrating a clear pipeline for future industry leaders.
- **Internship Opportunities** – The top five performers earned a paid 8-week internship at OVO, gaining hands-on experience and mentorship from industry professionals.
Through OVO10, young leaders are not only gaining career opportunities but also shaping a more diverse and sustainable future in the energy sector.
_When we developed our Belonging strategy, it became clear that Black representation within our community needed to improve. We sought a partner who could authentically connect us with ethnically diverse young people and inspire them to consider careers with us. Aleto stood out_ **—** _not only for their proven impact but because their leadership truly reflects the communities we want to reach.”_
## **ALESSANDRO STORER**
Head of Inclusion & Belonging, OVO
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## A) Programmes continued
## Case Study
## OVO x Aleto 2024 Alumni
Mat’s Story - Driving Impact as a Commercial Director & Exec Sponsor
## **BACKGROUND & INSPIRATION**
Mat Moakes, Chief Commercial Director joined the OVO10 and Blac OVO programmes to foster inclusive leadership. Inspired by the programme’s energy, Mat saw an opportunity to make areal difference as an executive sponsor for the Belonging Programmes.
## **PROGRAMME EXPERIENCE**
## _“ Exceeded Expectations”_
What started as curiosity about the online mentoring format quickly turned into admiration for the calibre of mentees. “The quality was outstanding — driven, motivated, and insightful” Mat shared. “It was refreshing to see the organisation through their eyes.”
## **PERSONAL GROWTH AND REVERSE MENTORING**
Mentoring helped Mat develop patience and understanding, realising that mentoring is a two-way street: “It’s about expanding your own understanding too.”
## **GROWTH & IMPACT**
## _“New Perspectives”_
Mat gained fresh insights into the energy sector and global equity challenges. “The perspectives from my mentees made me reflect on the energy sector worldwide, especially in Africa.”
## **A STAND-OUT MOMENT**
A highlight was meeting his mentee in person for the first time. “We snapped selfies with the CEO!” It was a moment that cemented their bond.
_The quality was_ **—** _outstanding driven, motivated and insightful.”_
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## A) Programmes continued
## Case Study
## OVO x Aleto 2024 Alumni
## Elizabeth’s Story - Advancing in Architecture & Sustainability
## **BACKGROUND & MOTIVATION**
Elizabeth is an aspiring architect with a strong focus on sustainability. “I wanted to progress within the sustainability sector and find a new role that aligned with my passion”, she explained. After learning about the programme through word of mouth from the Aleto Foundation, Elizabeth was eager to enhance her professional network and skills.
## **IMPACT ON PERSONAL & PROFESSIONAL GROWTH** _“Boosting Confidence and Networking”_
“The programme has had a huge impact on my confidence and aspirations”, Elizabeth reflected. Through networking with diverse professionals and shadowing, she refined her job search and developed a clearer understanding of her career interests. Mid-programme, she began actively looking for new roles, feeling empowered to articulate her goals.
## **MEMORABLE MOMENTS**
A standout moment for Elizabeth was visiting the office and seeing representation from peers and Alumni, which inspired her further. “It was powerful to connect with those who have walked this path”, she noted.
## **ADVICE FOR FUTURE PARTICIPANTS**
Elizabeth encourages future mentees to come with an open mind: “Take advantage of every opportunity. Use your time wisely and connect with as many people as you can.”
_The programme has had a huge impact on my confidence and aspirations.”_
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**Aleto Foundation** Annual Report and Accounts 2024
A) Programmes continued
OVO BLAc
Accelerating Black Leadership in Green Energy
The OVO BLAc programme was designed to fast-track 12 Black professionals into leadership roles within the green energy and decarbonisation industries. Its primary goal is to address the lack of ethnic diversity in senior leadership, while also creating a pipeline of talent to increase Black representation at OVO.
In 2024, the inaugural cohort successfully completed their leadership journey, and we were delighted to welcome a new group of delegates to the 2024/25 programme.
- **Masterclasses & Leadership Development**
Delegates participated in virtual masterclasses (December 2023 – January 2024) focused on the leadership qualities of a ‘Strategist’ and ‘Connector’. The programme culminated in a wrap-up event in February, where participants reflected on their journey and engaged with OVO leaders and Aleto mentors.
• **OVO BLAc 2024/25 Launch** The 2024/25 programme kicked off in October 2024 at OVO’s Notting Hill office, bringing together OVO leaders and Aleto’s Chair of Trustees, Sir Kenneth Olisa OBE. The launch featured an insightful panel discussion with Aleto’s David VillaClarke and David Buttress, CEO of OVO Energy, setting the stage for an inspiring leadership journey.
- Masterclass: ‘Executing’ (November 2024) The first Masterclass
focused on ‘Executing’ and featured insights from Mat Moakes (Chief Commercial Officer, OVO), Soore Olaoye (former OVO10 delegate, now at OVO), and Will England (Aleto Keynote Speaker). Delegates also recorded a leadership podcast, sharing three key takeaways:
1. Done is better than perfect.
2. Stay ready, so you don’t have to get ready.
## **IMPACT & DELEGATE FEEDBACK**
- 82% of delegates reported greater resilience in overcoming leadership and career progression barriers.
- Delegates valued direct engagement with OVO’s leadership team, gaining real-time feedback and invaluable career insights.
- One delegate shared:
“Hearing personal stories from both delegates and presenters made leadership lessons feel real and actionable. I’ve already applied what I learned in my day-to-day role.”
As the OVO BLAc programme continues to grow, it is empowering Black professionals to lead the future of the green energy sector with confidence, strategy, and impact.
3. You can do anything — but not everything. Ask for help when needed.
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## B) Online mentoring
Our mentoring programmes are instilling confidence, professionalism and offering young people new perspectives on work, and life, helping their progression and shaping their futures.
We launched six mentoring programmes in 2024, onboarding a total of 116 people as mentees and mentors.
We supported young people through two Aleto Mentoring Programmes in March and August with Warren Partners, Boyden, CFC underwriting and support from our own Trustee board; Gemma Adair and Vasanthi Smedley became mentors.
In addition to this, the strong relationships we have built with our programme partners means that we continue to create a legacy for tomorrow; OVO, Johnson & Johnson, Aston Martin, and St. James’ Place supported us with mentors. We have worked on our internal processes to support smooth and safe onboarding. This has been challenging, but embedding an online platform across our mentoring programmes means we can have better oversight and improve our reporting too, enabling us to better support our young people and the mentors mentoring them.
**----- Start of picture text -----**
No. of
Companies 1-2-1 Mentoring Programme mentors/mentees
**----- End of picture text -----**
||Boyden/ Warren Partners
March 24 - December 24
18
OVO10
April 24 - October 24
20
Smedley Advisors/ CFC underwriting/ Riada
Consultancy
August 24 - May 25
8
Johnson & Johnson
September 24 - June 2025
20
Aston Martin
September 24 - June 2025
28
St. James’ Place
October 24 - July 2025
20|
|---|---|
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**Aleto Foundation** Annual Report and Accounts 2024
## B) Online mentoring continued
## Case Studies
Mentoring programmes with Siwan Jones – Mentor Boyden/Warren Partners Programme and Eniola – Mentee SJP Programme
‘This was my second mentoring experience with Aleto and I was keen to partner with another Aleto mentee on their professional journey to see what we would both learn.
My role was to coach him, guide him, challenge him and support him. We did practical things like reviewing his CV to make a compelling story, running through interview questions where he could practice the messages he wanted to land as well as more long term questions about the skills he wanted to develop and the roles he wanted to have.
It taught me that no mentoring experience is the same and you need to get the basics right to be a good mentor. It requires a lot of listening and trust building to understand where the other person is and where they want to get to.
This mentoring experience taught me the power of resilience and the importance of hard work. Josue put in the time, effort, prep and planning and he went into each interview determined. I am so impressed that he has landed a great role and one that he has thought about and reflected on and I hope that I’ve helped him navigate his path on this tough journey.’
In my experiences with Josue, he and I went on a journey to work out what career path he wanted to pursue. He put in the hard work: applying for jobs, speaking to his network, enrolling on training programmes, updating his CV, refining his story and preparing for interviews.
## **SIWAN JONES**
Mentor Boyden/Warren Partners Programme
_My mentor was instrumental in helping me evaluate my personal progress and provided me with candid feedback, including challenging questions that prompted deep reflection. I learned the value of using coaching techniques in my daily life and the importance of having the courage to leave my comfort zone in pursuit of new knowledge and experiences.”_
## **ENIOLA**
Mentee SJP Programme
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## C) Alumni
## Strengthening Our Alumni Network:
## A Lifelong Community of Leaders
In 2024 Aleto took significant steps to enhance alumni engagement, ensuring that the impact of our leadership programmes extends far beyond the initial experience. The Alumni Advisory Board played a crucial role in driving this initiative, helping to cultivate a dynamic and supportive network that empowers our alumni throughout their careers.
With their support, we successfully delivered:
- **Two Major Alumni Events –** These gatherings provided valuable opportunities for former delegates to reconnect, expand their professional networks, and continue their leadership development through insightful discussions and industry connections. The events also fostered a strong sense of community, reinforcing the idea that Aleto is a lifelong support system for emerging leaders.
The evening concluded with networking, where guests connected over food and drinks, making it both an educational and social occasion. With 85 registered attendees, the event was well attended and fostered learning, engagement, and community.
**• Quarterly Alumni Newsletter –** Launched in 2024, this new publication keeps alumni informed about key opportunities, upcoming events, and inspiring success stories from within the Aleto network. The newsletter also highlights career advancements, mentoring opportunities, and ways to give back, ensuring that past delegates remain engaged and connected.
opportunities, and ways to give back, Our alumni represent a powerful ensuring that past delegates remain force for change—leaders who have engaged and connected. gone on to excel in business, media, technology, finance, and the public **BHM Event October 2024** sector. By strengthening alumni In October 2024, the Aleto Foundation engagement, we are: organised an event exploring the “Black History of Communication - • **Providing Continuous Leadership** which cleverly played on the fact it **Development** – Ongoing was during Black History Month and workshops, networking events, and was hosted at BT. Aimed at Aleto mentoring opportunities ensure Alumni, the evening highlighted the that alumni continue to refine their rich heritage of communication within skills and expand their influence. Black cultures. Attendees gained • Creating Pathways for Career insight into the significance of the Growth – Alumni gain exclusive talking drum through an engaging access to job opportunities, industry anecdotal experience from Sharon connections, and professional Olubunmi Daniels, Transformation development resources. Change Communications Manager at BT Group, followed by an interactive workshop and a lively quiz.
- **Providing Continuous Leadership Development** – Ongoing workshops, networking events, and mentoring opportunities ensure that alumni continue to refine their skills and expand their influence.
- Creating Pathways for Career Growth – Alumni gain exclusive access to job opportunities, industry connections, and professional development resources.
• **Fostering a Supportive Community** – Whether through networking, knowledge-sharing, or collaborative initiatives, Aleto alumni continue to uplift one another, reinforcing the values of leadership, resilience, and giving back.
As we move forward, expanding and deepening alumni engagement remains a key priority for Aleto, ensuring that every delegate continues to thrive, inspire, and lead long after their initial programme experience.
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Annual Report and Accounts 2024
## Our Finances
We continue to generate income from a broad range of fundraising activities and this was a successful year for the Foundation’s fundraising efforts.
## **GOING CONCERN**
The Trustees have performed a robust analysis of forecast future cashflows. After making appropriate enquiries, the board of Trustees has a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the financial statements.
## **FINANCIAL PERFORMANCE**
## **INCOME**
We continue to generate income from a broad range of fundraising activities and this was a successful year for the Foundation’s fundraising efforts.
Total income for the year was £274,026 (2023: £251,072).
This is an outstanding achievement enabling the Foundation to confidently provide our range leadership development activities. The Trustees would like to thank and congratulate all our volunteers and supporters for their dedication, commitment and success throughout the year.
## **EXPENDITURE**
Total expenditure in 2024 was £329,308 (2023: £271,647).
Expenditure increased primarily due to the expansion of the Aleto team to support our work in delivering our leadership and online mentoring programme and building our Alumni network. Despite a £55,282 shortfall between income and expenditure, our charity’s robust reserves ensure continued stability and support for our vital mission.
## **RESERVES POLICY**
The Trustees continually review the Foundation’s need for reserves including a reserves policy. Their aim is to keep unrestricted funds equivalent to a minimum 6 months of running costs, to ensure the Foundation’s core activity could continue during a period of unforeseen difficulty.
## **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 Company and of its incoming resources and application of resources, including its 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; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for
keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
## **SIR KENNETH OLISA OBE**
Chairman Date: 5th July 2025
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## Our Finances continued
Reference and administrative details of the Company, its Trustees and advisers For the year ended 30 November 2024
## **TRUSTEES**
## **CHIEF EXECUTIVE OFFICER**
Sir Kenneth Olisa OBE, Chairman David Villa Clarke MBE, BEM, APFS Fope Adelowo Daniel Taylor MBE, FRSA **ACCOUNTANTS** Gemma Adair Kreston Reeves LLP Michael Hall Chartered Accountants Gary Elden OBE Eniitan Manfield 2nd Floor Matt Nixon 168 Shoreditch High Street London Philipp Lohan (resigned 1 May 2024) E1 6RA Vasanthi Smedley Syreeta Brown Joyce Materego **INDEPENDENT EXAMINER**
**COMPANY REGISTERED NUMBER** 07082850
## **CHARITY REGISTERED NUMBER**
Stephen Moss BSc (Hons) ACA Kreston Reeves LLP 2nd Floor 168 Shoreditch High Street London E1 6RA
1138699
**REGISTERED OFFICE (AND PRINCIPAL OFFICE)**
63a High Street Leatherhead Surrey KT22 8AQ
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## Independent examiner’s report
For the year ended 30 November 2024
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE ALETO FOUNDATION LIMITED (‘THE COMPANY’)**
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 30 November 2024.
## **RESPONSIBILITIES AND BASIS OF REPORT**
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company’s accounts carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **INDEPENDENT EXAMINER’S STATEMENT**
Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Company’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company’s Trustees those matters I am required to state to them in an Independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company’s Trustees as a body, for my work or for this report.
## **DATE:** 31 July 2025
## **STEPHEN MOSS BSC (HONS) ACA**
Kreston Reeves LLP Chartered Accountants 2nd Floor 168 Shoreditch High Street London E1 6RA
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the uK and Republic of Ireland (FRS 102).
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Annual Report and Accounts 2024
## Statement of financial activities (incorporating income and expenditure account)
For the year ended 30 November 2024
|||**Restricted funds**
**Unrestricted funds**
**Total funds**|**Total funds**|
|---|---|---|---|
|||**2024**
**2024**
**2024**|**2023**|
||**Note**|**£**
**£**
**£**|**£**|
|**INCOME FROM:**||||
|Donations and legacies|3|**95,653**
**161,334**
**256,987**|225,265|
|Charitable activities|4|**10,750**
**-**
**10,750**|13,750|
|Investments|5|**-**
**6,289**
**6,289**|12,057|
|**TOTAL INCOME**||**106,403**
**167,623**
**274,026**|251,072|
|**EXPENDITURE ON:**||||
|Charitable activities|6|**177,515**
**151,793**
**329,308**|271,647|
|**TOTAL EXPENDITURE**||**177,515**
**151,793**
**329,308**|271,647|
|**NET MOVEMENT IN FUNDS**||**(71,112)**
**15,830**
**(55,282)**|(20,575)|
|**RECONCILIATION OF FUNDS:**||||
|Total funds brought forward||**117,205**
**171,992**
**289,197**|309,772|
|Net movement in funds||**(71,112)**
**15,830**
**(55,282)**|(20,575)|
|**TOTAL FUNDS CARRIED FORWARD**||**46,093**
**187,822**
**233,915**|289,197|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 29-33 form part of these financial statements.
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Annual Report and Accounts 2024
## Balance sheet
As at 30 November 2024
|||**2024**|**2023**|
|---|---|---|---|
||**Note**|**£**|**£**|
|**CURRENT ASSETS**||||
|Debtors|11|**3,361**|30,111|
|Cash at bank and in hand||**234,118**|262,446|
|||**237,479**|292,557|
|Creditors: amounts falling due within one year|12|**(3,564)**|(3,360)|
|**NET CURRENT ASSETS**||**233,915**|289,197|
|**TOTAL NET ASSETS**||**233,915**|289,197|
|**CHARITY FUNDS**||||
|Restricted funds|13|**46,093**|117,205|
|unrestricted funds|13|**187,822**|171,992|
|**TOTAL FUNDS**||**233,915**|289,197|
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
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:
## **SIR KENNETH OLISA OBE**
Chairman Date: 5th July 2025
The notes on pages 29-33 form part of these financial statements.
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## Notes to the financial statements
For the year ended 30 November 2024
## **1. GENERAL INFORMATION**
The Aleto Foundation is a charitable company, with charity number 1138699 and company number 07082850, and is registered in England and Wales. The Charity’s registered office is 63a High Street, Leatherhead, Surrey, KT22 8AQ.
## **2. ACCOUNTING POLICIES**
## **2.1 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.
The Aleto Foundation 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 financial statements are presented in UK sterling, which is the Charity’s functional currency, and rounded to the nearest pound.
## **2.2 COMPANY STATUS**
The company is a company limited by guarantee. 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 registered office is 63a High Street, Leatherhead, England, KT22 8AQ.
## **2.4 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.
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 can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees’ report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the company which is the amount the company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
## **2.3 GOING CONCERN**
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
**Aleto Foundation** Annual Report and Accounts 2024
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## continued Notes to the financial statements
## **2. ACCOUNTING POLICIES** CONTINuED
## **2.5 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. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the assetís use.
Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company’s objectives, as well as any associated support costs.
## **2.9 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.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
## **2.10 FINANCIAL INSTRUMENTS**
The Company 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.
## **2.11 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 Company and which have not been designated for other purposes.
All expenditure is inclusive of irrecoverable VAT.
## **2.6 INTEREST RECEIVABLE**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.7 DEBTORS**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.8 CASH AT BANK AND IN HAND**
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund.
## **3. INCOME FROM DONATIONS AND LEGACIES**
|||**Restricted**
**Unrestricted**
**Total funds**|**Total funds**|
|---|---|---|---|
|||**funds 2024**
**funds 2024**
**2024**|**2023**|
|||**£**
**£**
**£**|**£**|
||Donations|**49,904**
**161,334**
**211,238**|200,265|
||Grants|**45,749**
**-**
**45,749**|25,000|
|||**95,653**
**161,334**
**256,987**|225,265|
||Total 2023|**94,880**
**130,385**
**225,265**||
**Aleto Foundation** Annual Report and Accounts 2024
**31**
CHARITY
SECTION 1: GOVERNANCE
SECTION 2: OuR ACTIVITIES
**SECTION 3: FINANCES**
## continued Notes to the financial statements
## **4. INCOME FROM CHARITABLE ACTIVITIES**
||**Restricted**
**Unrestricted**
**Total funds**|**Total funds**|
|---|---|---|
||**funds 2024**
**funds 2024**
**2024**|**2023**|
||**£**
**£**
**£**|**£**|
|Annual leadership programme|**10,750**
**-**
**10,750**|13,750|
|Total 2023|**6,750**
**7,000**
**13,750**||
Annual leadership programme restricted income relates to donated services totalling £10,750 (2023: £6,750) which are the estimated costs of a corporate sponsor putting on the programme on behalf of the Charity.
## **5. INVESTMENT INCOME**
|||**Unrestricted**
**Total funds**|**Total funds**|
|---|---|---|---|
|||**funds 2024**
**2024**|**2023**|
|||**£**
**£**|**£**|
|Bank|receivable|**6,289**
**6,289**|12,057|
|Total|2023|**12,057**
**12,057**||
## **6. ANALYSIS OF EXPENDITURE BY ACTIVITIES**
||**Activities**
**undertaken**
**directly**
**Support**
**costs**
**Total funds**|**Total funds**|
|---|---|---|
||**2024**
**2024**
**2024**|**2023**|
||**£**
**£**
**£**|**£**|
|Direct and support costs|**8,482**
**320,826**
**329,308**|271,647|
|Total 2023|**6,012**
**265,635**
**271,647**||
## **ANALYSIS OF DIRECT COSTS**
|**ANALYSIS OF DIRECT COSTS**|||
|---|---|---|
||**Activities**
**Total funds**|**Total funds**|
||**2024**
**2024**|**2023**|
||**£**
**£**|**£**|
|Event costs|**8,482**
**8,482**|6,012|
|Total 2023|**6,012**
**6,012**||
## **ANALYSIS OF SUPPORT COSTS**
|||**Activities**
**2024**
**Total funds**
**2024**
**Total funds**
**2023**|
|---|---|---|
|||**£**
**£**
**£**|
||Staff costs|**236,764**
**236,764**
234,441|
||IT costs – subscriptions|**2,789**
**2,789**
4,261|
||Fundraising costs|**216**
**216**
215|
||Alumni|**1,322**
**1,322**
2,320|
||Insurance|**272**
**272**
314|
||Marketing|**41,799**
**41,799**
4,920|
||Travel/accommodation for programme participants|**22,924**
**22,924**
8,728|
||Donated service expense|**10,750**
**10,750**
6,750|
||Governance costs|**3,990**
**3,990**
3,686|
|||**320,826**
**320,826**
265,635|
||Total 2023|**265,635**
**265,635**|
During the year, the charity’s marketing costs increased as the charity was able to secure the services of a specialist marketing support company.
Included within support costs are restricted expenditure of £177,515 (2023: £164,741).
**Aleto Foundation** Annual Report and Accounts 2024
**32**
CHARITY
SECTION 1: GOVERNANCE
SECTION 2: OuR ACTIVITIES
**SECTION 3: FINANCES**
## continued Notes to the financial statements
## **7. INDEPENDENT EXAMINER’S REMUNERATION**
The independent examiner’s remuneration amounts to an independent examiner fee of £3,564 (2023: £3,360).
## **8. STAFF COSTS**
|**8. STAFF COSTS**|||
|---|---|---|
||**2024**|**2023**|
||**£**|**£**|
|Wages and salaries|**236,764**|234,441|
||**236,764**|34,441|
||||
|The average number of persons employed by the Company during the year was as follows:|||
||**2024**|**2023**|
||**No.**|**No.**|
|Average employees|**9**|9|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
## **9. KEY MANAGEMENT PERSONNEL**
Remuneration and benefits paid to key management personnel during the year, including employer’s national insurance contributions, totalled £84,455 (2023: £68,400).
## **10. TRUSTEES’ REMUNERATION AND EXPENSES**
During the year, no Trustees received any remuneration or other benefits (2023: £NIL).
During the year ended 30 November 2024, no Trustee expenses have been incurred (2023: £NIL).
## **11. DEBTORS**
|||**2024**|**2023**|
|---|---|---|---|
|||**£**|**£**|
||**DUE WITHIN ONE YEAR**|||
||Other debtors|**3,361**|3,111|
||Prepayments and accrued income|**-**|27,000|
|||**3,361**|30,111|
## **12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|||||||**2024**|**2023**|
|---|---|---|---|---|---|---|---|
|||||||**No.**|**No.**|
|In|the|band|£60,001|-|£70,000|**-**|1|
|In|the|band|£80,001|-|£90,000|**1**|-|
||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Accruals and deferred income|**3,564**|3,360|
**Aleto Foundation** Annual Report and Accounts 2024
**33**
CHARITY
SECTION 1: GOVERNANCE
SECTION 2: OuR ACTIVITIES
**SECTION 3: FINANCES**
## continued Notes to the financial statements
## **13. STATEMENT OF FUNDS**
## **STATEMENT OF FUNDS CURRENT YEAR**
|**13. STATEMENT OF FUNDS**
**STATEMENT OF FUNDS CURRENT YEAR**||
|---|---|
||**Balance at**
**1 December**
**2023**
**£**
**Income**
**£**
**Expenditure**
**£**
**Balance at**
**30 November**
**2024**
**£**|
|**UNRESTRICTED FUNDS**||
|General Funds|**171,992**
**167,623**
**(151,793)**
**187,822**|
|**RESTRICTED FUNDS**||
|Mentoring and Leadership Programmes|**117,205**
**60,654**
**(131,766)**
**46,093**|
|Grants|**-**
**45,749**
**(45,749)**
**-**|
||**117,205**
**106,403**
**(177,515)**
**46,093**|
|**TOTAL OF FUNDS**|**289,197**
**274,026**
**(329,308)**
**233,915**|
## **NATURE AND PURPOSE OF RESTRICTED FUNDS**
Running mentoring and leadership programmes is at the heart of the work Aleto does to support and enable young disadvantaged people to become future leaders. Delegates at our leadership programmes attend seminars, inspirational talks, interactive panel discussions, team challenges and networking sessions. Our online mentoring programmes (either stand alone or as an extension to our leadership programmes) pair mentees with suitable mentors who provide one to one mentoring support over a 9 month period to help these young people to achieve their goals.
## **14. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
## **ANALYSIS OF NET ASSETS BETWEEN FUNDS – CURRENT PERIOD**
||**Restricted**
**funds**
**2024**
**£**
**Unrestricted**
**funds**
**2024**
**£**
**Total funds**
**2024**
**£**|
|---|---|
|Current assets|**46,093**
**191,386**
**237,479**|
|Creditors due within one year|**-**
**(3,564)**
**(3,564)**|
|Total|**46,093**
**187,822**
**233,915**|
## **ANALYSIS OF NET ASSETS BETWEEN FUNDS – PRIOR PERIOD**
|||**Restricted**|**Unrestricted**||
|---|---|---|---|---|
|||**funds**|**funds**|**Total funds**|
|||**2023**|**2023**|**2023**|
|||**£**|**£**|**£**|
||Current assets|117,205|175,352|292,557|
||Creditors due within one year|-|(3,360)|(3,360)|
||**TOTAL**|117,205|171,992|289,197|
## **STATEMENT OF FUNDS PRIOR YEAR**
||**Balance at**|||**Balance at**|
|---|---|---|---|---|
||**1 December**|**As restated**|**As restated**|**30 November**|
||**2022**|**Income**|**Expenditure**|**2023**|
||**£**|**£**|**£**|**£**|
|**UNRESTRICTED FUNDS**|||||
|General Funds|129,456|149,442|(106,906)|171,992|
|**RESTRICTED FUNDS**|||||
|Mentoring and Leadership Programmes|180,316|76,630|(139,741)|117,205|
|Grants|-|25,000|(25,000)|-|
||180,316|101,630|(164,741)|117,205|
|**TOTAL OF FUNDS**|309,772|251,072|(271,647)|289,197|
63a High Street Leatherhead Surrey KT22 8AQ
Email address: hello@aletofoundation.org.uk