2021-06-30-accounts

Trustees’ Report and Financial Statements For year ended 30 June 2021

p1 Chair’s Statement p2 CEO’s Statement p3 Trustees’ Report p16 Trustee Details

p17 Auditor’s Report p21 Statement of Financial Activities p22 Balance Sheet

p24 Cashflow Statement P25 Notes to Financial Statement

The Chair’s Statement

I am once again delighted and proud to present the Trustee’s Report and Financial Statements for LTSB.

During the escalating Covid-19 crisis and related lockdowns the need for our charity’s work grew dramatically. This required all parties involved to adapt and to step up.

And they all did.

Our staff, employers, mentors and funders responded magnificently.

As you will see in this report we were able to place more young people than ever into professional careers. This success applied to both our new programmes and for existing programmes where young people were stranded by the pandemic.

At the same time we were able to maintain or increase the starting salaries for all our young apprentices whilst increasing our provision of much needed pastoral care.

I must particularly thank the employers who espouse the values and purpose we all strive for. Especial among them is NatWest Group, whose demonstration of these core principles moves me beyond measure.

From a board perspective, as I near the end of my term as Chair, it has been my ambition to increase the diversity of skills, ethnicity and gender. As I write this note I can report that this has largely been achieved.

The charity is in good hands with an experienced and accomplished CEO, Senior Leadership Team and Board of Trustees.

Thank you to all the wonderful people who made all of this possible.

David Pinchin, Chair

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The
CEO’s
Statement
Thank you for reading our annual report.
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As we reflect on another year, the question we should always ask is, “Are we still delivering against our vision and mission?” Another way of putting it might be, are we genuinely helping those young people we are here to support?

Reading through the report, the impact we make, and the feedback from our participants, it is easy to see the answer to those questions is a resounding “YES!” Our impact is growing, and our programmes expanding, all against a backdrop of reduced opportunities for young people and sectors where young people are predominantly employed, only just beginning to rebuild.

It has been another challenging year for young people. The consequences of COVID-19, the lockdowns, and the impact on the most vulnerable will be felt for years to come. Our work has never been more needed, and our focus on social mobility has not waivered. If we are to rebuild as a society and an economy, we need to empower young people and create opportunities to flourish, regardless of their background.

At LTSB, we are proud to connect young people from disadvantaged backgrounds to meaningful careers with leading employers. Employers who value diversity in all its forms, pay well and offer training and prospects. These employers share our ideals and values and put them into practice by working together to unlock futures for young people.

Creating the impact we make could not be sustained without talented young people, passionate partners, employers, and committed funders. And then there are the wonderful colleagues at LTSB. Colleagues that have also been affected by the turmoil and turbulence we have all found ourselves in; have still fully committed to being there night and day for young people. Whether direct delivery, unlocking funding, recruiting young people, managing the finances, systems, placing young people into employment and leading under challenging times, I am proud of everyone working at LTSB.

I would also like to thank all of our fantastic stakeholders, the Board of trustees, and our founder and chairman, David Pinchin, for all of the support, guidance, and commitment over this last year.

With warmest regards,

Paul Evans,

CEO

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Trustees’ Report

The Trustees present their Annual Report together with the audited financial statements of the Charity for the 1 July 2020 to 30 June 2021. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Charity qualifies as small 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.

Our Vision

A world where all young people flourish, regardless of their background.

Our Mission

Leadership Through Sport & Business (LTSB) prepares, connects and supports young people from disadvantaged backgrounds to careers with major organisations.

Our programmes are designed to tackle the structural inequality in education and employment that prevents social mobility. We work with bright young people from economically disadvantaged backgrounds across the UK and unlock their potential through personal and professional development and career-making employment. We do this by:

• Promoting opportunities to those from backgrounds that are not normally reached

• Preparing young people for the workplace, and the workplace for the young people

• Providing context for their application, and stewarding the hiring process – we make sure our young people get a job, at salaries that reflect their worth

• and Pastoral care - additional, individual support for the first year of their career.

Our Programmes

We help young people establish careers in the Business & Finance, Contact Centre, Customer Service, and Digital sectors. After our industry-specialised pre-employment programmes prepare them for work, we place them in meaningful roles and support them for the first year of their career. In 2022, we will expand to Legal and Marketing.

Public Benefit

LTSB operates for public benefit and general charitable purposes according to the laws of England and Wales. The Trustees have paid due regard to the Charity Commission’s guidance on public benefit in deciding the activities undertaken by the Charity during the year, and in planning activities and setting policies for the year ahead.

Beneficiaries

In accordance with our charitable objectives, the beneficiaries of LTSB are young people between the ages of 16 and 24 from disadvantaged backgrounds.

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Assessment of Public Benefit

At each Trustees’ meeting, the Trustees review a progress report prepared by the Senior Leadership Team. The report covers programme impact and results, programme development, policy changes, fundraising, financial performance, and organisational risks. This enables the Trustees to ensure they are in line with our strategy and that we are effectively operating for the benefit of the public in accordance with our objectives.

The Trustees are satisfied that the information provided in the report meets the public benefit reporting requirements. LTSB may also pursue other charitable purpose or purposes according to the law of England and Wales as the Trustees in their absolute discretion shall select from time to time.

Year in Review

Pandemic Response

As the reality of the pandemic became clear, every organisation considered how it could respond. At LTSB we were aware that much of what we do was essentially about in-person activity. We prepared young people for work, in work environments, often with future colleagues. The first part of our bootcamp is a sports coaching week – it binds cohorts and our young people cite it as a vital experience. But the offices we ran our sessions in were shut. Our football club foundation partners were unable to deliver at all.

We also had existing obligations to young people, some of whom had just completed their bootcamps and would normally be interviewing for roles. Many were already in employment. Given the nature of our work, our beneficiaries live in the areas most affected - some of our young people had very ill family, or even lost loved ones. All faced an uncertain future, but we wanted to make sure they knew LTSB was still a voice in their corner.

We’re proud to have been on hand throughout, whether for a late-night worry-text, or a walk to talk about how they were feeling. Like many organisations, we did whatever we could – and found our supporters also did whatever they could. We’re grateful to the funders and partners whose flexibility and support allowed us to adapt.

The Employment Landscape

LTSB has always defined itself as an employment charity, rather than an employability charity: we get young people careers. These outcomes were at real risk as organisations paused recruitment across the board, with apprenticeships particularly vulnerable, as the Sutton Trust reported in May 2020. 31% of employers surveyed reported that they were likely to hire fewer apprentices over the coming year, or none at all, and ‘firms worried about their ability to survive the crisis were more likely to say their apprentices were unlikely to resume, and more likely to cut future apprenticeship recruitment. Half of businesses [worried about their ability to survive] reported they would be recruiting fewer apprenticeships, or none at all.’ (‘COVID-19 and Social Mobility Impact Brief #3: Apprenticeships’, Katherine Doherty and Carl Cullinane, May 2020.) We now know that it was the biggest mid-year cut in graduate vacancies since 2008, the start of the global financial crisis, with fifty-seven of the country’s one hundred leading employers recruiting fewer graduates than in 2019 or hired no graduates at all. ( The Graduate Market in 2021 , Highfliers Research, p. 5) This creates downward pressure that particularly squeezes out nongrads looking for apprenticeships: entry-level opportunities for those that need it most would be at a premium.

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Like the global financial crisis, it was clear that the pandemic would disproportionately impact those from marginalised and vulnerable communities.

We’re delighted, then, that our employer partners responded to the crisis by sticking to their values – because that’s what values are. Having provided firms like MAPP, BKL and RSM with great young people, they proved their commitment to the best from all backgrounds and continued to hire LTSB apprentices. And after a successful Digital pilot in 2019, NatWest Group’s commitment to hiring our young people from across the UK was a huge vote of confidence, and a recognition of the value that both LTSB and our young people bring.

Programme Delivery and Outcomes

Digital and Customer Service

After NatWest Group confirmed their commitment to hire, we had to recruit for and deliver online bootcamps for the first time – and in just a few months. As valuable as our inperson delivery was, we needed to adapt to the pandemic. We redesigned the material, acquainted ourselves with Zoom, and processed over 800 candidates for our Digital and Customer Service programme. It was an extraordinary achievement under difficult conditions.

We ran six, three-week bootcamps (plus a week-long evening class for those who had to continue to work), preparing 104 participants in Edinburgh, London, and Manchester. Despite the accommodations and concessions that had to be made – especially the loss of the coaching week – feedback showed the same high level of satisfaction as we had for previous, in-person programmes. (Many respondents stated a preference for meeting in real life, but recognised restrictions made it impossible.)

D&CS Breakdown

• 104 (60 in London, 31 in Edinburgh and 13 in Manchester)

• 73% Index of Multiple Deprivation and / or Free School Meal eligible

• 38% Female

Demographics:

• 39% White British

• 25% Black & Black British

• 24% Asian & Asian British

• 5% Other

• 6% Mixed

• 1% Prefer Not to Say

D&CS Bootcamp Feedback*

100%: “The support from the LTSB team has been important to my development” 98%: “I would recommend this bootcamp to other young people like me” 97%: “I feel more employable” and “I feel more confident”

“If you're a young person who isn't confident in their professional and employability skills, LTSB will take you from zero to hero. They'll help you realise your potential and fill in the gaps, and they do it because they really care :) ” Britney, 2020 Digital

“The LTSB Bootcamp is career changing. It equips you with essential employability skills that would be required in any role as well as essential soft skills. This opportunity allows you to meet professionals from several different backgrounds and roles, giving you a detailed insight of what it’s like working in a business environment. Overall it develops you into a well-rounded individual, so I recommend that everyone should take part in it!!!” Saima, 2020 Digital

*Available responses range from Strongly Agree to Strongly Disagree. Percentages here and throughout reflect respondents who Strongly Agreed or Agreed with the statement.

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As a result of this programme, 62 young people were hired in a variety of roles from degree apprenticeships in Digital & Technology Solutions to Level 4 Data Analyst and Level 3 Customer Advisor apprenticeships. We know that young people from disadvantaged backgrounds can become defined by the jobs they take out of necessity. The pandemic will undoubtedly result in many living less fully – with talents unexplored or unexpressed – because they did what they had to, rather than what they’d dreamed: for the successful apprentices on this programme, the opportunity to start a career came at a critical time.

It also made a material difference to the conditions for many families. LTSB has long campaigned for living wage and rejects employers who pay the socially immobile apprenticeship minimum wage. For this initiative, the average non-London salary was just over £19,200 , and the average salary in London was just short of £25,400 . We know that this money has been vital to struggling families. With salaries like these and continued support from LTSB, young people can focus on their work and studies, rather than worrying and subsidising poor pay with additional shifts elsewhere. As a result, by the end of this reporting window (about nine months into their roles) only two apprentices had left – a 97% retention rate, despite the pressures of pandemic and remote working.

We had similar success with the 2019 Digital cohort, who completed the first year of their career within this reporting window. With 90% retention, what comes through the exit surveys is the value of the support LTSB provided. 100% Strongly Agreed or Agreed that:

• In general, LTSB staff provided practical support or advice that helped me succeed.

• There was at least one specific incident where practical support or advice provided by LTSB staff helped me succeed.

• The support that LTSB staff provided made me more resilient.

• And 100% Strongly Agreed ‘I would recommend this bootcamp to other young people like me.’

“I would encourage any young person who is thinking of pursuing an apprenticeship programme to think of LTSB first. Having been through the experience with LTSB I can only thank the staff and everyone involved for their patience and persistence to want to help young individuals like me from a disadvantaged background. I have learnt a lot in a short space of time with LTSB and I would advise any young person to take that leap to want to better their skills and behaviours by signing up to this bootcamp as it is a life changing experience.” Kelvin, Digital 2019

Business & Finance

Within this reporting window, LTSB had two Business & Finance intakes. These are longer bootcamps, running for around four months and including vocational qualifications from our education partners. The London cohort is delivered with College of Haringey and North East London. The National cohort is delivered remotely with BPP.

The National cohort was also a pilot initiative. A grant allowed us to find opportunities for young people in Birmingham, Liverpool, and Manchester with SMEs who would normally pay apprenticeship minimum wage. For anyone, but particularly those living independently or

Business & Finance Breakdown

• 33 (20 in London, and 13 in National Cohort)

• 73% Index of Multiple Deprivation and / or Free School Meal eligible

• 30% Female

Demographics:

• 39% White British

• • 36% Asian & Asian British • 18% Black & Black British • 6% White Other

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who have dependents, it’s impossible to live on £8k per year. To open up meaningful apprenticeship opportunities for the type of young people we represent, our donor’s support ensures they earn at least £16k – leaving them to focus on achieving the longer terms impacts of a resilient career. The donor also financially supported our young people through the bootcamp and employment phase, providing a bursary and IT equipment if required.

Business & Finance Bootcamp Feedback

“I would recommend this bootcamp to other young people like me” 100%: “I feel more confident”

96%: “The support from the LTSB team has been important to my development”

• 92%: “I feel my communication skills have improved”

“Not only is it fun and enjoyable, it is rewarding and will help you realise your goals and reach them. The best way I could explain it is like having an experienced teacher in a subject helping and guiding you but with the relationship of a close friend. They truly do want the best for you and make it all enjoyable and engaging whilst helping you in aspects you didn’t even know you needed help in.” Jack, Business & Finance 2021

While placement of the National cohort did not happen within this reporting window, we’re delighted that 100% of the London cohort was placed with companies like RSM, BKL, CROWE, ALL3Media, and MAPP, at an average salary of £19,800 . This was an incredible outcome considering recruitment instability, helped in part by participants with stronger grades than usual (while still hitting our markers for disadvantage). One side effect of the pandemic seems to have been that the prospect of remote university led some to instead start their careers as apprentices. Similarly, though LTSB previously accepted under-18s who left school before level 3 qualifications (A-levels, BTECs), we now recommend they stay in school to allow the labour market consequences to work themselves out. The considerations when hiring for roles with significant and unpredictable home-working requirements would unavoidably disadvantage younger candidates with less / no prior work experience – especially if they are under 18.

Total Digital, Customer Service, and Business & Finance intake (Jul 20 - Jun 21)

• 137 young people, of which 124 are eligible for placement in reporting window.

• 83 or 67% placed with 15 employers

• Of those placed, 79 or 95% were still in role after a year, or on track.

• National Average Salary: £21,800

Contact Centres

Having successfully delivered Digital and Customer Service bootcamps in unprecedented conditions, LTSB established itself as a valuable and reliable partner for NatWest Group. In October 2020, they asked us to expand our delivery to recruit and prepared young people for apprenticeships at Contact Centres in Belfast, Bolton, Edinburgh, Greenock, Liverpool, and Southend.

Contact Centre roles are different from those for which we have historically prepared young people, yet the positions still provide many of the requirements for social mobility: a real job, not a short-term contract; meaningful qualifications; living wage, and opportunity to progress your career. Considering the possible continued impact that lockdowns could have on retail positions – these conversations began before vaccine approval – it was an obvious opportunity to help young people at greater risk of long-term unemployment in areas characterised by high deprivation.

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Yet these opportunities came with real delivery pressure. NatWest needed us to recruit a cohort in Bolton (where we had not delivered before) for a bootcamp to begin in February 2021. This was a demanding turnaround, with not just the usual Christmas hiatus – which would have been hard enough – but one of constant pandemic uncertainty. For all the loss of direct contact, and the greater difficulty of establishing relationships with young people, working in these areas in the timeframe available was only possible because of the advantages of remote delivery. It meant, for example, we could recruit two additional staff with unlimited geographic reach, rather than one in each location – especially important in areas (Belfast, Greenock) where LTSB had no existing footprint or networks.

Even with these advantages, the Contact Centre schedule has been intense. With almost constant bootcamp delivery and, consequently, ever-increasing numbers of in-role apprentices to support, the effort of the recruitment and delivery teams has been huge. We have also had to adjust to specific considerations for this programme:

• These roles are excellent opportunities for young people further from the job market, who require additional preparation and support.

• We have seen an increase in complex case work, often around home / family conditions that were not fully disclosed during recruitment. This is completely reasonable – we need to earn the right to be trusted with our young people’s lives – but has necessitated a greater range of intervention and likely partnership working with other agencies / charities.

• Contact Centres are not usually centrally / easily located, and so young people without private transport (likely those from poorer backgrounds) struggle to get to where they work or rely on unreliable transport networks (especially for shift work).

• While these roles provide career progression, they aren’t naturally defined as careers, and so appeal to young people who are also open to retail and hospitality roles. As lockdowns eased, labour market conditions created better-paid roles in bars and restaurants, and we’ve seen some leave as a result. (Though this is well within NatWest’s usual experience of filling these positions.)

Yet we’ve also seen that our model adapts well to different beneficiaries, with our usual high bootcamp exit surveys and strong employment rates. Within this reporting window, LTSB delivered seven three-week bootcamps (including work experience at Contact Centres and interviews) – at least one in every location. Of the 94 young people on these bootcamps, 94% (88) completed, 67% (63) were hired (29 female) on over £19,000 . These are transformative opportunities in areas where any opportunity can be scarce, and we are delighted that successful outcomes for our young people has led to this programme being extended into 2022.

Contact Centre Bootcamp Feedback

100%: “The support from the LTSB team has been important to my development” 99%: “I would recommend this bootcamp to other young people like me” 97%: “I feel my communication skills have improved”

“The bootcamp really helped me develop my social skills more especially with how I talk I am now able to get sentences across without seeming as hesitant than before I came to the bootcamp.” Janina, Contact Centre 2021

“[I learned about] myself. I was given a much better idea of who I am, what I can be and what I am capable of.” Aaron, Contact Centre 2021

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Project 62

When the pandemic hit, we were looking to place 62 candidates nationally. Most had just completed a bootcamp – they were primed to impress at interview and excel in the workplace. The disruption couldn’t have come at a worse time, and they were particularly vulnerable in terms of long-term underemployment.

Some reapplied for Digital and Customer Service programmes, but the majority were dedicated to securing careers in business and finance. LTSB committed to finding positive outcomes for as many as we could, for as long as it took – but there was obvious cause for concern. On top of individual company or sector uncertainty, we also recognised the natural hesitation to hire younger people working from family homes, often with young siblings and other responsibilities. It seemed likely that potential employers could see our young people chiefly in terms of the barriers they would have to overcome. In a critical time, with limited support and oversight available, they could instead rely on graduates as an older and more independent entry-level hire.

It’s a great testament to our employment team that we consistently placed apprentices, working with HR departments to arrange online interviews, managing the process and making sure our young people were foremost what they could do, rather than what they couldn’t control.

Of the original 62, we placed 44, and another six found positions and credited our programme. Of the remaining 12, half have withdrawn from the programme and half continue to be supported in their pursuit of meaningful careers, equal to their ambitions and ability.

The Project 62 employers are an impressive range of major firms, showing again the value that our young people offer when their given the chance. Salesforce, Grant Thornton, Duff and Phelps, RSM, BDO and Faethm are just some of those who commit to the best from all backgrounds, despite the conditions. This is reflected in the salaries, with a national average of £19,800, a nonLondon average of £17,950, and a London average of £21,000 – again, life-changing income for families greatest affected by the pandemic.

Corporate Engagement and Support

While offices may have been closed, we weren’t shut out from the expertise and commitment of corporate volunteers from firms like Blackrock, Bower Talent, Capco, Danos, Direct Line, Elements Talent, Goldman Sachs, Kroll, Macquarie, NatWest, PwC, r3, Slack, and TP ICAP.

Their staff directly engage through insight days, practice interview sessions and presentation judging sessions, providing:

• 204 volunteers and over 240 hours for our Digital and Customer Services programmes

• 55 volunteers and 55 hours for the Contact Centre programme

• and an additional nearly 40 hours from 17 volunteers throughout out other work.

Each young person has an average of 14 interactions with professionals on our bootcamps, from practice interviews, to judges on team tasks, to career insight sessions. Without the commitment of volunteers who believe in the value of our work, future apprentices would have a much poorer understanding of the working world.

Pastoral Support

This commitment distinguishes LTSB from other charities. We don’t just provide employability, but employment; we don’t just help young people get a job, we help them keep it too. This is a long-term, substantial relationship. It recognises that, even after they’ve got their dream job, for many of our beneficiaries the hard bit is still to come.

The nature of this relationship means that we’re often called upon by both young people and

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employers well beyond the formal limits of the programme. Even after the first year of their career, young people ask us for advice or help, and line-managers raise concerns about well-being because they know we can have more honest conversations.

Within this reporting window, we’ve helped young people who had become unhoused or who were at risk of losing their home; we’ve supported young people who have struggled with mental health, especially where exacerbated under covid conditions. But not all our interventions are so dramatic, and most of our support is being there for a walk, or a call, or even just a late-night text when young people are feeling overwhelmed.

In practical terms, this means our caseload is always greater than our contracted obligations with employers. While we project an average monthly contact, these tend to be more frequent during the probation period and have to respond to the needs of our beneficiaries. Contact Centres have had 25 ‘red cases’ requiring approximately 10 additional interactions per person of intensive support. Project 62 and the Digital cohorts had young people with significant additional support requirements, requiring at least weekly contact throughout their placement year.

Overview

From July 20 to June 21, 231 young people started an LTSB bootcamp – almost half as many as the total number we’ve worked with from inception in 2012 to 2019. Across this delivery only 6 young people dropped out, reflecting in part the Covid conditions of shorter virtual programmes, but also the genuine value our beneficiaries find in our delivery. 189 started apprenticeships that varied from customer service to data analyst, from business admin to accountancy. 65% of those who completed bootcamps in this period were employed.

Achieving these outcomes and this growth during an extraordinary period of difficulty and uncertainty is a testament to the strength and commitment of the LTSB Team. This a charity that responded to a crisis by taking every opportunity we could to support young people, and maintained our commitment to tangible outcomes: meaningful careers and living wages.

Future Plans

Despite the pandemic and the impact on charities in general, we have been able to grow our services, impact and income. This is testament to the hard work of the team, the commitment of our young people and the strong relationships we have with funders and partners. As we grow there is always more to do. An organisation in such a rapid period of growth inevitably feels the strain on resources and a pressure to continuously seek funding to cope with the demands of new services, infrastructure requirements and the need to develop and train staff.

Though we aspire to help as many young people as possible, our plans are grounded in the commitment to deliver growing services in a way that puts quality at the centre. A quality service to young people, to our funders and partners – and to the families and communities that trust us to keep the promises we make to their children. We will grow in line with the opportunities available to young people and with a solid financial argument. As the scrutiny on charities grows, so must our vigilance to balance growth with quality and sustainable impact.

We will increase industry pathways available to young people, introducing Marketing and Legal programmes in 2022. We will increase the voice and influence of our young people within the organisation by introducing a youth board. We will seek out organisations with ring-fenced opportunities, so that we recruit young people with a defined opportunity. We will revisit our brand, website and analyse the role of sport within our programmes as we evolve. We will weigh each opportunity, balancing the need to fill the yearly funding gap, secure multi-year funding and most importantly provide a valuable service to the young people that need us.

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Fundraising

The work of LTSB has been made possible through generating funds through a range of income streams. Business development and funding activity is also supported by other colleagues within the organisation and Trustees.

We take our fundraising responsibility seriously and have policies in place to ensure good practice, in line with the charity governance code.

We have never received a complaint regarding our fundraising practice.

We have a Finance Committee in place which would be the nominated body to handle complaints should they arise. We are in the process of implementing our new systems, notably Oracle NetSuite to provide CRM, Finance and Fundraising solutions and Trust Impact data visualisation tools.

Governance

LTSB is registered as a charitable company limited by guarantee and was set up by a Trust deed. LTSB is a well-governed charity with a board drawn from many different sectors, and a clear commitment to continuous learning, improvement and strengthening.

We have been reviewing our governance requirements to ensure we have the right board and structure for the years ahead. We have the support of the law firm, Brabners, who support us in all aspects of governance and related policy development. We will explore areas not limited to: board diversity; conflict of interest; board roles and engagement; succession planning; board appointment process; Nomination and Remuneration Committee; young people’s involvement.

Our Trustees are particularly keen to ensure the voices of young people and staff are heard at governance level and inform their decision making.

Trustee Recruitment and Induction

Election, retirement and re-election of Trustees are carried out according to the procedures set out in our Memorandum and Articles of Association, which is our governing document.

In 2021 we began a process of identifying new trustees to enhance and diversify our Board of Trustees. Our Founder and Chairman David Pinchin announced his decision to step down from the Board of Trustees after a remarkable 10-year term. To support the process of seeking a new Chair and additional trustees we enlisted the executive recruitment firm, Boyden. At the time of writing we are welcoming new members of the Board and continuing to seek a trustee to occupy the Chair position.

LTSB reviews and continues to recruit new Trustees to ensure the board is diverse and has the range of skills, knowledge and experience necessary to comply with its collective responsibility.

All new Trustees have an induction to ensure their understanding of the role Trustees under charity law and being a Director under company law. Induction also provides an overview of LTSB, its mandate, policies, procedures, structure, governance, mission and strategic direction with particular reference to the Charity Commission guidance.

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Role of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

The Board of Trustees meet formally four times a year and have ultimate responsibility for ensuring that:

• LTSB complies with statutory and regulatory requirements,

• the strategic direction is in line with the LTSB constitutional objects,

• operational and financial management is in line with both LTSB’s strategic goals and the organisation’s means,

• we are answerable to our beneficiaries and to our supporters, and

• there are adequate systems and procedures in place for good risk management.

The Board takes responsibility to safeguard funds entrusted to us to positively change the lives of young people from disadvantaged backgrounds. The Board sub-committee provides oversight on Finance and reports to the main Board. We have zero tolerance policy on fraud, bribery and corruption. Trustees are able, where appropriate, to take independent professional advice at no personal expense. LTSB has Trustees’ Liability insurance in place which is reviewed periodically.

The financial statements have been prepared on the going concern basis. This assumes that the company will continue to operate for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements and will be able to meet their debts as they fall due.

The Trustees have reviewed the financial forecast for the next twelve months and are confident that with a healthy cash reserve balance, contracts in place, and fundraising successes that LTSB is on a secure financial footing. We have continued to receive funding in the period since the year-end, and at the date of signing the financial statements, LTSB had sufficient cash to cover more than six months of expenditure. Based on these factors, the Trustees consider it appropriate to prepare the financial statements on a going concern basis.

Remuneration Policy for Key Management Personnel

Remuneration for LTSB’s key management personnel is decided by CEO, in consultation with the Chair, and submitted to the Board for approval.

Financial Review

Total incoming resources in the year were £1,176,821 (2020: £1,018,065) and total outgoing resources £972,485 (2020: £931,853) producing a surplus of £204,336 (2020: £86,212) for the period. The year end surplus masks the financial challenges experienced during the year, and mostly comprises a large restricted grant that was awarded towards the end of the financial year, which was largely unspent at year end, contributing £231k to the restricted reserves. Nonetheless, LTSB is pleased to have grown its income during a pandemic year and particularly to have received funds from a greater number of funders, to have received a large grant to pilot work with smaller employers and to have taken on a new contract with NatWest.

At the year end the charity had net assets of £764,282 (2020: £559,945), of which £304,051 was restricted (2020: £77,584) and of which £231,142 related to the large restricted grant to work with SMEs and which will be spent in subsequent financial years largely on external costs.

Of the unrestricted reserves, £195,190 was designated as expenditure for the 2021 contact centre contract. The payment for this contract was received up-front but much of the work (and hence cost) will be incurred in financial year 21/22.

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Reserves

LTSB had 6 months running costs in reserves at the end of June 2021, which the Board and management team agreed was an appropriate level of reserves.

Risk Management and Internal Control

Risks are managed via the LTSB risk register which is controlled by the CEO & Finance Director. The Trustees review the major risks the charity faces as part of the annual business planning process and have established a ranking and control systems to manage these risks.

The Trustees are satisfied that these arrangements, combined with the annual review of financial controls and the reserves policy, will ensure that sufficient resources are available to maintain services for the foreseeable future.

Trustees review the risk register annually, which covers risks across Governance, Operations, Young People, and Finance .

Principal Risks & Mitigations

We have identified the key risks to LTSB as:

• Finance – high proportion of operational income from a single company

• Operations – safeguarding and recruitment

Finance

The principal risk to the charity is the proportion of income from a single corporate. Loss of this income would significantly reduce our ability to maintain current levels of expenditure and impact.

We have a funding diversification strategy that supports us to generate funds from a range of sources, including institutional and individual donors, events, corporates and commissioned income from contracts. We are continuously identifying new funding streams and corporate partners and are confident in our diversification strategy and pleased with progress. We have good liquidity and strong reserves, including a healthy cash balance. All of this would allow us sufficient time and resource to address any significant changes to the organisation.

Operations – Safeguarding

LTSB’s trustees and senior management team continue to place emphasis and attention on how we safeguard our young people. As we grow it is inevitable that we will deal with more actual or potential safeguarding issues. The staff team have received training, including the CEO, and at least one member of the board will also attend NSPCC safeguarding training. We have significantly revised the safeguarding policy and all safeguarding issues are reported as a standing agenda item at executive meetings. We are also seeking funding for a safeguarding officer post in 2022.

Operations – Recruitment

LTSB depends on employers to hire the type of young people we support, in the areas we support them. The recruitment response to difficult times may be reliance on traditional talent pools – Russell Group grads, or very high A-level criteria. We now provide much more training and information for companies around socially-mobility, especially in terms of the business case. Substantial commitment from high-profile companies like NatWest Group makes a compelling case to their peers and competitors, and provides a more stable model for employment – working backwards from an agreed pool of jobs reserved exclusively for our candidates. We will seek to replicate this model in future.

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We also need to be able to provide young people that firms are willing to hire. That isn’t just young people from disadvantaged backgrounds, but those from disadvantaged backgrounds who have the ambition and ability to work in unfamiliar and demanding environments. Recruitment of appropriate young people is the foundation of our work, and subject to the same labour market pressures as everyone else – especially when expanding into new regions / sectors. In mitigation we now have a dedicated recruitment team, attending year-round to the development of online advertising, referral streams and youth networks to ensure opportunity finds those who need it most.

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Statement of Trustees’ Responsibilities

The Trustees (who are also the directors of the Charity 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 period. 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 Charity 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 judgements 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 Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

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 charity's auditors are unaware, and

• that Trustee has taken all the 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 charity's auditors are aware of that information.

Auditors

The auditors, Berg Kaprow Lewis LLP , have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees on and signed on their behalf by:

Lorraine Emma Barclay

25[th] March 2022

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LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2021 Trustees Julie Ann Carnjthers Darren Gumer David Pinchin Juliet Thompson Patrick Charles Thomlon-smith W1n￿e Wong Peter Nomian Lodder Lorraine Barclay Company rggS$tgr•d number 08033634 Charlty rog15tsred number 1147616 R8gl8tsred office Graeme Hughe$ clo 8rabners LLP Horton House. Exchange Flags Liverpool L2 3YL Company Sg¢rotsry Brabners Seuetsrie$ Limileil Chl8f 8xocutSvo officor Paul Evans Ind•p•nd•nt auditorn Berg Kaprow Lews LLP Chartered Accountsnls Statutory Auditor 35 Ballards Lane London N3 1XW Page 16

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LEADERSHIP THROUGH SPORT AND BUSINESS Opinlon We have audited the ftancial statements of Leadetship Through Sport and Business (the 'charilable companll for the year ended 30 June 2021 which Comprise the Statement ol Financial Activities. the 8alan¢e Sheel. the Ststement of Cash Flows and the ￿lated notes. including a summary of significant accounting policies. The financial repo￿.￿9 framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporb'ng Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted A¢¢ounting Praclicel. In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 30 June 2021 and of its incoming resources and application ol res¢Jurces, including ils income and expènditure lor the year then ended., have been property prepared in accordan￿ vAth United Kingdom Generally Accepted Accounting Practice". and have been prepared in accordan￿ with the requirement$ of the Charitie$ Ad 2011. B*818 for oplnlon We conduded our audit in a￿ordanCe with Intemati¢)nal Standards on Audib'ng IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial slalemenls 5e¢tson of our report. We are Independent of the Charitable company in ac¢ordan¢è with the elhieal requirements that are relevant lo our audit of the financial stslemenls in the United Kingdom. including the Financial Reporting Council's Ethical Standard. and we have fvlfilled our other ethical responsibilities in a￿rdance wlh these requirement$. We believe that the audit eviden¢e we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclu•lon$ rela￿ng to going c¢)ncem In auditing the financial statemerts. we have concluded that the Trustees. use of the going concem basis of a¢¢ounling in the preparation of the finan¢ial stslemenls is appropriate. Based on the work have performed, we have not identffied any malerial uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to ¢onlinue as a going concem for a period of at least months from when the financial 51alemenls are authorised for issue. Our respon5ibilrties and the responsibiliti'es of the Trustees respect to going concern are described in the relevant section5 of thi5 report. Page 17

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LEADERSHIP THROUGH SPORT AND 8USINESS (CONTINUED) Other Infomiatlon The other information comprises the iftfomalion included in the Annual Report other th8n the financial stslements and our Auditors, Report Ihereon. The Trustees are responsible for the other information ¢ontsined within the Annual Report. Our opinion on the finanual ststemenls does not cover the other information and. except to the extent otherwise explicrtly stated in our report, we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other inforniation and, in doing so, consider thether the other infornialion 15 materially inconsistent wth the financial slalemenls or our kno¥￿edge obtained in the course of the audrt. or otherwise appears lo be materially misslaled. If we Identify su¢h material inconsistencies or apparent material misstalemenls. we a￿ required to detemine whether this gives rise lo a material misstatement in the financial statement$ themselve$. If, based on the work we have performed, we conclude that there is a material mi$statemenl of this other infonnation, we are required lo report that fad. We have nothing to report in this regard. Mattorn on whlch wo aro roquirod to report by exception We have nothing to report in respect of the followng matters wthere the Charities (Accounts and Reportsl Regulation$ 2008 requires us to report to you if, in our opinion.. the infomialion given in the Trustees. Report is inwisislent in any material respect wlh the financial statemen15', or sufficient accounting records have not been kept". or the financial statements are not in agreement wth the accounting records and relums,. or we have not received all the inf0m￿tion an¢J explanations V+e require for our audit. R8spon81bllltlg$ of trusts8¥ As explained more lully in the Trustees, Responsibiltbes Stslement. the Trustees (who are also the directors of the charitsble company for the purposes of company lawl are responsible for the preparation of the financial Ststements and for being satisfied that they give a true and fair wew. and for $uch intemal 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 $tslements. the Trustees are ￿SponSible for a$$e$$ing the charitable Company's ability to conts'nue as a going concern. disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic altemative bLrt to do so. Page 18

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LEADERSHIP THROUGH SPORT AND 8USINESS (CONTINUED) Audltors. ro$pon$ibllltbo$ for tho audit of thg finan¢ial $tatsm¢nts We have been apptsinled as auditor uftder section 144 of the Charth"es Act 2011 and report in a¢cordance with the Act and relevant regulations made or having effect the￿under. Our objectives are to obtain reasonable assurance about vthether the financial slalemenls as a whole are free from material misslatemenl, whether due to fraud or e￿Or. and to issue an Auditors, Report th81 includes our opinion. Reasonable assurance is a high level ol assuran¢e. but is not a guarantee that an audit conducted in accordance wth ISAS IUKI wll a￿VayS detect a material misstatement vthen it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instsn¢es of non-compliance wlh laws and regulations. We design procedures in line with our responsibilities, outlined above, lo deted material mi$statemenls in respect of irregularits'es, including fraud. The extent to whith our procedures are capable of detecting irregularitie5, induding fraud is detailed below.. Enquiring of management around octual and potential liligalion and claims., Reviewing minutes of meetings of those charged ￿th goveman¢e', Reviewing financial statement disclosures and lesling lo supporting documentation lo assess compliance wrth applicable laws and regulations. Perfomiing audit work over the risk of management override of controls, including testing of journal entries and other adjuslmenls for appropriateness. evaluab.ng the bu5ines5 rab'onale of significant transactions outside the nomal course of business and reviewin9 a¢¢ountsng estsmales for bias. Because ol the inherent limitations of an audit. there is a risk that we wll not detect all irregularities, including those leading to a material misstatement in the financial statemenls 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 slatemenls. as we will be less likely lo become aware of instances ef non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error. as fraud involves intentional ￿ncealment, forgery, ￿llUsi1)n. omission ¢y misrepresentats'on. As part of an audi( in ac￿rdance wrth ISAS {UK}. we exercise professional judgement and maintain professional sceplicism throughout the audit. We also- Identify and assess the nsks of wnalenal misstslement of the financial slalements, whether due to fraud or error, design and perform audit pr￿dureS responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misslalemenl resuliing from fraud is higher than for one resutting from error. as fraud may involve collusion, forgery. intentional omissions. misrepresenlations, or the ove￿Ide of internal control. Obtain an understanding of intemal control relevant to the audit in Order to design audrf( procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion of the effectiveness of the charrtable company's inlemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. Conclude tsn the appropriateness of the Trustees, use of the going concem basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast signfficanl doubt on the charitable companys abiltty lo continue as a going concern. If we conclude that a material uncertainty exists. are required to draw attention in our Auditors, Report to the related disclosures in the financial statements or, if such disclosures are inadequate, lo modify our opinion. OUT condusions ale based on the audrt evidence obtained up lo the Page 19

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LEADERSHIP THROUGH SPORT AND 8USINESS (CONTINUED) date of our AudiloTS' Report. However, fiJbJre events or condrbons may cause the charitable company lo Cease lo continue as a going Concem. Evaluate the overall presentatson, structure and content of the financial statements, including the tli5¢105ures, and whether the financial slalements represent the underfyng transactions and events in a manner that achieves fair presentation. We communicate wth those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audrt findings. induding any signthcanl deficiencies in inlemal control that we identify during our audit. Us• of our rèport This report is made solely to the Charitable Company's tru$tee$, a$ a body, in a¢cordan¢e wth Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state lo the charitable company's trustees those matters we are required to slate lo them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility lo anyone other than the charitable company and ils members. as a body, for our audrt work, for this report. or for the opinions we have formed. Berg Kaprow Lewis LLP Chartered Accountants Statutory Auditor London Dale.. 2510312022 Berg Kaprow Lewis LLP are eligible lo act as audrtorn in tems of seth.on 1212 of the Companies Act 2006. Page 20

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 JUNE 2021 Unrnstrictsd funds 2021 Rostrictsd funds 2021 Total funds 2021 Total runds 2020 Note Income from: Donations Charitable acliwb.es Investments 322,129 431.561 423.087 74S,216 431,561 723, 729 293,540 796 Total Incomo Exp8nditure on: Raising funds Charitable acliwtses 753.734 423.087 1.176,821 1,018,065 137,097 638,768 13.838 182.782 150,935 821,550 192,660 739. 193 Total oxpondlture 775,865 196.620 972,485 931,853 {22.1311 226.467 204,336 86.272 Not mov•m•nt Sn funds RoconclllatSon of fund¥: Total funds brought forward Nel movement in funds 482.361 (22.131) 77.584 226.467 559,945 204,336 473, 733 86,212 460,230 304.051 764,281 559.945 Totsl funds ¢arrlgd fow4rd The Statement ol Financial Activities includes all gains and losses recognised in the year. The notes on pages 25 to 43 fom) part of these financial stslements. Page 21

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limited by Guarantse) REGISTERED NUMBER: 08033634 BALANCE SHEET AS AT 30 JUNE 2021 2021 2020 Mole Flx•d assèts Tangible assets 13 10,067 7,081 10,067 7,081 Current a$sots Debtors Cash al bank and in hand 14 163,538 861,971 39,296 555.949 1.025,$09 595.245 Creditors.. amounts fallin9 due within one year 15 1271,2941 142.381J Not current assets 754,215 552,864 Total a880ts less curront1Sabllltles 764,282 559,945 Total net a880ts 764,282 559.945 Charlty funds Restricted funds Unrestricted fund5 16 304,051 460,231 77,584 482,361 16 Total fund$ 764,282 559,945 Page 22

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limited by Guarantse) REGISTERED NUMBER: 08033634 BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2021 The entity was ents'￿ed to exemption from audit under seth'on 477 of the Companies Act 2006. The members have not required the entty to obtain an audit for Ihe year in question in accordance with section 476 of the Companies Act 2006. However. an audit is required in accordance wth section 144 of Uie Charities Act 2011. The Trustees acknovAedge their responsibiliknes for complwng ¥Mth the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance vrith the provisions applicable lo enlilies subject lo the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Lorraln• Ba￿1•Y Trustee Dalè.. 2510312022 The notes on pages 25 to 43 form part of these financial statements. Page 23

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) STATEMENT OF CASH FLOWS FOR THE YEAR ENOED 30 JUNE 2021 2021 2020 Note Cash flow4 from oporating a¢tlvities Net cash used in operating activities 19 312.553 106,994 Ca$h flo￿ from Invg$lng actlvlllos Purchase oftsngible fixed assets Interest received 16.573} (7,6251 796 Ng1 ca$h used In Invg¥ling activities 16,529} 16,829} Cash flovA from financlng actlvltl•• Ng1 cash provlded by financing a¢llvitigS Chang• In cash and cash ¢qulvaknts In th• year Cash and cash equivalenl$ al the beginning of the year 306,024 100.165 555,947 455, 782 Cash and cash •qulvalonts at t￿ •nd of th• y￿r 20 861,971 555,947 The notes on pages 25 to 43 form part of these financial statements Page 24

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 General infornbation Leadership Through Sport and Business is a private company limited by guarantee incorporated in England and Wales. The registered office is Brabners LLP. Horton House, Exchange Flags, Liverpool, Merseyside, L2 3YL. Accounting policies 2.1 8a#ls of preparatlon of financlal stat•m•nts The financial statements have been prepared in accordance wth the Charities SORP IFRS 1021 Accounting and Reporting by Chanties.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland {FRS 1021 leffectsve 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Ad 2006. The financial stslements have been prepared to give a 'lrue and fairf view and have departed from the Charities IAccounts and Reports) Regulations 2008 onty to the exient required lo provide a 'lrue and fair. view. This departure has involved follow'ng the Charits'es SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charilie5'. Stslemenl of Recommended Practice effective from 1 April 2005 vA)ich has since been wlhdrawn. Leadership Through Sport and 8usine$$ 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 Ihe relevant accounting policy. 2.2 Golng ¢onc•m The financial slalemenls have been prepare(l ¢)n the going concern basis. This assumes that the company wll conts'nue to operate for the loreseeable ftrture, being a period of at least fvlelve months from the dale of approval of these financial statements and will be able lo meet their debts as they fall due. The trustees have ￿vieWed the finanual forecast for the next t￿￿1ve months in light of the ongoing Coronavirus pandemi¢ and the impa¢t il is hawng ¢)n all businesses in the UK. The charity has continued to receive fvnding in the period since the yearond, and at the date of signing the financial statements, the charity had enough cash to cover more than six months of expenditure. The Iruslees are very confident that h￿th a healthy Cash reserve balance, the mulli-year contracts in place and the increase in the number of corporate partnerships. the charity is on a secure fooling lo create In¢￿ased social impact in a financially robust way. The trustees are Confident in our ability to generate funds from a variety of sources and support our funding diversification strategy. Based on these factors, the trustees Consider rt appropriate to prepare the financial statements on a going con¢em basis. Page 25

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 A¢¢ountlng poll¢l•$ l¢ontlnu•d} 2.3 Income All income is recognised once the Charity has entitlement to the income. il is probable that the income wll be received and the amount of income receivable be measured ￿lIablY. Cash donations are Tecognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relatson lo donations received under Gift Aid or deeds of covenant is recgonised al the time of the donation. Gifts and service$ received in kind are recognised in the period received lo the extent they ¢an be measured reliably. Grants are included in the Statement of Financial Activrties on a receivable basis. The balance of income received lor specific purposes but nol expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advan¢e of enb'tlement ol receipt, ils rewnition 1$ deferred and included in Creditors as deferred in¢ome. Where entitlement gc¢urs before income is received, the income is accrued. Income lax recoverable in relats.on lo donat￿n8 received under Gift Aid or deeds of covenant is recognised al the lime ol the donation. 2.4 Exp9ndllur• Expenditure is reeognised onee there 1$ a legal or eonslructive obligation lo Iranyfer èconomic benefit to a third paty, it is probable that a transfer of economic benefits wll be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activty. The cost$ of each actiwty are made up of the lotsl of dire¢t ¢o$ls 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 cos15 which are not attn"butsble to a single activity are apportioned be￿een those activities on a basis consistent wth the use of ￿soUrCes. Central staff costs a￿ allocated on the basis of lime spent. and deP￿clatIon charges allocated on the Fx)rtion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising acb'vitses events and non<haritable trading. Expenditure on charrtable activrties is incurred on ￿1￿ctlY undertsking the activrties which further the Chanty's objectives. as well as any associated support costs. All expenditure is indusive of irrecoverable VAT. 2.5 Govemment grants Government grants are credited to the Ststement of Finaniial Activities as the related expenditure is incurred. Page 26

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 A¢¢ountlng poll¢l•$ l¢ontlnu•d} 2.6 Interest receivable Interest on funds held on deposit is induded vthen receivable and the amount Can be measured reliably by the Charity,. this is nomially upon notif￿atIon of the interest paid or payable by the institution with ￿0M the funds are deposrted. 2.7 Tangible fix•d assots and depreciation Tangible fixed assets afe capitalised and recognised %then future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised al cost. After recognftion. under the cost model, tangible fixed assets are measured at Cost less a¢¢umulaled depreciation and any accumulated impairment losses. All costs incurred to bnng a tsngible fixed asset Into Ils intended working condition should be included in Ihe measurement of cost. At each reporting date the Charity assesses vthether there is any Indi￿110n ol impaimient. If such indication exisl5. the recoverable amount of Ihe asset is determined to be the higher of ils fair value less cos15 to sell and ils value in use. An Impairment loss Is recognised where the carrying amount exceeds the recoverable amount. Depre￿atrOn is charged so as to all(¢ate the cost of tangible fixed a$$et$ less their residual value over their estimated useful lives, Depreciation 1$ provided on the followng basis.. Fixtures, fittj'ngs & equipment Office equipment 25% 33% Gains and losses on disposals are detemiined by comparing the proceeds with the carrying amount and are recognised in the Statement of Financial Acb"vikn"es. 2.8 D&btorn Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments ale valued at the amount prepaKI net of any trade discounts due. 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-lem highly liquid investments wth a short maturity of three months or less from the date of acquisition or opening of the deposrt or similar account. Page 27

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 A¢¢ountlng poll¢l•$ l¢ontlnu•d} 2.10 Liabilities and provisions Liabilities are recognised vthen the￿ is an obligation al the Balance Sheet d*e as a result of a past event. rt is probable that a transfer of economic benefil wll be required in settlement, and the amount of the settlement can be estsmated reliably. Liabilities are recognised al the amount that the Charity anticipates il will pay lo settle the debt or the amount il has received as advanced payments for the goods or services it musl provide. Provisions are measured at the besl estimale of the amount$ ￿qUired 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 liabilty. The unwinding of the discount is recognised in the Statement of Financial Adivilies as a finance Cost. 2.11 Flnanclal Instruments The Charity only has financial assets and ffinancial liabilities of a kind that qualify 0$ basic financial instruments. Basic finanaal instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.12 Fund a¢¢ountlng General funds are unrestricted fijnds sthich are available for use at the discretion of the Trustees in furtherance of the general obie¢b"ves of the Charity and %thich have not been designated for other purposes. Oesignaled funds ￿MpriSe unrestricted fvnds that have been $el aside by the Trustees for particular purposes. The aim and use of each designated fvnd is set out in the notes to the financial statements. Restrieted funds are lunds which a￿ to be used in accOrtJan￿ wlh specific ￿StriCtIonS imposed by donors or which have been raiseil by the Charity for particular purposes. The costs of raising and administering such funds are ¢harged against the spe¢ffi¢ fund. The aim and use of each restricted fund is set out in the notes to the financial slatemenls. Investment incorne, gains and103ses are allocated lo the appropriate fvnd. Crltl¢al a¢¢ountlng ostbmato$ and arna$ of ludg8m•nl In the application of the charitys accounts.ng policies, the Trustees are required to make judgements, estimate5 and assumption5 about the carrying amount of assets and liabilities that are not readily apparent from other sources. Estimates and judgements a￿ continually evaluated and a￿ based on historical experience and other fadors. induding expectations of future events that are believed lo be reasonable under the ryrcumstances. Page 28

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Income from donations Unrnstrictod Rastrictsd funds funds 2021 2021 Total funds 2021 Grants and corporate Individuals Fundraising events Gift Aid Govemment grants 183,683 47,188 90,678 580 382,460 26,789 566,143 73,977 90.678 580 13,838 13,838 Totsl 2021 322.129 423,087 74S.216 Unreslncled funds 2020 Restncled funds 2020 Total funds 2020 Granls and corporate Individuals Gift Aid Fundraising events Donated goods and services Govemment grants 227,915 119, 748 5.218 109,453 87,647 165,960 393,875 119, 748 5,278 111,333 87,647 6,508 1,880 6,508 Total 2020 549,381 174,348 723, 729 As outlined by SORP FRS 102. donated goods and services a￿ to be included in the a￿oUnt$ valued al the amount the charty would have spent on similar goods or services, should they have not been received as donations. Included in the above figures for 2020 are £87,647 of donated good5 and services, relating to events and meeting space5 of £74,816 and olheT gifts in kind of £12,831. Volunteer lime is not included in this figure. There were no donated goods and services in 2021. Income from government grants all relates to the Coronavirus Job Retention Scheme. Page 29

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Income from charitsbje activities Unrnstrictsd funds 2021 Total funds 2021 College revenue Employers. conlribubon Joint ventures 30,443 392,468 30.443 392.468 Alumni placement 8,650 8.650 Total 431,561 431,561 Unrnslncled funds 2020 Total funds 2020 College revenue Employers, conlribubon Joint venture$ Alumni placemènt 66,948 198.659 10,570 17,363 66,948 198,659 10,570 17,363 Tol812020 293,540 293,540 Page 30

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Investment income Unrnstrictsd funds 2021 Total funds 2021 Investment income Unrgslncled funds 2020 Total funds 2020 Investment income 796 796 Page 31

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Expenditure on raising funds Fundraising and publicity Unr•$trl¢t•d Ro$trfctsd funds funds 2021 2021 Totsl funds 2021 Recruitment Other fundraising costs Staff costs Depreciation 287 18,248 117,925 637 287 18,248 131.763 637 13,838 137,097 13,838 150,935 Unreslncled funds 2020 R&slncled funds 2020 Total funds 2020 Staging fundraising events Gifts in kind Re¢ruitment Other bjndraising costs Venues and refreshments Staff costs Depreciation 1,279 72,831 12,420 19,555 22,538 117,132 397 1,279 12,831 12,420 19,555 22.538 123,640 397 186. 152 192.660 Page 32

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Analysis of expenditure on charitable activities Summary by fund typ• Unrestricted Restricted nd$ funds 2021 2021 Total funds 2021 Activities undertaken directty Staff Costs Depreciation Support costs Govemance costs 128,159 313,672 2,259 146,731 47,947 28,916 152,850 157,075 466.522 2,259 147,747 47.947 1,016 638,768 182,782 821,550 Unreslncted funds 2020 Reslncled funds 2020 Total funds 2020 Activities undertaken directty Gifts in kind Staff costs Depreciation Support costs Govemance costs 158.483 74,876 207.027 1, 131 106, 719 47,039 18,938 177,427 74,876 338,067 1, 137 106, 719 41,039 131,040 589,215 149,978 739, 193 Page 33

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Analysis of expenditure by activities Support and Charitable govemance Activities costs 2021 2021 Total funds 2021 Activities undertaken directty Staff costs Depreciation Support costs Govemance costs 157,075 466,522 2,259 157,075 466,522 2.259 147.747 47,947 147,747 47,947 625.856 195,694 821.550 Activitigs Support and undertaken govemance directly costs 2020 2020 Total funds 2020 A¢tivitie$ undertaken directty Gifts in kind Staff costs Depreciation Support costs Govemance costs 177,421 74,816 338,067 1. 131 177,421 74,816 338,067 1.13t 106, 719 41,039 106, 719 41,039 591,435 147, 758 739, 993 Page 34

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Analysis of expenditure by activities Icontinuedl Analys1$ of supp¢rt costs Support Governance costs costs 2021 Total fund5 2021 2021 Staff costs Depreciation Accommodation, sustenance and travel Adminstration Communications and IT Printing. photography. PR and design Staff recruitment and development Sundry expenses Irrecoverable VAT Audit & professional lees 107,124 518 743 1,635 5.336 24.606 3,266 2,159 2,360 35,813 173 142,937 691 743 1,635 5,336 24,606 3,266 2,159 2,360 11,961 11,981 147,747 47.947 195,694 Support Govemanctr costs costs 2020 2020 Total fuiids 2020 Staff costs Depreciation Accommodation. sustenance and travel Adminstration 74,963 240 958 2,657 2.379 16,934 663 7,925 26,945 87 101,908 327 958 2,657 2,379 16,934 663 7,925 74,007 Communicabons and IT Printing. photography. PR and design Sundry expenses Irrecoverable VAT Audit & professional fees 14,007 106. 719 41,039 147, 758 Page 35

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 10. Auditors. remuneration 2021 2020 Fees payable lo the ChariV5 audrtor for the audit of the Charitys annual accounts 5.250 5,250 11. Staff costs 2021 2020 Wages and salaries Social security costs 672,507 68,715 500.247 63,374 741,222 563,675 The average number of persons employed by the Charity during the year was as follows.. 2021 No. 2020 No. Operations Chief Executive Fundraising I partnership management 13 io 18 15 The number of employees vA)ose employee beneffits {excluding employer pension costs) exceeded £eO.000 was.. 2021 No. 2020 No. In the band £60.001- £70.000 In the band £70,001- £80,000 Page 36

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 12. Trustees. remuneration and expenses During the year. no Trustees receive(l any ￿MuneratiOn or other benefils (2020- £25,000). During the year. no Trustee expenses have been incurred (2020- £NIL). 13. Tanglbl• Ilxod ass•ts Fixturns and ftttlngs Office qulpment Totsl Cost or valuation Al 1 July 2020 Additions 4.834 8,506 6,573 13,340 6,573 AI 30 June 2021 4,834 15,079 19,913 D•pre¢latl¢n At 1 July 2020 Charge for the year 4.700 134 1,559 3,454 6,259 3,588 AI 30 June 2021 4,834 5,013 9,847 Not book value At 30 June 2021 10,066 10,066 AI 30 June 2019 134 6,947 7,081 14. Debtors 2021 2020 Due within one year Trade debtors Other debtors 5.400 57 30,850 Prepayments and accrued income Gift ￿"d receivable 1S8.081 3,228 5.278 163,538 39,296 Page 37

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 1S. Creditors: Amounts falling due within one year 2021 2020 Trade credrtors Other tsxaty'on and social security Other creditors A¢cnJals and deferred income 13.959 2,665 31,053 2,363 6,300 7,423 249.912 271,294 42,381 Page 38

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 16. Statement of funds ststem•nt of fund$ - current year Balance at 30 June 2021 Balance at 1 July 2020 Transfers Inlout Income Expendlture Unrestricted funds Dosignated funds 2021 Contact Centre contracl 195,190 195,190 G•noral funds General Funds- all lunds 482.361 7S3.735 177S.8651 {195.1901 265,041 Total Unrnstrlctsd funds 482,361 7S3.735 1775.8651 460,231 Rostrlctod funds Recruitment fvnd Training and development fund Women's economic empowerment and leadership project Other re$lricled funds Coronaviws Job Relentson Scheme 26,589 126,5891 25.540 409.249 1133.1951 301.594 22,305 3,150 122.3051 16931 2.457 13.838 113.8381 77,584 423.087 1196.6201 304.051 Total ol lunds 559.945 1.176.822 1972.485) 764.282 Recruitment fvnd.. supporting the development and gTovth of LTSB programme5 through salarie5 for fundraising positions Training and development funds.. suppcwling young people from disadvantaged backgrounds through LTSB programmes. Women's economic empowerment and leadership PToject fund." prornoting gender equalTty through support of young women on our More Than An Apprentice Programme in London and Birmingham. Page 39

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 16. Statement of funds Icontinuedl ststem•nt of fund$ - prlor yoar BalarFce at 30 Jun 2019 Balance at l July 2019 Incon￿ Expendilu Unrestricted funds General Funds - all fiJnd$ 414.011 843, T17 (775.36T) 482,361 R•strict•d funds Recruitment lund Training and development fund Women's economic empowerment and leadership project Coronavirus Job Retention Scheme Other reslricled funds 9.371 23,944 60,000 70,298 (42.887? (68,603) 26,490 25,639 26,407 29,392 (33,494) (6.508? (5,000) 22,305 8, 150 3, 150 59,722 174,348 (156,486? 77,584 Totsl of funds 473.733 174.348 (931.853? 559.945 17. Summary offunds Summary of funds - currnnt year Balance at 30 June 2021 Balance at 1 July 2020 Tran$fvr¥ Inlout Incomo Expondlturn Designated funds General funds 195.190 1195,1901 195.190 265,041 304.OS1 482,361 77.584 7SJ,735 423.087 1775,8651 1196.6201 Restricted fvnds 559,945 1.176.822 1972.485 764.282 £195,190 of unrestricted reserves was designated to run Ihe 2021 Contact Centre contract. The funds for this contract were received up-fronl. but a majority of the delivery (and hence costl will be incurred in the next financial year. Page 40

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 17. Summary of fund5 {continuedl Summary of funds - prlor y•ar BalarFce at 30 Jun 2019 Balance at l July 2019 Incon￿ Expendilu General funds 414,011 59,722 843, 717 174,348 (775,367) (156,486) 482,361 77,584 Restricted funds 473,733 1,018,065 (931,853) 559,945 18. Analysls of net assets b•twn funds Analysls of n•t a$$•ts betwn lund#- currènt yèar Unrestrl¢ted R•strl¢ted fund$ funds 2021 2021 Totsl funds 2021 Tangible fixed assets Current assets Creditors due vmlhin one year 10,067 721,458 1271,2941 10.067 1,025,509 1271,2941 304,051 Totsl 460.231 304.051 764,282 Analysls of n•t assets bgt¥wen funds- prSor yoar Un￿St11C[ed funds 2020 Restiicted funds 2020 Total funds 2020 Tangible fixed assets Current a5set5 Creditors due wthin one year 7,081 517,660 (42.381) 7,081 595,244 (42,381) 77,584 Totsl 482,360 77,584 559,944 Page 41

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 19. Reconciliation of net movement in funds to net cash flow from operating activities 2021 2020 Nel income for the year {a$ per Statement of Financial A¢tivth"esl 204.336 86.272 Adjustm8nts for: Depreciats'on charges De¢￿3$ellin¢reaseI in debtors Increaselldecreasel in creditors Donated goods and services Gifts in kind Investment income 3.588 1124,2401 228,913 1,855 27,297 (7,568) (87,647) 87.647 (796) 144} N•t cash provld8d by oporatlng actbvltles 312.553 106,994 20. Analysls of Cash and Cash oquivalonts 2021 202Q Cash in hand 861.971 555,947 Total cash and cash •qul¥al8nts 861,971 555,947 21. Analysls of changos in not debt Al 1 July 2020 Cash flows At 30 Jun9 2021 Cash al bank and in hand 555.947 306.024 861.971 Page 42

LEAOERSHIP THROUGH SPORT AND BUSINESS IA Company Limitod by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 22. Rolated party transactlons During the period, D & G Pinchin donated £54,696 12020.. £91,159) to the ¢harity- Other donats'on$ from trustees totalled £82512020.. £9.7001. During the year, the charity Incurred costs of £32.23312020". Q6,7681 for consuttancy Services provided by Marlin Wood LimTte<l, a Company of which Darren Gumer. a trustee. is a d1￿clor and shareholder. The services were provided at a market rate. and at the year end the fvll balance had been paid. The aggregate renumeration of key management personnel was £240,59112020.' £205,595). Page 43

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