**THE TALENT TAP 2020/2021 – Social Impact Report & Financial Statements** **THE TALENT TAP** – TALENT IS EVERYWHERE, OPPORTUNITY IS NOT ## **CEO REPORT** Covid-19 has made the need for The Talent Tap even greater. The education and opportunities of the UK’s most vulnerable students have been damaged by Covid far more than their privileged counterparts against whom they will be competing for jobs. Recent research by the Sutton Trust has shown that only 18% of 2020 Graduates were likely to secure jobs compared to 60% in previous years. Those at an advantage are those with networks and finances to support their job search. Geographic isolation and economic instability are leaving the less advantaged students behind. These students and graduates need more support than ever before to compete on a level playing field – and this is where we come in. ## **Our statistics speak for themselves:** - _22 Schools (120% increase from 2019)._ - _125 current students (250% increase from 2019)._ - _100+ hours mentoring delivered and a successful Career Mentoring Programme underway._ - _Monthly Careers webinars, which we call “Zoominars”._ - _6000+ reach to 6th Form students through Zoominar Programme._ Importantly, we have LEARNED a great deal from the pandemic and from our virtual way of working. We understand that as an organisation we need to access the students earlier in their schooling – to give us the opportunity to show them the future that they have the ability to achieve - then give them the tools and support to do this. We are interviewing students to join our programme at the end of Year 12 and giving them access to mentoring at the start of Year 13. This will enable us to support them in their university decisions, applications and offer them advice on other opportunities. One POSITIVE that has come from the pandemic is that **Social Mobility** has been rightly moved higher up the agenda. We have seen an increase in businesses coming to us to support their ESG initiatives and actively seeking to engage in our cause. We are working hard to capitalise on this and have created a “package” that we can offer our business partners which includes; volunteering opportunities, fundraising ideas and the ability to host Zoominars alongside facilitating the delivery of work experience. After years of rapid growth, 2021/22 will be all about consolidation of our offering. We have firm foundations to work from, so, our focus will be on two main areas, Mentoring and Mental Health. Mentoring has been a huge driver for The Talent Tap to increase the level of support to our students and alumni. 60% of our students placed networking as their top priority, whilst 33% stated increasing confidence as their main aim. This corroborates our belief that Mentoring and one to one provision is highly beneficial to our students. The support of our corporate partner volunteers has been game changing, and we were able to deliver our first 10 week mentoring programme, supported by 15 mentors delivering 100+ hours of one to one support. We have had fantastic feedback from the sessions, and the learnings we have made have enabled us to move forward with our plan to invest in Mentoring programme software to streamline our provision. This will go live in November 2021. The pandemic has had a devastating effect on mental health and many of our students have been adversely affected and shared their stories with the team. 73% of returning students said that the pandemic had affected their mental health, with 25% admitting that they had considered dropping out of university, and had actively sought support. We have been working with a wellbeing consultant to support our students and are delivering an organised programme of support for 2021/22. 2022 has so much to offer, the return of live events will allow fundraising to be even more collaborative and engaging. We will also welcome back our residential city based programmes. Exciting times ahead. **Naomi Ambrose** The Talent Tap, CEO **THE TALENT TAP ,** ANNUAL REPORT, OCTOBER 2021 2 ## **THE TALENT TAP** Established as a charity since 2018, The Talent Tap is a high performing organisation making a real difference to the lives of young people experiencing poor social mobility in predominantly rural and coastal communities across the country. **Our Mission** has been to reach out to talented school leavers from **social mobility cold spots** offering them the training, work experience, networks and confidence they need to succeed. **Our Goal** is equal access to professional jobs for young people, regardless of socio-economic background. ## **Why is the work of The Talent Tap so necessary? Talent is Everywhere, Opportunity is Not** A recent Commons Select Committee Report (2021) concluded that ‘Forgotten’ working-class pupils were let down by decades of neglect owing to: 1. Persistent and multigenerational disadvantage 2. Place-based factors, including regional economics and underinvestment 3. Family experience of education 4. A lack of social capital The UK has one of the poorest rates of social mobility in the developed world meaning that people born into low-income families regardless of their talent or their hard work, do not have the same access to opportunities as those born into more privileged circumstances. The impact of Covid-19 is threatening to make these factors worse. - **Today, you are still 60% more likely to be in a professional job if you were from a privileged background rather than a working-class background.** _State of The Nation 2021: Social Mobility and the Pandemic (July 2021)._ - **Whilst only 7% of the population attend independent and grammar schools; 44% British Media columnists, 65% Senior Judges and 44% of the Civil Service attended independent schools.** _Elitist Britain 2019: The Sutton Trust / Social Mobility Commission._ - **Socioeconomically disadvantaged students from SOCIAL MOBILTY COLDSPOTS have ½ the earning potential as those from geographic hotspots.** _The Long Shadow of Deprivation: Social Mobility Commission (Sept 2020)._ **THE TALENT TAP,** ANNUAL REPORT, OCTOBER 2021 3 **Demand for our support is high and schools and students are given access to our programmes if they are located or reside in areas that appear in the bottom 40% of the SMIC (Social Mobility Index by Constituency).** ## **SCHOOL CRITERIA:** ## **The school must be:** Situated in a constituency that falls into the bottom 40% of the Social Mobility Index by Constituency. This can be based on the overall measure OR the school measure OR the youth measure. ## **AND/OR** Have 20% or more of its pupils eligible for Free School Meals (“FSM”). These criteria result in TTT working predominantly with schools situated in rural or coastal communities, rather than in citybased locations. ## **STUDENT CRITERIA:** Have attended UK state schools only (or since the age of 14 if previously educated abroad). Over 18 at time of summer programme. If attending a school located in bottom 40% of constituencies by social mobility, have achieved at least a Level 4 GCSE in Maths and English. If attending a school in the next 20% of constituencies by social mobility (i.e. 41% - 60% on the SMIC) have: a)Achieved at least a Level 5 GCSE in Maths and English. b)Be currently/have been FSM OR First Generation University. ## **CHAMPIONING DIVERSITY:** As a charity we champion diversity in many forms. **Social, Cognitive, Gender, Cultural** and **Ethnic Diversity** Our 2020 intake of students were: - 55/45 ratio of women to men - 20% BAME - 8% LGBQT - 20% from a first generation immigrant background _We do not have quotas, we are a reflection of the talented students who access the support we can give them._ If attending a school in the top 40% of constituencies by social mobility (i.e. 61% - 100% on the SMIC) have: a)Achieved at least a Level 5 GCSE in Maths and English. b) Be currently/have been FSM. **THE TALENT TAP,** ANNUAL REPORT, OCTOBER 2021 4 **Our work is impact driven and delivered through our established ‘Theory of model that tackles the FOUR barriers face Change’ proven many young people in their journey through higher education and into professional employment:** **----- Start of picture text -----**
1 2
ECONOMIC & NETWORKS &
GEOGRAPHIC CONNECTIONS
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- Distance from relevant work experience opportunities. • No family connections to relevant work opportunities. - No “bank of mum and dad” to support unpaid / low paid work experience / living away from home. - No old school network / alumni. - • Lack of networking experience. **Living and Residential travel fully courses funded Ability to return Professional city year on year for based work ongoing experience development** **Introduction and Networking support on workshops LinkedIn Access to Talent Mentoring Tap Alumni opportunities network** **----- Start of picture text -----**
3 4
CULTURE & KNOWLEDGE &
CONFIDENCE INSIGHTS
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- Lack of cultural reference points can make it harder to impress at interview and build relationships. - Limited career insight and guidance from schools or family. - Lack of understanding of paths to employment. - No experience of city living and working. - • Cultural homophily. - Lack of training in core employability skills. **Cultural Public speaking evening training activities Build resilience Coaching in living and workplace commuting in behaviour busy cities** **CV training Access to pool and CV of jobs shared support day with TTT Access to multiple Mock interview businesses for training and talks and practice networking** **TTT Alumni supported to overcome practical barriers** **TTT Alumni will have access to new networks and mentors to support their route to employment** **TTT Alumni gain resilience and will feel at ease in large city based organisations** **TTT Alumni given experience and confidence to embrace new cultural and social experiences** **TTT Alumni will have enhanced communication skills for application and interview** **TTT Alumni will have knowledge to inspire choices in courses and further qualifications** **THE TALENT TAP,** ANNUAL REPORT, OCTOBER 2021 5 **The Talent is to from Year 12 with sustained Tap programme open young people support their time in education and into are throughout higher employment. All young people given the opportunity to fully participate in the programme’s THREE KEY STAGES OF SUPPORT.** ## **INSPIRE EXPERIENCE** ## **EXPERIENCE ACCESS (University) (Future)** ## **(Year 12-13)** ## **TOOLS** **The Talent Tap currently support our students and alumni into the following professions:** 1. Business, Management & Consulting - Regular future • Yearly 2 week • CV support focused career residential based interactive programmes • Interview technique webinars training - Structured, - • Interview career focused • Personal statement critique - experience work experience - • Targeted advice provided by • Access to corporate partners professional - on university applications and • Confidence internship opportunities - decisions building workshops - • Bursary scheme for • Public speaking • Introductions university visits training • Sustained - • • Mentoring Peer on peer Networking Mentoring scheme sessions with programme to support business leaders • Alumni network applications • Social and cultural experiences - Flash mentoring - Wellbeing support - ✓ Interview technique - ✓ UCAS support - ✓ Industry insights - ✓ Communication - ✓ Public speaking - ✓ Professionalism - ✓ Teamwork - ✓ Resilience - ✓ Social Capital - ✓ Cultural Capital - ✓ Presentation skills - ✓ Leadership skills - ✓ CV advice - ✓ Mentoring - ✓ Work Experience - ✓ Internships 2. IT and Tech 3. Marketing, Media & Events 4. Architecture, Design Engineering 5. Banking, Finance & Accountancy 6. Law 7. STEM 8. Film and Talent 9. Politics / Not for Profit 10. Real Estate Our programme is responsive and constantly evolves based on programme evaluation. In 2021/22 we will be introducing a dedicated tenmonth mental well-being programme to all Talent Tap students helping them understand the importance of mindfulness in what can be for many a challenging transition in their lives. **THE TALENT TAP,** ANNUAL REPORT, OCTOBER 2021 6 ## **THE IMPACT AND DIFFERENCE WE ARE MAKING: OUTPUTS & OUTCOMES** The Talent Tap formula is simple, over a sustained period we give underprivileged young people work experience, networking opportunities and workplace knowledge, so that when they are looking to access the workplace, they can use all the experience they gained to help them get ahead. Despite Covid-19 restrictions and the challenges this brought, demand for our work continues to increase achieving the following outcomes over the past twelve months: - 250% increase in student numbers 2019-2022 - Reach 6000 + students via Zoominar programme - 2021 saw 100+ hours of mentoring support for young people. ## **CULTURE & CONFIDENCE** ## **ECONOMIC & GEOGRAPHIC** - 77% felt strongly that they have more self- - confidence about what **KNOWLEDGE** they could achieve with **& INSIGHTS** 78% said that without our help, they would not have been able to access the opportunities The Talent Tap offers. **NETWORKS & CONNECTIONS** - 80% inspired about their future. 89% felt strongly that the programme gave them a greater understanding of the benefits of networking and now have the tools and been given’ real life’ networking opportunities. 73% felt strongly that the programme made them feel more positive about future opportunities than they did before. **“I would never have had the contact needed to secure this job and I wouldn’t have got onto the MA course with the experience provided by The Talent Tap” (2019 Talent Tap student)** – _Job offer from_ _**OK! Magazine**_ - 80% retention of students through 3 years of programme and into employment - As a relatively new charity, many of our students are still moving through our sustained programme. Recent programme evaluation reports inform us that we are combating the four key barriers these young people face: **“Without the Talent Tap, I would not have been able to focus my career aspirations quickly enough to look for relevant work experience. I would also not have met all the brilliant people who have offered me jobs and insights into their companies” (2015 Talent Tap student)** – _Job offer from_ _**RailPen Investments**_ **“The Talent Tap has given me confidence to grow as a person and grow my experience. Without the opportunities they gave me, I would never have got my experience at London Fashion Week and my job at Blonstein” (2017 Talent Tap student)** – _Job offer from_ _**Blonstein**_ **THE TALENT TAP,** ANNUAL REPORT, OCTOBER 2021 7 ## **CHAMPIONING EQUAL ACCESS TO EMPLOYMENT OPPORTUNITIES THROUGH OUR PARTNERS** **Working with our employer partners to offer work experience and opportunities is The Talent Tap’s life blood. For our students it is their main insight into what they can aspire to, and a gateway to their future. It is also hugely beneficial for the providers to access a diverse talent pool.** HR teams value the opportunity to attract and meet talented future graduates, CSR and D&I teams have the chance to champion their social mobility and diversity mission, enhance the lives of our students, support a relevant charity AND meet and learn from a young, diverse, forward thinking future workforce. _Some of the partners we are lucky to work with:_ **THE TALENT TAP,** ANNUAL REPORT, OCTOBER 2021 8 ## **SUMMARY OF FINANCES** **In an unprecedented year, The Talent Tap maintained a healthy position and strengthened our base for sustained growth.** ## **INCOME: £94,275** ## **EXPENDITURE: £35,400** - 54% - Corporate donations - 43% - Philanthropic donations - 3% - Fundraising income (events) - 68% Staff costs - 17% Marketing & Fundraising spend for 2021/22 - 10% Programme costs **----- Start of picture text -----**
• 5% General expenses
3% 5% GENERAL
EXPENSES
FUNDRAISING
10%
INCOME
PROGRAMME
COSTS
43 % 54% 17%
PHILANTHROPIC CORPORATE MARKETING &
DONATIONS DONATIONS FUNDRAISING 68%
STAFF
COSTS
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**THE TALENT TAP,** ANNUAL REPORT, OCTOBER 2021 9 ## **LOOKING AHEAD: THE CHARITY FOCUS & GOALS** - **In to the faced from schools to access our over the response pressure wanting programmes,** - **next four years we have ambitious plans to expand the numbers of young people we can help each from 125 in 2022 to 300 2024. year by** - **We plan to expand our residential programme delivery to Manchester, ensuring our programme provision is more accessible and young people are not ‘geographically restrained’ to purely London based opportunities coupled with us helping to retain talent in the region.** - **Growth of our programme content to include specialist ‘mental well-being’ workshops and flexible and sustained mentoring provision to meet the varied needs of the young people we work with.** - **“I would never have had the opportunity to do work experience in a sector such as investment banking through my school, nor would I have had the network”** - _Talent Tap Student_ - **“Coming from a state school which was not very high performing means that I would not have access to the huge network of contacts offered by The Talent Tap. Also, I would not be able to afford to travel to London to take part in the residential programme”** - _Talent Tap Student_ **THE TALENT TAP,** ANNUAL REPORT, OCTOBER 2021 10 Ch•rfty numb•r.' 1183124 THE TALENT TAP UNAUDrrED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 THE TALENT TAP CONTENTS Page Reference and admlnlstratlve detslls of the Cha￿ty, its trustees and advlsers Trustees, Report Independent Examlnews Report Statement of Financial Artlvltles Balance Sheet Notes to the Flnanclal Statements 8-11 THE TALENT TAP REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 hlARCH 2021 Trust¢¢$ Bmgadler Nlck Cowley, Trustee Rob W11115. Trustee Rupert Barton Taylor, Thstee Charity rtgistered number 1183124 Principal offlce Avon Bvlldlng Old Hambledon Ra￿CoUrse Sheardley Lane Droxford Southampton S032 3QY A¢o)untants 5RLV Audit Llmite(J Ch6rtered Accountants Elsley Court 20-22 Great ￿tchfield Street London WIW 8BE Page 1 THE TALENT TAP TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2021 The Trtjstees present thelr Annual Report together wtth the financial statements of the The Talent Tap for the year l April 2020 to 31 March 2021. The Annual Report serves the purposes of both a Trustees. Report and a Dlrectors, Report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply wlth the current statutory reqU1￿ments, the requlrements ofthe Charitable company's govemlng document and the provision5 of the Statement of Recommended Pract1￿ ISORPI applicable to charltles preparlng their accounts in accordance wlth the Nnanclal Reportlngstandard appllcable In the UK and Republlc of Ireland IFRS1021 (as amended for accountlng periodscommencing from l January 20161. Obiectiv•s and actlvltles a. Policies and obJ¢rtives The objects of the charlty are to art as a resourte for young people by provldlng advi￿ and asslstance and organlsing programmes of educatlonal and other 3rt4vltles as a means of, advancing in Ilfe and helplng young people by developlng their skllls, capacities and capabilities to enable them to partlclpate In soclety as independènt, mature and responsible Indlvlduals, advanclng educatlon and relleving unemployfftent. In settlng objettives and plannlng for artivltles, the Trustees have given due consideration to general guldance publSshed by the Charfty Commi5skon relatlng to publ1¢ berseflt, Includlng the guldance 'Publlc beneflt: runnlng a charlty (PB2)'. Achlevements and p¢rformance Flnandal revlew a. Going concern After making appropriate enqulrles, the Trustees have a reasonable expethtion that the charity has adequate resoU￿e5 to conUnue In operatlonal exlstence for the foreseeable fvture. For thls reason, they continue to adopt the golng concern basi5 in preparlng the flnanclal statements. Further detalls regardlng the adoptlon of the golng COn￿M bèsls can be found In the accountlng po15cies. b. Reserves pollcy The Tru*ees aim to malntaln reseNes at a level which would cover any future commltments or expendlture. The Trtjstees conslder that the amount of reserves wlll be dittated by future donatlons and will conslst of donations recelved by the charity whlch are yet to be donated to Indlvldual charitie5 and causes. strurtiirep 9overnano and management a. Constitutlon The Talent Tap is a reglstered charlty, number 1183124, and is constituted under a Trust Deed. b. Meth4)ds of appolAtment or electlon of Trustees The management of the charlty Is the responsibility of the Trustees who are elected an(i co4Jpted under the tem15 of the Trust Deed. Page 2 **THE TALENT TAP** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021** ## **Statement of Trustees' responsibilities** The Trustees 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). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the 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; - 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. 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. Approved by order of the members of the board of Trustees and signed on their behalf by: **Brigadier Nick Cowley** (Trustee) 5 November 2021 Page 3 THE TALENT TAP INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021 Independent Examlner's Report to the Trustees ot The Talent Tap ('the ¢harlty') I report to the charfty Trustees on my examinatlon of the accounts of the £harlty for the year ended 31 March 2021. Re5ponsibllltles and Basls of Report As the Trustees of the charlty you are responsible for the preparatlon of the accounts In accordan￿ wlth the requlrements of the Charities Act 2011 {'the 2011 Att'l. I report In respect of my examinatlon of the charity's accounts carried out under 5ertlon 145 of the 2011 Act and In carrylng out my examlnatlon I have followed the appllcable Dlrethons given by the Charity Commission under 5etiion 14515}{bl of the 2011 Act. Independent Examinerfs Statement Your attention is drawn to the fatt that the charlty has prepared the accounts In accordance wlth Accountlng and Reportlng by Charitles.. Ststement of Recommended Practlce applicable to charities preparlng their accounts in accordance wlth the Flnancial Reporting Standard appllcable in the UK and Republlc of Ireland {FRS L021 In prete￿nce to the Accounting and Reporting by Charities.. Statement of Recommended Prartlce Issued on l April 2005 whlch is referred to In the extant regtslations but has been wlthdrawn. l understand that thls has been done In order for the a¢¢ounts to provide a true and falr vlew In accordance wlth the Generally Accepted Accounting Prartice effective for reportlng peNods beginning on or after I January 2015. I have completed my examlnatlon. I conflmi that no matters have come to my attentlon In connettlon with the examinatlon glvlng me cause to belleve that In any material respart- accountlng records were not kept In respect of the charfty as requlred by sertlon 130 of the 2011 Act. or the actounts do not accord wlth those records. or the accounts do not comply wlth the appllcable requlrements concernlng the fgrm and content of ccounts set out In the charl￿es (Accounts and Reptsrtsl Regulations 2008 other than any requirement that the accounts glve a 'true and falr. vlew whlch Is not a matter con51dered as part of an Independent examinat￿0￿. I have no COn￿m$ and have come across no other matters In connectlon with the examination to whlch 3ttentÉon should be drawn in this report In order to enable a proper understandlng of the accounts to be reached. Page 4 ## **THE TALENT TAP** ## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021** ## **Use of our report** This report is made solely to the charity'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 charity'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 charity and the charity's Trustees as a body, for my work or for this report. ## **SRLV Audit Limited** Chartered Accountants Eisley Court 20-22 Great Titchfield Street London WlW 8BE 5 November 2021 Page 5 THE TALEKf TAP STATEMENT OF FINANCIAL ACTIVITies FOR THE YEAR ENDED 31 MARCH 2021 Restrirted Vnrestrlcted nd$ funds Total tund$ Total funds Pg17odendgd 31 Ma￿h 2020 31 March 2021 31 March 2021 31 March 2021 Note Income from: Donatlons 6,985 87.293 94.278 Ilq.181 Tot)I Income Expenditure on: Charitable activities-. 6.985 87.293 94.278 111.181 Governance ¢t)Sts Charlty costs Support costs 7A73 3,961 23.946 7,473 3.961 23,946 18,290 11,807 21.882 Total expendtture 35,380 35,380 51,979 6,985 51.913 58.898 59.202 Nèt movement in furldg Reconciliatlon of funds: Total funds brought forward Net movement In funds 59,202 51,913 59,202 58.898 6,985 59,202 6.985 T¢)tal funds ￿rrIed forward 111,115 I￿.100 59,202 The Statèment of Flnanclal Actyvlues Includes all galns and losses recognised in the year. The notes on pages 8 to 11 forni part of these flnanclal statements. Page 6 ## **THE TALENT TAP** ## **BALANCE SHEET AS AT 31 MARCH 2021** |**Current assets**
Cash at bank and in hand
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Restricted funds
Unrestricted funds
**Total funds**
**Note**
**5**
5
**118,100**
**118,100**
**2021**
**£**
**118,100**
**118,100**
**118,100**
**6,985**
**111,115**
**118,100**|**_59,202_**
**_59,202_**|**_2020_**
£
**_59,202_**
**_59,202_**
**_59,202_**
**_59,202_**
**_59,202_**| |---|---|---| The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: - � - ## **Brigadier Nick Cowley** (Trustee) ## 5 November 2021 The notes on pages 8 to 11 form part of these financial statements. Page 7 THE TALENT TAP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accountlng polldes 1.1 Basls of pr•paration of financial statem¢nts The financlal statements have been prepared In accordance wlth the Charltfies SORP {FRS 1021 AccountSng and Reportlng by Charities-. Statement of Recommended Practlce applicable to charftles preparlng thelr accounts In accordance wlth the Flnanclal Reportlng Standard applicable In the UK and Republic of Irelènd (FRS 1021 (effective l January 20151, the Flnancial Reporting standard appllcable In the UK 3nd Republlc of Ireland {FRS 1021 and the Charltles Act 2011. The flnanclal #atements have been prepared to glve a 'true and falr, vlew and have departed from the charl￿e5 (Accounts and Reports} Regulations 2008 only to the extent requlred to provlde a 'true and falrf vlew. Thls departure has Involved followlng the Charlties SORP IFRS 102} publlshed on 16 July 2014 rather than the Accounung and Reportlng by Charltles: Statement of Recommended Prartlce effectlve from l Aprll 2005 whlch has since been wlthdrawn. The Talent Tap meets the definition of a publlc benefft entlty under FRS 102. Assets and Ilablllties are initially recognlseil at hlstorlcal cost or transartlon value unless otherwlse stated in the relevant accountlng pollcy. The comparatlve amounts dlsclosed wlthln these flnanclal ststements represent the perlod from the date of the charity's constitution on 24 April 2019 to 31 March 2020. 1.2 Income All income 15 recognised once the charity htys entitlement to the income, it is probable that the Income wlll be recelved and the amount of Income recelvable can be meosured rellably. 1.3 Expenditure Expendlture is recognised On￿ there is a legal or constructlve tsbligatlon to transfer econornlc benetit to a thlrd party, It Is probable that a transfer of economlc beneflts wlll be requlred in settlement and the amount of the obligatlon can be measured rellably. Expendlture Is elasslfled by actlvlty. The costs of each actlvlty are made up of the total of ¢Jlrect costs and shared costs. Includlng support costs Involved In undertaklng each athvlty. Dlrect costs attributable to a single actlvlty are allocated dlrectly to that artlvlty. Shared costs whlch contrlbute to more than one activity and support C05ts whith are not attributsble to a single activity ore apportioned between those artivities on a basls conslstent wlth the Ltse of resources. Central staff Costs are allocated on the basis of time spent, and deprec￿a￿On charges allocated on the pol￿On of the asset's use. Expendlture on charftable activlties is incurred on directly undertaklng the actlvltles whlch further the charlty's objertlves, as well as any assoclated support costs. All expendlture Is Incluslve of Irwoverable VAT. 1.4 Cash at bank and In hand Cash at bank and In hand IrKludes cash and short-term hlghly Ilquld Investrnents wlth a short maturlty of three months or less from the date of acqulsltion or opening of the deposit or similar account, 1.5 Flnan¢ial Instruments The charity only has financlal assets and financlal liablllties of a klnd that qualify a5 basic financlal Instruments. Baslc flnanclal Instruments are Initlally recognlsed at trat)sactlon value and subsequently measured at thelr settlement value with the exception of bank loans whlch are subsequently measured at amortlsed cost uslng the effettive Interest method, Page 8 THE TALENT TAP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Income from donatlons and le9acles Restrlrt•d Unrestrkt funds fund$ T¢)tal funds Tol&l funtls Period ended 31 M8rch 2020 31 March 2021 31 March 2021 31 March zozi Donatlons 6,985 87,293 94,278 111.181 Totsl 2020 111,181 111,181 Analysls of expendI￿re by actlvitles Support Artivities and unqlertaken governance dirertly costs Total fund$ Total funds Peiiod endfyd 31 March 2020 31 March 2021 31 March 2021 31 March 2021 Programme expenses and subslsten Traval and subslstence 611 849 1,460 61 6.425 4,358 61 Bank charges Fundralslng expenses Accommodatlon 3,189 3,189 1,775 21,882 6,913 Consultancy ct)sts Per Dsems Charitable donations printing, Postage and stationery Advertlsing and marketing Insurance General expenses 23,947 23,947 loo loo 83 3,372 126 3,119 3,372 126 8,502 124 1.917 3,119 3,961 31,419 35,380 51.979 Total 2020 11,807 40,172 57,979 Page 9 THE TALENT TAP MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIIDED 31 MARCH 2021 Trustees. remuntratlon and expenses Durlng the year, no Trustee recelved any ￿muneratIon or other benefits (2020 - £NILJ. Durlng the year ended 31 Narch 2021, nts Trustee recdved reimbursed expenses (2020 - £1,840). statement of fund$ Statement of fvnds- current year Balaft¢e at l April 2020 B•lan¢e at 31 Mareh 2021 Income Expendlture Unrestrkted funds General fvnds - all fvnds 59.202 87.293 (35,380) iii,Ixs Rostrirted funds Restricted funds - all funds 6.985 6,985 Total of funds 59.202 94.278 (35,380) 118,100 SLitement of funds - prlor year B8lttnc& 8t 31 MorGh 2020 Income EX￿ndit￿ Unrestrlrted funds General funds- all fvnds 111,181 (51,979) 59,202 Page 10 THE TALENT TAP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Summary of fund$ Summary of tund$- current year Balance at l Aprll 2020 Balance at 31 March 2021 Income Expendfture General ftjnds Restrlcted funds 59,202 87,293 6,985 (35,380) 111,115 6.985 59,202 94,278 {35,380) 118,100 Summary of funds- prior year Balanc6 at 31 March 2020 InconF8 Expenditutr General funds 111,181 (51,979) 59,202 Analygis of net assets between funds Analys18 of net ass¢ts between funds- current year Restricted Unrestrtcted funds funds 2021 2021 Total nds 2021 Current assets 6,985 111,115 118,100 Total 6,985 111,115 118,100 Analysls of net assets between funds- prior year Unrnstii¢ted fvnds 2020 Total funds 2020 Current assets 59.202 59,202 Total 59,202 59,202 Page11