The Aieto Foundation Limited - Charity Commission

Registered number: 07082850Charity number: 1138699

The Aieto Foundation Limited

(A company limited by guarantee)

Unaudited

- Trustees' report and financial statements

For the year ended 30 November 2019

The Aleto Foundation Limited


Contents

Page

Reference and administrative details of the charity, its trustees and advisers

Chairman's statement 2-6

Trustees' report 7-15

Independent examiner's report 16

Statement of financial activities 17

Balance sheet 16

Notes to the financial statements 19-25



Reference and administrative details of the company, its trustees and advisersFor the year ended 30 November 2019

Trustees

Sir Kenneth Olisa OBE, Chairman'Gary Elden OBEDaniel Taylor FRSADr Yvonne Thompson CBE (resigned 5 February 2019)Michael Hall

Sanjay BhandariFope Adelowo (appointed 12 June 2019)

" Director of the charity

Company registered number

07082850

Charity registered number

1138699

Registered office

10 Westbury RoadLondonSE20 TQL

Chief executive officer

David Villa-Clarke MBE, BEM

COD & Company secretary

Veronica Martin

Accountants

Kreston Reeves LLPChartered AccountantsThird Floor24 Chiswell StreetLondonEC1Y 4YX

Page 1



Chairman's statementFor the year ended 30 November 2019

A year ago when I sat down to write the foreword to our Annual Report I noted that our country was undergoing aperiod of turmoil amongst our political leadership, the like of which I hadn't seen in my lifetime.

My underlying point was that to be effective, leadership must be exercised by a diverse cadre who have livedexperience shared by the many facets of the people whom they are elected to lead.

The ensuing year has amplified that conclusion. In 2020 the UK experienced Three Great Tests —Covid, BlackLives Matter and Brexit negotiations. The virus has tested our nation's health and economic systems, BlackLives Matter tested our collective consciences and Brexit has, so far, tested our nerves. All to their limit!

2020 has also added evidence, if evidence was needed, to that argument for diverse leadership at the top oforganisations. I make no criticism of any of the decisions that have been made in the corridors of power, or ofthe people making them. I have no doubt that everyone in the many driving seats have performed to the best oftheir abilities. But it must be obvious to any observer that irrespective of the nobility of their authors' motives, theoutcomes have not been optimal.

And if 2020 has been fraught, it is a given that anything resembling 'normal' is a long way off. The impact of 2020on the health and economic systems, our consciences and our nerves is likely to persist for years. Worse, it islikely that 2021 will see us experience a form of community PTSD as we work our way through the repair workneeded to repair our children's education, our High Streets and the waste of human capital encapsulated in theinevitable levels of rising unemployment. It is impossible to know what lasting damage has been visited on us bythe uncertainty resulting from the Three Great Tests.

But what it is possible to know is that to make our leadership fit for the 21st century, our system of selecting andtraining leaders needs radical upgrading.

The Aleto Foundation exists to help satisfy that need. Our original model focused on identifying tomorrow'sleaders and then investing social capital into them so that they could earn seats at the UK's top tables. Aleto 1.0consisted of a Summer School and membership of a peer network. It is now our intention to augment that basicoffering with a mentor-centred career acceleration programme (CAP) designed to maintain their momentum asalumni travel their chosen career path.

This has led to us renewing our fund-raising strategy. It now includes the provision of services to majorcompanies wishing to address the cultural turmoil stemming from the Black Lives Matter's call to reflection andaction. The consequence of this which we should see reflected in next year's accounts should be a more stablefunding platform. That, in turn, will give us the confidence to broaden our scope both in terms of geography andparticipants' selection criteria.

The Aleto Foundation has created a cohort of alumni numbering some 400, a large proportion of who areexperiencing rapid advancement in their careers. Taking into account the external environment and theexpansion of our focus, the next year's strategic priority is to energise the CAP with the intention of seeing "OldAletonians" making material contributions to the country's recovery form the damage wreaked by the ThreeGreat Tests.

We do this in three ways;

~ Each year we host a three-day Leadership Programme (or 'boot camp') structured to provide our delegateswith a life-changing confidence boost which will enable them to deal as equals with their student peers; and

~ Each year's cohort joins the Aleto Alumni which has grown into a powerhouse of enthusiastic young peoplewho understand the importance of personal development, group support and contribution to the well-being ofothers.

~ Each year mentors/role models join the programme and offer their time and knowledge into developing theleadership qualities/skill of Aleto's young leaders.

Page 2




Happily, the need being met by the Aleto Foundation has been recognised by many sponsors and donors towhom we owe an enormous debt:

~ BT who, for the fourth year running, hosted the Summer Leadership Programme for highly talentedundergraduates from deserving backgrounds;

~ Microsoft for hosting our Meet Your Mentor evening;~ The rnentors and buddies on the Programme —especially Obi Okereke, 2018 alumna —who, as Chief

Buddy, managed the buddies on the summer leadership programme, Benjamin Ackim in his role as ChiefMentor and Nathaniel for accepting the newly created role of Chief Delegate.

~ The series of events, workshops, seminars and conferences by the Civil Service, Credit Suisse, Dentons,Jenny Garrett, Moody's, Radio Academy and Living Bridge and Kym Andrews, McKinsey and ChathamHouse for the opportunity for selected members to meet and have dinner with Stacey Abrams the firstAfrican American woman to run for Governor of Georgia

2019 Delegates contributed to our newsletter on Issuu. Read what they said here;https://issuu. corn/aletofoundation/docs/newsletter thank~ou posts 12.08.1 cf0919222174b0

Finding those future leaders is not an easy task and so we are enormously grateful to SThree (a globalrecruitment company) who have been supporting Aleto to do since 2016 by investing over two weeks of seniorstaff time and resources to help us to whittle down 325 applications (195 applications received in 2018) to a longlist of 80 candidates to identify 71 (69 attendees in 2018) successful attendees (9 of which were BT Graduates)for this year's Leadership Programme.

As a charity we are obsessed with impact and I am delighted to report that the Leadership Programme resultsspeak for themselves or rather better, as these two quotes show, the attendees speak for the Programme:

'yt gave me a whole new experience. l did not leave the same way I came and the combination of talks, workingaround the schedules in order to fulfil the task taught me life lessons too. Truly grateful for the wholeexperience" Jennifer Opal, BT Graduate j BSc Business with French Language j Birkbeck

"The programme is exceptional. It surpassed every expectation I had and could have thought of. It wasunbelievable to be surrounded by and in contact with so much talent -. The speakers were all excellent. To heartheir stories, insights, wisdom and how they "give back" is incredibly inspiring. Each mentor/buddy was incredibleduring the week - special thanks to Obi. All very friendly, helpful and offered this wisdom. Like to give a specialthank you to Team A mentors/buddy for literally being there for us all week. They were happy to stay as late as11pm most evenings and start as early as Tam to ensure we got the most out of the week and teach usadditional skills. Truly appreciate every effort/ sacrifice Aleto make to make this a success and empower andchange literally thousands of lives" Faysal Mohammed, BA (Hons) Economics, Finance and Banking j

Nottingham Trent.

I am pleased that the enthusiasm reflected by our 2019 delegates' comments was universal as exemplified by92.5'%%d respondents stating that they would recommend the Aleto I eadership Programme to others.

Page 3



Chairman's statementFor the year ended 30 November 2019Would you recommend this programme to others?

~ Yes

4 Maybe

Vast majority of respondents (80.6%) answered that the I eadership Programme either met or exceeded theirexpectations.

Did the Leadership Programme meet your expectations?

~ Yes

~ No

@ It exceeded my expectationsI Surpassed them

~ It exceeded them

There was no negative response to the leadership programme and in general, on a scale from 1 to 10, theprogramme was rated 8.37 (see table below).

Page 4



Chairman's statementFor the ear ended 30 November 2019

On a Scale of 1-10, how would ou rate: vera e Ratin

Application Process 7.85

BT as host for the leadership programme 8.85

Content of the programme, '8.29'

Interview stage 7.64

Meet your Mentor evening hosted by Microsoft 7.64,'

Quality and quantity of catering provided at BT 6.98

' Quality and substance of the facilitator —David Villa Clarke (CEO' ' -'8.85',;,of Aleto)

Support received from your buddies 8.20

Support received from your mentor, 7.95'

Timing/duration of the leadership programme 8.08

Page 5




A Delegate wrote: "I commend the amount of hard work puf into this programme as it is evident! What a

powerful programme! I've taken away lessons thai will reside with me for Ihe rest of my life. I'm grateful andproud to be a part of the ALETO family. Thank you for being a catalyst for empowerment amongst youngpeop/e".

The Aieto Foundation's definition of leadership encompasses the widest range from the armed services to thearts and everything in between. For a leader of tomorrow, success at university is a step towards a future role in

society and Leadership Programme alumni have gone on to win jobs, internships and graduate schemes at abreath-taking roster of blue chip organisations such as Allen & Overy, Anthemis Group, Apple, Atkins Global,Axcis, BBC, DA solutions, Deloitte LLP, Freshlieids, Google, HSBC, IBM, Jeffenes investment Banking,Linklaters, Lloyds Banking Group, Nesta, Pearson Ham Consulting, Phillips Consulting Ltd, PwC Tax consultant,Reed Smith LLP, Riskonnect, Sony Records, Stiiweii Partnership and Teach first.

James Harriette who has been a member of Aleto since 2018 and was a delegate that year, returned to serve asa buddy in 2019. He wrote. "The programme always delivers good substance and motivation for delegates toreach their goals because they are given the tools, advice and wisdom in order Io navigate their way to reachingtheir aims and objectives. From a buddy perspective, it is raa/Iy good to see the delegates leam from oneanother as we/I from the Menfors/Buddies, making the programme a success as the main aim for the delegatesis to come away with skills thai would be used for their career development and no matter what their careerfocus is. "James is now a Private and Corporate Banking Operations Associate at Turkiye Is Bankasi.

The Aieto Foundation alumni network now consists of 459 members many of whom demonstrate theircommitment to becoming tomorrow's leaders, by supporting the Foundation's work and by speaking out in

glowing terms about their experience (which they often describe as being like 'a family' ).

ln closing and in the words of Titilayo Elewa j 2019 Delegate j Bachelor of Law j University of Essex: "ToVamnica Martin, David Villa Clarke and Sir Kenneth Oiisa, Ihanli you for creating a space where excellence isthe standard and teaching us thai il must be the very thread woven into a/I that we do. The bar hes been raisedfor us all. "

The next twelve months present a major challenge as we work to improve our fund raising capabilities in

advance of launching the major expansion envisaged in our strategy.

Thank you.

Name Sir Kenneth Oiisa OBEChairman

Date Kt tdCvcc ~t

Page 6



Trustees' reportFor the year ended 30 November 2019

The Trustees present their annual report together with the financial statements of the company for the 1December 2018 to 30 November 2019. The Trustees confirm that the Annual Report and financial statements ofthe company comply with the current statutory requirements, the requirements of the company's governingdocument and the provisions of the Statement of Recommended Practice (SORP), applicable to charitiespreparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republicof Ireland (FRS 102) (effective 1 January 2015) as amended by Update Bulletin 1 (effective 1 January 2015).

Since the company qualifies as small under section 382, the strategic report required of medium and largecompanies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is notrequired.

Objectives and Activities

a. Policies and objectives

To promote the development of young people up to the age of 25 in achieving their full potential by providingsupport and activities which develop their skills, capacities and capabilities to enable them to participate in andcontribute to society as mature and responsible individuals.

To promote equality and diversity for the public benefit by:

~ Advancing education and raising awareness in equality and diversity;~ Promoting activities to foster understanding between people from diverse backgrounds; and~ Conducting research on equality and diversity issues and publishing the results to the public,

In setting objectives and planning for activities, the Trustees have given due consideration to general guidancepublished by the charity commission relating to public benefit.

Overview

The Aieto Foundation is a distinctive, inclusive and diverse organisation with leadership and personaldevelopment at its core. We are built on a vision of providing significant lifetime opportunities for young peoplefrom socially disadvantaged backgrounds (defined as being eligible for free school meals) with the focus ofidentifying, recruiting and developing leaders for the future; equipping them with a strong sense of ambition, driveand confidence to achieve.

We know that from our experience of delivering the leadership programme that there are a greater number ofyoung people from BAME communities who could potentially benefit from our activities. We have identified thatthe annual Leadership Programme could appeal to a wider number of young people from the BAME communityand that the we have an opportunity to have a significantly higher profile in representing this group of people inleadership roles.

Despite their lack of social and economic advantage, these young people (our beneficiaries) from (SAME) BritishEnglish - black, Asian and minority ethnic communities are fully equipped with the skills, attributes, experienceand high-level qualifications to overcome the tough reality of their backgrounds and to play an active andsuccessful role in developing the local, national and global economy.

b. Strategies for achieving objectives

The Aleto Foundation was created to solve the problem of future leadership. We accomplish this by two mainmethods.

1. Providing world class training for the next generation of leaders2. Increasing the talent pool of potential leaders through greater diversification

Page 7



Trustees' report (continued)For the year ended 30 November 2019

Our flagship project is an annual three-day I eadership Programme which serves bright students, defined bywhat they do to contribute to the BAME community outside of education, academic record and evidence ofleadership potential, such as the ability to influence people by personal attributes and behaviours, energy andcommitment, working with others and self knowledge.

To date (2011 — 2019) 459 young people have received our training and the outcomes are clear to see. Ourtraining includes:

~ Lectures and lessons from established leaders: From CEOs of publicly trading companies to, leaders in

politics and arts.~ Our mentorship programme: We connect each young person with professional mentors who we feel will be

able to help best serve their growth as a leader.~ One on one coaching: Throughout and after our leadership programme, we provide opportunities for young

people to receive advice specific to them and their unique personal growth challenges.~ Expert workshops: We partner with various industry professionals to teach our beneficiaries skills they would

never have access to: from successful networking, to body language to developing and building theirpersonals brands.

~ Self analysis: Understanding your strengths and weaknesses plays a huge role becoming a better leader.We use proprietary techniques to deliver unrivalled self awareness.

~ Networking opportunities: We believe that your network is one of your most valuable assets. We play asignificant part in helping our young people to build their own networks with people they likely would havenever otherwise meet.

~ Exposure to the corporate the world: By working with our corporate partners we create a safe environmentfor beneficiaries to gain experience, understanding and confidence in working within professionalenvironments long before they enter the working world.

~ Membership to our community of young leaders: Often considered the most valuable part of our leadershipprogramme, we surround our young people with talented young leaders just like themselves often for the firsttime in their lives. As a result, we have grown an impressive community of future leaders.

This programme is oversubscribed on an annual basis. We therefore need to maximise our capacity tosuccessfully raise funds and sustain the series of leadership programmes and activities we have planned for2020 and beyond.

Since our inception, we have benefited from the mentoring and funding provided by our Trustees and otherstakeholders (we are currently self-funded), however we realise that we require additional assistance to make astrong case for support, increase our effectiveness and the impact we have on our beneficiaries.

Our Trustees are committed to building the capacity of the Foundation and in developing the necessaryinfrastructure to attract funding. The team and volunteers work in a transparent and open manner and areefficient with responding to requests and participating in training workshops and meetings.

Reaching more young people from the BAME community

To date the annual Leadership Programme has attracted a few hundred delegates and this has become a self-perpetuating assumption about the size of the potential target audience for the work of the Foundation. However,a broader look at official statistics suggest that the potential total audience for the work of the Foundationnumbers some tens of thousands of young people each year.

This number is based on a data model which combines inputs from a range of sources. There are approximately136,000 disadvantaged pupils in the UK, of whom around 80/o go on to 'sustained education' after leavingschool. A narrower definition of 'disadvantaged' would be to take the numbers eligible for free school meals, whomake up around 13'/o of a total student body of around 551,000 (i.e. around 76,000).

Although the available data does not provide an additional breakdown of the academic achievements of youngadults from this background, a reasonable working assumption based on national averages would suggest that

Page 8




the number of people who might be helped by the work of the Foundation is in the range of 20-40,000 youngpeople each year.

Our current resources leading up to the 2019 Leadership Programme, enabled us to support more young peoplethan in previous years and we once again shared this opportunity with BT's graduates as part of our relationshipwith BT. We also continue to provide help and support when we can for those who participated in theprogramme in 2011, 2013, 2014, 2015, 2016, 2017 and 2018. With additional resources (funds and volunteers),our goal is to scale up our activities so that more disadvantaged young people from diverse backgrounds canbenefit from our programme.

The boost to the attendees' capabilities has resulted in a mutually supportive alumni network of high performingleaders of tomorrow.

c.Activities for achieving objectives

LEADERSHIP DEVELOPMENT PROGRAMME

~ Develop and deliver impacfful leadership programmes reflecting a strong understanding of the needs of highachieving young people and other key stakeholders.

~ Build and sustain a high-quality network of individuals and organisations committed to the leadershipdevelopment of our next generation of leaders and beyond.

MENTORING AND BUDDY PROGRAMME

~ Increase awareness of the need to continually address and adapt to the diverse needs of high achievingyoung people.

~ Be a major investor in exceptional young people who will go on to become the political, business and civil

society leaders of the future.

ALUMNI ENGAGEMENT

~ Create suitable opportunities (professional and social) that attract, engage and inspire our targetaudience.

~ Build strong connections and foster meaningful relationships amongst alumni.

Main activities undertaken to further the charity's purposes for the public benefit

We held our 8th highly acclaimed summer leadership programme in July 2019 which was once again hosted byBT. 71 young people including 9 BT graduates benefited from four days (23-26 July 2019) of leadershipdevelopment training and heard from an array of keynote speakers such as Sabine Chalmers - Group GeneralCounsel - BT, Sir Kenneth Olisa OBE - Chairman of Aleto Foundation, Gary Elden OBE — Trustee of AletoFoundation, Timothy Armoo and Ambrose Cooke - Aleto Alumni and Founders of Fanbytes, Reggie Nelson-Graduate Analyst at Legal and General Investment Management (LGIM) rotating across Client Business andInvestments, Professor Sue Black OBE, Rob Coulthard - Judgement index, Matt Crabtree - founder andprincipal partner of Positive Momentum, Michael Sherman —Chief Strategy and Transformation Officer at BT,Sonita Alleyne OBE, FRSA - Master elect of Jesus College, Cambridge, Benjamin Ackim - Director of Sports CityI ondon and Panel of Aleto Women (2011-2016) by Rachael Owhin: 2011 Aleto member: Mujina Kaindama-Trade Policy Advisor at Department for International Trade (DIT), 2013 Aleto member; 2013 Aleto member:Rene Germain - Digital Product Manager at American Express, 2014 Aleto member: Nsikan A Udofia,Technology Associate at Accenture, 2015 Aleto member: Jessica Agboola: Undergraduate at the University ofWarwick and 2016 Aleto member: Nissy Tee - Content Creator j International Speaker j Confidence Coach.

Page 9




Our Meet Your Mentor evening, which is a prelude to the leadership programme and an opportunity for delegatesto meet Aleto's leadership team, mentors and buddies, was supported and hosted by Microsoft.

SThree's HR team helped us to shortlist delegates who were then interviewed face to face over a two-weekperiod.

Achievements and performance

a. Review of activities

Year Female Male TOTAL

20112013201420152016201720182019

1624293938373543

22

2629182221

2928

3850585760

6871

Our 8th leadership programme was held in July 2019. The programme prepared 69 young people, aged 16+ forthe best possible outcomes in whatever profession they chose to pursue.

Success Process~ Rigorous Application~ Balanced scoring system~ Interview~ Offered~ Meet your Mentor event~ Attend Programme~ Graduate~ Mentoring and buddy programme.~ Ongoing leadership development experiences

Mentors

Mentoring plays a key part in our leadership programme and the table below shows that many of them return tomentor young people. For example, Tunde Bello visits the UK from the USA, specifically to mentor a new cohortof young people. To date, he has been a mentor for 6 years.

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Mentor's nameAdelani AdesidaAkintunde Bello

Ama Afrifa-Kyei

Anne Marie Headley

Ayo Gabriel

Benjamin Ackim

Cedric FrederickCharles SekwalorClaud Williams

Daniel TaylorDennis SemDr Beverly JebetCheseremEdwin Broni MensahElinor Olisa

Ernest MusekaFlorence AdepojuGbadebo Ogunlami

Jasmine EnnisKevin LendorLwanga MRICSMartin BanjoMichael WebsterOzzie Clarke-Binns

Phil Walker

Piers Linney

PreciousRachel Ohwin

Rosemary RussellScott Morrison

Senyo Aidam

Shaun BaileySophie ChandaukaSusan Taylor Martin

Yvonne Thompson

2011 2013

Y

Y

2014 2015 2016 2017

Y

2018

ChiefMentor

2019

ChiefMentor

Members from previous years acted as buddies to support delegates and mentors. Our thanks to ChenelleLamptey, Elizabeth Abiade and Renell Harding, Toyah Panton and Eniola Edusi, James Harriette, Noelle Donkorand Janet Siwoku, Jemima Kola-Abodunde, Itunu Abolarinwa.

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b. Fundraising activities/Income generation

The whole arena of fundraising has come under unparalleled scrutiny in the last couple of years. Without thesupport of our Trustees we would not be able to make a difference to less privileged young people.

The Foundation has been generously supported by our current and ex-Trustees, private individuals, pro bonosupport corporate partners and our network of members.

The Aleto Foundation has a mission to identify tomorrow's leaders irrespective of their race, gender, faith orethnicity; and provide personalised opportunities and awards to accelerate development of those leaders forwhom such support is not ordinarily available.

c. Investment policy and performance

The Foundation's policy is written in the light of the Charity Commissioners' guidance "Investment of CharitableFunds: Basic Principles" (CC14, December 2004) which states: "We strongly recommend that charity Trusteesdecide on an investment policy for their charity, record it clearly in writing, and keep it under review ".(para 30).

At paragraph 9 the guidance states; "The term "investment" is not defined in statute. Instead the courts haveinterpreted the phrase. Whilst not exhaustive, some common examples of investments include: shares in

companies; land rented or leased out by the charity to tenants; interest bearing loans by the charity, for example,government bonds, company loan stock, deposits at banks and building societies; and units in collectiveinvestment schemes, such as unit trusts, open ended investment companies or common investment funds. "

The investment policy should address the following considerations (para 31):The need for enough resources for the charity to carry out its present and future activities effectively;The level of acceptable risk and how to manage it; andThe charity's stance on ethical investment, if any.

The Foundation will invest any available funds in such investments, securities or property as it sees fit, subject toany conditions or consents that may be imposed or required by law.

The Aleto Foundation will engage in short, medium or long-term investments, subject to the amount and natureof funds available. The investments will be managed in such a way as to provide enough income to enable theFoundation to carry out its purposes effectively both in the short term and over the longer term. Where possible,the value of the assets will be enhanced to at least keep pace with inflation over the longer term.

The main principles governing all investments are:~ That funds are protected from risk and inflation; and~ That the best income is obtained from funds for its purpose.

d. Factors relevant to achieve objectives

To scale up our activities, we recognise the need to secure more support from companies and a central team todeliver on our objectives.

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Financial review

a. Going concern

At the balance sheet date, the charity is in a net liability position of F285 (2018: 615,249 net current asset).However, since the year end, the charity has made a surplus which has resulted in the charity being in a netasset position and has secured corporate sponsorship going forward to support the charity. This has beenachieved whilst the on-going economic impact of the Covid-19 global pandemic continues, and the Trusteesconsider this to not have an impact on the entity's ability to continue to operate. On this basis, the Trusteesconsider it is appropriate to prepare the financial statements on a going concern basis for the year ended 30November 2019.

Structure, governance and management

a. Constitution

The company is registered as a charitable company limited by guarantee and was set up by a Memorandum ofAssociation on 26 November 2009.

The company is constituted under a Memorandum of Association dated 26 November 2009 and is a registeredcharity number 1138699.

The principal object of the company is to promote the development of young people up to the age of 25 andpromote equality and diversity for the public benefit.

b. Method of appointment or election of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under theterms of the Articles of Association.

Customarily, the Trustees of the Foundation nominate new board members and there is no determinedmaximum number. The minimum number of Trustees is three. None of the Trustees are obliged to serve fixedterms or retire by rotation. Our method of appointment is currently under review.

c. Policies adopted for the induction and training of Trustees

Before appointment, Trustees are provided with an introduction to the charity's governance and management.They are also provided with a copy of the Charity Commission guidance note - 'How to be an Effective CharityTrustee' along with the Memorandum and Articles.

The Trustees are kept informed of key changes in charity law by the CEO.

Newly appointed Trustees meet with the Chair of Trustees to ensure that they have a full understanding of thework of the charity, and are also given an induction pack with information necessary for them to fulfil their role.

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Trustees' report (continued}For the year ended 30 November 2019

d. Organisational structure and decision making

The Board of Trustees meets quarterly and is responsible for the strategic direction and policy of the charity. Atpresent the Board consists of ten individuals from a variety of professional backgrounds relevant to the work ofthe charity.

The Chief Executive Officer (CEO) sits on the Board but has no voting rights.

A scheme of delegation is in place whereby Trustees appoint Working Groups amongst themselves to deliverthe services specified and to ensure that key performance indicators are met.

Responsibilities for day to day operational management of the Foundation rest with the CEO.

e. Related party relationships

The Foundation received donations from our Chairman during the period.

f. Risk management

The Trustees have assessed the major risks to which the company is exposed, in particular those related to theoperations and finances of the company, and are satisfied that systems and procedures are in place to mitigateour exposure to the major risks.

Plans for future periods

a. Future developments

Aleto's ambition: By 2024, we will have trained 2,000 future leaders from tough reality backgrounds.

Trustees' responsibilities statement

The Trustees (some of whom are also directors of Aleto Foundation for the purposes of company law) areresponsible for preparing the Trustees' report and the financial statements in accordance with applicable law andUnited Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company lawthe Trustees must not approve the financial statements unless they are satisfied that they give a true and fairview of the of the charitable company and of the incoming resources and application of resources, including theincome and expenditure, of the charitable company for that period. In preparing these financial statements, theTrustees are required to:

~ select suitable accounting policies and then apply them consistently;

~ observe the methods and principles in the Charities SORP;

~ make judgments and accounting estimates that are reasonable and prudent;

~ prepare the financial statements on the going concern basis unless it is inappropriate to presume that thecharitable company will continue in operation.

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The Trustees are responsible for keeping adequate accounting records that are enough to show and explain thecharitable company's transactions and disclose with reasonable accuracy at any time the financial position of thecharitable company and enable them to ensure that the financial statements comply with the Companies Act2006. They are also responsible for safeguarding the assets of the charitable company and hence for takingreasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Trustees, on Gt I3l2.t and signed on their behalf by:

Sir Kenneth Olisa OSE, ChairmanChair of the Board of Trustees

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Independent examiner's reportFor the year ended 30 November 2019

Independent examiner's report to the Trustees of The Aleto Foundation Limited (the 'company')

I report to the charity Trustees on my examination of the accounts of the company for the year ended 30November 2019.

This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities(Accounts and Reports) Regulations 2008. IVly work has been undertaken so that I might state to the company'sTrustees those matters I am required to state to them in an Independent examiner's report and for no otherpurpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than thecompany and the company's Trustees as a body, for my work or for this report.

Responsibilities and basis of report

As the Trustees of the company (and its directors for the purposes of company law) you are responsible for thepreparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the2006 Act and are eligible for independent examination, I report in respect of my examination of the company'saccounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examinationI have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I can confirm that no matters have come to my attention in connection with

the examination giving me cause to believe:

accounting records were not kept in respect of the company as required by section 386 of the 2006 Act;or'

the accounts do not accord with those records; or

the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other thanany requirement that the accounts give a 'true and fair' view which is not a matter considered as part ofan independent examination; or

the accounts have not been prepared in accordance with the methods and principles of the Statement ofRecommended Practice for accounting and reporting by charities applicable to charities preparing theiraccounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ofIreland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to whichattention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed: Dated:

Stephen Tanner BSc(Econ) FCA

Third Floor,24 Chiswell StreetLondonEC1Y 4YX

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Statement of financial activities incorporating income and expenditure accountFor the year ended 30 November 2019

Unrestrictedfunds2019

NoteIncome from:

Totalfunds2019

Totalfunds2018

Donations and legaciesCharitable activities

Total income

2 44,877 44,877 63,6473 42,050 42,050 84,732

86,927 86,927 148,379

Expenditure on:Charitable activities

Total expenditure

7 102,461 102,461 154,406

4 102,461 102,461 154,406

Net deficit before other recognised gains and lossesNet movement in funds

(15,534)

(15,534)

(15,534) (6,027)(15,534) (6,027)

Reconciliation of funds:Total funds brought fonvard

Total funds carried forward

15,249 15,249 21,276

(285) (285) 15,249

The notes on pages 19 to 25 form part of these financial statements.

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(A company limited by guarantee)Registered number: 07082850

Balance sheetAs at 30 November 2019

Current assetsCash at bank and in hand

Creditors: amounts falling due within oneyear

Net current (liabilities)/assets

Net (liabilities)/assets

Note

10

2,295

(2,580)

2019

(285)

(285)

17,799

(2,550)

20186

15,249

15,249

Charity Funds

Unrestricted funds (285) 15,249

Total (deficit)/funds (285) 15,249

The company's financial statements have been prepared in accordance with the provisions applicable tocompanies subject to the small companies regime.

The Trustees consider that the company is entitled to exemption from the requirement to have an audit under theprovisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company toobtain an audit for the year in question in accordance with section 476 of the Act.

The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006with respect to accounting records and the preparation of financial statements

The financial statements were approved and authorised for issue by the Trustees on ~t Mc~ ~' t andsigned on their behalf, by:

Sir Ken Olisa OBE, ChairmanTrustee

The notes on pages 19 to 25 form part of these financial statements.

Page 18



Notes to the financial statementsFor the year ended 30 November 2019

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with Accounting and Reporting byCharities: Statement of Recommended Practice applicable to charities preparing their accounts in

accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standardapplicable in the UK and Republic of ireland (FRS 102) and the Companies Act 2006.

The Aleto Foundation Limited meets the definition of a public benefit entity under FRS 102. Assetsand liabilities are initially recognised at historical cost or transaction value unless otherwise stated in

the relevant accounting policy.

1.2 Company status

The company is a company limited by guarantee. The members of the company are the Trusteesnamed on page 1. In the event of the company being wound up, the liability in respect of theguarantee is limited to L1 per member of the company. The registered office is 10 Westbury Road,London, SE20 7QL.

1.3 Going concern

At the balance sheet date, the charity is in a net liability position of F285 (2018: L15,249 net currentasset).

However, since the year end, the charity has made a surplus which has resulted in the charity beingin a net asset position and has secured corporate sponsorship going forward to support the charity.This has been achieved whilst the on-going economic impact of the Covid-19 global pandemiccontinues, and the Trustees consider this to not have an impact on the entity's ability to continue tooperate. On this basis, the Trustees consider it is appropriate to prepare the financial statements ona going concern basis for the year ended 30 November 2019.

1.4 Income

All income is recognised once the company has entitlement to the income, it is probable that theincome will be received and the amount of income receivable can be measured reliably.

Donated services or facilities are recognised when the company has control over the item, anyconditions associated with the donated item have been met, the receipt of economic benefit from theuse of the company of the item is probable and that economic benefit can be measured reliably. Inaccordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is notrecognised and refer to the Trustees' report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of thevalue of the gift to the company which is the amount the company would have been willing to pay toobtain services or facilities of equivalent economic benefit on the open market; a correspondingamount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant isrecognised at the time of the donation.

Page 19




1. Accounting policies (continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economicbenefit to a third party, it is probable that a transfer of economic benefits will be required insettlement and the amount of the obligation can be measured reliably. Expenditure is classified byactivity. The costs of each activity are made up of the total of direct costs and shared costs,including support costs involved in undertaking each activity. Direct costs attributable to a singleactivity are allocated directly to that activity. Shared costs which contribute to more than one activityand support costs which are not attributable to a single activity are apportioned between thoseactivities on a basis consistent with the use of resources. Central staff costs are allocated on thebasis of time spent, and depreciation charges allocated on the portion of the asset's use.

Support costs are those costs incurred directly in support of expenditure on the objects of thecompany and include project management carried out at Headquarters. Governance costs are thoseincurred in connection with administration of the company and compliance with constitutional andstatutory requirements.

Charitable activities and Governance costs are costs incurred on the company's operations,including support costs and costs relating to the governance of the company apportioned tocharitable activities.

All expenditure is inclusive of irrecoverable VAT.

1.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measuredreliably by the company; this is normally upon notification of the interest paid or payable by the Bank.

1.7 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a shortmaturity of three months or less from the date of acquisition or opening of the deposit or similaraccount.

1.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a pastevent, it is probable that a transfer of economic benefit will be required in settlement, and theamount of the settlement can be estimated reliably. Liabilities are recognised at the amount that thecompany anticipates it will pay to settle the debt or the amount it has received as advancedpayments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Wherethe effect of the time value of money is material, the provision is based on the present value of thoseamounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. Theunwinding of the discount is recognised within interest payable and similar charges.

1.9 Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financialinstruments. Basic financial instruments are initially recognised at transaction value andsubsequently measured at their settlement value with the exception of bank loans which aresubsequently measured at amortised cost using the effective interest method.

Page 20




Accounting policies (continued)

1.10 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees infurtherance of the general objectives of the company and which have not been designated for otherpurposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees forparticular purposes. The aim and use of each designated fund is set out in the notes to the financialstatements.

2. Income from donations and legacies

Donations


644,877

Totalfunds2019

844,877

Totalfunds2018

63,647

Total 2018 63,647 63,647

3. Income from charitable activities

Restricted income spendAnnual leadership programmeAnnual Charity BallWebsite developmentDocumentary development


34,004

8,000

Restrictedfunds2019

8

Totalfunds2019

8

34,004

8,000

Totalfunds2018

f2,468

25,43252,332

4,500

Subtotal 42,004 42,004 84,732

Bank interest receivable 46 46

42,050 42,050 84,732

Total 2018 82,264 2,468 84,732

Page 21




4. Analysis of Expenditure by expenditure type

Other costs2019

Total2019

Total2018

Direct and support costsExpenditure on governance

99,4752,986

99,4752,986

150,7063,700

102,461 102,461 154,406

Total 2018 1 54,406 1 54,406

5. Direct costs

Event costs

Activities

43,024

Total2019

43,024

Total2018

E

27,516

Total 2018 27,516 27,516

6. Support costs

Staff costsAnnual Charity BallEvent costsInsuranceMarketingComputer costs

Activitiesf

54,576

636179930130

Total2019

54,576

636179930130

Total2018

80,07737,800

3,015179268

1,851

56,451 56,451 123,190

Total 2018 123,190 123,190

Page 22




7. Governance costs


Totalfunds2019

Totalfunds2018

E

Accounting and professional fees 2,986 2,986 3,700

8. Net income/(expenditure)

During the year, no Trustees received any remuneration, benefits in kind or reimbursement of expenses(2018 - ANIL).

9. Independent Examiner's remuneration

The Independent Examiner's remuneration amounts Io an Independent Examination fee of 82,580 (2018-E2,550).

10. Creditors: Amounts falling due within one year

Accruals and deferred income

2019

2,580

2018F

2,550

Page 23




11. Statement of funds

Statement of funds - current year

Designated funds

Designated Funds

Balance at1 December

2018K

721

Income Expenditure6

Balance at30

November2019

6

721

General funds

General Funds 14,528 86,927 (102,461) (1,006)

Total Unrestricted funds

Total of funds

15,249 86,927 (102,461) (285)

15,249 86,927 (102,461) (285)

Statement of funds - prior year

Balance at1 December

2017 Incomef

Expenditure

Balance at30

November2018

6

Designated Funds

General Funds

Restricted Funds

Total of funds

721 721

21,276 148,379 (154,406) 15,249

20,555 145,911 (151,938) 14,528

2,468 (2,468)

Designated fund: Aleto Leadership Programme

This fund holds monies that have been designated, by the Trustees, for costs that relate to the AletoLeadership Programme.

Page 24




'l2. Analysis of net assets between funds

Analysis of net assets between funds - current year


Totalfunds2019

Current assetsCreditors due within one year

2,295(2,580)

2,295(2,580)

(285) (285)

Analysis of net assets between funds - prior year

Current assetsCreditors due within one year


17,799(2,550)

15,249

Totalfunds2018

5

17,799(2,550)

15,249

13. Related party transactions

During the period, the charity hasn't entered into any transactions with any related parties which requiresdisclosure under the Charities SORP.

14. Post balance sheet events

Early 2020 saw the outbreak of the Covid-19 pandemic. This has resulted in significant global economicdisruption and as the pandemic develops, this disruption will continue and may worsen over the months tocome. This is considered to be a non-adjusting event affecting the charity since year end. The impact ofthe pandemic on the charity's going concern is addressed in note 1.3.

15. Controlling party

The Charity is under the control of its Trustees.

Page 25

Documents

The Aieto Foundation Limited - Charity Commission