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← Cede Foundation

2023-09-30-accounts

Company no. 06571807 Charity no. 1126753 (England & Wales)

CEDE FOUNDATION

TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS

30th September 2023

CEDE FOUNDATION

Financial statements For the year ended 30th September 2023

Contents Page
Reference and administrative details 3
Report of the trustees 4
Independent examiner’s report to the trustees 12
Statement of Financial Activities (including Income and Expenditure account) 14
Balance sheet 15
Notes to the financial statements 16

2

CEDE FOUNDATION

Reference and administrative details For the year ended 30th September 2023

Company number 06571807
Charity number 1126753
Registered office 35 Brook Avenue
Manchester
M19 3DQ
Trustees Trustees, who are also directors under company
law, who served during the year were as follows:
Bernard Nwaiwu_(Chair)_
Chipiliro Kalebe-Nyamongo
Stanley Innocent
Stella-Maris Nwaiwu
Monika Rajani
Ifeoma Igbokwe
Obidoyin Patrick Funsho_(Joined 4 June 2023)_
Bankers Unity Trust Bank Plc
Nine Brindleyplace
Birmingham
B1 2HB
Triodos Bank UK Ltd
Deanery Road
Bristol
BS1 5AS
External Auditors Olabode Olusola FCCA, MCMI, CPA, CGA
8, Chestnut House
Laurel Road
Minster On Sea
Sheerness
Kent
ME12 3TW
Solicitors The charity engages the most appropriate
solicitors for the given circumstance and does not
retain a dedicated practice.

3

CEDE FOUNDATION

Report of the trustees For the year ended 30th September 2023

The trustees of Cede Foundation are pleased to present their annual report together with the financial statements for the year ending September 30, 2023. This year, despite numerous global challenges, we have made significant progress in our mission to overcome poverty by empowering people and developing sustainable communities, to make positive changes to people who face severe and multiple disadvantages. Our efforts have been particularly impactful in areas such as economic empowerment, food security, employability, language learning, and youth engagement.

Reference and administrative details

Reference and administrative information set out on page 3 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice-Accounting and Reporting by Charities (effective from January 2019).

Objectives and activities

The charity’s principal objectives as set out in its Memorandum of Association are:

Our Vision

A world in which people who face multiple deprivation are supported to build their voices and power capability to object to their exclusion, including supporting them in bringing to the attention of decision makers, issues which create barriers to their inclusion in mainstream society.

4

CEDE FOUNDATION

Report of the trustees For the year ended 30th September 2023

Our Mission

Our mission is to overcome poverty by empowering people and developing sustainable communities, to make positive changes to people who face severe and multiple disadvantages.

To achieve our mission, we deliver solutions that are personalised to the needs and circumstances of people who experience multiple deprivation, through education, skills training and help to secure employment, health and fitness classes, creative activities to reduce isolation, loneliness while boosting confidence and self-esteem, and support in tackling issues with health and addiction.

ACHIEVEMENTS

CEDE Marketplace

This year, we launched the CEDE Marketplace, an initiative designed to provide economic empowerment and visibility for underrepresented entrepreneurs. The marketplace serves as a platform for these entrepreneurs to showcase and sell their products, thereby enhancing their business prospects and economic stability.

Mobile Food Bank

Our mobile food bank has been instrumental in addressing food insecurity. The total collections for the year were 1,274, with 58,991 kg of food collected. This is equivalent to 140,524 meals and resulted in CO2 savings of 182,729 kg. This initiative has not only provided essential nourishment to those in need but has also contributed to environmental sustainability.

HAF Programme in Manchester

We successfully delivered the Holiday Activities and Food (HAF) programme in the Manchester City area. This program provided nutritious meals and engaging activities for children during school holidays, ensuring their well-being and development outside of the academic term.

Building Bridges to Opportunity

The Building Bridges to Opportunity program has been a cornerstone of our efforts to enhance employability skills among marginalized individuals. This program connects participants with opportunities for education, training, and employment, fostering a sense of community and belonging. It has helped numerous individuals gain the skills and confidence needed to enter or re-enter the workforce.

5

CEDE FOUNDATION

Report of the trustees For the year ended 30th September 2023

Creative English for Health

Our Creative English for Health initiative is an innovative approach to language learning, focusing on improving health literacy among English language learners. By integrating health education into the ESL curriculum, we have empowered learners to better navigate healthcare systems and make informed health decisions.

St Ignatius Centre Project

The refurbishment of the St Ignatius Centre has continued to progress remarkably. This project is creating one of the largest training and events spaces in Ordsall, which will serve as a hub for community activities, training sessions, and events, thereby enhancing community cohesion and development.

Youth Work

Our engagement with young people has expanded significantly this year. Through various programs and activities, we have reached more young individuals, providing them with support, mentorship, and opportunities to develop their skills and interests.

IMPACT OF GLOBAL CHALLENGES

War in Ukraine

The war in Ukraine has led to an increased demand for humanitarian aid. We have extended our relief efforts to support Ukrainian refugees, providing essential services such as food, shelter, and medical care. This has necessitated the reallocation of resources and strengthened our collaborative efforts with other humanitarian organizations.

Cost of Living Crises

The global cost of living crisis has increased operational costs and heightened economic hardship for the communities we serve. We have implemented cost-saving measures and sought additional funding to maintain service delivery levels. Our food bank and other support services have seen increased demand, reflecting the growing needs of our beneficiaries.

Limited Availability of Funding

Securing funding has been challenging due to competing global crises. We have intensified our fundraising efforts, applied for more grants, and explored innovative funding avenues to ensure financial stability and continue our critical work.

6

CEDE FOUNDATION

Report of the trustees For the year ended 30th September 2023

Energy Crisis

The energy crisis has increased operational costs and affected many of the households we support. We have initiated sustainable energy projects, such as solar power installations, to reduce dependence on non-renewable energy sources and mitigate future risks.

Financial Review

For the financial year ending September 30, 2023, Cede Foundation experienced significant growth in its financial position:

Overall, the foundation has demonstrated strong financial management, enabling us to allocate more resources towards our mission and objectives.

Public Benefit

Cede Foundation continues to operate for the public benefit by supporting underrepresented and marginalized communities through various programs and initiatives. Our activities this year have included:

These initiatives have had a positive impact on the communities we serve, addressing critical needs and fostering economic, social, and educational development.

7

CEDE FOUNDATION

Report of the trustees For the year ended 30th September 2023

Going Concern

The trustees have reviewed the foundation's financial position and have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future. Therefore, the trustees continue to adopt the going concern basis in preparing the financial statements.

Risk Management

The trustees are responsible for identifying and managing the risks faced by the charity. Regular reviews are conducted to ensure that appropriate measures are in place to mitigate identified risks. Key risks considered include:

By proactively managing these risks, we aim to safeguard the foundation’s assets and reputation, ensuring continued support for our beneficiaries.

Reserves Policy

Following a review in October 2023, the trustees resolved that the charity would maintain £5,000 in unrestricted reserves. This level is deemed sufficient to cover short-term operational needs and unforeseen expenditures. At the end of the 2022-2023 financial year, the unrestricted reserve of the charity was £16,987, compared to £5,794 at the end of 2021-2022. This increase provides additional financial stability and flexibility.

Investment Policy

The trustees have carefully considered the most appropriate investment policy for the foundation’s funds. It has been resolved that a bank deposit account currently meets our requirements, offering security and liquidity. The day-to-day management of the organisation’s investment fund is delegated to the Chief Executive Officer, ensuring professional oversight and alignment with the foundation’s financial strategy.

Structure, Governance and Management

Cede Foundation was registered under the Companies Act 1985 to 2006 on April 21, 2008, as a company limited by guarantee and not having a share capital. The charity is also registered with the Charities Commission in England & Wales. Our governance framework is defined by our memorandum and articles of association. The board of trustees is currently comprised of seven individuals from diverse backgrounds, bringing a wide range of skills and professional expertise to the management of the charity. This diversity ensures robust oversight and strategic direction for the foundation.

8

CEDE FOUNDATION

Report of the trustees For the year ended 30th September 2023

Future Plans

Our priorities for 2023-2024 are designed to diversify our income sources and sustain the delivery of our services, including our capital projects. We are committed to providing early intervention support to those at the margins of society. The broad areas where we aim to develop to accelerate our objectives are:

To achieve these targets, we will focus on the following strategies:

1. Secure Funding

2. Streamline Procedures

3. Strengthen Partnerships

4. Improve Program Quality

CEDE FOUNDATION

Report of the trustees For the year ended 30th September 2023

Statement of responsibilities of the trustees

The trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and Charities Act 2022.

They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the persons who is a trustee at the date of approval of this report confirms that:

10

CEDE FOUNDATION

Report of the trustees

For the year ended 30th September 2023

The trustees’ annual report has been approved by the trustees on June 28, 2024, and signed on their behalf by

==> picture [99 x 51] intentionally omitted <==

Stanley Innocent Trustees

11

CEDE FOUNDATION

Independent examiners’ report For the year ended 30th September 2023

I report on the accounts of Cede Foundation, for the year ended 30 September 2023, which are set out on pages 14 to 23.

Respective responsibilities of trustees and independent examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts, and they consider that an audit is not required for this year under section 144(2) of the Charities Act 2022 (the 2012 Act) and in accordance with section 476 of the Companies Act 2006.

Having satisfied myself that the charity is not subject to audit under company law or Charities Act 2022 (the 2022 Act) and is eligible for independent examination, it is my responsibility to:

  1. examine the accounts under section 145 of the 2022 Act;

  2. to follow the procedures laid down in the general directions given by the Charity Commission under section 145(5)(b) of the 2022 Act; and

  3. to state whether particular matters have come to my attention.

Basis of opinion

My examination consisted of comparing the accounts with the books of account kept by the charity and making such limited enquiries of the officers of the charity as we considered necessary for the purpose of this report. These procedures provide the only assurance expressed in our opinion.

Opinion

In my opinion:

the revenue account and balance sheet for year ended 30 September 2023 are in agreement with the books of account kept by the charity in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (effective from January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

having regard only to, and on the basis of the information contained in the books of account, the revenue account and balance sheet for the year ended 30 September 2023 comply with the requirements of the Charities Act 2022 (the 2022 Act); and the charity met the financial criteria enabling it to disapply the requirement to have an audit of the accounts for the year specified in under section 144(2) of the Charities Act 2022 (the 2022 Act) and in accordance with section 476 of the Companies Act 2006.

12

CEDE FOUNDATION

Independent examiners’ report For the year ended 30th September 2023

==> picture [125 x 44] intentionally omitted <==

Olabode Olusola FCCA, MCMI, CPA, CGA

8, Chestnut House Laurel Road Minster On Sea Sheerness Kent ME12 3TW

Date: June 28, 2024

13

CEDE FOUNDATION

Statement of Financial Activities (including Income and Expenditure account)

For the year ended 30th September 2023

Note
Income from:
Donations and legacies
3
Charitable activities
4
Total income
Expenditure on:
Charitable activities
5
Finance costs
6
Total expenditure
Net income/(expenditure)
for the year
7
Transfer between funds
Net movement in funds for
the year
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted

£
10,822
27,313
38,135
7,473
627
8,100
30,035
(18,842)
11,193
5,794
16,987		 Restricted

£
13,133
831,414
844,547
34,292
-
34,292
810,255
18,842
829,097
272,652
1,101,749		 September
30, 2023

£
23,956
858,727
882,683
41,766
627
42,393
840,290
-
840,290
278,446
1,118,736		 September
30, 2022
£
82,951
30,260
113,211
50,658
15,773
66,431
46,780
46,780
231,666
278,446

The notes on pages 16 to 23 form part of these financial statements

14

CEDE FOUNDATION

Balance sheet As at 30th September 2023

Note
Fixed assets
Tangible assets
9
Total fixed assets
Current assets
Cash at bank and in hand
10
Debtors
11
Total current assets
Liabilities
Creditors -Amount falling due
within one year
12
Net current assets
Total assets less current liabilities
Creditors -Amount falling due
after more than one year
13
Net assets
The funds of the charity:
Unrestricted funds
14
Restricted funds
14
Total charity funds		 £
22
803,769		 September
30, 2023
£
589,367
589,367
(784,610)
1,373,977
(255,242)
1,118,736
16,987
1,101,749
1,118,736		 £
4,621
16,274		 September
30, 2022
£
500,993
500,993
13,703
803,791
(19,181)		 20,895
(7,193)
514,696
(236,250)
278,446
5,794
272,652
278,446

For the year ending 30 September 2023, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

Approved by the trustees on June 28, 2024 and signed on their behalf by:

==> picture [94 x 30] intentionally omitted <==

Stanley Innocent Bernard Nwaiwu (Director) (Chair of Trustees)

The notes on pages 16 to 23 form part of these financial statements

15

CEDE FOUNDATION

Notes to the financial statements For the year ended 30th September 2023

1. Accounting policies

The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a. Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Cede Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

b. Judgments and estimates

The trustees have made no key judgments which have a significant effect on the accounts. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period.

c. Going concern

The trustees have reviewed the charity's forecasts and projections and taking into consideration the ongoing renovation work at our community centre building, the trustees are confident that the charity can also fulfil its commitments to its beneficiaries for the period ending 30 September 2024.

d. Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are grants and donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

e. Income

The Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.

16

CEDE FOUNDATION

Notes to the financial statements For the year ended 30th September 2023

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of a provision of a specified service is deferred until the criteria for income recognition are met.

f. Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP(FRS102), general volunteer time is not recognised.

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

g. Interest receivable

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

h. Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

i. Tangible fixed assets

All expenditure of a capital nature on development work overseas is expensed as incurred, while tangible fixed assets in the UK costing more than £100 are capitalized and included at cost, including any incidental expenses of acquisition. Depreciation is provided on

17

CEDE FOUNDATION

Notes to the financial statements For the year ended 30th September 2023

tangible fixed assets at rates calculated to write off the cost by equal annual instalments over their expected useful economic lives as follows:

Freehold land and buildings Nil
Computer infrastructure 5 years
Computer equipment 4 years
Furniture, fixtures and equipment 4 years

Impairment reviews are conducted when events and changes in circumstances indicate that an impairment may have occurred. If any asset is found to have a carrying value materially higher than its recoverable amount, it is written down accordingly.

j. Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

k. Cash at bank and in hand

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

l. Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

m. Gift aid

Gift Aid tax reclaims is recognised for any Gift Aid certificates received up to two months after the year-end, in relation to donations made prior to the year-end, where the Gift Aid tax reclaim application was filled to HMRC prior to the year-end.

18

CEDE FOUNDATION

Notes to the financial statements For the year ended 30th September 2023

2. Accounting policies

The charity is a company limited by guarantee as well as a registered charity in England and Wales. The registered office address is disclosed on page 3.

3.
Donations and legacies
Donations
Cost of living crisis
Other income
Total
4a.Charitable activities
Grants - Revenue
Groundwork
DWP
WSH BME Network
Sports England
Semble Network Limited
Spirit of Manchester
The Ubele Initiative
Locality
SIB Foundation
Lifeline Community
Projects		 Unrestricted
£
276
-
10,547
10,822
Unrestricted
£
-
-
-
-
-
1,000
-
-
-
-
1,000		 Restricted
£
-
13,133
-
13,133
Restricted
£
-
-
-
-
-
-
25,000
10,000
129,908
5,000
169,908		 September
30, 2023

£
276
13,133
10,547
23,956
September
30, 2023
£
-
-
-
-
-
1,000
25,000
10,000
129,908
5,000
170,908		 September
30, 2022
£
-
19,851
63,100
82,951
September
30, 2022
£
1,000
8,791
1,000
1,428
3,000
-
-
-
-
-
15,219

19

CEDE FOUNDATION

Notes to the financial statements For the year ended 30th September 2023

4b.Grants - Capital
SIB Foundation
-
AHF
-
Barrow Cadbury Trust
-
-
Charitable trading
Charity sales
4,761
Support services
21,552
26,313
Total income from charitable
activities
27,313
5.
Expenditure on charitable activities
Staff cost
Project costs
Covid-19 food support
Depreciation
Professional fees
Governance costs
Support costs
Restricted expenditure
Unrestricted expenditure		 655,646
655,646
-
3,360
3,360
-
2,500
2,500
-
661,506
661,506
-
-
4,761
6,098
-
21,552
8,943
-
26,313
15,041
831,414
858,727
30,260
September 30,
2023
September 30,
2022
£
£
13,993
7,142
13,133
12,596
-
19,851
482
642
850
-
1,115
867
12,192
9,559
41,766
50,658
34,292
40,448
7,473
10,210
41,766
50,658		 -
-
-
-
6,098
8,943
15,041
30,260

20

CEDE FOUNDATION

Notes to the financial statements For the year ended 30th September 2023

6. Finance costs September 30,
2023		 September 30,
2023		 September 30,
2022
£ £
150,000 5 year AHF mortgage - 7,288
150,000 10 year AHF mortgage 627 8,485
627 15,773
Restricted expenditure - -
Unrestricted expenditure 627 13,653
7. Net income/(expenditure) for the year September 30,
2023		 September 30,
2022
£ £
This is stated after charging/(crediting):
Depreciation 482 642
8. Corporation tax The charity is exempt from tax on income and gains falling within
Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section
256 of the Taxation of Chargeable Gains Act 1992 to the extent that
these are applied to its charitable objects. No tax charges have
arisen in the charity.
9. Fixed assets: tangible assets Land and
Buildings		 Fixtures
and
fittings		 Computer
equipment
Total
£ £ £ £
Cost
At 1 October 2022 499,066 2,444 2,940 504,450
Additions 88,856 - - 88,856
At 30September 2023 587,922 2,444 2,940 593,306
Depreciation
At 1 October 2022 - 1,601 1,856 3,457
Charge for the year - 211 271 482
At 30September 2023 - 1,812 2,127 3,939
Net book value
At 30September 2023 587,922 632 813 589,367
At 1 October 2022 499,066 843 1,084 500,993

21

CEDE FOUNDATION

Notes to the financial statements For the year ended 30th September 2023

10.
Cash at bank and in hand
Cash at bank
Cash in hand
11
Debtors
Trading debtors
Grant debtors
Prepayments
12
Creditors-Amount falling due within one year
150,000 5year AHF loan
150,000 10year AHF loan
Other creditors
13
Creditors- Amount falling due after more than one
year
150,000 5year AHF mortgage
150,000 10year AHF mortgage		 September 30,
2023
£
22
-
22
September 30,
2023
£
-
803,054
715
796,269
September 30,
2023
£
-
-
19,181
19,181
September 30,
2023
£
117,500
137,742
255,242		 September 30,
2022
£
4,621
-
4,621
September 30,
2022
£
-
15,974
300
16,274
September 30,
2022
£
-
-
7,193
7,193
September 30,
2022
£
107,500
128,750
236,250

22

CEDE FOUNDATION

Notes to the financial statements For the year ended 30th September 2023

14.Fund movements
Restricted funds
Building fund
Special projects' fund
Contractors' retention
fund
Unrestricted funds
General fund
The funds of the charity		 October
1, 2022
£
272,652
-
-
272,652
5,794
5,794
278,446		 Income

£
655,646
188,901
-
844,547
38,135
38,135
882,683		 Expenditure

£
-
(34,292)
-
(34,292)
(8,100)
(8,100)
(42,393)		 Transfers
£
30,214
(11,372)
-
18,842
(18,842)
(18,842)
-		 September
30, 2023
£
958,512
143,237
-
1,101,749
16,987
16,987
1,118,736

23