Company no. 06571807 Charity no. 1126753 (England & Wales)
CEDE FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
CEDE FOUNDATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Contents | Page |
|---|---|
| Legal and administrative information | 3 |
| Message from the Chair | 4 |
| Directors’ report | 6 |
| Independent examiner’s report to the trustees | 15 |
| Statement of Financial Activities | 16 |
| Balance sheet | 17 |
| Notes to the financial statements | 18 |
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CEDE FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2024 LEGAL AND ADMINISTRATIVE DETAILS
| Company number | 06571807 |
|---|---|
| Charity number | 1126753 |
| Registered office | 35 Brook Avenue |
| Manchester | |
| M19 3DQ | |
| Directors | Directors who served during the year |
| Bernard Nwaiwu_(Chair)_ | |
| Chipiliro Kalebe-Nyamongo | |
| Stanley Innocent | |
| Stella-Maris Nwaiwu | |
| Monika Rajani | |
| Ifeoma Igbokwe | |
| Obidoyin Patrick Funsho | |
| 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 |
| BODSAP Consulting Limited | |
| 32 Woodroffe Drive | |
| Peterborough | |
| PE6 0GP | |
| Solicitors | The charity engages the most appropriate |
| solicitors for the given circumstance and does not | |
| retain a dedicated practice. |
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CEDE FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2024
MESSAGE FROM THE CHAIR
As we reflect on the goals we have pursued and the milestones we have achieved, I am struck by the passion and dedication that our staff, volunteers, partners, and beneficiaries have demonstrated throughout another dynamic and challenging year. We find ourselves at a stage where our work has become more necessary than ever, and simultaneously more constrained by the realities of global economic shifts and ongoing pressures on charitable giving. Yet, time and again, we have seen how the power of community, individuals and organisations working together, can triumph over these challenges. It gives me great pleasure to share with you not only our accomplishments but also the challenges we face and the vision we are actively shaping for the future.
Our organisation was established with the goal of transforming lives by addressing issues such as educational disadvantage, food insecurity, employability barriers, inequality in healthcare accessibility and outcome, and social isolation. At our core, we believe in empowering communities to take leadership of their own futures. We do so by designing and delivering projects that help people grow holistically: not only by providing critical resources like food, but also by nurturing skills, confidence, and relationships that last well beyond our immediate interventions. Our values of integrity, compassion, inclusivity, and collaboration guide every program we undertake. When I consider our achievements over the past year, these fundamental principles are woven through the narrative of our impact.
We are adamant that every individual we serve deserves dignity, empathy, and the best possible chance for a bright future. Whether this comes in the form of an after-school meal for a child who might not otherwise have a wholesome dinner, or a specialized training course that helps a long-term unemployed adult discover a viable career path, we are committed to delivering services that not only alleviate immediate hardship but also open the door to new possibilities. Throughout this report, you will see how these values translate into specific achievements in our various projects.
In the current climate, fundraising for charitable organisations faces significant hurdles. Government grants are increasingly competitive, philanthropic foundations are often oversubscribed, and everyday donors may find themselves balancing tighter personal budgets. These realities place added pressure on our ability to sustain existing programs and to innovate. For us, fundraising is not merely about soliciting donations; it is about creating a broad-based community of supporters who see our vision and are willing to invest in it, whether financially or through volunteer efforts, expertise, and advocacy.
One of our principal challenges is ensuring that each of our projects remains resilient against financial shortfalls. While every project has distinct operational costs, the overarching challenge lies in creating a diverse and steady funding base. If we rely too heavily on a single source of funds, we risk finding ourselves in a precarious position should that source diminish. Consequently, we have worked to build partnerships with local authorities, corporations, faithbased organizations, and individual donors. We are exploring social enterprise models that might generate revenue to supplement philanthropic donations. We are also exploring digital fundraising strategies to make it easier for supporters to contribute on a one-time or recurring basis.
Despite these efforts, the current economic strains have led to an environment where many philanthropic streams have dried up or been redistributed. While our community has been
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CEDE FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2024
MESSAGE FROM THE CHAIR
extraordinarily generous, we do notice donor fatigue, as multiple causes compete for public attention. This means we must sharpen our narrative, demonstrate clear impact, and engage supporters in tangible ways. We do not see fundraising as merely transactional; we see it as relational, grounded in trust and transparent communication. We are transparent about how funds are allocated, regularly sharing success stories and key learnings so that donors can see the real difference their contributions make.
If there is one key message, I would like to impress upon all who read this statement, it is that our success hinges on the public’s support. We are a community-based charity by design and by ethos. While we have passionate teams and well-structured programs, none of this is sustainable without the involvement of everyday people who care enough to give time, money, or other resources. Volunteers have been the backbone of many of our achievements, whether that involves picking up and distributing food or dedicating evenings and weekends to run workshops for job seekers or to facilitate our health and wellness campaigns. Individual donors, in turn, provide the financial fuel that keeps our programs running consistently throughout the year.
No statement of this kind would be complete without expressing our profound gratitude to everyone who contributes to Cede Foundation’s mission. First and foremost, I would like to thank our incredible team, staff and volunteers alike who pour their time, energy, and skill into making each project a success. Their compassion, creativity, and resolve are the driving force behind every positive outcome we celebrate.
Our partners in the public, private, and voluntary sectors have also played an invaluable role, providing not only funding but also expertise, mentorship opportunities, and strategic guidance. Local businesses, charities, schools, and government bodies stand by our side, offering resources, referrals, and new ideas that help us refine and expand our work. Individual donors, whether they give small monthly contributions or large single donations are the lifeblood of our mission. Every pound donated is put to work in the service of building stronger, healthier, and more inclusive communities.
I also wish to acknowledge the resilience of the individuals and families we serve. Their stories of perseverance and triumph, even in the face of adversity, inspire us to keep innovating and pushing boundaries. We do not see beneficiaries as passive recipients but as active participants who bring their own strengths and perspectives to our organization. Indeed, many of our volunteers today are individuals who once benefited from our services, an embodiment of the circle of support that underpins community development.
As we look forward to another year of service, let us remain steadfast in our collective hope and resolve. Together, we can—and will—make a difference.
Thank you for standing with us, believing in our work, and shaping our shared journey.
Bernard Nwaiwu
Chair
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CEDE FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2024
DIRECTORS’ REPORT
Reference and administrative details
Legal and administrative details 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:
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the advancement of education and training;
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the prevention and relief of poverty, sickness and distress, including through humanitarian intervention;
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the promotion of good health;
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to promote human right and equality and diversity, in particular where to do so contributes to the prevention and relief of poverty;
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to act as a resource for young people by providing advice and assistance and organising programmes of educational and other activities as a means of advancing in life and helping young people by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals;
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to advance environmental protection, improvement, and sustainability, in particular where to do so contributes to the prevention and relief of poverty.
Our Vision
A world where marginalized voices are not merely heard but amplified, and where barriers to inclusion are dismantled through collective action and advocacy.
Our Mission
Our mission is to overcome poverty by empowering people and nurturing the development of sustainable communities.
Our mission highlights a holistic and integrated approach to tackling some of the most pressing challenges facing society today. 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.
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CEDE FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2024
DIRECTORS’ REPORT
ACHIEVEMENTS
Holiday Activity and Food (HAF) Program Impact
During the period under review, Cede Foundation successfully delivered the Holiday Activities and Food (HAF) program within the Manchester City Council area, benefiting 155 children. This initiative addressed food insecurity by providing nutritious meals and fostering social development through structured, engaging activities. Participants embarked on educational tours to the Manchester Museum, Manchester Art Gallery, and the Manchester Science and Industry Museum. These visits broadened their cultural awareness, inspired curiosity, and encouraged creative thinking. Families experienced reduced financial burdens associated with school holidays, while children received support in a safe, nurturing environment that promoted well-being and community cohesion. By blending fun and learning, the HAF program contributed significantly to the personal growth and confidence of each participant. The Trustees remain committed to expanding this vital service, ensuring that more families can access its transformative benefits in future program cycles.
Building Bridges to Opportunity
Building Bridges to Opportunity is an employability skills program that supported 64 individuals from marginalized communities across Greater Manchester, offering training in functional skills, catering, health and social care, CV writing, website design and graphic design. The program connects participants to education, training, and employment pathways, fostering a strong sense of community and belonging. Through engaging workshops, mentoring sessions, and hands-on learning experiences, participants acquired the skills necessary to confidently enter or re-enter the workforce. Many who completed the program reported improved self-esteem, better communication abilities, and enhanced problemsolving techniques, which prove vital in today’s competitive job market.
Mobile Food Bank
During the year ended September 30, 2024, our Mobile Food Bank made 390 collections from local store, gathering 13,007 kg of food, amounting to 30,971 meals equivalent. This resulted in a saving 38,074 kg of CO2. Since Aprill 2021 to date, we have made 1,666 collections from local store, gathering 72,028 kg of food, amounting to 171,566 meals equivalent. This resulted in a saving 220,855 kg of CO2. The program directly assists families by providing fresh, nutritious meals, reducing financial pressure, and improving overall well-being. By intercepting surplus produce that would otherwise be discarded, the initiative also significantly reduces environmental harm, as demonstrated by the substantial CO2 savings. Operating in multiple communities, the Mobile Food Bank fosters inclusivity, strengthens community spirit, and encourages healthy eating habits among beneficiaries. Looking ahead, the Trustees remain committed to expanding the program’s reach, forming strategic partnerships, recruit more collection volunteers and championing sustainable practices. This ongoing effort fortifies Cede Foundation’s mission to alleviate food poverty while safeguarding the planet.
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CEDE FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2024
DIRECTORS’ REPORT
Education and Empowerment through Music Initiative
In October 2024, our Education and Empowerment through Music initiative featured the Greater Manchester Singing Festival at Stockport Town Hall, welcoming over 300 children and young people. This vibrant event united participants from various schools to engage in choral workshops, bolstering creativity, teamwork, and self-confidence. By performing together, students developed stronger peer connections, respected diversity, and honed essential communication skills. Schools benefited from expert guidance and curricular support provided by the Foundation’s dedicated music educators, enriching their arts programs and fostering a culture of collaboration and excellence. The festival’s inclusive environment encouraged participants to explore their musical talents while embracing community spirit, culminating in memorable performances. Trustees remain committed to expanding the reach of this program, recognising the transformative power of music in promoting holistic growth, social cohesion, and lifelong personal development for children and young people.
English Language Classes
During the year ended September 30, 2024, Cede Foundation successfully delivered Creative English for Health and Pre-ESOL courses, supporting migrants and non-native English speakers. These programs offered targeted language instruction, focusing on practical and community-oriented tasks, thereby boosting confidence and social integration. By incorporating health-related vocabulary and real-life contexts, participants gained valuable communication skills for daily life, healthcare settings, and beyond. Learners reported improved employment prospects, reduced isolation, and a stronger sense of belonging within their communities. The Trustees remain committed to expanding and refining these essential programs.
CEDE Marketplace
In 2023, Cede Foundation launched the CEDE Marketplace, an initiative aimed at empowering underrepresented entrepreneurs from Black and minoritised communities. By providing a dedicated platform to showcase and sell their products, the marketplace addresses barriers to market access and fosters economic stability among participating businesses. Beyond facilitating sales, the CEDE Marketplace offers networking opportunities, mentorship, and a supportive community atmosphere that drives sustainable growth. This innovative model promotes inclusivity in commerce, bridging gaps between creators and consumers while celebrating cultural diversity. Through each transaction, entrepreneurs gain visibility, strengthen their financial independence, and contribute to broader community development. By championing equitable access to economic opportunities, CEDE Marketplace exemplifies our commitment to fostering resilience, entrepreneurship, and long-term prosperity across marginalised communities.
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CEDE FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2024
DIRECTORS’ REPORT
Youth Work
Over the past two years, Cede Foundation’s Open Access Youth Work initiative has expanded significantly, reaching a larger and more diverse group of young people. Through workshops, community events, and targeted interventions, we have provided invaluable support and mentorship, helping participants develop both practical skills and personal interests. A key component of the program includes offering temporary work opportunities, enabling youth to gain hands-on experience and build confidence in real-world settings. These engagements not only boost employability but also foster positive social interactions, strengthen community ties, and nurture a sense of responsibility. We remain committed to refining our services, collaborating with local partners, and adapting to emerging needs, ensuring we continue to empower the next generation toward brighter futures.
Health Watch
Our Health Watch initiative delivers targeted campaigns on critical health issues affecting our communities, including cancer awareness, diabetes education, and mental health support. By highlighting prevention strategies and early detection methods, our campaigns empower individuals to take proactive steps toward better well-being. Interactive workshops, outreach events, and partnerships with healthcare professionals ensure that participants gain valuable knowledge while dispelling harmful stigmas around mental health and chronic conditions. Through open discussions, practical resources, and culturally sensitive interventions, our Health Watch program addresses existing health disparities and encourages positive lifestyle changes and fostering greater awareness and community engagement. This reflects our commitment to promoting long-term well-being, reducing health inequalities, and ensuring that everyone in our community has the tools to lead a healthier, more fulfilling life.
St Ignatius Centre Project
During the year under review, we achieved significant progress on the refurbishment of the St Ignatius Centre, transforming it into one of the largest training and events spaces in Ordsall. Designed to promote community cohesion and reduce social isolation, this project offers versatile facilities for workshops, conferences, and social gatherings, catering to diverse local needs. With improved accessibility and modern infrastructure, the refurbished centre provides a welcoming environment where residents can learn new skills, build meaningful connections, and celebrate cultural events. Collaborations with local organizations enable a wide range of programs—from employability training to health and well-being sessions—benefiting individuals of all ages. By providing a focal point for community engagement, the St Ignatius Centre stands as a testament to Cede Foundation’s commitment to fostering inclusivity, strengthening social bonds, and enhancing quality of life in the Ordsall area and beyond.
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CEDE FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2024
DIRECTORS’ REPORT
Impact of the Current Cost of Living
The ongoing surge in the cost of living has profoundly impacted individuals and families across communities, including the beneficiaries of services. Rising food, energy, and housing expenses place heightened pressures on household budgets, often forcing families to sacrifice essential needs or rely on additional support programs. Meeting basic dietary and healthcare requirements has grown more challenging, contributing to mounting food insecurity and heightened stress levels. Local businesses and charities also grapple with resource shortages and inflated operational costs, straining their capacity to help vulnerable populations. Nonetheless, we witness encouraging solidarity, as communities unite to share resources, volunteer time, and advocate for policy changes. Our focus on immediate relief and sustainable solutions to mitigate these challenges, safeguard the welfare of at-risk groups, and promote a more equitable future for everyone.
Funding Limitation
The scarcity of funding opportunities presents a persistent challenge to our operations and growth. Securing adequate financial resources is essential for sustaining our programs, including vital initiatives such as food provision, educational services, and community engagement. With limited funding streams, we are often forced to make difficult decisions about scaling back activities or postponing new projects. This situation directly affects the number of beneficiaries we can support, undermining our ability to reach the most vulnerable populations. Despite these constraints, we remain committed to seeking innovative funding avenues and cultivating strategic partnerships to ensure we are able to continue the delivery of our services successfully.
Financial Review
During the most recent financial year, Cede Foundation’s total turnover stood at £132,158, reflecting a decrease compared to the previous year’s turnover of £149,263. Despite the reduced income, our expenditure increased to £72,843, up from £42,393 in the prior period. The higher spend was primarily directed toward expanding and improving our communitybased programs, ensuring that vulnerable individuals received essential services and support. While these figures illustrate a shift in our financial position, our commitment to prudent resource management remained unwavering. Through careful budgeting, strategic partnerships, and ongoing fundraising efforts, we continue to safeguard our core initiatives and maintain a focused approach toward fulfilling our mission in the face of financial challenges.
Public Benefit Review
Cede Foundation is committed to fulfilling its charitable objectives for the public benefit, ensuring that all our programs and activities meet the requirements set out by relevant guidance. Our services, ranging from food support and health watch to employability
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CEDE FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2024
DIRECTORS’ REPORT
training and youth work, are designed to be inclusive and accessible to diverse groups, particularly those in underrepresented or economically disadvantaged communities and delivering these initiatives without discrimination help to alleviate hardship, promote social inclusion, and empower individuals to develop their full potential. Throughout the year, the Trustees have carefully reviewed the effectiveness of our projects and remain confident that our work align with and advances the public benefit principles.
Going Concern
The trustees have reviewed the organisation'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:
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Financial Risk: Ensuring sustainable income streams and managing expenditures.
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Operational Risk: Maintaining efficient and effective operations to deliver our programs.
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Compliance Risk: Adhering to legal and regulatory requirements.
By proactively managing these risks, we aim to safeguard the organisation’s assets and reputation, ensuring continued support for our beneficiaries.
Reserves Policy
Following a review in October 2024, the trustees resolved that the charity would maintain £10,000 in unrestricted reserves. This level is deemed sufficient to cover short-term operational needs and unforeseen expenditures. At the end of the 2023-2024 financial year, the unrestricted reserve of the charity was £10,595, compared to £16,987 at the end of 2022-2023.
Investment Policy
The trustees have carefully considered the most appropriate investment policy for the organisation’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 organisation’s financial strategy.
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CEDE FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2024
DIRECTORS’ REPORT
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.
Future Plans
Our priorities for 2023-2027 were 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 committed to developing to accelerate our objectives are:
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Social Inclusion
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Employment and Skills
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Health and Wellbeing
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Recycling and Regeneration
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Active Citizenship
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Arts, Culture, and Heritage
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Youth Work
To achieve these targets, we will continue to focus on the following strategies:
1. Secure Funding
- Seek new capital and revenue funding to continue the renovation of the St Ignatius Centre.
2. Streamline Procedures
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Ensure clarity in roles and responsibilities among staff, volunteers, and trustees.
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Strengthen internal control processes and reduce operational costs.
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Implement a robust financial and budgetary system.
3. Strengthen Partnerships
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Enhance relationships with current partners in project delivery, capacity building, and fundraising.
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Develop new partnerships to accelerate the attainment of the charity’s objectives.
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CEDE FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2024
DIRECTORS’ REPORT
4. Improve Program Quality
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Conduct regular staff training and foster the right attitude to work.
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Adhere to and regularly update minimum acceptable standards and good practice guidelines.
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Periodic Strategy Review
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Continuously review our strategies to ensure they are efficient, effective, economical, and ethical.
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Mobilize more volunteers to drive community engagement initiatives.
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Develop innovative fundraising methods to support existing activities and growth plans.
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Enhance our people, systems, and operating methods to support activities, growth, and development.
Statement of Directors’ responsibilities
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
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:
- so far as each of the trustee is aware, there is no relevant material information of which the charitable company’s Independent Examiners are unaware; and
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CEDE FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2024
DIRECTORS’ REPORT
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each trustee has taken all steps that they ought to have taken to make themselves aware of any relevant material information and to establish that the Independent Examiners are aware of that information.
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Members of the foundation guarantee to contribute an amount not exceeding £1 to the assets of the foundation in the event of winding up. The trustees are members of the foundation, but this entitles them only to voting rights. The trustees have no beneficial interest in the foundation.
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The trustees’ annual report has been approved by the trustees on April 1, 2025, and signed on their behalf by
Stanley Innocent Director
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CEDE FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2024
INDEPENDENT EXAMINERS’ REPORT
I report on the accounts of Cede Foundation, for the year ended 30 September 2024, which are set out on pages 18 to 25.
Responsibilities and basis of report
As the charity’s trustees of the Company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).
Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
The company’s gross income exceeded £25,000 and I am qualified to undertake the examination by being a qualified member of Association of Chartered Certified Accountants.
I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:
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accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
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the accounts do not accord with such records; or
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the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the Charities SORP (FRS102).
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I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Olabode Olusola FCCA, MCMI, CPA, CGA
BODSAP Consulting Limited
32 Woodroffe Drive, Peterborough, United Kingdom, PE6 0GP
Date: April 1, 2024
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CEDE FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2024
STATEMENT OF FINANCIAL ACTIVITIES ( including Income and Expenditure account)
Note Income from: Donations and legacies 3 Charitable activities 4a 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 £ 588 37,867 38,455 19,219 627 19,846 18,608 (25,000) (6,392) 16,987 10,595 |
Restricted £ - 93,703 93,703 52,996 - 52,996 40,707 25,000 65,707 368,330 434,036 |
September 30, 2024 £ 588 131,570 132,158 72,216 627 72,843 59,315 - 59,315 385,316 444,631 |
September 30, 2023 £ 23,956 125,307 |
|---|---|---|---|---|
| 149,263 | ||||
| 41,766 627 |
||||
| 42,393 | ||||
| 106,870 - |
||||
| 106,870 231,666 |
||||
| 338,536 |
The notes on pages 18 to 25 form part of these financial statements
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CEDE FOUNDATION AS AT 30 SEPTEMBER 2024 BALANCE SHEET
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 |
£ 25,225 88,131 |
September 30, 2024 £ 596,886 596,886 102,987 699,873 (255,242) 444,631 10,595 434,036 444,631 |
£ 22 70,350 |
September 30, 2023 £ 589,367 |
|---|---|---|---|---|
| 589,367 51,191 |
||||
| 113,356 (10,370) |
70,372 (19,181) |
|||
| 640,558 (255,242) |
||||
| 385,316 | ||||
| 16,987 368,330 |
||||
| 385,316 |
Total charity funds
For the year ending 30 September 2024, 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 April 1, 2025 and signed on their behalf by:
Stanley Innocent Director
Bernard Nwaiwu Chair
The notes on pages 18 to 25 form part of these financial statements
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CEDE FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS
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 2025.
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.
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CEDE FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS
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. Write-Down of SIB Foundation Grants
During the financial year, the Charity reassessed its ability to draw down funds under the SIB Foundation grants, given that the remaining timeframe for project delivery was deemed insufficient to ensure successful completion. As a result:
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The SIB Foundation revenue grant previously recognised at £129,908 was written down to £52,135, resulting in a reversal of £77,773.
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The entire SIB Foundation capital grant amounting to £655,646 from prior periods was also reversed in full.
These adjustments have been reflected as reductions in previously reported grant income and net assets in the current financial statements. Management has strengthened project monitoring and grant compliance procedures to ensure that only those amounts meeting the criteria for recognition, including the ability to deliver against project timelines, are recognised in future reporting periods.
g. 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.
h. 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.
19
CEDE FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS
i. 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:
-
Expenditure on charitable activities includes all costs undertaken to further the purposes of the charity and their associated support costs.
-
Finance costs includes all interest and other costs the charity incurs in connection with the borrowing of funds.
j. 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
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.
k. 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.
l. 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.
20
CEDE FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS
m. 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.
n. 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.
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 Workers’ Educational Association MCRactive Lloyds Bank Foundation Spirit of Manchester The Ubele Initiative Locality Youth Investment Fund LifeLine Community Projects |
Unrestricted £ 393 - 195 588 Unrestricted £ - - 25,000 - - - - - 25,000 |
Restricted £ - - - - Restricted £ 67,903 25,800 - - - - - - 93,703 |
September 30, 2024 £ 393 - 195 588 September 30, 2024 £ 67,903 25,800 25,000 - - - - - 118,703 |
September 30, 2023 £ 276 13,133 10,547 |
|---|---|---|---|---|
| 23,956 | ||||
| September 30, 2023 £ - - - 1,000 25,000 10,000 52,135 5,000 |
||||
| 93,135 |
21
CEDE FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
| 4b. Grants - Capital Unrestricted AHF - Barrow Cadbury Trust - - Charitable trading Charity sales 5,696 Support services 7,171 12,867 Total income from charitable activities 37,867 5. Expenditure on charitable activities Staff cost Project costs Depreciation Professional fees Governance costs Support costs Restricted expenditure Unrestricted expenditure |
Restricted September 30, 2024 September 30, 2023 - - 3,360 - - 2,500 - - 5,860 - 5,696 4,761 - 7,171 21,552 - 12,867 26,313 93,703 131,570 125,307 September 30, 2024 September 30, 2023 £ £ 41,061 13,993 4,654 13,133 1,162 482 3,130 850 3,472 1,115 18,736 12,192 72,216 41,766 52,996 34,292 19,219 7,473 72,216 41,766 |
Restricted September 30, 2024 September 30, 2023 - - 3,360 - - 2,500 - - 5,860 - 5,696 4,761 - 7,171 21,552 - 12,867 26,313 93,703 131,570 125,307 September 30, 2024 September 30, 2023 £ £ 41,061 13,993 4,654 13,133 1,162 482 3,130 850 3,472 1,115 18,736 12,192 72,216 41,766 52,996 34,292 19,219 7,473 72,216 41,766 |
|---|---|---|
| 41,766 | ||
| 34,292 7,473 |
||
| 41,766 |
22
CEDE FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
| 6 Finance costs 150,000 5 year AHF mortgage 150,000 10 year AHF mortgage Restricted expenditure Unrestricted expenditure 7 Net income/(expenditure) for the year This is stated after charging/(crediting): Depreciation |
September 30, 2024 £ - - - - - September 30, 2024 £ 1,162 |
September 30, 2023 £ - 627 |
|---|---|---|
| 627 | ||
| - 627 September 30, 2023 £ 482 |
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.
23
CEDE FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
| 9. Fixed assets: tangible assets Cost At 1 October 2023 Additions At September 30, 2024 Depreciation At 1 October 2023 Charge for the year At September 30, 2024 Net book value At September 30, 2024 At 1 October 2023 10. Cash at bank and in hand Cash at bank Cash in hand 11. Debtors Trading debtors Grant debtors Prepayments |
Land and Buildings £ 587,922 5,477 593,399 - - - 593,399 587,922 |
Fixtures and fittings Computer equipment £ £ 2,444 2,940 1,149 2,055 3,593 4,995 1,812 2,127 445 717 2,257 2,844 1,336 2,151 632 813 September 30, 2024 £ 25,225 - 25,225 September 30, 2024 £ - 86,211 1,920 88,131 |
Computer equipment £ 2,940 2,055 |
Total £ 593,306 8,682 601,987 3,939 1,162 5,101 596,886 589,367 September 30, 2023 £ 22 - |
|---|---|---|---|---|
| 4,995 | ||||
| 2,127 717 |
||||
| 2,844 | ||||
| 2,151 | ||||
| 813 | ||||
| 22 | ||||
| September 30, 2023 £ - 69,635 715 |
||||
| 70,350 |
24
CEDE FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
| 12 | Creditors- Amount falling due within one | Creditors- Amount falling due within one | year | September 2024 |
30, | September 30, 2023 |
||
|---|---|---|---|---|---|---|---|---|
| £ | £ | |||||||
| 150,000 5year AHF loan | - | - | ||||||
| 150,000 10year AHF loan | - | - | ||||||
| Other creditors | 10,370 | 19,181 | ||||||
| 10,370 | 19,181 | |||||||
| 13 | Creditors- Amount falling due after more | than one | year | September | 30, | September | ||
| 2024 | 30, 2023 | |||||||
| £ | £ | |||||||
| 150,000 5year AHF mortgage | 117,500 | 117,500 | ||||||
| 150,000 10year AHF mortgage | 137,742 | 137,742 | ||||||
| 255,242 | 255,242 | |||||||
| 14. | Fund movements | Balance at | Income | Expenditure | Transfers | September | ||
| October | 31, 2024 | |||||||
| 1, 2023 | ||||||||
| £ | £ | £ | £ | £ | ||||
| Restricted funds | ||||||||
| Building fund | 302,866 | - | 25,000 | 327,866 | ||||
| Special projects' fund | 65,464 | 93,703 | (52,996) | - | 106,170 | |||
| Contractors' retention fund | - | - | - | - | - | |||
| 368,330 | 93,703 | (52,996) | 25,000 | 434,036 | ||||
| Unrestricted funds | ||||||||
| General fund | 16,987 | 38,455 | (19,846) | (25,000) | 10,595 | |||
| 16,987 | 38,455 | (19,846) | (25,000) | 10,595 | ||||
| The funds of the charity | 385,316 | 132,158 | (72,843) | - | 444,631 |
25