C¢)mpzny re8istsation number. 6693065 Charity Te8iStiion ttumber. 1127701 SAYes Mentoring Ltd (A company limited by guaranl¢e) A1 Rert aNI Financial State¥n•its forthe Year Ended 31 Dttembtt 2023 David Dixie F C A Dixie A5SOCtates 167 Black Haynes Rowl Selly Oak Bimingham B29 4RE AD8VN2G3' 1810912024 COMPANIES HsE A13
SAY£% MentOriDg Ltd Contents Reference Administrative Dethils Smtegic Report 2to6 Tru5t¢¢s' Rert 7tolO Ststrn?¢nt of TTWt¢e5' ResnsIbIlitieS Ind¢p¢nd¢nt Examinerfs Rewrt 12 Stst¢rnent of Financial Activitics 13 Balance Sheet 14 Notes to th¢ Financial Statements 15to23
SAYes MeDtOriDg Ltd Reference and AdMIntrative Details Trysteeg Chrisiopher Pwl FrnKis Sharp4 Chair Marlon BruK Treasurer Charlott¢ TwyninÈ (resigrtd 17 August 2023) Abigail Shapiro (appointed 17 August 2023) Sttret•ry Michelle Potter Princip81 oifice Sanford House tl Skipper Way St Neots PE196LT Th¢ charity is incorpJa¢eO in Unite4 Kingdom. 6693065 Company RegistrtioTr Nwmber Charity Re8iStr8tion Number 1127701 Bankers Natwest Bank Weskniiwer 57. vic4 Stye¢t SWIH OHN lodependent EJmiTrtr David Dixic F C A Dixie Awiates 167 Black Haynes Ro Selly Oak Btnnirtgham B29 4RE Page I
SAYes Mentoring Ltd Strategic Report for the Yr Ended 31 December 2023 Th¢ tfttsie¢& wF¥) are dir¢dors for th¢ puryw of c•mp8ny law. prc5ent their strategic report for the year ended 31 December 2023. in compliance with s414C of the Companies A¢t 2006. BACKGROUND SA Ye5 Mentoring {estsblished 2fy)8 in Sovth Africa) is a Chi¢able Comwly, rrgistered with the Charity CommksSLon and Companie5 House. with thc aim of improving lifc ¢)utcornes for young pe¢Jple affected by s3] poverty and inequality. We lIeVe every young peT50n slK)uld have acc$ to high quality relation81 support. regardless of chance differtnccs of backgnxtnd. giy)gr8phy or circumsiance. In 2020. we changed Our pro8fdmme delivery to online (e-mentoring). allowing to connect indeprndent Yolurtteers and business team5 from arouDd the world, with young ppIE in South Afriu and in th¢ United Kingdom. In what follow5 we describe a pilot pro&ramme ¢arri¢d ou¢ in th¢ UK in 2023. detsiling th¢ ne¢d. mod¢L and tmpad of our work. We engaged governmeni and local autr¥Niiies. youth focwed non-profii and voluntsry organisations. as well as schcM)Is, colleges and universities and so¢hilly rftinded business to Ikliver a successful mentorship offer for a small group of ¢ar¢ experien¢ed yoyn8 peopl¢ in the UK. Th¢ pilot provided confinnaiion of th¢ SAY¢s rnodel it) yd another setting, and has lvelY impaaoj our posiiion ty le mentoring suppon in the UK. THE NEED The UK h8s one of the hightst inc4)rne irtequalities of )y developed natiott. This is a problem because inequality is to irnpact a rdn8e of Siei outCOrne& 4Utte separately frorn direct material disadvanla#e. Exampl¢s in¢lud¢, INt, ljomicide, incarceration. tttnage pre8Dancy, drug LLse, school bullying, life expectan¢y. obesity, mentsl illnes$ as well as ov¢rall quality of life (see Wilkinsort & Picket, 2010 & 2019}. Staws anxiety underlying differen¢es tn wial a¢5$ 8Th4 &x)silion, may ultimately ¢xplain the wideSPTead effects indexed by measu$ of income inoluality. Therefore, in addtiion to Material int+yv¢ntion& ensuring thai xcess io empowering adult ]l0$hips is equitable. rnay b¢ fvndamental to the cre10n of stsble societies. Inequalities ID the quality Yeliona] support (Sla1 FKTrv¢ty) is ¢specia]ly probl¢rnatic during adoles¢¢n¢¢, wh¢re rapid developmentsl challges set behavioural and ¢ognitiwe pathways long inw th¢ fithire. The Su1nI instsbility in decisitin-making. behavitiurnl pnctit¢5 and subjeciiwe expcrien¢£ 8uoss key lifc aras ckn bc dcvastating. The SAYes model is designed to target these cha]lenges dirertly. by putting high quality and proftssionally supported relationships at the hort of soci81 Chge. THE MODEL W¢ offer a mod¢l of rnentorin8 and tr¥nsitiOfE planning is desId to improve the impxt of evidence-bued inieryeniions for behaviournl and PersptiVe ¢hang¢. espi%1ty in th¢ wntext of srKial p)vety and in4uality. We recrniL screen and train mentOTS and mentee4 WIKS we then individually mat¢hed, contracted and professionally supported through 8 7 ty 9-month tr8nstiion progrnmme ¢y¢l¢ of w¢ekly l-hour, one-tOHone mentirrin8 Sessions. and monthly gVp classts. All sessions att online-fitst (i.e.. ttled out onlitte via video call). Each match 15 SIgned a Tran5ititin Specittlt5t WIN) provides personalised 5UPF¥)rt throushoul the 7 to 9-mon¢h ¢ontraci kncludtng IndividiMI Transition PlanniDg (ITP) 5e55ion4 rnBtch mediattons, and re50urcing m¢hes they putsue 2nd navi8ate vaTiOUS projects and 5ervice5 togcther. In additio each match is &ssi8ned a M¢nte¢ Liatson (recruited from our youth alumni). to ensure regular toUCh)Ints for amplifyin8 youth voices throughout the mentorship, as 11 as SUPPOrting engagement with ow alumni n03. and providing pathwg4yS and training to Ffflid lldvisory and aThbaS wvlcs (i.E. ¢4mVerting livrd cxpcriB¢ into poli¢y> r¢5earch and 5ervirx de5i8n). Page 2
SAYes Mentoring Ltd StratrEiC Rep).rt for the Year Ended 311)ttember 2023 SAYes mentors and mentee5 are Ints0dt to best mice and innovions in me¢rtoring and transiiion plenning. Thrnughout th¢ mentorship. matches are introduced to evidence-b&sed twls, tsctics and 5trate8leS from the behavioural and so¢ial sciences {includin8 CO8nitive neuroscience) deltvered through workgrDUP5. 511PPOrt 5C5511)n5. rnaSt¢rclasscs, and appropriate. personal prot(1 Session1tervettlions with our Transition Specia]ists. After their lUatION p)strfYownxe sup[0 is available to ment¢es (through oyr alumni 8roup5 and engagerntnt opporfurtili¢s), art whue possibl< mente¢s are offed a new m¢ntor and another Programme cy¢le to continue expaDding and tnriching pcrspc¢tivE social capitsl and se¢Lwe social bonds. Lik¢wise. m¢ntor5 are offered another social challge mcnkn5hip opwrtunity. and potentially offered training pathways w TraThsitn Specialist role5. THE IMPACT For the UK pilot. matrh¢s We contTa¢ted as a rolling ¢thr¢ betwren Aygwst of 2021 and of 2022. The pilot w&s generoLE51y funded by 4 Private do!wr on.d by ¥ iwsin¢&s p21thership (InverRE VK. I, allowin8 US to test our programme5 in this region. 8rtd to develop and fefine our susthinability and partnership styagy. Of the 23 m¢h¢5 in this group 15 have graduated (6517A). 2 had an early closure (W) and 6 bave yd w aduate (26Q/o). We repoft ¢)n 12 of the IS graduating mentees. In additÉon to the pilot CA)]M)rt rewlfAI here- an additional 6 UK mai¢h¢s contracted in 2023 and are currently 8Ctive. Mentees approached SA Yes dIrty {iii iesF4)nse io S181 medta advertorials) (3) or were r¢ferr¢d through slatutory partners (e.8.. Gar¢ leaver s1&1 trams) (26%) or community nonyofii Parr$ (35%). Mentors were drawn from independent volunteers {ttsp)Ading to xKial rnedia VertorialS), {73%) as well from Inv¢rR¢ stsff - a UK business partncr (27%). The UK pilot Mentotships lasted betrert 7 and 9 rtwtttlLS in dutatlon (Mean, $.7 Motlths, Median. 9 moThthg, M&x, 9.5 months. Min. 7 mortth5). Matches carried oui 376 hours of mentoring and 375145 miTr+} sessions. W¢ekly session attendanee (meetings over 45 minutes) attendanc£ was high (Mean 70%. Median 75 Min 42Yo, Max 97%). 100% Trf meDte¥ Mid that h#vitt% * melltor affeae4 Ille (42% '1ifr-chan8in8'. 50% 'much positsve impact,. 8%'some p)sitive impa¢t'l "I have srowi in confidence and as a pefson. I feh $upp)rted by the mentor when I felt like I Nybody in my life to support m¢. I changed my life goals sucth &$ moving IwJm< eh•nging job. social adivities and making new friettds. It has been such ¥ huge suppon w my life.- -It gTe8t w hav¢ my mentor give me constructive ¢ritTcim Something fve n¢ver had before and li defrniiely improved my way of livin8.- "It helped m¢ a lot. It was helpfvl in my tasc b&$¢ I was ¢ompletely alone and kying that there was someone ¢0 •d to help m¢ with any type of qtionS 1 hwj. Just knowing trth." "Allowed m¢ to hav¢ an outlet at times when I haven't been able to ouilei with lh¢ people arouDd me. Tm not fvlly wh¢r¢ I wont to be yet but whtn l think al1t last yfaT I'rn in 4 much better position than I last year. There has been su¢h a big tuming p)int since $Ing to my mentor &4 I have realised how muth more opefi I can be with rny friends. The menwring has helped nx bu¢ it's a150 hela my rel*ionships." ]OO•A of meniea thought having 4 positivdy improbyd rfhar chvic4F r¢latsd to indep¢ndence {33Y.'life4hanging'. 5817/ts'much positive.. 3%'some [sItiVe.). Page 3
SAYes Mentoring Ltd Strategic Report.for the Year Ended 31 Dernber 2023 M¢ntee$ thought the 8re& where having a menwr rnost improved their indep¢Ddence was Work & Money (60V•). followed by Educ8tiou & Ikrning (3) and Home & Fmily (IO%). Ratings of 92Y. ptssltive Impart were a¢hieved for Edllution & knrning (including W•'Life changing.. 55•A'Much positive,). Work & Money (50Y• 'Lif¢ changing., 40% 'Much >SiVe.). Hoffte & Family (20% 'Lifr changing,. 40% 'Much FQ$itive') atsd CommuBity and Cititettsbip {18Yo'Life chznging., 36%'MLKh p)5itive'). SM & Recreatioo rcceived an 83°A positive impart rning(3•.Llfe Ch8n8', 6Wts'Much p)sittve'). Mentees felt ihe l•ryest impact ID their deti8iOn-m•king proEtt5 in fotu (10(YA at the highe ordinal response, )¢s - l am a I rnor¢ focused now than btfore"). Simii&rly? rxtings for irnprovernents ID ¢onsciou5ness were equlty bigh I'l am more awa {and acc¢ptin8) of fa¢knrs affecting independence now than before") (100% the highest ordinal r¢sponse, - a loi more aw8re now than before"). Adjusting to ft¢dbxcklsetbBcks achieved * l(Al% li1ve 1thtt Tllg r'wkn u comes ioyotsr independence doyoufeel Y( cope with challeng& sethacksl cl$ now more ilwi beforev) (Wh Yes a lotr., 6(Vo Yes - a little-). R8tings for options uplored were Dn the w01e positive (i.e.,"I see more opttons and have explored more options now than before (70%"Yes - # low. IO"Yes- a little-). However, in the UK piloi this was the ODly de¢i$ion-making factor to rec£ive a'wts impacw rewnse (20%). Expanding the base of options explored in various life domains is essential to crealive mentortn& and is the core of the SAYes approach to advocacy (seaffoldit)g 8nd building affordances). In the UK contexl the range of servi5 and supw)rt is immens4 and ¢onfiden¢ly navig8ting thes¢ with the support of a rnentor is a teaching pint will work to improve in our mentor as well as thyough our traAsiiion srKcialist 5UPF. "Work and c4r¢¢r I had mentors SUprt to nK>ve my business. She made me ihirtk of the pros and cons." "Helped rne put a lot into persl]ve aut where I was Whe I want to go. We don't thlk enough and we don't realhse knw importwit Lt is Ind l¥)w rnuch bEttet you feel you've had ihat ¢onver$itton with Someone. It'5 P05Ltively impxted a]1 of the &rtas for me. B¢tt¢r ai firw)¢¢s and 5avin8. fve 8rowm the m05t in having an open mindset. Making new friertd4 wntempling a new Yelationship and mttting new people and through the mentorship this has changa and I'rn thankfisl for WI¢ I am right now." "To go ahead and start my own I1¢5$ not be of r¢jectio. "My mentor h¢lp¢d me work throu8h IKJW I can fuMI a way to do something l enitiy whik being stable." snks to tMENTOR] I h8d the 110 go for a walk or take car¢ of myself. I w&snl on My p•th at thi5 time. IMY MENfoxi helped rne undersnd l an) able and Can do every1hing I want and I don'i have to b¢ so tough on rny5elf. She gave me the f(xuse5 for the week. Fitst thing for the Kek. My miThJ was more orgaAis¢d for the we¢k. We did all of them together all the domains. Every wctk." -[ chBe4 jobs after realising I w&% very utthappy in nty job. I moved house wlKn I realised where I was living was impaaing rny m¢ntsl health." "I opened my bcauty business and I deo)re4J th¢ room the I want&1 and I stard advertisin&" "We quite a bil cffi area a lot of things and w do with my IM)U5tng and things like th. W¢ Iked about quite a lot and now thert arè sortie ihin¥S l Tru1d thir& of EV *ith bill$ aDd thith lik¢ thal it's made m¢ feel )re mature abJuE thinBs .-
SAYes MelltOriDg Ltd Strategic Rert for the Year Ended 31 Ikeember 2023 IOOYO of entee$ thought that havSTrg * mentor wltively improved their prctltes rel•ted to wdbb¢ifyg (27Yo 'life.ch#nging'. 72QA 'much p)sitive impact,). Mentees thought the area in which having a mentor most improvtd their well-being was EThotiooal Health (selected by 45% menteesk followed by Identity He8lth {18OA), CogDitiw¢ H1th (Iwth). Social Health {9%) and Physi1 Helitth (%). Ratings of IOO¥J/o Posltive Impget were aebieved a¢rw Id¢ntity He•lth (18% 'Life chang&ng'. 72%'Muth pjsitive,), CogDitiv¢ H¢Altb (27°/fy 'Lif¢ ¢hanging'. 54% 'Muth w)5itive'A So¢ial He•lth (27•A 'Life chan8in8', 55% 'Much pjsittve'l and EmotlQTrAI Ht#lth 14CPh 'Life ¢h?nging', 40% 'Mth rAis.itive'). Phy$ipl helth impact W¥ PDSitive (30D/D 'Life ¢h8nging'. 30%'Mu¢h postiiv¢' and 3'SOMe OltiVe. rIn) however it was also the only w¢ll-being domain receive a'No positive. rating from one r¢sr1denL Mthiees felt that thtre was * posltivt impAet in 411 gspeft of belthy prxctices. The highest imprnvements wtre in (-lAlIeS5 self-efeptxDce {70% a lot" 30Yth es - a little"). foeus (6A ?es- 101", 30% ¢5 - a little") And tsptions explored (60% "Yes - . lot" and 40% little"). Coping with chxUenge5 was p)sitive though proportionttlly inverted mpared to oiher astffls of well-b¢in8 prxtice5 (i.e.. 41PA said eS - l arn a k)t nre abl¢ to C4)pe with ¢hallen8e4s¢tbacWchan8¢5 Dow than before". while 60% said )e5- a little"). "Iln a lot rnore self-awarE of rny em011 ithv. Even with fLKwJ and stuff. Every week l eat salad. I love thc Ye8 and tying new thin85. My mindsd is thc biggest and thi$ is my outlook on things. I httve learnt so much in a short space of tim¢ and that's chan8ed my outlwk on thin8s. Ixttin8 negative thoughts flow throu8h as they will ot be forever. Worst tbin8 is to stsy in a ne8ative place." "It w&$ mre just havitig somtt>ne to talk to Quitr 8 big impxt from merttortng but also Changes in lifr like not b¢tng with my boyfriend beuus¢ he didn't help with my mentsl ht41th. l am surroundin8 rnyself with better people who care 8Thd this is a lot to do with the mentoring as ytll because I could talk to tmy MENTOR] about this and it mad¢ me r¢ali5e what w&sn't 8MI for me.- "l started focussing on my fithess and did &5 a result of Ibaving my menr.- "It all ¢omes down to me and I nea tske $tbIlity. Sh¢ told me lots of ories but now J need to decide what to do with them. l am limiiing myself at the momem ¢spe¢ially wsth frien¢ts." -In th8gle I t¢nd to know IK>W to make myself a bit more Teld that Wdy I can take infonnation in easier." 100% (12 of 12) menttts of wguid recommend SAYe5 to other young peopk {83% 'yes - a k)V. 17% 'yts a littlc,). IQO•A of rnentets say SAYU ¢ivs • ttsod fetling {in¢luding 5317/0.1 love SAYe$", 23Y.-Rtally 8LX)d feeling". and 23%.G(d feelingy. "As I don know wfe¢tty Eng]ish. so we h1 w explain ¢very Jfs difficult find the right word io describe Iww I feel. I donl if irs aFKSUt SAYes or atKSUt the lime ev¢Nhing together. It was like m¢lody." "It ha5 been lift changing for me tr) ree¢ive this sup&t. "I have had a positive experience and every tim¢ I l)ump inio a youTrg perwn or )Ple ask me at work, i talk abtsut you and rEcommend you. It was lesg than a week and I was rna¢d with a menwr. So as well 8S t¢ing f&st acting SAYes Work to build relationship with me.- "Really pa55ione and energeti¢ about the they do •thd you ¢an see that ift evuything they do- noijust lip servi¢¢ but th¢y really do have ac4re passion for supwrt." "ThLS organisation h&$ made me ftel heard and my Fnpul rnaiieTS. The mentorship. from the application to the acwal ¢all& was Smooth and I met 50 many ptople through it!- "I f¢¢1 lik¢ I have weal sllprt frrym rK)t Jt rny mentor but also SAYes 8$ 8 wIK)le."
SAYes Mentoring Ltd Strntegic Report for the Year EDded 31 De¢ember 2021 W¢ aTe eonfident of the effie4¢y of fomi81 one•tOlloDe methoyship gThJ trnnsition planning. We are enc4)uraged by the pathways to Suslainability we have discovered. tested and levera8ed. W¢ are deteThined to ensure acce5$ io high quality relational supix)rt 15 availabl¢ al * thrylmmrt th¢ UK. Ind¢¢d the UK pilot ha5 allowed us Validat¢ refine the SAYes mtyjel in the UK MI tspectally with C4TE txperieDred youn8 people tn th¢UK Secure fithding thmugh th¢ Gr¢ar¢r Lopthi Athhority and Natiottal Cittten S¢rric¢ to support 250 disadvantaged young Lotthers on SAYes mentorships Esthblish ted rplation5hbP5 with local authoriti¢5 and )n-prOfit P31ln¢r5 in th¢ UK (¢¢ntral to Crdinating s¢rvi¢es and support and ensuring in¢l1Ve and diverse youth ferra15) Secure social change p8rtnttships with purpose driwen businesses bd in the b(rth the UK and 8broad (c¢ntr41 ¢0 5ywinability pnd in¢lusive community building) Engag¢ mentees & mentor5 in a n¢w found of m¢nt¢M5hip {¢rein8 muhi-y¢ar impact inspiring future leaders of social ¢h8nge) Employ¢e ment¢e alumni SAYts advi50ry and youth eDga8ement te4ms {ensurin8 youih led programming and commwiity) ringTrciJII review Dwtng 2023 the charity all its exp¢$ fmm donions with a surplus remaining of £42.363. The income frDrn donati trusts and funthaising was £58362 whith wzs 41x6 less ihan the previous year. and claim5 for tax r¢¢overy from Gift Aid w¢re £115. much les5 than 2022. New 8overnmeRt graTht5 received were £212,079 (restricted incom¢). Expenditure increased by £151.829 to £228.193. mainly due to salaries and cost5 for work in ihe UK, fvnd¢d by 8Ov¢rnM 8faDts. and an irKrea5e in 8rnots to South Africa Reserves ¥ at 31 December 2023 wer¢ £105.108. R¢strve polky The purpose of this fE5erve poliey is io bjild and Fnaintsin kn ad¢que level of net 8ssets Withj1 donor Testrtctions to SUPFQrt the or&ani58tion'5 day-t¢ operatiODS in the event of unforeseen shortfalls. The reserve may also b¢ used for one.iimw non-recurring exp¢nses will build lon84enn capacity, such &$ staff developmenL research and develownenL Ot investment in infras¢¢. R¢5¢rv¢s ar¢ not int¢nded to r¢pla¢¢ a pernianent loss of fiLnds or ¢limit4t¢ an ongoing budget gap. The organisation intends for the res¢rve5 to be used and replenished within a reasonabl¢ period of linbe. This reserves policy will be implemented in wnjuction with the other financial p)licies of ihe organi]0 and is innded Sup the goals and stregi¢s in those r¢lafed Frt)li¢i¢5 in strate8ic and OPErationa] plan The tyrg¢t rninimum Operting Reserve Fund is equal th six month's aver recurring wsts. In addition to Iculatin8 the actual operdting reserve at the fi5LzI year en the iaiget minimum will be calculated each year after the approval of the wwual budgel Snd rep)rted to the Board in the ryular financial rel. Pa8e 6
SAYes Mentoring Ltd
Trnste. Rew)rt
Objettiyts and aetlvities
h¢bllc b¢nrf
The tru$tce5 Confinn that they have ¢ompli¢d with the r¢quirtmeDts of se
SAYes Mentoring Ltd Trustees. Report To incorporate a broader connection with the ¥lemic and civil $iety sector locally, nioThally and tniernation811y, ¢0 conduct res¢uch on th¢ TIL progr4mm¢ io ensure continued development and improvemenL and assist in providing the neceswy T¢s¢h on youth menti)rin& Medium to Long T¢m Objectiv To provide eff¢ctiv¢ youth mentoring progre and or8anisational model that is s(alable. Impa¢1, Sustakrtable. trattsbl¢. ¥¢¢Outhtabl¢ and servirÈ8 a The yTrith Frfjpiilatioti. Page 8
SAYes Mentoring Ltd Truste, Report Structhr< governgnet tsd M#ttme#t Governin Document SA Yes Menioring Ltd is a wmpany limita by and was iftcorKwxed on 9 September 2008. It is governed by its Memor8rtdum aTLd Articles of Association dated 9 SepieTnber 2008 and amended to allow for current gOVn8Ce on S Decernb¢r 2008. It is registered &s a charity with the Chgrity Commission. On I l April 2011. the narne w&s officially changed frorn Off The Street Kid5 10 South African Yolkih Education for Sustainabiliry ISAY¢s) aTrd on 9 S¢ptemlxr 2021 was clwjged w SAYes Mentoring Lid. SAYes is a re8i5tered Tru5¢ PBO, NPO athd Section 18A or8anisation in South Africa. As s¢t out in the Articl¢s of AsKKiation th¢ chair of th¢ Board of Di[01$ is nominated by voi The board of directOTS. which can have up to 15 members. adrninisters the charity. The Ix)ard meets four times ch year aTbd the Executive Direthr is appointed to manage the day to day operations of the charity. To facilitate effcdive ope¥ions, the Executive Director has delegated authority, within ternJ5 Qf delegation approved by the direclor4 for operattonal matter5. The Board approv¢s an attnua] budg¢t and gives the Executive Direct9r the 51b11lty o!implem¢ntsns it. nt The dir¢aors have a risk managemort stragy which ¢ompTises: • an quarterly review of the risks th¢ charity may fxe • the establi5hm¢nt of Systems and w[edureS to miti8th those risks identifie4J in the plan: and . the implementaiion of proc1£& d¢sigrKd w minimise ttntial impKt on the cjwity shoum those risks mtrial}Se. A key element in the management of fina1{ risk is th¢ sdlitig of 8 yes¢$ p)liGy and its gUlar T¢Vi&W by ditOrS. obJeCd ndwllcies Th¢ ¢b2rity's arttviti¢S ¢XFX)se Tt to a number of financial Tisks including credit risK cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity's 11¢1¢$ apprnved by the board of trnstees. which provide written principles on the of financi81 derivi¥es io these risks. The charity &)e$ not use derivative financi4J LDStrumetts for sp¢culative purpm. CoshJTow ri%k The Charity's activhties expose it primvily the financial risks of changes in forti8n currency exchange rat¢& This is minimised by transf¢rin8 fvnds when th¢ ¢x¢hang¢ Ne se¢ms favornble as drtem)ined by a comprising th¢ Chair. Treasurer and Chief Exe¢utiv¢.There Inttt¢ be¥ring assets or liabilities. Pag¢ 9
SAYes Mentoring Ltd Trtees. Retprt Credi¢ rii5k Th¢ charity's principal finan¢ial assets are bank balances and cash, and tsx recoverable on donations under Gift Aid. The Cdit risk on liquid funds and derivattve financial instwments is limited beCaSe th¢ cowiterparti¢s are bank5 with high crcdtt.Atin8s lSed by intymatonal credi¢-raiiii8 agencies. The charity has Si8nifirant con¢entratioo of cffdil iisk. Liquidity ris In order to maintain liquidity to ensur¢ suffi¢ierf fvrth are available for ongoin8 operdtions and futhr¢ d¢velopments. the charity only usts srt temi dep)sits. The annual report was apwoved by the trus*es of the thartty on 30 Aw5¢ 2024 and S18n on its behalf by: Christopher P Tn]stee cis Sharpe Page 10
SAYes Mrntoring Ltd Statement of Trustw. Rwfj$ibiliti¢s The trustees {who are also the diEtiaoYs of SAYes Mentoring tAd for the purp(5es of company law) ar¢ r¢5ponsibl¢ for preparin8 th¢ tTUStee5' rew)rt and th¢ fina141 stst¢ments in accordance with the United Kingdom Ac¢ouniing Stsndards (United Kingth)m Generally Accep[ Accounting Prnctice) and applicable18W and regulions. Company law require5 the trustee5 to financial stat¢m¢Rts for financial year. Under company law the trustees must not approve the financial Statements UDiess they are Satisfi th• th¢y give a true and fakr view of ihe stale of affairs of th¢ charttsble cornpany and of its ino)miDg ffSO¥TttS and 8ppli¢ation of resources. including its inc4)me and expenditvr4 for th period. In weparing these fmancial StaMen the trustee$ are required .. stleet suitable XCKJuntin8 policie5 and apply thern consistentty: obseThe ihe methods and principks in the Charities SORP. make judgernents and estimates that ore re&sothle and prud. ent" state whether appIlble UK Accounting Standards have be followe41 subject to any material departures dis¢losed and explained in the financial statetncnts" and prepare the fLnan¢ial sthtem¢nts on th¢ 80ing con¢¢rn basis uoless it is inappwriate to presume that the ¢haritsble company will o)ntinue in 1n. The slee$ 8re resp)nsible for keeping adequ*e accounting record5 sufficient to show and explain the cIAritsble company's Iransactions and dilOse with reasonable accurxy at any tim¢ the financial position of th¢ charitable rA)mp8ny and tnable them to ensurz that the financial slatemeTtts comply with the Companies Act 2006. They are 8lso T¢snsible frir safeguarding th¢ &$5¢ts of the charlble MpanY and hen¢c for tsking rwonable 5t¢ps forthe prevention aDd detectÈ¢)n of fraud and other trregulariiies. Approv¢d by the trustees of the charity OD 30 Au8U5t 2024 and sigrKd on its behalf by.. Christopher Pa TnJ5t¢e 15 Sharpe Page 11
SAYes Mentoring Ltd IDdepeDdeDt Examiner's Report to the trustees of SAYes MeDtoring Ltd I report on the ac¢4)uM$ of the thrity f£ year 31 December 2023 which art set out on pages 13 10 23 Resprttive respotssibilitits of trus(tes #nd exaMiTrtr The knJstee$ (who are also the di£T$ of the company for the purpxu of compfiny law) are responsible for the preparation of the accourt The trustres consideT ihat an audit is not required for this year under section 14412) of the Charitie5 Act 2011 (the 2011 Act) #nd that an independent examinltitsn is netdcd. The charity's gr055 income txceeded £250.000 and l am qualtfied to unde the cxarnination by bein8 a qualified mcrnbcr of the Instiiute of Chartertd Accountants in England and Wales. Having satisfied myself that the charity 15 nol subject to audit company law and 15 eligible for it)depet)d¢n¢ examinion, it is my responsibility to: examine the cetyJnts under seLXion 145 of the 2011 Ac¢ io follow the predureS laid down in the 8¢nenl Direaions given by the (hrity Commission under seciion 14515Xb) of th¢ 201 l A¢(. aftd to State whether particular rnatter5 have eome lo rny altention. B4sig of ittd¢pÈnde•t eJ•mtn¢r's report My examination was carried out in accoydance with the general DirectiOQ8 8iv¢n by the Charity Commissjon. An examination includes a of the a¢¢ounting kept by the ¢harity and a ¢omparison of the accounts presented with those records. It also includes ¢onsidcration of any unusual itetDS or disclosures in the a(¢owits, 4nd s¢¢king explort#tiotts from you as truses wrt¢¢rning any $uoh m4tt¢ts. Th¢ prnc¢dur¢s undertaken do not provide all the evidence that be required in an audit and consequently no opinion 15 gkven as w1her the a¢¢oUT prtsent a'true and faiT view. and the Tewjrt is limTd to th)se matters Set out iD tht statement below. Independent exawiner'i stterneDt In ¢onncction with my examiDation, no matter has <ome w my ntion: (l) which gives mc reasonable cause to believe that in aDy rnater1 respe¢t the require]n¢Dts'. . ts keep counting records in #c¢<>rdae with section 386 of tht Companies Aet 2006" and prepare a¢¢ounts tiCh accord with the xwuniing Irds. comply with the accounting requirtments of section 396 of the Companies Act 2(M)6 artd with the methods and principles of the Sement of RerA)rntd Prnctice: AecA)UDtiD8 and Re74 by Charities have not be¢n rn¢i or (2) to wht¢h. in my optthioTr, slk)uld be dr•wn in Ivderfo ¢noble ¥ pmpet uJhJerstsDdinsof the unts to be reached. DavÉ Dixie FCA Dixi¢ A$SlateS 167 Black HaytKs Ro Selly Oak BiTrnin8ham B29 4RE 30 August 2024 Page 12
SAYes Mentoring Ltd Ststement of Financi•l.Activitiey for the Year EDded 31 Deeemb¢r 2023 Oncluding I10e and Expemditure Account and Statement of Total Recognised Gains and Lo&ses) Unrtstricted funds Restricthl Totsl 2023 Nots Ineomt nd Endowmthts frnty: Donations artd l¢gaci¢s 58.477 212,079 270.556 Total Income 58.477 212.079 270,556 Exp¢ndityre on: ChaTjtabl¢ a¢tiviri¢s 137267 90.926 228,193 Totsl Expendiout {137.267 (.926 228.193 N¢t {expenditur¢Yincom¢ N¢t mov¢m¢ttt in fiu 78,790 121,153 42,363 {?8.7) 121.153 42.363 Re£ondlltion of funds Total fvnd5 brou8ht for¥vaTd Totsl fvnds carried ftsn¥8rd 62.745 62.745 121.153 Unr¥tritted 105.108 Tgta! 2022 lffjrorn¢.aDd Endowrnents from". Donations and legxies 103,655 103.655 Total Inwm¢ 103.655 103.655 Expendlture on: Charitablt activitie5 76.354 (76.354 Total ExdItire 76.354 76.354 Net income 27.301 27,301 Net moyement in funds 27,301 27.301 R¢coDciliatioD of fuDds Total fimds bmught fon¥ard 35,444 35,444 Total fund5 carrtcd forward 62.745 62,745 All of th¢ charity's a¢tivities derive from continuing op¢rdtion5 during the abov¢ two p¢riods. The funds breakdo for 2022 is shown in note I l. Page 13
SAYes Mentoring Ltd (RegistrAtioD number. 6693065) BalaDce Sheet as at 31 December 2011 2023 2022 r4ote Fixed 1&sets Tangible assets 4.S47 Current wets Deor$ Cath at bank and in hand 49,660 64.748 25,864 37.198 114,408 63,062 Crediton: f•llittg d¥wilhh othtyt•r 317 Net current wets 100.561 62.745 Net a$9ets 105,108 62,745 Funds Of the ehrity: Restrleted in¢om¢ Iwndj 121.153 Unrestricted income funds Vnre5tri¢t¢d fvnd5 16.045 62,745 To¢1 f•ods 105 108 61745 For the financial year ¢ndin8 31 D¢c¢mb¢r 2023 th¢ tharity wa5 ¢ntitlrgJ to ¢x¢rnption from audit under section 477 of the Companies kn 2006 1*in8 to stDall wnpanies. Diredors, resp)nsibiliiies: The memlxrs ha not required the eharity to obtsin an audit of its accounts for the ye4r in question in a¢LxTrrdan¢e with se¢tson 476. and The directors xknowledge their resp)ftsiTrJili¢ies for c4)mplying with the requirements of the Art with respect to aetounting reeLirds and the prepalOn of a¢counts. These accounts have been prepared in accordance with the provisi applieablc to companie5 subject to the Small ¢ompanie5 regime. The finaneial stat¢ments on page$ 13 to 23 weEt approv¢d by the and autlvised for tS5ue on 30 Aury5t 2024 and signed on their b¢half by: Chri$iop Trustee Paul ramcis Sharpe Pag¢ 14
SAYes Mentoring Ltd Notes to the Finanethl Ststements for the Yegr End_ed 31 December 2023 l AccouDtiDg polities Summ¥ry of 8iVtifitllDI ll¢couAtittg lIcieS and key aeeotwtthg The principal accounting )lICieS applied tn the preparation of these financial statements ale set oiit below. These policies have been Consistently applied to all the year5 presented. unless otherwise stated. Statement of eompllaAee The financial staiements have been Fyqjared in accoTdtn¢c with Accountrng and Reporhng by Char¢ttes'. S¢atem¢nt of ReMMended Practice applrcable to charitie5 preparing their accourrts in accordance with the FinaDGial Reporting Standard applicable the UK and Republic of Ircland (FRS 102) (cffcctivc l January 2015) - (Charkti¢$ SOR IFRS 102)), the FinaD¢ial R¢prtinB Standard applicable in the UK and Rq)ublic of Ir¢land (FRS 102) and the Cornpanies Ad 2006. B¥5is of prepartio SAY Mentoring Ltd mexts the definition of a publi¢ benefii Clty under FRS 102. Assets and liabilities are initially gnised * historical cost or transxkn Tn]ue unle55 otherw75C Statcd in th¢ 1¢Yant aGcounting policy riotes. Going eoncern The trystees consider that thert tre no material uncertainties about the charity's abiliry w coniinu¢ a5 a going ¢orK¢rn nor any significant ar of Tertnty that affta the ¢arrying valu¢ of assets held by the charity. ExwDptioD from prepAriDg * ush IIDW 5taternent The charity opted to early adopt Bulletin I published on 2 F¢bw 2016 al hav¢ thryefoff IKA included a c&sh flow statement ITI these fillancial ststements. Exemption frorn prepriDg 8roiip #tlInts The charity has tsken •Jvant2ge of the ex¢mptioti in secti(m 398 of the Companies Act 21)06 from the requiremeni kn prepare consolided finarKial sW¢m¢nt8 on the grounds that it is a sma]I sized gTOUP. Ineome ettdowments All ift¢ome is Yeco8rti5ed once the charity IM entkilement to the inwme, it is probable that the InMe will b¢ received and the amowit of the incooK receivable can be measured reliably. Doniions and leg4cia Donatlolls ar¢ regnIS¢d wh¢n the charÉty has been tified in writing of both the amnI and settlemeni date. It) the event that a donation is subjecl to conditions that require a level of perfonn8nce by the charity before the charity is entiiled to ihe fiv)ds. the inrn¢ is deferrd and TK)t recognised until either those conditions arr fully met. or the fulfilrnent of th(trse Conditions is wholly within the controj of th¢ ¢lwity and li is probable th th¢se ¢onditions will be fulfilled in the rtporting period. Gronts recei%vble Grants ar¢ rewgnised when the dwity ha8 an enmlement io the fimds and any ndItiOnS linked to the grants have been mei. Wh¢re perfOnnan wndition5 are attached to the grant 4ThJ are yet be mel the Énc4)me is reeogniscd &$ a liability end included on th¢ b31aorx $Il as d¢f¢rT&q InCe to rele&sed. Pe 15
SAY¢s Mentoring Ltd Notes to tbe Fillanciaj Stgt¢m¢nts for th¢ Yeo.r En4¢d 31 December 2Q23. Exp¢ndits All expenditure 15 recognised once there is a legal or nStrUCti obligation to that ¢xpet)diwre. it is probabl¢ s¢ttl¢ment is r¢quir¢d and the amount can be mt45urrd reliabty. All rA)5ts arc all¢x8ted to the appIlble ¢xp¢rtdi¢ur¢ heading that a88re8ate similar costs to that cthgory. Where costs be direcdy attributed to parti¢ular headings they have been allrKated on a b&5iS ¢olStent with the use of resource4 with cenirdl staff tosts alloced on the basis of time speni and depte¢iaiioD charg allo¢ed on th¢ portion of th¢ ass¢i's use. Other support costs arn allocated bas¢d on the spr1 of sthffo)sts. Chwi14ble4TrtIKilies Charithble expendittjre comprises thos¢ costs incurroj by the charity in the delivery of its activittes and service5 fyr its b¢nefiojaries. Tt in¢lyd¢s ¢ws_ tbat w. b¢ al1¢xa dir¢¢rJl to such actjviii¢s those Wts o!4n indirect nanjtt n¢¢essary to support them. Grtsntprovlslons PrnvisioDs for gran¢s are made when the intentton to make a 8Trnt h&s been communicated to the recipient but there is uncertainty 8iKJut ¢ither th¢ timin8 of the grant or the wnount of grdnt payable. Gov¢rn•ne¢ costs These include the costs attrilmthle to the ch8rity'5 mpli8ce with nStItUtiOn and ststhtory quIMen Including audil strategic rnana8ement and trustets's rneelings aDd reimbutsed exnseS. Government gr4Trts vernment grants are rttogrtised based on the K¢Tual model and ore me4suTed 8t the Pair value of lh¢ 8ss¢t received or receivable. Grnnts art classified as relating either to VenUe or to assets. Grants relating to revenve are re¢ogni5ed in income over tht period in which th¢ T¢lattyJ ¢osts 4r¢ T¢¢01$¢d. Gr&rtts fflating to aSS¢iS 8 r¢cOlsed over the expected useful life of the asseL Where part of a 8rani le]irtg an asset is deferred. il is r¢cogni$ed &s deferred income. Taxatio The charity is considcred to the tests sd out in P4ragrW I Schedule 6 of the Finance Act 2010 and therefore it meets the defjnition of a charitable compAny for UK Corporntn t&x purposes. Accordirtgly. the charity is potentially cxcrnpt frorn ttIOn bn re5pr<t of iT4)me or ¢apTtsJ gwns rtc¢ivtyJ within categories covered by Chapter 3 Part I l of the Cor11¥110 AL% 2010 or Sectiorb 256 of the of Ch8rge8ble Gain$ Act 1992, to the ¢xtent that suclt inC4Mne OT gains are applied exclsIve]Y to eharitabk purKK)ses. TIDgible red s8ets IDdividual fixed ass¢ts c05tin8 £0.00 OT morc are inittally r¢ethded at ¢knL k5s any subse4ucnt accumulated deprlatIOn and subsequent a¢¢umulad impaimient losses. Depretl8tiOD and mortis#tioo Lkptt¢iation is provided 00 tangible fix¢d a$5ets 50 as to *Tite off the c05t or valuation. any estimated Tesidua] valu< over their exwed usefvl ttonomi¢ life as follows: Resurch and d¢v¢lopmeDt Research and development end1(Ure is WTittrn off &% lticur. Page 16
SAYes Mentoring Ltd Notrs to the Financi•l Statrments for th¢ Year Ended 31 December 1023. Tr•de d¢btors Trnde debtors are amounts due from ¢er$ for mttchandise sold or servi¢¢s perfornd in the ordinary ¢x)urse of IsIneSs. TrÈde debtors we re£v8nised initially the tr8Thsaction price. They are subsequently rnured amortised cosl using ihe ¢ff¢¢tive int¢rest m¢ttK4 l¢ss provisioft for impairnient. A provistoD for the imp4irni¢nt of trade debtors is eMablished when there is (je¢tiv¢ evide¢ that th¢ charity will noi Ix able to coll1 All amowits due accordingto th¢ original i¢rms ofthe r¢ceivabl¢s. Cash #nd tasb equivlents Cash and c&sh equivalents comprise c&5h on hand and call deposits. and other short-lenn hhghly liquid inv¢stm¢nts tha¢ ar¢ readily ¢onvertibl¢ ¢0 a known anwunt of cash and ar¢ subjeu to an insignifiunt risk of change in vdue. Trxde eredltors Tr8de creditors are obligations to pay for 8($ or services that have betn acquired the ordinary ¢[st of business from suppliers. Accounts payable are clL45ified as current Itabilrlies if tht charity doe5 not have an ut)conditional ri8hi at the end of the reFKJrting period, to defer settlement of the creditor for at le&st twelve monihs after the reporting date. If the is an unconditk)nal ri8ht w defer s¢ttl¢ment for at le4st twelv¢ months after lh¢ rertIng dat4 th¢y are pTes¢nted as non-cumt liabilittes. Trad¢ ¢reditors ar¢ rewised iniiially at th¢ tratwtmin price and subsequently rneasured at arnortised $t it5ing the effeaive inieresi metr#)d. Borrowirtgs Ini¢wt.bearing l)orrowings ar¢ initially fEcord¢d at fair value. net of transaction costs. Interest-lttring )rrowings are subsequently ¢arried * amonis¢d ¢osi with th¢ dÈff¢r¢n¢e b¢twe¢n the pro¢eed4 of traiisaction ¢osts, and the amount due ttd¢mption being r¢owis¢d 8s 4 ¢harye w the Stym¢ni of Fihan¢ial Aaivities over the period of the relevant borrowing. lrttrrest expense is reCognis on the basis of the efflIve intrrest methc4J and is Incl in InreSt payable and similar charges. Borrowin85 are cl&ssified current liabilities unless the clthrity h&8 an unrthdiliortal rit to defer settlement of the liability for at lasf twelve months after thE T¢P)rting date. F¥nd strnethre UnsIncted income fun&% are general funds that arE aTAilable for use at th¢ trusted$ discretion in furtheranr of th¢ objextives of the charity. Restricted incomc funds are ihose donad for use in a particular or for $ifiC pws. the e of which is restriLed to th area or purFxise. Page 17
SAYes Mentoring Ltd Notes to the FiDaDcial Statements for the Ye4r EDded 31 Deeember 1021 Clwslfieo&on Financial asset5 and finanrial liabilities aY¢ Ye£01$¢d th the charity becomts a party to the CODtractual provisions of the instnkrntnt. Financial liabiliiies and equity in5tnllnEnts Ela5sifirA a(rdIng the SUbSts of ihe contra¢ft41 8rrangemertis entered into. An equity tnstrurn¢Dt t5 aDy Ctra that evidtPCC5 a fE5idual interrst in the assets of the ¢hariry after deductin8 all of its liabilities. Recognthon me45urement All financial &ssets and liabilities are iTritially melsured at tsattsartiort price {includttyg tratwtiort costs), ex¢ept for those financial assets clwified as at fair valut throu8h profit or loss. whith are initially measuted ai fair value (which is nornjally tht transaclion price excluding traDsa¢tion costs). urtless the arrang¢meni cons¢itui¢s a financirt8 transaction. If an arran8ement constithtes a financing tronsa¢tioTh, thc finan¢ial asset or fioart¢ial liability is me&sured at the present Tnlue of ts firtU payments dis¢ouTttd at a market rnte of tnieTest for a sirnilar debt illStrumenL Financial and liabilities are ortly offset in the stzt¢ment of finaftcial px%sttion whett, and only when there exists 8 ItlIY enforceable right io set off the reco8nised arnounts and the charity intends either to settle on a net basis. or to fEali5e th¢ &8sct and settte liability simuttsneowly. Financi &5sets are derecogntsed when and only when a) the contra¢wal rights io th¢ cath flows from the finawial &ss¢¢ expir¢ or are Settl b) the charity transfers to aTthr party subantballY all of the risks and rewards of ONershiP of thE financial &ss¢L or ¢) the charity, d¢spiie having r¢¢ain¢d some, byt not all. Si8nificant risks and rewards of OWTreT5hi IAS tsansfefftd wntrol of th¢ •ssel to atw)th¢r party. Finan¢iai liabilities are derecognised only wheD the obli8atK)n speeified in the eontr#t is diScge c*tt¢elled or expir¢ PaBe 18
SAYes Mextoring Ltd Not¢s to the Finao¢ial Sta¢¢m¢nts for the Yr Ended 31 Dettmber 2023 2 Income from doh)tlow aDd kR¢ies Ullrutyided fund5 Restri¢ttd fuDds Totl 2023 Totsl 2022 GemerAI Donations and legaci¢ Donations from compattie& trusts a[ similar pr(ttds Donation5 frorn individua15 Gift aid reclaimed GY2nts: including capital 8rants; Gov¢rnm¢nt gmts 41637 15,725 115 42,637 15.725 115 76.000 21,701 5.954 212.079 212,079 58.477 212,079 270,556 103,655 3 ExpeDdityr¢ ott ch*ritsbt¢ xdivities Unrestricted funds Restricted lunds Totsl 202J Total 2022 G¢ntr•l Grants to South Afric TTUSI Fundrai5in8 and development expEnse5 Salary and p¢nsion cootribuuons 27.637 27.637 19,822 5.719 14,827 20J46 328 81416 6.196 6.301 665 7.574 45.941 3.192 23.711 288 1,855 128.357 9J88 30.012 953 9.429 47.227 3.031 Sundry expenses Bank charges Trnvel, ete Mentee costs D¢pr¢ciauo amonisation and other similar costs Grdnt funding of activitLe5 Governan wsts 227 5.064 652 652 460 655 655 655 137.267 228.193 76J54 Pa8¢ 19
SAYes M¢Dtoring Ltd Notes to tbe Financial Sty.t¢m¢nty for the Y¢8r End. 31 Drfember 2021 4 Analysis of govermntt #Ad swpport costs Governallce tosts U#restrieted (und5 Totsl 2023 Total 21122 GeDer•l Independent Examhner'5 Temunerntion L¢gaJ fees 642 13 642 13 642 13 655 655 655 Pw20
SAYes Mentoring Ltd Not£s to the Financial Statements for the Year Ended 31 Deeember 1023_ 5 Tnte¢S remuTrer•tioo Dd ¢xp¢nstS No trustees. nor any persons nneC1 with them. hav¢ rtt¢ived any r¢mwAeration frorn the charity durin8 thr No tJNst¢¢s have r¢c¢ived any reirnbu wth5C5 fTom the Charity during the year. 6 Taxation Th¢ charity is a r¢8is¢¢r¢d tharity aDd is therefore exemo from thx10n. 7 TDiible fixed ssets Furnithrt #nd Cos¢ Addittofis 5,199 5,199 At 31 December 2023 5.199 5.199 Depreciatio Ch8rg¢ for the year 652 652 Ai 31 DKember 2023 652 652 Net book vllwe At 31 December 2023 4J47 4.547 8 DeOr9 I3 2022 Trade debtors Prepaymertts Other debtors 47.129 .037 1.494 738 25.126 49,660 25.864 9 crnlit0. mo4mts f*lllhg due whhin ome ye•r. 21123 2022 Trade creditors Other creditots 13.847 264 53 13.847 317 Pase 21
SAYes Mentoring Ltd Notes to the FiDaDcial StstemeDts for the Year Endyl 31 Dmber 2023_ 10 Ch8rlty statu9 The charity is a charity limid by guarant¢¢ and consequently does not hav¢ share capital. Each of the trusices is liable to ntribUte an 8mount noi eXceiThg £Nil wwards th¢ ass¢ts of the charity in ihe event of liquidation. 11 Fonds Bg18Dce at 31 Dttember 21123 BJtt¢tat A Jttu*ry 2023 expended Unrtstrieted funds Gcn¢Tal 61745 58.477 (137267) 9),926 (16.045) Restricted ftsbds 212.079 121.153 Totsl fthtsds 62.745 270.556 228.193 105,108 Balante at 31 B•l4#¢¢ xl I 1comIng 2022 r¢sowrtes expended 2022 Unrestricted General 103.655 6J54 62,744
SAYes Mutoring Ltd . Notes to the Financial Ststements for the Year End.ed 31 Deeember 2023 12 Anatysig of net 8Ssets between funds UnresiTicthd fundy Total funds Tangible fixed ass¢ts Cuneni assets Currcni liabilities 4.547 112.914 13,84 4.547 112.914 13,84 103,614 103,614 13 AD8lyis of net funds A¢ l J•nu•ry 21123 At 31 Decembtr 2023 Ca$h flow Cash at bank and in hand 37.198 27.550 64,748 Net debt 37.198 27.550 64,748 Page 23