Charity Registration No. 1136671
Company Registration No. 07065815 (England and Wales)
HEROPRENEURS
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS
30 November 2020
HEROPRENEURS
LEGAL AND ADMINISTRATIVE INFORMATION
| Patron | Lieutantant General Dick Applegate CB, OBE |
|---|---|
| Trustees and Board Members | Peter Mountford, FCA |
| Donald Stuart Nicol, BSc (Hons), MSc (Fin) | |
| Major General Tom Richardson Copinger-Symes, CBE | |
| Simon Andrew Banks-Cooper, VR, FCMA, BSc (Hons) | |
| Dani Lachowicz (Appointed 12 August 2021) | |
| Charity number | 1136671 |
| Company number | 07065815 |
| Registered office | 21 Marina Court |
| Castle Street | |
| Hull | |
| HU1 1TJ | |
| Independent examiner | Nadia Hossen Mamode ACA |
| VCCA Ltd | |
| The Limes | |
| Bayshill Road | |
| Cheltenham | |
| GL50 3AW |
CONTENTS
| Page | |
|---|---|
| Trustees' Annual Report | 2 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Summary Income and Expenditure Account | 8 |
| Balance Sheet | 9 |
| Statement of Cash flows | 10 |
| Notes to the Accounts | 11 |
| Detailed Statement of Financial Activities | 17 |
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HEROPRENEURS
TRUSTEES' ANNUAL REPORT
The Trustees, who are also Directors of the Charity for the purposes of the Companies Act 2006, present their report with the Unaudited Financial Statements of the Charity for the year ended 30 November 2020.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. 07065815
Charity No. 1136671
Registered Office
21 Marina Court Castle Street Hull HU1 1TJ
Directors and Trustees
The Directors of the Charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year.
Peter Mountford, FCA Donald Stuart Nicol, BSc(Hons), MSc(Fin) Major General Tom Richardson Copinger-Symes, CBE Simon Andrew Banks-Cooper, VR, FCMA, BSc (Hons) Dani Lachowicz (Appointed 12 August 2021)
None of the Directors and Trustees receive any remuneration for the considerable time that they give to the charity.
Accountants
VCCA Ltd The Limes Bayshill Road Cheltenham GL50 3 AW
OBJECTIVES AND ACTIVITIES
In summary the objects of the Charity are restricted to the prevention or relief of financial hardship among former serving members of the armed forces of the Crown and their dependents by providing financial assistance and support services designed to enable such individuals to establish, grow and sustain a business idea, and to the promotion of the efficiency of the armed forces by assisting with the resettlement of former serving members of the armed forces of the Crown and their readjustment to civilian life.
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HEROPRENEURS
TRUSTEES' ANNUAL REPORT
In particular the Charity provides extensive help to its beneficiaries through its large community of volunteer business mentors, none of whom receive any reward for the help that they provide. All mentors of the Charity also commit to receving no commercial benefit from the individuals and businesses that they mentor during the period of mentorship which normally lasts for 1 year. The independent advice, without conflicts of interest, that the mentors give is essential to the service that the charity provides.
ACHIEVEMENTS AND PERFORMANCE AND CHAIRMAN'S REPORT
Despite the continued challenges presented by the COVID-19 pandemic, the past 12 months have seen Heropreneurs go through a period of significant development and sustained growth, increasing our reach to the UK military community – particularly to those in resettlement and military spouses/partners – and improving our processes to ensure that we make the best use of our highlyvalued network of business mentors and ensuring that our community receive the best possible support as they create and grow their businesses.
In the year to 30 November 2020, 160 businesses were supported through our mentoring programme, a 45% increase on last year and a testament to our comparatively small bank of 75 mentors, all of whom give their time to each mentee entirely voluntarily. I would like to sincerely thank all of our business mentors for the considerable amount of time and effort that they put into this programme.
In January 2021, Becci Parriss joined Heropreneurs as CEO following four years with RMA – The Royal Marines Charity where she was responsible for the strategic delivery of their Employment and Education services to vulnerable service leavers, veterans and family members. A registered Career Development Professional, she has been quick to implement a strategy focussed on best practice, building our community, and expanding the availability of services to both mentees and mentors. As a result of this work, Heropreneurs now host a variety of virtual events, with plans to convert to a combination of virtual and in-person events in due course:
● Monthly mentee clinic: peer to peer support group, attended by current programme members and 2- 3 mentors to support each other in contemporary issues, share best practices and network.
● Monthly expert-led sessions: webinars delivered by SMEs on topics relevant to entrepreneurs. Sessions have included: intellectual property, supplying the creative industries, pitch presentation and crowdfunding.
● Monthly Dragons Den events: we invite a mentee to present to a varied panel taken from our mentors and partner organisations. Instead of investment, they are given honest, constructive feedback and advice on their business.
● Quarterly mentor meeting: providing a networking opportunity to mentors and inviting them to share their views and contribute to ongoing strategy development.
The difficult decision was taken in early 2020 not to hold our annual awards ceremony, with too much uncertainty over social-distancing restrictions and a consensus that a black-tie dinner was
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HEROPRENEURS
TRUSTEES' ANNUAL REPORT
not appropriate given the struggles of many businesses and individuals throughout the year. We took the opportunity to focus our attention on our core output and delivered one virtual awards category with our long standing partners the Warwick Business School (WBS). As a result of not delivering a physical ceremony in 2020, we did not receive the significant income we would usually expect from sponsorship and ticket sales of this event, as is reflected in our reduced income and expenditure detailed in this report. Thanks to the generosity of CAF Bank and the National Lottery Community Fund, we were able to subsidise some of the necessary income to continue operating, along with grants from Veterans’ Foundation and Greenwich Hospital Trust, with every intention of returning to a more selfsufficient approach in the coming year.
Aware of the need for some good news in 2021, and based on the success of the 2020 WBS award, we have chosen to again deliver a virtual awards programme, reinstating a range of awards and developing an ambitious marketing plan in order to ensure maximum exposure for both our finalists and sponsors.
FINANCIAL REVIEW
Heropreneurs’ income for the year was £69,212 (£137,518 in 2019) a decrease on the previous year’s income due to the annual awards ceremony not taking place. We were once again able to maintain a modest surplus of £23,601. The Board felt it appropriate to maintain higher than average reserves given the impact of the COVID-19 pandemic on most grant-giving organisations.
PLANS FOR FUTURE PERIODS
In the coming 12 months, our priorities are three-fold:
-
Building our community: We will look to increase the opportunities for peer to peer support and provide greater opportunity to network with other mentees, mentors, and partners.
-
Standardised training for mentors: In addition to the rigorous onboarding process our mentors already go through, we will be introducing a training package to be completed by all mentors by December 22. This will include training in managing conversations about mental health.
-
Awards 2022: We are confident that in 2022, we will finally be able to return to a physical awards ceremony. We plan to incorporate lessons learnt during 2020/21 to make this a much more inclusive and interactive event.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the Financial Statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the Charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
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HEROPRENEURS
TRUSTEES' ANNUAL REPORT
Heropreneurs is established as a company limited by guarantee and is a Registered Charity with the Charity Commission (No 1136671). The affairs of Heropreneurs are governed by its Memorandum and Articles of Association. The liability of the members in the event of Heropreneurs being wound up is limited to a sum not exceeding £1 per member.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the Board
Peter Mountford, FCA Chairman 25 August 2021
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HEROPRENEURS
INDEPENDENT EXAMINER'S REPORT
Independent examiner's report to the trustees of Heropreneurs
I report to the Charity Trustees on my examination of the Financial Statements of Heropreneurs for the year ended 30 November 2020 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the related notes.
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 Financial Statements in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).
Having satisfied myself that the Financial Statements 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 Financial Statements 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
I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:
-
accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
-
the Financial Statements do not accord with such records; or
-
the Financial Statements 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
-
the Financial Statements have not been prepared in accordance with the Charities SORP (FRS102).
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.
Nadia Hossen Mamode ACA VCCA Ltd The Limes Bayshill Road Cheltenham GL50 3 AW 25 August 2021
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HEROPRENEURS
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 November 2020
| Notes Income and endowments from: Donations 4 Charitable activities 5 Total Expenditure on: Raising funds 6 Charitable activities 7 Other expenditure 8 Total Net income/(expenditure) Net movement in funds: Reconciliation of funds: Total funds brought forward Total funds carried forward |
Restricted funds 2020 £ 30,000 30,000 30,000 30,000 - 30,000 |
Unrestricted funds 2020 £ 34,037 5,175 39,212 216 37,526 7,869 45,611 (6,399) (6,399) 86,905 80,506 |
Total funds 2020 £ 64,037 5,175 69,212 216 37,526 7,869 45,611 23,601 23,601 86,905 110,506 |
Total funds 2019 £ 40,502 97,016 |
|---|---|---|---|---|
| 137,518 | ||||
| 691 106,504 4,445 |
||||
| 111,640 | ||||
| 25,878 | ||||
| 25,878 61,027 |
||||
| 86,905 |
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HEROPRENEURS
SUMMARY OF INCOME AND EXPENDITURE for the year ended 30 November 2020
| Income Gross Income for the year Expenditure Total expenditure for the year Net income before tax for the year Net income for the year |
Restricted funds 2020 £ 30,000 30,000 30,000 30,000 |
Unrestricted funds 2020 £ 39,212 39,212 45,611 45,611 (6,399) (6,399) |
Total funds 2020 £ 69,212 69,212 45,611 45,611 23,601 23,601 |
Total funds 2019 £ 137,518 |
|---|---|---|---|---|
| 137,518 | ||||
| 111,640 | ||||
| 111,640 | ||||
| 25,878 | ||||
| 25,878 |
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HEROPRENEURS
BALANCE SHEET at 30 November 2020 Company No. 07065815
| Notes Fixed assets Investments 10 Current assets Debtors 11 Cash at bank and in hand Creditors Amount falling due within one year 12 Net current assets Total assets less current liabilities Total net assets The funds of the charity Staff fund 13 General funds 13 Total funds |
Restricted funds 2020 £ - - - 30,000 30,000 - 30,000 30,000 30,000 30,000 30,000 |
Unrestricted funds 2020 £ 6,000 6,000 - 78,134 78,134 (3,628) 74,506 80,506 80,506 80,506 80,506 |
Total 2020 £ 6,000 6,000 108,134 108,134 (3,628) 104,506 110,506 110,506 30,000 80,506 110,506 |
Total 2019 £ 6,000 |
|---|---|---|---|---|
| 6,000 5,667 121,107 |
||||
| 126,774 (45,869) |
||||
| 80,905 86,905 |
||||
| 86,905 | ||||
| 86,905 | ||||
| 86,905 |
These Financial Statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 30 November 2020 the Company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the Company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of Financial Statements.
Approved by the Board on 25 August 2021 and signed on its behalf by:
Peter Mountford, FCA Chairman 25 August 2021
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HEROPRENEURS
STATEMENT OF CASH FLOWS
for the year ended 30 November 2020
| Cash flows from operating activities Net income/(expenditure) per Statement of Financial Activities Adjustments for: Decrease/(Increase) in trade and other receivables (Decrease)/Increase in trade and other payables Net cash provided by operating activities Cash flows from investing activities Net cash provided by/(used in) investing activities Cash flows from financing activities Net cash provided by/(used in) financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Components of cash and cash equivalents Cash and bank balances |
Restricted funds 2020 £ 30,000 30,000 30,000 30,000 30,000 30,000 |
Unrestricted funds 2020 £ (6,399) 5,667 (42,241) (42,973) (42,973) 121,107 78,134 78,134 78,134 |
Total 2020 £ 23,601 5,667 (42,241) (12,973) (12,973) 121,107 108,134 108,134 108,134 |
Total 2019 £ 25,878 (3,167) 44,751 |
|---|---|---|---|---|
| 67,462 | ||||
| 67,462 53,645 |
||||
| 121,107 | ||||
| 121,107 | ||||
| 121,107 |
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HEROPRENEURS
NOTES TO THE FINANCIAL STATEMENTS
1 Accounting policies
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 (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Change in basis of accounting or to previous Financial Statements
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to Financial Statements for previous years.
Fund accounting
| Fund accounting | |
|---|---|
| Restricted funds | These are resources which are to be applied to specific purposes imposed |
| by the donor. | |
| Unrestricted funds | These are available for use at the discretion of the trustees in furtherance |
| of the general objects of the Charity. | |
| Income | |
| Recognition of income | Income is included in the Statement of Financial Activities (SoFA) when the |
| Charity becomes entitled to, and virtually certain to receive, the income | |
| and the amount of the income can be measured with sufficient reliability. | |
| Income with related | Where income has related expenditure the income and related expenditure |
| expenditure | is reported gross in the SoFA. |
| Donations and legacies | Voluntary income received by way of grants, donations and gifts is included |
| in the SoFA when receivable and only when the Charity has unconditional | |
| entitlement to the income. | |
| Tax reclaims on donations and | Income from tax reclaims is included in the SoFA at the same time as the |
| gifts | gift/donation to which it relates. |
| Donated services and facilities | These are only included in income (with an equivalent amount in |
| expenditure) where the benefit to the Charity is reasonably quantifiable, | |
| measurable and material. | |
| Volunteer help | The value of any volunteer help received is not included in the Financial |
| Statements. | |
| Investment income | This is included in the Financial Statements when receivable. |
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HEROPRENEURS
NOTES TO THE FINANCIAL STATEMENTS
| Gains/(losses) on investment | This includes any gain or loss on the sale of investments, including |
|---|---|
| assets | programme related investments. |
| Expenditure | |
| Recognition of expenditure | Expenditure is recognised on an accruals basis. Expenditure includes any |
| VAT which cannot be fully recovered, and is reported as part of the | |
| expenditure to which it relates. | |
| Expenditure on raising funds | These comprise the costs associated with attracting voluntary income. |
| Expenditure on charitable | These comprise the costs incurred by the Charity in the delivery of its |
| activities | activities and services in the furtherance of its objects, including the making |
| of grants and governance costs. | |
| Governance costs | These include those costs associated with meeting the constitutional and |
| statutory requirements of the Charity, including any independent | |
| examination fees, costs linked to the strategic management of the Charity, | |
| together with a share of other administration costs. | |
| Other expenditure | These are support costs not allocated to a particular activity. |
Taxation
The Charity is exempt from corporation tax on its charitable activities.
Investments
Investments comprise unlisted programme related investments, which are investments made directly in pursuit of the company's charitable purposes. These investments are recognised initially at the transaction price. Following initial recognition, where fair value can be measure reliably, investments are stated at fair value with changes recognised in profit and loss. Where fair value cannot be measured reliably such investments are measured at initial cost less any identifiable impairment.
Other debtors
Other debtors are recognised at the settlement amount due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand.
Other creditors
Short term creditors are measured at the transaction price. Other 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.
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HEROPRENEURS
NOTES TO THE FINANCIAL STATEMENTS
2 Company status
The Company is a private company limited by guarantee and consequently does not have share capital.
3 Statement of Financial Activities - prior year
| Income and endowments from: Donations Charitable activities Total Expenditure on: Raising funds Charitable activities Other expenditure Total Net income Net movement in funds: Reconciliation of funds: Total funds brought forward Total funds carried forward 4 Income from donations Donations 5 Income from charitable activities Heropreneurs Awards, other events, and workshops |
Restricted 2020 £ 30,000 Restricted 2020 £ |
Restricted 2019 £ Unrestricted 2020 £ 34,037 Unrestricted 2020 £ 5,175 |
Unrestricted 2019 £ 40,502 97,016 137,518 691 106,504 4,445 111,640 25,878 25,878 61,027 86,905 Total 2020 £ 64,037 Total 2020 £ 5,175 |
Total 2019 £ 40,502 97,016 |
|---|---|---|---|---|
| 137,518 | ||||
| 691 106,504 4,445 |
||||
| 111,640 | ||||
| 25,878 | ||||
| 25,878 61,027 |
||||
| 86,905 | ||||
| Total 2019 £ |
||||
| 40,502 | ||||
| Total 2019 £ |
||||
| 97,016 |
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HEROPRENEURS
NOTES TO THE FINANCIAL STATEMENTS
| 6 Expenditure on raising funds Costs of generating voluntary income: Donations 7 Expenditure on charitable activities Expenditure on charitable activities Heropreneurs Awards, other events, and workshops 8 Other expenditure General administrative costs Legal and professional costs |
Restricted 2020 £ Restricted 2020 £ Restricted 2020 £ |
Unrestricted 2020 £ 216 Unrestricted 2020 £ 37,526 37,526 Unrestricted 2020 £ 5,534 2,335 7,869 |
Total 2020 £ 216 Total 2020 £ 37,526 37,526 Total 2020 £ 5,534 2,335 7,869 |
Total 2019 £ |
|---|---|---|---|---|
| 691 | ||||
| Total 2019 £ 106,504 |
||||
| 106,504 | ||||
| Total 2019 £ 2,607 1,838 |
||||
| 4,445 |
While some incidental expenses, relating to the delivery of services, are paid from time to time the Trustees as a whole fund their own travel and other costs in performing their duties as Trustees.
9 Staff costs
There were no staff costs in the year ended 30 November 2020 (2019: nil). In the year ended 30 November 2020, Heropreneurs was managed and administered by a team of part-time individuals, all of whom were self-employed and who also provided services to other organisations.
None of the Directors and Trustees receive any remuneration for the considerable time that they give to the Charity (2019: none).
| 10 | Investments | Unrestricted | |
|---|---|---|---|
| Other investments | |||
| - Unlisted | Total | ||
| £ | £ | ||
| Cost or revaluation | |||
| At 1 December 2019 | 6,000 | 6,000 | |
| At 30 November 2020 | 6,000 | 6,000 | |
| Net book values | |||
| At 30 November 2020 | 6,000 | 6,000 | |
| At 30 November 2019 | 6,000 | 6,000 |
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HEROPRENEURS
NOTES TO THE FINANCIAL STATEMENTS
Other investments
Investments are programme related investments, i.e. investments made directly in pursuit of the Company's charitable purposes.
11 Debtors
| Other debtors Creditors amounts falling due within one year Trade creditors Accruals and deferred income VAT Movement in funds Restricted funds: Staff fund Unrestricted funds: General funds Total funds |
Restricted 2020 £ Restricted 2020 £ At 1 December 2019 £ 86,905 86,905 |
Unrestricted 2020 £ Unrestricted 2020 £ 59 1,200 2,369 3,628 Incoming resources (including other gains or losses) £ 30,000 39,212 69,212 |
Total 2020 £ Total 2020 £ 59 1,200 2,369 3,628 Resources expended £ 45,611 45,611 |
Total 2019 £ 5,667 |
|---|---|---|---|---|
| Total 2019 £ 45,119 750 |
||||
| 45,869 | ||||
| At 30 November 2020 £ 30,000 80,506 |
||||
| 110,506 |
12 Creditors
13 Movement in funds
Staff fund
In the current year ended 30 November 2020, a donation of £30,000 was made by Veterans Foundation towards Staff fund for the salary of a new CEO.
At the year end date 30 November 2020 the total balance of £30,000 was unused and carried over to the next year.
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HEROPRENEURS
NOTES TO THE FINANCIAL STATEMENTS
14 Analysis of net assets between funds
| Analysis of net assets between funds | |||
|---|---|---|---|
| Investments Net current assets |
Restricted funds £ 30,000 30,000 |
Unrestricted funds £ 6,000 74,506 80,506 |
Total 2020 £ 6,000 104,506 |
| 110,506 |
15 Related party disclosures
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity in the year ended 30 November 2020 (2019: none).
Controlling party
The Company is limited by guarantee and has no share capital; thus no single party controls the Company.
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HEROPRENEURS
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 November 2020
| Income and endowments from: Donations Donations Charitable activities Heropreneurs Awards, other events, and workshops Total income and endowments Expenditure on: Costs of generating donations Donations Total expenditure on raising funds Charitable activities Heropreneurs Awards, other events, and workshops Total expenditure on charitable activities General administrative costs Software, IT support and related costs Sundry expenses Legal and professional costs Independent examination fees Solicitor's fees Other legal and professional costs Total other expenditure Total expenditure Net movement in funds |
Restricted funds 2020 £ 30,000 30,000 - - 30,000 |
Unrestricted funds 2020 £ 34,037 5,175 39,212 216 216 37,526 37,526 5,306 228 250 2,085 7,869 45,611 (6,399) |
Total funds 2020 £ 64,037 5,175 69,212 216 216 37,526 37,526 5,306 228 250 2,085 7,869 45,611 23,601 |
Total funds 2019 £ 40,502 97,016 |
|---|---|---|---|---|
| 137,518 | ||||
| 691 | ||||
| 691 | ||||
| 106,504 | ||||
| 106,504 | ||||
| 2,607 250 1,588 |
||||
| 4,445 | ||||
| 111,640 | ||||
| 25,878 |
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