## **EMERGING LEADERS (A COMPANY LIMITED BY GUARANTEE)**
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY 2024
**CHARITY REGISTRATION No: 1139295 COMPANY REGISTRATION No: 7127238**
Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF
1
## **EMERGING LEADERS (A COMPANY LIMITED BY GUARANTEE)**
## **CONTENTS**
|Pages 3 to 9|Report of the Directors|
|---|---|
|Page 10|Statement of Financial Activities|
|Page 11|Balance Sheet|
|Pages 12 to 19|Notes to the Financial Statements|
|Page 20|Independent Examiners Report on the Accounts.|
2
## **EMERGING LEADERS (A COMPANY LIMITED BY GUARANTEE)**
## **REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST JANUARY 2024**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**CHARITY NUMBER** 1139295 **COMPANY REGISTRATION NUMBER** 7127238 **START OF FINANCIAL YEAR** 1st February 2023 **END OF FINANCIAL YEAR** 31st January 2024 **DIRECTORS THAT SERVED** Matthew Cammidge **DURING YEAR TO 31ST JANUARY 2024** Ben Gardner (Chair) Clare Tunbridge Stephen Miles Glen Robinson
**REGISTERED ADDRESS** 146 New London Road Chelmsford CM2 0AW **DATE OF INCORPORATION** 16th January 2010 **GOVERNING DOCUMENT**
Memorandum and Articles of Association incorporated 16th January 2010 as amended by Special Resolution at Companies House on 11th October 2010.
## **BANKERS**
The Co-operative Bank PO Box 101 1 Balloon Street Manchester M60 4EP
**INDEPENDENT EXAMINER** Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF
3
## **Our Mission**
We are Emerging Leaders and we exist to unlock Human Potential, through mindset and behaviour change, transferable leadership skills, financial literacy and entrepreneurship to empower people in vulnerable communities with the mindsets, motivations and skills to flourish.
What
- To be youth-centric in our approach; either through direct investment or by transforming the networks around them so they can become the change makers of today and tomorrow;
- To lay the foundations for systemic change by unlocking the potential for human flourishing; without which the story stays the same;
How
- By creating dynamic programmes which both engage and empower people, for the nourishment of robust and sustainable livelihoods - wellbeing, and security;
- By placing Mindset Change at the centre of our approach, creating action-oriented learning experiences that are practical, applicable, and transferable;
Why
- Because everyone is able to lead at some level in their life. Leadership potential is within all of us and there is no fundamental change without good leadership;
- Because we all need long term, sustainable change; in both communities and supply chains.
## **Our Objectives**
The charity's objectives ("the objects") are for the public benefit and are restricted to the following:
a) to relieve the needs of persons who are in need due to age, sickness, disability or financial hardship including but not by way of limitation those infected and affected by hiv/aids in sub Saharan Africa and in such other parts of the world and by such charitable means as the trustees may from time to time think fit;
b) to advance education generally for the benefit of children disadvantaged or marginalised by reason of their economic or geographic circumstances in sub Saharan Africa and such other parts of the world as the trustees may from time to time think fit;
c) to promote sustainable development for the benefit of the public by the relief of poverty and the improvement of the conditions of life in socially and disadvantaged communities and the promotion of sustainable means of achieving economic growth and regeneration.
Sustainable development means "development which meets the needs of the present without compromising the ability of future generations to meet their own needs"
## **Public benefit and where we work**
The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided throughout this report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
In 2023/2024 Emerging Leaders supported projects in Africa: Malawi, Kenya & South Africa. Asia Pacific: India. Americas: USA, Nicaragua, Peru, Brazil & Columbia.
4
## **Our Impact in 2023/24**
After developing a team of community trainers in Kenya the Uwezo Kwa Vijana project was able to develop both reach and impact across the urban poor settlements in both Nairobi & Naivasha. Supported by our local community coaches the trainers worked in pairs to reach an additional 10,500 youth. By the end of 2023 16,400 youth had been reached with 31% starting income projects, 44% increase in employment with an average of 1.4 additional days working a week versus the control group. The increase in motivation and activity led to an increase in income of 153% with over 78% saving. Whilst the initial amounts still do not bring the youth to a minimum wage they are making strides and moving forward. One of the most striking insights we noticed was a 46% reduction in alcohol and drug intake, with many youth no longer idol and with a better understanding of what they had been spending money and making different choices to build a better future. As a result a number involved in crime and gangs have changed their behaviours and communities were safer as a result. Instead of negatively impacting their communities they are now actively contributing towards making them better and safer spaces to live.
Through our collaboration with M&S & the ‘Cup of Ambition’ initiative which seeks to improve the lives of small holder tea & coffee farmers and their families we were able to impact the lives of 325 small-holder coffee farmers in Peru & Brazil. In addition we were able to impact the lives of 170 small-holder tea farmers in Malawi.
In each location we delivered the ‘Leadership for Life’ programme to unlock the potential of the farmers and their families through mindset & behaviour change, transferable life leadership skills, financial literacy and
helping them identify, design and plan income projects which will help build climate resilience and enable them and their families to flourish.
Through our collaboration with innocent drinks we delivered our programme in Nicaragua working with 40
smallholder mango farmers and 20 pitaya farmers. We revisited Columbia and worked with 120 smallholder0 passion fruit farmers and 10 teachers from the community as well as 35 smallholder passion fruit farmers in Peru. We also worked with 50 small holder white guava farmers in two locations in India. Once again the focus was on climate resilience by diversifying their income streams and helping them adapt their practices to improve quality and quantity of their current croppings.
We were also able to work with a group of 150 community leaders & pastors from across Nicaragua. The initial idea was that they could share the training with their communities, but we discovered that first they needed this training for themselves with over 60% were living on less than $110 / month. Over 40% had started projects within 3 months of the training funded through their own savings that are enabling them to know provide for the needs of their families better.
5
## **Achievement against objectives set**
We have continued to seek to empower people in vulnerable communities with the mindsets, motivations and skills to flourish. Increasingly this has brought a focus on transferable life leadership skills to bring agency to those in communities; financial literacy skills and entrepreneurship / livelihoods training.
We have sought to do that once again in multiple settings:
- Supported & coached 30 Youth Community trainers & 10 support team in Kenya, all of whom have been beneficiaries of the programmes, to scale the reach of the Uwezo Kwa Vijana Project into slum communities in Nairobi & Naivasha
- Training 10,500 youth in slum communities in financial literacy, entrepreneurship & employability skills with 31% starting IGA’s within 3 months from funds they have saved themselves. A further 44% have found formal or informal employment.
- Strengthening existing and developing new collaborations with Community Based Organisations working in communities in Kenya, supporting the work they are doing to empower people in vulnerable communities
- Delivered projects with small holder farmers in Malawi, Peru, Brazil, Columbia & Nicaragua directly reaching 550 farmers with a ripple effect positively impacting 4000 people through their families and communities.
- Delivered a successful pilot with a US based partner working to provide employment for those who are / have been homeless and incarcerated to test impact and alignment with organisation fit
- Expanded the work into vulnerable supply chain communities in Latin America with programmes in Peru, Nicaragua, Brazil and Columbia
- Supported 150 vulnerable pastors in Nicaragua to create more sustainable incomes
- Partnered with two research organisations - Newcastle University & BFA Global to gain further insights into the programmes effectiveness and ways we can strengthen the offering to vulnerable youth
## **Plans for the future**
To take the learning from the Uwezo Kwa Vijana programme to scale the reach and impact to reach 300,000 youth across 7 countries in Africa over the next 7 years with an emphasis on entrepreneurship, employability and social or community projects. To develop a clear plan and model to scale and to seek funding to enable us to implement the plan.
Further scale the reach and impact of the ‘Cup of Ambition’ initiative to reach and improve the lives of more smallholder farmers, their families and their communities.
Further develop the programme offered to vulnerable youth to provide additional next step pathways to provide a better pathway for success into dignified income & work.
Continue to strengthen our systems and understanding to better serve those living with disabilities. Alongside better integrating those with disabilities into our programme we aim to become the implementation partner for the ‘We can work’ pilot in Kenya in collaboration with Light for the World to help those living with disabilities find and secure dignified work.
Take first steps with a US based partner to enable them to integrate the Emerging Leaders programme into their support offering for the clients they serve & support and train and develop their support workers to deliver the programme.. Working with this partner, explore and develop a flexible licence agreement with scope to further expand the reach, review processes, models, explore opportunities and understand any potential risks.
6
## **Fundraising policy**
We engage with businesses, foundations, statutory funders, and trusts in order to raise our income and some public fundraising. Our approach to fundraising is driven by our mission.
Our fundraising strategy has three main elements:
- A strategic marketing-led approach to proactively fostering relationships and project ideas with funders, intermediaries (including trusts and foundations) and strategic partners (including national research bodies, government agencies and NGOs).
- Responding to competitive tenders from a diverse range of funders
- Offering our skills and experience in the form of consultancies or service providers
## **Safeguarding**
We continue to improve our safeguarding standards and establish excellence. We have reviewed our policies and procedures and continue to prioritise this area of work along with the need to maintain a high standard of duty of care, especially during a global pandemic, towards our staff and associates when engaged on Emerging Leaders work.
## **Financial review**
Income for the year is at £374,425 (£327,015 2022/23). The principal sources of funding have come from the ongoing delivery of projects in partnership with M&S PLC and as well as finalising projects from a three year partnership with innocent drinks PLC established in 2020. We are in the final year of a four year project with the Rising Tide Foundation.
The following key financial events have impacted our expenditure during the year:
- Our expenditure was down this year 16% to £269,025 as compared to last year (£318,571 2022/23)
- The decrease is due to the reduced timeline of funding received in the final year of RTF training, and therefore funds that are transferred and utilised in-country.
## _Restricted Income_
In order to best reflect the nature of future and ongoing planned projects into 2024/2025 we subsequently see no change in the carried forward restricted income £Nil as compared to 2022/2023 (Nil).
Any held balances reflect a timing difference between financial reporting and ongoing contracts.
## **Risk management**
The Directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions.
The directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate significant risks.
7
## **Reserves policy**
The Directors have considered the level of reserves they wish to retain, appropriate to the charity’s size and the level of financial commitments held. The Directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Directors will endeavour not to set aside funds unnecessarily.
Unrestricted funds, which also represent our reserves, stood at £208,618 (2022/23: £103,218). This level of reserves at 31 January 2024 is considered to be sufficient to support the ongoing activities and development of Emerging Leaders. Restricted funds not available for the general purposes of the charity remained constant at £nil as at 31 January 2024 (2022/23 £nil).
## **Investment policy**
In light of the Charity’s size of operations all income received is required as working capital and to fulfil our reserves policy. As such Emerging Leaders have no cash invested in short or long term deposits.
Working capital and reserve requirements continue to be monitored and reviewed on a quarterly and annual basis by the board.
## **Going concern**
In order to assess the appropriateness of the going concern assumption basis, the Trustees have considered the charity’s financial position, reserves and forecasts for the foreseeable future.
They have considered the assumptions underlying those forecasts and the impact of the potential risks affecting them. Having made those enquiries, the Trustees have a reasonable expectation that the group will be able to continue in operation and meet its liabilities as they fall due for at least twelve months from the date of signing this report.
For this reason, they continue to adopt the going concern basis in preparing the financial statements.
## **Structure, governance & management**
The organisation is a charitable company limited by guarantee, incorporated on 16 January 2010 and registered as a charity on 9 December 2010. The company was established under a Memorandum of Association which established its objects and powers and is governed under its Articles of Association (as amended October 2010).
The Board of Trustees, together with the chief executive officer are set out at the start of this document .
The Board meets at least three times a year. All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 10 to the accounts.
Appointment of new directors is subject to the Governing Document. Any person who is willing to act as a director, and is permitted by law to do so, may be appointed to be a director by ordinary resolution or by a decision of the directors. No person who is not a member shall in any circumstances be eligible to hold office as a director.
8
## **Statement of responsibilities of the trustees**
The Charities Act and the Companies Act require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to:-
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements.
The Directors are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are also responsible for the contents of the Report of the Directors, and the responsibility of the independent examiner in relation to the Report of the Directors is limited to examining the report and ensuring that, on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
I approve the attached statement of financial activities and balance sheet for the year ended 31st January 2024 and confirm that I have made available all information necessary for its preparation.
Date: 10 October, 2024
Signature Stephen Miles, Chief Executive Officer.
9
## **EMERGING LEADERS (A COMPANY LIMITED BY GUARANTEE)**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST JANUARY 2024**
Incorporating income and expenditure account
|Notes
**INCOME**
**Income from:**
Donations and legacies
3a
Charitable Activities
3b
**TOTAL INCOME**
**EXPENDITURE ON:**
Raising Funds
4a
Charitable activities
4b
**TOTAL EXPENDITURE**
**NET INCOME/EXPENDITURE**
Transfer between funds
5
Total Funds Brought Forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
**2024/23**
**2023/22**
£
£
**£**
**£**
142,798
179,989
322,787
318,999
0
51,638
51,638
8,017
**142,798**
**231,627**
**374,425**
**327,016**
1,751
4,115
5,866
728
67,009
196,150
263,159
317,843
**68,760**
**200,265**
**269,025**
**318,571**
**74,038**
**31,362**
**105,400**
**8,445**
31,362
(31,362)
0
0
103,218
0
103,218
94,773
**208,618**
**0**
**208,618**
**103,218**|
|---|---|
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 12 to 19 form part of these financial statements.
10
## **EMERGING LEADERS (A COMPANY LIMITED BY GUARANTEE)**
## **BALANCE SHEET AS AT 31ST JANUARY 2024**
|Note
**BALANCE SHEET**
**Fixed Assets**
Tangible assets
2
**Current Assets**
Debtors
6
Cash at bank and in hand
**Total Current Assets**
7
**NET ASSETS**
**FUNDS OF THE CHARITY**
General Funds
Restricted Funds
5
**TOTAL FUNDS**
Creditors: amounts falling due within one year|**Company registration number: 7127238**
Unrestricted
Restricted
**31-Jan-24**
**31-Jan-23**
Funds
Funds
**Total**
**Total**
£
£
**£**
**£**
275
0
275
687
23,714
0
23,714
99,550
0
188,098
50,800
238,898
184,583
**211,812**
**50,800**
**262,612**
**284,133**
3,469
50,800
54,269
181,602
**208,618**
**0**
**208,618**
**103,218**
208,618
0
208,618
103,218
0
0
0
0
**208,618**
**0**
**208,618**
**103,218**|
|---|---|
## **DIRECTORS' RESPONSIBILITIES**
For the financial year ending 31st January 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The financial statements on pages 10 to 19 were approved by the Trustees, and authorised for issue on 26 September 2024 and signed on their behalf by:
Stephen Miles, Chief Executive Officer
11
## **EMERGING LEADERS (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY 2024**
## **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 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102
Advantage has been taken of Section 396(5) of The Companies Act 2006 to allow the format of the financial statements to be adapted to reflect the special nature of the charity's operation and in order to comply with the requirements of the SORP.
The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement.
Some income and expenditure classifications have been presented slightly differently to previous reporting periods to create greater clarity and to provide more meaningful comparative information. The overall figures have not been restated.
## **Changes to accounting estimates**
No changes to accounting estimates have occurred in the reporting period.
## **Material prior period errors**
No material prior year errors have been identified in the reporting period.
## **Preparation of accounts on a going concern basis**
Preparation of the accounts is on a going concern basis. The Trustees are of the view that the level of reserves will support the charity going forward. The balance sheet shows a deficit position, mainly due to an extraordinary event that occurred during the year, however the Trustees have made key strategic decisions to address the deficit. The Trustees Annual Report gives further detail.
The particular accounting policies adopted are set out below.
## **Income**
## Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
- the charity becomes entitled to the resources;
- it is more likely than not that the Directors will receive the resources; and
- the monetary value can be measured with sufficient reliability.
## Incoming Resources with related expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.
## Grants and Donations
Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP).
## Government Grants
The charity has not received government grants in the reporting period.
12
## **EMERGING LEADERS (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST JANUARY 2024**
## **1. ACCOUNTING POLICIES**
## **Income**
## Tax reclaims on Donations and Gifts
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
## Contractual Income and Performance Related Grants
This is only included in the SOFA once the related goods or services has been delivered
## Gifts in Kind
Donated goods are measured at fair value (the amount for which the asset could be exchanged) unless impractical to do so. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.
## Volunteer Help
The charity has relied upon volunteers in carrying out its charitable activities during the year. In accordance with paragraph 6.18 of the SORP, the role of volunteers has not been recognised in the accounts.
## Income from interest, royalties and dividends
This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.
## Investment gains and losses
This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
## **Expenditure and liabilities**
## Liability recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
## Governance Costs
Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.
## Grants with performance conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output. Where there are no conditions attaching to the grant that enables the donor charity to realistically avoid the commitment, a liability for the full funding obligation must be recognised.
## Foreign Currency
Where sums originally denominated in foreign currency have been included in income, those sums have been translated into sterling at the monthly average exchange rate for transactions occurring in that month.
## Assets
Tangible fixed assets for use by the charity are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost or, if gifted, at the value to the charity on receipt. Depreciation is calculated at a rate to write off the cost less estimated residual value of tangible fixed assets over its expected life. The rates used are:
Computer Equipment 25% straight line Fixtures and Fittings 25% straight line
## Debtors
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
## Creditors
The charity has creditors which are measured at settlement amounts less any trade discounts.
13
## **EMERGING LEADERS (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST JANUARY 2024**
## **2. TANGIBLE FIXED ASSETS**
|Cost
01-Feb-23
Additions
Disposals
Cost at
31-Jan-24
Depreciation
01-Feb-23
Disposals
Charge
Depreciation at
31-Jan-24
Net Book Value
31-Jan-24
Net Book Value
31-Jan-23|Computer
Fixtures &
Equipment
Fittings
Total
£
£
£
1,649
0
1,649
0
0
0
0
0
0
1,649
0
1,649
962
0
962
0
0
0
412
0
412
1,374
0
1,374
**275**
**0**
**275**
687
0
687|
|---|---|
## **3. INCOME**
|Notes
**a) Donations and legacies**
Funding for Training
Funding Contribution for Charitable Activities
Grants and Donations
Fees for Service
**b) Other trading activities**
Training Income
**4. EXPENDITURE**
**a) Expenditure on Raising Funds**
Fundraising
Promotional/Networking
Website Costs|Unrestricted
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
**2024/23**
**2023/22**
£
£
**£**
**£**
132,730
151,618
284,348
224,754
0
17,993
17,993
45,000
53
1,284
1,337
5,064
10,015
0
10,015
13,931
**142,798**
**179,989**
**322,787**
**318,999**
0
51,638
51,638
8,017
**0**
**51,638**
**51,638**
**8,017**
Unrestricted
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
**2024/23**
**2023/22**
£
£
**£**
**£**
1,581
0
1,581
257
170
4,115
4,285
325
0
0
0
146
**1,751**
**4,115**
**5,866**
**728**|
|---|---|
14
## **EMERGING LEADERS (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST JANUARY 2024**
## **4. EXPENDITURE**
|**b) Expenditure on charitable activities**
Furthering charitable objectives
Bank Charges (Inc. ATM machine)
Computer & Internet
Consultancy Costs
Country Office (Inc. Salaries):
India Office
Kenya Office
South Africa Office
Employee Development and Expenses(related to professional development)
Exchange Rate Variance
External Research Costs
Health and Safety
In Country Costs:
Travel
Accommodation
Refreshments and Entertainment
Other In Country Expenses
Project Expenses
Venue Hire
Loss on disposal of Fixed Assets
Monitoring and Evaluation
Other Miscellaneous Expenses
Postage & Delivery
Project Expenses - Other
Refreshments, Entertainment and Gifts
Subscriptions and Licences
Training - Other
Training - Materials and Incentives for Participants
Training - Supplies and Equipment
Translation Costs
Travel Costs
Support and governance
Bookkeeping and Payroll Fees
Independent Examiners Fee
Office and Administration
Professional Fees|Unrestricted
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
**2024/23**
**2023/22**
£
£
**£**
**£**
948
22
970
352
695
0
695
915
0
0
0
27,375
0
6,000
6,000
6,362
2,596
97,285
99,881
175,381
1,993
0
1,993
0
0
200
200
321
(458)
0
(458)
(1,675)
0
5,470
5,470
0
163
0
163
145
47
2,887
2,934
632
68
4,408
4,476
2,051
61
2,997
3,058
795
0
3,492
3,492
329
4,181
0
4,181
0
0
4,416
4,416
0
0
0
0
204
0
1,237
1,237
1,123
56
69
125
0
11
0
11
7
83
230
313
2,896
31
2,921
2,952
435
640
0
640
538
0
6,128
6,128
0
30
3,997
4,027
2,585
0
186
186
37
0
2,815
2,815
1,062
188
19,781
19,969
13,771
181
0
181
427
1,440
0
1,440
1,410
0
2
2
53
120
0
120
751
**67,009**
**196,150**
**263,159**
**317,843**|
|---|---|
## **Support and Governance Costs**
|Bookkeeping and payroll fees
Independent examiners fees
Professional fees|2024/23
Support
Governance
Total
Basis of
Apportionment
£
£
£
181
0
181 Direct cost
0
1,440
1,440 Direct cost
120
0
120 Direct cost
301
1,440
1,741|
|---|---|
15
## **EMERGING LEADERS (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST JANUARY 2024**
## **Details of certain types of expenditure**
|**Details of certain types of expenditure**|||
|---|---|---|
||2024/23|2023/22|
||£|£|
|Independent examiner’s fees|1,440|1,410|
|Other fees (for example: financial advice, consultancy, accountancy services) paid to the|0|0|
|independent examiner|||
||1,440|1,410|
## **5. RESTRICTED FUNDS**
|**This year**
M&S Food
Rising Tide Foundation
Small Foundation
Innocent|Balance
Capital
Transfers
Balance
01-Feb-23
Income
Expenditure
Expenditure
Btw Funds
31-Jan-24
£
£
£
£
£
£
0
44,603
(42,273)
0
(2,330)
0
0
93,240
(115,426)
0
22,186
0
0
1,284
(1,755)
0
471
0
0
92,500
(40,811)
0
(51,689)
0
**0**
**231,627**
**(200,265)**
**0**
**(31,362)**
**0**|
|---|---|
The restricted funds principally relate to the services we provide to donors and partners that we work with in providing training in supply chain and community projects. The restrictions are applied on a project by project basis. Any held balances reflect a timing difference between financial reporting and ongoing commitments and any unplanned surpluses are transferred to general funds to be spent on the charitable objectives of the charity . This is in accordance and agreed with the donors.
The restricted funds are represented by:
|Cash at bank and in hand
Deferred Income
**Last year**
M&S Food
Rising Tide Foundation
Small Foundation
Innocent|31-Jan-24
£
50,800
(50,800)
0
Balance
Capital
Transfers
Balance
01-Feb-22
Income
Expenditure
Expenditure
Btw Funds
31-Jan-23
£
£
£
£
£
£
0
85,431
(31,181)
0
(54,250)
0
22,379
120,091
(146,597)
0
4,127
0
0
21,913
(21,994)
0
81
0
0
58,500
(33,459)
0
(25,041)
0
**22,379**
**285,935**
**(233,231)**
**0**
**(75,083)**
**0**|
|---|---|
The restricted funds are represented by:
|Cash at bank and in hand
Deferred Income
**6. DEBTORS AND PREPAYMENTS**|31-Jan-23
£
180,183
(180,183)
0|
|---|---|
Training Funding
||Unrestricted
Restricted
**Total**
**Total**
Fund
Fund
**31-Jan-24**
**31-Jan-23**
23,714
0
23,714
99,550|
|---|---|
||**23,714**
**0**
**23,714**
**99,550**|
16
## **EMERGING LEADERS (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST JANUARY 2024**
## **7. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Notes
Deferred Income
7a)
Independent Examiners Fees
Salary/Expenses/HMRC
**7.a DEFERRED INCOME**
Deferred income brought forward 01/02/23
Utilised in the year
Funding received in 2023 for 2024
Deferred income as at 31/01/24|Unrestricted
Restricted
**Total**
**Total**
Fund
Fund
**31-Jan-24**
**31-Jan-23**
0
50,800
50,800
180,183
1,440
0
1,440
1,410
2,029
0
2,029
9
**3,469**
**50,800**
**54,269**
**181,602**
£
180,183
(153,683)
24,300
50,800|
|---|---|
There are performance relating conditions that govern the amount of income that can be recognised at a given point in time.
The funding received is subject to defined milestones as set out in the funding agreement dated 22 December 2020.
## **8. STAFF COSTS AND NUMBERS**
|Gross Wages and Salaries
Employer Pension Contributions
Employees who were engaged in each of the following activities:
Activities in furtherance of organisation's objects|31-Jan-24
£
78,821
1,457
**83,406**
31-Jan-24
TOTAL
2|31-Jan-23
£
72,517
1,474
**76,687**
31-Jan-23
TOTAL
2|
|---|---|---|
Number of employees whose total employee benefits (excluding employer pension and employer national insurance costs) fell within each band of £10,000 from £60,000 upwards:
|Band|Number of employees|
|---|---|
|£60,000 to £69,999|1|
|£70,000 to £79,999|0|
|£80,000 to £89,999|0|
|£90,000 to £99,999|0|
|£100,000 to £109,999|0|
17
## **EMERGING LEADERS (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST JANUARY 2024**
## **8. STAFF COSTS AND NUMBERS (continued)**
During 2024/23 two employees were paid through the PAYE system. One employee received emoluments in excess of £60,000 (2023/22: One employee received emoluments in excess of £60,000).
The total amount paid to key management personnel (key management personnel is considered to be trustees and senior management) for their services to the charity was £76,641 (2023/22: £70,552). This includes employer pension contributions and employers national insurance.
## **9. PENSION SCHEME**
The charity operates a government backed workplace pension scheme and all eligible employees were enrolled and given the option to opt out if they so wish. The charity paid employer contributions totalling £1,457 during this financial year on behalf of two employees. (2023/22: £1,474 on behalf of two employees), and this amount is recognised as an expense in the Statement of Financial Activities.
## **10. DIRECTORS AND OTHER RELATED PARTIES**
In this financial period the charity has paid directors remuneration and benefits (including Employer NI and Employer Pension contributions) as follows:
|Name of Director
Legal authority
Stephen Miles
Governing document
In the period the charity has paid directors expenses as follows:
Number of directors who were paid expenses
Amount Paid
Other travel (flights, train tickets, parking, accommodation)
Total amount paid
£|2024/23
2023/22
Remuneration
Consultancy
TOTAL
TOTAL
£
£
£
£
76,641
0
76,641
68,723
76,641
0
76,641
68,723
2024/23
1
£
238
238
Amounts paid or benefit value|
|---|---|
Reimbursement to directors of items purchased or services procured on behalf of the charity totalled £126 (2023/22: £0) during this financial year.
No related parties received remuneration in this financial year (2023/22: None)
No other payments were made to directors or any persons connected with them during this financial period. No material transaction took place between the organisation and a trustee or any person connected with them.
There were no donations from related parties that require disclosure (2023/22: Nil).
Trustee Indemity Insurance of £691 (2023/22: £606) was paid during the year.
## **11. RISK ASSESSMENT**
The Directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
## **12. RESERVES POLICY**
The Directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The Directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The directors will endeavour not to set aside funds unnecessarily.
18
## **EMERGING LEADERS (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST JANUARY 2024**
## **13. PUBLIC BENEFIT**
The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Directors report. The Directors confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
## **14. MOVEMENT IN FUNDS**
The Company is Limited by Guarantee (07127238) and is a Charity registered with the Charity Commission (1139295) and does not have a Share capital and has no income subject to Corporation Tax.
|Current year movement in funds
General Funds
**Restricted Funds**
Restricted Funds
**TOTAL FUNDS**|At
Net movement Transfers btw
At
01-Feb-23
in funds
funds
31-Jan-24
£
£
£
£
103,218
74,038
31,362
208,618
0
31,362
(31,362)
0
103,218
105,400
0
208,618|
|---|---|
Net movement in funds, included in the above are as follows:
|General Funds
**Restricted Funds**
Restricted Funds
**TOTAL FUNDS**
Comparatives for movement in funds
General Funds
**Restricted Funds**
Restricted Funds
**TOTAL FUNDS**|Income
Expenditure
Movement in
funds
£
£
£
142,798
(68,760)
74,038
231,627
(200,265)
31,362
374,425
(269,025)
105,400
At
Net movement Transfers btw
At
01-Feb-22
in funds
funds
31-Jan-23
£
£
£
£
72,395
(44,260)
75,083
103,218
22,379
52,704
(75,083)
0
94,774
8,444
0
103,218|
|---|---|
Net movement in funds, included in the above are as follows:
|**Unrestricted Funds**
General Funds
**Restricted Funds**
Restricted Funds
**TOTAL FUNDS**|Income
Expenditure
Movement in
funds
£
£
£
41,080
(85,340)
(44,260)
285,935
(233,231)
52,704
327,015
(318,571)
8,444|
|---|---|
19
## **INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS**
## **INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS**
I report to the trustees on my examination of the accounts of Emerging Leaders for the year ended 31st January 2024.
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
## **Responsibilities and basis of report**
I report in respect of my examination of the charitable company's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
The charitable company's gross income exceeded £250,000 and I am qualified to undertake the examination by being a fellow member of the Association of Charity Independent Examiners.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
- the accounting records were not kept in accordance with section 130 of the Charities Act; or
- · the accounts did not accord with the accounting records; or
- the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Signed:
## J Irvinesmith FCIE
Date: 14 October 2024
Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF
20