REGISTERED COMPANY NUMBER: 08332290 (England and Wales) REGISTERED CHARITY NUMBER: 1152824
Report of the Trustees and Independently Examined
Financial Statements for the Year Ended 31st March 2023
for Me We Foundation
Me We Foundation
Contents of the Financial Statements for the Year Ended 31st March 2023
| Pages | |
|---|---|
| Report of the Trustees | 1-5 |
| Report of the Independent Examiners | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9-11 |
Me We Foundation
Report of the Trustees for the Year Ended 31st March 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2023. Last year, the Trustees had agreed to change the year end to from 31 May to 31 March, hence the figures used for comparison cover a ten month period from 01 June 2021 to 31 March 2022. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES Objectives and aims
The Charity’s objects, as described in the Governing Documents are:
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a. The relief of unemployment for the benefit of the public in such ways as March be thought fit, including assistance to form innovative businesses for the greater benefit of the community.
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b. To advance education for the benefit of the public, including by providing training, guidance and mentoring schemes to help people from deprived areas, or otherwise lacking opportunity, to find work.
In furtherance of the objectives, activities when undertaken will include:
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a. The provision of forums for more experienced entrepreneurs to share their knowledge and for members to share their experience, insight and knowledge.
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b. The provision of training and education sessions and seminars.
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c. The provision of mentoring and coaching.
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d. The provision and support of research on how to best develop entrepreneurs from deprived backgrounds.
Public benefit
The Trustees confirm that when reviewing the Charity's activities and devising future programmes, they have referred to the Charity Commission's general guidance on public benefit and complied with their duties under Section 17 of the Charities Act 2011.
All our charitable activities are planned to ensure we deliver public benefit and we continue to place great emphasis on our charitable objects. In particular, the Trustees consider that Me We Foundation makes a significant contribution to the:
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relief of unemployment, including assistance to form innovative businesses for the greater benefit of the community
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advancing education for the benefit of the public, including by providing training, guidance and mentoring schemes to help people from deprived areas, or otherwise lacking opportunity, to find work.
The activities undertaken in 2023 which contribute to our charitable aims are outlined in more detail in the report on our charitable activities during this period, which follows.
ACHIEVEMENT AND PERFORMANCE
We continue to successfully work with two intakes of Incubator cohorts per year providing individually tailored support for their organisation and leadership development. Alongside this, working with larger numbers across the country, the scope and take up of outreach activity of all forms, including online resources, webinars and various 121 sessions were hugely successful this year. For example, we saw a 52% increase in visits to the website for one of our major programmes, an 85% increase in the number of Meet & Greets delivered in 2022 and thousands (c. 3,500) of leaders and entrepreneurs download our online resources.
Our award programme has continued to grow from strength to strength. This year we took the opportunity to futureproof the scheme by maximising opportunities for learning to ensure the initiative could both remain relevant and ensure best use of resources, such as the referral partner research that was carried out in Autumn 2022 which saw a new, streamlined referral strategy resulting in more applications to the competition than ever before. Our 2023 edition saw our largest number of applications marking a 282% increase on applications from the point when we first took over delivery of the programme 5 years ago.
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Me We Foundation
Report of the Trustees for the Year Ended 31st March 2023
Furthermore, the diversity of applicants (in terms of racial ethnicity, socio-economic background and gender) is another stand out success which positions the programme as a sector leading initiative.
This year, an important development for us has been our partnership with Create Equity supporting the delivery of a pilot Capacity Building Programme for Black and Asian led organisations. This new offering will broaden the types of organisations we work with in respect of their stage of development and help further our mission to increase equity in the provision of development opportunities and funding within the arts and creative industries.
The achievements described above demonstrate the collective efforts of a large network of supporters, including referral and programme partners, MeWe alumni and volunteers who champion our activities and its objectives to make a positive impact on the creative landscape and the UK as a whole.
FINANCIAL REVIEW
Total income for the ten months to 31 March 2023 amounted to £507,136 (2022: £426,806) which was primarily grants and donations for which we are very grateful. Total expenditure was £503,684 (2022: £398,175) most of which all were the direct costs of charitable activities and fundraising.
Me We Foundation therefore made a surplus of £3,452 (2022: £28,631) in the financial year in question. We will be focusing on increasing revenue income in 2023-24 in line with our strategic plans in order to become more sustainable and ensuring that we can meet the greatly increased demand for our services.
Me We Foundation acts as the financial host for the Accelerator Programme which is funded by Paul Hamlyn Foundation, Social Investment Business and the City Bridge Trust. Payments to delivery partners are made directly from this bank account. Me We Foundation being one of the delivery partners, will only show in its accounts the portion that it receives directly for this programme, this is will be under the Accelerator Programme income line (2023 - £0). We could not show the whole programme income and expenditure in MeWe’s accounts because we would be inflating both income and expenditure unreasonably with monies “in and out” from the grant funder to the other delivery partners.
We are very grateful for the support and the grants received from the Arts Council England and Deutche Bank.
Reserves policy
At the end of the financial period under review the unrestricted reserves (general fund) stood at £151,535 (2022: £148,083). The Trustees consider this level of accumulated reserves as a good continuation towards the aim that is to hold reserves which are equivalent between three and six months of operating costs. Thus, in 2023-2024 it is the intention of the Trustees to run Me We Foundation on the basis of realising a surplus or at least achieving a break-even position.
Investments
Investment powers are governed by the Memorandum and Articles of Association. There are no restrictions on Charity’s absolute powers of investment to the extent that any retained funds that arise are dealt with by depositing surpluses with authorised banks. The Trustees have maintained the Charity’s shareholdings in Break in Music Ltd and Resolution Records Ltd.
Pensions
Me We Foundation does not have any material pension liabilities.
Going Concern
The Trustees have reviewed the financial position of the Charity as at 31 March 2023, together with the budget, income & expenditure account and cash flow statements for the period from 1 April 2023 to 31 March 2024. The Trustees consider that the budget is reasonable and that Me We Foundation has, and will have, sufficient reserves and cash resources in order to continue as a going concern during that period. For this reason they continue to adopt the going concern basis in preparing the financial statements.
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Me We Foundation
Report of the Trustees for the Year Ended 31st March 2023
Principle Risks and Uncertainties
The Trustees will actively manage risks to finances, health and safety, reputation and maintenance of operations. The Trustees regularly carry out a strategic overview of risk and ensure that risk is considered in the development of operational policies and procedures and in conduct of specific activities. Formal risk statements will be written to cover particular events as required.
FUTURE PLANS
A key focus for the coming year will be piloting the Capacity building programme, gathering and sharing our learning with the sector and beginning to think about opportunities to expand and deepen our impact as we look to further roll out the programme.
Another priority is to refine our monitoring, evaluation and data management processes to help us to better harness our learning, demonstrate our impact and streamline our working practices.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a Memorandum & Articles of Association and is constituted by a company, limited by a guarantee, as defined by the Companies Act 2006, No 08332290. It was set up under Memorandum and Articles incorporated on 14 December 2012 as amended by a special resolution registered and Companies House on 26 June 2013. Me We Foundation is an independent charity, registered with the Charity Commission, No 1152824.
Recruitment and appointment of new trustees
Appointment of a new Trustee requires unanimous agreement of existing Trustees who will consider the candidate’s motives, values and knowledge/skills with the goal of increasing the capability of the Trustees collectively.
The Trustees have no beneficial interest in, or contracts with, Me We Foundation during the year under review, and are not remunerated.
Trustees are selected on the basis of the experience, skills and expertise they can bring to further the objectives of Me We Foundation. They are the ultimate guardians of the ethos and conduct, as well as of the assets, of Me We Foundation. They are supported by a management team to which is delegated oversight of the day to day management of Me We Foundation and involvement in its daily activities. Certain matters, however, are reserved for decision by the Trustees.
Induction and training of new trustees
The induction process for new Trustees includes an introduction to policies and procedures of the organisation, and to their own roles and responsibilities (based on those described by the Charity Commission in its publications), as well as a series of meetings with members of staff, and a period of familiarisation with our safeguarding policy, the building and the activities carried on both within it and externally.
Organisational structure
The Board of Trustees delegates the day to day work and operation of Me We Foundation to a small core team of fulltime staff, who operate within defined terms of reference and authority.
All staff and all volunteers go through appropriate safe-guarding and health and safety training.
Me We Foundation does not tolerate discrimination on the basis of faith, health, gender or ethnicity; under no circumstances do we accept harassment or bullying, besides policies on all these subjects, and we maintain strong policies on the safe-guarding of children and vulnerable adults and abusive behaviour and so health and safety issues.
Volunteers
All those volunteers who are directly engaged in our services receive induction training and professional mentoring while they continue to work in Me We Foundation.
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Me We Foundation
Report of the Trustees for the Year Ended 31st March 2023
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
08332290 (England and Wales)
Registered Charity number
1152824
Registered office
John Morris House 164 John's Hill London SW11 1SW
Trustees
Chandra Mohan Yogendran Tayo Louise Leigh John Lesslie Newbigin (appointed Director and Trustee on 19 May 2022) Jennifer Jacinta Peart (appointed Director and Trustee on 27 July 2023) Farooq Ur Rehman Chaudhry (appointed Director and Trustee on 19 May 2022 and resigned on 14 February 2023) Ruth Cecilia Jarratt (Resigned as a Director and Trustee on 1 June 2022) Tamara Martine Howe (Resigned as a Director and Trustee on 1 June 2022) Conrad da Cunha (Resigned as a Director and Trustee on 1 June 2022)
Independent Examiner
Andi Dollia CPFA Additude Ltd 9 Rhapsody Court Wakeman Road London NW10 5DF
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Me We Foundation
Report of the Trustees for the Year Ended 31st March 2023
STATEMENT OF TRUSTEES RESPONSIBILITIES
The trustees (who are also the directors of Me We Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Approved by order of the board of trustees on 26 October 2023 and signed on its behalf by:
.............................................
Chandra Mohan Yogendran – Chairman and Trustee
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Me We Foundation
Report of the Independent Examiners to the Trustees of Me We Foundation
We report on the accounts of the company for the year ended 31st March 2023, which are set out on pages 7 to 11.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity is required by company law to prepare accrued accounts and I am qualified to undertake the examination by being a qualified member of CIPFA.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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to prepare accounts which accord with the accounting records, comply with the accounting requirements of the Companies Act 2006; and
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which are consistent with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Andi Dollia, CPFA ADDITUDE LTD 9 Rhapsody Court Wakeman Road London NW10 5DF
Date: 26 October 2023
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Me We Foundation
Statement of Financial Activities for the Year Ended 31st March 2023
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 225,088 Other income 20,000 Total 245,088 EXPENDITURE ON 4 Raising funds 43,709 Charitable activities 197,927 Total 241,636 Net gains/(losses) on investments - NET INCOME/(EXPENDITURE) 5 3,542 Transfers between funds - Net movement in funds 3,542 RECONCILIATION OF FUNDS Total funds brought forward 148,083 TOTAL FUNDS CARRIED FORWARD 151,535 |
Restricted funds £ 262,048 - 262,048 18,732 243,316 262,048 - - - - - - |
2023 Total funds £ 487,136 20,000 507,136 62,441 441,243 503,684 - 3,542 - 3,542 148,083 151,535 |
10 Months 2022 Total funds £ 391,156 35,650 |
|---|---|---|---|
| 426,806 52,576 345,599 |
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| 398,175 - |
|||
| 28,631 - |
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| 28,631 119,452 |
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| 148,083 |
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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Me We Foundation
Balance Sheet At 31st March 2023
| Notes FIXED ASSETS Tangible assets Investments 7 CURRENT ASSETS Debtors 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds Restricted funds TOTAL FUNDS |
2023 Total funds £ - - - - 503,584 503,584 (352,049) 151,535 151,535 151,535 151,535 - 151,535 |
10 Months 2022 Total funds £ - 120 |
|---|---|---|
| 120 137,472 426,248 |
||
| 563,720 (415,757) |
||
| 147,963 | ||
| 148,083 | ||
| 148,083 | ||
| 148,083 - |
||
| 148,083 |
For the year ended 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge responsibility for: i) Ensuring the company keeps accounting records which comply with section 386; and ii) Preparing financial statements which give a true and fair view of the state of affairs of the company as at the year-end in accordance with requirements of section 394 and 395, and which otherwise comply with requirements of the Companies Act 2006 relating to financial statements, so far applicable to the company. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees on 26 October 2023 and were signed on its behalf by:
............................................. Chandra Mohan Yogendran - Chairman and Trustee
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Me We Foundation
Notes to the Financial Statements for the Year Ended 31st March 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Investments
Investments are stated at market value. Realised and unrealised gains or losses are brought into the Statement of Financial Activities.
2. DONATIONS AND LEGACIES
| Arts Council England (NPO Grant) Arts Council England (Covid-19 Research) Deutsche Bank DBACE Programme Other grants and donations |
Unrestricted Restricted 2023 £ £ £ 217,588 - 217,588 - - - - 262,048 262,048 7,500 - 7,500 225,088 262,048 487,136 |
10 Months 2022 £ 130,338 980 259,838 - |
|---|---|---|
| 391,156 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st March 2023 nor for the year ended 31st May 2022.
No trustees were reimbursed for expenses in the current or prior year.
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Me We Foundation
Notes to the Financial Statements - continued for the Year Ended 31st March 2023
| 4. EXPENDITURE Staff costs (note 6) Programme Costs Office Overheads Consultancy Independent Examination fee Marketing and website Add: allocation of support costs Total expenditure |
Raising funds 36,857 - - 3,700 - 7,375 47,932 14,508 62,441 |
Charitable activities £ 147,429 207,168 - 14,109 - - 368,706 72,538 441,243 |
Support Costs £ 36,857 - 46,439 - 3,750 - 87,046 (87,046) - |
2023 Total £ 221,143 207,168 46,439 17,809 3,750 7,375 503,684 - 503,684 |
10 Months 2022 Total £ 183,810 175,123 13,768 16,767 3,500 5,207 |
|---|---|---|---|---|---|
| 398,175 | |||||
| - 398,175 |
5. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Independent Examiner's remuneration Other operating leases STAFF COSTS Wages and salaries Social security and pension costs The average monthly number of employees during the year was as follows: Administrative Staff Programme Staff |
2023 £ 3,750 - 2023 £ 195,775 25,368 221,143 0.5 2.5 3 |
10 Months 2022 £ 3,500 - 10 Months 2022 £ 162,373 21,437 |
10 Months 2022 £ 3,500 - 10 Months 2022 £ 162,373 21,437 |
|
|---|---|---|---|---|
| 183,810 | ||||
| 0.5 2.5 |
||||
| 3 |
6. STAFF COSTS
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Me We Foundation
Notes to the Financial Statements - continued for the Year Ended 31st March 2023
7. FIXED ASSET INVESTMENTS
| Cost Shares in group undertakings Investments in participating interests £ £ As at 01April 2022 100 20 Write-off Balance as at 31 March 2023 |
Total £ 120 (120) |
|---|---|
| 0 |
Subsidiary Undertakings:
Name: Me We Trading CIC Holding: 100%
Me We Trading CIC was a company registered in England and Wales, No. 07638993 which was voluntarily dissolved on 17 Jan 2023.
8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2023 £ Trade Debtors - 17,27 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 £ Trade creditors 10,980 Employment taxes and pension 9,232 Other creditors 128,758 Deferred income 203,079 352,049 10. MOVEMENT IN FUNDS Net movement Transfers At 1.6.22 in funds between funds £ £ £ Unrestricted funds General Funds 148,083 245,088 (241,636) Restricted funds - 262,048 (262,048) TOTAL FUNDS 148,083 507,136 (503,684) |
10 Months 2022 £ 137,472 10 Months 2022 £ 45,343 7,787 166,658 195,969 415,757 At 31.03.23 £ 151,535 - |
10 Months 2022 £ 137,472 10 Months 2022 £ 45,343 7,787 166,658 195,969 |
|---|---|---|
| 415,757 | ||
| 151,535 |
10. MOVEMENT IN FUNDS
11. RELATED PARTY DISCLOSURES
The Charity has taken advantage of the exemption available in FRS102 whereby it has not disclosed transactions with any wholly subsidiary undertaking of the group.
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