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 2024
for
Me We Foundation
Me We Foundation
Contents of the Financial Statements for the Year Ended 31st March 2024
| Pages | |
|---|---|
| Report of the Trustees | 1-6 |
| Report of the Independent Examiners | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10-12 |
Me We Foundation
Report of the Trustees for the Year Ended 31st March 2024
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 2024. 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 2023-2024 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
Incubator
We are delighted to report another successful year for our flagship Incubator programme, which has continued to deliver strong results. This year we supported a cohort of creative social entrepreneurs in navigating a volatile economic landscape and achieving more sustainable growth. The cohort’s success stemmed from the programme’s unique combination of mentorship, peer learning, and tailored support designed to address their evolving needs. Key outcomes this year include:
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Nearly 90% of participating businesses reported revenue growth.
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Two-thirds expanded their client base.
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More than half secured additional funding.
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Many achieved industry awards and recognition.
Mentorship proved pivotal to the programme’s success. Every participant rated their mentor’s guidance as “Very Good” or “Excellent.” Additionally, the ‘ripple effect’ was notable, with 85% of participants building stronger networks and 70% reporting increased business opportunities.
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Me We Foundation
Report of the Trustees for the Year Ended 31st March 2024
Recognising that sustainable success for entrepreneurs goes beyond business acumen, we placed a strong emphasis on wellbeing, confidence building, and mental resilience. By the programme’s conclusion, three-quarters of participants reported feeling more focused, centred, and better able to balance their professional and personal lives.
Our signature approach—combining individualized programming, peer learning, networking, and holistic support—was highly valued, with 100% of members rating their likelihood of recommending the programme to others as 9 or higher on a 10-point scale.
Awards Programme
Our Awards programme, a cornerstone of MeWe’s offering, continued its transformative journey. This was the second year without an upper age limit, allowing us to engage a broader pool of innovative minds and address gaps in support for social entrepreneurs who start later in life, often due to socio-economic factors.
The dedicated applicant support offerings remained a crucial resource throughout the awards campaign. Feedback from attendees was overwhelmingly positive, with 100% of respondents:
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Rating their support sessions as “Good” or “Excellent.”
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Reporting a clearer understanding of how to approach their application.
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Confirming an increase in confidence when applying.
These enhancements, along with inclusive programme design and delivery, have solidified the Awards programme’s reputation as one of the most innovative and accessible initiatives of its kind. This is further evidenced by consistently high representation of applicants and prize winners from racially minoritised and lower socio-economic backgrounds.
Outreach Activities
This year’s outreach activities successfully supported founders in gaining a deeper understanding of their businesses and entrepreneurial journeys. Key achievements include:
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484 one-to-one personalised support sessions.
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A variety of online resources, webinars, workshops, and masterclasses.
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Expansion of financial literacy skills, a critical area for creative social entrepreneurs in the unpredictable economic climate of 2024.
Demand for our resources remained strong, with 3,479 downloads surpassing last year’s total. This figure excludes untracked shares or forwards, indicating even broader usage.
Collaboration with referral partners across the UK also remained integral to our outreach strategy, resulting in a 20% increase in ‘meet & greet’ activities and a 23% rise in website visits compared to the previous year.
The collective efforts of our network—referral partners, programme partners, alumni, and volunteers—played a vital role in these achievements, reinforcing MeWe’s mission to positively impact the creative landscape across the UK.
Capacity Building Programme
In partnership with Create Equity, we continued delivering the Capacity Building programme, which is set to conclude in February/March 2025. This year’s highlights include:
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Completion of the second wave of organisational recruitment.
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Focused efforts on onboarding and recruiting consultants, expanding the Project Service Office to include 22 consultants who will be matched with participating organisations.
Organisational Development
This year, we prioritized refining our monitoring, evaluation, and data management processes to enhance learning, demonstrate impact, and streamline operations. An intensive four-week collaboration with a specialist impact consultancy resulted in a detailed report, including recommendations and frameworks for social impact measurement and a new communications strategy.
In addition, we secured pro bono IT specialist support to initiate our IT Transformation project, which will commence in 2024/25.
The achievements listed above underscore the significant progress made across our programmes and initiatives, showcasing the collective efforts of our supporters and partners. Together, we continue to make a lasting impact on the UK’s creative and social entrepreneurial landscape
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Me We Foundation
Report of the Trustees for the Year Ended 31st March 2024
FINANCIAL REVIEW
Total income for the ten months to 31 March 2024 amounted to £525,087 (2023: £507,136) which was primarily grants and donations for which we are very grateful. Total expenditure was £499,618 (2023: £503,684) most of which all were the direct costs of charitable activities and fundraising.
Me We Foundation therefore made a surplus of £25,469 (2023: £3,452) in the financial year in question. We will be focusing on increasing revenue income in 2024-25 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 - £197,221 (2023 - £109,578), Social Investment Business - £166,667 (2023 - £166,167), Connect Fund Programme - Barrow Cadbury Trust (via Social Investment Business) - £29,500 (2023 - £29,500) and the City Bridge Trust - £123,375 (2023 - £0). Grants are received in a separate bank account and 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 will be under the Accelerator Programme income line. 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 funders 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 £177,004 (2023: £151,535). 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 2024-2025 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 2024, together with the budget, income & expenditure account and cash flow statements for the period from 1 April 2024 to 31 March 2025. 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.
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.
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Me We Foundation
Report of the Trustees for the Year Ended 31st March 2024
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.
In the coming year, alongside our core programmes—the Incubator, Awards, and Outreach initiatives—we will focus on the following areas:
Implementation of Social Impact and Communications Frameworks
Building on the recommendations and frameworks outlined in our recent report, we will finalize and begin implementing a robust impact measurement framework and communications strategy. This process will include focus groups comprising our members, mentors, and other stakeholders to ensure our work is informed by diverse perspectives and needs.
MeWe as a Learning Organisation
We will explore and develop a new body of work to respond to a changing world and discover new ways for MeWe to keep relevant and have a renewed impact. Our approach will be based on continuing our evolution as a learning organisation and adopting an “outside – in, inside-out -approach. This involves gaining knowledge from expert sources, creating and testing ideas and embodying what works to grow as a black-led social enterprise. MeWe will then share the information to help power the innovation and sustainability of other enterprises, co-curating new thematic programme strands with our members. In this way, we will create a model of building, testing and growing a body of work that meets new needs now and gathers more data to create a clear direction of travel for the longer term.
IT Transformation Project
To enhance organisational efficiency, scalability, and responsiveness to member needs, we will continue our IT transformation project. A dedicated team of distinguished IT engineers from a sponsoring corporate partner will work closely with our staff to research, advise, and implement updates to our technological and data management systems.
Partnership with Create Equity
We will continue collaborating with Create Equity on the Capacity Building programme, supporting participating organisations in achieving their milestones. Additionally, we plan to share an interim insights paper with funders to highlight progress and lessons learned.
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.
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Me We Foundation
Report of the Trustees for the Year Ended 31st March 2024
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.
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 Jennifer Jacinta Peart (appointed Director and Trustee on 27 July 2023)
Independent Examiner
Crina Vesel, ACCA 99 Brent Lane Dartford Kent DA1 1QT
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Me We Foundation
Report of the Trustees for the Year Ended 31st March 2024
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 12 December 2024 and signed on its behalf by:
Mohan Yogendran ~~....................................~~ Mohan Yogendran (Dec 17, 2024 12:51 GMT) .........
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 2024, which are set out on pages 8 to 12.
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.
Crina Vesel (Dec 17, 2024 13:05 GMT)
Crina Vesel, ACCA 99 Brent Lane Dartford Kent DA1 1QT
Date: 12 December 2024
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Me We Foundation
Statement of Financial Activities for the Year Ended 31st March 2024
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 203,588 Other income - Total 203,588 EXPENDITURE ON 4 Raising funds 59,539 Charitable activities 118,580 Total 178,119 Net gains/(losses) on investments - NET INCOME/(EXPENDITURE) 5 25,469 Transfers between funds - Net movement in funds 25,469 RECONCILIATION OF FUNDS Total funds brought forward 151,535 TOTAL FUNDS CARRIED FORWARD 177,004 CONTINUING OPERATIONS |
Restricted funds £ 321,499 - 321,499 - 321,499 321,499 - - - - - - |
2024 Total funds £ 525,087 - 525,087 59,539 440,079 499,618 - 25,469 - 25,469 151,535 177,004 |
2023 Total funds £ 487,136 20,000 |
|---|---|---|---|
| 507,136 62,441 441,243 |
|||
| 503,684 - |
|||
| 3,452 - |
|||
| 3,452 148,083 |
|||
| 151,535 | |||
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 2024
| Notes FIXED ASSETS Tangible assets Investments CURRENT ASSETS Debtors 7 Cash at bank CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds Restricted funds TOTAL FUNDS |
2024 Total funds £ - - - 51,103 470,120 521,223 (344,219) 177,004 177,004 177,004 177,004 - 177,004 |
2023 Total Funds £ - - - - 503,584 503,584 (352,049) 151,535 151,535 151,535 151,535 - 151,535 |
|---|---|---|
For the year ended 31 March 2024 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 12 December 2024 and were signed on its behalf by:
Mohan Yogendran
Mohan Yogendran (Dec 17, 2024 12:51 GMT)
............................................. Chandra Mohan Yogendran - Chairman and Trustee
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Me We Foundation
Notes to the Financial Statements for the Year Ended 31st March 2024
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) Deutsche Bank DBACE Programme City Bridge Trust (Accelerator Programme) Other grants and donations |
Unrestricted Restricted 2024 £ £ £ 203,588 - 203,588 - 260,384 260,384 - 61,115 61,115 - - - 203,588 321,499 525,087 |
2023 £ 217,588 262,048 - 7,500 |
|---|---|---|
| 487,136 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st March 2024 nor for the year ended 31st March 2023.
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 2024
| 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 36,247 - - 700 - 8,598 45,545 13,994 59,539 |
Charitable activities £ 144,989 215,399 - 9,720 - - 370,108 69,971 440,079 |
Support Costs £ 36,247 - 42,798 - 4,920 - 83,965 (83,965) - |
2024 Total £ 217,483 215,399 42,798 10,420 4,920 8,598 499,618 - 499,618 |
2023 Total £ 221,143 207,168 46,439 17,809 3,750 7,375 |
|---|---|---|---|---|---|
| 503,684 | |||||
| - | |||||
| 503,684 |
5. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Independent Examiner's remuneration Other operating leases |
2024 £ 4,920 - |
2023 £ 3,750 - |
|---|---|---|
6. 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 |
2024 £ 191,814 25,669 217,483 0.5 2.5 3 |
2023 £ 195,775 25,368 221,143 0.5 2.5 3 |
||
|---|---|---|---|---|
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Me We Foundation
Notes to the Financial Statements - continued for the Year Ended 31st March 2024
7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade Debtors 17,27
| 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|||
|---|---|---|---|
| Trade Debtors 17,27 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Employment taxes and pension Other creditors Deferred income |
2024 £ 51,103 2024 £ 8,345 7,796 78,078 250,000 344,219 |
2023 £ - |
|
| 2023 £ 10,980 9,232 128,758 203,079 |
|||
| 352,049 |
9. MOVEMENT IN FUNDS
| Unrestricted funds General Funds Restricted funds TOTAL FUNDS |
Net movement Transfers At 1.4.23 in funds between funds £ £ £ 151,535 203,588 (178,119) - 321,499 (321,499) 151,535 525,087 (499,618) |
At 31.03.24 £ 177,004 - |
|---|---|---|
| 177,004 |
10. RELATED PARTY DISCLOSURES
There were no related party disclosures.
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Me We Foundation Statutory Accounts 31 March 2024 - FINAL
Final Audit Report
2024-12-17
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