2023-05-31-accounts - Expert Impact

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EXPERT IMPACT

Charity No. 1157065

Company No. 08534905

Trustees' Report and Unaudited Accounts

31 May 2023

EXPERT IMPACT Contents

	Pages
Trustees' Annual Report		2
Statement of Financial Activities		5
Summary Income and Expenditure Account		6
Balance Sheet		7
Statement of Cash flows		8
Notes to the Accounts	9 to	15
Detailed Statement of Financial Activities	16 to	17

Page 1

EXPERT IMPACT Trustees Annual Report

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 May 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 08534905

Charity No. 1157065

Principal Office

Third Floor 95 Promenade Cheltenham Gloucestershire GL50 1HH

Registered Office

Sabat Accountants Suite G1 Hartshorne House Delta Gain Carpenders Park WD19 5EF

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

C. Downie P. Holbrook CBE S.M. Kanji

Accountants

Love Your Accountants Limited 2A The Quadrant Upper High Street Epsom Surrey KT17 4RH

OBJECTIVES AND ACTIVITIES

We want to live in a world where all businesses help solve the problems we face as a planet. We believe mission led businesses and social entrepreneurs are the exemplar to drive this positive shift in business practice. We seek to support these new and scaling entrepreneurs through direct connections and expert impact from the some of the world’s most successful entrepreneurs.

Page 2

EXPERT IMPACT Trustees Annual Report

Our expert network now includes 86 of the world’s most successful entrepreneurs. They invest their time without charge to support entrepreneurs with an environmental or social mission. In total 455 entrepreneurs have benefitted from our incredible experts in our curated one to one spark sessions. New ideas are ignited. Doors are opened. Networks are created. and even new board members are acquired". Whilst we can’t take credit for the growth of those businesses our mentors work with, we do track their progress. On average, 6 months after an Expert Impact session our mentees have grown trading revenue by 13% and increased their headcount by 6%.

In addition to maintaining our mentoring program this year, we focussed our efforts on developing a trading idea to reduce our grant dependency. With the support of the Postcode Innovation Trust this idea was launched in Q4.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

P. Holbrook CBE Trustee 31 August 2023

Page 3

EXPERT IMPACT Independent Examiners Report

Independent Examiner's Report to the trustees of EXPERT IMPACT

I report to the charity trustees on my examination of the financial statements of EXPERT IMPACT for the year ended 31 May 2023 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the related notes.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:

accounting records were not kept in accordance with section 386 of the 2006 Act ; or
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the Charities SORP (FRS 102).

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 financial statements to be reached.

Rob Young ICAEW ACA Love Your Accountants Limited 2A The Quadrant Upper High Street Epsom Surrey KT17 4RH 31 August 2023

Page 4

EXPERT IMPACT Statement of Financial Activities

for the year ended 31 May 2023

Unrestricted funds 2023 £ 48,002 -	Total funds 2023 £ 48,002 -	Total funds 2022 £ 48,001 28,250
48,002 140,603	48,002 140,603	76,251 164,281
140,603 -	140,603 -	164,281 -
(92,601) -	(92,601) -	(88,030) -
(92,601)	(92,601)	(88,030)
(92,601) 83,566	(92,601) 83,566	(88,030) 171,596
(9,035)	(9,035)	83,566

Page 5

EXPERT IMPACT Summary Income and Expenditure Account

for the year ended 31 May 2023

Income Gross income for the year Expenditure Interest payable Depreciation and charges for impairment of fixed assets Total expenditure for the year Net expenditure before tax for the year Net expenditure for the year	2023 £ 48,002 48,002 138,098 1,692 813 140,603 (92,601) (92,601)	2022 £ 76,251
		76,251
		163,002 469 813
		164,284
		(88,033)
		(88,033)

Page 6

EXPERT IMPACT Balance Sheet

at 31 May 2023

Company No. 08534905 Notes 2023 £ Fixed assets Tangible assets 8 486 486 Current assets Cash at bank and in hand 139,088 139,088 Creditors:Amount falling due within one year 9 (83,378) Net current assets 55,710 Total assets less current liabilities 56,196 Creditors:Amounts falling due after more than one year 10 (65,231) Net (liabilities)/assets excluding pension asset or liability (9,035) Total net (liabilities)/assets (9,035) The funds of the charity Restricted funds 11 Unrestricted funds 11 General funds (9,035) (9,035) Reserves 11 Total funds (9,035)	2022 £ 1,299
	1,299 136,569
	136,569 (18,413)
	118,156 119,455 (35,889)
	83,566
	83,566
	83,566
	83,566
	83,566

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 31 May 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 31 August 2023

And signed on its behalf by:

P. Holbrook CBE Trustee

31 August 2023

Page 7

EXPERT IMPACT Statement of Cash flows for the year ended 31 May 2023

Cash flows from operating activities Net expenditure per Statement of Financial Activities Adjustments for: Depreciation of property, plant and equipment Increase in trade and other payables Net cash used in operating activities Net cash used in investing activities Cash flows from financing activities Repayment of borrowings Net cash from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Components of cash and cash equivalents Cash and bank balances	2023 £ (92,601) 813 60,250 (31,538) - 35,724 35,724 4,186 136,569 140,755 139,088 139,088	2022 £ (88,033) 813 2,276
		(84,944)
		(475)
		45,019
		45,019

		(40,400)
		176,038
		135,638

		136,569

		136,569

Page 8

EXPERT IMPACT Notes to the Accounts

for the year ended 31 May 2023

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 9

EXPERT IMPACT Notes to the Accounts

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and machinery 25% Reducing balance Fixtures and fittings 20% Straight line Computer equipment 20% Straight line

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 10

EXPERT IMPACT Notes to the Accounts

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 11

EXPERT IMPACT Notes to the Accounts

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

3 Income from donations and legacies

4 Income from other trading activities 5 Other expenditure Bank loan and overdraft interest payable Employee costs Motor and travel costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs 6 Net expenditure before transfers This is stated after charging: Depreciation of owned fixed assets	Unrestricted £ 48,002 48,002 Unrestricted £ 1,692 95,637 503 813 16,084 25,874 140,603 2023 £ 813	Total 2023 £ 48,002 48,002 Total 2023 £ - - Total 2023 £ 1,692 95,637 503 813 16,084 25,874 140,603	Total 2022 £ 48,001
			48,001
			Total 2022 £ 28,250
			28,250
			Total 2022 £ 469 100,828 668 813 24,554 36,949
			164,281
			2022 £ 813

Page 12

EXPERT IMPACT Notes to the Accounts

7 Staff costs Salaries and wages Social security costs Pension costs No employee received emoluments in excess of £60,000. The average number of employees for the year was 3. 8 Tangible fixed assets Plant and machinery £ Cost or revaluation At 1 June 2022 392 At 31 May 2023 392 Depreciation and impairment At 1 June 2022 331 Depreciation charge for the year 21 At 31 May 2023 352 Net book values At 31 May 2023 40 At 31 May 2022 61 9 Creditors: amounts falling due within one year Other loans Trade creditors Other taxes and social security Other creditors Accruals	2023 88,890 4,702 2,045 95,637 Fixtures and fittings £ 1,662 1,662 1,470 88 1,558 104 192 2023 £ 15,512 - 2,545 64,471 850 83,378	Computer equipment £ 3,518 3,518 2,472 704 3,176 342 1,046	2022 92,607 6,001 2,016
			100,624
			Total £ 5,572
			5,572
			4,273 813
			5,086
			486
			1,299
			2022 £ 9,130 200 3,525 3,041 2,517
			18,413

The 'Other Loans' relate to a loan provided by the Postcode Innovation Trust. The loan is secured by way of a floating charge on the undertaking and assets to which they relate. The loan has a maturity date of 31st January 2027 with an interest rate of 3%.

Page 13

EXPERT IMPACT Notes to the Accounts

10 Creditors:

Creditors:
amounts falling due after more than one year Other loans	2023 £ 65,231 65,231	2022 £ 35,889
		35,889

11 Movement in funds

Incoming resources (including other gains/losses ) £ 48,002 48,002 Unrestricted funds £ 486 71,222 (65,231) 6,477 At 1 June 2022 £	Resources expended £ (140,603) (140,603) Restricted funds £ - (15,512) - (15,512) Cash flows £	At 31 May 2023 £ (9,035)
		(9,035)
		Total £ 486 55,710 (65,231)
		(9,035)
		At 31 May 2023 £
136,569	2,519	139,088
136,569 (45,019) (45,019) 91,550	2,519 (35,724) (35,724) (33,205)	139,088 (80,743)
		(80,743)
		58,345

Page 14

EXPERT IMPACT Notes to the Accounts

14 Commitments

Pension commitments

*Pension commitments*
	2023	2022
	£	£
The pension cost charge to the company
amounted to:	2,045	2,016

15 Going Concern

The directors carried out an assessment of the company’s ability to continue as a going concern and in their assessment, the directors concluded that the company is a going concern. The basis of this

conclusion derives from the company, despite being in a net liability position at the year end, has a large value of liabilities being payable after one year which results in the company being in a net current asset position at the year end.

16 Related party disclosures

Controlling party

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 15

EXPERT IMPACT Detailed Statement of Financial Activities

for the year ended 31 May 2023

Income and endowments from: Donations and legacies Other trading activities Total income and endowments Expenditure on: Other expenditure Bank loan and overdraft interest payable Employee costs Salaries/wages Employer's NIC Pension costs Staff entertainment Staff training Staff welfare Motor and travel costs Travel and subsistence General administrative costs, including depreciation and amortisation Depreciation of Plant and machinery Depreciation of Fixtures and fittings Depreciation of Computer equipment Bank charges General insurances Information and publications Software, IT support and related costs Stationery and printing Subscriptions	Unrestricted funds 2023 £ 48,002 48,002 - - 48,002 1,692 1,692 88,890 4,702 2,045 - - - 95,637 503 503 21 88 704 215 175 10,683 99 41 4,229	Total funds 2023 £ 48,002 48,002 - - 48,002 1,692 1,692 88,890 4,702 2,045 - - - 95,637 503 503 21 88 704 215 175 10,683 99 41 4,229	Total funds 2022 £ 48,001
			48,001
			28,250
			28,250
			76,251 469
			469
			92,607 6,001 2,016 70 109 25
			100,828
			668
			668
			21 88 704 704 175 8,848 8,430 - 3,702

Page 16

EXPERT IMPACT

Detailed Statement of Financial Activities

Sundry expenses Legal and professional costs Accountancy and bookkeeping Consultancy fees Other legal and professional costs Total of expenditure of other costs Total expenditure Net gains on investments Net expenditure Net expenditure before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	642 16,897 1,450 22,842 1,582 25,874 140,603 140,603 - (92,601) (92,601) - (92,601) 83,566 (9,035)	642 16,897 1,450 22,842 1,582 25,874 140,603 140,603 - (92,601) (92,601) - (92,601) 83,566 (9,035)	2,695
			25,367
			2,850 33,740 359
			36,949

			164,281
			164,281 -
			(88,030)
			(88,030) -
			(88,030)
			171,596
			83,566

Page 17