EXPERT IMPAcr Charity No. 1157065 Company No. 08534905 Trustee5' Report and Unaudited Accounts 31 May 2024 Charity Commission I OMAR 2025 Recorded Received
EXPERT IMPACT Contents Pages Trustees, Annual Report Statement of Fina ncial Activities Summary Income and Expenditure Account Balance Sheet 2to4 Statement of Cash flows Notes to the Account5 Detailed statement of Financial Activities IOto16 17to18 Page I
EXPERT IMPAcr Trustees Annual Report The trustees, who are also directors of the charity forthe purposes of the Companies Act 2UO6. present their report with the unaudited financial statements of the charity for the year ended 31 May 2024. REFERENCE AND ADMINISTRATIVE DETAILS Company No. 08534905 Charity No. 1157065 Registered Office Sabat Accountants Suite Gl Hartshorne House DeEta Gain Carpenders Park WD19 5EF Directors and Trustees The Directors of the charitable company are its Trustees forthe purposes of charity law. The following Directors and Trustees served during the year: C. DownÈe P. Holbrook CBE S.M. Kanji Accountants Love Your Accountants Ltd 2A The Quadrant Upper High Street Epsom Surrey KT17 4RH OBJEcfivES AND ACflVITIES We want to live in a world where all businesses help solve the problems we face as a planet. We believe mi55ion led businesses and social entrepreneurs are the exemplar to drive this PQSitive shift in business practice. We seek to support these new and scaling entrepreneurs through direct connections and expert impact from some of the world's most successful entrepreneurs. Our expert network now includes 90 of the world's most successful entrepreneurs lour Experts) and in the year. new relationships were set up with c40 social entrepreneur5. Our Experts invest their time without charge to these entrepreneurs to help scale their environmental or social mission. In total nearly 550 entrepreneurs have benefitted from our incredible experts in our curated one to one spark sessions. New idea5 ore ignkted. Doors are opened. Networks are created. and even new board members are acquired". Whilst we can'ttake credit forthe growth of those businesses our mentors work with, we do track their progress. The Expert Impact experience in 2023/24 built on our net promoterscore of 9.7 and 6 months after an initial Expert Impact session. 49% of mentees have grown trading revenue and 29% have increased their headcount. Page 2
EXPERT IMPAcr Trustees Annual Report In addition to maintaining our mentoring program this year, we focussed our efforts on developing trading income via a speaker bureau, Expert Impact Speakers. In the year £8,000 of trading profits were passed back to Expert Impact as unrestricted funds. ACHIEVEMENTS AND PERFORMANCE During the second part of the year our Executive Director Karen Lynch passed the baton to Andrew Croft who has started to work up a future strategy. We said goodbye to Heather Labanya who had diligently worked to match our mentees with appropriate and beneficial mentors and arrange our Social Enterprise Mingles with 5UPPOrters such as the Conduit Club who provide free Space for this. As a result of these change5 and with some sharing of systems with our sole member Social Enterprise UK we have managed to further reduce cost from the organisation. Simultaneously we have introduced a new way of working with mentees. Alongside our core product of advice from a recognised expert in their field for a consultation we have developed a more in depth mentoring arrangement. We plan to develop this to c5 organisations per annum who will receive regular long term mentoring to help develop their impact and organisation. To date we have helped / are helping three organisations in depth: l. discover.org.uk A children's play and literacy organisation in Stratford, London. We worked with the CEO to help her define her operational priorities and source a part time expert to deal with these. We then continued to support in terms of raising finance grant and loan for her immediate needs. This culminated in an offer to her of £330K of support. 2, BANG Edutainment. WE ARE BANG l About U5 A minority led, Brent based organisation working with predominately young people. We helped them by linking With experts in the requisite field5 and directly mentoring the CEO to develop a Social HMO concept to provide supwrt to young minority individuals at risk of homelessness. The model is to house these individuals while Simultaneously providing support in financial literacy, entrepreneurship etc... all of which is provided from the LHA allowance and ultimately at cohort expiry share the profit that would usually go to business owners with the indtviduals to give them private rented sector deposits or seed capital for a business. We continue to work with this organisation into 24125 and hope to help them raise the capital required to deliver the finished product to market. 3, We are working in collaboration with a SE coaching organisation -Bubble Chamberf,, to help a consortia of refugee or8anisations come together to create a one stop shop for refugees in London. This will see services and seTvice referrals in a far more joined up manner and make it significantly easierfor refugees to understand the support available to them. To date we have helped form the working group, create a shared aspiration / goal for the organi5ations. This project will definitely take some time and we anticipate wil continue through 24125 in terms of financial modelling, Selection of building and raising of finance. PLANS FOR FUTURE PERIODS We are seeking to develop furtherthe in depth support to create very tangible impact beyond the high approval rating from mentees of the expert assistance meeting. Additionally we hope that there may be an opportunityto develop some consultancy. We have links to many experts and skills and could provide these on a paid basis to those who need them - interim management etc... and this could help to provide core funding which is currently difficult to access as a second tier organisation. We also hope that we can increase the business for our speakers bureau "Expert Impact Speakers" which gifts IOOYO of its profits to Expert Impact. Page 3
EXPERT IMPAcr Trustees Annual Report 5rRUuRE. GOVERNANCE AND MANAGEMENT The charity is controlled by its governing document, a deed of trust, and constitutes a limited COTnpany. limited by guarantee, as defined bythe 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 forthe 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 S.M. Kanji Trustee 30 September 2024 Page 4
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 statement5 of EXPERT IMPAC[ for the year ended 31 May 2024. Responsibilities and basis of report As the charity's trustee5 of the company {and also its directors for the purpose5 Df company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 20061'the 2006 Act. Having satisfied myself thatthe financial ststements 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 20111'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515> Ibl 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: • accounting record5 were not kept in accordance wtth 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 sertion 396 of the 2006 Att other than any requirement that the f5nancial 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 methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of I reland IFRS 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. Love Your Accountant5 Ltd 2A The Quadrant Upper High Street Epsom Surrey KT17 4RH 30 September 2024 Page 5
EXPERT IMPAcr Statement of Financial Activities for the year ended 31 May 2024 Unrestricted funds Total fvnds Total funds 2024 2024 2023 Notes Income and endowments from: Donations and legacies Other 8,073 500 8,073 500 86,524 Total 8,573 8,573 86,524 Expenditure on: Charitable activities 48,516 48,516 140,603 Total 48,516 48,516 140,603 Net gains on investments Net expenditure Transfers between funds (39.943) (39.9431 (54.0791 Net expenditure before other gainslllosses) {39,9431 (39,943) (54,079) Other gains and losses Net movement in funds (39.9431 (39.943) (54,079) Reconciliation of funds: Total funds brought forward 29,487 29.487 83,566 Total funds carried forward (10,456) (10,456} 29,487 Page 6
EXPERT IMPACT Summary Income and Expenditure Account for the year ended 31 May 2024 2024 2023 Income 8,573 86,524 Gross income for the year 8,573 86,524 Expenditure 45,819 138,098 Interest payable 2,241 1,692 Depreciation of fixed assets 456 813 Total expenditure for the year Net expenditure before taxfor the year 48,516 140,603 (39,9431 (54,0791 Net expenditure forthe year (39,943) (54,079) Page 7
EXPERT IMPAcr Balance Sheet at 31 May 2024 Company No. 08534905 Notes 2024 2023 Fixed assets Tangible assets 30 486 30 486 Current assets Debtors Cash at bank and in hand io 20,883 48,902 69,785 128,311} 41,474 38,522 139.088 177,610 (83.378) 94.232 Creditors: Amount falling due within one year Net current assets li Total assets less current liabilities 41.504 94,718 (65,2311 29,487 Creditors: Amounts falling due after more than one year Net {liabilities)/assets excluding pension asset or liability Total net (liabilities)/assets 12 151,960} 110,456) (10,4561 29,487 The funds of the charity Restricted funds 13 Unrestricted funds General funds 13 110,456) (10,456) 29,487 29,487 Reserves 13 Total funds 110,456) 29,487 These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to sm311 companies. For the year ended 31 May 2024 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 acknawledge 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 30 September 2024 And signed on its behalf by: 5.M. Kanji Trustee 30 September 2024 Page 8
EXPERT IMPAcr Statement of Cash flows for the year ended 31 May 2024 2024 2023 Cash flows from operating activitie5 Net expenditure per Statement of Financial Activities (39,943) 154,079) Adjustments for: Depreciation of property, plant and equipment Dividends, interest and rents from investments Decreaselllncreasel in trade and other re1Vable$ IDecreasel/lncrease in trade and other payables 456 (500) 17,639 (54,2171 813 138,5221 60,250 Net cash used in operating artivities (76,5651 {31,5381 Cash flows from investing activities Dividends, interest and rents from investments 500 Net cash from investing activities 5Crf) Cash flows from financing artivities Movement in borrowings {13,2711 35,724 Net cash (used in)Ifrom financing activities 113,271) 35,724 Net (decrease)/increase in cash and cash equivalents (89,3361 4,186 Cash and cash equivalents at the beginning of the year 139,088 136,569 Cash antl cash equivalents at the end of the year 49,752 140,755 Components of cash and cash equivalent5 Cash and bank balances 48,902 139,088 48,902 139,088 Page 9
EXPERT IMPAcr Notes to the Accounts for the year ended 31 May 2024 l Accounting policies Basi5 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 1021 {effective I January 20151- {Charities SORP IFRS 10211, 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 5ast year and no changes have been made to accounts for previous year5. Fund accounting Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. These are unrestricted fund5 earmarked by the trusteesfor particular purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted funds Income Recognition of income Income is included in the Statement of Financial Activities (SoFA} when the charitv becomes entitled to, and virtually certaTn 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 gr05s in the SOFA. Donations and legacies Voluntary income received by way of Erants, donations and gifts is included in the 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 donation5 and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditurej and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received 15 not included in the accounts. Investment income This is included in the accounts when re1Vable. Gains/{losses) on Th¥s includes anygain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gain5/11osses) on investment assets This includes any gain or loss on the sale of investments. Page 10
EXPERT IMPA Notes to the Accounts Expenditure Recognition of expenditure Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on 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 tts activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees atthe end of the year but not yet paid. These include those costs associated with meeting the constitutional and statutory requirement5 of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charty, together with a share of other administration costs. These are support costs not allocated to a particular artivity. Grants payable Governance costs Otherexpenditure Taxation The cha rity is exempt from corporation tax on its charitable activities. Tangible fixed assets and depreciation Depreciation is provided atthe following annual rates in order to write off each asset over its estimated useful life: Plant and machinery Fixture5 and fittings Computer equipment 259% Reducing balance 20VA Straight line 20% Straight line 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. 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 oriEinal maturitie5 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 2 third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recogni5ed at their settlement amount after allowing for any trade discounts due. Page 11
EXPERT IMPAcr Notes to the Accounts Foreign currencies Monetary assets and liabilities denominated in currencies other than the function31 currency of the charity are translated atthe rates of exchange prevailing at the end of the reporting period. Transactions in currencie5 Otherthan 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 reward5 of ownership of an asset, the lease 15 treated a5 a finan 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 theirfair 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 boTrowing 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 overthe 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 straiEht-line basis. Pension costs The charity operates a defined contribution plan for its employees. A definecl 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 *parately from the company in independently administered funds. 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. Page 12
EXPERT IMPA Notes to the Accounts 3 Statement ol Financial Activities - prior year Unrestricted lunds Total funds 2023 2023 Income and endowments from: Donation5 and legacies Total 86,524 86,524 86,524 86,524 Expenditure on: Charitable activitie5 140,603 140,603 Total 140,603 140,603 Net income 154,0791 154,0791 Net income before other gains/(losses) other gains and losse5: Net movement in funds (54,079} (54,0791 (54,0791 (54,0791 Reconciliation of funds: Total funds brought forward Total funds carried forward 83,566 83,566 29,487 29,487 4 Income from donations and legacies Unrestricted Total Total 2024 2023 8,073 8,073 8,073 8.073 86,524 86,524 5 Other income Unrestricted Total Total 2024 2023 500 500 500 500 Page 13
EXPERT IMPACT Notes to the Accounts 6 Other expenditure Unrestricted Total Total 2024 2023 Bank loan and overdraft interest payable 2,241 1,692 2,241 Employee cost5 Motor and travel costs 31,212 5,591 456 31,212 5,591 456 95,637 503 Depreciation of fixed assets General administrative costs 813 1,270 7,746 48,516 1,270 7,746 48,516 16,084 25,874 140,603 Legal and professional costs 7 Net expenditure before transfers 2024 2023 This is stated after charging: Depreciation of owned fixed assets 8 Staff costs 456 813 2024 2023 Salaries and wages Social security costs Pension costs 43,131 {12,917) 998 88,890 4.702 2,045 95,637 31,212 No employee received emoluments in exce55 of £60.000. The average number of employees forthe year w35 3. 9 Tangible fixed assets Plant and machinery FFXtures and ffttings Computer equipment Total Cost or revaluation At lJune 2023 At 31 May2024 Depreciation and impairment At l June 2023 Depreciation charge for the year At 31 May 2024 Net book values 392 392 1,662 1,662 3,518 3.518 5,572 5,572 352 1.558 3,176 5,086 io 104 342 456 362 1,662 3,518 5,542 At 31 May 2024 At 31 May 2023 30 30 40 104 342 486 Page 14
EXPERT IMPAcr Notes to the Accounts 10 Debtors 2024 2023 Other debtors 20,883 20,883 38,522 38,522 11 Creditors: amounts falling due within one year 2024 2023 Other loan5 Othertaxes and social security Other creditors Accruals 15,512 15,512 2,545 64,471 850 83,378 12,799 28,311 Within other loans labovel was 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 30A. 12 Creditors" amounts falling due after more than one year 2024 2023 Other loans 51,960 51.960 65,231 65,231 Within other loans labovel was a loan provided by the Postcode Innovation Trust. The loan is secured by way of a floatinE charge on the undertakin8 and assets to which they relate. The loan has a maturity date of 31st January 2027 with an interest rate of 3%. 13 Movement in funds Incoming reSoUrS Resources expended (including At l June other 2023 gainsllosses) At 31 May 2024 Restricted funds: Unrestricted fund5: General funds 29,487 8,573 148,5161 (10,4561 Total funds 29,487 8,573 148,5161 110,4561 Page 15
EXPERT IMPACT Notes to the Accounts 14 Analysis of net assets between funds Unrestricted funds Total Fixed assets Net current assets Creditors due in more than one year and provisions 30 30 41,474 41,474 151,960) 151,960) 110,456) (10,4561 15 Reconciliation of net debt At l June At 31 May 2024 2023 Cash flows Cash and cash equivalents 139,088 139,088 {90,1861 190,186} 48,902 48.902 BorrowinES {80,743) 180,743) 13,271 13,271 167,4721 (67,4721 Net debt 58.345 (76,915) (18,5701 16 Commitments Pension commitments 2024 2023 The pension cost charge to the company amounted to: 998 2,045 17 Post balance sheet events The direttors carried out an assessment of the companrfs 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 Posttion at the year end, has a large value of liabilitie5 being payable after one year which results in the company being in a net current asset position at the year end. 18 Related party disclosure5 Controlling party The company is limited by guarantee and has no share capital; thus no single party controls the company. Page 16
EXPERT IMPAcr Detailed Statement of Financial Artivities for the year ended 31 May 2024 Unrestricted funds Total funds Total funds 2024 2024 2023 Income and endowments from: Corporate and individual donations 8,073 8,073 8,073 8,073 86,524 86,524 Other 500 500 500 500 Total income and endowments 8,573 8,573 86,524 Expenditure on: Other expenditure Bank loa n interest payable 2,241 2,241 1,692 2,241 2,241 1,692 Employee costs Sala ries Employer's NIC Pension costs 43,131 (12,9171 998 43,131 112,9171 998 88,890 4,702 2,045 95,637 31,212 31,212 Motor and travel costs Travel and subsistence 5,591 5,591 5,591 5.591 503 503 General administrative costs, including depreciation and amortisation Depreciation of Plant and machinery Depreciation of Fixture5 and fittings Depreciation of Computer equipment Ballk charges General insurances Information and publications Postage and couriers Software, IT support and related costs Stationery and printing Subscriptions Sundry expenses io 104 342 io 21 104 342 88 704 215 32 175 32 175 175 10,683 50 50 150 150 99 41 195 195 4,229 642 668 668 1,726 1,726 16,897 Legal and professional costs Auditllndependent examination fees Accountancy and bookkeeping 691 691 1.450 Page 17
EXPERT IMPAcr Detailed Statement of Financial Activities Consultancy fees Other legal and professional costs 7.055 7,055 22.842 1.582 25,874 7,746 7,746 Total of expenditure of other costs Total expenditure 48.516 48.516 140.603 48,516 48,516 140,603 Net gains on investments 139,943) {54,0791 Net expendtture {39,943} Net expenditure before other gains/(1055es) Other Gain5 139,943) {54,079) (39,9431 Net movement in funds (39,943) (39,9431 {54.079) Reconciliation of funds: Total funds brought fonNard 29,487 29,487 83,566 Total funds carried forward (10,4561 {10,4561 29,487 Page 18