Charity Number: 1160575
## Mermaids
Report and financial statements For the year ended March 31[st] 2022
## Mermaids
## Reference and administrative information
for the year ending March 31[st] 2022
**Charity Number:** 1160575
**Registered Office Address:** Suite 4, Tarn House, 77 High Street, Yeadon, Leeds, LS19 7SP
## **Trustees serving during the 2021-2022 financial year and since:**
XX - Trustee with a dispensation - resigned in April 2021 Arlo Hilton - appointed in July 2022 Corey Stoughton - appointed in July 2022 Dr Belinda Bell (Chair of Trustees) Ethan Butteriss - resigned in December 2021 XX - Trustee with a dispensation - resigned in March 2022
Grey Collier Hardeep Aiden - appointed in July 2022, Jacob Breslow - appointed in July 2022, resigned in September 2022 Joe Dunn - resigned in September 2022 Jaimin Vadhwana Dr Katie McDowell Katarzyna Khider Mathew Maddocks - appointed in July 2022
Nina Jellinek - appointed in July 2022, resigned in September 2022
Paul Devlin - resigned in April 2021
CEO serving during the 2021-2022 financial year: Susie Green
**Bankers:** Charities Aid Foundation Bank Kings Hill, West Malling, Kent ME19 4TA
**Auditors:** Slade & Cooper Limited, Beehive Lofts, Beehive Mill, Jersey Street, Manchester, M4 6JG
1
## Mermaids
Trustees’ annual report
for the year ending March 31[st] 2022
## **Mermaids**
## **Annual Report and financial statement for the year ended 31st March 2022**
Embrace. Empower. Educate.
2
## Mermaids
Trustees’ annual report
for the year ending March 31[st] 2022
The trustees present their report and the audited financial statements for the year ended March 31st, 2022. Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the charity’s constitution and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
## **Message from the Chair**
Mermaids is a wonderful organisation. Our team, staff and volunteers work together to support transgender, non-binary and gender diverse young people and their families in an ever- expanding myriad of ways and it’s incredible to hear about the impact this work has.
It is not always easy – and in some ways it’s getting more and more difficult – but it is really important that we are here, we are growing, and that we stand up for the community we support.
The trustees are involved and take our responsibilities to the charity seriously. We are proud of the team (and often in awe of them) and it is our job to enable them to play their parts as fully as possible. We’ll continue to do so in the hope of reaching more people in need of support.
_Belinda Bell, (She/Her), Chair of Trustees_
3
## Mermaids
Trustees’ annual report
for the year ending March 31[st] 2022
## **Who we support**
## **Transgender, non-binary and gender diverse children and young people up to the age of 19 (inclusive).**
Mermaids supports transgender, non-binary and gender diverse children and young people directly. Although the internet is a huge source of information, it’s not always reliable. Young people may not have family support and are an incredibly vulnerable minority. Our helpline services and online peer support groups are a lifeline for young people feeling isolated and lost.
## **Parents/carers of transgender, non-binary and gender diverse children and young people.**
Parents/carers of transgender, non-binary and gender diverse children and young people often feel isolated and ill equipped to help their children. Information is sparse and often incorrect or biased.
Media representation of transgender, non-binary and gender diverse children and young people is often prejudiced and ill informed, and support is minimal.
Through raised visibility of the charity, young people and their parents/carers can find information and support when needed, as well as providing access to peer support through online groups, meetings, and residential weekends.
## **Professionals involved in the care of transgender, non-binary and gender diverse children and young people.**
Mermaids currently offers information and support directly through our helpline, alongside materials on the website for professionals who work supporting young people.
We also deliver trans-inclusive diversity training to schools, youth groups, medical professionals and other organisations.
4
## Mermaids
Trustees’ annual report
for the year ending March 31[st] 2022
Adding services and extending our training capacity is a key part of the business plan to enable us to expand the number of professionals committed to supporting transgender children and young people appropriately.
## **What we do**
Trans, non-binary and gender diverse young people and their families require support to cope with isolation, discrimination and prejudice. They experience bullying, both physically and mentally, by their peers, adults, and even people in authority, such as teachers and local authority workers.
Our overarching aim is to create a world where transgender, non-binary and gender diverse children and young people can be themselves and thrive.
We embrace. We empower. We educate.
5
## Mermaids
## Trustees’ annual report
for the year ending March 31[st] 2022
## **A parent’s perspective**
It’s now been over six years since my youngest child, Peter*, came out to me as trans. I can still remember it clearly. Peter (who now uses both ‘he’ and ‘they’ pronouns) had been desperately unhappy for a while and I had no idea why. They would lay in their bed and cry uncontrollably. I felt like the worst mother in the world. But then one day, we started talking. I asked what was wrong. I told him it didn’t matter what it was, I think I said ‘even if you have done something illegal or you want to be a boy’. Looking back, I have no idea why I said that but it helped. At the point of Peter coming out to me, I felt relief! Now I knew what was wrong, I could try and help. I was naive in these early stages about some of the hardships – like transphobia, school, medication and surgeries – that might follow for my youngest child. At the point he came out, I just wanted to reconnect with a very unhappy child and help them in the now. Peter was at an all girls’ school at the time, and we both decided a mixed one would be better. Unfortunately, they were not going to accept Peter as a boy. I was distraught. I didn’t know where to turn as I had no idea if any school would accept my child for who they really were. I soon turned to the internet for help – and in my searching I found an organisation called Gender Identity Research and Education Society (GIRES) so I called them and spoke to a lovely staff member who signposted me to Mermaids. That was such a happy accident and even though that was a real low point for me early on, looking back, I am so fortunate that it led me to find Mermaids. They reassured me that Peter should be allowed to wear whichever uniform they wanted and be addressed as a boy and so we set about finding a new, more accepting school. Very early on, we attended some residential weekends. At a Mermaids residential, families can meet each other and have an opportunity to be in a safe space away from the real world for a few days and really bond with others who know a bit about what you are going through. There are information sessions for parents and lots of activities for the children and young people. On these weekends, Peter found a place to truly relax and be himself. And the friends I made there will be friends for life, we bonded over something enormous in our lives and continue to support each other through the ups and downs. It was at Mermaids residentials and on the Mermaids forum where I learned the most about being trans – all the possible medical treatments that Peter might choose, all the difficulties that we might face as a family but also many, many moments of trans joy. I have met some amazing people and they are very special friends now. I have gained a great deal from being able to meet other Mermaids families. I am fortunate enough that I live near a local group meeting and we meet every month. At these local meetings you see the trans children and young people truly blossom. They arrive, nervous, hesitant and sometimes still with old names, pronouns and clothes. As the months go on, you see them grow into their true selves, encouraged by the realisation that they are not alone. It’s here that parents and carers get the support and reassurance to allow them to be free to be themselves. Peter being trans and us working through some of their transition together has brought us a lot closer. When both of my children were little, I didn’t really think about what their futures would look like. I have always told them that it didn’t matter to me whether they had male or female partners. I have never really dreamt of university degrees, white weddings or specific careers. What has always been important to me is that they are happy. I guess that might be why I have not struggled as much as some parents with a grieving process. That, and the fact that when Peter came out, I felt like I had got them back rather than lost them. I know a lot of parents really struggle with a sense of loss
6
## Mermaids
## Trustees’ annual report
for the year ending March 31[st] 2022
and I totally understand that. They feel they are losing their son or daughter when they start to transition. There is a new name and new pronouns, as well as quite often a change of appearance, such as hair styles and clothes. Sometimes, the dreams – like walking them down the aisle in a white dress, or having grandchildren – disappear in a flash. But for me, I had lost Peter long before they came out, and actually their coming out meant that I was able to reconnect with them. I know that whatever either of my children look like on the outside, they are the same people on the inside and I love them both and am so, so proud of them for being brave enough to be their true selves. I know thinking that your child might be transgender is scary. There are so many things to be worried about navigating the world as a gender non-conforming person. But what I saw in my child – and I see regularly at Mermaids meetings – is the happiness and self confidence that comes from being allowed to express themselves. I hope that any parent whose child is gender questioning will listen to their child, let them take the lead and walk with them wherever the path takes you. It’s not an easy one but it will be one that means you truly get to know your child in a way that not every parent gets the opportunity to do. There is nothing better than seeing them being their authentic selves and being happy. After all, isn’t that really all we should want for our children?
7
## Mermaids
Trustees’ annual report
for the year ending March 31[st] 2022
## **Introducing MANGO**
Welcome to MANGO, an activist and advocacy youth engagement programme for 16-19 year olds which we launched in 2022.
We are MANGO. We are a group of teenagers that are fighting for a more equal society for all. We’re trans and proud. We’re young people who actually care and reject the heavily enforced behavioural and societal stereotypes placed upon teenagers and young adults. We’re kind, supportive, welcoming, brave, vocal and passionate. We’re more self-aware than we’re given credit for – we’re powerful, angry and frustrated most of the time. We’re the current and future leaders and we want you to LISTEN and RESPECT us.
We believe in full trans liberation, not just assimilating into cis-het society. We believe everyone is their own individual, and we appreciate all forms of trans life, including those which do not fit neatly into societal ideals of trans men, women and non-binary identities. We value those who have different experiences from our own, and our vision of liberation can only be achieved through wide systemic change, based in solidarity with other marginalised groups and centring intersectionality. We aim to be inclusive of everyone and want to improve the lives of all oppressed peoples, not just the trans community. None of us are free, while oppression remains for some.
We want a political climate that uplifts and advocates for all marginalised communities instead of trying to profit off our struggles. We want to live in a society where young people are heard, given credit and value when decisions are made that affect us. A society that provides holistic care for everyone in all aspects of life, where everyone’s bodily autonomy is supported through any decision such as abortion or transitioning. A society that sees transitioning as a normal and accepted life event. And better established trans healthcare and mental health services, now!
We believe trans joy is radical and should be central in our fight for liberation. We see a future where nothing is perfect, but no one’s existence is political, trans people are not seen as a ‘debate’ or an ‘issue’ in the media, there are no waiting times, there is no sadness, or fear, or death, and we sing and we breathe and we love.
_Find out more about MANGO at mermaidsuk.org.uk/young-people/mango_
8
## Mermaids
Trustees’ annual report
for the year ending March 31[st] 2022
## **Charitable Activities**
## **Impact of Covid-19**
Covid-19 placed us in a position of uncertainty, in common with many other charities, with the cancellation of in-person service delivery and subsequent reduction in our fee income. We worked hard to maintain the stability and sustainability of the charity while working in unprecedented times, supporting families struggling even more due to the restrictions of the pandemic. Our training moved to online delivery and has continued in this mode following the end of the pandemic and training income has grown substantially as a result.
## **Helpline Services**
This has been an unprecedented year for the helpline service team as we have seen contacts rise from 21,727 to 45,730 from the previous year.
To meet the rise in demand we have employed five new Helpline Service Officers during this period, with two coming from the volunteer pool and the other three from outside recruitment. We are proud to see that our volunteers feel so supported in their roles that they continue on to apply for paid roles within the charity.
We are seeing an overall increase in the number of young people contacting us directly, with the highest contact from those aged 12 to 17 years old. This supports our focus on increasing our direct engagement with young people in 2022/2023.
Mermaids’ staff and volunteers are often the first point of contact for a young person in crisis, or their families in need of support. The helpline operator may be the first person on calls or chat that a trans young person has ever confided in, so they can provide information and answers to questions and will signpost young people and families for further support if appropriate.
“Talking to Graham was like a breath of fresh air... after the call I was like ‘Phew!’ and have felt so much more engaged and happy since then.”
“It’s also just really nice to be able to get this off my chest.”
9
## Mermaids
Trustees’ annual report
for the year ending March 31[st] 2022
“I’m just thankful for this conversation today. Thanks for listening.”
“I would like to pass my thanks on to the team who supported me when I was going through such a difficult time last week. I was in such a dark place and the staff at the residential unit did not know how to talk to me about gender. I am grateful that the people working at Mermaids were there to give me space to talk through all that was going on for me and to reach out to other organisations to get the specialised support I needed. Thank you so much Mermaids.”
Our volunteers form a valuable part of the Helpline Service team, working alongside staff and despite continuing effects of the pandemic they maintained their commitment to the service ensuring that we were still able to provide the much needed support.
2,700 volunteer hours committed to the helpline in 2021-22.
As our volunteers are based right across the UK, ongoing development of the service will include changes to volunteer training so that it can be delivered in a virtual format in order to make it more accessible and easier to deliver.
## **Local Groups**
After going virtual because of the pandemic, most of our groups are now face to face once again, with a few exceptions. This year has also seen the launch of new groups, including the first groups in Scotland and Wales, expanding our presence in the nations.
“Everyone is so lovely and welcoming. It’s a great atmosphere and a welcome break from my day.”
“I joined the youth drop in to meet and talk to people with similar experiences and be in a group that doesn’t judge and question you. I really enjoy the random chats we’ve had and the general fun and laughter.”
Working in partnership with local LGBT+ youth groups, we’ve formed new family support groups for local families, and are looking to increase the number of groups in 2022/2023 with two groups waiting on a launch date and several others in the pipeline.
10
## Mermaids
Trustees’ annual report
for the year ending March 31[st] 2022
We are currently in the process of interviewing and training over 20 volunteers who will support the opening of new groups in the future.
## **Residential Weekends**
We successfully held the first residential weekend since the pandemic began, in October 2021. Powerful feedback from young people and their families was an important reminder of how important the work we do is.
Games, crafts and activities filled the weekend and the chance for the young people and their families to connect, share and meet in person was life affirming and inspiring.
“I observed many tears and laughter, and a huge rise in confidence from parents and youngsters alike.”
“How relaxed and themselves the kids felt around each other with no judgements, free to not have to second think everything.”
“I loved the role models session – it gave me hope that my child will lead a fabulous life with our support. I admire and thank all the people that told their journeys, you are all fabulous role models.”
## **Forums**
In 2021/2022, we achieved a long-awaited goal, launching our own forum platform to offer a parents group and individual groups for young people aged 12-15, 16-17 and for those aged over 18 years.
This year, work has continued on developing user experience for the forums, safe spaces which reduce isolation and loneliness by providing peer support and connections with others in the same or a similar position, and those further along the journey.
11
## Mermaids
## Trustees’ annual report
for the year ending March 31[st] 2022
The Helpline Service Manager and team run the security checks and monitor online activity, including any content to keep young people safe. Staff are on hand to deal with any disruptive, negative or emotional language, but also respond if individual help is required in specific circumstances – for example, name change, pronoun change, difficulties with school or other services.
In 2021/2022, membership of the parents’ group was 1049 and for the youth forums 334. Numbers have since risen and we’re currently carrying out work to boost both membership numbers and levels of engagement, particularly with young people.
## **Legal and Policy**
Our legal and policy efforts work together towards protecting and promoting equality for trans, non- binary and gender diverse young people by platforming the voice of those we represent and using what we hear to shape what we focus on and ask people to take notice of.
This has been a politically heavy period of time for trans youth and Legal and Policy have worked to react to some incredibly difficult circumstances.
In March 2022, the Legal and Policy department included the Director of Legal & Policy, Head of Policy and Research, a Legal & Policy Officer, Pro Bono & Legal Strategy Coordinator, Youth Rights Advocate Manager, TPoC Youth Engagement Officer, Trans Inclusion in Sport Officer and Researcher.
Highlights have been launching our first campaign focused on trans inclusion in sport, and our #ActiveAboutInclusion work continues into 2022/2023. We also launched MANGO, a 12-week activist programme for young trans people aged 16-19.
“MANGO was the first time I was in a powerful, consistent and supportive space, full of amazing trans young people and staff with similar interests and passions. What has stood out about MANGO is the joy and enthusiasm for learning and gaining knowledge, through the session plans and by the sharing of pre-existing knowledge throughout the group. I have learnt a multitude of new concepts, historical events and philosophers in addition to an extended reading list. I have loved listening to all members of the group apply and interpret complex topics such as intersectionality, dominant ideologies and the concept of politics happening to us. Despite all the new concepts and terminology my views and ideas were always valued and I never felt uneducated or behind the group. The after-session resources provided were great as they were
12
## Mermaids
Trustees’ annual report
for the year ending March 31[st] 2022
both manageable and accessible, providing a more in-depth takeaway of all that had been discussed, which I’ll be using for years to come. It was refreshing to see natural human diversity throughout the course from role models to historic events. Sessions acknowledged but stayed clear of a white ethnocentric perspective of transness and activism, which is so rare to see and be a part of.
MANGO has already given me the incredible opportunity to write to the European Commissioner of Human Rights about life as a trans young person in the UK. I look forward to future opportunities as a part of MANGO and wider- Mermaids campaigns.
Looking back on my application I’ve met the majority of my goals for participating in the course. A highlight is my increased confidence and self-esteem in general, but in particular, my trans identity and my power to make change even when it feels hopeless. In addition, I’ve learnt the power of a collective and the strength of solidarity.
MANGO has brought me so many positive emotions that are hard to decipher but joy, inspiration, laughter, connection and strength, were all present. I come away from MANGO feeling light and empowered. I will miss our weekly sessions, however, I know I’ve made a great network of incredible trans activists across the UK.”
Luan (He/Him)
We move forward with a growing profile amongst parliamentarians and civil society having offered evidence to the Council of Europe, as well as the Women and Equalities Select Committee this year, and continue to collaborate with partners on major campaigns including #BanConversionTherapy.
Demand continues to grow within our legal enquiry service, which offers guidance and support to members of the public impacted by prejudice and discrimination in their every day life. The legal team has offered invaluable support to young people and families impacted by the Bell v Tavistock ruling of December 2020, which was overturned by the Court of Appeal in September 2021. The Department also leads on a challenge against the Charity Commission with regard to its decision on awarding LGB Alliance charitable status.
13
## Mermaids
Trustees’ annual report
for the year ending March 31[st] 2022
## **Corporate Partnerships**
We continue to work with many corporate partners who provide both financial and practical support for the charity. We are very grateful for donations, campaigning and fundraising support our partners have offered throughout the year.
With many organisations continuing to work from home through 2021/2022, Mermaids delivered many corporate engagement events virtually including lunch and learns, training and panel discussions. These help engage organisations’ staff and raise awareness of the work Mermaids does supporting young people as well as improving understanding of diverse gender identities.
During 2021-22, Mermaids delivered 44 events for companies. Alongside these events, the charity has delivered consultative work for organisations to help them to review and implement trans inclusive policies and practices, while upskilling their HR teams.
## **Training**
In 2021/2022 Mermaids continued to provide quality CPD accredited awareness training to many organisations from the NHS, schools, colleges and universities as well as other public bodies, professionals, and corporate businesses. During 2021/2022 we delivered 329 individual training sessions to over 5,000 people.
“It was lovely to be in a safe space to be able to ask questions… Thank you for enabling us to continue to learn.”
“I wanted to thank you on behalf of all our staff who were able to be part of your training yesterday to say just how much we gained from everything that you covered. I have been receiving nothing but positive feedback and thanks from everyone, who now feel more confident and empowered so that moving forwards, they will be better prepared to support any young person who may be experiencing difficulties associated with sexuality or identity.”
14
## Mermaids
Trustees’ annual report
for the year ending March 31[st] 2022
Moving training delivery online has been positive and allowed us to have a further reach such as making it easier for people to get access to our training from anywhere in the world.
As we move into 2022, we are developing our training to provide more specific focus on areas such as health, sport, and the workplace, allowing organisations and professionals to gain a more in-depth view of trans lives and lived experience.
## **Fundraising**
Fundraising Standards information
Mermaids relies on the generous support of donors and fundraisers to enable the charity to continue providing support to trans young people and their families. Such incredible support is given via multiple different avenues including individual donations, fundraising events, corporate partnerships, grants and legacy gifts.
The charity employs a small team, who work to develop relationships with individual donors, as well as corporate partners and charitable trusts and foundations, whilst also supporting fundraisers who are taking part in third party challenge events or holding their own fundraising events. In addition, it worked during the accounting period with Rally/Forward Action.
Most of the income Mermaids receives from community and challenge events fundraising is collected on behalf of and transferred to the charity by third party platforms including JustGiving, Enthuse, Tiltify and Meta.
The Charity is a member of the Fundraising Regulator, and it abides by the Code of Fundraising Practice. Throughout the accounting period, no complaints concerning its fundraising practice were received.
Mermaids protect vulnerable people and other members of the public from the following behaviours in the course of or in connection with fundraising activities:
- unreasonable intrusion on a person’s privacy
15
## Mermaids
## Trustees’ annual report
## for the year ending March 31[st] 2022
- unreasonable persistent approaches for the purpose of soliciting or otherwise procuring money or other property on behalf of charity
- placing undue pressure on a person to give money or other property.
It does so through the provision of staff training, its fundraising practice and complying with the data protection legislation.
Fundraising Developments
Throughout another challenging year, the Fundraising team has continued to adapt and innovate to ensure Mermaids can support more service users than ever before. We are forever grateful for the dedicated and hardworking fundraisers and donors who dedicate their time and energy to raising money and awareness for the charity.
2021-22 has seen a continuation of funding from the National Lottery Community Fund, and the start of Mermaids’ three-year grant with The Esmée Fairbairn Foundation, which has made it possible for Mermaids to employ a Youth Rights Advocate Manager for the very first time.
As fundraisers worldwide continue to create inspiring online content to generate donations for the charity, Mermaids increased its digital presence with the campaigns including #MyPrideFamily 2021 and #AwarenessIntoAction on the fundraising platform, Tiltify.
Mermaids had runners in the Great North Run, the Vitality Big Half-Marathon as well as the Virtual London Marathon, with participants determined to complete the events despite Covid related cancellations and postponements.
The team grew in number too, with a Fundraising Assistant joining in July 2021, a Head of Fundraising and a Grants & Foundations Officer in January 2022.
## **Digital and Communications**
Strong responses to high-profile news including the J.K Rowling blog resulted in a coordinated and successful period for our Digital and Communications team and saw a significant spike in web traffic and donations.
16
## Mermaids
Trustees’ annual report
for the year ending March 31[st] 2022
Successful campaigns saw Mermaids’ voice continue to advocate for our community across all areas of daily life. We closely supported the Legal & Policy team to ensure the charity offered the UK’s primary voice for trans rights during and immediately following the Bell v Tavistock High Court judgement, appearing on all major UK TV networks.
Our social media audience, reach and engagement has grown considerably in 2021/2022, and we received a great response to the first season of our podcast, She Said They Said, which launched in 2021, and was featured as Podcast of the Week in the Guardian.
Mermaids will continue to champion our service users through the voices of trans, non-binary and gender diverse young people and their families. The next year will build on this further as we continue our Digital Transformation work, enabling us to mobilise the public at scale.
## **Research**
During 2021/2022 we carried out several research projects. They were designed from the ground up by Mermaids, with the support of academics from various Universities. During the financial year and since then we have been focusing on:
Primary Care (GP) Research: This research was designed to find out more about the primary care experiences of the children, young people and families that Mermaids supports.
Sports Research: This research aims to find out more about the barriers which may make it more difficult for young people to access sport.
Parental Support Research: This is a piece of cross-sectional research which used a survey to find out about the parental support experiences of Mermaids’ young people (aged 11-19).
Employment Research: Mermaids is going to lead a project which will help organisations become more trans inclusive and create opportunities for trans YP through work experience and internship placements at trusted organisations.
17
## Mermaids
Trustees’ annual report
for the year ending March 31[st] 2022
Lottery Research: This is a longitudinal research project (3 – 5 years) which aims to gather feedback from families about their experiences of Mermaids and their operational satisfaction.
Clinical Care Research: This research was put together in response to the Tavistock court case. The survey aimed to find out more about the experiences of trans YP and their families when accessing clinical care in the UK.
18
## Mermaids
Trustees’ annual report
for the year ending March 31[st] 2022
## **Where we are going**
The world continues to be a hostile place for trans, non-binary and gender diverse young people and their families. Worrying action is being proposed at a national, Government level as well as a continuing wave of anti-trans campaigners getting national press attention. As a result, we are refreshing our current strategy in 2022/2023 as things have moved on since 2021/2022 and Mermaids needs to continue to be agile to face the challenges while showcasing trans joy.
## **Mermaids Strategy: 2021-2024**
We will continue to focus on our core services that have never been more needed and we are well on our way to engaging more widely in changing the public perception of transgender youth and effecting change through our communications, research, and education.
19
## Mermaids
Trustees’ annual report
for the year ending March 31[st] 2022
## **Structure, Governance and Management**
The organisation is a charitable incorporated organisation, registered as a charity on 20th February 2015 in England and Wales. The charity is constituted under a constitution dated 1st November 2014.
In line with its constitution the governance of the charity is conducted by its Board of Trustees who delegates the operational day to day responsibilities to the CEO and the wider staff team.
The trustees are members of the charity, but this entitles them only to voting rights. The trustees have no beneficial interest in the charity. All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 12 to the accounts.
Recruitment of trustees is conducted in an open and transparent way via means of advertising any vacancies on the charity’s website and through other, mainly online, channels. Each prospective candidate for the post of trustee is interviewed and needs to be appointed by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees have regard to the skills, knowledge and experience needed for the effective administration of the CIO. An enhanced DBS check is obtained for all trustees and all trustees sign an eligibility declaration form confirming that there is no legal impediment to their appointment.
As part of their induction, new charity trustees receive a copy of the current version of the organisational constitution and a copy of the latest Annual Report and statement of accounts. Training on the role and responsibilities of trustees is also made available.
At approximately the same time every year, the position of one-third of the charity trustees shall be subject to review. The purpose of this review, conducted by the other trustees, shall be to ascertain if it is in the CIO’s best interests for that individual to continue in post.
Trustees meet at regular intervals and during 2021/2022 also established a dedicated Finance, Audit and Risk Subcommittee.
20
## Mermaids
Trustees’ annual report
for the year ending March 31[st] 2022
## **Charitable Objects**
The Charity’s Objects are to relieve the mental and emotional stress of all persons aged 19 years and under who are in any manner affected by gender identity issues, and their families, and to advance public education in the same.
## **Public Benefit**
The trustees have paid due regard to the Charity Commission's guidance on public benefit under Charities Act 2011. The trustees are confident that Mermaid's aims and activities are following the regulations on public benefit.
## **Risk Management**
Trustees review the risk register on an ongoing basis. If a new risk is identified, then the register is reviewed as a matter of urgency and plans implemented to reduce/mitigate/accept the risk.
## **Remuneration policy for key management personnel**
Pay scales for the remuneration of senior staff are brought to the trustees by the CEO and are based on industry comparisons. The decision of the remuneration for the CEO is decided by the board and reviewed annually.
## **Funds held as custodian trustee on behalf of others**
Not applicable.
21
## Mermaids
Trustees’ annual report
for the year ending March 31[st] 2022
## **Investment Policy**
Mermaids may make investments either to receive a financial return to spend on their aims, to reduce risk through diversification, or as a way of directly furthering those aims.
Any proposal to open a new investment account must be approved by a resolution by the Board.
The aim of this policy is to ensure the trustees act in the best interests of Mermaids when making investments and when any investment is made, should include the following:
● an investment policy which includes investment objectives, risk, cash flow requirements, timing, ethical policy, management reporting and monitoring and approval and review as required detailing all investments made
- consideration of the need for diversification of investments, including bank accounts
● acknowledgement that professional advice should be sought, where appropriate, on the selection or disposal of investments.
The Finance Director is responsible for ensuring that all investment income due has been received.
Investment performance will be regularly monitored by the CEO and Finance Director and reported to the Board.
During the accounting period, the charity invested some of its unrestricted reserves through:
● M&G Equities Investment Fund for Charities (Charifund). The fund aims to provide: an annual yield above that available from the FTSE All-Share Index; an income stream that increases every year; and a level of capital growth, net of the Ongoing Charge Figure, that is higher than inflation over any ten-year period, as measured by the UK Retail Prices Index
● CCLA COIF Charities Investment Fund. The Fund aims to be a long-term, sustainable investment solution which incorporates environmental, social and governance (ESG) considerations into the investment strategy. The portfolio has a bias towards real assets, predominantly global equities but also property investments and infrastructure.
## **Financial Review**
Mermaids is becoming increasingly well known for our work supporting families and young people and this has continued to result in substantial income from donations throughout the year, and partnerships with organisations that wished to support our work.
22
## Mermaids
Trustees’ annual report
for the year ending March 31[st] 2022
We know that we were very fortunate to be in this position, especially when considering the increased hostility towards transgender people in general.
The charity was in a strong position at the end of the financial year 2021/22. There has been sustained growth across the last three years. In 2020/21 our income was £1,847,868, with donations of £1,656,999.
In 2021/22 our income was £1,949,606, with donations of £1,659,146. Total expenditure was £1,823,594. At the end of 2021/22 total reserves stood at £1,124,209 of which £1,073,207 were unrestricted funds.
At the end of 21/22 we were looking to continue to invest in our training provision, local and national service delivery, communications and awareness raising and merchandise opportunities. We were also looking to expand our services across the country, particularly in Northern Ireland, Wales and Scotland. We wish to diversify our income to ensure that we are not reliant on any one stream of income, recognising that inflation and the cost-of-living crisis is likely to impact us, and in fact all other charities, for some time to come.
Trustees are aware of the continuing criticism of Mermaids as an authority in transgender children’s rights. We will continue to robustly defend our service users and their families and are very grateful for the support that we receive that enables us to do so.
## **Reserves Policy**
The Mermaids Reserves Policy is to maintain sufficient level of reserves to enable normal operating activities to continue over a period of minimum four months should a shortfall in income occur, to take account of potential risks and contingencies or to take advantage of new opportunities.
For 2022/23, four months’ operational costs total £838,594; based on four months expenditure in the 22/23 budget approved by the Board. Mermaids had £1,073,207 in unrestricted funds at the year-end 31 March 2022 and so was compliant with the current reserves policy.
## **Post year-end developments**
23
## Mermaids
## Trustees’ annual report
## for the year ending March 31[st] 2022
The Charity Commission opened a regulatory compliance case into Mermaids in October 2022 and announced a statutory inquiry into Mermaids in December 2022.
In April 2022 we were joined by SAIL Northern Ireland. Susie Green, our former CEO, left the charity in November 2022. An Interim CEO was appointed in December 2022.
## **Principal Risks and Financial Uncertainties**
Principal risks affecting the charity at the time of preparing the report result from the impact of negative media coverage and the regulatory Charity Commission compliance case which in December 2022 became a statutory inquiry. Those risks include potentially reduced income from trusts and foundations and our corporate supporters, reputational risks as well as a risk to our partnerships. The Board of Trustees continues to proactively address them via direct conversations with our funders and partners and is taking steps to prepare for an anticipated reduced income during the next financial year 2023/2024.
The Trustees have fully co-operated with the Charity Commission and will continue to do so in the coming weeks. There is a shared understanding about the difficult situation the charity is facing and equally a shared determination to address it head on while strengthening the charity in the process, as well as taking any necessary steps.
## **Going Concern**
The trustees considered all information available to them, including the impact of the post-year end developments and principal risk and financial uncertainties, and reassured themselves that the charity remains a going concern.
24
## Mermaids
## Trustees’ annual report
for the year ending March 31[st] 2022
## **Statement of responsibilities of the trustees**
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
- Select suitable accounting policies and then apply them consistently
- Observe the methods and principles in the Charities SORP
- Make judgements and estimates that are reasonable and prudent
- State whether applicable UK Accounting Standards and statements of recommended practice have
- been followed, subject to any material departures disclosed and explained in the financial statements
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that
- the charity will continue in operation
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The trustees’ annual report has been approved by the trustees on _______________and signed on their behalf by
Signature Signature Belinda Bell Katarzyna Khider Chair of the Board of Trustees Treasurer
25
## Independent Auditor’s Report
to the trustees of
## Mermaids
## **Independent Auditors’ Report**
## **Opinion**
We have audited the financial statements of Mermaids (the ‘charity’) for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
In our opinion the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 March 2022, and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue
26
## Independent Auditor’s Report
## to the trustees of
## Mermaids
as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 25, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
27
## Independent Auditor’s Report
## to the trustees of
## Mermaids
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144f the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
- enquiry of management and those charged with governance around actual and potential litigation and claims.
- enquiry of legal advisors around actual and potential litigation and claims and any instances of noncompliance with laws and regulations.
- enquiry of the charity's staff, management and those charged with governance to identify any instances of non-compliance with laws and regulations.
- reviewing minutes of meetings of those charged with governance.
- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
28
## Independent Auditor’s Report
## to the trustees of
## Mermaids
A further description of our responsibilities is available on the Financial Reporting Council’s website at: - - - - - - - https://www.frc.org.uk/Our Work/Audit/Audit and assurance/Standards and guidance/Standards and - - - - - - - - - - guidance for auditors/Auditors responsibilities for audit/Description of auditors responsibilities for audit.aspx. This description forms part of our auditor’s report.
Slade & Cooper Limited
_Statutory Auditors_ Beehive Mill Jersey Street Manchester M4 6JG
Date:
**Slade & Cooper Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006**
29
## Mermaids
## Statement of Financial Activities (including Income and Expenditure account) for the year ended 31 March 2022
|Unrestricted
funds
Note
£
**Income from:**
Donations and legacies
3
1,424,146
Charitable activities:
4
Helpline
26,817
Volunteers & events
-
Training
141,246
Campaigning and advocacy
-
General
8,068
5
19,398
Investments
6
19,031
Other income
50,900
**Total income**
**1,689,606**
**Expenditure on:**
Raising funds
8
107,808
Charitable activities:
9
Helpline
525,840
Volunteers & Events
140,372
Training
91,458
Comms & Digital
327,136
Legal & Policy
393,685
**Total expenditure**
**1,586,299**
103,307
-
15,525
11
**118,832**
Transfer between funds
-
**Net movement in funds for the year**
**118,832**
**Reconciliation of funds**
Total funds brought forward
954,375
**Total funds carried forward**
**1,073,207**
Other trading activities
**Net income/(expenditure) before**
**net gains/(losses) on investments**
Impairment of unlisted investments
Unrealised gains/(losses) on investments
**Net income/(expenditure) for the**
**year**|Restricted
funds
£
235,000
15,000
-
10,000
-
-
-
-
**260,000**
-
78,891
30,051
16,553
61,698
50,102
**237,295**
22,705
-
-
**22,705**
-
**22,705**
28,297
**51,002**|Total funds
2022
£
1,659,146
41,817
-
151,246
-
8,068
19,398
19,031
50,900
**1,949,606**
107,808
604,731
170,423
108,011
388,834
443,787
**1,823,594**
126,012
-
15,525
**141,537**
-
**141,537**
982,672
**1,124,209**|_Total funds_
_2021_
_£_
_1,656,999_
_5,000_
_24,000_
_59,546_
_10,000_
_56,192_
_12,783_
_575_
_22,773_|
|---|---|---|---|
||||**_1,847,868_**|
||||_80,818_
_252,648_
_188,510_
_131,155_
_317,404_
_210,709_|
||||**_1,181,244_**|
||||_666,624_
_-_
_12,750_|
||||**_679,374_**
_-_|
||||**_679,374_**
_303,298_|
||||**_982,672_**|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
30
## Mermaids
## Balance sheet as at 31 March 2022
|Note
£
£
**Fixed assets**
Tangible assets
15
19,265
Investments
16
649,869
**Total fixed assets**
**669,134**
**Current assets**
Debtors
17
150,100
Current asset investments
18
174,439
Cash at bank and in hand
19
174,472
**Total current assets**
**499,011**
**Liabilities**
Creditors: amounts falling
due in less than one year
20
(43,936)
**Net current assets**
**455,075**
**Total assets less current liabilities**
1,124,209
**Net assets**
**1,124,209**
**The funds of the charity:**
Restricted income funds
21
51,002
Unrestricted income funds
22
1,073,207
**Total charity funds**
**1,124,209**
2022|_£_
_£_
_12,455_
_333,783_
**_346,238_**
_77,333_
_-_
_629,190_
**_706,523_**
_(70,089)_
**_636,434_**
_982,672_
**_982,672_**
_28,297_
_954,375_
**_982,672_**
_2021_|_£_
_£_
_12,455_
_333,783_
**_346,238_**
_77,333_
_-_
_629,190_
**_706,523_**
_(70,089)_
**_636,434_**
_982,672_
**_982,672_**
_28,297_
_954,375_
**_982,672_**
_2021_|
|---|---|---|
|||**_346,238_**
**_636,434_**|
|||_982,672_|
|||**_982,672_**|
|||_28,297_
_954,375_|
|||**_982,672_**|
The notes on pages 33 to 51 form part of these accounts.
Approved by the trustees on 20/01/2023 and signed on their behalf by:
_______________
Belinda Bell (Chair)
31
## Mermaids
## Statement of Cash Flows for the year ending 31 March 2022
|Note
**Cash provided by/(used in) operating activities**
23
_Cash flows from investing activities:_
Dividends, interest, and rents from investments
Purchase of tangible fixed assets
Purchase of investments
**Cash provided by/(used in) investing activities**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
**Represented on the balance sheet as:**
Current asset investments
Cash at bank and in hand
Increase/(decrease) in cash and cash
equivalents in the year|2022
£
**13,732**
19,031
(12,481)
(300,561)
**(294,011)**
(280,279)
629,190
**348,911**
174,439
174,472
**348,911**|_2021_
_£_
**_592,523_**|
|---|---|---|
|||_575_
_(9,390)_
_(300,000)_|
|||**_(308,815)_**|
|||_283,708_
_345,482_|
|||**_629,190_**|
|||_-_
_629,190_|
|||**_629,190_**|
32
Mermaids
Notes to the accounts for the year ended 31 March 2022
## **1 Accounting policies**
The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## **a 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), second edition - October 2019 (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006 and UK Generally Accepted Accounting Practice.
The accounts (financial statements) have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following 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) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Mermaids meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
## **b Preparation of the accounts on a going concern basis**
The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.
The trustees have made no key judgments which have a significant effect on the accounts.
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period.
33
Mermaids
Notes to the accounts for the year ended 31 March 2022 (continued)
## **c Income**
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.
Income received in advance of a provision of a specified service is deferred until the criteria for income recognition are met.
## **d Donated services and facilities**
Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised; refer to the trustees’ annual report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
## **e Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
34
Mermaids
Notes to the accounts for the year ended 31 March 2022 (continued)
## **f Fund accounting**
Unrestricted funds are available to spend on activities that further any of the purposes of the charity.
Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.
Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.
## **g Expenditure and irrecoverable VAT**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
- Expenditure on charitable activities includes the costs undertaken to further the purposes of the charity and their associated support costs.
- Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **h Allocation of support costs**
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity's programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 8.
## **i Operating leases**
Operating leases are leases in which the title to the assets, and the risks and rewards of ownership, remain with the lessor. Rental charges are charged on a straight line basis over the term of the lease.
## **j Tangible fixed assets**
Individual fixed assets costing £500 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows:
Computer Equipment 25%
35
Mermaids
Notes to the accounts for the year ended 31 March 2022 (continued)
## **k Fixed asset investments**
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Unquoted investments are shown in the Balance Sheet measured initially at cost and subsequently measured at fair value or cost less impairment. The impairment amount has been recognised on the basis of the value of the only third party offer the trustees have received for the shares. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Charity does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
## **l 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.
## **m Cash at bank and in hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **n Cash at bank and in hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **o Creditors and provisions**
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.
## **p Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
36
Mermaids
Notes to the accounts for the year ended 31 March 2022 (continued)
## **q Pensions**
Employees of the charity are entitled to join a defined contribution ‘money purchase’ scheme. The charity’s contribution is restricted to the contributions disclosed in note 10. There were no outstanding contributions at the year end. The costs of the defined contribution scheme are included within support and governance costs and allocated to the funds of the charity using the methodology set out in note 8.
The money purchase plan is managed by the Peoples Pension and the plan invests the contributions made by the employee and employer in an investment fund to build up over the term of the plan a pension fund which is then converted into a pension upon the employee’s normal retirement year age when eligible for a state pension. The trust has no liability beyond making its contributions and paying across the deductions for the employee’s contributions. There were no contributions outstanding at the year-end.
## **2 Legal status of the charity**
The charity is an charitable incorporated organisation, registered as a charity in England & Wales.
## **3 Income from donations and legacies**
|Unrestricted
£
Donations
1,040,134
Trusts & foundations
47,120
Donations in kind
336,892
**Total**
1,424,146
Donations in kind relate to pro bono legal services received
**Previous reporting period**
Unrestricted
£
Donations
1,147,456
Trusts & foundations
-
Donations in Kind
251,644
**Total**
1,399,100|Restricted
£
145,000
90,000
-
235,000
Restricted
£
227,899
30,000
-
257,899|Total 2022
£
1,185,134
137,120
336,892|
|---|---|---|
|||1,659,146|
|||Total 2021
£
1,375,355
30,000
251,644|
|||1,656,999|
37
## Mermaids
## Notes to the accounts for the year ended 31 March 2022 (continued)
## **4 Income from charitable activities**
|**Current reporting period**|Unrestricted|Restricted|Total 2022|
|---|---|---|---|
||£|£|£|
|Trusts & foundations|-|15,000|15,000|
|Service contract|26,817|-|
26,817|
|**Subtotal for helpline**|26,817|15,000|41,817|
|Training courses|141,246|-|
141,246|
|Trusts & foundations|-|10,000|10,000|
|**Subtotal for training**|141,246|10,000|151,246|
|Other grant income|8,068|-|
8,068|
|**Subtotal for general charitable activities**|8,068|-|
8,068|
|**Total**|176,131|25,000|201,131|
|Training course was disclosed under trading income in the previous||year. It is considered||
|to be part of the Charity's charitable activities. The comparative figure has been|||moved from|
|note 5 to note 4.||||
|**_Previous reporting period_**|_Unrestricted_|_Restricted_|_Total 2021_|
||_£_|_£_|_£_|
|_Clothworkers Foundation_|_-_|_5,000_|_5,000_|
|**_Subtotal for helpline_**|_-_|_5,000_|_5,000_|
|_Global Fund_|_-_|24,000|_24,000_|
|**_Subtotal for Residential Weekend_**|_-_|_24,000_|_24,000_|
|_Training courses_|_59,546_|-|
_59,546_|
|**_Subtotal for Training_**|_59,546_|_-_|
_59,546_|
|_LGBT Foundation_|_-_|10,000|_10,000_|
|**_Subtotal campaigning and advocacy_**|_-_|_10,000_|_10,000_|
|_Other grant income_|_26,192_|_30,000_|_56,192_|
|**_Subtotal for general charitable activities_**|_26,192_|_30,000_|_56,192_|
|**_Total_**|_26,192_|_69,000_|_95,192_|
38
## Mermaids
## Notes to the accounts for the year ended 31 March 2022 (continued)
## **5 Income from other trading activities**
|2022
£
Merchandise Sales
3,171
Events income
469
Consultancy and speaker fees
15,758
19,398
All income from other trading activities is unrestricted.
**6**
**Investment income**
Unrestricted
£
Income from bank deposits
27
Investment income received
19,004
19,031
**_Previous reporting period_**
_Unrestricted_
_£_
_Income from bank deposits_
_575_
_Dividends received_
_-_
_575_
**7**
**Other income**
2022
£
Insurance receipt
50,000
Other
900
50,900
All income from other other income is unrestricted.
**8**
**Cost of raising funds**
2022
£
Staff costs
63,945
Other staff costs
41,476
Fundraising expenses
2,387
107,808|2021
£
3,753
519
8,511
12,783
Restricted
£
-
-
-
_Restricted_
_£_
_-_
_-_
_-_
2021
£
-
22,773
22,773
2021
£
62,875
-
17,943
80,818|2022
£
27
19,004|
|---|---|---|
|||19,031|
|||_2021_
_£_
_575_
_-_|
|||_575_|
||||
All expenditure on cost of raising funds is unrestricted.
39
## Mermaids
## Notes to the accounts for the year ended 31 March 2022 (continued)
## **9 Analysis of expenditure on charitable activities**
|**Current Reporting Period**
Staff costs
Residential Expenses
External Events
Project Costs
Training Expenses
Miscellaneous Expenses
Bad Debts
Depreciation
Restricted
Unrestricted
**Total**
Governance costs (see
note 10)
Support costs (see
note 10)
**Total**|Helpline
£
311,309
-
-
-
7,288
-
-
1,890
150,107
134,137
604,731
78,891
525,840
604,731|Volunteers
& Events
£
59,150
2,280
2,295
-
2,650
-
-
687
54,584
48,777
170,423
30,051
140,372
170,423|Training
£
54,661
-
-
-
1,325
-
-
344
27,292
24,389
108,011
16,553
91,458
108,011|Comms &
Digital
£
175,435
-
-
-
5,301
-
-
1,375
109,169
97,554
388,834
61,698
327,136
388,834|Legal & Policy
£
230,388
-
-
-
5,301
-
-
1,375
109,169
97,554
443,787
50,102
393,685
443,787|Total 2022
£
830,943
2,280
2,295
-
21,865
-
-
5,671
450,321
402,411|
|---|---|---|---|---|---|---|
|||||||1,715,786|
|||||||237,295
1,478,491|
|||||||1,715,786|
40
## Mermaids
## Notes to the accounts for the year ended 31 March 2022 (continued)
## **9 Analysis of expenditure on charitable activities continued**
|**_Previous reporting period_**
_Staff costs_
_Residential Expenses_
_Prides_
_Project Costs_
_Training Expenses_
_Miscellaneous Expenses_
_Bad Debts_
_Depreciation_
_Restricted_
_Unrestricted_
**_Total_**
_Governance costs (see_
_note 10)_
_Support costs (see_
_note 10)_
**_Total_**|_Helpline_
_£_
_126,256_
_-_
_-_
_-_
_-_
_-_
_-_
_304_
_88,476_
_37,612_
_252,648_
_161,449_
_91,199_
_252,648_|_Residential_
_Weekend_
_£_
_61,203_
_915_
_-_
_-_
_-_
_-_
_-_
_304_
_88,476_
_37,612_
_188,510_
_53,258_
_135,252_
_188,510_|_Training_
_£_
_30,040_
_-_
_-_
_-_
_-_
_-_
_-_
_101_
_88,477_
_12,537_
_131,155_
_9,961_
_121,194_
_131,155_|_Raising_
_Awareness_
_£_
_151,834_
_-_
_-_
_1,262_
_-_
_-_
_-_
_607_
_88,477_
_75,224_
_317,404_
_67,934_
_249,470_
_317,404_|_Campaigning_
_and advocacy_
_£_
_122,241_
_-_
_-_
_-_
_-_
_-_
_-_
_708_
_-_
_87,760_
_210,709_
_47,334_
_163,375_
_210,709_|_Total 2021_
_£_
_491,574_
_915_
_-_
_1,262_
_-_
_-_
_-_
_2,024_
_353,906_
_250,745_|
|---|---|---|---|---|---|---|
|||||||_1,100,426_|
|||||||_339,936_
_760,490_|
|||||||_1,100,426_|
41
## Mermaids
## Notes to the accounts for the year ended 31 March 2022 (continued)
## **10 Analysis of governance and support costs**
|Basis of
apportionment
Salaries
staff numbers
Other Staff Costs
staff numbers
Marketing and communication
staff numbers
IT Costs
staff numbers
Travel and Accomodation
staff numbers
Premises Costs
staff numbers
Office and Administration
staff numbers
Accountancy services
Governance
Legal and professional
Governance|Support
£
179,911
82,951
5,558
57,057
19,120
18,684
39,131
-
-
402,412|Governance
£
-
-
-
-
-
-
-
4,578
445,743
450,321|Total 2022
£
179,911
82,951
5,558
57,057
19,120
18,684
39,131
4,578
445,743|
|---|---|---|---|
||||852,733|
|**_Previous reporting period_**
_Basis of_
_apportionment_
_Salaries_
_project income_
_Other Staff Costs_
_project income_
_Marketing and communication_
_project income_
_IT Costs_
_project income_
_Travel and Accomodation_
_project income_
_Premises Costs_
_project income_
_Office and Administration_
_project income_
_Accountancy services_
_Governance_
_Legal and professional_
_Governance_|_Support_
_£_
_165,184_
_-_
_4,670_
_45,685_
_-_
_20,205_
_15,001_
_-_
_-_
_250,745_|_Governance_
_£_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_3,815_
_350,091_
_353,906_|_Total 2021_
_£_
_165,184_
_-_
_4,670_
_45,685_
_-_
_20,205_
_15,001_
_3,815_
_350,091_|
|---|---|---|---|
||||_604,651_|
42
## Mermaids
## Notes to the accounts for the year ended 31 March 2022 (continued)
## **11 Net income/(expenditure) for the year**
This is stated after charging/(crediting):
|This is stated after charging/(crediting):
Depreciation
Operating lease rentals:
Property
Independent examiner's fee/Accountancy Services
**Staff costs**
Staff costs during the year were as follows:
Wages and salaries
Social security costs
Pension costs
Other staff Costs
**Allocated as follows:**
Cost of raising funds
Charitable activities
Support costs
Audit fee|2022
£
5,671
20,152
-
3,500
2022
£
801,060
313,280
79,431
5,456
1,199,227
105,421
830,944
262,862
1,199,227|2021
£
3,238
4,959
315
3,500|
|---|---|---|
|||2021
£
619,929
54,794
38,073
6,837|
|||719,633|
|||62,875
491,574
165,184|
|||719,633|
## **12 Staff costs**
One employee has total employee benefits in the range £60,000 - £ 70,000 (2021: One).
The average number of staff employed during the period was 34 (2021: 23.5). The average full time equivalent number of staff employed during the period was 33 (2021:22.5).
The key management personnel of the charity comprise the trustees, Chief Executive, Director of Legal and Policy, Director of Comms Digital and Fundraising, Director of Operations and Director of Finance (2021: the trustees, Chief Executive, Director of Legal and Policy, Director of PR, Comms and Fundraising, and Director of Finance)
The total employee benefits of the key management personnel of the charity were £246,943 (2021: £187,930).
43
Mermaids
## Notes to the accounts for the year ended 31 March 2022 (continued)
## **13 Trustee remuneration and expenses, and related party transactions**
Neither the management committee nor any persons connected with them received any remuneration or reimbursed expenses during the year (2021: Nil).
No (2021:No) members of the management committee received travel and subsistence expenses during the year (2021:£Nil).
Aggregate donations from related parties were £nil (2021: £nil).
There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.
No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity, including guarantees, during the year (2021: nil).
## **14 Corporation tax**
The charity is exempt from tax on income and gains falling within Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.
## **15 Fixed assets: tangible assets**
|**Cost**
Additions
Disposals
**Depreciation**
Charge for the year
Disposals
**Net book value**
At 31 March 2021
At 31 March 2022
At 1 April 2021
At 31 March 2022
At 31 March 2022
At 1 April 2021|Computer
equipment
£
18,254
12,481
-
30,735
5,799
5,671
-
11,470
19,265
12,455|£
18,254
12,481
-
Total|
|---|---|---|
|||30,735|
|||5,799
5,671
-|
|||11,470|
|||19,265|
|||12,455|
44
## Mermaids
## Notes to the accounts for the year ended 31 March 2022 (continued)
## **16 Investments**
|Add: additions to investments at cost
Disposals at carrying value
Add net gain/(loss) on revaluation
Impairment of unlisted shares
Investments at fair value comprised:
M+G Charifund units
CCLA COIF units
Unlisted Shares at cost less impairment
**Debtors**
Grants receivable
Trade debtors
Other debtors
Prepayments and accrued income
Market value at the end of the year
Market value at the start of the year
Cash
held
by
investment
broker
pending
reinvestment|2022
£
333,783
300,561
-
15,525
-
649,869
-
649,869
444,932
191,937
13,000
649,869
2022
£
-
88,980
-
61,120
150,100|2021
£
21,033
300,000
-
12,750
-|
|---|---|---|
|||333,783
-|
|||333,783|
|||320,783
13,000|
|||333,783|
|||2021
£
-
56,081
-
21,252|
|||77,333|
## **17 Debtors**
45
## Mermaids
## Notes to the accounts for the year ended 31 March 2022 (continued)
## **18 Current asset investments**
|2022
£
Cash equivalents on deposit
Flagstone Multibank platform
174,439
174,439
**19**
**Cash at bank and in hand**
2022
£
Short term deposits
26,848
Cash at bank and on hand
147,624
Other
-
174,472
**20**
**Creditors: amounts falling due within one year**
2022
£
Trade creditors
17,403
Income received in advance
20,470
Other creditors and accruals
6,063
43,936|2021
£
-|
|---|---|
||-|
||2021
£
511,821
117,369
-|
||629,190|
||2021
£
14,307
-
55,782|
||70,089|
46
Mermaids
## Notes to the accounts for the year ended 31 March 2022 (continued)
## **21 Analysis of movements in restricted funds**
|Helpline
Training
Core support
Total
_Henry Smith_
_Starbucks_
_Hamlyn_
_Youth Fund UK_
_Ford Britain Trust_
_Global Fund_
_Tudor Trust_
_NLCF_
_Total_
**_Previous reporting_**
**_period_**
_LGBT Foundation_
_Clothworkers_
_Foundation_
Campaigning &
advocacy
Volunteers &
events|Balance at
1 April
2021
£
-
11,596
-
-
16,701
28,297
_Balance at_
_1 April_
_2020_
_£_
_-_
_-_
-
-
-
10,000
-
-
31,334
_-_
_41,334_
|Income
£
15,000
-
10,000
20,000
215,000
260,000
_Income_
_£_
_30,000_
_10,000_
_5,000_
_100,449_
_30,000_
_-_
_2,450_
_24,000_
_-_
_125,000_
_326,899_|Expenditure
£
(15,000)
(11,596)
(4,027)
-
(206,672)
(237,295)
_Expenditure_
_£_
_(30,000)_
_(10,000)_
_(5,000)_
_(100,449)_
_(13,299)_
_(10,000)_
_(2,450)_
_(12,404)_
_(31,334)_
_(125,000)_
_(339,936)_|Transfers
£
-
-
-
-
-
-
_Transfers_
_£_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_|Balance at
31 March
2022
£
-
-
5,973
20,000
25,029|
|---|---|---|---|---|---|
||||||51,002|
||||||_Balance at_
_31 March_
_2021_
_£_
_-_
_-_
_-_
_-_
_16,701_
_-_
_-_
_11,596_
_-_
_-_|
||||||_28,297_|
47
Mermaids
Notes to the accounts for the year ended 31 March 2022 (continued)
## **19 Analysis of movements in restricted funds (continued) Name of restricted fund Description, nature and purposes of the fund**
Helpline - includes funding towards staff costs and a volunteer manager for this activity.
Volunteers & events - funding towards the salary of an events co-ordinator
Training - to deliver training within sports clubs.
Campaigning & advocacy - to set up YAP panel
Core support - includes funding towards delivering the strategic plan & core costs
## **20 Analysis of movement in unrestricted funds**
|Unlisted investments
Unlisted investments
General fund
General fund
**Current reporting**
**period**
**Previous reporting**
**period**|Balance
at 1 April
2021
£
941,375
13,000
954,375
Balance
at 1 April
2020
£
248,964
13,000
261,964
|Income
£
1,689,606
-
1,689,606
Income
£
1,520,969
-
1,520,969|Expenditure
£
(1,570,774)
-
(1,570,774)
Expenditure
£
(828,558)
-
(828,558)|Transfers
£
-
-
-
Transfers
£
-
-|As at 31
March 2022
£
1,060,207
13,000|
|---|---|---|---|---|---|
||||||1,073,207|
||||||As at 31
March 2021
£
941,375
13,000|
||||||954,375|
## **Name of unrestricted fund Description, nature and purposes of the fund**
General fund The free reserves after allowing for all designated funds
Unlisted investments Represent the cost less impairment of unlisted shares
48
## Mermaids
## Notes to the accounts for the year ended 31 March 2022 (continued)
## **21 Analysis of net assets between funds**
|Tangible fixed assets
Fixed asset investments
Net current assets/(liabilities)
Total
**Previous reporting period**
Tangible fixed assets
Fixed asset investments
Net current assets/(liabilities)
Total|General
fund
£
19,265
649,869
391,073
1,060,207
General
fund
£
12,455
320,783
608,137
941,375|Designated
funds
£
-
-
13,000
13,000
Designated
funds
£
-
13,000
-
13,000|Restricted
funds
£
-
-
51,002
51,002
Restricted
funds
£
-
-
28,297
28,297|Total
£
19,265
649,869
455,075|
|---|---|---|---|---|
|||||1,124,209|
|||||Total
£
12,455
333,783
636,434|
|||||982,672|
## **22 Operating lease commitments**
The charity's total future minimum lease payments under non-cancellable operating leases is as
|Less than one year
One to five years
Over five years|2022
_2021_
£
_£_
2,458
_16,777_
-
_2,458_
-
_-_
2,458
_19,235_
Property|2022
_2021_
£
_£_
-
_-_
-
_-_
-
_-_
-
_-_
Equipment|2022
_2021_
£
_£_
-
_-_
-
_-_
-
_-_
-
_-_
Equipment|
|---|---|---|---|
||||_-_|
49
## Mermaids
## Notes to the accounts for the year ended 31 March 2022 (continued)
## **23 Reconciliation of net movement in funds to net cash flow from operating activities**
|**Net income/(expenditure) for the year**
**Adjustments for:**
Depreciation charge
Loss/(profit) on sale of fixed assets
(Gains)/losses on investments
Dividends, interest and rents from investments
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash provided by/(used in) operating**|2022
£
141,537
5,671
-
(15,525)
(19,031)
(72,767)
(26,153)
13,732|_2021_
_£_
_679,374_
_3,238_
_-_
_(12,750)_
_(575)_
_(48,994)_
_(27,770)_|
|---|---|---|
|||_592,523_|
50
## Mermaids
## Statement of Financial Activities (including Income and Expenditure account) for the year ended 31 March 2021
|Unrestricted
funds
Note
£
**Income from:**
Donations and legacies
1,399,100
Charitable activities:
Helpline
-
Volunteers & events
-
Training
-
Campaigning and advocacy
-
General
26,192
72,329
Investments
575
Other income
22,773
**Total income**
**1,520,969**
**Expenditure on:**
Raising funds
80,818
Charitable activities:
Helpline
91,199
Volunteers & Events
135,252
Training
121,194
Comms & Digital
249,470
Legal & Policy
163,375
**Total expenditure**
**841,308**
679,661
-
12,750
**692,411**
Transfer between funds
-
**Net movement in funds for the year**
**692,411**
**Reconciliation of funds**
Total funds brought forward
261,964
**Total funds carried forward**
**954,375**
Impairment of unlisted investments
Unrealised gains/(losses) on investments
**Net income/(expenditure) for the**
**year**
Other trading activities
**Net income/(expenditure) before**
**net gains/(losses) on investments**|Restricted
funds
£
257,899
5,000
24,000
-
10,000
30,000
-
-
**326,899**
-
161,449
53,258
9,961
67,934
47,334
**339,936**
(13,037)
-
-
**(13,037)**
-
**(13,037)**
41,334
**28,297**|Total funds
2021
£
1,656,999
5,000
24,000
-
10,000
56,192
72,329
575
22,773
**1,847,868**
80,818
252,648
188,510
131,155
317,404
210,709
**1,181,244**
666,624
-
12,750
**679,374**
-
**679,374**
303,298
**982,672**|_Total funds_
_2020_
_£_
_666,107_
_2,000_
_10,000_
_100,000_
_47,000_
_-_
_76,141_
_1,189_
_-_|
|---|---|---|---|
||||**_902,437_**|
||||_41,486_
_137,035_
_155,174_
_469,588_
_69,584_
_168,459_|
||||**_1,041,326_**|
||||_(138,889)_
_(17,000)_
_(2,308)_|
||||**_(158,197)_**
_-_|
||||**_(158,197)_**
_461,495_|
||||**_303,298_**|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
51