Charlty number: 1175352 Mellon Educate (UK) {a foundation charitable incorporated organisation (CIO)) Trustees. Report and Financial Statements For the financial year ended 31 December 2024
Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Contents Page Administrative Detsils Trustees. Report Trustees. Responslbllltles Statement Independent Auditors. Report 8-11 Statement of Financial Activities 12 Balanco Shgat 13 ststement of Cash Flows 14 Notes to the Financial Statements 15-25
Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Administrative Detail For the year ended 31 December 2024 Trustees Andrew Brennan Niall Mellon lappointed 1 April 20241 Fiona Lindsy Langdale (appointed 1 April 20241 Noel Elliot lappoinled 1 April 20241 Dominique Hainebach (Chairl Iresigned 1 April 20241 Mike Butler (resigned 1 April 20241 Charity registration number 1175352 Registered office Suite 4113 Units 3A 34-35 Hatton Garden Holborn London EC1N 8DX Independent auditors BDO Statutory Audit Firm Block 3 Miesian Plaza 50-58 Baggol Street Lower Dublin 2 Bankers The Co-operative Bank P.O.Box 250, Delf House Skelmersdale WN8 6WT Page 1
Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Trustees. Report For tho financial year ended 31 December 2024 Structure, Govemment and Management Legal Stmeture Mellon Educate IUKI is a registered charity (No. 1175352) l.the Charill'l. The Charity was registered with the Charity Commission for England and Wales {'Charily Commission") on 25 October 2017. The goveming document of the Charity is a CIO Constitution dated 25 October 2017. On 1 January 2018 the Charity assumed the activities, assets and liabilities of Mellon Educate IUKI 2008, a charitsble company registered in Northern Ireland. company number N1068969 and registered charity number 102874. The Charity's accounts are prepared on a 'true and fair, basis in accordance with accounting standards and the methods and principles of the applicable Stslemenl of Recommended Practice ISORPI. Membership As a foundation CIO the members of the Charity are the Trustees for the lime being. Govemance Mellon Educate IUKI is committed to holding a high standard of ethical and lawful behaviour in all our activities which are led by the Trustees and implemented by all associated with the Charity. Page 2
Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Trustees. Report (continued) For the financial year ended 31 December 2024 Structure, Govemment and Management {continued} Trustees Pursuant to the CIO Constitution the Trustees are appointed by the Founder, Niall Mellon, during his lifetime. The Trustees are identified through their ongoing contributions lo the Charity and who have the appropriate experience and commitment lo govem the Charity. The Trustees are responsible and accountable for the management of the affairs of the Charity. The Trustees of the Charity are sel out on the Administrative Details page and they have served for the entire rinancial year. The Trustees are appointed for a two year period, after which they may be re-appointed by the Founder. Objectives and Activities The objects of the Charity as sel out al clause 3 of the CIO Constitution are.. 'The income and property of the CIO shall be applied for the benefit of the public worldwide for the purposes set out below in particular, but not limited to, for the benefit of the underprivileged and the socially and economically disadvantaged in South Africa.. The advancement of education by in particular, but not limited to lal the construction of, or assisting in the construction of, schools and {bl the provision of, or assisting in the provision of, equipment, teaching and learning materials and the mentoring and training of school principals and lea¢hers', 2. The relief of those in need by reason of youth, age, ill-health, disability, financial hardship or other disadvantage by in particular, bul not limited to, the provision of, or assisting in the provision of lal housing and related amenities, Ibl food, clothing lincluding school uniforms) and other life essentials to ensure the well-being of children and young persons to enable them to engage fully with the educational prO$S and {cl school transport., 3. The advancement of health by in parbcular, bul not limited to, the prevention or relief of sickness, disease or human suffering by the provision of, or assisting in the provision of, medical supplies- and 4. The development of the capacity and skills of the members of the socially and economically disadvantaged community in such a way that they are better able lo identify, and help meet, their needs and to participate more fully in society In such ways as the charity trustees shall from time lo time think fit in particular, but not limited to, by supporting the charity Mellon Township Limited (also known as Mellon Educalel, a charitable company registered in the Republic of Ireland, Companies Registration Office registered number 389423 and Charities Regulatory Authority registered number 20058074." Page 3
Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Trustees. Report (continued) For the financial year ended 31 December 2024 Structure, Govemment and Management {continued} Activities The Charity's objectives are primarily Mellon Educate UK supports Mellon Educate Ireland by providing, amongst other things.'_ by supporting the charity registered in the Republic of Ireland called Mellon Township Limited, also known as "Mellon Educate. {'Mellon Educate Ireland'l in connection with the annual Building Blitz and related initiatives run by Mellon Educate Ireland each year. These initiatives are run for the benefit of the underprivileged in South Africa as a means of providing resources to improve classrooms and facilities and assist the teachers lo improve the stsndard of education offered in the classrooms. Mellon Educate UK supports Mellon Educate Ireland by providing, amongst other Ihings'.- assistance regarding the recruiting of Blitz volunteers from the UK lincluding volunteer fundraisingl- and., grant funding. conflicts of interest policy and register., collaboration agreement with Mellon Educate Ireland regarding the Building Blitz and Teaching Blitz., grant making policy and procedures., resource sharing agreement with Mellon Educate Ireland regarding (shared staff, facilities, premises, website and publications)., and safeguarding and child protection policy. Public Benefit Entity The Trustees of the Charity have given careful consideration to the Charity Commission's guidance on public benefit to ensure that the charity's activities have achieved the Charity s objectives and provided a benefit to its beneficiaries. Achievements and performance & Future Developments Principal activities and review of the Charity During the accounting year the Charity's principal activities were- Bulldlng Blltz 2024 The annual Building Blitz lo Cape Town in South Africa look place from 18th November lo 221h November 2024. The Building Blitz look pla in the Western Cape Township of Lwandle 41km out of Cape Town al the Umnqiphiso and Silukhanyo Primary Schools. 413 International volunteers were joined by several South African Volunteers to participate in this year's building Blitz. The Volunteers help build twenly-one Classrooms, two Feeding Kitchens, two ablution blocks, covered sealing areas with seating and improved sport facilities, impacting the quality of education for over 1,050 children per year attending the two schools. This has been made possible through our partnership with the Weslem Cape Education Department, our wonderful and generous volunteers. Donors and corporate sponsorships. Page 4
Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Trustees. Report (continued) For the financial year ended 31 December 2024 Achievements and performance & Future Developments (continued) Education Programmes Mellon Educate's Community Literacy Support Programme for Primary schools, was launched in January 2022, replacing our previous Full School Programme which had supported 11 primary and secondary schools. The dedicated programme was developed over 8 3 year period in response lo the Intemalional PIRLS report of 2016, where South African children were assessed as the lowest performing participants with results indicating that 780/0 of learners were unable to read for meaning by Gmde 4, lage 9-10 years). The progmmme incorporates the Wordwork 4 step programme, (Ready Steady Read Write) delivered by trained Community Literacy tutors. In one hour once a week the programme offers support lo children struggling with the basics of literacy and language in the foundation phase of their education and is delivered in 3 languages by trained youths from communities surrounding our partner schools. Our partner schools in 2024 consisted of 16 primary schools based in Khayelitsha, Mfuleni, Delft, Wesbank, Wallacedene, Lwandle and our first school in Phoenix Durban supporting 4140 learners. Western Cape Education Department Mellon Educate continues to develop a strong and meaningful partnership with the Minister for Education in the Westem Cape, MEC David Maynier and his department. The selection of schools where both the infrastructure work and education 8SSiStance takes place is done in consullalion with the WCED in order to ensure the areas of most need are identified and helped to maximum effect. The WCED contributes 500/D of the construction costs to the annual building blitz, thereby endorsing the work the charity is carrying out so successfully in the Western Cape. Financial review The statement of financial activities and balance sheet are sel out on pages 11 and 12. The surplus for the year amounted to £13,210 (2023 - £84,969). The unrestricted funds carried forward amounted lo £302,654 (2023 £276,983J. The restricted funds Carried forward amounted to £7,385. It is also noted that the administration and accounts functions of this entity are carried out by Mellon Educate Ireland (pursuant to a resource sharing agreement), effectively reducing the costs of the Charity lo generate funds. Going concern The trustees believe that the charity has adequate financial resources lo continue in operation for the foreseeable future and accordingly the annual financial stslements have been prepared on a going conrn basis. Management has assessed the charitls ability to continue as a going conrn for the foreseeable future and is not aware of any factors beyond their period of assessment that may cast doubt on the charitls ability to Continue as a going concern. Management thus considers the use of the going concern principle lo be appropriate in the preparation of the annual financial statements. The trustees have satisfied themselves that the charity is in a sound financial position and that it has access to sufficient ongoing fundraising activities together with reserve facilities to meet ils foreseeable cash requirements. The trustees are also not aware of any material non-compliance with statutory or regulatory requirements or of any pending changes to legislation, which may affect the charity. Page 5
Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Trustees. Report (continued) For the financial year ended 31 December 2024 Reserves policy Unreslricled Funds.. Funds generated will be utilised to continue the support of the School Building Blitzes and Mellon Educate Literacy programme and related initiatives. The Trustees will continue lo ensure that reserves remain in place to meet the current commitment to operations, and maximise the contributions the charity makes lo ils objectives. At the current operating costs and activity levels the Trustees consider the minimum cash reserves requirement lo be sel at a level of £30,000 {Cash reserves in 2024 £438,841). Mellon Educate Ireland continue to support the operations of Mellon Educate {UKI and will continue to do so going forward. Restricted Funds.. When funds are received where it is the wish of the donor lo assist in a specific project or lo fund a particular activity the funds are held as a reslricled fund and applied only for the specific purposes for which the monies were given. Disclosure of Infomiation to Auditors Each of the persons who are Trustees at the time when this Trustees, Report is approved has confirmed that.. so far as the Trustee is aware, there is no relevant audit information of which the Charity's auditors are unaware, and the Trustees have taken all the steps that ought lo have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the Charills auditors are aware of that information. Post Balance Sheet Events The Trustees are not aware of any significant maller or circumstance arising Sin the end of the financial year, not otherwise dealt with in this report or the financial ststemenls, which significantly affect the financial position of the charity or the results of ils operation to the date of these annual financial stalemenls. Auditors The auditors, BDO, have indicated their willingness to continue in offi. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. Niall Mellon Trustee Andrew Brennan Trustee Dale.. 1 October 2025 Page 6
Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Statement of Trustees. responsibilities For tho financial year ended 31 December 2023 The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and regulations. Charity law requires the Trustees lo prepare financial stslements for each financial in accordance with United Kingdom Generally Accepted Accounting Practi (United Kingdom Accounting Stsndards and applicable lawl- Under Charity law, the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the stsle of affairs of the charity and of ils incoming resources and application of resOUe$, including its income and expenditure, of the charity for that year. In preparing these financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo 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 business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charills transactions and disclose with reasonable accuracy at any lime 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. Approved by order of the members of the board of Trustees and signed on ils behalf by.. Niall Mellon Trustee Andrew Brennan Trustee Dale.. 1 October 2025 Page 7
BDO Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Independent Auditors. Report to the Members of Mellon Educate {UKI Opinion We have audited the financial statements of Mellon Educate IUKI Ilhe 'charilable Companll for the year ended 31 Dember 2024 which comprise the Ststement of Financial Aclivilies, the Balan Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies sel out in note 2. The rinancial reporting framework that has been applied in their preparation is applicable law and and Financial Reporting Standard 102 'Uniled Kingdom Generally Accepted Accounting Practice.. In our opinion the financial statements.. give a true and fair view of the slate of the charitable companvs affairs as at 31 Dember 2024 and of ils net incoming resources for the year then ended., have been properly prepared in accordance with Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Independence We are independent of the charitable company in accordan with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Basis for opinion We conducted our audit in accordance with Intemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtsined 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 concem 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 lo events or conditions that, individually or collectively, may cast significant doubt on the charitable companls ability lo continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concem are described in the relevant sections of this report. Page 8
BDO Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Independent Auditors. Report to the Members of Mellon Educate (UK) (continued) Other information The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial stslemenls and our Auditors, Report Ihereon. Our opinion on the rinancial statements does not cover the other information and, except to the extent otherwise explicitly slated in our report, we do not express any fomi of assurance conclusion Ihereon. In connection with our audit of the financial statements, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to delemiine 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. Opinion on other matters prescribed by the Charities Act 2011 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report is consistent with the financial statements. the Trustees, Report has been prepared in accordance with the Charities Act 2011. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstalemenls in the Trustees, Report. We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us lo report to you if, in our opinion.. adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial slalemenls are not in agreement with the accounting records and returns- or certain disclosures of trustees. remuneration specified by law are not made- or we have not reiVed all the information and explanations we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and lake advantage of the small companies, exemptions in preparing the Trustees, Report and from the requirement lo prepare a Strategic Report. We have nothing to report in this regard. Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement on page 7, the Trustees (who are also the trustees of the charitable company for the purposes of charity lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlemal 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 charitable companls ability lo continue as a going concem, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page 9
BDO Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Independent Auditors. Report to the Members of Mellon Educate (UK) (continued) Auditors. responsibilities for the audit of the financial statements We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error, and to issue an Auditors, 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 IUKI will always delect a material misststemenl when it exists. Misststements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the ewnomic decisions of users taken on the basis of these financial statements. A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uklaudilorsresponsibilities. This description forms part of our auditor's report. Extent to which the audit was Capable of detecting irregularities. including fraud Irregularities, including fraud, are instances of noncompliance with laws and regulations. We design prOdureS in line with our responsibilities to delecl material misstslemenls in respect of irregularities, including fraud. The exlenl lo which our prOdureS are capable of delecling irregularities, including fraud is detailed below.. Enquiry with Those Charged with Govemance and management regarding known or suspected instances of non-complian with laws and regulation and fraud, including actual or potential litigation and claims., Reviewing minutes of meetings of Those Charged with Governance, inlemal audit reports and correspondence with regulators. Assessing the design and operating effectiveness of controls and procedures relevant lo the preparalionof the financial stslemenls and the detection and prevention of irregularities and fraud, including Changes lo supplier bank details., Reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations., Challenging the assumptions and judgements made by management for key estimates, in particular the assumptions used lo value the defined benefit pension scheme., Identifying and lesling the appropriateness of journal entries and other adjuslmenls, with particular focus on unusual account combinations and postings by unexpected users or senior management- and Incorporating unpredictsbilily into our lesling approach through amending the nature and extent of audit procedures. Our audit prOdureS were designed to respond lo risks of material misstslemenl in the financial slatemenls, recognising that the risk of not delecling a material misstatement due to fraud is higher than the risk of not delecling one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitslions in the audit prOdureS performed and the further removed non-complian with laws and regulations is from the events and transactions reflected in the financial slalements, the less likely we are lo become aware of it. Page 10
BDO Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Independent Auditors. Report to the Members of Mellon Educate (UK) (continued) The purpose of our audit report and to whom we owe our responsibilities This report is made solely lo the charitys members, as a body, in accordance with Chapter 3 of Part 16 of the Charities Act 2011. Our audit work has been undertaken so that we might stste to the charills members those matters we are required to state to them in an Auditors. 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 charitls members, as a body, for our audit work, for this report, or for the opinions we have fomied. Imon Carbe for and on b fofBDO Statulory Audit Firm. Block 3, Miesian Plaza 50-58 Baggol Street Lower, Dublin 2, D02 Y754 Dale.. 1 October 2025 Page11
Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) ststement of financial activities (incorporating income and expendituro account) For the year ended 31 December 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income from- Donations and legacies 505,835 28,811 534,646 607, 763 Total income 505.835 28.811 534.646 60T, 763 Expenditure on: Raising funds Charitable activities 130.464 349,700 130.464 390,972 147,937 374,857 41,272 Total expendlture 480.164 41.272 521.436 522, 794 Net movement in funds 25.671 112,461) 13.210 84,969 Reconciliation of funds.. Total funds brought forward Nel movement in funds 276.983 25.671 19.846 112.461) 296.829 13.210 217,860 84.969 Total funds carried forward 302,654 7,385 310,039 296,829 All activities relate to continuing aclivilies. There are no recognised gains and losses other than slated above. The notes on pages 15 to 25 form part of these financial slalements. Signed on behalf of the trustees.. Niall Mellon Trustee Andrew Brennan Trustee Dale.. 1 October 2025 Page 12
Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Registered number.. Balance Sheet As at 31 December 2024 2024 2023 Note Fixed assets Tangible fixed assets 11 Current assets Other debtors Cash at bank and in hand 12 100 13 438.841 345,395 438.841 345,495 Creditors.. amounts falling due within one year 14 {128,802) (48,666) Net current assets 310,039 296,829 Total net assets 310,039 296,829 Charity funds Reslricled funds 16 7.385 302,654 19,846 276,983 Unreslricled funds 16 Total funds 310,039 296,829 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Niall Mellon Trustee Andrew Brennan Trustee Dale.. 1 Octtsber 2025 The notes on pages 15 to 25 form part of these financial statements. Page 13
Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Statement of Cash Flows For the year ended 31 December 2024 2024 2023 Note Cash flows from operating activities Nel incoming resources Decreasellincreasel in debtors {Decreasellincrease in creditors 13,210 100 84,969 20,984 (221,655) 14 80,136 Net cash provided by operating activities 93,446 (115, 702) Change in Cash and cash equivalents in the year Cash & cash equivalents at beginning of the financial year 93,446 (115,702) 461,097 345,395 Cash & cash equivalents at the end of the financial year 438,841 345,395 The notes on pages 15 to 25 fomi part of these financial statements Page 14
Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Notes to the Financial Statements For the year ended 31 December 2024 General information The registered office of the charity is 26 Cadogan Square, London, England, United Kingdom the charity number is 1175352. The principal activities of the charity are set out in the Trustees. Report. The charity is a public benefit entity. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared with reference to the recommendations of the revised Statement of Recommended Practice ISORPI Accounting and Reporting by Charities.. Statement of Recommended Practice, applicable to Charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The financial statements are prepared under Charities Act 2011. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the entitls accounting policies. Mellon Educate {UK} is a public benefit entity under FRS 102. The following principal accounting policies have been applied.. 2.2 Statement of Compliance The financial statements have been prepared in accordance with FRS102 the financial reporting standard. Mellon Educate IUKI is a charity, their registered office is 26 Cadogan Square, London, SW1X OJP. 2.3 Going Concern The Trustees believe that the charity has adequate financial resources lo continue in operation for the foreseeable future and accordingly the annual financial statements have been prepared on a going concern basis. Management has assessed the companls ability to continue as a going concern for the foreseeable future and is not aware of any factors beyond their period of assessment that may cast doubl on the companls ability lo continue as a going concern. Management thus considers the use of the going concern principle to be appropriate in the preparation of the annual financial statements. The trustees have satisfied themselves that the company is in a sound financial position and that it has access to sufficient ongoing fundraising activities together with reserve facilities to meet its foreseeable cash requirements. The trustees are also not aware of any material non-compliance with statutory or regulatory requirements or of any pending changes lo legislation, which may affect the company. 2.4 Restricted Funds Restricted funds are funds received which can only be used for particular purposes specified by the donors and are binding on the Charity. Such purposes are within the overall aims of the Charity. 2.5 Unrestricted Funds Unrestricted funds are those which are expendable at the discretion of the entity in furtherance of the objects of the Charity. Page 15
Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Notes to the Financial Statements For the year ended 31 December 2024 AOUntIng policies (continued) 2.6 Incoming Resources All incoming resources are included in the Statement of Financial Activities when the entity is entitled to the income and the amount can be measured with reasonable accuracy and is probable. The following specific policies are applied to particular categories of income.. Donations: Fundraising income is credited to the Statement of Financial Activities in the year in which il is receivable by the Charity. Volunteer Income.. Donations raised by volunteers are tsken into account at the lime of receipt. Legacies: Income from legacies is recognised when receipt is probable. Legacy income is recognised when there has been a grant of probate, the executors have estsblished that there are sufficient assets in the estate, after paying liabilities lo pay the legacy, and any conditions attached lo the legacy have been mel. 2.7 Resources Expended Expenditure is recognised on an accruals basis as a liability is incurred and is recorded as part of the expenditure to which it relates. Expenditure on charitable activities comprise grants paid by the Charity in the delivery of its services for its beneficiaries. Governance costs indude those costs associated with meeting the conslilulional and slatulory requirements of the Charity. Where costs cannot be directly allributed, they have been allocated in proportion lo estimated benefits reived. All expenditure is inclusive of irrecoverable VAT. 2.8 Reserves Policy Unrestricted reserves indicate the resour$ on which the charity can draw upon to continue ils work in the event of a downturn in income. The Directors have sel the required reserves policy at £30,000 of unreslricled funds and this is assessed on a year to year basis based on the charity's forecast for the following 12 months of activity. 2.9 Tangible fixed assets and depreciation Tangible fixed assets Currently in use in furtherance of the charills objectives are staled in the balan sheet at cost less accumulated depreciation. Depreciation is provided on tangible assets, so as to write off the cost less estimated residual value of each asset over its expected useful economic life on a straight line basis at the following annual rates.. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, Depreciation is provided on the following basis.. Computer equipment 25,/0 per annum Gains and losses on disposals are detemiined by comparing the prOedS with the carrying amount and are recognised in the Statement of Financial Aclivilies. Page 16
Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Notes to the Financial Statements For the year ended 31 December 2024 AOUntIng policies (continued) 2.10 Debtors Short temi debtors are measured al transaction price, less any impairment 2.11 Cash at bank and in hand Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the dale of acquisition and that are readily convertible lo known amounts of cash with insignificant risk of change in value. 2.12 Creditors Short temi creditors are measured at the transaction price. 2.13 Financial instruments The Charity only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like related party reivableS and other payables. Basic financial instruments are recorded at transaction pri. Judgments in Applying Accounting Policies and Key Sources of Estimation Uncertainty The preparation of financial statements in confomiity with FRS 102 requires management lo make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of conlingenl assets and liabilities at the dale of the financial statements. The Trustees do not have any significant accounting estimates and assumptions which they consider lo be critical awounting estimates and judgments. Page 17
Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Notes to the Financial Statoments For the year ended 31 December 2024 Income from Donations and charitable activities Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Volunteer income la} Donations Ibl 413,312 92,523 413.312 121.334 28,811 28,811 505,835 534.646 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Volunteer income la} Donations Ibl 312,735 204,509 312,735 295,028 90,519 90.519 517,244 607, 763 al Volunteer income raised by individuals and companies in support of the building blitz held in Cape Town. bl Donation income received from individuals and companies. This includes the income from the Golf Day and Cycle Ride fundraising events and for the literacy programme. Page 18
Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Notes to the Financial Statements For the year ended 31 December 2024 Expenditure on Raising Funds Unrestricted funds 2024 Total funds 2024 General expenses 130,464 130.464 130,464 130,464 Unrestricted funds 2023 Total funds 2023 General expenses 147,937 147,937 147,937 147,937 Expenditure on raising funds includes the cost of,. materials for campaigns and events,. plus allocated support costs. Included in general expense is salaries, hosting a fundraising Golf Day event of £24,840 (2023 £54,298) and general office expenses of £12,287 (2023 - £20,250). Other office costs include professional fees. audit fees, insurance and telephone. Expenditure on Charitable Activities Restrlcted Unestrlcted funds funds 2024 2024 Total funds 2024 Grant lo Mellon Housing Initiative 349,700 41,272 390.972 RestriGted Unrestricted funds funds 2023 2023 Total funds 2023 Grant lo Mellon Housing Initiative 300,000 74,857 374,857 The charity supports Mellon Educate Ireland and Mellon Educate (South Africa) in their objective lo build quality facilities and lo train teachers. Page 19
Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Notes to the Financial Statements For the year ended 31 December 2024 Support Costs and Allocation of Expenditure Support costs Total costs have been allocated as below. Support costs 2024 Total funds 2024 Direct costs 2024 Allocation of expenditure Charitable expenditure Cost of generating funds 390,972 120,728 390.972 130,464 9,736 Total resources expended 511,700 9,736 521.436 Support costs Total funds 2023 Direct costs 2023 2023 Charitable expenditure Cost of generating funds 374,857 13T,295 374,857 147,937 10,642 51 2, f 52 10,642 522, 794 Net Income Nel income is ststed after ¢hargingllcreditingl'. 2024 2023 Auditors, remuneration 9,256 1311 10,738 (244) Foreign exchange 9,225 9,894 External audit costs are borne by the Irish entity, Mellon Township Limited. In 2023, a portion of the audit fee was recharged lo Mellon Educate {UKI. Mellon Township Limited is a related party due lo a Director of Mellon Township Limited also being a Trustee of Mellon Educate IUKI. Page 20
Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Notes to the Financial Statements For the year ended 31 December 2024 Employees and staff costs 2024 2023 Wages and salaries Social security costs Contribution lo defined contribution pension schemes 68,659 7,025 2,300 60,000 7,577 2,166 77,984 69, 743 The average number of persons employed by the charity during the year was as follows.. 2024 No. 2023 No. Average number of people employed The number of employees whose employee benefits {excluding employer pension costs) exceeded £60,000 was.. 2024 No. 2023 No. In the band £60,000 - £70,000 There was no remuneration paid to key management during the year. Key management refers to the Trustees of the Charity. Trustees do not receive remuneration for their services as Trustees. Trustees are entided to reimbursement of vouched expenses incurred in the performance of their duties as a Trustee. The amount charged in 2024 was £NIL (2023- £NILJ. 10. Grant Expenditure There were no grants paid lo Mellon Township Limited (2023 £NILI and there were grants paid lo Mellon Housing Initiative amounting to £390,972 (2023 - £374,857) a South African non for profit organisalion, in 2024 to assist with the Building Blitz and Education Programmes in South Africa. The grant paid lo Mellon Educate (South Africa) amounting lo £390,972, was fLJnding received by Mellon Educate by a Volunteer and Donor Funds lo fund the building of classrooms and funding literacy programme for a period of 3 years in South Africa. Page 21
Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Notes to the Financial Statements For the year ended 31 December 2024 11. Tangible fixed assets Computer equipment Total Cost or valuation At 1 January 2024 1,102 1,102 At 31 December 2024 1,102 1,102 Depreciation At 1 January 2024 1,102 1,102 At 31 December 2024 1,102 1,102 Net book value At 31 December 2024 At 31 December 2023 12. Debtors- Amounts falling due within one year 2024 2023 Other debtors 100 700 All debtors are due within one year. 13. Cash & Cash Equivalents 2024 2023 Bank and cash balances 438,841 345,395 438,841 345,395 Page 22
Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Notes to the Financial Statements For the year ended 31 December 2024 14. Creditors: Amounts falling due within one year 2024 2023 Trade creditors Amounts owed to related parties Other taxation and social security Accruals 4,052 32,500 1,931 10,183 18 93,436 1,805 33,561 128,802 48,666 Tax and social Insuran are subject to the terms of the relevant legislation. Interest accrues on late payments al a rate of 2.75 /0 per year. No interest was due al the financial year end dale. Other amounts inclLJded with creditors not covered by specific note disclosures are unsecured, interest free and repayable on demand. 15. Taxation Mellon Educate IUKI is a registered charity and therefore, is not liable to income lax or corporation lax on income derived from its charitable aclivilies, as il falls within the various exemptions available lo registered charities. The Charity's HMRC charity tax reference number is EW90176. Page 23
Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Notes to the Financial Statements For the year ended 31 December 2024 16. Movement in Funds At start of year 2024 Incoming resources 2024 Outgoing resources 2024 Total funds 2024 Reslricled Funds Unreslricled Funds 19,846 276,983 28,811 505,835 141,272} 1480,164) 7.385 302.654 Total 2024 296,829 534,646 1521,436} 310.039 At start of year 2023 Incoming Resource Outgoing Resource Total funds 2023 2023 2023 Restricted Funds 4,784 207,676 90,519 51T,244 (74,867) (447,937) 79,846 276,983 Unreslricled Funds Tot812023 211,860 607, 763 (522,794) 296,829 Analysis of Net Assets Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Fixed assets Current assets Creditors.. AmoLJnts falling due within one financial year 7,385 431,456 438.841 1128,802} {128,802) Total 2024 7,385 302,654 310.039 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Fixed assets Current assets 19,846 325,649 (48,666) 345,495 (48,666) Creditors.. Amounts falling due within one financial year Total 2023 19,846 276,983 296,829 Page 24
Mellon Educate (UK) la foundation charitable incorporated organisation ICIO)) Notes to the Financial Statements For the year ended 31 December 2024 17. Financial instruments 2024 2023 Financial assets at amortised cost Cash at bank and in hand 438,841 345,495 2024 2023 Flnanclal Ilabllltles at amortlsed cost Trade creditors Amounts owed to related parties 4,052 32,500 93,436 93,436 36,552 18. Related party transactions Mellon Township Limited Mellon Township Limited is a related party by virtue of a Trustee of Mellon Township Limited also being a Trustee of Mellon Educate {UK). During the year the Charity paid no grants £NIL (2023 - £NILI to Mellon Township Limited. There is balance owed to Mellon Township Limited of £13,436 al year end (2023 £32,500). Mellon Educate {South Africa) Mellon Educate (South Africa) is a related party by virtue of a Trustee of Mellon Educate {South Africa) also being a Trustee of Mellon Educate IUK). During the year the Charity awarded grants of £390,972 (2023 - £374,857) to Mellon Educate (South Africa). There is balance owed lo Mellon Housing Initiative of £80,000 at year end (2023- £NIL). 19. Pensions The company oper8les a defined contribution scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The defined contribution charge for the financial year was £2,300 (2023- £2, 166). The amount due at financial year end was £NIL (2023- £NIL) 20. Capital Commitments The Charity had no capitsl commitments at the financial year end (2023- £NILI. 21. Contingent Liabilities The Charity had no conlingenl liabilities al the financial year end (2023- £NIL}. 22. Approval of financial statements The financial statements were approved and authorised for issue by the Trustees on 1 October 2025 Page 25