## **Creative Mentor Network**
**Charity No. 1178144**
**Trustees' Report and Unaudited Accounts**
**31 March, 2022**
## **Creative Mentor Network**
## **Contents**
||Pages|
|---|---|
|Trustees' Annual Report|2 to 5|
|Independent Examiner's Report|6|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Notes to the Accounts|9 to 13|
## **Creative Mentor Network**
## **Trustees Annual Report**
The member Trustees present their report with the unaudited financial statements of the charity for the year ended 31 March 2022.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Charity No. 1178144**
## **Registered Office**
Floor 2 The HKX Building 3 Pancras Square London N1C 4AG
## **Members and Trustees**
The members of the Charitable Incorporated Organisation ('CIO') are its Trustees for the purposes of charity law. The following Trustees served during the year:
R. Davies S. Fernando D. Kabire resigned December 2021 J. Kanani R. Lidstone K. Reuter R. Southern N. Younger L. Egwuekwe appointed March 2022
## **Key Management Personnel**
Katie Greene Managing Director
## **Accountants**
Multiply Accountancy 71-75 Shelton Street London WC2H 9JQ
## **Bankers**
Natwest 135 Bishopsgate London EC2M 3UR
Page 2
## **Creative Mentor Network**
## **Trustees Annual Report**
## **OBJECTIVES AND ACTIVITIES**
To advance in life and help young people from socially and economically disadvantaged backgrounds by providing mentoring and support which develop their skills, capacities and capabilities, in particular with a view to securing employment for such young people in the creative industries.
The Trustees have given due regard to the Charity Commission’s guidance on public benefit.
The overarching aims of the CMN programme are to enable mentors to:
Support sustainable change in their mentee;
Develop their coaching skills, and through that to create a more inclusive working culture within their organisations;
Become advocates for diversity in the creative industries beyond the CMN programme.
Through fortnightly mentor meetings, CMN mentors support the mentees they’re working with to:
Grow their understanding of the creative industry labour market (the jobs available, the routes in, and the skills they need to be qualified);
Build their network of professional contacts;
Develop the soft skills (confidence, resilience and self-awareness) they need to leverage their understanding and networks.
Since 2018, we have supported over 1,523 young people through our mentoring programme. Through our connections with schools, colleges and our social media channels we have built a network of over 10,000+ young people - all of whom are uniquely talented, driven to be the best they can be, and extremely passionate about the creative industries.
Our model is designed so that everyone wins: Supportive careers guidance for students; Training and development for mentors
Access to diverse talent for creative businesses.
## **ACHIEVEMENTS AND PERFORMANCE**
The charity has delivered 73 mentor programmes, supporting 1,523 mentors to work directly with 1,523 mentees through mentoring. The charity has partnered with businesses including Soho House, Sony Music, Google and Amazon Prime Video amongst others to deliver careers and soft skills support to young people from lower socio-economic settings. After being on the mentor programme:
89% of mentors feel well equipped to support young people from socio-economically diverse backgrounds into their industry. 95% of mentors feel confident advocating for socio-economic diversity within their workplace and 95% feel motivated to contribute to their company's diversity and inclusion strategy.
86% of mentees have a clear understanding of the different roles and career paths within the creative industries and on average made 5 or more professional connections whilst being on the programme. 66% of mentees who are in any form of employment (full time, part time, interning, working alongside education) said that their mentor or being on the programme helped them to gain the role. Mentees have gained placements and full time work at; Sony Music Publishing, Art of Football, UNIQLO, Kobalt Music, MediaCom, ODD London, Word on the Curb.
## **FINANCIAL REVIEW**
Funding for the Charity comes from creative industry corporate partnerships.
## **Financial Activity and Financial Position**
The Statement of Financial Activities and Balance Sheet can be found on pages 7 and 8 respectively. The Charity’s reserves increased by £88,910 during the period. The balance sheet shows total net assets of £224,829.
## **Reserves Policy**
The Trustees have examined the requirements for free reserves, in other words those unrestricted funds not invested in tangible fixed assets. The Trustees consider that, given the nature of the Charity’s work, free reserves should be equivalent to approximately 3 months’ routine general fund expenditure, plus committed future expenditure on other projects, where funds permit. The Trustees are of the opinion that this provides sufficient flexibility to cover temporary shortfalls in incoming resources and will allow the Charity to cope and respond to unforeseen emergencies whilst specific action plans are implemented.
Page 3
## **Creative Mentor Network**
## **Trustees Annual Report**
At 31 March 2022, the Charity had net free reserves (after deducting fixed assets of £2,606) of £222,223. The budgeted expenditure for the 3 months post year end, i.e. free reserves requirement, was £102,000. The trustees, therefore, confirm that there were sufficient free reserves in accordance with the Charity's policy.
## **PLANS FOR FUTURE PERIODS**
Strengthen and refine the delivery of the charity’s core offer and ensure our programmes are high impact for participants and partners, and that we can scale as an organisation to reach even more young people;
Grow reach and offer support to more young people. Those in London, those interested in a wider variety of creative industry sectors, and those outside London where there is a greater need;
Develop alternative income streams and ensure our organisation is financially sustainable so that we can continue to offer support to our beneficiaries;
Extend engagement of partners and participants and ensure we generate more revenue in order to be able to offer high quality support to more young people, and have an impact on their broader career journey into work;
Impact the conversation around diversity and inclusion and ensure creative industry companies are investing in interventions that support great socio-economic diversity and inclusion.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Trustees**
The Trustees meet 6 times a year to discuss a full range of matters relating to strategy, project work, recruitment, finance and general administration. None of the Trustees receives remuneration. Trustees aim to maintain and, where necessary, expand this range of skills and experience through training.
The induction process for any individual newly appointed to the board of Trustees comprises an initial meeting with at least two of the Trustees (whenever possible one of these two Trustees being the Chair) and a written role description, referring to other key documents: the Charity Commission’s guidance ‘The Essential Trustee’; the Trust Deed of the Charity; the Charity’s financial position.
## **RISK MANAGEMENT**
The Trustees acknowledge that they have a responsibility for the identification and proper management of risks faced by the Charity in achieving its primary aims. The Trustees have therefore assessed the major risks to which the Charity is exposed, in particular those relating to the specific operational areas of the Charity, its investments and its finances. The Trustees believe that, by monitoring reserve levels, by ensuring that controls exist over key financial systems, and by examining the operational risks faced by the Charity, they have established effective systems and procedures to mitigate those risks.
Page 4
## **Creative Mentor Network**
## **Trustees Annual Report**
## **Responsibilities of Trustees for the Financial Statements**
The Trustees are responsible for preparing the report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Charity law in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of income and expenditure of the Charity for that period.
In preparing those financial statements, the Trustees are required to:
- select suitable accounting policies and apply them consistently; observe the methods and principles of the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the activities of the Charity will continue.
The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enables them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing document. The Trustees 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 Charity and financial information included in the Charity’s website.
The above report has been prepared in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
R. Lidstone Trustee
Date: 05/12/22
Page 5
## **Creative Mentor Network**
## **Independent Examiner's Report to the trustees of Creative Mentor Network**
I report to the charity trustees on my examination of the accounts of Creative Mentor Network for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
Having satisfied myself that the accounts of the charity are not required to be audited and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institution of Chartered Accountants in England and Wales.
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:
- accounting records were not kept in accordance with section 386 of the 2006 Act ; or
- the accounts do not accord with those records; or
- the accounts do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
- the accounts have not been prepared in accordance with the Charities SORP (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## **Chris Conway**
Institute of Chartered Accountants in England and Wales
Multiply Accountancy Limited 71-75 Shelton Street London WC2H 9JQ
Date: 14 December 2022
Page 6
## **Creative Mentor Network**
## **Statement of Financial Activities (incorporating the Summary Income and Expenditure Account) for the year ended 31 March 2022**
|**Notes**
**Income and endowments from:**
Donations and legacies
**3**
Charitable activities
**4**
Other
**5**
**Total incoming resources**
**Expenditure on:**
Raising funds
**6**
Charitable activities
**7**
Other
**8**
**Total outgoing resources**
Net gains on investments
**Net incoming resources**
**9**
Transfers between funds
**Net incoming resources before other**
**gains/(losses)**
Other gains and losses
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**Total funds**
**funds 2022**
**2022**
**£**
**£**
11,475
11,475
429,536
429,536
-
-
**441,011**
**441,011**
16,570
16,570
51,971
51,971
283,560
283,560
**352,101**
**352,101**
-
-
**88,910**
**88,910**
-
-
**88,910**
**88,910**
-
-
**88,910**
**88,910**
135,919
135,919
**224,829**
**224,829**||**Total funds**
**2021**
**£**
13,885
221,245
24,470
**259,600**
5,745
10,028
174,464
**190,237**
-
**69,363**
-
**69,363**
-
**69,363**
66,556|
|---|---|---|---|
|||||
|||||
|||||
||||**135,919**|
All activities in the current and previous financial year represent unrestricted funds.
Page 7
## **Creative Mentor Network**
## **Balance Sheet at 31 March 2022**
|**Notes**
**Fixed assets**
Tangible assets
**11**
**Current assets**
Debtors
**12**
Cash at bank and in hand
**Creditors:**Amounts falling due within one year
**13**
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**The funds of the charity**
**Unrestricted funds**
General funds
**14**
**Total funds**|**2022**
**£**
2,606
**2,606**
72,555
385,039
**457,594**
**(235,371)**
**222,223**
**224,829**
**224,829**
224,829
**224,829**|**2021**
**£**
645|
|---|---|---|
|||**645**
29,369
269,589|
|||
**298,958**
**(163,684)**|
|||
**135,274**|
|||
**135,919**|
||||
|||**135,919**|
|||
135,919|
|||
**135,919**|
Approved by the board of trustees on and signed on its behalf by:
J. Kanani Trustee
Date: 05/12/22
Page 8
## **Creative Mentor Network**
## **Notes to the Accounts for the year ended 31 March 2022**
## **1 Accounting policies**
## **Basis of preparation**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The financial statements have been prepared under the historical cost convention. They are prepared in sterling, which is the functional currency of the charity. Amounts presented are rounded to the nearest pound.
## **Going concern**
The Trustees have reasonable expectation that the charity will have access to adequate resources to continue in existence for the foreseeable future. In making this assessment, the Trustees have considered a period of at least 12 months from the date of authorising the financial statements. Accordingly, the charity continues to adopt the going concern basis in preparing the financial statements.
## **Fund accounting**
## Unrestricted funds
These are available for use at the discretion of the trustees in furtherance of thegeneral objects of the charity.
## **Income**
## Recognition of income
Income is included in the Statement of Financial Activities (SoFA) when the charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient
## Income with related expenditure
Where income has related expenditure the income and related expenditure is reported gross in the SoFA.
## Donations and legacies
Voluntary income received by way of grants, donations and gifts is included in the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
## Tax reclaims on donations and gifts
Income from tax reclaims is included in the SoFA at the same time as the gift/donation to which it relates.
## Donated services and facilities
These are only included in income (with an equivalent amount in expenditure) where the benefit to the Charity is reasonably quantifiable, measurable and material.
## Volunteer help
The value of any volunteer help received is not included in the accounts.
## Investment income
This is included in the accounts when receivable.
## Gains/(losses) on revaluation of fixed assets
This includes any gain or loss resulting from revaluing investments to market value at the end of the year.
## Gains/(losses) on revaluation on investment assets
This includes any gain or loss on the sale of investments.
Page 9
## **Creative Mentor Network**
## **Notes to the Accounts for the year ended 31 March 2022**
## **Accounting policies**
## **Expenditure**
## Recognition of expenditure
Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
## Expenditure on raising funds
These comprise the costs associated with attracting voluntary income, fundraising trading costs and investment management costs.
## Expenditure on charitable activities
These comprise the costs incurred by the Charity in the delivery of its activities and services in the furtherance of its objects, including the making of grants and governance costs.
## Grants payable
All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
## Governance costs
These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
## Other expenditure
These are support costs not allocated to a particular activity.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Trade and other debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.
## **Trade and other creditors**
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **Pension costs**
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.
## **2 Organisation status**
The entity is a Charitable Incorporated Organisation ('CIO') and consequently does not have share capital.
Page 10
## **Creative Mentor Network**
## **Notes to the Accounts for the year ended 31 March 2022**
|**3**
**Income from donations and legacies**
Grants and donations
**4**
**Income from charitable activities**
Course delivery
**5**
**Other income**
CJRS grant
**6**
**Expenditure on raising funds**
Advertising and marketing
**7**
**Expenditure on charitable activities**
Course delivery
Governance costs
Independent examination - current year
Other accountancy fees paid to independent examiner
Legal and professional fees
**8**
**Other expenditure**
Staff costs (Note 10)
Travel costs
Depreciation
General administrative costs
**9**
**Net income before transfers**
This is stated after charging:
Depreciation of owned fixed assets||**2022**
11,475
**2022**
429,536
**2022**
-
**2022**
16,570
**2022**
41,024
500
7,037
3,410
51,971
**2022**
264,760
621
646
17,533
283,560
**2022**
646||**2021**
13,885
**2021**
221,245
**2021**
24,470
**2021**
5,745
**2021**
7,803
500
1,485
240|
|---|---|---|---|---|
|||||
10,028|
|||||**2021**
159,666
-
417
14,381|
|||||
174,464|
|||||**2021**
417|
Page 11
## **Creative Mentor Network**
## **Notes to the Accounts for the year ended 31 March 2022**
|**10 Staff costs**
Salaries and wages
Social security costs
Pension costs
Staff recruitment and training costs||**2022**
238,422
19,326
5,791
1,221
264,760||**2021**
142,130
12,283
4,059
1,194|
|---|---|---|---|---|
|||||
159,666|
Included in the above are termination payments made in the year to 31 March 2022 totalling £35,488 (2021: £nil).
In the year to 31 March 2022, one employee received emoluments between £60,000-£69,999 (2021: none).
No trustees (2021: none) were reimbursed for expenses incurred (2021: none) for travel to board meetings. No trustee received any remuneration in the year (2021: none).
Key management personnel comprise the trustees, the outgoing CEO, and the Managing Director. Total remuneration paid to these individuals was £161,382 (2021: £116,285).
The average number of staff employed, including part time staff was 6 (2021: 4)
|**11 Tangible fixed assets**
**Cost**
At 1 April 2021
Additions
Disposals
At 31 March 2022
**Depreciation**
At 1 April 2021
Charge for the year
Eliminated on disposal
At 31 March 2022
**Net Book Value**
At 31 March 2022
At 31 March 2021
**12 Debtors**
Trade debtors
Other debtors
**13 Creditors falling due within one year**
Other taxes and social security
Trade and other creditors
Accruals and deferred income||**Computer**
**equipment**
1,667
2,607
-
4,274
1,022
646
-
1,668
2,606
645
**2022**
72,489
66
72,555
**2022**
30,994
2,378
201,999
235,371||**Total**
1,667
2,607
-|
|---|---|---|---|---|
|||||
4,274|
|||||1,022
646
-|
|||||
1,668|
||||||
|||||
2,606|
||||||
|||||
645|
|||||**2021**
28,344
1,025|
|||||
29,369|
|||||**2021**
24,125
-
139,559|
|||||
163,684|
|||||Page 12|
## **Creative Mentor Network**
## **Notes to the Accounts for the year ended 31 March 2022**
## **14 Movement in funds**
|**At 1 April 2021**
Unrestricted funds:
General funds
135,919
135,919
**At 1 April 2020**
Unrestricted funds:
General funds
66,556
66,556
**nalysis of net assets between funds**
Fixed assets
Net current assets
Fixed assets
Net current assets||**Incoming**
**resources**
**including other**
**gains/(losses)**
441,011
441,011
**Incoming**
**resources**
**including other**
**gains/(losses)**
259,600
259,600||**Outgoing**
**resources**
(352,101)
(352,101)
**Outgoing**
**resources**
(190,237)
(190,237)
**Unrestricted**
**Funds**
2,606
222,223
224,829
**Unrestricted**
**Funds**
645
135,274
135,919||**At 31 March**
**2022**
224,829|
|---|---|---|---|---|---|---|
|||||||224,829|
|||||||**At 31 March**
**2021**
135,919|
|||||||135,919|
|||||||**Total 2022**
2,606
222,223|
|||||||224,829|
|||||||**Total 2021**
645
135,274|
|||||||135,919|
## **15 Analysis of net assets between funds**
Page 13