Creative Mentor Network
Charity No. 1178144
Trustees' Report and Unaudited Accounts
31 March, 2023
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 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 1178144
Registered Office
The Brew Eagle House 163 City Road London EC1V 1NR
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 J. Kanani R. Lidstone L. Egwuekwe R. Mehra appointed July 2023 E. Linger appointed September 2022 R. Johnson appointed July 2022 S. Fernando resigned April 2022 K. Reuter resigned April 2022 R. Southern resigned April 2022 N. Younger resigned April 2022
Key Management Personnel
Katie Greene Managing Director
Accountants
Multiply Accountancy 71-75 Shelton Street London WC2H 9JQ
Bankers
Natwest PO Box 5479 1 Spinningfilds Square Manchester M61 0NH
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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 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.
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 1,871 young people through our mentoring programme. Through our connections with schools, colleges and our social media channels we have built a network of over 14,000 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 84 mentor programmes, supporting 1,871 mentors to work directly with the same number of 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:
90% of mentors feel well equipped to support young people from socio-economically diverse backgrounds into their industry. 95% of mentors have a good understanding of the barriers to access for young people from low socioeconomic backgrounds. 96% 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.
85% of mentees are able to build positive relationships and make industry connections and on average made 5 or more professional connections whilst being on the programme. 82% of mentees can identify employers and organisations relevant to their career interests and communicate their professional needs. Mentees have gained placements and full time work at companies including Chanel, M&C Saatchi, Publicis health, Boiler Room, Comic Relief, Nice Shirt Films and Sandpaper Films.
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 £260,556.
Reserves Policy
The Trustees have examined the requirements for free reserves, in other words those unrestricted funds not 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.
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Creative Mentor Network
Trustees Annual Report
At 31 March 2023, the Charity had net free reserves (after deducting fixed assets of £3,256) of £257,300. 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 Innovate Our Offering: To ensure that our current offering is of high impact and quality whilst innovating and creating new offerings where there is demand (from beneficiaries and research);
Grow, Scale And Reach: Work with a more diversified service user group across a wider geographic range;
Diversify Revenue Streams: Ensure our organisation is financially sustainable so that we can continue to offer support to our beneficiaries;
Extend Engagement: Impact beyond our core service offering and meet long term intended outcomes for our beneficiaries;
Lead the DE&I Conversation: Continually raise awareness of the need for socioeconomic diversity as well as ensure creative industry companies are investing in interventions that support greater socioeconomic diversity and inclusion.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
Creative Mentor Network is a Charitable Incorporated Organisation (CIO) with a 'Foundation' model constitution as its governing document.
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
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.
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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:
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select suitable accounting policies and apply them consistently; observe the methods and principles of the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
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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
The above report has been prepared in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
R. Lidstone Trustee
Date: 09/10/2023
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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 2023 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 as a member of the Institute 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:
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accounting records were not kept in accordance with section 130 of the 2011 Act ; or the accounts do not accord with those records; or
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the accounts have not been prepared in accordance with the methods and principles set out in 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: 25/09/2023
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Creative Mentor Network
Statement of Financial Activities (incorporating the Summary Income and Expenditure Account) for the year ended 31 March 2023
| 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 funds 2023 Total funds 2023 Total funds 2022 £ £ £ 5,110 5,110 11,475 456,234 456,234 429,536 340 340 - 461,684 461,684 441,011 20,441 20,441 16,570 189,148 189,148 165,204 216,368 216,368 170,327 425,957 425,957 352,101 - - - 35,727 35,727 88,910 - - - 35,727 35,727 88,910 - - - 35,727 35,727 88,910 224,829 224,829 135,919 260,556 260,556 224,829 |
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All activities in the current and previous financial year represent unrestricted funds.
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Creative Mentor Network
Balance Sheet at 31 March 2023
| 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 |
2023 2022 £ £ 3,256 2,606 3,256 2,606 93,436 72,555 556,699 385,039 650,135 457,594 (392,835) (235,371) 257,300 222,223 260,556 224,829 260,556 224,829 260,556 224,829 260,556 224,829 |
|---|---|
22/09/2023
J. Kanani Trustee
Date: 02/10/2023
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Creative Mentor Network
Notes to the Accounts for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)) 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 the general 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 reliability.
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.
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Creative Mentor Network
Notes to the Accounts for the year ended 31 March 2023
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.
The entity is a Charitable Incorporated Organisation ('CIO') and consequently does not have share capital. The charity is a Public Benefit Entity.
2 Organisation status
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Creative Mentor Network
Notes to the Accounts for the year ended 31 March 2023
| 3 Income from donations and legacies Grants and donations 4 Income from charitable activities Course delivery 5 Other income Interest income 6 Expenditure on raising funds Advertising and marketing 7 Expenditure on charitable activities Course delivery Support costs Staff costs (Note 10) 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 10 Post-employment benefits The charity has recognised the following pension contributions as an expense to the SOFA: Defined contribution plan |
2023 5,110 2023 456,234 2023 340 2023 20,441 2023 24,459 160,913 500 2,978 298 189,148 2023 176,523 1,531 1,332 36,982 216,368 2023 1,332 2023 9,109 |
2022 11,475 2022 429,536 2022 - 2022 16,570 2022 41,024 113,233 500 7,037 3,410 165,204 2022 151,527 621 646 17,533 170,327 2022 646 2022 5,790 |
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Creative Mentor Network
Notes to the Accounts for the year ended 31 March 2023
| 11 Staff costs Salaries and wages Social security costs Pension costs Staff recruitment and training costs |
Support Other Total costs Expenditure 2023 143,527 156,003 299,530 13,021 14,157 27,178 4,365 4,744 9,109 1,619 1,619 160,913 176,523 337,436 |
Total 2022 238,422 19,326 5,791 1,221 264,760 |
|---|---|---|
Included in the above are termination payments made in the year to 31 March 2023 totalling £nil (2022: £35,488).
In the year to 31 March 2023, one employee received emoluments between £60,000-£69,999 (2022: 1).
No trustees (2022: none) were reimbursed for expenses incurred for travel to board meetings. No trustee received any remuneration in the year (2022: none).
Key management personnel comprise the trustees and the Managing Director. Total remuneration paid to these individuals was £71,125 (2022: £161,382).
The average number of staff employed, including part time staff was 9 (2022: 6)
| 12 Tangible fixed assets Cost At 1 April 2022 Additions Disposals At 31 March 2023 Depreciation At 1 April 2022 Charge for the year Eliminated on disposal At 31 March 2023 Net Book Value At 31 March 2023 At 1 April 2022 13 Debtors Trade debtors Other debtors 14 Creditors falling due within one year Other taxes and social security Trade and other creditors Accruals and deferred income |
4,274 1,982 - 6,256 1,668 1,332 - 3,000 3,256 2,606 2023 83,435 10,001 93,436 2023 31,494 317 361,024 392,835 Computer equipment |
Total 4,274 1,982 - 6,256 1,668 1,332 - 3,000 3,256 2,606 2022 72,489 66 72,555 2022 30,994 2,378 201,999 235,371 |
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Creative Mentor Network
Notes to the Accounts for the year ended 31 March 2023
15 Deferred income
Invoices raised for mentor training programmes are deferred until the training takes place. The training programmes may involve multiple courses provided over a number of months, and therefore, the income is apportioned according to the number of courses, and released in the months the courses are provided.
| Amounts released from previous periods Amounts deferred in the reporting period 16 Movement in funds At 1 April 2022 Unrestricted funds: General funds 224,829 224,829 At 1 April 2021 Unrestricted funds: General funds 135,919 135,919 17 Analysis of net assets between funds Fixed assets Net current assets Fixed assets Net current assets |
Incoming resources including other gains/(losses) 461,684 461,684 Incoming resources including other gains/(losses) 441,011 441,011 |
2023 2022 200,215 137,709 355,025 200,215 Outgoing resources At 31 March 2023 (425,957) 260,556 (425,957) 260,556 Outgoing resources At 31 March 2022 (352,101) 224,829 (352,101) 224,829 Unrestricted Funds Total 2023 3,256 3,256 257,300 257,300 260,556 260,556 Unrestricted Funds Total 2022 2,606 2,606 222,223 222,223 224,829 224,829 |
|---|---|---|
18 Operating leases
At 31 March the charity had the following future minimum lease payments under non-cancellable operating leases, payable
| leases, payable | ||
|---|---|---|
| 2023 | 2022 | |
| Not later than one year | 36,858 | - |
19 Related party transactions
There have been no related party transactions in the reporting period that require disclosure.
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