## **Creative Mentor Network**
**Charity No. 1178144**
**Trustees' Report and Unaudited Accounts**
**31 March, 2024**
**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 2024.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Charity No. 1178144**
## **Registered Office**
Fivefields 8-10 Grosvenor Gardens London SW1W 0DH
## **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:
J. Kanani R. Lidstone L. Egwuekwe R. Mehra appointed July 2023 E. Linger R. Johnson B. Lyons appointed February 2024
## **Key Management Personnel**
Katie Thomson-Greene CEO
## **Accountants**
Multiply Accountancy 71-75 Shelton Street London WC2H 9JQ
## **Bankers**
Natwest PO Box 5479 1 Spinningfilds Square Manchester M61 0NH
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 2,186 young people through our mentoring programme. Through our connections with schools, colleges and our social media channels we have built a network of over 15,000 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 101 mentor programmes, supporting 2,186 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:
91% of mentors feel well equipped to support young people from socio-economically diverse backgrounds into their industry. 97% of mentors have a good understanding of the barriers to access for young people from low socioeconomic backgrounds. 97% 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.
84% of mentees are able to build positive relationships and make industry connections and on average made 6 or more professional connections whilst being on the programme. 81% 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, Sony Music, Publicis health, Comic Relief, Amazon Prime Video and Ogilvy.
## **FINANCIAL REVIEW**
Funding for the Charity comes from creative industry corporate partnerships, donations and grant funding.
## **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 £7,370 during the period. The balance sheet shows total net assets of £267,926.
## **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 2024, the Charity had net free reserves (after deducting fixed assets of £2,501) of £265,425. The budgeted expenditure for the 3 months post year end, i.e. free reserves requirement, was £106,700. 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 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
## Russ Lidstone
Russ Lidstone (Nov 19, 2024 12:43 GMT)
R. Lidstone Trustee
> Date: 19th November 2024
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 2024 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:
- accounting records were not kept in accordance with section 130 of the 2011 Act ; or
- the accounts do not accord with those records; or
- 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.
## Multiply Accountancy Limited
Multiply Accountancy Limited (Nov 19, 2024 11:35 GMT)
## **Chris Conway**
Institute of Chartered Accountants in England and Wales
Multiply Accountancy Limited 71-75 Shelton Street London WC2H 9JQ
Date:
Page 6
**Creative Mentor Network**
## **Statement of Financial Activities (incorporating the Summary Income and Expenditure Account) for the year ended 31 March 2024**
|**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**
Other gains and losses
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**funds 2024**
**Total funds**
**2024**
**Total funds**
**2023**
**£**
**£**
**£**
5,391 5,391
5,110
423,833 423,833
456,234
5,328 5,328
340
**434,552 434,552**
**461,684**
9,553 9,553
20,441
208,559 208,559
189,148
209,070 209,070
216,368
**427,182 427,182**
**425,957**
- -
-
**7,370 7,370**
**35,727**
- -
-
**7,370 7,370**
**35,727**
- -
-
**7,370 7,370**
**35,727**
260,556 260,556
224,829
**267,926 267,926**
**260,556**|
|---|---|
All activities in the current and previous financial year represent unrestricted funds.
Page 7
**Creative Mentor Network**
## **Balance Sheet at 31 March 2024**
|**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**|**2024**
**2023**
**£**
**£**
2,501
3,256
**2,501**
**3,256**
24,572
93,436
559,073
556,699
**583,645**
**650,135**
**(318,220)**
**(392,835)**
**265,425**
**257,300**
**267,926**
**260,556**
**267,926**
**260,556**
267,926
260,556
**267,926**
**260,556**|
|---|---|
Approved by the board of trustees on …........................ and signed on its behalf by:
## Jo Kanani
Jo Kanani (Nov 21, 2024 10:42 GMT)
J. Kanani Trustee
> Date: 21st November 2024
Page 8
**Creative Mentor Network**
## **Notes to the Accounts for the year ended 31 March 2024**
## **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.
Page 9
**Creative Mentor Network**
## **Notes to the Accounts for the year ended 31 March 2024**
## **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. The charity is a Public Benefit Entity.
Page 10
## **Creative Mentor Network**
## **Notes to the Accounts for the year ended 31 March 2024**
|**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
Defined contribution plan|**2024**
5,391
**2024**
423,833
**2024**
5,328
**2024**
9,553
**2024**
21,084
183,726
500
2,868
381
208,559
**2024**
161,900
625
1,251
45,294
209,070
**2024**
1,251
**2024**
11,668|**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|
Page 11
## **Creative Mentor Network**
## **Notes to the Accounts for the year ended 31 March 2024**
|**11**
**Staff costs**
Salaries and wages
Social security costs
Pension costs
Staff recruitment and training costs|**Support**
**Other**
**Total**
**costs**
**Expenditure**
**2024**
160,692
144,447
305,139
16,985
10,679
27,664
6,048
5,620
11,668
1,155
1,155
183,726
161,900
345,626|**Total**
**2023**
299,530
27,178
9,109
1,619|
|---|---|---|
|||337,436|
In the year to 31 March 2024, no employees received emoluments over £60,000 (2023: 1 employee between £60,000-£69,999).
No trustees (2023: none) were reimbursed for expenses incurred for travel to board meetings. No trustee received any remuneration in the year (2023: none).
Key management personnel comprise the trustees and the Managing Director. Total remuneration paid to these individuals was £47,750 (2023: £71,125).
The average number of staff employed, including part time staff was 9 (2023: 9)
|**12**
**Tangible fixed assets**
**Cost**
At 1 April 2023
Additions
Disposals
At 31 March 2024
**Depreciation**
At 1 April 2023
Charge for the year
Eliminated on disposal
At 31 March 2024
**Net Book Value**
At 31 March 2024
At 1 April 2023
**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|6,256
496
-
6,752
3,000
1,251
-
4,251
2,501
3,256
**2024**
5,285
19,287
24,572
**2024**
36,610
758
280,852
318,220
**Computer**
**equipment**|**Total**
6,256
496
-|
|---|---|---|
|||6,752|
|||3,000
1,251
-|
|||4,251|
||||
|||2,501|
||||
|||3,256|
|||**2023**
83,435
10,001|
|||93,436|
|||**2023**
31,494
317
361,024|
|||392,835|
Page 12
**Creative Mentor Network**
## **Notes to the Accounts for the year ended 31 March 2024**
## **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 2023**
Unrestricted funds:
General funds
260,556
260,556
**At 1 April 2022**
Unrestricted funds:
General funds
224,829
224,829
**17**
**Analysis of net assets between funds**
Fixed assets
Net current assets
Fixed assets
Net current assets|**Incoming**
434,552
434,552
**Incoming**
461,684
461,684|**2024**
**2023**
236,683
200,215
161,827
355,025
**Outgoing**
**At 31 March**
(427,182)
267,926
(427,182)
267,926
**Outgoing**
**At 31 March**
(425,957)
260,556
(425,957)
260,556
**Unrestricted**
**Total 2024**
2,501
2,501
265,425
265,425
267,926
267,926
**Unrestricted**
**Total 2023**
3,256
3,256
257,300
257,300
260,556
260,556|
|---|---|---|
## **18 Operating leases**
At 31 March the charity had the following future minimum lease payments under non-cancellable operating leases, payable
||**2024**|**2023**|
|---|---|---|
|Not later than one year|54,000|36,858|
|later than one year and not later than five years|49,500||
## **19 Related party transactions**
There have been no related party transactions in the reporting period that require disclosure.
Page 13