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2023-06-30-accounts

Charity registration number 1180933

MY LIFE

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

MY LIFE

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Ms E M Harsant
Mrs R Mitchell (Appointed 1 April 2023)
Ms R Wedge
Ms L Dickman
Charity number 1180933
Principal address 48 Alnesbourn Crescent
Ipswich
Suffolk
IP3 9GD
Independent examiner Oliver Read FCCA ACA
James Todd & Co Limited
1 & 2 The Barn Oldwick
West Stoke Road
Lavant
Chichester
West Sussex
England
PO18 9AA

MY LIFE

CONTENTS

Page
Trustees' report 1 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Statement of cash flows 8
Notes to the financial statements 9 - 18

MY LIFE

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 JUNE 2023

The trustees present their annual report and financial statements for the year ended 30 June 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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 2019).

Objectives and activities

The charity's objects are to advance in life and help people through:

a) Advancing general and mental health education by contributing to, and participating in, the production of a periodic lifestyle publication and accompanying short films, upskilling people through the entire print and digital production process, and;

b) providing support and activities which develop their skills, capacities and capabilities to enable them to anticipate in society as mature and responsible individuals.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

MY LIFE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Achievements and performance

Significant activities and achievements against objectives

During the course of the year the charity has achieved the following:

Website platform

The website platform has engaged with education settings across Suffolk. The website highlights different topic areas, and these span film and digital platforms. The work involved has aided with the upskilling of young people through extra-curricular and enrichment activities.

The work produced by the Student Life project with the aid of the young people has aided with the development of peer relationships beyond the educational environment. This has been achieved by the creation of peer to peer content, photography, design and production. These relationships include, but are not limited to, the governance of the Charity are partially held by young people, namely two young people are on the board of Trustees. Young people are part of the Charity’s Steering Group.

These platforms have also aided with community engagement, via County Councillors, business leads and stakeholders attending meetings the charity holds.

Film platform

My Life works with a young person led film production company named Unity Film & Production CIC. The formation of this production company has then led to the cross setting writing, casting, production and editing of numerous films.

At present we have multiple films in the pipeline; about adolescent mental health and prison-based films.

Mental Health

We have delivered peer to peer mental health awareness upskilling into education settings to volunteer Ambassadors.

We have also been collaborating with Public Health and the NHS on mental health awareness projects.

Non-mainstream education / AP / NEET

The Charity continues working outside mainstream education and this ensures inclusivity for young people not on school roll e.g. in Alternative Provision (AP) or classified as Not in Education Employment or Training (NEET).

Unlock My Life

The Unlock My Life project continues its work with prisons across the country and now includes young people and adults. It is planned that 30 prisons will be onboarded in the lead up to Summer 2025, with the Unlock My Life project mirroring historic work in schools and colleges by upskilling prisoners in Mental Health & Wellbeing training and prisoners going on to become Mental Health Ambassadors.

Work Experience / Career Readiness

The Charity continues to offer regular work experience and career planning opportunities.

Other

We have been nominated and are awaiting the outcome from four award bodies.

We currently employ eleven members of staff, with four being full time.

MY LIFE

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

Financial review

Total income for the year was £214,125 which is a decrease on the prior year of 69,304. This is as a result of reduced funding in the year. Total costs were reduced to £254,514. This has resulted in an operational deficit of £40,389.

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to three months expenditure.

Reserves at this level will ensure that, in the event of a significant drop in funding, the Charity will be able to continue its current activities while consideration is given to ways in which additional funds may be raised.

The charity retains limited restricted reserves at the year end of £750 restricted funds and does not have any designated funds.

The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for future periods

Contact will be made with additional schools and colleges in the south-east that are not yet collaborating with the Student Life project. The roll-out of the multiple platforms will continue, as will the roll-out of the mental health ambassador programme, the filming work and the careers work. Each September/October will see the re-delivery of the project into the new year 10 cohort at each collaborating school/college. The mental health work in prisons, under the project title Unlock My Life, remains a key focus of the team and of funding applications.

Structure, governance and management

The charity is a Charitable Incorporated Organisation (CIO). The constitution document was authorised and the charity became registered on 30 November 2018.

Prior to being a CIO, the entity was known as Student Life (Suffolk) CIC (company number 10828527). The day after the CIO was constituted, being 1 December 2018, the previous CIC ceased to trade and merged with the CIO. No adjustments were made to the accounting policies of either entity as part pf this merger.

The trustees who served during the year and up to the date of signature of the financial statements were:

Ms E M Harsant

Mrs R Mitchell (Appointed 1 April 2023) Ms R Wedge Ms L Dickman

Recruitment and appointment of trustees

The Board will continue to network throughout the county and recommend new trustees, based on the alignment of those potential trustees, with the aims and objectives of the Charity and based upon the likelihood of potential Trustees bringing new skills and experience to the Board.

Day to day responsibility for decision making is given to Richard Stewart, in his role as Chief Executive Officer. The CEO will then manage the team of executive board members and volunteers as is required for the successful running of the Charity.

All new trustees will receive a tour of the office and in introduction to the staff. All new trustees will shadow a designated team member for two working days, that will include internal and external meetings and workload. All new trustees will be DBS checked and will complete safeguarding training. All new trustees will be expected to shadow a member of the team for one day every three months.

MY LIFE

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

The trustees' report was approved by the Board of Trustees.

Ms E M Harsant

Trustee

27 February 2024

MY LIFE

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF MY LIFE

I report to the trustees on my examination of the financial statements of My Life (the charity) for the year ended 30 June 2023.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

Oliver Read FCCA ACA

James Todd & Co Limited

1 & 2 The Barn Oldwick West Stoke Road

Lavant Chichester West Sussex PO18 9AA England

Dated: 27 February 2024

MY LIFE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income and endowments from:
Donations and legacies
3
199,138
-
Charitable activities
4
9,159
-
Other trading activities
5
990
-
Other income
6
4,838
-
Total income
214,125
-
Expenditure on:
Raising funds
7
3,517
-
Charitable activities
8
250,997
-
Total expenditure
254,514
-
Net expenditure and movement
in funds
(40,389)
-
Reconciliation of funds:
Fund balances at 1 July 2022
27,923
750
Fund balances at 30 June 2023
(12,466)
750		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
199,138
195,528
-
9,159
85,410
-
990
2,491
-
4,838
-
-
214,125
283,429
-
3,517
14,079
-
250,997
273,069
-
254,514
287,148
-
(40,389)
(3,719)
-
28,673
31,642
750
(11,716)
27,923
750		 Total
2022
£
195,528
85,410
2,491
-
283,429
14,079
273,069
287,148
(3,719)
32,392
28,673

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

MY LIFE

BALANCE SHEET

AS AT 30 JUNE 2023

Notes
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one year
16
Net current (liabilities)/assets
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
17
Net (liabilities)/assets
The funds of the charity
Restricted income funds
18
Unrestricted funds		 2023
£
£
1,775
1,163
3,289
4,452
12,776
(8,324)
(6,549)
(5,167)
(11,716)
750
(12,466)
(11,716)		 2022
£
1,810
45,168
46,978
11,711		 £
573
35,267
35,840
(7,167)
28,673
750
27,923
28,673

The financial statements were approved by the trustees on 27 February 2024

Ms E M Harsant Trustee

MY LIFE

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2023

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from operations
21
Investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Financing activities
Repayment of bank loans
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
£
(37,927)
(1,951)
(1,951)
(2,001)
(2,001)
(41,879)
45,168
3,289		 2022
£
(624)
(833)		 £
173
(624)
(833)
(1,284)
46,452
45,168

MY LIFE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

Charity information

My Life is a Charitable Incorporated Organisation (CIO) governed by a constitution dated 30 November 2018. It is registered with the Charities Commission under charity number 1180933. The registered office is 48 Alnesbourn Crescent, Ipswich, IP3 9GD.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, the principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

MY LIFE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings

4 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

MY LIFE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

MY LIFE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

3 Income from donations and legacies
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 35,488 31,276
Grants received 163,650 164,252
199,138 195,528
4 Income from charitable activities
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Mental health awareness training
Sale of goods 9,159 85,410
5 Income from other trading activities
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Fundraising events 990 2,491
6 Other income
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Other income 4,838 -

MY LIFE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

7 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Fundraising and publicity
Advertising 1,429 5,555
Other fundraising costs 2,088 8,524
3,517 14,079

8 Expenditure on charitable activities

Charitable Charitable
Expenditure Expenditure
2023 2022
£ £
Direct costs
Staff costs 114,202 143,014
Direct charitable costs 18,730 49,571
Travel 10,610 1,776
Loan interest 206 99
Entertaining 360 6,026
144,108 200,486
Share of support and governance costs (see note 9)
Support 80,767 61,652
Governance 26,122 10,931
250,997 273,069
Analysis by fund
Unrestricted funds 250,997 273,069

MY LIFE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

9 Support costs allocated to activities

Support costs allocated to activities
Depreciation
Operating lease charges
Rent and rates
Insurance
Repairs and renewals
Telephone
PPS and computer
Sundry expenses
Governance costs
Analysed between:
Charitable Expenditure		 2023
£
750
3,707
53,675
3,945
3,432
2,399
12,627
233
26,121
106,889
106,889		 2022
£
315
1,151
30,000
5,924
1,670
2,655
14,916
5,021
10,931
72,583
72,583

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

11 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Other pension costs		 2023
Number
10
2023
£
107,346
4,322
111,668		 2022
Number
8
2022
£
140,581
2,433
143,014

There were no employees whose annual remuneration was more than £60,000.

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

MY LIFE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

13 Tangible fixed assets

Tangible fixed assets
Fixtures and
fittings
£
Cost
At 1 July 2022 1,259
Additions 1,951
At 30 June 2023 3,210
Depreciation and impairment
At 1 July 2022 685
Depreciation charged in the year 750
At 30 June 2023 1,435
Carrying amount
At 30 June 2023 1,775
At 30 June 2022 573

14 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year		 2023
£
-
863
300
1,163
2023
£
7,167
2,000
5,167		 2022
£
495
99
1,216
1,810
2022
£
9,167
2,000
7,167

15 Loans and overdrafts

MY LIFE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

16
Creditors: amounts falling due within one year
Notes
Bank loans
15
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
17
Creditors: amounts falling due after more than one year
Notes
Bank loans
15		 2023
£
2,000
1,274
2,962
341
6,199
12,776
2023
£
5,167		 2022
£
2,000
2,398
4,233
-
3,080
11,711
2022
£
7,167

18 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 July 2022 At 30 June 2023 At 1 July 2022 At 30 June 2023
£ £
Waterfront Mile Project 750 750
Previous year: At 1 July 2021 At 30 June 2022
£ £
Waterfront Mile Project 750 750

The Waterfront Mile project relates to a fund My Life is a project partner in, a health initiative within Suffolk which involves five main partners.

MY LIFE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

19 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 July 2022 Incoming Resources At 30 June 2023
resources expended
£ £ £ £
General funds 27,923 214,125 (254,514) (12,466)
Previous year: At 1 July 2021 Incoming Resources At 30 June 2022
resources expended
£ £ £ £
General funds 31,642 283,429 (287,148) 27,923
Analysis of net assets between funds
Unrestricted Restricted Total
funds funds
2023 2023 2023
£ £ £
Fund balances at 30 June 2023 are represented by:
Tangible assets 1,775 - 1,775
Current assets/(liabilities) (9,074) 750 (8,324)
Long term liabilities (5,167) - (5,167)
(12,466) 750 (11,716)
Unrestricted Restricted Total
funds funds
2022 2022 2022
£ £ £
Fund balances at 30 June 2022 are represented by:
Tangible assets 573 - 573
Current assets/(liabilities) 34,517 750 35,267
Long term liabilities (7,167) - (7,167)
27,923 750 28,673

20 Analysis of net assets between funds

MY LIFE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

21 Cash generated from operations 2023 2022
£ £
Deficit for the year (40,389) (3,719)
Adjustments for:
Depreciation and impairment of tangible fixed assets 750 315
Movements in working capital:
Decrease in debtors 647 20
Increase in creditors 1,065 3,557
Cash (absorbed by)/generated from operations (37,927) 173
22 Analysis of changes in net debt
At 1 July 2022 Cash flows At 30 June 2023
£ £ £
Cash at bank and in hand 45,168 (41,879) 3,289
Loans falling due within one year (2,000) - (2,000)
Loans falling due after more than one year (7,167) 2,000 (5,167)
36,001 (39,879) (3,878)