Docusign Envelope ID: CB420FAA-E9F1-46CC-8B65-BA598A633E17
Company registration number: 11504129 Charity registration number: 1186891
## Merky Foundation Limited
(A company limited by guarantee)
Annual Report and Financial Statements for the Year Ended 31 August 2024
Innovi Advisors Ltd Chartered Certified Accountants & Statutory Auditor 163 Herne Hill London SE24 9LR
Docusign Envelope ID: CB420FAA-E9F1-46CC-8B65-BA598A633E17
## **Merky Foundation Limited**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 3|
|Independent Examiner's Report|4 to 5|
|Statement of Financial Activities|6|
|Balance Sheet|7 to 8|
|Statement of Cash Flows|9|
|Notes to the Financial Statements|10 to 14|
|Detailed Statement of Financial Activities|15 to 16|
Docusign Envelope ID: CB420FAA-E9F1-46CC-8B65-BA598A633E17
## **Merky Foundation Limited**
## **Reference and Administrative Details**
|**Trustees**|M E K O Owuo Junior|
|---|---|
||T A Onwuka, (Resigned on 05/06/2025)|
||J Roddison FCA, (Resigned on 07/03/2025)|
||R Rosenberg, (Appointed on 05/06/2025)|
|**Charity Registration Number**|1186891|
|**Company Registration Number**|11504129|
|**Registered Office**|Elsey Court|
||20-22 Great Titchfield Street|
||London|
||W1W 8BE|
|**Independent Examiner**|Innovi Advisors Ltd|
||Chartered Certified Accountants & Statutory Auditor|
||163 Herne Hill|
||London|
||SE24 9LR|
Page 1
Docusign Envelope ID: CB420FAA-E9F1-46CC-8B65-BA598A633E17
## **Merky Foundation Limited**
## **Trustees' Report**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of 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**
## **Objectives and aims**
Merky Foundation is a project set up by UK musician, Stormzy, with the aim of giving back to the community he grew up in.
In 2018 a partnership was entered into with Cambridge University to fund a scholarship programme for Black UK students covering the full cost of tuition fees and provide a maintenance grant which would significantly reduce the need for awardees to take out government or commercial loans.
In 2020 the charity pledged to raise £10 million, over 10 years, for organisations, charities and movements that are committed to fighting racial inequality, justice reform and Black empowerment within the UK. In 2021 the first payments for this project were made with £500,000 pledged to the Black Heart Foundation.
Stormzy and #Merky will forever remain devoted to improving and safeguarding the lives of those within the Black community and this is just the beginning of the lifetime commitment to financially and wholeheartedly back these causes.
## **Significant activities**
Cambridge University Scholarship
During the year the charity raised £742,000 (2023 - £780,000) as part of the scholarship programme. Further third party donations were welcomed along with the continuation of HSBC support. The funds collected as part of the programme will be remitted to the University in accordance with the specified requirements.
## **Public benefit**
The charity operates as a Public Benefit Entity.
## **STRATEGIC REPORT**
## **Going concern**
There are no material uncertainties about the charity's ability to continue as a going concern.
## **Funds in deficit**
No funds have been in deficit at the end of the current or previous financial year.
Page 2
Docusign Envelope ID: CB420FAA-E9F1-46CC-8B65-BA598A633E17
## **Merky Foundation Limited**
## **Trustees' Report**
## **Future plans**
Over the coming years, the charity intends to continue to pledge further funds for the Cambridge Scholarship programme and HSBC have entered into negotiations to extend their partnership with the Foundation and pledge continued support to the programme, funding a further 30 scholarships in the coming years. The growth of the scholarship programme remains the main objective in helping us achieve our goals for the foreseeable future. The charity will also continue supporting community based projects and events in line with its objectives.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a Deed of Trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
......................................... M E K O Owuo Junior Trustee
Page 3
Docusign Envelope ID: CB420FAA-E9F1-46CC-8B65-BA598A633E17
## **Merky Foundation Limited**
## **Independent Examiner's Report to the trustees of Merky Foundation Limited ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2024.
## **Responsibilities and basis of report**
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act 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 Charities Act 2011 (‘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**
Since the Company'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 ACCA, which is one of the listed bodies.
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:
1. accounting records were not kept in respect of Merky Foundation Limited as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of 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
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (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.
Page 4
Docusign Envelope ID: CB420FAA-E9F1-46CC-8B65-BA598A633E17
## **Merky Foundation Limited**
## **Independent Examiner's Report to the trustees of Merky Foundation Limited ('the Company')**
...................................... Sheetal Shah FCCA Chartered Certified Accountants & Statutory Auditor ACCA 163 Herne Hill London SE24 9LR Date:.............................
Page 5
Docusign Envelope ID: CB420FAA-E9F1-46CC-8B65-BA598A633E17
## **Merky Foundation Limited**
**Statement of Financial Activities for the Year Ended 31 August 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Other income
4
Total income
**Expenditure on:**
Raising funds
5
Charitable activities
6
Total expenditure
Net income/(expenditure)
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
14|**Unrestricted**
**funds**
**£**
100,450
-
100,450
(91,212)
-
(91,212)
9,238
9,238
41,474
50,712|**Restricted**
**funds**
**£**
742,000
30,000
772,000
-
(755,000)
(755,000)
17,000
17,000
-
17,000|**Total**
**2024**
**£**
842,450
30,000
872,450
(91,212)
(755,000)
(846,212)
26,238
26,238
41,474
67,712|**Total**
**2023**
**£**
968,652
-|
|---|---|---|---|---|
|||||968,652|
|||||(194,429)
(780,000)|
|||||(974,429)|
|||||(5,777)|
|||||(5,777)
47,251|
|||||41,474|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 14.
The notes on pages 10 to 14 form an integral part of these financial statements. Page 6
Docusign Envelope ID: CB420FAA-E9F1-46CC-8B65-BA598A633E17
## **Merky Foundation Limited**
## **(Registration number: 11504129) Balance Sheet as at 31 August 2024**
|**Note**
**Current assets**
Debtors
11
Cash at bank and in hand
12
**Creditors: Amounts falling due within one year**
13
**Net assets**
**Funds of the charity:**
**Restricted income funds**
Restricted funds
**Unrestricted income funds**
Unrestricted funds
**Total funds**
14|**2024**
**£**
51,440
75,212
126,652
(58,940)
67,712
17,000
50,712
67,712|**2023**
**£**
905
44,049|
|---|---|---|
|||44,954
(3,480)|
|||41,474|
|||-
41,474|
|||41,474|
For the financial year ending 31 August 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.
Trustees' responsibilities:
- ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The notes on pages 10 to 14 form an integral part of these financial statements. Page 7
Docusign Envelope ID: CB420FAA-E9F1-46CC-8B65-BA598A633E17
## **Merky Foundation Limited**
## **(Registration number: 11504129) Balance Sheet as at 31 August 2024**
The financial statements on pages 6 to 14 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
......................................... M E K O Owuo Junior Trustee
The notes on pages 10 to 14 form an integral part of these financial statements. Page 8
Docusign Envelope ID: CB420FAA-E9F1-46CC-8B65-BA598A633E17
## **Merky Foundation Limited**
## **Statement of Cash Flows for the Year Ended 31 August 2024**
|**Note**
**Cash flows from operating activities**
Net cash income/(expenditure)
**Working capital adjustments**
Increase in debtors
11
Increase/(decrease) in creditors
13
Net cash flows from operating activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 September
Cash and cash equivalents at 31 August|**2024**
**£**
26,238
(50,535)
55,460
31,163
31,163
44,049
75,212|**2023**
**£**
(5,777)
(905)
(398,200)|
|---|---|---|
|||(404,882)|
|||(404,882)
448,931|
|||44,049|
All of the cash flows are derived from continuing operations during the above two periods.
The notes on pages 10 to 14 form an integral part of these financial statements. Page 9
Docusign Envelope ID: CB420FAA-E9F1-46CC-8B65-BA598A633E17
## **Merky Foundation Limited**
## **Notes to the Financial Statements for the Year Ended 31 August 2024**
## **1 Charity status**
The charity is limited by guarantee, incorporated in England and Wales and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation.
The address of its registered office is: Elsey Court 20-22 Great Titchfield Street London W1W 8BE
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **Basis of preparation**
Merky Foundation Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
## **Income and endowments**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Page 10
Docusign Envelope ID: CB420FAA-E9F1-46CC-8B65-BA598A633E17
## **Merky Foundation Limited**
## **Notes to the Financial Statements for the Year Ended 31 August 2024**
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as commitment but not accrued as expenditure.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
## **3 Income from donations and legacies**
|Donations and legacies;
Donations
**4**
**Other income**
Trademark licence extension fee|**Unrestricted**
**funds**
**General**
**£**
100,450
100,450|**Restricted**
**funds**
**£**
742,000
742,000|**Total**
**2024**
**£**
842,450
842,450
**Restricted**
**funds**
**£**
30,000|**Total**
**2023**
**£**
968,652|
|---|---|---|---|---|
|||||968,652|
|||||**Total**
**2024**
**£**
30,000|
Page 11
Docusign Envelope ID: CB420FAA-E9F1-46CC-8B65-BA598A633E17
## **Merky Foundation Limited**
## **Notes to the Financial Statements for the Year Ended 31 August 2024**
## **5 Expenditure on raising funds**
## **a) Direct costs**
|**a) Direct costs**|||
|---|---|---|
|**Note**
Charitable event costs|**Total**
**2024**
**£**
-
-|**Total**
**2023**
**£**
155,000|
|||155,000|
## **b) Support costs**
|**Note**
Information technology
Governance costs
Other support costs
**6**
**Expenditure on charitable activities**
**Note**
Cambridge University scholarship
program|**Unrestricted**
**funds**
**General**
**£**
66,300
23,590
1,322
91,212
**Restricted**
**funds**
**£**
755,000|**Total**
**2024**
**£**
66,300
23,590
1,322
91,212
**Total**
**2024**
**£**
755,000|**Total**
**2023**
**£**
28,000
11,000
429|
|---|---|---|---|
||||39,429|
||||**Total**
**2023**
**£**
780,000|
## **7 Trustees remuneration and expenses**
There were no trustees remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.
There were no trustees expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.
Page 12
Docusign Envelope ID: CB420FAA-E9F1-46CC-8B65-BA598A633E17
## **Merky Foundation Limited**
## **Notes to the Financial Statements for the Year Ended 31 August 2024**
## **8 Staff costs**
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
## Number of employees
|**2024**||**2023**||
|---|---|---|---|
|**No**||**No**||
||3||3|
No employee received emoluments of more than £60,000 during the year.
## **9 Independent examiner's remuneration**
|||**2024**|**2023**|
|---|---|---|---|
|||**£**|**£**|
|Examination|of the financial statements|3,300|1,440|
## **10 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **11 Debtors**
|Trade debtors
Other debtors
**12 Cash and cash equivalents**
Cash at bank
**13 Creditors: amounts falling due within one year**
Other creditors
Accruals|**2024**
**£**
50,000
1,440
51,440
**2024**
**£**
75,212
**2024**
**£**
48,800
10,140
58,940|**2023**
**£**
-
905|
|---|---|---|
|||905|
|||**2023**
**£**
44,049|
|||**2023**
**£**
-
3,480|
|||3,480|
Page 13
Docusign Envelope ID: CB420FAA-E9F1-46CC-8B65-BA598A633E17
## **Merky Foundation Limited**
## **Notes to the Financial Statements for the Year Ended 31 August 2024**
## **14 Funds**
|**Unrestricted funds**
General
**Restricted funds**
**Total funds**
**Unrestricted funds**
General
**Restricted funds**
**Total funds**|**Balance at 1**
**September**
**2023**
**£**
41,474
-
41,474
**Balance at 1**
**September**
**2022**
**£**
27,251
20,000
47,251|**Incoming**
**resources**
**£**
100,450
772,000
872,450
**Incoming**
**resources**
**£**
53,652
915,000
968,652|**Resources**
**expended**
**£**
(91,212)
(755,000)
(846,212)
**Resources**
**expended**
**£**
(39,429)
(935,000)
(974,429)|**Balance at 31**
**August 2024**
**£**
50,712
17,000|
|---|---|---|---|---|
|||||67,712|
|||||**Balance at 31**
**August 2023**
**£**
41,474
-|
|||||41,474|
## **15 Related party transactions**
## **M E K O Owuo Junior**
During the year Stormzy Ltd donated £120,000 (2023 - £140,000) to the Cambridge University scholarship fund.
At the end of the financial year, Stormzy Ltd owed the foundation £Nil (2023 - £905).
At the end of the financial year, the foundation owed Stormzy Ltd £48,800 (2023 - £Nil).
Page 14
Docusign Envelope ID: CB420FAA-E9F1-46CC-8B65-BA598A633E17
## **Merky Foundation Limited**
## **Detailed Statement of Financial Activities for the Year Ended 31 August 2024**
|**Income and Endowments from:**
Donations and legacies (analysed below)
Other income (analysed below)
Total income
**Expenditure on:**
Raising funds (analysed below)
Charitable activities (analysed below)
Total expenditure
Net income/(expenditure)
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Total**
**2024**
**£**
842,450
30,000
872,450
(91,212)
(755,000)
(846,212)
26,238
26,238
41,474
67,712|**Total**
**2023**
**£**
968,652
-|
|---|---|---|
|||968,652|
|||(194,429)
(780,000)|
|||(974,429)|
|||(5,777)|
|||(5,777)
47,251|
|||41,474|
This page does not form part of the statutory financial statements. Page 15
Docusign Envelope ID: CB420FAA-E9F1-46CC-8B65-BA598A633E17
## **Merky Foundation Limited**
## **Detailed Statement of Financial Activities for the Year Ended 31 August 2024**
|**_Donations and legacies_**
Donations
**_Other income_**
Other income
**_Raising funds_**
Charitable event costs
Accountancy
Consultancy fees
Legal fees
Bank charges
Computer costs
Sundries
**_Charitable activities_**
Grants to institutions|**Total**
**2024**
**£**
842,450
842,450
30,000
30,000
-
(9,300)
(66,300)
(14,290)
(966)
(281)
(75)
(91,212)
(755,000)
(755,000)|**Total**
**2023**
**£**
968,652|
|---|---|---|
|||968,652|
|||-|
|||-|
|||(155,000)
(1,800)
(28,000)
(9,200)
(379)
-
(50)|
|||(194,429)|
|||(780,000)|
|||(780,000)|
This page does not form part of the statutory financial statements. Page 16