**REGISTERED COMPANY NUMBER: 12407737 (England and Wales) REGISTERED CHARITY NUMBER: 1187549** Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 January 2023 for The Common Mission Project IMG Chartered Accountants & Business Advisors Endwell Chambers 6 Endwell Road Bexhill on Sea East Sussex TN40 1EA The Common Mission Project Contents of the Financial Statements for the Year Ended 31 January 2023 |||Page|| |---|---|---|---| |Report of the Trustees|1|to|2| |Independent Examiner's Report||3|| |Statement of Financial Activities||4|| |Balance Sheet|5|to|6| |Notes to the Financial Statements|7|to|11| The Common Mission Project (Registered number: 12407737) ## Report of the Trustees ## for the Year Ended 31 January 2023 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 January 2023. 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** The objectives of the charity are to create a network of mission driven entrepreneurs to work on some of our toughest societal challenges; from healthcare to energy, from national security to sustainability. We achieve this objective by delivering the academic "Hacking for X" programmes to universities across the United Kingdom, training university staff, students, government personnel and industry in methods to solve government problems at pace. The aim of the charity is to bridge the gap between government and society by engaging them to work on problems together and build the UK's national innovation base. ## **Public benefit** The Directors are confident that the charity meets the public benefit requirements, and they confirm that they have taken into account the guidance contained in the Charity Commissions' general guidance on public benefit where applicable. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** The charity's activities include training university staff in problem solving methods and course delivery, designing and developing relevant content to support this academic course, to train government personnel in being a problem sponsor, to source government challenges and validate them for the courses, and to maintain and grow an alumni community who remain connected and enthused to government challenges. ## **FUTURE PLANS** The charity's future plans are to scale our academic programmes to every university in the UK, as well as develop programmes aimed at secondary students. We will achieve that plan by expanding into different government vectors; our programmes now include: Hacking for Ministry of Defence, Hacking for Police, and Hacking for NHS. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, the memorandum and association of incorporation, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Company law requires the Directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the net income or expenditure for the year. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and that enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 1 STRUCTiIRE GOVERNANCE AND MANAGEMEKr Rljk mani￿￿ent The Directors recognise their res[￿SIbilIty to identify the major risks to whlch th¢ cknity is expose4 to view these risks and establish systems to mitigaw them. Risk manwent 1$ an on8oin8 prcKesy and the Directors gre eA)rnmitted to regular review$ and a means of underthding the disks to which the charity Li exFKJsed. REFERENCE AND ADMINisfRATIVE DETAILS Rqlster¢d CoM￿nY number 12407737 (En81gnd And Wales) Reglstered C￿rIty number 1187549 R*terfd oflke l Hors¢ Gu8rds Aven SWIA2HU Truite¢• Mr A A B BJEbyn MrOWIThis MrARFRoan Dr A M Hawkb Dir¢¢tty (oppointed 1.8.22) 1]￿ependent Examlner IMG Chartered Ac￿Untants & Bu$ines8 Adviso Erwjwell Chambers 6 Endw¢ll Road Bexhill on Sea E•st Sussex TN40 IBA Approvtrj by orderof the l*Mrd 0ftrust￿$ on....... and sI￿d on its behalf by: Pug¢ 2 I r¢w¥t to the chuity tnA4ee5 ¢m my a¥amin*i(o of Of the Ctswy fty yw •¥kn131 J￿Uary 2023. Rwmlbllldm *nd of rep)rt CwrI￿ (Mrt urth se¢1K￿ 145 of a*thes Ad 3)11 Ctt* 2011 W. Io (xryll18 (Ax my ex¥ninatwJn I hAve followed the Dire&tKw si￿n ty theawdy S¢&tsi 145(5)(b) of 2011 A(£ eX*￿1￿•t1)n givin8 m¢ lylirt IFRS 102)). MR IAN GOAD FCA & Businesy Advi Endwell Ch￿t 6 Endw¢ll Rowj B¢xhill (¥D SOA TN40 IEA The Common Mission Project ## Statement of Financial Activities for the Year Ended 31 January 2023 |31.1.23
Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
(6,105)
Other trading activities
2
414,164
**Total**
408,059
**EXPENDITURE ON**
Raising funds
3
117,533
Other
294,736
**Total**
412,269
**NET INCOME/(EXPENDITURE)**
(4,210)
**RECONCILIATION OF FUNDS**
Total funds brought forward
264,369
**TOTAL FUNDS CARRIED FORWARD**
260,159|31.1.22
Total
funds
£
60,000
403,018| |---|---| ||463,018| ||126,618
144,763| ||271,381| ||191,637
72,732| ||264,369| The notes form part of these financial statements Page 4 The Common Mission Project (Registered number: 12407737) ## Balance Sheet ## 31 January 2023 |31.1.23
Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
8
2,134
**CURRENT ASSETS**
Debtors
9
-
Cash at bank
311,750
311,750
**CREDITORS**
Amounts falling due within one year
10
(53,725)
**NET CURRENT ASSETS**
258,025
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
260,159
**NET ASSETS**
260,159
**FUNDS**
11
Unrestricted funds
260,159
**TOTAL FUNDS**
260,159|31.1.22
Total
funds
£
390
205,691
104,690
310,381
(46,402)
263,979
264,369
264,369
264,369
264,369| |---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023. The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) 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. The notes form part of these financial statements Page 5 continued... Th¢se fmanci41 statements have been preppnd In ac¢ordance with th¢ proviyioDy opplieable to charitsble Lxym￿7¢5 subje¢tto th¢ sm411 ¢ompaniea r¢8ime. cl ents wer¢ approved by the Board of Tnwets and athoris&l for issu¢ gnd were Sign￿ on It8 behalf by: The notes fomi part of tha4e financial 8tstynents The Common Mission Project Notes to the Financial Statements for the Year Ended 31 January 2023 ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** 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. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **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. ## **Tangible fixed assets** Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: - Computer equipment - 25% reducing balance basis ## **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. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Pension costs and other post-retirement benefits** The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. continued... Page 7 The Common Mission Project ## Notes to the Financial Statements - continued for the Year Ended 31 January 2023 ## **2. OTHER TRADING ACTIVITIES** |Funding receipts
**3.**
**RAISING FUNDS**
**Raising donations and legacies**
Support costs
**4.**
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets|31.1.23
£
414,164
31.1.23
£
18,158
31.1.23
£
321|31.1.22
£
403,018| |---|---|---| |||31.1.22
£
14,459
31.1.22
£
130| ## **5. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 January 2023 nor for the year ended 31 January 2022. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 January 2023 nor for the year ended 31 January 2022. ## **6. STAFF COSTS** The average monthly number of employees during the year was as follows: ||31.1.23|31.1.22| |---|---|---| |Professional staff|3|3| |Support staff|4|2| ||7|5| The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |||31.1.23|31.1.22| |---|---|---|---| |£70,001|- £80,000|-|1| |£90,001|- £100,000|1|-| |||1|1| continued... Page 8 The Common Mission Project Notes to the Financial Statements - continued for the Year Ended 31 January 2023 |**7.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**|| |---|---|---| |||Unrestricted| |||fund| |||£| ||**INCOME AND ENDOWMENTS FROM**|| ||Donations and legacies|60,000| ||Other trading activities|403,018| ||**Total**|463,018| ||**EXPENDITURE ON**|| ||Raising funds|126,618| ||Other|144,763| ||**Total**|271,381| ||**NET INCOME**|191,637| ||**RECONCILIATION OF FUNDS**|| ||Total funds brought forward|72,732| ||**TOTAL FUNDS CARRIED FORWARD**|264,369| |**8.**|**TANGIBLE FIXED ASSETS**|| |||Computer| |||equipment| |||£| ||**COST**|| ||At 1 February 2022|650| ||Additions|2,065| ||At 31 January 2023|2,715| ||**DEPRECIATION**|| ||At 1 February 2022|260| ||Charge for year|321| ||At 31 January 2023|581| ||**NET BOOK VALUE**|| ||At 31 January 2023|2,134| ||At 31 January 2022|390| continued... Page 9 The Common Mission Project |Notes to the Financial Statements-continued
for the Year Ended 31 January 2023
**9.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
**10.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Social security and other taxes
VAT
Other creditors
Accrued expenses
**11.**
**MOVEMENT IN FUNDS**
At 1.2.22
£
**Unrestricted funds**
General fund
264,369
**TOTAL FUNDS**
264,369
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
408,059
**TOTAL FUNDS**
408,059
**Comparatives for movement in funds**
At 1.2.21
£
**Unrestricted funds**
General fund
72,732
**TOTAL FUNDS**
72,732|31.1.23
31.1.22
£
£
-
205,691
31.1.23
31.1.22
£
£
3,345
1,500
16,276
4,809
32,966
35,214
-
991
1,138
3,888
53,725
46,402
Net
movement
At
in funds
31.1.23
£
£
(4,210)
260,159
(4,210)
260,159
Resources
Movement
expended
in funds
£
£
(412,269)
(4,210)
(412,269)
(4,210)
Net
movement
At
in funds
31.1.22
£
£
191,637
264,369
191,637
264,369| |---|---| continued... Page 10 The Common Mission Project Notes to the Financial Statements - continued for the Year Ended 31 January 2023 ## **11. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
463,018
463,018|Resources
Movement
expended
in funds
£
£
(271,381)
191,637
(271,381)
191,637|Resources
Movement
expended
in funds
£
£
(271,381)
191,637
(271,381)
191,637| |---|---|---|---| ||||191,637| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.2.21
£
72,732
72,732|Net
movement
in funds
£
187,427
187,427|At
31.1.23
£
260,159| |---|---|---|---| ||||260,159| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
871,077
871,077|Resources
Movement
expended
in funds
£
£
(683,650)
187,427
(683,650)
187,427|Resources
Movement
expended
in funds
£
£
(683,650)
187,427
(683,650)
187,427| |---|---|---|---| ||||187,427| ## **12. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 January 2023. Page 11