**Company Registration Number : CE021106 Registered Charity : 1188519**
## **SOCIAL ARK**
## **ANNUAL REPORT AND ACCOUNTS**
## **31[st] March 2023**
## **CONTENTS**
1. Objectives & Activities
2. Statement of Trustee Responsibilities
3. Independent Examiner’s Report
4. Statements of Financial Activities
1
## **Social Ark – Trustee’s Annual Report**
The Trustees present their annual report together with the financial statements of the Charity for the year 30[th] March 2022 to 31[st] March 2023.
## **Objectives and Activities**
## **a. Policies and Objectives**
The objects of Social Ark, as set out in our governing document are:
To act as a resource for young people up to the age of 30 living in London and the surrounding areas by providing advice and assistance and organising programmes of physical, educational and other activities as a means of:
(a) advancing in life and helping young people by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals;
## (b) advancing education;
## (c) relieving unemployment.
## **b. Activities for Achieving Objectives**
Social Ark started as a CIC in 2015 and converted to a CIO, gaining charitable status in March 2020. Set up by local resident Lisa Stepanovic, Social Ark is a charity that works with young people from under-resourced East London backgrounds. Social Ark empowers young people to use their lived experience to start social enterprises through structured learning, influential expert mentoring, and wraparound support.
Our trustee board is lived experience-led, and collectively, they share many of the same lived experiences as our beneficiaries. 2 of our 6 trustees are service users, and we also have a dedicated youth board consisting of young people who have been through our programmes, these young people meet regularly and lead on co-design, helping to shape and steer our work.
Our business learning programmes have been co-designed by our alumni, creating universal, accessible, and easy-to-understand programmes. These tried and tested programmes work for all backgrounds and educational experiences. Young people receive high-quality learning that builds on their assets and talents, ensuring they become more confident and ‘tender-ready’ for business, funding, and other opportunities.
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Our beneficiaries experience intersecting social and economic barriers, including poverty and social exclusion. We’ve found that no matter how determined they may be, young people often come to us with personal issues and ‘baggage’ that weighs them down, holds them back and prevents them from moving forward. We help young people take control of improving their lives and focus their talents and expertise on bettering their own lives while tackling the social issues that are important to them.
## **Our Programming:**
**The Step-Up Programme** offers exceptional group and peer learning, personalised support, and expert mentoring. Sessions are delivered by experts in their retrospective fields E.g. Leadership and pitching sessions have been delivered by expert David McQueen, and Finance sessions have been delivered by qualified accountant and author Anna Goodwin. Sessions cover everything needed to develop and sustain a social business, including piloting, business planning, financial management, monitoring, evaluation, marketing, and other relevant training. Thanks to funding provided by LLDC -London Legacy Development Corporation 10 young people were able to secure grants of £1000 each. Step-Up has been running annually for 4 years, the programme is accessible, and inclusive and provides wrap-around support for young people wanting to enter the sector.
The Social Ark team and mentors delivered 24 weekly 3-hour learning workshops for 10 dedicated young entrepreneurs. The young entrepreneurs went on to deliver projects in their communities including hosting events and workshops in schools and across London.
_“I knew I wanted to work for myself and do good for my community at the same, this course has prepared me and knowing I’ve got the backing of the Social Ark Family means I can experiment without worrying about not having the support if things don’t go to plan”_ participant.
**EECF-East End Community Foundation** funded expert coaching. Funded annually from 20212024 as part of the EECF/SG UK -Society Générale UK Foundation Fund this programme has seen our young entrepreneurs upskill and build their networks. This programme has run alongside the Step Up Programme.
_"Attending the specialist coaching sessions has given me business and networking skills to develop my business, going from a plan on paper to delivering workshops and creating a sustainable business for myself. Thank you for showing me the power of collaboration I now have my own supportive network “Participant._
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Working with a professional coach David McQueen, our young people benefited from tailored peer group coaching sessions. Sessions were based on personal development, leadership, social entrepreneurship, and business sustainability. On entering the programme none of the participants had ever received such high-level coaching and some were at risk of their earlystage businesses folding. They learned proven strategies, and all of them saw an increase in revenue of at least £15,000 each during the programme. Some went on to secure over £30,000. All of them now have the tools, networks, and plans in place to positively move forward and achieve their goals and aspirations set during the programme.
_“Being coached by David McQueen made me believe in myself as a young Black man, he’s successful and relatable, I saw in David what I can be myself if I work hard enough. This programme has been the most inspiring thing I’ve ever done, I’ve learned so much and gained so many gems that I can’t wait to implement in my business and leadership journey”._
**The Investment Ready Programme March 2022- August 2022 Funded by UNLTD (as part of the Social Enterprise Support Fund funded by the National Lottery Fund).** After reading our evaluation and seeing the impact made UNLTD funded us again to run our Investment Ready Programme, supporting entrepreneurs to be ‘tender ready’. The course delivered workshops and 1:1 business support for 14 young social entrepreneurs, covering business planning & strategy, bid writing and funding, personal leadership & branding, impact measurement & evaluation, communication & marketing, pitching & presenting and budgeting & finance, and policies & procedures. By the end of the programme, we told the funder that our entrepreneurs would achieve the following.
- Have impact measurement tools in place.
- Up-to-date impact reports
- Financial budgets and management accounts
- Business proposals and funding bids.
We excelled in the outcomes we set out to achieve, with a 95% attendance rate. Each entrepreneur has learned how to measure impact and has frameworks and tools in place. They each have an impact report of their work to date, financial budgets and management accounts, and a proposal funding bid. 14/14 report an increase in income, and collectively Social Ark has supported them to receive over £600,000 in funding, investment, and income. In addition, 100% reported improved leadership and business confidence with an average of 3 points on an accredited 10-point scale. Throughout the programme, we completed 40 hours of group learning. 80 hours of specialist business support, and we provided 20 hours of peer support. As a result, entrepreneurs’ businesses became formally constituted, and all participants left with the knowledge of legal compliance, policies and procedures and have monitoring frameworks in place.
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_“This programme has been fire! Having as much expert support as needed has taken my enterprise to a new level. I’ve got all my policies in place, I’m legally compliant with work lined up, and I’ve brought in £50k”_ participant.
## **The National Lottery Community Fund (TNLCF) ‘Young East London Lived Experience Leaders’:**
August 2021 saw Social Ark awarded multiyear funding of £300,000 over 3 years. This core funding will support us to build on our work so far and continue running for another 3 years. Our programmes, Step-Up, Investment Ready, Here Come the Girls and schools’ work experience programmes will see 300 young people benefit over 3 years (100 per year). The aim is for all young people to report improvements in confidence, skills and self-belief. 80 will establish social enterprises, either as companies or HMRC-registered sole traders. A further 90 will move into employment, apprenticeships, or further education. Having this core funding in place has enabled us to focus on supporting young people and achieving our goals.
**Here Come the Girls** Through our continued partnership with the Hiscox Foundation, we can run our three-year empowerment programme ‘Here Come the Girls’. Starting in 2021 The ‘Here Come the Girls’ social enterprise project aims to positively impact 180 girls over 3 years. Working with schools across London the Social Ark team run the 17-week programme that sees the girls develop their own social enterprises guided by their lived experiences. The girls also received micro-grants to enable them to buy the things they needed for their pilot programme. Part of the project involves them going on trips to Hiscox HQ working with the inspirational Women in Hiscox team and Cambridge University. Social Ark was awarded the Cambridge University 2021 Social Innovation Prize in recognition of its innovative work. Utilising this relationship with the university enabled us to tap into its extensive network. We were thrilled when they invited us to partner with them for this programme.
This year we worked with schoolgirls from Prendergast Vale School in Lewisham.
_“The Here Comes the Girls project has been transformational for our students. Never before have I seen an after-school project have consistent attendance from students with such high levels of engagement and focus. This programme has inspired students to know that they are capable of setting up and running their own businesses. It has given them the confidence to make a difference in their own school community and to think about how their own lived experiences give them the power to support and help others. The work with Social Ark is really powerful_ ” - **Mr Edmund Coogan, Headteacher, Prendergast Vale School**
**Continued Personal Development Programme – Ongoing Family Support** : At Social Ark, we have an open-door policy, meaning beneficiaries can come and go, and get help as and when they need it. The young entrepreneurs choose to remain part of the Social Ark family, accessing ongoing guidance and in return they peer-mentor newcomers. They have told us that our reliable support is vital to their personal development, well-being and their enterprises’ growth. Alumni stay involved, they are prioritised for paid employment opportunities, they support us to co-design programmes, fill back-office roles and facilitate expert sessions. We pride
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ourselves on being a family, sharing the same values and journey, empowering and uplifting one another.
**Wraparound Support:** An integral part of our work is 1:1 support which is often out of hours and goes hand in hand when supporting marginalised young people. Often, our young people can only turn their lives around and showcase transformational outcomes due to intensive behind-the-scenes support. Sometimes we help young people who have been involved in gangs, and grooming, are victims of violent crime or are at risk of suicide. A consistent and trusted professional is available every step of the journey, we also work with specialist external providers to ‘hand-hold’ ensuring young people are supported with any issues they may have, enabling them to go on and thrive.
**Mentoring:** Each beneficiary is matched with three mentors; an industry expert to help them deliver their ideas, a corporate mentor to share business knowledge and skills, and an alumni peer mentor. Our mentors include individuals from corporate backgrounds, private business owners, community support experts, and experts by experience, such as ex-offenders and other individuals with the life experiences required to influence others.
**Diversity and Inclusion Training** : Bespoke sessions for corporates, co-designed and delivered by our alumni, who are respectfully paid as the experts they are. The facilitators are Social Ark entrepreneurs from all backgrounds and walks of life. Sessions involve sharing lived experiences about structural racism and sensitising participants to concepts of privilege, power, biases, and othering. These bespoke workshops give corporate employees an insight into the lives of grassroots social entrepreneurs, affirming employees’ passion and purpose through thoughtprovoking activities, and reaffirming that their contributions to under-resourced communities are needed and valued.
## **c. Contribution Made by Volunteers**
Social Ark values and recognises volunteering is at the core of its work. Beneficiaries are matched with mentors: an expert in their field, and a peer mentor. Our expert volunteers and mentors deliver 1:1 mentoring and at times, custom and engaging business workshops; topics include: finance management, pitching and presenting, bid and proposal writing, digital knowhow, web design, social media, sales and marketing, risk management, safeguarding and more.
We work with driven people who have impressive track records, who are the authority on their specialist subject, and who can inspire, influence, and support our young people. We are proud to have such a varied network of professionals who share our values and champion our work. Mentors often support more than one young person at any one time and collaborate to support one another’s mentees.
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_“The mentoring from a Director at LLDC enabled me to create a plan, it also made me accountable outside of the programme and that helped me to achieve my goals. I went on to secure funding and have delivered and evaluated impactful programmes. The mentoring coupled with learning and wrap-around support has been life-changing, now I can do what I LOVE, and that doesn’t feel like work!_ - Participant
We openly advertise volunteering opportunities and recruit through social media, corporations and other non-profit platforms. It is often the case that we gain new volunteers through our network of influential mentors and advisors; many referrals are made by word-of-mouth and personal recommendation. Social Ark volunteers remain at the core of everything we do; in addition to supporting our young entrepreneurs, volunteers also support the Social Ark core team with strategy, fundraising, HR, governance, bookkeeping, referrals and social media. We tailor all volunteering roles and support volunteers with safeguarding training, conducting DBS checks as and when required. We have worked with 30 volunteers between 2022 - 2023, these volunteer mentors provided over 140 hours of expertise and professional support for our young entrepreneurs.
## **Achievements and Performance**
## **a. Our Impact**
From March 2022 - March 2023, Social Ark directly nurtured 15 social enterprises, taking our overall number from 64- 79 enterprises in this one year. Additionally, through our schools and community outreach work with LLDC, Mulberry School for Girls, and Prendergast Vale School we have supported the development of over 250 young people. The young entrepreneurs’ business activities directly benefited over 1000 London residents and spread the concept of social entrepreneurship and what it means to be socially conscious across our marginalised communities.
As a result of the Social Ark programmes, the entrepreneurs have gained many skills. In addition to the brilliant projects and start-ups they’ve created, below are some of the other benefits they have taken away from our programmes:
- Increased self-confidence
- Greater recognition of the value of their own lived experiences
- Greater understanding of business and legal requirements
- Developed a better understanding of social entrepreneurship and community leadership
- A more open attitude to embracing opportunities and challenges
- Established new supportive friendships with people they wouldn’t have met otherwise
- Developed a greater understanding and sense of responsibility for social issues
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## **We are extremely proud to have been recognised for the following:**
- University of Cambridge Social Innovation Prize
- Top 100 Social Enterprises 2021, 2022, 2023 - NatWest SE100 Pioneers Post
- Equality Award 2022 & 2023 Winner - NatWest Pioneers Post
- Awarded External Accreditation - Social Enterprise Mark CIC
- Accredited London Living Wage Provider
## **b. Key Financial Performance Indicators**
We have 3-6 months reserves as such. We are looking to develop a set of key metrics to ensure the charity is achieving its objectives.
## **Financial Review. Going Concern**
The trustees make this assessment in
respect of a period of at least one year from the date of authorisation for the issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
## **Structure, Governance and Management**
## **a. Constitution**
Social Ark has a Constitution of a Charitable Incorporated Organisation and is registered with the Charity Commission (Charity number: 1188519). The principal object of the Charity is to act as a resource for young people up to the age of 30 living in London and the surrounding areas by providing advice and assistance and organising programmes of physical, educational, and other activities.
## **b. Management Structure**
Social Ark has a charitable board of 6 trustees. Collectively, trustees have lived experience of the issues faced by our beneficiaries. We currently have 2 alumni trustees, who have been through our programmes and play a vital role in shaping our work. The skills of our trustees include Law, Leadership, Safeguarding, Finance and Funding, Diversity and Inclusion, and Community Building, and Impact Measurement. The Social Ark CEO reports back to the board of trustees. The CEO supports and works closely with the project administrator, support worker,
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project facilitators and volunteers. The administrator and support worker report to the CEO every week, or more often if required. Financial decisions are agreed by at least 2 trustees.
## **c. Method of Appointment or Election of Trustees**
The management of the Charity is the responsibility of the Trustees, who are elected and coopted under the terms of the Trust deed.
## **Statement of Trustee Responsibilities**
The Trustees are responsible for preparing the Strategic Report, the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charity and of application of resources, including the income and expenditure, of the group for that period.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting 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 charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
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Financial statements are published on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the charity’s website is the responsibility of the trustees. The trustees’ responsibility also extends to the ongoing integrity of the financial statements contained therein.
In so far as the trustees are aware:
- there is no relevant information of which the Independent Examiner is unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant independent examination information and to establish that the Independent Examiner is aware of that information.
Approved by the Board of Trustees
Dated:
Signed:
Jasmine Singh -Chair of the Board
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## **Independent Examiner’s Report**
I report to the trustees of Social Ark (Charity No 1188519) on the accounts for the period ended 31[st] March 2023.
## **Respective Responsibilities of the Trustees and the Independent Examiner**
The Charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the Charities Act 2011
- to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act 2011, and
- to state whether particular matters have come to my attention
## **Basis of Independent Examiner’s Statement**
My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
## **Independent Examiner’s Statement**
In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:
- the accounting records were not kept in accordance with section 130 of the Charities Act 201; or
- the account did not accord with the accounting records; or
- the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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I have come across no other matters in connection with the examination to which attention should be drawn in this report to enable a proper understanding of the accounts to be reached.
Jaz Notay ACMA CGMA BEng (Hons) Zoneip Ltd 26th Jan 2024
12
## **Statement of Financial Activities**
For the period ended 31[st] March 2023
|**Notes**
**Income From**
Donations and legacies
3
Charitable activities
4
Other trading activities
Investments
Other
**Total Income**
**Expenditure on:**
Raising Funds
Charitable activities
Other
**Total expenditure**
5
**Net Movement in Funds**
**Reconciliation of Funds**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total 2023**
**Total 2022**
**£**
**£**
**£**
**£**
0
180,460
180,460
254,270
0
55,450
55,450
0
0
0
0
0
0
**0**
**235,910**
**235,910**
**254,270**
0
1,187
1,187
5,818
307,765
313,583
70,209
0
0
0
95,135
**5,818**
**308,952**
**314,770**
**165,343**
-5,818
-73,043
-78,860
88,927
30,637
117,474
148,111
59,185
**24,819**
**44,432**
**69,251**
**148,111**|
|---|---|
The statement of financial activities includes all gains and losses recognised in the year
All income and expenditure derive from continuing activities
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## **Balance Sheet**
As at 31st March 2023
|**Notes**
Tangible fixed assets
6
**Current assets**
Cash at Bank/inHand
Creditors:amounts falling due within one year
7
Net current assets
**Total net assets**
**The funds of the charity**
Restricted funds
8
Unrestricted fund|**£**
**£**
**£**
**£**
14,932
99,375
152,311
99,375
152,311
-45,056
-4,200
54,319
148,111
**69,251**
**148,111**
44,432
117,474
24,819
30,637
**69,251**
**148,111**
**2023**
**2022**|
|---|---|
||99,375
-45,056|
The company was entitled to exemption from audit under s477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP.
Approved by the Board of Trustees
Dated:
Signed: Jasmine Singh, Chair of Trustees
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## **Notes to Financial Statements**
## **1. Accounting Policies**
## **Basis of preparing financial statements**
The financial statements of the charitable company have been prepared in accordance with the Charities SORP (FRSSE) ‘Accounting and Reporting’ by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the provisions of FRS102 Section 1A Small Entities and the Companies Act 2006. The financial statements have been prepared under the historic 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 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 obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs 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.
## **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 the funds are raised for particular restricted purposes.
Further explanation of the nature and purposes of each fund is included in the notes to the financial statements.
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||**3. Donations and Legacies**||**Unrestricted**
**Funds**||**Restricted**
**Funds**||**Total 2023**|**Total 2023**||**Total 2022**|
|---|---|---|---|---|---|---|---|---|---|---|
||||**£**||**£**||**£**|||**£**|
||||||||||||
||Donations||0||235,910||235,910|||254,270|
||||||||||||
Material Restricted funds are broken down as follows:
|TNLCF MAIN|£60,000|
|---|---|
|National Lottery|£50,000|
|Section 106|£20,000|
|Headley|£15,000|
|East End|£10,000|
|**4. Charitable activities**
Programme Sales
**5. Analysis of Expenditure**
Raising Funds
Charitable activities
Other
**6. Tangible Assets**|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total 2023**
**Total 2022**
**£**
**£**
**£**
**£**
55,450
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total 2023**
**Total 2022**
**£**
**£**
**£**
**£**
0
1,187
1,187
5,818
307,765
313,583
70,209
0
0
0
95,135
**5,818**
**308,952**
**314,770**
**165,343**
**Computer**
**Equipment**
**Office**
**Equipment**
**Total**|
|---|---|
|||
|At Cost
Depreciation as at 31.03.23
Depreciation charge for year
Net Book Value
As at 31.03.23
As at 31.03.22|10,613
4,320
14,932
0
0
0
0
0
0
10,613
4,320
14,932
0
0
0|
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|**7. Creditors:amounts falling due within one year**
PAYE
Deferred income|**2023**
**2022**
33,870
4,200
**33,870**
**4,200**|
|---|---|
|**8. Restricted Funds**
**Current Year**
Restricted
Unrestricted|**Balance as at**
**1st Apr 22**
**Income**
**Expenditure**
**Transfer**
**Balance**
**as at 31**
**Mar 23**
**£**
**£**
**£**
**£**
**£**
117,474
235,910
-308,952
44,432
30,637
-5,818
24,819|
||148,111
235,910
-314,770
0
69,251|
|||
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