REGISTERED CHARITY NUMBER: 1188554
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
FOR
THE MULLANY FUND
Baker Knoyle Chartered Accountants Orbit Business Centre Merthyr Tydfil CF48 1DL
THE MULLANY FUND
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 9 |
| Independent Examiner's Report | 10 | ||
| Statement of Financial Activities | 11 | ||
| Balance Sheet | 12 | ||
| Notes to the Financial Statements | 13 | to | 23 |
| Detailed Statement of Financial Activities | 24 |
THE MULLANY FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025
The trustees present their report with the financial statements of the charity for the year ended 31 August 2025. 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).
The Charity was registered as a Charitable Incorporated organisation on the 16th March 2020.
As we draw to the end of another busy year, I am really pleased to introduce our key achievements for 2024-2025 in this Annual Report. The Mullany Fund continue to be committed to our vision of addressing the barriers that some young people might face when trying to move forward into STEM areas in their adult lives, and this year has brought some fantastic developments.
The highlight for the year was winning STEM Educational Project of the Year (not for profit), at the STEM Cymru awards back in October 2024. What a fantastic evening we had! We felt very privileged to be finalists in this category, let alone be given this award. It felt wonderful to receive recognition for the hard work we've put in over the last few years, and to raise the visibility of our wonderful project, and the volunteers and teachers who support it. We are extremely privileged to work with such a committed group and they are the key to our success. We continue to be very grateful for their continuing support.
We were also delighted to welcome a new member of staff, Kathy James, who joined us in August 2025. Kathy worked previously in Welsh-medium education as an Assistant Headteacher, with STEM promotion always included in her school leadership roles, as well as in several evaluation roles. We look forward to working with her in the coming year.
As a result of our increased visibility, over the reporting period, we've been able to recruit a wider base of volunteer mentors, across a wider range of subject specialisms, and this in turn has enabled us to provide more comprehensive support to our young participants. We're now covering 43 specialities with experienced mentors from industry business, research and frontline support as well as individuals who are studying to work in these areas. This year we've also continued to have many returning mentors, which we feel is always a good sign.
With a larger and more diverse Mentor Bank, we've been able to expand and consolidate, working over wider areas, and accessing more young people within these areas. We've made new connections, with Seren, See Science, STEM Ambassadors and EESW to name a few, and we hope to consolidate our collaborative working with them in the coming year. We also undertook a survey with local industries working in STEM to get their viewpoint on future workforce needs in STEM, with some interesting feedback on need for individual from more diverse socio-economic backgrounds to join the workforce in the future. We hope to develop further work experience opportunities and Q and A talks for young people in the year to come
Our innovative digital matching system and in-house app Mentora, continues to provide a fantastic infrastructure, and we look forward to building on our achievement sin the coming year!
RICHARD BOWEN, CHAIR OF TRUSTEES
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THE MULLANY FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025
OBJECTIVES AND ACTIVITIES Objectives and aims
The charity's objectives are:
To advance the education of young people, in particular but not exclusively, in the life science sector and to undertake such charitable purposes or to make donations to such a charitable institution or institutions at such a time or times and in such a manner as the trustees may in their absolute discretion see fit.
Social Mobility
The Mullany Fund is a social mobility charity that achieves change through education. The Fund works to give every young person the opportunity of accessing a career in the life sciences, regardless of background.
Fundraising
The Mullany Fund raises money from events, individual donors, trusts and foundations.
Public Benefit
Trustees adhere to the guidance issued by the Charity Commission on public benefit.
Overall impacts September 2024-August 2025
Our biggest achievement continues to be positive impacts on students as shown by the exit surveys response below. However, in addition, we continue to increase our mentor bank and also have several returning mentors, who enjoy the process and feel that they are making a difference. In addition, we have several mentees who have asked to be rematched with their mentors from session to session as they feel that they are getting useful advice. Relationships are built, evidenced by the fact that one mentor paid for her own dentistry study book to be posted to Swansea and passed onto her mentee. We've also had several people this year who have been mentees and have wanted to return as mentors, to give back to the programme.
In relation to the outcomes we were trying to achieve, the following data is collated from the responses to three sets of exit questionnaires, which were delivered to the mentees at the end of each 10 weeks session.
Inspiration
We asked students to respond to the following statement:
-As a result of the support I received through the project, I feel confident that I will be able to go to university or further training in the future.
94% of those responding agreed or strongly agreed with this statement.
Knowledge
We asked students to respond to the following statements:
- As a result of the support I received through the project, I understand more about the steps I need to take to reach my career goal.
92% of those responding agreed or strongly agreed with this statement.
-As a result of the support through the project I now understand more about the range of jobs that might involve STEM or life science subjects
89% of those responding agreed or strongly agreed with this statement.
Skills:
We asked students to respond to the following statements:
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THE MULLANY FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025
- As a result of the support I've received through the project, I've got tools which will help me to manage my studies better, to support my future goals.
82% of those responding agreed or strongly agreed with this statement.
- As a result of the support I've got through the project, I've gained tips on skills to improve my communications (verbal or written) with people.
81% of those responding agreed or strongly agreed with this statement.
Moving on:
For the year 12/13s who were involved we also asked them to respond to the following statement:
As a result of the support I have received through the project, I have a better understanding about how to write personal statements/CVs/application forms.
92% of those in year 12/13 who responded agreed or strongly agreed with this statement
Public benefit
We have complied with the duty in Section 17 of the 2011 Charities Act to have due regard to guidance published by the Commission in respect of our duty to provide public benefit.
The main activity undertaken for the public benefit in relation to the charity objects and aims is:
Social Mobility
The Mullany Fund is a social mobility charity that achieves change through education. The Fund works to give every young person the opportunity of accessing a career in the life sciences, regardless of background.
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THE MULLANY FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025
ACHIEVEMENTS AND PERFORMANCE Charitable activities Our achievements this year
The Mullany e-Mentoring project became operational in mid-November 2014, with phase 1 ending in December 2017. Phase 2 began in April 2018.
It has been exciting to progress into the tenth year overall of our Mullany e-Mentoring project, Together Making Futures. We aim to reduce the barriers faced by young people experiencing disadvantage, who wish to enter life-science, healthcare and wider STEM careers.
Our approach is to deliver a free online mentoring service that aims to connect 14-19-year-olds from disadvantaged backgrounds with a mentor who is studying or working in an area which might be of interest to their student. Through an interactive, online process, the mentor provides support to help them achieve their future goals, whether this is academically or vocationally related, as well as more generic support. The project also continues to run two additional elements, Future Routes and Insight talks, with the former providing work experience/shadowing opportunities and the latter providing online careers talks from our mentors.
This year we have further expanded our mentor base to include those working in engineering, physics, maths, ICT and chemistry, and these areas have been in demand from our mentees.
Through bridging the gap between industry and academic professionals and aspirational young people, the project aims to both educate and connect. We're fortunate to have a wide range of work experienced professionals as volunteers, who can bring their experience to young people who may not otherwise have this valuable insight into a profession. They're hearing about what it is to work in a profession, straight from 'the horses mouth'. Mentors also include young adults, who have been studying within a particular STEM pathway and they're able to give information to young people which is closer to where they are now- so the best of both worlds.
Our key achievements for this year were as follows:
Continuing to deliver the key impacts for young people directly involved in our e-Mentoring project, increasing knowledge and skills and removing barriers through e-Mentoring support and careers advice, and work experience. In the last year we've aimed to consolidate our presences in our existing project areas of Swansea, Neath Port Talbot, Bridgend, Merthyr, Rhondda Cynon Taff, Blaenau Gwent, Pembrokeshire and Carmarthenshire.
We have increased out number of Welsh speaking mentors who now cover 10 different specialist areas, and we have developed new strategic connections to recruit mentors with new specialties, from across the UK including a wider range of STEM professionals, with a focus this year on engineering and maths mentors, where ther is increasing demand.
We've also recruited target young people from across schools in south Wales, as well as voluntary organisations and the EOTAS scheme.
We've continued to talk develop our relations with See-Science, EESW, the STEM Ambassadors sheme, RAEng and Seren, with a view to working more collaboratively,
Regarding work experience and Insight talks, this year the TMF team have focused on understanding more about potential future links and developing collaborations which can be consolidated in the future
We have continued to use robust monitoring systems to measure our impact. Our key approach is using exit questionnaires at the end of each session, enabling us to confirm or otherwise that what we are doing reflects the needs of our participants. In order to embed a more structured incorporation of young people's views, this year we've complete a survey with new and existing users about the continuing need for the project.
Here is what some of our project stakeholders have had to say about their involvement.
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THE MULLANY FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025
Mentors
'Really enjoyed the project - had a very engaged student who asked very relevant questions throughout the weeks.' 'I find it nice to try and help guide students and enable them to explore the different opportunities and support available to them.'
'I have really enjoyed mentoring (my student) and I feel I have had a positive impact upon them. They clearly have a lot of questions regarding potential future careers and how they can get there and hopefully I was able to provide some guidance.'
Students
In relation to their involvement in e-Mentoring itself, we collected the following statements:
'Brilliant project! My mentor was extremely helpful; I would definitely recommend this project to others'
'It has helped me find a better understanding of what i need to do to achieve the goals I need for my future'
It offered lots of answers to the questions I had on my future career.'
'This programme was really helpful, as I was able to talk a mentor who provided me all the advice I required for university.'
From a year 10 student involved with the e-Mentoring, who will be returning to the programme, to be matched with the same mentor, in year 11:
"The Mullany fund is a invaluable resource to young people, that helped me to realise the fields of STEM that are available to me. The individual mentoring aided me with some of the concerns I had regarding my place in STEM. My mentor works in STEM, and because of this, they were able to give me valuable insight into the world of STEM. The project helped me to develop a shortlist of careers applicable to my chosen GSCEs and interests."
Future Routes and Insight Talks
Alongside the e-Mentoring process, we also provided work experience/shadowing opportunities . This year, the TMF team have focused on understanding more about potential future links and developing collaborations which can be consolidated in the future, through delivering a questionnaire to key industry professionals. However, alongside this, we have again provided some exciting and useful opportunities for our young participants including two week- long work experience opportunities in a dental practice in Neath, which took place in the summer of 2025 and a week-long work shadowing opportunity in Healthcare Sciences at Swansea University. Plans for future workshops include the Asssitive Construction Innovation, Centre face to face workshop, and talks supporting maths and revision.
From a year 11 student who was involved with our e-Mentoring programme and also accessed work experience this summer:
'Taking part in the Mullany Fund e-mentoring programme has been an invaluable experience that has further strengthened my passion for pursuing a career in dentistry. Being paired with a current dentist as my mentor gave me the opportunity to ask questions, gain insight into the profession, and receive honest and practical advice about the career. The week-long work experience placement arranged for me at a local dental clinic allowed me to observe a range of treatments, develop my understanding of patient care, and gain an appreciation for the lesser known sides of dentistry involving teamwork and precision. I have gained not only knowledge about dental procedures and oral health but also skills in communication, professionalism, and working in a clinical environment. This experience has strengthened my ambition to study dentistry at university and eventually qualify as a dentist. I am truly grateful to the Mullany Fund for their guidance, support, and for providing opportunities to me that were otherwise scarce and have brought me one step closer to achieving my goal. '
Matching Mentor and student matches …
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THE MULLANY FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025
We continue to use our innovative IT system, which has the potential to match every child in Wales with a mentor, and thus support the development of the future workforce in Wales in a cost-effective way. Using multiple factors to define the interest area of our target students, the automatic system will identify their best match in terms of those who can assist them most effectively. Our system easily enables us to scale-up the number of mentees reached in-line with the number of mentors we are able to recruit, and this has enabled us to offer our support across all of Wales this year. Through developing new connections with potential mentor sources, we continue to be able to largely match student and mentor with their first area of interest and speciality, and this is of great benefit to both.
Our mentors go above and beyond…
Mentors are recruited from across the UK and now form part of a Mentor Bank with over 300 DBS checked mentors. When we get the chance to meet them face-to-face through our DBS checks, we really enjoy it! This year we have significantly increased the specialties that we offer and can now give mentees support around career pathways into engineering and maths related careers as well as our more established mentor speciality areas. We can never really anticipate, from session to session, where demand will be the greatest, but this year there has been a significant ask for support around maths and engineering.
All of those who are going to be involved in an e-Mentoring session must have an up-to-date enhanced DBS check, to ensure safeguarding of the young people involved. We also take every measure to ensure that our mentors remain safe as well. All matched mentors continue to be provided with in house training, including the important topic of safeguarding.
We continue to have many mentors who return from session to session, something we are very proud of.
All mentors have the option to return an exit questionnaire at the end of each session.
We know how important it is to support our mentees with mentors working across a wide variety of professions, and below we've included some biographies, provided by our mentors of the work they're involved with.. Many of them have faced difficult or interesting paths to get to where they are now.
'Having grown up on a council estate in Cardiff I got into the University of Liverpool to study civil engineering. After graduating I studied a PhD in medical engineering at Imperial College London. My work as research at Imperial looks into tissue engineering for lower limb amputees.'
'I am a biology undergraduate currently studying in London. My interests include biochemistry, cell biology, and ecology. I have only come to the UK 3 years ago to study my A Levels, so l am aware of the difficulties and challenges that young people might face when they want to figure out their future study or career paths.'
'I'm currently in my second year doing my undergraduate in Biochemistry at Imperial College London. I've always had a keen interest in biology and chemistry, which led me to pursue a bit of both! I am happy to share advice on subject choices, university applications as well as some of the opportunities through which you can further your interest in science.'
'I am a midwife and a lecturer of midwifery in Cardiff University. Midwifery was my second career, I used to do something very different so I understand how hard it can be to decide what path to take in life. I am keen to talk with and support young people in making choices about their careers.'
'I graduated from dental school in 2020, working in general practice in South Wales during my foundation year, before undertaking dental core training and then Staff Grade roles in Oral & Maxillofacial Surgery in Gloucester, Liverpool and Wales. I am currently in my final year of medical school at the University of Liverpool'
'I left Bishop Vaughan in Swansea.. to pursue a degree in Biochemistry, followed by a PhD in Protein Biology. While working on her PhD in Cardiac protein Biology at the Bristol Royal Infirmary, I began teaching an introductory chemistry class at the Dental school across the street. During my PhD, I was nominated and shortlisted for two awards for outstanding and inspiring teaching.'
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THE MULLANY FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025
'I am Professor of Animal Microbial Ecology at Bristol Vet School and research gut health, infection and immunity in livestock and particular chickens. I was born in Neath and grew up in Rhondda where I went to school. I have a degree in Immunology from Kings College London and a PhD in microbiology via the Open University. I have worked as a technician and as an NHS scientist before becoming a full-time research scientist.'
'I'm a third-year Aerospace Engineering student at the University of Liverpool, originally from Cardiff, and I studied physics, maths, biology, and the Welsh Baccalaureate at A-Level. I'm really passionate about making STEM more accessible for young people.'
'I work as a researcher in health research and have also worked as a statistician before. I have volunteered with the Mullany Fund on and off since 2022 and enjoy speaking to students about careers, revision and other similar topics. ' 'I am a junior doctor working in Wales. I went to university to study law. I spent a couple of years working in Law before deciding to try something else. After some volunteering, and working as a Healthcare Assistant, I was accepted into Swansea University to study medicine'
'I'm a software engineer, career switcher who emigrated from Ukraine in 2025. Used to be chief of marketing, chief editor, product manager for SaaS (Software as a Service). Worked in IT most of my career.'
Social media
We have continued to enhance our visibility across social media, with our regular monthly blogs and regular posts, and we also attended a workshop about raising our profile on other youth friendly platforms, including TikTok.
Award for Excellence
The Award for Excellence is given every year to students at either the University of the West of England (The Mullany Award for Excellence in Physiotherapy) or Swansea University (The Mullany Award for Excellence in Medicine). For the year 2024-2025, the winner was Charlotte Lee!
'I was a completely surprised and extremely honoured to receive the email informing me of the Mullany Prize. When it was explained what the prize was for and the history of its creation in honour of Ben and Cath I was further humbled and proud to have been selected to receive it. I'm truly grateful. It's a very special award and I truly hope to continue to honour Ben and Cathy's memory in my future work as a Physiotherapist.'
Congratulations Charlotte!
FINANCIAL REVIEW
Financial position
During the year, the charity had a total income of £71,808 (2024: £48,506). Expenditure in the year totalled £64,665 (2024: £73,724), which therefore produced an overall net surplus of £7,143 (2024: net deficit £25,218).
Total unrestricted reserves amounted to £71,500 (2024: £82,141), of which £25,000 were designated for Legacy projects, leaving £46,500 (2024: £57,141) as free reserves.
The charity aims to have at least 6 months expenditure as free reserves. As at the 31st August 2025 targeted free reserves would be £32,332 (2024: £36,862). Actual free reserves therefore exceeds this target.
As at the 31st August 2025, total net assets were £99,684 (2024: £92,541), of which £28,184 (2024: £10,400) were restricted funds and £71,500 (2024: £82,141) unrestricted funds.
Funding
We rely entirely on voluntary/grant contributions which can include legacy and wills.
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THE MULLANY FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025
FINANCIAL REVIEW
Reserves policy
The Trustees have reviewed the reserves levels in accordance with Charity Commission guidance and have designated contingency reserves sufficient to cover approximately six months' worth of running costs. This reserve level is intended to ensure the charity can continue its operations in the event of an unexpected cessation of other funding sources.These reserves are based on our planned staffing levels over the next few years rather than current expenditure, reflecting our strategy for sustainable growth. Reserves are reviewed on a regular basis to ensure they remain aligned with the charity's evolving needs and goals.
As of 31st August 2025, the charity holds £71,500 in unrestricted reserves. However, £25,000 of this total has been designated for legacy projects. These funds are intended to create a lasting physical legacy in memory of Dr. Catherine Mullany and Ben Mullany, who were the inspiration behind the founding of our charity. The main items that have been designated are:
-
£5,000 for naming of a room at Neath Port Talbot General Hospital after Dr. Catherine Mullany including establishment of the Annual Dr. Catherine Mullany Lecture. This has been agreed and is in under development.
-
£10,000 for continuity of the Annual Mullany Award for Excellence at UWE
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£10,000 for continuity of the Annual Mullany Award for Excellence at Swansea University
These legacy projects serve a dual purpose. Not only do they create a lasting tribute to Dr. Catherine Mullany and Ben Mullany, but they also enhance our charity's visibility within the academic and healthcare communities. By fostering strong relationships with these institutions, the projects contribute to the recruitment of both mentors and mentees, ensuring a sustainable pipeline of talent and engagement. This, in turn, strengthens our core mission of promoting social mobility and delivering impactful projects that advance STEM opportunities for disadvantaged students. These initiatives are designed to outlive all current stakeholders, ensuring the continuity of our charity's impact for generations to come.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
New Trustees must be interviewed by the current Board of Trustees, and if appointed are informed of their legal obligations under charity law, the decision-making process and the business plan and recent financial performance of the charity. The charity aims to recruit people who can offer a range of skills.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1188554
Principal address
Room 409 Institute of Life Sciences 2 Swansea University Swansea SA2 8PP
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THE MULLANY FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025
Trustees
A Mullany M Mullany Dr E Williams R Bowen Dr J Roberts N Russill R Bowen
Independent Examiner
Richard Knoyle ACA FCCA Baker Knoyle Chartered Accountants Orbit Business Centre Merthyr Tydfil CF48 1DL
Bankers
Lloyds Bank 16 Market Place Oldham OL1 1JG
Charity day to day management
R Bowen - Trustee
Approved by order of the board of trustees on 17 February 2026 and signed on its behalf by:
R Bowen - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MULLANY FUND
Independent examiner's report to the trustees of The Mullany Fund
I report to the charity trustees on my examination of the accounts of The Mullany Fund (the Trust) for the year ended 31 August 2025.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do 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.
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.
Richard Knoyle ACA FCCA
Baker Knoyle Chartered Accountants Orbit Business Centre Merthyr Tydfil CF48 1DL
17 February 2026
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THE MULLANY FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 16,065 EXPENDITURE ON Raising funds 8,010 Charitable activities 3 Life Science Mentoring Activities 18,695 Total 26,705 NET INCOME/(EXPENDITURE) (10,640) RECONCILIATION OF FUNDS Total funds brought forward 82,141 TOTAL FUNDS CARRIED FORWARD 71,501 |
Restricted funds £ 55,743 - 37,960 37,960 17,783 10,400 28,183 |
2025 Total funds £ 71,808 8,010 56,655 64,665 7,143 92,541 99,684 |
2024 Total funds £ 48,506 16,895 56,829 73,724 (25,218) 117,759 92,541 |
|---|---|---|---|
The notes form part of these financial statements
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THE MULLANY FUND
BALANCE SHEET
31 AUGUST 2025
| Notes CURRENT ASSETS Debtors 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
2025 £ - 118,396 118,396 (18,712) 99,684 99,684 99,684 71,500 28,184 99,684 |
2024 £ 455 125,632 126,087 (33,546) 92,541 92,541 92,541 82,141 10,400 92,541 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 17 February 2026 and were signed on its behalf by:
R Bowen - Trustee
The notes form part of these financial statements
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THE MULLANY FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Legal form
The charity is a charitable incorporated organisation, limited by guarantee and registered in England & Wales.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
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.
The following specific policies are applied:
Voluntary income received by way of grants, gifts or donation is included in full on receipt unless it is subject to a condition when it is treated as deferred income.
Deferred income . Income or grants received in advance are held as deferred income and carried forward to future accounting periods to be released when the defined purpose of the work or project have been completed, approved or certified.
Gifts in kind are included in the income and expenditure account where they are applied in carrying out charitable activities, where the company would otherwise have to purchase the donated facility and the benefit is both quantifiable and material. The quantifiable benefit is shown as both incoming and expended resources within the appropriate funds. Where the gift is an asset it is treated as income and taken to stock or fixed assets as appropriate. The value of services provided by volunteers is not quantified.
Investment income is included when receivable.
Other income. This is contributions from restricted funds towards core costs of the organisation. An unrestricted designated fund is to be used to hold all such contributions prior to them being expended.
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.
Taxation
The charity is exempt from tax on its charitable activities.
continued...
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THE MULLANY FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025
1. ACCOUNTING POLICIES - continued
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 charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.
Going concern
The trustees believe that the organisation's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the organisation's needs and that no material uncertainty exists. See Note 16 for further information.
2. DONATIONS AND LEGACIES
| Donations Legacies Grants Grants received, included in the above, are as follows: Garfield Western Foundation Postcode Community Trust Principality (CF in Wales) Admiral The Karim Brass Memorial Fund People's Postcode Lottery The Austin Bailey Foundation Ironmongers' Trust Company Foyle Foundation Oakdale Trust Simon Gibson Charitable Trust |
2025 £ 64 - 71,744 71,808 2025 £ 15,000 16,000 10,000 - - - - 9,744 15,000 1,000 5,000 71,744 |
2024 £ 3,206 8,500 36,800 48,506 2024 £ - - 10,000 10,000 10,000 5,300 1,500 - - - - 36,800 |
|---|---|---|
continued...
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THE MULLANY FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025
3. CHARITABLE ACTIVITIES COSTS
| Life Science Mentoring Activities 4. SUPPORT COSTS Life Science Mentoring Activities Fees payable to the charity's Independent examiners: Independent examiners fee |
Support Direct costs (see Costs note 4) £ £ 53,932 2,723 Governance Other costs £ £ 455 2,268 |
Support Direct costs (see Costs note 4) £ £ 53,932 2,723 Governance Other costs £ £ 455 2,268 |
Support Direct costs (see Costs note 4) £ £ 53,932 2,723 Governance Other costs £ £ 455 2,268 |
Support Direct costs (see Costs note 4) £ £ 53,932 2,723 Governance Other costs £ £ 455 2,268 |
Totals £ 56,655 Totals £ 2,723 |
Totals £ 56,655 Totals £ 2,723 |
|---|---|---|---|---|---|---|
| 2025 £ 2,268 2,268 |
Other costs payable to the independent examiners for payroll and other services totalled £978.
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2025 nor for the year ended 31 August 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2025 nor for the year ended 31 August 2024.
6. STAFF COSTS
| Wages and salaries Other pension costs The average monthly number of employees during the year was as follows: Average number of employees |
2025 £ 39,823 3,901 43,724 2025 1 |
2024 £ 59,494 5,143 64,637 2024 2 |
|---|---|---|
No employees received emoluments in excess of £60,000.
The key management of the charity comprises the Directors/Trustees. The total benefits of the the key management personnel of the charity was £Nil (2024: £Nil).
continued...
Page 15
THE MULLANY FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025
| 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 21,707 EXPENDITURE ON Raising funds 12,171 Charitable activities Life Science Mentoring Activities 44,712 Total 56,883 NET INCOME/(EXPENDITURE) (35,176) Transfers between funds 159 Net movement in funds (35,017) RECONCILIATION OF FUNDS Total funds brought forward 117,159 TOTAL FUNDS CARRIED FORWARD 82,142 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments |
Restricted funds £ 26,799 4,724 12,117 16,841 9,958 (159) 9,799 600 10,399 2025 £ - |
Total funds £ 48,506 16,895 56,829 73,724 (25,218) - (25,218) 117,759 92,541 2024 £ 455 |
|
|---|---|---|---|
continued...
Page 16
THE MULLANY FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
----- Start of picture text -----
2025 2024
£ £
Social security and other taxes 15,876 8,207
Pension creditor 568 568
-
Net wages creditor 2,759
Deferred income - 19,744
Accrued expenses 2,268 2,268
18,712 33,546
Year to Year to
Deferred income 31/08/2025 31/08/2024
£ £
Opening Balance 19,744 10,000
Movement in the period (19,744) 9,744
Deferred income carried forward - 19,744
----- End of picture text -----
Deferred income represents income received from contributing agencies where the contribution was restricted to a fixed time period project which extends beyond the current financial year. Income is deferred on the basis that the contribution was to the project as a whole, the time period of the project was fully disclosed to the contributing agencies and that time period is certain.
The deferred income carried forward is analysed as follows:
| The deferred income carried forward is analysed as follows: | The deferred income carried forward is analysed as follows: | The deferred income carried forward is analysed as follows: | |||
|---|---|---|---|---|---|
| Year to 31/08/2025 |
Year to 31/08/24 |
||||
| Ironmongers' Trust Principality (Community Foundation in Wales) |
£ - - - |
£ 9,744 10,000 19,744 |
|||
| ANALYSIS OF NET ASSETS BETWEEN FUNDS | |||||
| Unrestricted Funds |
Designated Funds |
Restricted Funds |
Year to 31/08/2025 |
Year to 31/08/2024 |
|
| Net Current Assets | £ 46,500 46,500 |
£ 25,000 25,000 |
£ 28,184 28,184 |
£ 99,684 99,684 |
£ 92,541 92,541 |
10. ANALYSIS OF NET ASSETS BETWEEN FUNDS
continued...
Page 17
THE MULLANY FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025
11. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Net | |||
| movement | At | ||
| At 1/9/24 | in funds | 31/8/25 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 57,141 | (10,641) | 46,500 |
| Designated Legacy Project Fund | 25,000 | - | 25,000 |
| Restricted funds | 82,141 | (10,641) | 71,500 |
| Garfield Western Foundation | - | 15,000 | 15,000 |
| Great Western Railway | 10,000 | (10,000) | - |
| The Austin Bailey Foundation | 400 | (400) | - |
| Foyle Foundation | - | 7,184 | 7,184 |
| Oakdale Trust | - | 1,000 | 1,000 |
| Simon Gibson Charitable Trust | - | 5,000 | 5,000 |
| 10,400 | 17,784 | 28,184 | |
| TOTAL FUNDS | 92,541 | 7,143 | 99,684 |
| Net movement in funds, included in the above are as follows: | |||
| Unrestricted funds | Incoming resources £ |
Resources expended £ |
Movement in funds £ |
| General fund | 16,065 | (26,706) | (10,641) |
| Restricted funds | |||
| Garfield Western Foundation | 15,000 | - | 15,000 |
| Great Western Railway | - | (10,000) | (10,000) |
| Principality (CF in Wales) | 10,000 | (10,000) | - |
| The Austin Bailey Foundation | - | (400) | (400) |
| Ironmongers' Trust Fund | 9,743 | (9,743) | - |
| Foyle Foundation | 15,000 | (7,816) | 7,184 |
| Oakdale Trust | 1,000 | - | 1,000 |
| Simon Gibson Charitable Trust | 5,000 | - | 5,000 |
| 55,743 | (37,959) | 17,784 | |
| TOTAL FUNDS | 71,808 | (64,665) | 7,143 |
continued...
Page 18
THE MULLANY FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net movement At 1/9/23 in funds £ £ Unrestricted funds General fund 42,159 (35,177) Designated Legacy Project Fund 75,000 - 117,159 (35,177) Restricted funds Postcode Community Trust - 9 Great Western Railway - 10,000 Neath Port Talbot County Borough Council (2023 Funding) 600 (600) The Austin Bailey Foundation - 550 600 9,959 TOTAL FUNDS 117,759 (25,218) Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 3,208 Olive Christine Jones (Legacy) 8,500 The Karim Brass Memorial Fund 9,999 21,707 Restricted funds Postcode Community Trust 5,300 Great Western Railway 10,000 Neath Port Talbot County Borough Council (2023 Funding) - Principality (CF in Wales) 9,999 The Austin Bailey Foundation 1,500 26,799 TOTAL FUNDS 48,506 |
Transfers between At funds 31/8/24 £ £ 50,159 57,141 (50,000) 25,000 159 82,141 (9) - - 10,000 - - (150) 400 (159) 10,400 - 92,541 Resources Movement expended in funds £ £ (38,385) (35,177) (8,500) - (9,999) - (56,884) (35,177) (5,291) 9 - 10,000 (600) (600) (9,999) - (950) 550 (16,840) 9,959 (73,724) (25,218) |
|---|---|
continued...
Page 19
THE MULLANY FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | Transfers | |||
|---|---|---|---|---|
| movement | between | At | ||
| At 1/9/23 | in funds | funds | 31/8/25 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 42,159 | (45,818) | 50,159 | 46,500 |
| Designated Legacy Project Fund | 75,000 | - | (50,000) | 25,000 |
| Restricted funds | 117,159 | (45,818) | 159 | 71,500 |
| Garfield Western Foundation | - | 15,000 | - | 15,000 |
| Postcode Community Trust | - | 9 | (9) | - |
| Neath Port Talbot County Borough Council | ||||
| (2023 Funding) | 600 | (600) | - | - |
| The Austin Bailey Foundation | - | 150 | (150) | - |
| Foyle Foundation | - | 7,184 | - | 7,184 |
| Oakdale Trust | - | 1,000 | - | 1,000 |
| Simon Gibson Charitable Trust | - | 5,000 | - | 5,000 |
| 600 | 27,743 | (159) | 28,184 | |
| TOTAL FUNDS | 117,759 | (18,075) | - | 99,684 |
continued...
Page 20
THE MULLANY FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 19,273 | (65,091) | (45,818) |
| Olive Christine Jones (Legacy) | 8,500 | (8,500) | - |
| The Karim Brass Memorial Fund | 9,999 | (9,999) | - |
| Restricted funds | 37,772 | (83,590) | (45,818) |
| Garfield Western Foundation | 15,000 | - | 15,000 |
| Postcode Community Trust | 5,300 | (5,291) | 9 |
| Great Western Railway | 10,000 | (10,000) | - |
| Neath Port Talbot County Borough Council | |||
| (2023 Funding) | - | (600) | (600) |
| Principality (CF in Wales) | 19,999 | (19,999) | - |
| The Austin Bailey Foundation | 1,500 | (1,350) | 150 |
| Ironmongers' Trust Fund | 9,743 | (9,743) | - |
| Foyle Foundation | 15,000 | (7,816) | 7,184 |
| Oakdale Trust | 1,000 | - | 1,000 |
| Simon Gibson Charitable Trust | 5,000 | - | 5,000 |
| 82,542 | (54,799) | 27,743 | |
| TOTAL FUNDS | 120,314 | (138,389) | (18,075) |
Designated Legacy Project Fund
This fund is to ring fence legacy donations until a time where projects have been identified to utilise the funding to continue the objects and aims of the charity.
Transfers between funds
Transfers between funds arise where unrestricted funds have been used to fund shortfalls in restricted projects. The free reserves are available to provide funds to cashflow projects funded on a retrospective basis and are available with the approval of the trustees to fund any expenditure on projects or expenses which fall within the organisations general aims and objectives. They are accumulated in accordance with the reserve policy as stated in the Trustee Report.
Restricted funds
Restricted funds represent balances held to fund future projects where the resources have been received and are required by the donors to fund a specific project
Activities undertaken within each major restricted fund
The restricted funds of the charity have been applied during the year or are held for future expenditure in the following area:
Postcode Community Trust
This funding is to help to support the growth of our organisation to achieve its core aims to ensure our target young people have the opportunity to make the most of their talents and lives.
continued...
Page 21
THE MULLANY FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025
11. MOVEMENT IN FUNDS - continued
Neath Port Talbot County Borough Council (2023 Funding)
This is core funding to support the continued delivery of e-mentoring that raise educational standards for children and young people of Neath Port Talbot.
Great Western Railway
This funding will support delivery of Mullany e-Mentoring which enables young people to access a professional in a secure, bilingual, online environment to get advice on and build career ambitions.
Principality (CF in Wales)
This funding will support salary costs, platform costs and travel costs required to deliver the Mullany e-Mentoring.
The Austin Bailey Foundation
This funding is to support the costs DBS checks for mentors together with the costs of maintaining the e-mentoring platform.
Ironmongers Fund
This funding will support delivery of Mullany e-Mentoring which enables young people to access a professional in a secure, bilingual, online environment to get advice on and build career ambitions.
Foyle Foundation
To support work engaging young people with life sciences and STEM areas.
Oakdale Trust
To support project work for engaging young people with life sciences and STEM areas.
Simon Gibson Charitable Trust
Funding to support core costs of the organisation.
Garfield Western Foundation
Funding to support core costs of the organisation.
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2025.
13. ULTIMATE CONTROLLING PARTY
The charity is controlled by its Trustees.
continued...
Page 22
THE MULLANY FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025
14. GOING CONCERN
We believe that the charity's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charity's needs.
15. GIFTS IN KIND
Volunteer time
The value of volunteer time is not quantified in terms of money but the time contributed by volunteers is an invaluable resource in terms of the outstanding contribution made by them. The number of hours contributed by volunteers in the year was 3,500 approximately (2024: 4,800).
Page 23
THE MULLANY FUND
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 64 | 3,206 |
| Legacies | - | 8,500 |
| Grants | 71,744 | 36,800 |
| 71,808 | 48,506 | |
| Total incoming resources | 71,808 | 48,506 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Wages | 8,010 | 16,895 |
| Charitable activities | ||
| Wages | 31,813 | 42,599 |
| Pensions | 3,901 | 5,143 |
| Telephone | 84 | 144 |
| Postage and stationery | 353 | 113 |
| Rent | 300 | 300 |
| Travel & Subsistence | - | 802 |
| Staff Training & Welfare | 20 | 534 |
| Computer costs | 662 | 360 |
| Sundry costs | 336 | 64 |
| Legal & Professional Fees | 9,569 | 629 |
| Bank Charges | 6 | 28 |
| IT Platform Development | 5,157 | 1,934 |
| Project activity costs | 578 | - |
| HMRC interest | 1,153 | - |
| Support costs | 53,932 | 52,650 |
| Other | ||
| Insurance | 455 | 447 |
| Governance costs | ||
| Independent Examiners' remuneration | 2,268 | 3,732 |
| Total resources expended | 64,665 | 73,724 |
| Net income/(expenditure) | 7,143 | (25,218) |
This page does not form part of the statutory financial statements
Page 24