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2022-05-31-accounts

Stemette Futures

Charity No. 1188774

Company No.

Trustee's Report and Unaudited Accounts

31 May 2022

Content

Reference and administrative details of the Charity, its Trustees, and advisers 4
Trustees' report 5 - 10
Independent auditor's report on the financial statements 11
Statement of financial activities 12
Summary of Income and Expenditure Account 13
Balance sheet 14
Statement of Cash flows 15
Notes to the financial statements 16 - 23

2

Stemette Futures

Trustee Annual Report Year Ended: 31st May 2022 Charity number: 1188774

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Stemette Futures, International House, 24 Holborn Viaduct, London, EC1A 2BN. Registered charity number: 1188774

Trustees Annual Report for the year ending May 2022

Reference and administrative information

Structure, Governance and Management

Objectives & Activities

Achievements & Performance

Reserves policy

Plans for future periods

Reference and administrative information
Trustees Date appointed
Sophie Boddington 26/03/2020
Floriane Fidegnon 12/08/2021
Dr Olanike Folayan MBE 01/04/2020
Elda Kalbian -Chair 26/03/2020
Selina Knowles 01/04/2020

Chief Executive

Dr Anne-Marie Imafidon MBE

Principal Office

25 Finsbury Circus London EC2M 7EE

Charity Number

1188774

Bank

Metrobank, One Southampton Row, London, WC1B 5HA

Solicitors

Baker McKenzie, 100 New Bridge St, London EC4V 6JA

Accountant

Sydney Hudson Accountant, Bedford Heights, Brickhill Drive, Level 4, Unit 410, Bedford, MK41 7PH

Bookkeeper

Vass, 6 South Molton Street, London, W1K 5QF

Phone

+44 (0)7908071304

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Stemette Futures, International House, 24 Holborn Viaduct, London, EC1A 2BN. Registered charity number: 1188774

Email

team@stemettefutures.org

Website

http://stemettefutures.org/

Report of the trustees for the year ended 31st May 2022

The trustees present their annual report and the financial statements for the charity for the year ended 31st May 2022.

Structure, Governance and Management

Stemette Futures became a registered charity in England and Wales on 26 March 2020, registered number 1188774. Stemette Futures work alongside non-profit Stemette to inspire, support and encourage girls and non-binary young people into technical fields. Across our programmes, events and platforms we’re showing that Girls do STEM too, in a free, fun-filled & food-filled way.

New trustees are appointed by the existing trustees and serve for a minimum of two years after which they may put themselves forward for re-appointment.

At the quarterly trustee meetings, run by the Chair, Elda Kalbian, the trustees agree on the broad strategy of the charity and areas of activity, including consideration of grant making, reserves, risk management, policies and performance.

Each trustee completed a Skills Audit in September of Q2 across the following areas: Audit and Risk, Access to schools, Fundraising, Strategic Planning, Knowledge of Third Sector, Governance, Trusts and Foundations, Children and Young People and Diversity and Inclusion. Sub committees in Audit & Risk, Nominations and Finance meet as is required to discuss their particular knowledge of expertise.

All trustees give their time freely and no trustee remuneration was paid in the year. Trustees are required to disclose all relevant interests and register them with the Chief Executive and in accordance with the charity's policy withdraw from decisions where a conflict of interest arises.

Risk Management

The trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The Risk Register identifies any potential risks to the charity, the risk score, the risk category, the risk response and the person(s) responsible for the risk.

Objectives & Activities

Stemette Futures run workshops, events and learning experiences around Science, Technology, Engineering and Maths (STEM) that are fun-filled and food-filled for young women aged 5 - 25. Girls aged 16 and under are accompanied by parents, teachers or guardians.

The mission of Stemette is to engage, inform and connect the next generation of women and non-binary people into Science, Technology, Engineering, Arts and Maths (STEAM) by showcasing a diversity of

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Stemette Futures, International House, 24 Holborn Viaduct, London, EC1A 2BN. Registered charity number: 1188774

people working in STEAM.

The vision of Stemette is that all young women and non-binary people can make informed decisions about careers in STEAM, so that they can be proportionally represented in the field.

The five values of Stemette are:

  1. Respect: We are intentionally inclusive

  2. Youth-centred: Our beneficiaries’ voices are central to everything we do.

  3. Future-focused: We engage, inform and connect our young people today so that they can become our future leaders in STEAM.

  4. Joy: We strive to create happiness, wellbeing, authenticity and a safe environment

  5. Supportive: We recognise that it will take all of us, working together, to achieve our vision

Stemette Futures, measures impact across 5 key metrics: Perception, Awareness, Network, Knowledge and Confidence.

Stemette Futures works towards the UN Sustainable Development Goal Target 5.B: Promote empowerment of women through technology. UN definition: Enhance the use of enabling technology, in particular information and communications technology, to promote the empowerment of women.

Charitable objects

(a) to advance the education of the public in the UK and internationally, and in particular young women aged up to and including 25 years of age, in the subjects of science, technology, engineering, and maths ("stem").

(b) to act as a resource for young women up to the age of 25 living throughout the UK and internationally by providing advice, assistance, mentorship, organising educational

programmes, and other activities as the charity trustees think fit, primarily focused around stem subjects and fields, as a means of:

(i) advancing in life and helping young people by developing their skills, capacities, capabilities,

morality, self-worth, and self-confidence to enable them to participate in society as independent, mature, and responsible individuals;

(ii) advancing education.

(iii) relieving unemployment; and

(iv) providing recreational and leisure time activity in the interests of social welfare for people living in the area of benefit who have need by reason of their youth, age, infirmity or disability, poverty, or social and economic circumstances with a view to improving the conditions of life of such persons.

(c) the promotion of equality and diversity for the public benefit, particularly in relation to stem education and fields, by, among other activities as the charity trustees think fit:

(i) the elimination of discrimination on the grounds of race, gender, disability, sexual orientation, or religion;

(ii) advancing education and raising awareness in equality and diversity; and

(iii) conducting or commissioning research on equality and diversity issues and publishing the results to the public.

The charity has three ambitions:

  1. Experiences - taking Stemette events to ‘STEM Cold Spots’ across the country, where STEM uptake is low.

  2. Certifications- providing young people with recognised qualifications they can take into adulthood, for free.

  3. Influencing - Sharing high-quality resources with 4 communities: Parents/Guardians, Teachers, Alumni and Volunteers.

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Stemette Futures, International House, 24 Holborn Viaduct, London, EC1A 2BN. Registered charity number: 1188774

Activities

There are three layers to the work of Stemette Futures, each one with a variety of interventions targeted across an audience of 5 to 25 year old women and non-binary people. Some also incorporate influencers like Parents & Guardians or Teachers.

Intersectional Cohorts: Longer term interventions from 1 week to 1 year and includes Mentoring, Skills Academies and STEM clubs. Significant activities included the start of several mentoring cohorts with partners such as Avantor, Standard Chartered and Roche.

Impactful Events: Shorter term interventions from 3 hours to 1 week, includes Panels, Hackathons, School Trips and Future Summits

Significant activities this year include an Instagram Live event with GCHQ, Mi5 and Mi6 whereby over 800 people tuned in, Tap & Tinker introduction to coding events at Wycombe High School with over 450 attendees and STEM Goals school trips with East Coast Skills which saw over 300 students attend. Bigger budgets have allowed the charity to expand its reach nationally via larger events.

Inspirational Content: Stemette social media channels offering support & guidance. Includes Stemette Zine, Newsletters and our closed social network. Available Globally, 24 hours a day for young people, their parents, teachers and influencers

This year saw the beginning of a 3 year strategic plan to grow the charities reach, culture, brand, impact & thought leadership and financial stability. In order to reach these strategic objectives and measure success, Stemette Futures have set key performance indicators such as building regional representation, trialling a 4 day work week and reviewing the way data is collected and stored.

Alongside expanding offerings to teachers and parents, in 2021 Stemette continued to grow its volunteer base; engaging a diverse group of individuals from across the STEM fields. Through volunteer-led interventions, Stemette is able to showcase current STEM talent and inspire the next generation of STEM.

Achievements & Performance

The Covid-19 pandemic caused the charity to rethink the current offering of interventions and saw a move to completely online events and programmes. In response to the school closures and the country entering a lockdown, Stemette Futures ran thirteen weeks of online events to keep the community inspired, motivated and learning. Each week, Stemette Futures ran three events across Zoom, YouTube Live and Instagram.

Furthering reach

Stemette Futures continued to build a community of proactive individuals wanting to further their STEM knowledge and build STEM careers. By providing opportunities to these individuals, a ripple occurred, increasing STEM participation and connection.

In order to further reach, there has been an increase in marketing and advertising spend as the charity continues to scale regionally and nationally. To grow supportive communities around beneficiaries, Stemette launched a newsletter, issued monthly, for Parents, Guardians, Teachers/Career Leaders of young Stemette. The newsletters contain information about upcoming events and programmes, jobs boards and any Stemette content relevant to parents and teachers to drive up engagement and give them tailored useful information.

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Stemette Futures, International House, 24 Holborn Viaduct, London, EC1A 2BN. Registered charity number: 1188774

Deepening STEM Knowledge

Stemette Futures worked to ensure that the increased talent pool of girls and non-binary young people leave with the skills they need to build successful STEM careers. We provided them with opportunities to improve their STEM knowledge and understanding. We empowered them by deepening their knowledge and skills for future learning and employment, building the economy from the ground up.

147 young people became certified in industry recognised qualifications including Agile ICAgile Foundation Certificate, Cisco Introduction To Cybersecurity and PCEP Certified Entry-Level Python Programmer certification.

Focusing on Inclusivity

Stemette Futures continued to focus on inclusivity, targeting underrepresented groups in STEM to participate in interventions. These were carefully designed with intersectionality in mind, ensuring participation across a variety of demographics. Stemette Futures provided opportunities for those from across low-income households, who are recipients of Free School Meals, who are state-school educated, and/or have parents who did not attend tertiary education or are employed in STEM.

Stemette actively works to reach the most underrepresented groups within STEM fields. In 2021, Stemette’ commitment to intersectionality continued in the provision of more inclusive opportunities than ever before. Stemette ensures participation for those from across low-income households, who are recipients of Free School Meals, who are state-school educated, and/or have parents who did not attend tertiary education or are employed in STEM. Through specific targeting, Stemette has provided lifechanging exposure to STEM to folks who would otherwise have reduced opportunity or means. Out of all Stemette attendees, 21% were/are eligible for free meals, 32% whose parents did not attend university and 50% have parents who do not work in STEM.

Stemette Futures provide IT equipment at interventions and with digital and device poverty at the fore, thirteen laptops were given out to young people who otherwise would not have been able to participate.

The charity reached its final year in a four-year involvement in the Youth Equity + STEM (YESTEM) project: a research-practice collaboration with the Institute of Education. Stemette Futures has been able to reflect on equitable practices and see them formalised in the project outputs, research papers and new STEM education & outreach practitioner tools. The Stemette Futures Youth Board was established in August, with representation on the Stemette Futures Board of Trustees. Two cohorts of Super Stemette have now taken leadership roles in our closed online community, The Stemette Society. Super Stemette are the ‘big sisters’ in the Stemette Society and allows member to have more of a say and control of what goes on in the Society.

Engaging with partners

Stemette Futures offered volunteering opportunities across all interventions, with priority given to the staff of our partners and those signed up to the volunteer list. In response to government guidelines, Stemette and its volunteers embraced online networking, playing an essential role in countering social isolation, in addition to empowering and promoting STEM careers.

Financial Review

In May 2022 we secured significant, long-term funding, to support the delivery of our 2022-2025 strategy. A principal risk facing the charity could be the capacity and use of resources, the safeguarding of the charity's beneficiaries and a lack of direction and strategy. There are strategies in place in order to manage these risks, such as capacity planning, which is maintained by a partnership manager and reviewed on a weekly basis. This capacity map allows the charity to plan upcoming work

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Stemette Futures, International House, 24 Holborn Viaduct, London, EC1A 2BN. Registered charity number: 1188774

and prioritise the use of resources, with all updates communicated across the team. The safeguarding of the charities beneficiaries is of utmost importance and there is a safeguarding policy in place. Each member of staff receives regular NSPCC training & an enhanced DBS check. There is also a safeguarding reporting process for trustees internally, as well as a robust volunteer briefing and training session. In regards to the direction and strategy of Stemette Futures, the charity gives quarterly updates to the board and holds regular strategy days. There are also quarterly team days for objective, key result and strategy setting.

There are several factors that are likely to affect the financial performance or position of Stemette Futures going forward. The UK has seen a worsening economic situation. Stemette Futures receive significant income from corporate partners and therefore this could have an adverse effect on financial performance. The charity secured a three-year, unrestricted funding grant, which will strengthen financial performance. There are also inflationary pressures on staffing costs. In relation to our charitable objectives, pursuing regional development and geographically specific funding, should see a more diverse group of funding streams.

A principal funding source of the charity were donations from Stemette Ltd a connected non-charity organisation whose assets are used by the charity and has the same objectives. This support enables the charitable objective to advance the education of the public in the UK and internationally, and in particular young women aged up to and including 25 years of age, in the subjects of science, technology, engineering, and maths ("STEM").

This year the charity raised £948,342 and expended £702,760 in delivering its programmes. At the end of the accounting period the charity has a surplus of £244,938.

Reserves policy.

Trustees aim to maintain free reserves in unrestricted funds which equates to four months of the entire team's salaries. The trustees consider that this level will provide sufficient funds to pay each member of staff, should the charity dissolve. Stemette Futures intends to increase the reserves to also cover the team core activities in the next financial year.

Plans for future periods.

As we look ahead at the next year at Stemette Futures, there will be a continued focus on the quarterly company wide, team and individual objectives and key results. The charity is continuing to experience rapid growth internally as a result of an increase in the number of virtual offerings being provided for girls and non-binary students. The pandemic has seen Stemette Futures move to fully hybrid interventions, with a continued focus on the core activities pyramid of Events, Cohorts and Content. Core events will include Hackathons and Panel discussions, as well as weeklong Certification, Leadership Academies and Explore events. Core Cohorts will include the continuation and expansion of the Student to Stemette mentoring programme. Core content elements will include a revamp of the online Zine and a continuation of publishing STEM themed articles which will also feed into the Stemette Society.

The executive team will continue to look ahead at the strategy of the charity with the aim of evolving the mission, vision and values of the charity. The outline for the next three years will follow a structure of five, key, strategic objectives: reach, culture, brand, impact and thought leadership and financial.

As the charity continues to grow, volunteers will play a major part in providing a wider variety of role models and there are plans in the pipeline to launch an internal Volunteer Management System.

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Stemette Futures, International House, 24 Holborn Viaduct, London, EC1A 2BN. Registered charity number: 1188774

Overall, the trustees' focus is to ensure that the charity is effective in achieving its objectives and that its resources are being used in the most impactful way possible. The organisation continues to grow, so they will work closely with the executive team to provide advice when required to enable them to scale.

The trustees are guided by the principles of good governance and a commitment to making a positive difference in the lives of girls and non-binary young people across low-income households through informal STEM education.

In deciding on the future direction of the Charity the trustees have taken into account the experience gained and lessons learned from past and current activities. The organisation is centred around data driven decisions based on beneficiaries’ feedback, evaluation of activities and analysis of the impact of the charity's work. This informs the strategic direction about how best to allocate resources.

The Stemette Futures trustees will focus on supporting the strategy to target the 'STEM Cold Spots' throughout the country to maximise the impact of the interventions. They envisage thoughtful collaboration with regional stakeholders, to ensure beneficiaries access to opportunities and impactful interventions. The trustees will also work closely with the Stemette Futures Youth Board to gain insights and perspectives to ensure success.

The trustees will assist the Stemette Futures team to drive a sustainable content pipeline for future interventions. Focusing on significant advances in STEM, as well as ideas around the future world of work. In addition, they will review the broader context in which the charity operates, including trends and developments in STEM education and philanthropy, and consider how Stemette Futures can leverage synergies with other organisations and stakeholders to achieve the Charity's objectives.

Approved by the trustees and signed on their behalf by:

Elda Kalbian

Chair

Date:

March 31, 2023

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Stemette Futures, International House, 24 Holborn Viaduct, London, EC1A 2BN. Registered charity number: 1188774

Stemette Futures Independent Examiners Report

Independent Examiner's Report to the trustee of Stemette Futures

I report to the charity trustee on my examination of the financial statements of Stemette Futures for the period ended 31 May 2022 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes.

Responsibilities and basis of report

As the trustee (and also a director for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Accounting Technicians .

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

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Sydney Hudson Ltd. Unit 410 Bedford Heights Brickhill Drive Bedford Bedfordshire MK41 7PH 31 March 2023

11

Stemette Futures Statement of Financial Activities

for the period ended 31 May 2022

Notes
Income and endowments
from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Total
Expenditure on:
Raising funds
8
Charitable activities
9
Other
10
Total
Net gains on investments
Net income
11
Transfers between funds
Net income before other
gains/(losses)
Other gains and losses
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2022
£
927,858
11,484
-
41		 Restricted
funds
2022
£
9,000
-
-
-		 Total funds
2022
£
936,858
11,484
-
41		 Total funds
2021
£
156,757
119,458
3,066
1
939,383
-
102,215
600,982		 9,000
-
248
-		 948,383
-
102,463
600,982		 279,282
112
50,942
91,252
703,197
-		 248
-		 703,445
-		 142,306
-
236,186
-		 8,752
-		 244,938
-		 136,976
-
236,186 8,752 244,938 136,976
236,186
136,976		 8,752
-		 244,938
136,976		 136,976
-
373,162 8,752 381,914 136,976

12

Stemette Futures Summary Income and Expenditure Account

for the period ended 31 May 2022

Income
Interest and investment income
Gross income for the period
Expenditure
Depreciation and charges for
impairment of fixed assets
Total expenditure for the period
Net income before tax for the period
Net income for the period		 2022
£
948,342
41
948,383
702,760
685
703,445
244,938
244,938		 2021
£
279,282
-
279,282
142,306
-
142,306
136,976
136,976

13

Stemette Futures Balance Sheet at 31 May 2022

Company No.
Notes
2022
£
Fixed assets
Tangible assets
13
2,055
2,055
Current assets
Debtors
14
31,280
Cash at bank and in hand
422,545
453,825
Creditors:Amount falling due within one year
15
(73,966)
Net current assets
379,859
Total assets less current liabilities
381,914
Net assets excluding pension asset or liability
381,914
Total net assets
381,914
The funds of the charity
Restricted funds
16
Restricted income funds
8,752
8,752
Unrestricted funds
16
General funds
123,162
Designated funds
250,000
373,162
Reserves
16
Total funds
381,914		 2021
£
-
-
-
143,108
143,108
(6,132)
136,976
136,976
136,976
136,976
-
-
136,976
-
136,976
136,976

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the period ended 31 May 2022 the company was entitled to exemption under section 477 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 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 31 May 2022

And signed on its behalf by:

Trustee

31 May 2022

14

Stemette Futures Statement of Cash flows for the period ended 31 May 2022

Cash flows from operating activities
Net income per Statement of Financial Activities
Adjustments for:
Depreciation of property, plant and equipment
Dividends, interest and rents from investments
Other gains/losses
Increase in trade and other receivables
Increase in trade and other payables
Net cash provided by operating activities
Cash flows from investing activities
Payments for property, plant and equipment
Dividends, interest and rents from investments
Net cash (used in)/from investing activities
Net cash from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
Components of cash and cash equivalents
Cash and bank balances		 2022
£
244,938
685
(41)
-
(31,280)
71,068
285,370
(2,740)
41
(2,699)
-
282,671
143,108
425,779
422,545
422,545		 2021
£
136,976
-
(1)
-
-
6,132
143,107
-
1
1
-
143,108
-
143,108
143,108
143,108

15

Stemette Futures Notes to the Accounts

for the period ended 31 May 2022

Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Income

16

Stemette Futures Notes to the Accounts

Expenditure

Taxation

The charity is exempt from corporation tax on its charitable activities.

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

17

Stemette Futures Notes to the Accounts

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

18

Stemette Futures

Notes to the Accounts

3 Statement of Financial Activities - prior year

3
Statement of Financial Activities - prior year
Income and endowments from:
Donations and legacies
Other
Total
Expenditure on:
Raising funds
Other
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds carried forward
4
Income from donations and legacies
Trusts and Donations
Corporation Grants/CSR
5
Income from charitable activities
Corporate Revenue
6
Income from other trading activities		 Unrestricted
£
521,488
406,370
927,858		 Restricted
£
9,000
-
9,000
Unrestricted
£
11,484
11,484		 Unrestricted
funds
2021
£
279,281
1
279,282
112
142,194
142,306
136,976
136,976
136,976
136,976
Total
2022
£
530,488
406,370
936,858
Total
2022
£
11,484
11,484
Total
2022
£
-
-		 Total funds
2021
£
279,281
1
279,282
112
142,194
142,306
136,976
136,976
136,976
136,976
Total
2021
£
85,621
71,136
156,757
Total
2021
£
119,458
119,458
Total
2021
£
3,066
3,066

19

Stemette Futures Notes to the Accounts

7 Income from investments

Bank interest
8
Expenditure on raising funds
Costs of generating voluntary
income
Trusts and Donations
Corporation Grants/CSR
9
Expenditure on charitable activities
Expenditure on charitable
activities
Corporate Revenue
Corporate Revenue
Governance costs
10 Other expenditure
Employee costs
Motor and travel costs
Premises costs
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
General administrative costs
Legal and professional costs		 Unrestricted
£
386
101,829
102,215		 Unrestricted
£
41
41
Restricted
£
248
-
248
Unrestricted
£
580,001
272
8,486
685
4,589
6,949
600,982		 Total
2022
£
41
41
Total
2022
£
-
-
-
Total
2022
£
634
101,829
102,463
Total
2022
£
580,001
272
8,486
685
4,589
6,949
600,982		 Total
2021
£
1
1
Total
2021
£
32
80
112
Total
2021
£
-
50,942
50,942
Total
2021
£
83,710
-
140
-
591
6,811
91,252

20

Stemette Futures Notes to the Accounts

11 Net income before transfers
This is stated after charging:
Depreciation of owned fixed assets
12 Staff costs
Salaries and wages
Social security costs
Pension costs
No employee received emoluments in excess of £60,000.
13 Tangible fixed assets
Cost or revaluation
Additions
At 31 May 2022
Depreciation and
impairment
Depreciation charge for the
year
At 31 May 2022
Net book values
At 31 May 2022
14 Debtors
Trade debtors
15 Creditors:
amounts falling due within one year
Trade creditors
Other taxes and social security
Accruals
Deferred income		 2022
£
685
2022
519,018
39,825
17,347
576,190
2022
£
31,280
31,280
2022
£
4,689
13,127
-
56,150
73,966		 £
2,740
2,740
685
685
2,055		 2021
£
-
2021
78,386
3,468
1,666
83,520
£
2,740
2,740
685
685
2,055
2021
£
-
-
2021
£
1,765
1,133
3,234
-
6,132

21

Stemette Futures Notes to the Accounts

16 Movement in funds

Restricted funds:
Restricted income funds:
Dogger Bank
Total
Unrestricted funds:
General funds
Designated funds:
XTX Markets Technology Ltd
Total
Total funds		 At 1 April
2021
-
-
136,976
-
-
136,976		 Incoming
resources
(including
other
gains/losses
)
£
9,000
9,000
689,383
250,000
250,000
948,383		 Resources
expended
£
(248)
(248)
(703,197)
-
-
(703,445)		 At 31 May
2022
£
8,752
8,752
123,162
250,000
250,000
381,914

Purposes and restrictions in relation to the funds:

Restricted funds: Dogger Bank The Dogger Bank Community Fund Grant is to support young women and non-binary people, who are underrepresented in STEM, to understand about career options available in renewable energy, meet diverse industry role models and engage in STEM learning.

Designated funds: XTX Markets Technology Ltd To grow SF reach and develop our impact.

Fixed assets
Net current assets		 Unrestricted
funds
£
2,055
406,859
408,914		 Restricted
funds
£
-
(27,000)
(27,000)		 Total
£
2,055
379,859
381,914

22

Stemette Futures Notes to the Accounts

18 Reconciliation of net debt

Cash and cash equivalents
Net debt		 At 1 April
2021
£		 Cash flows
£		 At 31 May
2022
£
143,108 279,437 422,545
143,108
143,108		 279,437
279,437		 422,545
422,545
19 Commitments
Operating lease commitments
Annual commitments under non-cancellable operating leases
2022
Land and
buildings
£
Operating leases with expiry date:
Pension commitments
The pension cost charge to the company
amounted to:		 are as follows:
2022
Other
£
2022
£
17,347		 2021
Land and
buildings
£		 2021
Other
£
2021
£
1,666

23