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2022-12-31-accounts

Trustees’ Annual Report for the period

From 01/01/2022 Period start date To 31/12/2022 Period end date Charity name: Career Compass

Charity registration number: 1192775

Objectives and Activities

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SORP reference
Summary of the purposes of Para 1.17 The advancement of education for the
the charity as set out in its public benefit of socially disadvantaged
governing document young people who are secondary school
students in state education in London or
elsewhere in the UK, in particular but not
exclusively by educating said young people
in the working practices and methods of
professional organisations by offering
mentoring programmes and seminars from
industry experts.
Summary of the main Para 1.17 and Career Compass offers the following
1.19
activities in relation to those programmes to state educated sixth form
purposes for the public students in London:
benefit, in particular, the - Mentoring programmes, designed to
activities, projects or improve the students’ employability:
services identified in the o CV Workshop
accounts. o Interview Skills Training
o Email Etiquette Class
o Financial Education
Workshop
o Personal Statement Training
o Cover Letter Writing Class
o Apprenticeship vs. University
Workshop
o Coaching to help students
unlock their full potential
- Industry overview session to give
students an insight into an industry
that is of interest to them
o Currently covering 10
different industries
- Provision of work placements and
days in the office in the industry of
interest.
- Advertise partner programmes, that
are majorly aimed at BAME and
female students, as well as students
from underprivileged backgrounds.
Statement confirming Para 1.18
whether the trustees have
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had regard to the guidance issued by the Charity Commission on public benefit

Additional information (optional)

You may choose to include further statements where relevant about:

SORP reference N/A Para 1.38 Policy on grant making N/A Para 1.38 Policy on social investment including program related investment N/A Para 1.38 Contribution made by volunteers Other

Achievements and Performance

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SORP reference
Career Compass is currently working with
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Achievements and Performance Achievements and Performance Achievements and Performance
SORP reference
Career Compass is currently working with
Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.		 Para 1.20 150+ state sixth forms across London. So
far, we have helped 4,000+ students gain
work experience and get into the university
of their choice. We are closely working with
each student to clearly identify their need
and help them best prepare for their future
working life.

Additional information (optional) You may choose to include further statements where relevant about:

Para 1.41 We have aimed to be working with 125
schools by the end of the 22/23 school year
and we confidently reached this goal.

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Achievements against
objectives set
N/A
Performance of fundraising
activities against objectives Para 1.41
set
N/A
Investment performance Para 1.41
against objectives
Other
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Financial Review

Financial Review
Review of the charity’s
financial position at the end
of the period		 Para 1.21 We have a surplus of £6892. We are
holding in cash £8983 and have liability
of £2305.
Statement explaining the
policy for holding reserves
stating why they are held		 Para 1.22 We ensure we have sufficient funds to
meet the ongoing financial
commitments.
Amount of reserves held Para 1.22 £8983
Reasons for holding zero
reserves		 Para 1.22 N/A
Details of fund materially in
deficit		 Para 1.24 N/A
Explanation of any
uncertainties about the
charity continuing as a going
concern		 Para 1.23 No uncertainity

Additional information (optional) You may choose to include further statements where relevant about:

Additional information (optional)
You may choose to include further statements where relevant about:		 Additional information (optional)
You may choose to include further statements where relevant about:		 Additional information (optional)
You may choose to include further statements where relevant about:
The charity’s principal
sources of funds (including
any fundraising)		 Para 1.47
Investment policy and
objectives including any
social investment policy
adopted		 Para 1.46
A description of the principal
risks facing the charity		 Para 1.46
Other

Structure, Governance and Management

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Description of charity’s
trusts:
Type of governing Para 1.25 Constitution
document
(trust deed, royal charter)
How is the charity Para 1.25 CIO
constituted?
(e.g unincorporated
association, CIO)
Trustee selection methods Para 1.25 (a) Every charity trustee must be
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Structure, Governance and Management Structure, Governance and Management Structure, Governance and Management
Description of charity’s
trusts:
Type of governing
document
(trust deed, royal charter)
Para 1.25
Constitution
How is the charity
constituted?
(e.g unincorporated
association, CIO)
Para 1.25
CIO
Trustee selection methods Para 1.25 (a)
Every charity trustee must be
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees		 a natural person.
(b)
No individual may be
appointed as a charity
trustee of the CIO:
•if he or she is under the age
of 16 years; or
•if he or she would
automatically cease to
hold office
(c)
No one is entitled to act as a
charity trustee whether on
appointment or on any re-
appointment until he or she
has expressly acknowledged,
in whatever way the charity
trustees decide, his or her
acceptance of the office of
charity trustee.
(d)
At least one of the trustees of
the CIO must be 18 years of
age or over. If there is no
trustee aged at least 18
years, the remaining trustees
may only act to call a meeting
of the charity trustees, or
appoint a new charity trustee.

Additional information (optional) You may choose to include further statements where relevant about:

Policies and procedures
adopted for the induction
and training of trustees		 Para 1.51 Every new trustee will be given a copy of
the current governing document, accounts,
as well as a presentation about the current
state of affairs by the COO.
The charity’s organisational
structure and any wider		 Para 1.51 N/A
network with which the
charity works
Relationship with any
related parties		 Para 1.51 N/A
Other

Reference and Administrative details

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Charity name Career Compass
Other name the charity uses Previously The Property Prize
Registered charity number 1192775
Charity’s principal address 175A Hoe St, London E17 3AP
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Names of the charity trustees who manage the charity

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Dates acted if not for whole Name of person (or body) entitled
Trustee name Office (if any)
year to appoint trustee (if any)
1 Arsalan Khalique Since 14/12/2020
2 Jessica Brown Since 14/12/2020
3 Ross McCaskill Since 14/12/2020
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
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– Corporate trustees names of the directors at the date the report was approved

Director name

Name of trustees holding title to property belonging to the charity

Trustee name Dates acted if not for whole year

Funds held as custodian trustees on behalf of others

Description of the assets N/A held in this capacity Name and objects of the N/A charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for N/A safe custody and segregation of such assets from the charity’s own assets

Additional information (optional)

Names and addresses of advisers (Optional information)

Type of Name Address adviser

Name of chief executive or names of senior staff members (Optional information)

Exemptions from disclosure

Reason for non-disclosure of key personnel details

Other optional information

Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s)
Full name(s)
Position (eg Secretary,
Chair, etc)
Date
Arsalan
Khalique

Trustee
Date 18/10/2023
Date 18/10/2023

REGISTERED COMPANY NUMBER: CE024359 (England and Wales) REGISTERED CHARITY NUMBER: 1192775

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Career Compass

HKL Accountants Limited Unit 2 & 3 9 Cold Harborough Lane Rainham, Essex RM13 9YH

Career Compass

Contents of the Financial Statements for the Year Ended 31 December 2022

Page
Report of the Trustees 1
Statement of Financial Activities 2
Balance Sheet 3
Notes to the Financial Statements 4 to 7
Detailed Statement of Financial Activities 8

Career Compass

for the Year Ended 31 December 2022

Report of the Trustees

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. 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).

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

CE024359 (England and Wales)

Registered Charity number

1192775

Registered office

175a Hoe Street Walthamstow London E17 3AP

Trustees

J Brown A Khalique R McCaskill

Company Secretary

Approved by order of the board of trustees on 15 April 2023 and signed on its behalf by:

A Khalique - Trustee

Page 1

Career Compass

Statement of Financial Activities for the Year Ended 31 December 2022

Period
14.12.20
Year Ended to
31.12.22 31.12.21
Unrestricted Total
fund funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 10,000 25,000
EXPENDITURE ON
Raising funds 2 1,020 -
Charitable activities
Education and Training 200 400
Other 20,794 5,908
Total 22,014 6,308
NET INCOME/(EXPENDITURE) (12,014) 18,692
RECONCILIATION OF FUNDS
Total funds brought forward 18,692 -
TOTAL FUNDS CARRIED FORWARD 6,678 18,692

The notes form part of these financial statements

Page 2

Career Compass

Balance Sheet 31 December 2022

31.12.22
Unrestricted
fund
Notes
£
CURRENT ASSETS
Cash at bank
8,983
CREDITORS
Amounts falling due within one year
5
(2,305)
NET CURRENT ASSETS
6,678
TOTAL ASSETS LESS CURRENT
LIABILITIES
6,678
NET ASSETS
6,678
FUNDS
6
Unrestricted funds
6,678
TOTAL FUNDS
6,678		 31.12.21
Total
funds
£
19,557
(865)
18,692
18,692
18,692
18,692
18,692

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 15 April 2023 and were signed on its behalf by:

A Khalique - Trustee

The notes form part of these financial statements

Page 3

Career Compass

Notes to the Financial Statements for the Year Ended 31 December 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation

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

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Page 4

continued...

Career Compass

Notes to the Financial Statements - continued

for the Year Ended 31 December 2022

2. RAISING FUNDS

Raising donations and legacies

Raising donations and legacies
Period
14.12.20
Year Ended to
31.12.22 31.12.21
£ £
Support costs 1,020 -

3. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the period ended 31 December 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2022 nor for the period ended 31 December 2021.

4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies 25,000
EXPENDITURE ON
Charitable activities
Education and Training 400
Other 5,908
Total 6,308
NET INCOME 18,692
TOTAL FUNDS CARRIED
FORWARD 18,692

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continued...

Career Compass

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£ £
Social security and other taxes 2,305 865
6. MOVEMENT IN FUNDS
Net
movement At
At 1.1.22 in funds 31.12.22
£ £ £
Unrestricted funds
General fund 18,692 (12,014) 6,678
TOTAL FUNDS 18,692 (12,014) 6,678
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 10,000 (22,014) (12,014)
TOTAL FUNDS 10,000 (22,014) (12,014)
Comparatives for movement in funds
Net
movement At
in funds 31.12.21
£ £
Unrestricted funds
General fund 18,692 18,692
TOTAL FUNDS 18,692 18,692

Page 6

continued...

Career Compass

Notes to the Financial Statements - continued

for the Year Ended 31 December 2022

6. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
Resources
Movement
resources
expended
in funds
£
£
£
25,000
(6,308)
18,692
25,000
(6,308)
18,692

7. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2022.

Page 7

Career Compass

Detailed Statement of Financial Activities for the Year Ended 31 December 2022

Detailed Statement of Financial Activities
for the Year Ended 31 December 2022
Period
14.12.2 0
Year Ended to
31.12.22 31.12.21
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 10,000 25,000
Total incoming resources 10,000 25,000
EXPENDITURE
Charitable activities
Grants to individuals 200 400
Other
Wages 19,491 5,504
Pensions 936 117
IT, Computer, Website cost 367 273
Professional fees - 14
20,794 5,908
Support costs
Management
Postage and stationery 530 -
Advertising 490 -
1,020 -
Total resources expended 22,014 6,308
Net (expenditure)/income (12,014) 18,692

This page does not form part of the statutory financial statements

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