**The Together Initiative (A company limited by guarantee)** **Unaudited Report and Financial Statements for the Year Ended 30 June 2022** **Charity Number : 1193060 Company Number : 12707290** _The Together Initiative_ ## **Contents** |**Report of the Board of Trustees for the year ended 30th June 2022**|**2**| |---|---| |**Independent Examiner’s Report to the Trustees of The Together Initiative**|**13**| |**Statement of Financial Activities**|**14**| |**Balance Sheet At 30 th June 2022**|**15**| |**Notes to the Financial Statements**|**16**| 1 _The Together Initiative_ ## **Report of the Board of Trustees for the year ended 30th June 2022** The Board of Trustees presents its directors’ report and unaudited financial statements for the year ended 30th June 2022 ## **Reference and Administrative Information** Charity Name: The Together Initiative Charity Registration Number: 1193060 Company Registration Number: 12707290 Registered Office and Operational Address: Lambeth Palace, London SE1 7JU ## **Board of Trustees** - Chair: Professor Mike Clarke - Mr Tendai Bwanya - Ms Emma Crookes - Ms Frances Hawkins - Mr Sam Jacobs - Mr Marcus Peffers - The Rt Revd Nick Baines (stood down September 20th 2022) ## **Chief Executive** Mr Jonathan Knight (appointed 8th May 2022) Previously Ms Alice Braybrook, until January 2022. ## **Independent Examiner** Nicola Anderson FCA FCIE ## **Bankers** CAF Bank ## **Solicitors** Morrison and Foerster LLP 2 _The Together Initiative_ ## **Report of the Board of Trustees for the year ended 30th June 2022 (Continued)** ## **Objectives and Activities** ## **Purposes and Aims** Our charity’s purposes as set out in the objects contained in the company’s memorandum of association are: - to advance the education of the public including without limitation in the subjects of citizenship, racial and cultural harmony, national identity, and social inclusion, including by carrying out or commissioning research on such topics provided the useful results are published; - to promote good citizenship including without limitation by encouraging and facilitating participation by the public in democratic and civic processes with a view to enabling people to develop their capacities, help meet their needs and participate more fully in society, especially across social, racial, cultural and other divides and differences; and - to advance such other complementary and exclusively charitable purposes as the trustees in their absolute discretion may from time to time determine. The aims of our charity are to support a powerful and diverse coalition to: 1. Build opportunities for participation and connection. 2. Create and popularise a narrative of commonality and togetherness. 3. Support advocacy for changes in policy and practice. 4. Develop infrastructure for a growing movement. Our aims fully reflect the purposes that the charity was set up to further. We review our aims, objectives, and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help. The review also helps us ensure our aims, objectives and activities remain focused on our stated purposes. We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. ## **Objectives** Our main objectives for the year were to continue to build on the foundations laid out in the initial stages of governance and begin our campaigning and policy work. The strategies we used to meet these objectives included: - Developing further governance structures and procedures to ensure that the charity remains legally compliant, solvent and effective. 3 _The Together Initiative_ ## **Report of the Board of Trustees for the year ended 30th June 2022 (Continued)** - Developing a comprehensive strategy for the coming period of the charity’s life, supported with the recruitment of a new Chief Executive following the departure of our founding Director. - Celebrate and curate the national moment of the Queen’s Platinum Jubilee with our biggest campaign so far. - Progressing activity around narrative formation, policy development and movement-building towards the advancement of the education of the public. ## **Activities** In its second year, The Together Initiative has developed programmes of activity, through its own work directly, the members of the Steering Group and the wider partnership of the Together Coalition, in support of all four aims of the charity: Building opportunities for participation and connection: - ❖ The celebration of the second, and biggest ever UK-wide Thank You Day, which was hosted on the last day of the Queen’s Platinum Jubilee Celebrations, Sunday 5th June. - ❖ Delivering a series of participatory activities organised by different sectors around key moments, including Remembrance Day 2021 with our Remember/Together Campaign - ❖ Supporting and amplifying a partner's existing activities in social connection through the mobilisation of the coalition, for example, encouraging coalition members to support myriad different national days and events. - ❖ Resourcing stakeholders with the tools and know-how on how to build their own participation moments, in toolkits for Thank You Day 2022. Creating and popularising a narrative of commonality and togetherness: - ❖ A narrative development “away” day workshop with some of the best minds in the field to create an initial draft. - ❖ Testing the draft with focus groups, supported by More In Common, to create a final version and circulate to partners. - ❖ Amplification of stories of social connection through media and social media, particularly around key moments, not least Thank You Day 2022. Supporting advocacy for changes in policy and practice: - ❖ The development of practical social connection policies that have the support of the breadth of the /together coalition, including areas of best practice they can implement themselves. Developing infrastructures for a growing movement 4 _The Together Initiative_ ## **Report of the Board of Trustees for the year ended 30th June 2022 (Continued)** - Successful micro-level funding for grassroots organisations to celebrate Thank You Day 2021. - Continued building of the /together coalition, with communications to facilitate information sharing and future collaboration opportunities. ## **Public Benefit** All our charitable activities have been undertaken to further our charitable purposes for the public benefit. Whilst this is a UK-wide and inclusive initiative, The Together Initiative has sought to make sure that some of its activities are targeted at areas and communities experiencing particular stresses and tensions. These are often economically deprived areas that _also_ have low levels of civil society activity, lower rates of civic participation and lack the community assets that bring people together. ## **Achievements and performance** ## **Coalition growth** Now with over 400 partner organisations, from community groups, clubs and societies of all sizes, to the UK’s best known and most trusted organisations and businesses, we continue to build a strong coalition or organisations committed to building a kinder, closer, more connected society. We have also begun to draw together individuals and organisations to share expertise, relationships, wisdom and ideas and encourage intra-sector collaboration projects and initiatives under the banner of /together by establishing standing sectoral activation groups, each convened by a member of the campaign Steering Group. Campaigns we have run have turbo-charged these groups, giving them something tangible to work collectively on, and showing them the impact of the work they are doing through the /together coalition. ## **Remember/together, November 2021** We supported pilots for Remember Together, a project from British Future and The Royal British Legion that aims to bring people from different backgrounds together in remembrance of our shared history. It highlights and celebrates the service and sacrifice made by servicemen and women of all creeds and colours, engaging new audiences and helping make our national tradition of Remembrance feel relevant and inclusive to everybody in Britain today. Calling on the local community – via students’ families and other networks such as local mosques, community organisations and local media – students at two secondary schools, in Rochdale and east London, are asking local black and Asian people to share the stories of their family’s involvement in the Second World War. We will be publishing a report with recommendations for how to build on this work in future years. 5 _The Together Initiative_ ## **Report of the Board of Trustees for the year ended 30th June 2022 (Continued)** ## **Thank You Day, June 2022** Thank You Day is our flagship campaign, aimed at building a single day in the UK consciousness focussed on social connection. This year we collaborated with the Queen’s Platinum Jubilee Celebrations to hold the campaign on Sunday 5th June, the last day of the 4-day special commemorative Bank Holiday. This contained many activities designed to provide opportunities for communities t **o form meaningful long lasting connections, especially across divides.** We facilitated this by working with coalition partners to form specific activations designed to bring people together. These include Music, Sport, Volunteering, the Environment, Food. Highlights this year included: - ❖ The FA held a Big Jubilee Lunch on the pitch of Wembley Stadium for members of the localBrent community and invited football groups across the UK to do the same. - ❖ Reach Every Generation runs a grass roots football game with young people at risk of gang violence with food afterwards. - ❖ UK Music, Universal, BBC have sponsored the Thank You Day song. In 2022 BBC Radio 2 ran a radio campaign encouraging the general public to get together and sing the song for Thank You Day - ❖ Together with Music hosted generational music events where school children visited care homes to sing the song together. These activities and more built alongside a huge campaign that 30% of the UK were aware of, which saw over 17 million people participate in Jubilee activities, of which 8.7 Million participated exclusively in Thank You Day activities. Those people were more likely to volunteer in future, hold events and feel more connected and positive about their community as a result. Plans are afoot for another Thank You Day in 2023. ## **Narrative** Building on the findings of the talk/together public conversation, we brought together key experts in narrative formation through a series of online sessions and a two-day retreat to hothouse and test the development of a renewed narrative of what we have in common. This was then tested alongside the Jubilee with audiences from a mix of backgrounds by ‘More in Common’. This produced a first draft vision which has been shared with partners. As we enter the next financial year, we will utilise this to produce documentation and resources to better ensure partners can communicate and embody this narrative in their work. ## **Policy** Following an initial draft of a ‘vision document’ by British Future, and drawing upon the findings of the talk/together consultation, we have been consulting a wide range of coalition partners to augment and refine a series of totemic changes in policy and practice which the we might be able to 6 _The Together Initiative_ ## **Report of the Board of Trustees for the year ended 30th June 2022 (Continued)** swing the weight of the coalition behind. We have begun to establish ‘coalitions of the willing’ to take forward further research and advocacy in some of the key areas identified and have begun to conduct advocacy around the establishment of a new Bank Holiday to encourage and facilitate participation by the public more fully in society. This campaign gained much traction in the year to 30th June 2022, including media coverage around the new Bank Holiday. ## **Financial Review** Against the backdrop of limited resources and insecurities over funding, it has continued to be challenging to sufficiently resource the charity’s planned activities. The charity has generously been supported by a £300,000 Grant from the National Lottery Community Fund this year, supporting all our campaigning activities. The charity had circa £79,000 remaining at year end but has subsequently had confirmation of ongoing funding from the National Lottery Community Fund, Utley Foundation and a grant from the Department of Culture, Media & Sport. ## **Principal Funding Sources** The Charity has raised funding from a small number of partners in 2021/22. The supporters include National Lottery Community Fund, Zoom & Spirit of 2012. ## **Investment Policy** The charity does not currently hold sufficient funds to warrant investment, however the charity banks with the CAF Bank owned by the Charities Aid Foundation, which has a sound ethical investment policy and forms a community of 14,000 charitable organisations that bank with a social purpose. ## **Reserves Policy** The trustees have established an initial policy to hold a small operational reserve equal to at least 3 months unrestricted spending to cover any unforeseen gaps in fundraising and enable the charity to continue its operations, and they will review the reserves position of the charity each year. As at the year end June 2022, there are less than 3 months unrestricted spending in reserve. This is due to challenging economic circumstances, the transferring executive responsibility within the last year and coming to the end of a funding cycle. We have already secured sufficient new funding for our 2023 plans and have several active bids in progress and are confident of securing additional funding to meet our future plans and build up a reserve. Contingency options were in place to assist while unrestricted reserves were built up which will necessitate return of a loan payment in future years. The Board of directors and trustees have an obligation to review every three years whether The Together Initiative should continue to operate or not having served its purpose, with the first review due in 2023. In conjunction with this review, the trustees will develop a longer-term policy for free financial reserves that meets the needs of the charity’s future strategy and operational plans, based on a reserve equivalent to an appropriate number of weeks of unrestricted spend. 7 _The Together Initiative_ ## **Report of the Board of Trustees for the year ended 30th June 2022** ## **(Continued)** ## **Plans for Future Periods** The charity plans continuing the activities outlined above in the forthcoming years subject to satisfactory funding arrangements. We will continue to develop activities which ensure our aims, objectives and activities remain focused on our stated purposes and benefit those groups of people we are set up to help. These will continue to fall into the following streams of work: Building opportunities for participation and connection: - ❖ The creation of an annual day that celebrates our communities that is embedded in the national consciousness ❖ - Delivering a series of participatory activities organised by different sectors around key moments - ❖ Supporting and amplifying partner's existing activities in social connection through the mobilisation of the coalition - ❖ Resourcing stakeholders with the tools and know-how for how to build their own participation moments Creating and popularising a narrative of commonality and togetherness: - ❖ The production of resources and training for stakeholders of the threads of a narrative that they can adapt and use ❖ - The use of creative arts to shape our UK wide conversation and highlight what unifies out communities - ❖ Amplification of stories of social connection, particularly around key moments - ❖ Initiatives to improve discourse and foster good disagreement in politics and/or social media Supporting advocacy for changes in policy and practice: - ❖ The development of practical social connection policies that have the support of the breadth of the /together coalition ❖ - Supporting coalitions of the willing working to produce deeper policy papers and - recommendations to move the dial in key agreed policy areas - ❖ Work with influencers and decision makers to better understand, measure and value social connection policies - ❖ Work with private sector organisations to increase social connection, in their roles as businesses and employers Developing infrastructures for a growing movement: - ❖ Making the case for micro-level funding for grassroots organisations - ❖ Building of the /together coalition, with communications to facilitate information sharing and future collaboration opportunities - ❖ Working with stakeholders to prioritise social connection in their own activities 8 _The Together Initiative_ ## **Report of the Board of Trustees for the year ended 30th June 2022 (Continued)** ## **Funds held as custodian trustee on behalf of others** No funds are held as a custodian trustee on behalf of others. 9 _The Together Initiative_ ## **Report of the Board of Trustees for the year ended 30th June 2022 (Continued)** ## **Structure, governance, and management** ## **Governing Document** The organisation is a charitable company limited by guarantee, incorporated on 30[ th ] June 2020 and registered as a charity on 11[ th ] January 2021. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. The liability of each member is limited to £1, being the amount that each member undertakes to contribute to the assets of the Company in the event of the Company being wound up. The members at the year end comprised the di rectors and 55 other members. ## **Recruitment and Appointment of Management Committee** The directors of the company are also charity trustees for the purposes of charity law and under the company’s Articles are known as members of the Management Committee. Under the requirements of the Memorandum and Articles of Association the members of the Management Committee are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting. All members of the Management Committee give their time voluntarily and receive no benefits from the charity. The more traditional business skills are well represented on the Management Committee and, due to the nature of the charity’s work, the Management Committee also seeks to ensure that the needs of this group are appropriately reflected through the diversity of the trustee body. New Trustees are appointed following a series of interviews with Directors and the Chair of the Board. Approval is required by Members of the Company at the AGM for the appointment of new trustees and those standing for re-appointment by virtue of automatic retirement on the recommendation of the Board, as well those appointed by the Board during the year as a result of casual vacancy. ## **Trustee Induction and Training** Trustees are already familiar with the practical work of the charity having been encouraged to read the strategy document and early research produced by the charity and being in receipt of quarterly activity reports from the charity director. Additionally, trustees are invited and encouraged to attend steering group meetings to engage with the coalition partners and be aware of the range of perspectives on key areas of conversation and deliberation. A short introductory session is also offered with the Chair of Trustees and Company Secretary to familiarise new trustees with the charity and the governance context within which it operates. ## **Risk Management** The Management Committee has conducted a review of the major risks to which the charity is exposed. A risk register has been established and is regularly reviewed and updated. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. External risks to funding have led to the development of a strategic plan which will allow for the diversification of funding and activities. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are periodically reviewed to ensure that they continue to meet the needs of the charity. 10 _The Together Initiative_ ## **Report of the Board of Trustees for the year ended 30th June 2022 (Continued)** ## **Organisational Structure** The Board of Trustees is responsible for the charity. They have responsibility for the overall oversight and governance of the charity and are accountable to its members under company law and to regulators on behalf of the public. They manage the Director of the charity, to whom they delegate the day to day running of the organisation, and for which a scheme of delegation is in place. The Director is also responsible for supervising the staff team and also ensuring that the team continues to develop their skills and working practices in line with good practice. In so far as it is complementary to the charity’s objects, the charity is guided by the advice and recommendations of the Steering Group. The Steering Group provides a quarterly forum within which strategy and ideas can be shaped and tested, and strategic plans can be driven. Steering Group members will be consulted on substantial strategic proposals or changes, with final approval residing with the Board of Trustees. To draw on the full strength of the coalition in the most effective way possible, organisations from different sectors and nations are also being drawn into informal activation groups to share expertise, relationships, wisdom, and ideas, alongside pursuing cross-sector or national collaboration on projects and activities. Each activation group is convened by a member of the /together coalition and supported by the central team. Company Members of the Together Initiative is open to all members of the Steering Group, in either a personal capacity or by virtue of the position occupied in a member organisation. ## **Related Parties** During the year M&C Saatchi were paid £10,000 for support services provided to The Together Initiative (2021 : £23,718 was paid to M&C Saatchi via British Future). Marcus Peffers is a Trustee of the Together Initiative and the CEO of M&C Saatchi. There is no outstanding balance payable to M&C Saatchi at the year end. ## **Responsibilities of the Management Committee** Company law requires the Management Committee to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the management committee should follow best practice and: - ❖ select suitable accounting policies and then apply them consistently; - ❖ make judgements and estimates that are reasonable and prudent; and - ❖ prepare the financial statements on the going concern basis unless it is not appropriate to assume that the company will continue on that basis The Management Committee is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 1985. The Management Committee is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 11 _The Together Initiative_ ## **Report of the Board of Trustees for the year ended 30th June 2022 (Continued)** ## **Members of the Management Committee** Members of the Management Committee, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 2. ## **Independent Examiners** Nicola Anderson FCA FCIE was appointed as the charitable company’s independent examiner for the year ended 30th June 2022. This report has been prepared in accordance with the 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 (FRS102) (effective 1 January 2019) and in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small entities. Approved by the Management Committee on 15th March 2023 and signed on its behalf by: **Professor Mike Clarke** Trustee & Chair of the Board 12 _The Together Initiative_ ## **Independent Examiner’s Report to the Trustees of The Together** ## **Initiative** I report to the charity trustees on my examination of the accounts of The Together Initiative (company no: 12707290 and charity no: 1193060) for the year ended 30 June 2022 set out on pages 13 to 19. ## **Responsibilities and basis of report** As the charity’s trustees (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts of the Company 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 accounts 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** Since the Company’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 Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination and confirm that no matters have come to my attention in connection with the examination giving me cause to believe: - I. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or - II. the accounts do not accord with those records; or - III. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or - IV. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 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. **Nicola Anderson FCA FCIE** 15[ th ] March 2023 Chartered Accountant and Independent Examiner 189 Baldwins Lane Croxley Green Rickmansworth Hertfordshire WD3 3LL 13 13 _The Together Initiative_ ## **Statement of Financial Activities (including Income &** ## **Expenditure Account) Year to 30[ th ] June 2022** All activities relate to continuing operations. The Statement of Financial Activities includes all gains and losses recognised during the year. The notes on pages 15 to 19 form part of these financial statements. 14 _The Together Initiative_ ## **Balance Sheet At 30[ th ] June 2022** For the period ending 30 June 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. ## Directors' responsibilities: - The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476; - The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. These financial statements were approved by the board of trustees and authorised for issue on 15[ th ] March 2023 and are signed on behalf of the board by: ## Professor Mike Clarke Trustee 15 _The Together Initiative_ ## **Notes to the Financial Statements** ## **Basis of Preparation and assessment of going concern** 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)( 2nd Edition effective January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Financial Statements have been prepared under the historical cost convention. The Charity constitutes a public benefit entity as defined by FRS 102. A decision on a large funding bid is expected by end of 2022. The trustees consider that the outcome of that bid represents a material uncertainty about the Charity's ability to continue as a going concern. The financial statements have been prepared on the going concern basis as, despite the uncertainty mentioned above, the Trustees assessment is that should the bid be unsuccessful they have plans in place to scale down operations and manage cashflows whilst alternative funding is secured. At time of filing this bid has been successful. ## **Income** All incoming resources are included in the Statement of Financial Activities when the Trust is legally entitled to the income, it is probable that the income will be received, and the amount can be quantified with reasonable accuracy. ## **Grants Received** Income from grants and donations is recognised where the charity is entitled to the income, it is probable that the income will be received, and the amount receivable can be quantified. Where there are specific terms or conditions attached to grants and donations, these must be met before the income is recognised. ## **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 settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. ## **Charitable activities** Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. ## **Fund structure** Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity. Restricted income funds are those donated for use for specific purposes, the use of which is restricted to that purpose. ## **Irrecoverable VAT** Irrecoverable VAT is charged against the expenditure heading for which it was incurred. ## **Fixed Assets** All assets costing more than £750 are capitalised Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less their estimated residual value, of each asset on a systematic basis over its useful life as follows. Computer Equipment – 3 years ## **Cash and cash equivalents** Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 16 _The Together Initiative_ ## **Notes to the Financial Statements (Continued)** ## **Debtors** Short term debtors are measured at transaction price, less any impairment losses. ## **Creditors** Short term creditors are measured at the transaction price. ## **Judgements in applying accounting policies and key sources of estimation uncertainty** The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. The nature of estimation means the actual outcomes could differ from those estimates. There are no judgments made that have a significant effect on the amounts recognised in the financial statements. ## **Realised gains and losses** All gains and losses are taken to the Statement of Financial Activities as they arise. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. ## **Legal status of the Charity** The Charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member. ## **Trustee expenses and remuneration** The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind. 17 _The Together Initiative_ ## **Notes to the Financial Statements (Continued)** 18 _The Together Initiative_ ## **Notes to the Financial Statements (Continued)** ## **1** ## **2 Related party transactions** During the year to 30[ th ] June 2022, M&C Saatchi were paid £10,000 (2021: £23,718 paid via British Future) for services provided to The Together Initiative. Marcus Peffers was a Trustee of the Together Initiative and the CEO of M&C Saatchi during these periods. There was no outstanding balance payable to M&C Saatchi at the year enD 19 _The Together Initiative_ ## **Notes to the Financial Statements (Continued)** 20