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,Charity number: 1195573
MENTORNECT
UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31/08/2023
Prepared By: AL Accountants 70 Annalee Road South Ockendon RM15 SBZ
MENTORNECT
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31/08/2023
TRUSTEES
Loretta Nana Offeibea Asiedu NiCola Ann Marie Bogie- Trustee Stephen Balmer- Walters -Trustee
REGISTERED OFFfCE 50 Dittisham Road London SE9 4BH
CHARITY NUMBER 1195573
ACCOUNTANTS AL Accountants 70 Annalee Road South Ockendon RM15 SBZ
MENTORNECT ACCOUNTS FOR THE YEAR ENDED 31108r2023 ONTENTS Pag8 Report of the Trustees Indep8ndent ExanNneI5 Statemenl A¢countanfs Report Statement of Finanaal Ar*viOes B81awe Sheet 12 Notes lo the Aceounts Detailed Slatemellt of FinanuaS A¢tivrties 13to16 15
MENTORNECT
FOR THE YEAR EhlDED 31/08/2023 TRUSTEES' REPORT
TRUSTEES
The Trustees of Mentomect present the annual report and financial statements for the year ended 31 August 2023.
The trustees have adopted the provisions of the Statement of Recommended Practice (SORP),Accounting and Reporting by Charities issued in 2005 in preparing the Annual Report and Financial Statements of Mentomect.
STATUS AND ADMINISTRATION
The composition of the MentorNect Board of Trustees are as follows:
Loretta Nana Asiedu - Chair of Trustees (appointed 02 September 2021) Stephen Balmer Walters - Treasurer (appointed 02 September 2021) Nicola Bogie - Secretary (appointed 04 February 2022)
Charlotte Valerie Caradot (resigned 01 November 2021)
MentorNect is a Charitable Incorporated Organisation with the Charity Number: 1195573. The correspondence address is: 50 Dittisham Road, Mottingham, London. SE9 4BH.
OBJECTIVES
MentorNect is committed to act as a resource for young people between the ages of 18 and 30 by the provision of accessible e-learniñg mentorship programs for the development of skills, knowledge, education, employability, and capacities as a means of:
(a) advancing in life and helping young people by developing their skllls, capacities and capabilities to enable them to participate in society as independent, mature and responsible jndividuats; and
MENTORNECT FOR THE YEAR ENDED 3110812023 TRUSTEES. REPORT Ibl relng unempkjyment. The truste8$ at MentorNeLÉ confinn that referral tTr8s tn made to the Fxowsions of Charity Cornmission's guhlane8 on publlc benefit. and as such, Ihtr objectNes and 8Ctivill of the Charity are in alwJntnent th thB guidan_ The Charity conducts the abDve by.. D8vising the Ment0eLl6 1-2-1 m8nlDring programme where merrtses have acc8SS to an approved Mpntort4ect mentor for a defined pertod of time at no cost trj mentees. The prO9mMe is funded by donatiorts made to Ihe Charity. All priKeeds reinve into the charFty to enable the ¢harity organisation to Sustain its ¢harit8ble athvities. Should mentees desire to have extra se$sk)ns, the opbon to pursue M8ntorNt+ is availab for an extended periL¥J. Compared to the pvIOuS report, rnentees aT curr8nUy able to have extra Sessio at eosL Additionally, liaising 3rKI establishiro colL4boraons educational Inlbons. aThJ tharibes to offer educational tslk5 to Triud8nts. young adurts on ways to ernhane£ emptoyability. an($ advice on how tri Irnpe the oveTrll welFbeir¥J of yyjng to ensure Ihat1hey are equipped to achieve and INe a wholesoTne lrfe. STRUCTURE GOVERNANCE AND MAIIAGEMENT MentorNect is a registered Charitab18 Intorated Chganisaly)n I CIO) uThJer number 1195573. Pri)rto *ts InrpOrat)n in 2021, the Charity was established after its founder Loretta Nana Asiedu on her own ¢ar8er and personal d8vekwmentioumey. recognised th8 1)eed arTr)J¥J$t youThJ &Sutts to be o)nnecled to individuaLs with expertise n their chosen car88r.arKI extensive lrfe expeenCe io prrjvide Ihern with Valuab ajwce and support through mentoring. The Charity has made suqnffji¢ant contributions to Ihe knu44kdge and skJ"115 of many young adiA&. partKularfy in 2020 at the h8ight of the p&ndemic where a surge in unernployment and 3 detrimentsl on wrds rife. Presenuy, the Charity lieS on donations and irthuse fundrai8iru arAiwbes to ntinUe it8 ¢haiitabJe wort th pbns to incorporate grants to expan¢J the page 4
MENTORNECT FOR THE YEAR ENDED 31108r2023 TRUSTEES. REPORT organisation's re8th in the pspeline. In line wth its conslttuts"on, the rninimvm numberol tsustse5 the Charity is permitted tsthree wth ro rtwtmum oftnjstee appointments. All new InJstee5 are 3ppoint8d by current trustees and serve for a yearwith a wew conducted mhd- Iwm. New tru$tee5 will aqually have Ihg opportunity to opt for r&-appointmetst Should this be d88ired. At the LN)ard of Iruste8s' meetings. the is deliberation and decIr#j ofthe overdll strabJic dit)n ofthe Charity. This covers and includ88 review of new rN)baes, volunteer rnanagetnent and recruitrnen¢ update on the Chartys ffinanci81 poti, its Strateg plars to tKMlSt rnentor and mÈntee portr01s. Formati( ofthe board remains as weMou$ year. rx) changes the board. No nvw8ppiJ)thients or renN)val has ocojrred sisKe the last pOrt. All tnjstees are apwinted by a resolution passed at a prop8rfy (x¥nvened nelir¥J of the ¢harity trustee5. As part of the trustee recrurtmeTrt process. new trustees undergo an intarview with existing trustee5 to ascertaift their rkKTrlivesa1n wTrlh thatof the Chaiity. An agr Code of Condurt a role ée5cription. u5efiJl Trustee information provided by the Charity COMMIOn- agreed by trustees a provx*d. Most im[. the Charitys ConstitthK)n 15 prOded for trustees to farniliarisè themselves with the objects and it5 In accordance with the Constitution, all trustees were not pawj any remuneratk)n and vojurrtarily offered theirlFme and expertise freely to the developrnent of the charity. page 5
MENTORNECT FOR THE YEAR ENDED 31108r2023 TRUSTEES. REPORT ACHIEVEMENTS AND FUTURE PLANS Given th8 r$50urces of the Chanty. MentorNect successfulty nntored srx yor0 adults virbJally with¢Th the year. Some of wh¢yn have gained key advi on to approach interviews. tntrSpren{lal skills. disoy)ver serr-confyjww exisn9 sbengm arKI gUKlan in s8curing placements. At a stage in the wortd where many young people are experierriThJ thallerw tn deadin9 tr best career path and how to attarn this, our support and .7guidance were cruaal rnore than ever. MentorNect cJ)nducted its first fundraising evenL. Step Chal1. Ihi$ year. The aim of Ihe event was to chall8ryJe Twstees to walk 10,000 each day over the course of a week. Funds were raised Ihrough the arfOrm GoFuThJme a total amount of£7%) was raised. MentorNect aims to make mentoring ace9ssible to youThJ &Jutls to irnprov8 theirwelllr and provide th8 lequ8te skill$ qui to thrive on their care8r journey. To obtain this. the £harty ret(yJnises the lwd to strern l)roaden its stratsgic oJEaborations wilh tertiary institutions., together ulentrfy young adufts who L4ck Ihe 481 capilal guNJanc8 to SUCLEed in orferto Ènrea5e thetr¢hances of impromng their employment prospeds. As part of its goals Ihi8 year, MentorNeL* has entered into a nvw rthrship wilh a felkyw chwity. YouthlMJil¢J Venturès UK in a bid to 8Xtend it5 mentoring servi$
MENTORNECT
FOR THE YEAR ENDED 31/08/2023
TRUSTEES" REPORT
and have a wider impact. This partnership enabled MentorNect to deliver an informative in-person workshop at Youthbuild's premises in London and ted to five mentee mentoring sign ups.
In keeping with our previous report, another partnership whish came to fruition was MentorNect's work with Women4WomenEmpowerment. This alliance saw
both charities host their first webinar together on ‘How a mentor can help you to grow your confidence’.
Trustees seek to have the mentor[r] ecruitment as an on-going 6asis to boost the Charity's mentor portfolio and to minimise the risk of mentor shortages. Fellow
charity volunteer recruitment platform witl be used to achieve this goal. Trustees intend to maintain its existing process such as requiring DBS checks for
mentors prior to mentee matching, use of the charity portal and issuing of organisational email logins to exercise risk management
FINANCIAL REVIEW
Details of Mentornect financial activities for the year and state of affairs as at 31 August 2023 are set out on pagas 9 to14 The total income of £1717 was derived from fundraising activity and voluntary contribution from the Chair of Mentornect Board of TnJstees. A total expenditure of £1347 was incurred wñh the majority of funds allocated to website management, marketing and accounting expenses,
leaving a surplus of £370(2022-£873), A net of £940 is carried forward as unrestricted fund.
MENTORNECT
FOR THE YEAR ENDED 31/08/20M TRUSTEES* REPORT
VOLUNTEERS
The trustees would Jike to take the opportunity to show appreciation to alt its volunteers who give up their time in the capacity of mentors
and to our marketing team who work tirelessly to ensure that through our social media platforms we are adding value to the lives of many
young people through our content,
Report approved by trustees on 21 Many 2024 and signed on their behalf by:
Loretta Nana Asiedu
chair of MentorNect Board of Trustees
MENTORNECT INDEPENDENT EXAMINER'S STATEMENT FOR THE YEAR ENDED 3110812023 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MENTORNECT I report on the a¢¢ounts of the company for the yeaf ended 3110812023 . RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER The trustees (who are also th& directors of the company forthe purpctses of cornpany arn r•5ronb for th8 prwara'on of the aecounts. The trustaes tx)n5Kler that an audit is rt required forthis year undef Section 144121 ofthe Charitses Art 2011 (the 2011 Act) and that an independent examination is needed. H8ving satisfied my58K that the charity 5$ Thjt subjed tr) an $udit under compw Iw arKI 18 elKJiO for independent exaMInatn. it is my re$pon5ibility to.. - examine the accounts under sèdon 145 ofth6 2011 Ad-, - follow th8 proc8dure8 laid down in the general Dlre¢iions given ty Ihe Charity Commission urnler seGIKJn 14515Xbl of the 2011 Act.. and . stale whether partKular matters have to rny attention. BASIS OF INDEPENDENT EXAIIINER5 STATEMENT My exarninalion was ¢arried out in a¢¢ordaKe wtth general DIGI10n5 given ty th8 Charty Commtsslon. exarnlnatlon Includ9s a revl8w olthe accountsThJ records kept by tha ¢harity arnd 8 comparison of tho 8c¢ounts pr05•Tr18d %th IIKJ5tr rwd8. It alxj 6n¢tudg5 CCfi8k18raUon of 8ny unu6uo1 ft8m6 or di5¢108ur88 in th¢ accounts. 8n¢Y seek'rrtJ •xpl•nats'ons from you a5 trnstees o)nceming any suc matt•w5. Thg prowJur8s und¢rt8ken do not provide all the ldnCe that would be requlred in an audit. and [qUentlY no opinion is glven a$ to whether the aceounts present a Irue and fair and Ihe T8rt L8 Ilmiid io those matters Set out In th8 statement b810w. INDEPENDENT EXAMINERS STATEMENT In ¢onnects'on with my examinatbn. no m&tt•r hos come to my attention.. 111 whlch gIV85 rea$on•ble USe to btrli8Vg that in any rnalerial respeo the requlrerngnts.. . to keep accounliny record$ in 8¢ra)rd8nc* wilh 6ectiort 386 of the Companies Act 2c. and - lo prepare accounts whlch a¢¢ord wrth thg 8e£gwnliNJ r8ts)rd8. comptywlh thg amntiThJ fèqutremonts of IOn 396 ofthe Companies Act 2006 arK5 with the m8lhods and pdnciples of the Stat8ment of Rets)mmtrrthd Pracllcè AUnt) 8rHJ ReportirKJ by Charititis h8v8 not been met 121 ¢0 whJch,in my opinion, attontn shouk1 drawn In tyder to enabla a proper unders18rlmj of the acounts to be reachod, page 9
mElORNEcT INDEPENOENT EXAMINEirs srATeMENT FOR THE YEAR ENDED 3110812023 Akwasi Adu-LarfDi ACMA.,CGMA,M8¢ AL Accountants 70 Annalee Roa(1 South Ockendon RM15 5BZ paje 10
MENTORNECT Slatement of Flnanclal Actlviti•s for the year •rtded 3110812023 2023 Total 2022 Tot81 Unre5trt¢ Restrlcte ted fvnds d fund8 Incomg Inwme from generated fvnd5 Donations Voluntary Incom8 Other Incorne Total Income and •ndOW0nt• Expen8a$ Costs ol generating funds Expenditur8 on Charitable activ¥$ Total Exp•nsos Not galns on Invostfflents Net Incom¢ 5,000 t.717 1.717 S,009 1,347 1,347 1,347 1,347 4.138 4,136 3711 370 873 Galnsll1088•81 on I•TrU•tIon of fix•d 481•ts Net mov•rn•nt In fund$'. Nt Income lor th¢ year Total funds brought forward Not lunds carrlad loard 370 570 370 873 570 873 This statom8nt of flnan¢ial adivthgs IludeS all galn$ Ix8es rec4wised In thg year. All Income and expenditure d¥rive Irorn contlnulng a¢tivifjes page11
MENTORNÉcr BALANCE SH AT 37J£W2023 2022 CURRENT ASSErs Cash al bank and in haThJ 1,140 1.140 1,074 1.074 CREDITORS: Arnount• l•lllng duo wlthln on• y•Br NEf CURRE ASSErs TOTAL ASSETS LESS CURRENT UABIUTIES 874 874 Ac¢umulat•d Fund Unregtrlctod tund• Gènèral fund 874 874 For the year 8nding 31108r2023 th• oM)pany ¥¥as enliU8d to secon 477 ofth• Cknwanies Act 2(X)6 ng to small companies. • mambers h8v¢ not required the ccffipany to obtwn an IA a0>)rIaeAth seclion 476 of the Companles Act 2006. Tha dlrectors acknowledge th8lr resp(ThibllltS98 ts t4Jrry)tyINJ rylremtrii8 ol Ihe A¢t f•8Frt to th¢¢oun r8eordg ar th8 prep8ralion ol acc(Junts. Th88• ac¢oiiN8 hav8 bgen p¥ep8wBd In vhth FxoVAlorn appPKablo to c•mpanSe8 &kniecito th8 small o)rnpan reglme. thelr be Ilby siephon Balm6Tr Wakns Tru8tee 3812
MENTORNECT NOTES TO THE ACCOUNTS FI)R THE YEAR ENDED 3110812023 1. ACCOUNTING PQUCIES la. BasTrs OfA¢¢ountlng Th8 accounts have been prepare(l underthe histort¢al st convention. The aCcA)nts have been Prepa in attordan with FRS102- Th8 Financial RewNting Stsndard applicab in the UK and Republic of Iland end the Companie5 Act 20¢J8 and the tEqu¢fEmerts of stan8Th1 of Recommended Practice, A¢(x)unting and Reporting by Charibes. 1b. In¢omlng Resource$ All incorning resources are Induded on the Statement of FinarKtal Acbvibes when the thwity is legally en(TUed to Ihe inca)n)e and the amount can be quantffjed with feasonable a¢¢)Jfacy. 1¢. Resources Exp•nd8d ExpendiÉur8 1$ a¢¢ounted for on an a¢cYuals basis and has been das&fie(5 under heading5 that aggregate all ctsst related to the category. Wh8re costs cannot be directly altributed to particular headings Ihey have been aHo¢at8d to activilw on 8 bssi% consist8nt with the usè of r8source$. 1d. AllatIon And App90ment ot Costs All costs relat& to sngle activty ofthe dwrifable company and are fecryjnl aoxrfdingty. le. Fund A¢¢ountlrtg Unrestricted funds can be used in a¢0)rdan with the (aatstle obpdFves * the discretion of the trustees. Restricted fvnds r2n only be used for parti1)r $tricted pJrrM)seg %wthin the objects ofts tharity. Re$tritons arise wn 8pe¢ffied by the donor orwhen funds are raid for partboJLgr restri¢bJ purpcws. Designated fuads are fijnds set 8side by the trustees out of unreslricted geral funds for the 5pecnlc fij[u puryx)ses or projects. If. Turnover Turnover repr888nts the invoice(S value ot goLvJs and Servi SUppld by the c4)mpany. rtof value added tax and trade discounts. ptye13
MENTORNECT 2. CREPITQRS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 . 2022 Accountancy tharges 21K) 200 2CK) 200 3. UNRESTRICYED FUNDS Brought Incomlng tgOingTnn5frrS Carrled forward Generdl fund 570 570 1.717 11.3471 1.717 11,347 940 pe 14
MENTORNEcr Ineoming Resources for the year ended 31108r2023 2023 2022 In¢orning resourcès Incomlng r•sources from generated funds Voluntary Incorne charitable Actlvlty Donations 5,000 5,000 Other Incoming Resour¢•$ Sundry Intme 1,717 5,009 page15
MEKfoRNECT fw the yearended 3110812023 2023 2022 Expenses Costs ol generatlng funds Charitable Actl¥FU¢s A(xountan¢y fees Information Commi5Stoner DisCtosur8 and Barring S8fvkxID8S) Legal costs Telecomunication Subscfjptbg W8bsile Manag8rnent Travel Sundry expense8 200, 2(K) 46 3,036 14 763 154 12 1.347 4,136 3,347 4,136 page16