* 

‘ 

,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 rel￿ng unempkjyment.
The truste8$ at MentorNeLÉ confinn that referral tTr8s t￿n 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 Ment0￿eLl6 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 prO9￿mMe 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$sk)ns, the opbon to pursue M8ntorN￿t+ is availab￿ for an extended periL¥J. Compared
to the p￿vIOuS report, rnentees aT
curr8nUy able to have extra Sessio￿ at eosL
Additionally, liaising 3rKI establishiro colL4bora*ons ￿ educational In￿lb￿￿ons. aThJ tharibes to offer educational tslk5 to
Triud8nts. young adurts on ways to ernhane£ emptoyability.
an($ advice on how tri Irnp￿e 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 Into￿rated Chganisaly)n I CIO) uThJer number 1195573. Pri)rto *ts In￿rpOrat￿)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 expe￿enCe 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$tee5 will aqually have Ihg
opportunity to opt for
r&-appointmetst Should this be d88ired.
At the LN)ard of Iruste8s' meetings. the￿ is deliberation and decI￿￿￿r#j ofthe overdll strabJic dit*)n ofthe Charity. This
covers and includ88 review of new rN)baes,
volunteer rnanagetnent and recruitrnen¢ update on the Chartys ffinanci81 po￿ti￿, its Strateg￿ plars to tKMlSt rnentor and
mÈntee portr01￿s. Formati(￿ ofthe board remains
as weMou$ 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 n*elir¥J of the ¢harity trustee5. As part of the trustee
recrurtmeTrt process. new trustees
undergo an intarview with existing trustee5 to ascertaift their rkKTrlivesa1￿n wTrlh thatof the Chaiity. An agr￿ Code of Condurt a
role ée5cription. u5efiJl Trustee information provided by
the Charity COMMI￿On- agreed by trustees a￿ provx*d. Most im[￿. the Charitys ConstitthK)n 15 prO￿ded 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$50urces of the Chanty. MentorNect successfulty n￿ntored srx yo￿r0 adults virbJally with¢Th the year. Some of wh¢yn
have gained key advi￿ on to
approach interviews. tntrSpren￿{lal skills. disoy)ver serr-confyjww exis*n9 sbengm arKI gUKlan￿ in s8curing placements.
At a stage in the wortd where
many young people are experierriThJ thallerw tn deadin9 tr￿ best career path and how to attarn this, our support and
.7guidance were cruaal rnore than ever.
MentorNect cJ)nducted its first fundraising evenL. Step Chal￿1￿. Ihi$ 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 theirwell￿lr￿ and provide th8 *lequ8te skill$
qui￿￿ to thrive on their care8r
journey. To obtain this. the £harty ret(yJnises the lwd to strer*n l)roaden its stratsgic oJEaborations wilh tertiary
institutions.,
together ulentrfy young adufts who L4ck Ihe ￿481 capilal guNJanc8 to SUCLEed in orferto Ènr*ea5e 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•5ron￿b￿ for th8 prwara*'on of
the aecounts.
The trustaes tx)n5Kler that an audit is r￿t 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 $udit under compw Iw arKI 18 elKJi￿O for independent exaMInat￿n.
it is my re$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 DI￿GI10n5 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 ￿ld*nCe 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 T8￿rt L8 Ilmii*d 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 I￿On 396 ofthe
Companies Act 2006
arK5 with the m8lhods and pdnciples of the Stat8ment of Rets)mmtrrthd Pracllcè A￿Unt￿) 8rHJ ReportirKJ by Charititis h8v8
not been met
121 ¢0 whJch,in my opinion, attont￿n shouk1 ￿ drawn In tyder to enabla a proper unders18r￿lmj of the acounts to be reachod,
page 9

mEl￿ORNEcT
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 •ndOW￿0nt•
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$'.
N*t Income lor th¢ year
Total funds brought forward
Not lunds carrlad lo￿ard
370
570
370
873
570
873
This statom8nt of flnan¢ial adivthgs I￿ludeS all galn$ 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 sec*on 477 ofth• Cknwanies Act 2(X)6 ￿ng
to small companies.
• mambers h8v¢ not required the ccffipany to obtwn an IA a0>)rIa￿e￿Ath seclion 476 of the Companles Act 2006.
Tha dlrectors acknowledge th8lr resp(ThibllltS98 ts t4Jrry)tyINJ rylremtrii8 ol Ihe A¢t ￿ f•8F*rt 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 I￿land end the Companie5 Act 20¢J8 and the tEqu¢fEmerts of sta￿n8Th1 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$.
1d. All￿atIon And App9￿0￿ment ot Costs
All costs relat& to sngle activty ofthe dwrifable company and are fecryjn￿l aoxrfdingty.
le. Fund A¢¢ountlrtg
Unrestricted funds can be used in a¢0)rdan￿ with the (*aatstle obpdFves * the discretion of the trustees.
Restricted fvnds r2n only be used for parti￿1)r ￿$tricted pJrrM)seg %wthin the objects ofts tharity. Re$trit*ons arise w￿n
8pe¢ffied by the donor orwhen funds are rai*d for partboJLgr restri¢bJ purpcws.
Designated fuads are fijnds set 8side by the trustees out of unreslricted ger￿al funds for the 5pecnlc fij[u￿ puryx)ses or
projects.
If. Turnover
Turnover repr888nts the invoice(S value ot goLvJs and Servi￿ SUppl￿d by the c4)mpany. r*tof 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
p￿e 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 Int￿me
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
Subscfjptb￿g
W8bsile Manag8rnent
Travel
Sundry expense8
200,
2(K)
46
3,036
14
763
154
12
1.347
4,136
3,347
4,136
page16