Charity number: 1195573
## **MENTORNECT**
**UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31/08/2024**
## **Prepared By:**
AL Accountants 70 Annalee Road South Ockendon RM15 5BZ
**MENTORNECT**
**FINANCIAL STATEMENTS FOR THE YEAR ENDED 31/08/2024**
## **TRUSTEES**
Loretta Nana Offeibea Asiedu Nicola Ann Marie Bogle- Trustee Stephen Balmer- Walters -Trustee
## **REGISTERED OFFICE**
50 Dittisham Road London SE9 4BH
## **CHARITY NUMBER**
1195573
## **ACCOUNTANTS**
AL Accountants 70 Annalee Road South Ockendon RM15 5BZ
page 1
## **MENTORNECT**
## **ACCOUNTS**
## **FOR THE YEAR ENDED 31/08/2024**
## **CONTENTS**
||Page|
|---|---|
|Report of the Trustees|3|
|Independent Examiner's Statement|9|
|Statement of Financial Activities|11|
|Balance Sheet|12|
|Notes to the Accounts|13 to 16|
|Detailed Statement of Financial Activities|15|
page 2
## **MENTORNECT**
## **FOR THE YEAR ENDED 31/08/2024 TRUSTEES' REPORT**
## **TRUSTEES**
The Trustees of Mentornect present the annual report and financial statements for the year ended 31 August 2024.
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 Mentornect.
## **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 Bogle - 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.
page 3
**MENTORNECT**
## **FOR THE YEAR ENDED 31/08/2024 TRUSTEES' REPORT**
## **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-learning 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 skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals; and
(b) relieving unemployment.
The trustees at MentorNect confirm that referral has been made to the provisions of Charity Commission's guidance on public benefit, and as such, the objectives and
activities of the Charity are in alignment with the guidance.
The Charity conducts the above by:
Devising the MentorNect6 1-2-1 mentoring programme where mentees have access to an approved MentorNect mentor for a defined period of time at no cost to mentees.
The programme is funded by donations made to the Charity. All proceeds are reinvested into the charity to enable the charity organisation to sustain its charitable activities.
Should mentees desire to have extra sessions, the option to pursue MentorNect+ is available for an extended period. Compared to the previous report, mentees are
currently able to have extra sessions at no cost.
Additionally, liaising and establishing collaborations with educational institutions, and charities to offer educational talks to students, young adults on ways to enhance employability,
and advice on how to improve the overall well-being of young people to ensure that they are equipped to achieve and live a wholesome life.
## **STRUCTURE GOVERNANCE AND MANAGEMENT**
MentorNect is a registered Charitable Incorporated Organisation ( CIO) under number 1195573. Prior to its incorporation in 2021, the Charity was established after its founder
page 4
## **MENTORNECT**
## **FOR THE YEAR ENDED 31/08/2024 TRUSTEES' REPORT**
Loretta Nana Asiedu on her own career and personal development journey, recognised the need amongst young adults to be connected to individuals with expertise
in their chosen career,and extensive life experience to provide them with valuable advice and support through mentoring.
The Charity has made significant contributions to the knowledge and skills of many young adults, particularly in 2020 at the height of
the pandemic where a surge in unemployment and a detrimental effect on well-being was rife.
Presently, the Charity relies on donations and in-house fundraising activities to continue its charitable work with plans to incorporate grants to expand the
organisation's reach in the pipeline.
In line with its constitution, the minimum number of trustees the Charity is permitted is three with no maximum of trustee appointments. All new trustees
are appointed by current trustees and serve for a year with a review conducted mid - term. New trustees will equally have the opportunity to opt for
re-appointment should this be desired.
At the board of trustees' meetings, there is deliberation and decision-making of the overall strategic direction of the Charity. This covers and includes review of new policies,
volunteer management and recruitment, update on the Charity's financial position, its strategic plans to boost mentor and mentee portfolios. Formation of the board remains
as previous year, and no changes amongst the board. No new appointments or removal has occurred since the last report.
All trustees are appointed by a resolution passed at a properly convened meeting of the charity trustees. As part of the trustee recruitment process, all new trustees
undergo an interview with existing trustees to ascertain their motives align with that of the Charity. An agreed Code of Conduct, a role description, useful Trustee information provided by
the Charity Commission - agreed by trustees are provided. Most importantly, the Charity's Constitution is provided for trustees to familiarise themselves with the objects and its rules.
In accordance with the Constitution, all trustees were not paid any remuneration and voluntarily offered their time and expertise freely to the development of the charity.
page 5
**MENTORNECT**
**FOR THE YEAR ENDED 31/08/2024 TRUSTEES' REPORT**
## **ACHIEVEMENTS AND FUTURE PLANS**
MentorNect aims to make mentoring easily accessible to young adults to improve their wellbeing and provide the adequate skills required to thrive on their career journey.
To obtain this, the charity recognises the need to strengthen and broaden its stratce to succeed in order to increase their chances of improving their employment prospects.
The charity delivered a series of engaging in-person workshops at Harlow College, focused on life sciences and potential career avenues within the sector.
These sessions aimed to broaden students' understanding of the diverse opportunities available in the fi eld and support their career readiness. The workshops reached approximately forty students and contributed to building awareness and aspiration around life science and the importance of mentorship.
page 6
## **MENTORNECT**
## **FOR THE YEAR ENDED 31/08/2024**
## **TRUSTEES' REPORT**
Trustees seek to have the mentor recruitment as an on-going basis to boost the Charity's mentor portfolio and to minimise the risk of mentor shortages.Fellow charity volunteer recruitment platform will 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 2024 are set out on pages 9 to14
The total income of £589 was derived from fundraising activity and voluntary contribution from the Chair of Mentornect Board of Trustees.
A total expenditure of £1576 was incurred with the majority of funds allocated to website management, marketing and accounting expenses,
leaving a deficit of £987(2023surplus-£370), However increase in income in 2025 financial year will boast the net worth.
## **VOLUNTEERS**
The trustees would like to take the opportunity to show appreciation to all 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
page 7
**MENTORNECT**
## **FOR THE YEAR ENDED 31/08/2024 TRUSTEES' REPORT**
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
page 8
## **MENTORNECT**
## **INDEPENDENT EXAMINER'S STATEMENT**
## **FOR THE YEAR ENDED 31/08/2024**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MENTORNECT**
I report on the accounts of the company for the year ended 31/08/2024 .
## **RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER**
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts.
The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to an audit under company law and is eligible for independent examination, it is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- state whether particular matters have come to my attention.
## **BASIS OF INDEPENDENT EXAMINERS STATEMENT**
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept
by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking
explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently
no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
## **INDEPENDENT EXAMINERS STATEMENT**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 386 of the Companies Act 2006; and
- to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006
and with the methods and principles of the Statement of Recommended Practice Accounting and Reporting by Charities have not been met
page 9
## **MENTORNECT**
## **INDEPENDENT EXAMINER'S STATEMENT**
## **FOR THE YEAR ENDED 31/08/2024**
(2) to which,in my opinion, attention should be drawn in order to enable a proper understanding of the acounts to be reached,
...................................................
Date:
AL Accountants 70 Annalee Road South Ockendon RM15 5BZ
page 10
## **MENTORNECT**
|**Statement of Financial Activities**
**for the year ended 31/08/2024**
**Income**
Income from generated funds
Donations and legacies
Voluntary Income
**Total Income and endowments**
**Expenses**
Costs of generating funds
Expenditure on Charitable activities
**Total Expenses**
**Net gains on investments**
**Net Income**
**Gains/(losses) on revaluation of fixed assests**
**Net movement in funds:**
**Net income for the year**
Total funds brought forward
**Net funds carried forward**|**Unrestric**
**ted funds**
**£**
259
330
**589**
1,576
**1,576**
**(987)**
**(987)**
940
**(47)**|**Restricte**
**d funds**
**£**
-
-
**-**
-
**-**
**-**
**-**
-
**-**|**2024**
**Total**
**£**
259
330
**589**
1,576
**1,576**
**(987)**
**(987)**
940
**(47)**|2023
Total
£
868
849|
|---|---|---|---|---|
|||||1,717|
|||||1,347|
|||||1,347|
|||||370|
|||||370
570|
|||||940|
This statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities
page 11
## **MENTORNECT**
## **BALANCE SHEET AT 31/08/2024**
|**BALANCE SHEET AT 31/08/2024**|||||
|---|---|---|---|---|
|**Notes**
**CURRENT ASSETS**
Cash at bank and in hand
**CREDITORS: Amounts falling due within one year**
2
**NET CURRENT (LIABILITIES) / ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**Accumulated Funds**
**Unrestricted funds**
**3**
General fund|843
843
890|**2024**
**£**
(47)
(47)
(47)
(47)|1,140
1,140
200|2023
£
940|
|||||940|
|||||940|
|||||940|
For the year ending 31/08/2024 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
## **Approved by the board of trustees on and signed on their behalf by**
.............................
Stephen Balmer- Walters
Trustee
page 12
**MENTORNECT**
**NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31/08/2024**
## **1. ACCOUNTING POLICIES**
## **1a. Basis Of Accounting**
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
## **1b. Incoming Resources**
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
## **1c. Resources Expended**
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.
## **1d. Allocation And Apportionment Of Costs**
All costs relate to the single activity of the charitable company and are recognised accordingly.
## **1e. 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.
Designated funds are funds set aside by the trustees out of unrestricted general funds for the specific future purposes or projects.
## **1f. Turnover**
Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts.
page 13
## **MENTORNECT**
## **2. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|**2. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|---|---|---|
|Accountancy
Loretta Nana Asiedu|**2024**
**£**
200
690
890|2023
£
200
-|
|||200|
## **3. UNRESTRICTED FUNDS**
General fund
|**Brought**
**forward**
**£**
940|**Incoming**
**resource**
**s**
**£**
589|
**Outgoing**
**resource**
**s**
**Transfers **
**£**
**£**
(1,576)
-
(1,576)
-|
**Outgoing**
**resource**
**s**
**Transfers **
**£**
**£**
(1,576)
-
(1,576)
-|**Carried**
**forward**
**£**
(47)|
|---|---|---|---|---|
|940|589||-|(47)|
page 14
## **MENTORNECT**
|**Incoming Resources**
**for the year ended 31/08/2024**
**Incoming resources**
**Incoming resources from generated funds**
**Grants**
Voluntary Income
**Charitable Activity**
Donation|259
330|**2024**
**£**
259
259
330
330
589|868
849|2023
£
868|
|---|---|---|---|---|
|||||868|
|||||849|
|||||849|
|||||1,717|
page 15
## **MENTORNECT**
|**Expenses**
**for the year ended 31/08/2024**
**Expenses**
**Costs of generating funds**
**Charitable Activities**
Accountancy fees
lnformation Commissioner
Disclosure and Barring Service(DBS)
Printing,postage & stationery
Advert & Promotion
Telecomunication
Subscriptions
Website Management
Travel
Sundry expenses|**2024**
**£**
200
35
-
36
418
565
-
125
157
40
1,576
1,576|2023
£
200
35
72
-
-
763
100
154
11
12|
|---|---|---|
|||1,347|
||||
|||1,347|
page 16