REGISTERED COMPANY NUMBER: CE027367 (England and Wales) REGISTERED CHARITY NUMBER: 1196799
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 4 APRIL 2024
FOR
WETWO FOUNDATION C.I.O.
AGK Partners Chartered Accountants
1 Kings Avenue London N21 3NA
WETWO FOUNDATION C.I.O.
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Statement of Financial Position | 6 | ||
| Notes to the Financial Statements | 7 | to | 9 |
| Detailed Statement of Financial Activities | 10 |
WETWO FOUNDATION C.I.O.
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 4 APRIL 2024
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 4 April 2024. 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).
Overview
The Trustees report outlines the activities, achievements and financial performance of the WeTwo Foundation C.I.O., a registered charity (Charity Number: 1196799) focused on empowering underprivileged young people through life-changing adventures.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The primary objectives of the WeTwo Foundation C.I.O. are to:
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Give underprivileged young people from deprived areas, the chance to partake in once-in-a-lifetime expeditions in unique countries and eco-systems to enhance their CVs with vital life skills, boost their confidence and become role models for their peers and local communities.
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Encourage, develop and foster the young people to partake and start environmental and sustainable projects that will benefit their local communities (our "Pay it Forward" pledge that all participants agree to work towards).
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Mentor the next generation of climate-conscious explorer to create more diversity in the adventure community.
Significant activities
During the reporting period, the WeTwo Foundation C.I.O.:
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Continued mentorship work with the 10 underprivileged young people (aged 16-19) from deprived areas of Scotland, Wales, Northern Ireland, North and South England who came with us to Antarctica, to help them improve their employability and network to maximise job and further educational opportunities.
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Secured several paid speaking opportunities for our young people to give them experience in public speaking, add skills to their CV and boost confidence.
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Planted 120 more trees in East London to continue to work to offset our carbon emissions from expeditions.
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Highlighted the need for diversity within the adventure fields across multiple media platforms and events - including the National newspapers and Cardiff Uni, 5x15, Antarctic Heritage Trust podcast, Scouts and Kew Gardens.
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Provided references for several of our young people - two of whom secured places at university being the first in their families to do so, the other secured a paid work placement which resulted in a job offer.
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One of our young people returned to his school and talked 3 young boys out of joining gangs.
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Secured supplies left over from Hampton Court Palace Garden Show to donate to 3 of our young people's pay it forward projects in North and South London and Birmingham.
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Premiered #WeTwo: Changing the Face of Adventure film at Kendal Mountain Festival, bringing all our young people together for a reunion on stage for a Q&A, proving to sponsors and donors the difference the charity makes in our YP's lives and securing additional fundraising.
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Undertook a UK fundraiser with 6 of our young people from Antarctica walking the width of mainland Britain - 100 miles - in 4 days, raising over £5,000.
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WETWO FOUNDATION C.I.O.
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 4 APRIL 2024
OBJECTIVES AND ACTIVITIES
Beneficiaries and Impact
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PAY IT FORWARD PROJECTS : Each of the 10 participants who journeyed to Antarctica undertook environmental projects in their local communitie s. Since returning several of them are still volunteering. Furthermore the WeTwo Foundatoin managed to secure donated supplies from Hampton Court Palace to give to three of these initiatives in North and South London and Birmingham. All supplies were sustainable and made from recycled and locally sourced materials, maintaining the values of our charity even in our donations.
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OPPORTUNITY AND MENTORING : The Foundation provided further references for several of the young people two more have gone to university, and one has, after getting a paid work placement thanks to networking through the Foundation's contacts, been offered a jo b in his chosen career.
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YOUTH TALKS : One of our YPs continues to give talks across Scotland inspiring other young people as a positive role model from their region. Additionally, all the YPs took to the stage at Kendal Mountain Festival in a Q&A session, discussing how much they have changed through working with WeTwo, inspiring over 200 people in the audience. The film made from the expedition proved a great way of showing why changing the face of adventure makes a real difference to individuals and their communi ties.
Key Priorities
To achieve the WeTwo Foundation's C.I.O. strategic priorities in the coming year, the charity proposed to implement the following strategic actions:
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Enhance the relationship with existing partners and foster new contacts to secure further funding for future expeditions and opportunities for our young people.
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To take a further 10 YP on another lifechanging expedition - this time to Galapagos - in Darwin's Footsteps. We have secured a partnership with Intrepid to make this happen for October 2024. And to work with those young people to help Pay it Forward in 10 new communities.
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Increase fundraising activities throughout the year and encourage all our young people to help.
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Launch the film in London to encourage further donations with key donors and make the charity more visible.
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Attain Gift Aid status.
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We are still in need of a Finance Officer - this is a priority for the coming 12 months.
FINANCIAL REVIEW
Reserves policy
The WeTwo Foundation C.I.O. maintains a Reserves Policy of a minimum of £5,000 to ensure sufficient funds are available to cover operational costs and unexpected expenses. When on overseas expeditions the Reserves Policy increases to cover any unforeseen costs relating to the health and safety of young people (i.e. upfront costs of an emergency evacuation etc).
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for twelve months from the date of signing of these financial statements.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is governed by a board of trustees who are responsible for the strategic direction and oversight of the charity. Trustees are appointed on their expertise and commitment to the charities mission. Day-to-day operations are managed by the trustees.
Recruitment and appointment of new trustees
Trustees are re-appointed at their end of their individual tenure at the Annual General Meeting and all are eligible for re-election. Potential trustees can declare their interest and relevant expertise and will be voted on by the existing trustees.
Organisational structure
All the decisions pertaining to the charity is by the mutual agreement of the existing trustee.
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WETWO FOUNDATION C.I.O.
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 4 APRIL 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Fund Structure
Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the charity.
Staff
No staff are employed and no remunerations were paid to trustees during the year.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
CE027367 (England and Wales)
Registered Charity number
1196799
Registered office
8 Sapling Lodge Montalt Road Woodford Green IG8 9SW
Trustees
Ms P Smith Trustee Ms M Woolcock D Piercy Trustee D Fields Trustee
Independent Examiner
AGK Partners Chartered Accountants 1 Kings Avenue London N21 3NA
Approved by order of the board of trustees on 30 January 2025 and signed on its behalf by:
Ms P Smith - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WETWO FOUNDATION C.I.O.
Independent examiner's report to the trustees of Wetwo Foundation C.I.O. ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 4 April 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (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
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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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
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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.
Michael Michaelides
AGK Partners Chartered Accountants 1 Kings Avenue London N21 3NA
30 January 2025
Page 4
WETWO FOUNDATION C.I.O.
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 4 APRIL 2024
| Period | |||
|---|---|---|---|
| 26.11.21 | |||
| Year Ended | to | ||
| 4.4.24 | 4.4.23 | ||
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 31,071 | 45,829 | |
| Investment income | 2 | 348 | 91 |
| Total | 31,419 | 45,920 | |
| EXPENDITURE ON | |||
| Raising funds | 3 | 7,657 | 37,699 |
| Other | - | 255 | |
| Total | 7,657 | 37,954 | |
| NET INCOME | 23,762 | 7,966 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 7,966 | - | |
| TOTAL FUNDS CARRIED FORWARD | 31,728 | 7,966 |
The notes form part of these financial statements
Page 5
WETWO FOUNDATION C.I.O.
STATEMENT OF FINANCIAL POSITION 4 APRIL 2024
| 2024 Unrestricted fund Notes £ CURRENT ASSETS Cash at bank 34,608 CREDITORS Amounts falling due within one year 5 (2,880) NET CURRENT ASSETS 31,728 TOTAL ASSETS LESS CURRENT LIABILITIES 31,728 NET ASSETS 31,728 FUNDS 6 Unrestricted funds 31,728 TOTAL FUNDS 31,728 |
2023 Total funds £ 9,406 (1,440) |
|---|---|
| 7,966 | |
| 7,966 | |
| 7,966 | |
| 7,966 | |
| 7,966 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 4 April 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 4 April 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
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 30 January 2025 and were signed on its behalf by:
P Smith - Trustee
The notes form part of these financial statements
Page 6
WETWO FOUNDATION C.I.O.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024
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.
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.
2. INVESTMENT INCOME
3.
| INVESTMENT INCOME | ||
|---|---|---|
| Period | ||
| 26.11.21 | ||
| Year Ended | to | |
| 4.4.24 | 4.4.23 | |
| £ | £ | |
| Deposit account interest | 348 | 91 |
| RAISING FUNDS | ||
| Raising donations and legacies | ||
| Period | ||
| 26.11.21 | ||
| Year Ended | to | |
| 4.4.24 | 4.4.23 | |
| £ | £ | |
| Insurance | 296 | 732 |
| Postage and stationery | - | 22 |
| Sundries | - | 1,158 |
| Travel and subsistence | 3,979 | 14,656 |
| Support costs | 3,382 | 21,131 |
| 7,657 | 37,699 |
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continued...
WETWO FOUNDATION C.I.O.
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 4 APRIL 2024
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 4 April 2024 nor for the period ended 4 April 2023.
Trustees' expenses
During the period total expenses incurred by trustees is £Nil (2023: £881.17).
5.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| Accrued expenses | 2,880 | 1,440 | ||
| 6. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 5.4.23 | in funds | 4.4.24 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 7,966 | 23,762 | 31,728 | |
| TOTAL FUNDS | 7,966 | 23,762 | 31,728 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 31,419 | (7,657) | 23,762 | |
| TOTAL FUNDS | 31,419 | (7,657) | 23,762 | |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | At | |||
| in funds | 4.4.23 | |||
| £ | £ | |||
| Unrestricted funds | ||||
| General fund | 7,966 | 7,966 | ||
| TOTAL FUNDS | 7,966 | 7,966 |
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continued...
WETWO FOUNDATION C.I.O.
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 4 APRIL 2024
6. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 45,920 | (37,954) | 7,966 |
| TOTAL FUNDS | 45,920 | (37,954) | 7,966 |
7. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 4 April 2024.
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WETWO FOUNDATION C.I.O.
1
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 4 APRIL 2024
| Period | ||||
|---|---|---|---|---|
| 26.11.2 | ||||
| Year Ended | to | |||
| 4.4.24 | 4.4.23 | |||
| £ | £ | |||
| INCOME AND ENDOWMENTS | ||||
| Donations and legacies | ||||
| Donations | 31,071 | 45,829 | ||
| Investment income | ||||
| Deposit account interest | 348 | 91 | ||
| Total incoming resources | 31,419 | 45,920 | ||
| EXPENDITURE | ||||
| Raising donations and legacies | ||||
| Insurance | 296 | 732 | ||
| Postage and stationery | - | 22 | ||
| Sundries | - | 1,158 | ||
| Travel and subsistence | 3,979 | 14,656 | ||
| 4,275 | 16,568 | |||
| Other | ||||
| Donation to other charity | - | 255 | ||
| Support costs | ||||
| Management | ||||
| Excursions | - | 16,524 | ||
| Filming | 704 | 1,208 | ||
| Accomodation | 1,027 | 1,957 | ||
| 1,731 | 19,689 | |||
| Finance | ||||
| Bank charges | 6 | 2 | ||
| Information technology | ||||
| Computer expenses | 155 | - | ||
| Other | ||||
| Advertising | 50 | - | ||
| Governance costs | ||||
| Accountancy fees | 1,440 | 1,440 | ||
| Total resources expended | 7,657 | 37,954 | ||
| Net income | 23,762 | 7,966 |
This page does not form part of the statutory financial statements
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