2022-12-31-accounts - Magnify Collective

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Trustees’ Annual Report for the period

From 1 January 2022 To 31 December 2022

Charity name: MAGNIFY COLLECTIVE

Charity registration number: 1197908

Objectives and Activities

	SORP reference
Summary of the purposes of the charity as set out in its governing document	Para 1.17	1. The advancement of the Christian faith. 2. Use of digital and print media and other such means for charitable purposes.
Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts.	Para 1.17 and 1.19	1. Production of a digital and print magazine. 2. Teaching and equipping seminars. 3. Production of faith-based digital content for community empowering.
Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit	Para 1.18	Magnify Collective has complied with the duty in section 4 of the 2006 Charities Act to have due regard to guidance published by the Charity Commission (i.e. public benefit statement). Magnify Collective was incorporated as a charitable company limited by guarantee, with no share capital on 17th December 2018. The charity is run in accordance with the articles of association laid out at that time and amended on 13th August 2021.

Additional information (optional) You may choose to include further statements where relevant about:

SORP reference Para 1.38 Policy on grant making Para 1.38 Policy on social investment including program related investment

Para 1.38 Contribution made by volunteers Other

Achievements and Performance

	SORP reference
Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole.	Para 1.20	Due to the impact of COVID-19 pandemic, the charity had to redefine its way of doing things. We scaled back on certain areas, while seeking and implementing creative ways to maintain the same level of service. Despite the challenges of navigating the post- pandemic era, Magnify was able to produce magazines and digital content to serve those seeking direction and purpose in life through an exploration of the Christian faith. We were also able to organise events to resource those suffering from stress, depression, loss or anxiety. Overall we were able to reach more people with the message of hope and empowerment.

Additional information (optional) You may choose to include further statements where relevant about:

Achievements against objectives set	Para 1.41
Performance of fundraising activities against objectives set	Para 1.41
Investment performance against objectives	Para 1.41
Other

Financial Review

Financial Review
Review of the charity’s financial position at the end of the period	Para 1.21	At the end of the year the combined income of the charity was £146,292 with total expenses of £137,254. The income comprised mostly donations from individuals.
Statement explaining the policy for holding reserves stating why they are held	Para 1.22	The charity does not have a reserves policy.
Amount of reserves held	Para 1.22	Funds that were not allocated were reported as reserves on the balance sheet. The bank balance at the end of the reporting period was £11,178.
Reasons for holding zero reserves	Para 1.22	The charity depends on donations to fund its activities.
Details of fund materially in deficit	Para 1.24	None
Explanation of any uncertainties about the charity continuing as a going concern	Para 1.23	None foreseen

Additional information (optional) You may choose to include further statements where relevant about:

The charity’s principal sources of funds (including any fundraising)	Para 1.47
Investment policy and objectives including any social investment policy adopted	Para 1.46
A description of the principal risks facing the charity	Para 1.46
Other

Structure, Governance and Management

Description of charity’s trusts:		Articles of Association
Type of governing document (trust deed, royal charter)	Para 1.25	Company limited by guarantee
How is the charity constituted? (e.g unincorporated association, CIO)	Para 1.25	Appointed by trustees
Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees	Para 1.25

Additional information (optional) You may choose to include further statements where relevant about:

Policies and procedures adopted for the induction and training of trustees	Para 1.51
The charity’s organisational structure and any wider network with which the charity works	Para 1.51
Relationship with any related parties	Para 1.51
Other

Reference and Administrative details

Charity name	Magnify Collective
Other name the charity uses	Magnify
Registered charitynumber	1197908
Charity’s principal address	9 Five Oaks Lane, Chigwell, England, IG7 4FJ

Names of the charity trustees who manage the charity

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20	Trustee name	Office (if any)	Dates acted if not for whole year	Name of person (or body) entitled to appoint trustee (if any)
	Olabode Awogbade
	Jane McKeever
	Misan Nwokorie

– Corporate trustees names of the directors at the date the report was approved

Director name

Name of trustees holding title to property belonging to the charity

Trustee name Dates acted if not for whole year

Funds held as custodian trustees on behalf of others

Description of the assets held in this capacity Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe custody and segregation of such assets from the charity’s own assets

Additional information (optional)

Names and addresses of advisers (Optional information)

Names and addresses of advisers (Optional information)	Names and addresses of advisers (Optional information)	Names and addresses of advisers (Optional information)
Type of adviser Name Address




Name of chief executive or names of senior staff members (Optional information)

Exemptions from disclosure

Reason for non-disclosure of key personnel details

Other optional information

Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s) Full name(s) Olabode Awogbade Position (eg Secretary, Chair Chair, etc) Date 30/10/2023

MAGNIFY COLLECTIVE

1197908

Receipts and payments accounts

CC16a

For the period 01-Jan-22 31-Dec-22 To from

Section A Receipts and payments

A1 Receipts	Unrestricted funds to the nearest £	Restricted funds to the nearest £	Endowment funds to the nearest £	Total funds to the nearest £	Last year to the nearest £
Donations	119,775	-	-	119,775	-
Other Income	26,517	-	-	26,517	-
	-	-	-	-	-
	-	-	-	-	-
	-	-	-	-	-
	-	-	-	-	-
	-	-	-	-	-
	-	-	-	-	-
*Sub total*(Gross income for AR)	146,292	-	-	146,292	-

A2 Asset and investment sales, (see table).
	-
	-				-
*Sub total*	-				-
*Total receipts* A3 Payments
					-

Staff Costs	81,140	-	-	81,140	-
Digital & Media	6,074	-	-	6,074	-
Magazine Publication	39,857	-	-	39,857	-
Administration & Operational Costs	10,183	-	-	10,183	-
	-	-	-	-	-
	-	-	-	-	-
	-	-	-	-	-
	-	-	-	-	-
	-	-	-	-	-
**Sub total **	137,254	-	-	137,254	-

A4 Asset and investment purchases, (see table)
	-
	-
**Sub total **	-				-
*Total payments* *Net of receipts/(payments)* A5 Transfers between funds A6 Cash funds last year end *Cash funds this year end*
					-

	9,038				-
	-				-
	2,140				2,140
	11,178				2,140

Section B Statement of assets and liabilities at the end of the period

Unrestricted funds to nearest £ 11,178 - - 11,178	Restricted funds to nearest £ - - - -	Endowment funds to nearest £
11,178	-	-
-	-	-
-	-	-
11,178	-	01/11/202 -

CCXX R1 accounts (SS)

Signed by one or two trustees on behalf of all the trustees B2 Other monetary assets B4 Assets retained for the charity’s own use B5 Liabilities B3 Investment assets	Signature Details (agree balances with receipts and payments account(s)) Details Details Details	OK OK Unrestricted funds Restricted funds to nearest £ to nearest £ - - - - - - - - - - - - Fund to which asset belongs Cost (optional) - - - - - Fund to which asset belongs Cost (optional) - - - - - - - - - Fund to which liability relates Amount due (optional) - - - - - Print Name Olabode Awogbade	OK
			Endowment funds to nearest £
			-
			-
			-
			-
			-
			-
			Current value (optional)
			-
			-
			-
			-
			-
			Current value (optional)
			-
			-
			-
			-
			-
			-
			-
			-
			-
			When due (optional)






			Date of approval
		Olabode Awogbade	30/10/2023

CCXX R2 accounts (SS)

01/11/2023

Independent examiner's report on the accounts

Section A Independent Examiner’s Report

MAGNIFY COLLECTIVE	MAGNIFY COLLECTIVE	MAGNIFY COLLECTIVE

31 December 2022	Charity no (if any)	1197908

9 (remember to include the page numbers of additional sheets)
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 / 12 / 2022. As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

accounting records were not kept in accordance with section 130 of the Act or
the accounts do not accord with the accounting records

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Please delete the words in the brackets if they do not apply.

Signed: Name: Relevant professional qualification(s) or body (if any): Address:		27 October 2023

	Anu-Oluwapo Oyedayo FAGBENRO

	FCA – Institute of Chartered Accountants of Nigeria (ICAN) (MB004341)

	61 Spriggs Close, Clapham, Bedford MK41 6GD

October 2018

IER

Section B Disclosure

Only complete if the examiner needs to highlight matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).

Give here brief details of any items that the examiner wishes to disclose .

October 2018

IER