2024-05-31-accounts

Charity registration number 1201925 (England and Wales)

SEDULO FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MAY 2024

SEDULO FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

C Wright P S Cheetham-Karcz L W Jeffs L C McGowan E C Houghton E C Chapman

(Appointed 13 February 2023) (Appointed 13 February 2023) (Appointed 13 February 2023) (Appointed 13 February 2023) (Appointed 12 June 2024) (Appointed 12 June 2024)

Charity number (England and Wales) 1201925 Registered office c/o Sedulo Group Regency Court 62-66 Deansgate Manchester M3 2EN Independent examiner Bennett Verby Ltd 7 St. Petersgate Stockport SK1 1EB

SEDULO FOUNDATION

CONTENTS

	Page
Trustees' report	1 - 4
Independent examiner's report	5
Statement of financial activities	6
Balance sheet	7
Notes to the financial statements	8 - 14

SEDULO FOUNDATION

TRUSTEES' REPORT

FOR THE PERIOD ENDED 31 MAY 2024

The trustees present their annual report and financial statements for the period ended 31 May 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

Objectives and activities

The Sedulo Foundation exists to support children and young people whose lives are being destroyed by poverty.

This means providing basic resources, such as food vouchers, school supplies, and sanitary products, as well as creating initiatives to support their academic and professional development, including mentoring, work experience, and apprenticeships.

Our aim is to make sustainable, positive change in the communities the Sedulo team live and work in by building networks with local schools, community groups, and charity partners. We also draw on the connections and resources that our clients share with us to maximise the impact of the Foundation.

In the years before the Foundation was formalised, Sedulo developed three annual campaigns which are now run directly by the Foundation. In the last eighteen months we’ve also launched the Sedulo Academy and facilitated several initiatives, including emergency funding and family days out.

Public benefit

We have referred to the Charity Commission's guidance on public benefit - including 'Public Benefit: the public benefit requirement (PB1)' and 'Public Benefit: running a charity (PB2)' - when reviewing our aims and objectives and in planning current and future activities. The achievements and activities outlined in this report demonstrate the public benefit arising from the charity's activities.

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SEDULO FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE PERIOD ENDED 31 MAY 2024

Achievements and performance

Significant activities and achievements against objectives

The Sedulo Foundation runs three main campaigns annually, these include the Back-to-School Campaign, the Period Poverty Campaign and the Christmas Toy Appeal. The main activities for each of these in the year are highlighted below.

Back-to-School

• 1,137 children supported

• 27 schools and charities across Manchester, London, Liverpool and Leeds

• 53,439 individual items

• £34,110 of restaurant vouchers

Period Poverty

• 160 young women supplied with annual Period Poverty packs

• Pledged to provide 112,860 period products to further support these young women throughout their schooling

Christmas Toy Appeal

• 1,249 children supported

• Over 17,000 presents across all of the children

• 609 families supported in Manchester, Liverpool, Leeds and London

• £24,000 of Christmas dinners provided

• 28 charities, schools and community organisations supported across all cities

Other campaigns in the year included the Sedulo Academy where workshops were held across Sedulo’s five offices to help young people from the age of 15 upwards to make informed decisions about their futures, as well as accommodate work experience and apprenticeships in the firm.

In April, the Sedulo Foundation Family Days Out was also introduced, for the first event 50 children and their families were taken out to the Beautiful Peak District to visit Fletchers on the Farm for an Easter Adventure. This enabled families to get together during school and public holidays to enjoy a day out without worrying about costs and travel.

Sedulo Group hosted their first ever Colour Ball, which resulted in a donation being made to the foundation of £120,000 to directly support people living in poverty, 2.49 million views in mainstream media, 83,700 engagements on social media and a potential audience of 315 million people.

Financial review

During the year, the charity received income totalling £175,535. Expenditure incurred on charitable expenditure and raising funds totalled £146,625.

The overall surplus for the year was £28,910.

Reserves policy

At 31 May 2024, the charity had total reserves of £28,910 all of which were unrestricted funds. The trustees review the reserves policy annually and current policy is an aspirational target of £85,000 in free reserves to provide campaign growth and increased access to emergency grant funding for applicants.

At the year end, the reserves amounted to 34% of this target which the trustees feel is great position after the first year of operation. It is expected that the foundation will reach its reserves target in 2024-2025.

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SEDULO FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MAY 2024

Plans for future periods

We have huge aspirations for the Sedulo Foundation.

• In 2024-25 we are looking to create an even more comprehensive offering, that identifies the key points throughout childhood and up until the age of eighteen where our existing support can go further, and we can develop a programme that provides young people with the tools they need to make the most out of their education and are equipped to explore a full range of potential careers.

• We are providing ongoing hygiene support to young people throughout adolescence and ensure they have school uniforms and learning resources. We want to make sure they have the right clothes for interviews, as well as the best coaching and mentoring to make professional services a reality for them.

Our overarching aim for the Foundation is to build a programme for systemic change, that catches children and young people at the point where they might have previously fallen away from education, and through developing an ongoing relationship with them, identify how best to help them fulfil their potential and overcome the obstacles that previously have proven insurmountable for so many.

Structure, governance and management

The charity is a Charitable Incorporated Organisation and was incorporated on 13 February 2023, registered in England and Wales.

The trustees who served during the period and up to the date of signature of the financial statements were:	The trustees who served during the period and up to the date of signature of the financial statements were:
C Wright	(Appointed 13 February 2023)
P S Cheetham-Karcz	(Appointed 13 February 2023)
L W Jeffs	(Appointed 13 February 2023)
L C McGowan	(Appointed 13 February 2023)
E C Houghton	(Appointed 12 June 2024)
E C Chapman	(Appointed 12 June 2024)

Recruitment and appointment of trustees

The members of the charity are also its trustees and may in accordance with its constitution, by ordinary resolution, appoint a person who is willing to act as a trustee.

Organisational structure

The Charity is governed by the Board of Trustees ('the Board') which takes responsibility for all elements of its work.

The Board is responsible for governing the charity and making sure that it complies with its governing document or constitution, charity law requirements and other laws that apply to the charity. Good governance is fundamental to the charity's success and promotes a culture in which everything works towards fulfilling the charity's vision.

The Board would like to acknowledge and thank all volunteers of Sedulo Group who served during the year. They take handson roles and apply their unique skills, experience and passion to the day-to-day running of the charity on a purely unpaid, voluntary basis.

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SEDULO FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE PERIOD ENDED 31 MAY 2024

The trustees' report was approved by the Board of Trustees.

P S Cheetham-Karcz E C Houghton Trustee Trustee 28 March 2025

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SEDULO FOUNDATION

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF SEDULO FOUNDATION

I report to the trustees on my examination of the financial statements of Sedulo Foundation (the charity) for the period ended 31 May 2024.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

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 that in any material respect:

• 1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.

• 2 the financial statements do not accord with those records; or

• 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.

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 financial statements to be reached.

Bennett Verby Limited

Chartered Certified Accountants 7 St. Petersgate Stockport Greater Manchester SK1 1EB England 28 March 2025

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SEDULO FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE PERIOD ENDED 31 MAY 2024

Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income from: Donations and legacies 2 137,325 38,210 Total income 137,325 38,210 Expenditure on: Raising funds 3 400 - Charitable activities 4 108,015 38,210 Total expenditure 108,415 38,210 Net income and movement in funds 28,910 - Reconciliation of funds: Fund balances at 13 February 2023 - - Fund balances at 31 May 2024 28,910 -	Total 2024 £ 175,535
	175,535
	400 146,225
	146,625
	28,910 -
	28,910

The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.

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SEDULO FOUNDATION

BALANCE SHEET

AS AT 31 MAY 2024

2024 Notes £ Fixed assets Intangible assets 11 Current assets Debtors 12 5,562 Cash at bank and in hand 22,690 28,252 Creditors: amounts falling due within one year 13 (1,078) Net current assets Total assets less current liabilities The funds of the charity Unrestricted funds 15 The financial statements were approved by the trustees on 28 March 2025 P S Cheetham-Karcz E C Houghton Trustee Trustee	£ 1,736 27,174
	28,910
	28,910
	28,910

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SEDULO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MAY 2024

1 Accounting policies

1.1 Reporting period

The financial statements are presented for a period of 18 months as the charity is newly formed and changed their financial year to align with the timing of the annual Sedulo Group Colour Ball. There are no comparative amounts as this is the first period of operation.

1.2 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.5 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

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SEDULO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MAY 2024

1 Accounting policies

(Continued)

Donated gifts and services

Donated gifts are recognised as income when the charity has control over them, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102). General volunteer time is not recognised.

On receipt, donated gifts are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

1.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.7 Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website

3 Years Straight Line

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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SEDULO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MAY 2024

1 Accounting policies

(Continued)

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Income from donations and legacies

Unrestricted Restricted funds funds 2024 2024 £ £ Donations and gifts 137,325 8,210 Donated goods and services - 30,000 137,325 38,210	Total 2024 £ 145,535 30,000
	175,535

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SEDULO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 31 MAY 2024

3 Expenditure on raising funds

		Unrestricted
		funds
		2024
		£
Fundraising	and publicity
Fundraising	- Brand materials	400

4 Expenditure on charitable activities

Campaigns Sedulo Academy Grant Giving 2024 2024 2024 £ £ £ Direct costs Back to School - Supplies 33,362 - - Period Poverty - Supplies 2,188 - - Toy Appeal - Gifts 94,676 - - Travel Arrangements 221 810 - Family Days Out - Events 2,400 - - 132,847 810 - Grant funding of activities (see note 5) - 4,600 6,000 Share of support and governance costs (see note 6) Support 1,468 - - Governance 500 - - 134,815 5,410 6,000 Analysis by fund Unrestricted funds 96,605 5,410 6,000 Restricted funds 38,210 - - 134,815 5,410 6,000	Total 2024 £ 33,362 2,188 94,676 1,031 2,400
	133,657 10,600 1,468 500
	146,225
	108,015 38,210
	146,225

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SEDULO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 31 MAY 2024

5 Grants payable Sedulo Academy Grant Giving 2024 2024 £ £ Grants to institutions (4 grants): Bolton Lads and Girls Club 2,000 - Hackney Quest 2,600 - Rotunda Boxing Club - 3,000 Matchroom Charitable Foundation - 3,000 4,600 6,000	Total 2024 £ 2,000 2,600 3,000 3,000
	10,600

6 Support costs allocated to activities

6 Support costs allocated to activities
Depreciation Bank Fees Insurance Governance costs Analysed between: Campaigns 7 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements Amortisation of intangible assets	2024 £ 764 67 637 500
	1,968
	1,968
	2024 £ 500 764

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the period.

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SEDULO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 31 MAY 2024

9 Employees

The average monthly number of employees during the period was:
	2024
	Number
Total	-
There were no employees whose annual remuneration was more than £60,000.

10 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

11	Intangible fixed assets
		Website
		£
	Cost
	At 13 February 2023	-
	Additions - internally developed	2,500
	At 31 May 2024	2,500
	Amortisation and impairment
	At 13 February 2023	-
	Amortisation charged for the period	764
	At 31 May 2024	764
	Carrying amount
	At 31 May 2024	1,736
12	Debtors
		2024
	Amounts falling due within one year:	£
	Other debtors	2,600
	Prepayments and accrued income	2,962
		5,562

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SEDULO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 31 MAY 2024

13 Creditors: amounts falling due within one year

Trade creditors Accruals and deferred income	2024 £ 578 500
	1,078

14 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

	At	13	February	Incoming	Resources	At	31	May	2024
			2023	resources	expended
			£	£	£				£
Toy Appeal			-	38,210	(38,210)				-

15 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

During the year, the trustees created a designated fund to provide emergency grants to other charities and organisations in line with our charitable objectives. As at the year end, £25,000 has been designated to this fund.

	At 13 February	Incoming	Resources	At 31 May 2024
	2023	resources	expended
	£	£	£	£
Designated Funds - Grant Fund	-	25,000	-	25,000
General funds	-	112,325	(108,415)	3,910
	-	137,325	(108,415)	28,910

16 Related party transactions

Included within other debtors are amounts owed by Sedulo Group Ltd, in which P S Cheetham-Karcz, C Wright, L W Jeffs and L C McGowan are also directors, totalling £2,600. This was paid in full post year end.

Also, one of the charity's campaign partners, Once Upon a Smile, who P S Cheetham-Karcz is also a trustee of, received support totalling £2,000.

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