The directors present their annual report and financial statements for the year ended 31 October 2023.
About Make My Money Matter
Make My Money Matter is a people-powered campaign fighting for a world where we all know where our money goes, and where we can demand it's invested to build a better future.
Starting with pensions, we're going to make sure people find out where their money's going, and we're going to help them to demand it does better. We're going to connect this movement with decision makers in the public and private sector. And together, we'll demand that the financial system transforms to put people and planet on a par with profit.
Doing this, we'll help move trillions of pounds - away from the destructive, harmful investments of the past, and into those which help build a sustainable, resilient future we can all be proud of.
Company Objectives
The Company's objectives are to:
1. promote the ethical and sustainable investment of personal finances - starting with pensions - for the public benefit;
2. advance the education of the public as to how their personal finances - starting with pensions - are currently being invested and the principles and effects of ethical and sustainable investment; and
3. undertake and promote research relating to ethical and sustainable investment by experts in the field and likeminded people, and to make the results publicly available where useful.
Main activities
We have a three-pronged approach to our work:
1. Public campaigning: where we aim to engage the public and drive action, in order to put pressure on industry, employers, government, and regulators to make the default pension more sustainable;
2. Partnerships with businesses and other employers to ensure organisation pension scheme is aligned to net zero, improves their approach to sustainability and puts pressure on the finance industry to act and build momentum;
3. Policy and Advocacy work: we engage with industry, government, regulators and others - to influence macro policy environment in the UK and beyond.
REVIEW OF BUSINESS
Achievements and performance
We have continued our pensions campaign, focusing on investment in fossil fuel expansion, in deforestation and more positively in climate solutions, including publishing a simple pension ranking table for Defined Contribution workplace pension providers, holding them to account for delivery of net zero.
We also launched our banking campaign, focused on the 5 high street banks and their investment in fossil fuel expansion. On pensions we campaigned during the spring AGM season on investments in fossil fuel expansion, publishing a report with subsequent media coverage; set up a pension fund deforestation working group with nearly 20 funds participating and published a simple scoring of the top 20 DC schemes that has helped drive competition between schemes on net zero. We also undertook preliminary work with Phoenix Group on UK pension fund investment in climate solutions.
On banking we launched a celebrity video, seen over 5m times, campaigned on Barclays sponsorship of Wimbledon, including mobilising celebrity voices, and helped facilitate a University effort to look for fossil free banking services, working closely with Cambridge University. We achieved 34% (from 29%) brand awareness amongst the UK population, with 47% (from 49%) of people now ‘likely’ or ‘very likely’ to switch to a green pension if offered, and 34% (from 31%) of people are now aware that their bank or pension may be causing climate change – up from 20% in March 2021.
Reserves policy
We operate a reserves policy of 3 months, ensuring at all times that we have enough funding to cover 3 months of staff and core overhead costs. As unspent grant income is deferred to the next accounting period, this three month 'reserves' is reflected in the cash balance. Forecasted cashflow and upcoming costs are reviewed monthly by at least one Company Director and on a quarterly basis by the Board of Directors.
Principal risk and uncertainties
As part of our governance approach, we maintain a risk register, which is updated on a quarterly basis. As a not-for-profit organisation reliant on philanthropic funding, a key risk for us is funding uncertainty, which we seek to mitigate by developing multi-year funding relationships with our core funders.
Structure, governance and management
At present, the appointment of Company Directors of Make My Money Matter is limited to the two co-founders and leadership team. New Directors can only be appointed to the Board with the approval of a majority of existing Company Directors, as set out in detail in our governing documents.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The income and expenditure account has been prepared on the basis that all operations are continuing operations.
Make My Money Matter Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Biscuit Building, 10 Redchurch Street, London, United Kingdom, E2 7DD.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The company directors have reviewed the cash flow forecasts from the next twelve months and have therefore agreed to prepare the financial statements on a basis other than going concern.
Income is recognised when the company has entitlement to the funds, any performance related conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Income that has been received in advance of a project starting, will be deferred until the project commencement date and released in line with project completion.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
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.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 business 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.
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
The average monthly number of persons (including directors) employed by the company during the year was:
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.