Company registration number 12266287 (England and Wales)
MAKE MY MONEY MATTER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
MAKE MY MONEY MATTER LIMITED
CONTENTS
Page
Directors' report
1 - 3
Income and expenditure account
4
Balance sheet
5
Notes to the financial statements
6 - 9
MAKE MY MONEY MATTER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 October 2023.

PRINCIPAL ACTIVITY

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.

 

MAKE MY MONEY MATTER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -

 

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.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

C E Love
J C Corlett
A P Burdon
D D P Hayman
M Ayodele
R W A Curtis
(Resigned 12 January 2024)
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

MAKE MY MONEY MATTER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
On behalf of the board
A P Burdon
Director
29 July 2024
MAKE MY MONEY MATTER LIMITED
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
2023
2022
£
£
Income
856,092
851,591
Cost of sales
(164,408)
(311,309)
Gross surplus
691,684
540,282
Administrative expenses
(691,881)
(540,328)
Operating deficit
(197)
(46)
Interest receivable and similar income
197
46
Surplus before taxation
-
0
-
0
Tax on surplus
-
0
-
0
Surplus for the financial year
-
0
-
0

The income and expenditure account has been prepared on the basis that all operations are continuing operations.

MAKE MY MONEY MATTER LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 5 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,033
7,090
Current assets
Debtors
4
-
0
4,802
Cash at bank and in hand
152,826
332,768
152,826
337,570
Creditors: amounts falling due within one year
5
(15,324)
(15,547)
Net current assets
137,502
322,023
Total assets less current liabilities
141,535
329,113
Deferred income
(141,535)
(329,113)
Net assets
-
0
-
0
Reserves
6
-
-

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
A P Burdon
Director
Company registration number 12266287 (England and Wales)
MAKE MY MONEY MATTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
1
Accounting policies
Company information

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.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 

As a not-for-profit company, but not a registered charity, the company is not required to apply the Charities SORP FRS 102. However, the board have chosen to make additional disclosures required of SORP on a voluntary basis.

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

1.2
Going concern

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.

1.3
Income

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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation 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:

Fixtures and fittings
- 25% on cost

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.

MAKE MY MONEY MATTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 7 -
1.5
Financial instruments

The company 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 company's balance sheet when the company 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.

Classification of financial liabilities

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

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.

1.6
Taxation

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

MAKE MY MONEY MATTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
9
10
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 and 31 October 2023
12,229
Depreciation and impairment
At 1 November 2022
5,139
Depreciation charged in the year
3,057
At 31 October 2023
8,196
Carrying amount
At 31 October 2023
4,033
At 31 October 2022
7,090
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
100
Other debtors
-
0
4,702
-
0
4,802
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,782
7,619
Other creditors
7,542
7,928
15,324
15,547
MAKE MY MONEY MATTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 9 -
6
Members' liability

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.

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