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REGISTERED COMPANY NUMBER: 07065815 (England and Wales)

REGISTERED CHARITY NUMBER: 1136671

















REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR


HEROPRENEURS


HEROPRENEURS


CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023












Page



Reference and Administrative Details  

1



Report of the Trustees  

2


to


3


Statement of Trustees' Responsibilities  

4



Independent Examiner's Report  

5



Statement of Financial Activities  

6



Balance Sheet  



7




Cash Flow Statement  

8



Notes to the Cash Flow Statement  

9



Notes to the Financial Statements  

10


to


15


HEROPRENEURS


REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 30 NOVEMBER 2023





PATRON

Lieutenant General Dick Applegate CB, OBE




TRUSTEES

S A Banks-Cooper VR, FCMA

Lieutenant General T R Copinger-Symes CBE

P Mountford MBE FCA - Chairman

D S Nicol BSc (Hons) MSc (Fin)

     

    



REGISTERED OFFICE

21 Marina Court


Hull


HU1 1TJ




REGISTERED COMPANY NUMBER

07065815 (England and Wales)




REGISTERED CHARITY NUMBER

1136671




INDEPENDENT EXAMINER

Banks Cooper Associates Limited


21 Marina Court


Castle Street


Hull


HU1 1TJ


HEROPRENEURS (REGISTERED NUMBER: 07065815)


REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 NOVEMBER 2023




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 30 November 2023. 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).


OBJECTIVES AND ACTIVITIES

In summary the objects of the Charity are restricted to the prevention or relief of financial hardship among former serving members of the Armed Forces of the Crown and their dependents by providing financial assistance and support services designed to enable such individuals to establish, grow and sustain a business idea, and to the promotion of the efficiency of the Armed Forces by assisting with the resettlement of former serving members of the Armed Forces of the Crown and their readjustment to civilian life.

Our mission is to empower new entrepreneurs from the extended military community to achieve their business ambitions. Through our high-quality mentoring programme, we enable business owners from a wide variety of industries and backgrounds to set up and run innovative and sustainable businesses that contribute to the good of society. Working with former and serving members of the military community and their families, we equip our mentees with the practical skills and knowledge needed to thrive in business.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities.

ACHIEVEMENT AND PERFORMANCE

Heropreneurs supported 162 businesses from the UK military community in the financial year through our mentoring programme. The number of mentors supporting these beneficiaries was 76, with 15 new mentors joining and 18 leaving the programme, a healthy refreshment of the mentoring pool. Mentors typically leave the programme due to time commitments elsewhere, and I would like to sincerely thank all of our mentors who have provided their time and expertise over the past year.

During the last year the Charity successfully held its physical awards ceremony at the Warwick Business School. Heropreneurs takes every opportunity to encourage the personal growth, celebrate success and the achievements within our community of entrepreneurs and business owners. 5 awards were presented to a range of winners to celebrate the achievements of the military community in the commercial world. I would particularly like to thank our sponsors Warwick Business School, Goldman Sachs, and Banks Cooper Associates, who made these awards possible.

I would like to thank everyone that has supported and worked for the charity during this period. We have ensured that the service provided throughout is of the highest standard, without personal commercial gain, delivering expert and independent advice to our beneficiaries.

FINANCIAL REVIEW

Heropreneurs' income for the year was £98,315 (£130,284 in 2022). The Charity's costs decreased from the prior year mainly due to a slimmed down central team and more modest but highly successful event celebrating the Heropreneurs Awards.


The Charity recorded a surplus of £20,842. (2022 a loss of £94,842).


FUTURE PLANS

In the coming 12 months the Charity's focus will continue as ever to develop the support and experience of our beneficiaries whilst ensuring that it continues to have the financial resources to do this. The Trustees are also currently in advanced discussions with a major military charity to merge the operations of Heropreneurs with that charity.  If this is completed it is hoped that it should lead to a significant expansion in the operations of Heropreneurs and a large increase in the number of beneficiaries that the Charity can help.



HEROPRENEURS (REGISTERED NUMBER: 07065815)


REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 NOVEMBER 2023



STRUCTURE, GOVERNANCE AND MANAGEMENT

Heropreneurs is established as a company limited by guarantee and is a Registered Charity with the Charity Commission (No 1136671). The affairs of Heropreneurs are governed by its Memorandum and Articles of Association. The liability of the members in the event of Heropreneurs being wound up is limited to a sum not exceeding £1 per member.


The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the Charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.


Trustees, who are also Directors of the Company, are selected with a view to ensuring that there is an appropriate balance of experience relevant to the needs of the Charity. New directors may be appointed either by the existing Directors or by a resolution of members. Each year one third of the Directors, chosen by length of service, must retire by rotation and may be re-elected at the Annual General Meeting.


Approved by order of the board of trustees on 30 July 2024 and signed on its behalf by:






P Mountford MBE FCA - Chairman - Trustee


HEROPRENEURS


STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 NOVEMBER 2023



The Trustees (who are also the Directors of Heropreneurs for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).


Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to


-

select suitable accounting policies and then apply them consistently;

-

observe the methods and principles in the Charity SORP;

-

make judgements and estimates that are reasonable and prudent;

-

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.


The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

HEROPRENEURS



Independent examiner's report to the trustees of Heropreneurs ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 November 2023.


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:


1.

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

3.

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

4.

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.









Tracy Hutty


Banks Cooper Associates Limited

21 Marina Court

Castle Street

Hull

HU1 1TJ


30 July 2024


HEROPRENEURS


STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 NOVEMBER 2023



30.11.23


30.11.22


Unrestricted


Restricted


Total


Total


fund


funds


funds


funds


Notes

£   

£   

£   

£   


INCOME AND ENDOWMENTS FROM

Donations and legacies

26,835


45,060


71,895


49,478



Charitable activities

Heropreneurs Awards, other events and workshops

25,820


-


25,820


80,797



Investment income

2

600


-


600


9


Total

53,255


45,060


98,315


130,284



EXPENDITURE ON

Raising funds

216


-


216


610



Charitable activities

Heropreneurs Awards, other events and workshops

2,010


22,540


24,550


81,845


General administrative costs

30


27,942


27,972


121,274



Other

23,289


1,446


24,735


21,397


Total

25,545


51,928


77,473


225,126



NET INCOME/(EXPENDITURE)

27,710


(6,868

)

20,842


(94,842

)



RECONCILIATION OF FUNDS

Total funds brought forward

8,179


10,417


18,596


113,438



TOTAL FUNDS CARRIED FORWARD

35,889


3,549


39,438


18,596



HEROPRENEURS (REGISTERED NUMBER: 07065815)


BALANCE SHEET

30 NOVEMBER 2023



30.11.23


30.11.22


Notes

£   

£   


FIXED ASSETS


Investments

8

6,000


6,000



CURRENT ASSETS


Debtors

9

12,626


873


Cash at bank

25,970


29,064


38,596


29,937



CREDITORS


Amounts falling due within one year

10

(5,158

)

(17,341

)


NET CURRENT ASSETS

33,438


12,596



TOTAL ASSETS LESS CURRENT LIABILITIES

39,438


18,596



NET ASSETS

39,438


18,596


FUNDS

12

Unrestricted funds

35,889


8,179


Restricted funds

3,549


10,417


TOTAL FUNDS

39,438


18,596



The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(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 small charitable companies subject to the small companies regime.



The financial statements were approved by the Board of Trustees and authorised for issue on 30 July 2024and were signed on its behalf by:






P Mountford MBE FCA - Chairman- Trustee


HEROPRENEURS


CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 NOVEMBER 2023



30.11.23


30.11.22


Notes

£   

£   



Cash flows from operating activities

Cash generated from operations

1

(3,664

)

(71,986

)


Interest paid

(30

)

-



Net cash used in operating activities

(3,694

)

(71,986

)



Cash flows from investing activities

Purchase of tangible fixed assets

-


(394

)


Interest received

600


9



Net cash provided by/(used in) investing activities

600


(385

)



Change in cash and cash equivalents in the

reporting period

(3,094

)

(72,371

)


Cash and cash equivalents at the beginning of the

reporting period

29,064


101,435



Cash and cash equivalents at the end of the

reporting period

25,970


29,064




HEROPRENEURS


NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 NOVEMBER 2023



1.

RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES


30.11.23


30.11.22

£   

£   



Net income/(expenditure) for the reporting period (as per the Statement of

Financial Activities)

20,842


(94,842

)



Adjustments for:


Depreciation charges

-


394




Interest received

(600

)

(9

)



Interest paid

30


-




(Increase)/decrease in debtors

(11,753

)

26,492




Decrease in creditors

(12,183

)

(4,021

)



Net cash used in operations

(3,664

)

(71,986

)




2.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.12.22

Cash flow

At 30.11.23

£   

£   

£   



Net cash



Cash at bank

29,064


(3,094

)

25,970



29,064


(3,094

)

25,970




Total

29,064


(3,094

)

25,970




HEROPRENEURS


NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023



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, with the exception of investments which are included at market value.



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.



Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.



Computer equipment

-

100% on cost



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.


Pension costs and other post-retirement benefits


The charitable company operates a defined contribution pension scheme.  Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.



HEROPRENEURS


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2023



2.

INVESTMENT INCOME


30.11.23


30.11.22

£   

£   



Deposit account interest

600


9




3.

NET INCOME/(EXPENDITURE)



Net income/(expenditure) is stated after charging/(crediting):




30.11.23


30.11.22

£   

£   



Depreciation - owned assets

-


394




4.

TRUSTEES' REMUNERATION AND BENEFITS


There were no trustees' remuneration or other benefits for the year ended 30 November 2023 nor for the year ended 30 November 2022.



Trustees' expenses



Trustees were reimbursed expenses of £91 for the year ended 30 November 2023 (2022 £185).


5.

STAFF COSTS



The average monthly number of employees during the year was as follows:



30.11.23


30.11.22


Administration & management

1


4





No employees received emoluments in excess of £60,000.


6.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES


Unrestricted


Restricted


Total


fund


funds


funds

£   

£   

£   



INCOME AND ENDOWMENTS FROM


Donations and legacies

19,478


30,000


49,478




Charitable activities


Heropreneurs Awards, other events and workshops

80,797


-


80,797




Investment income

9


-


9



Total

100,284


30,000


130,284




EXPENDITURE ON


Raising funds

610


-


610




Charitable activities


Heropreneurs Awards, other events and workshops

81,845


-


81,845



General administrative costs


71,691


49,583


121,274




Other

21,397


-


21,397



Total

175,543


49,583


225,126




NET INCOME/(EXPENDITURE)

(75,259

)

(19,583

)

(94,842

)


HEROPRENEURS


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2023



6.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued


Unrestricted


Restricted


Total


fund


funds


funds

£   

£   

£   






RECONCILIATION OF FUNDS


Total funds brought forward

83,438


30,000


113,438




TOTAL FUNDS CARRIED FORWARD

8,179


10,417


18,596



7.

TANGIBLE FIXED ASSETS


Computer


equipment

£   



COST


At 1 December 2022 and 30 November 2023

394




DEPRECIATION


At 1 December 2022 and 30 November 2023

394




NET BOOK VALUE


At 30 November 2023

-




At 30 November 2022

-




8.

FIXED ASSET INVESTMENTS


Unlisted


investments

£   



MARKET VALUE


At 1 December 2022 and 30 November 2023

6,000




NET BOOK VALUE


At 30 November 2023

6,000




At 30 November 2022

6,000





There were no investment assets outside the UK.



Investments are programme related investments, made directly in pursuit of the Company's charitable purposes.


HEROPRENEURS


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2023



9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


30.11.23


30.11.22

£   

£   



Trade debtors

12,000


-




Other debtors

43


-




VAT

-


341




Prepayments and accrued income

583


532



12,626


873




10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


30.11.23


30.11.22

£   

£   



Trade creditors

39


11,189




VAT

155


-




Other creditors

214


6,152




Accruals and deferred income

4,750


-



5,158


17,341




11.

ANALYSIS OF NET ASSETS BETWEEN FUNDS


30.11.23


30.11.22


Unrestricted


Restricted


Total


Total


fund


funds


funds


funds

£   

£   

£   

£   



Investments

6,000


-


6,000


6,000




Current assets

35,047


3,549


38,596


29,937




Current liabilities

(5,158

)

-


(5,158

)

(17,341

)


35,889


3,549


39,438


18,596




12.

MOVEMENT IN FUNDS


Net




At


movement


At



1.12.22


in funds


30.11.23


£   

£   

£   



Unrestricted funds


General fund

8,179


27,710


35,889





Restricted funds


Core Services to Beneficiaries fund

10,417


(6,868

)

3,549





TOTAL FUNDS

18,596


20,842


39,438




HEROPRENEURS


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2023



12.

MOVEMENT IN FUNDS - continued



Net movement in funds, included in the above are as follows:



Incoming


Resources


Movement



resources


expended


in funds


£   

£   

£   



Unrestricted funds


General fund

53,255


(25,545

)

27,710





Restricted funds


Core Services to Beneficiaries fund

30,000


(36,868

)

(6,868

)



Creating Heropreneurs

15,060


(15,060

)

-



45,060


(51,928

)

(6,868

)



TOTAL FUNDS

98,315


(77,473

)

20,842






Comparatives for movement in funds



Net




At


movement


At



1.12.21


in funds


30.11.22


£   

£   

£   



Unrestricted funds


General fund

83,438


(75,259

)

8,179





Restricted funds


Core Services to Beneficiaries fund

30,000


(19,583

)

10,417





TOTAL FUNDS

113,438


(94,842

)

18,596





Comparative net movement in funds, included in the above are as follows:



Incoming


Resources


Movement



resources


expended


in funds


£   

£   

£   



Unrestricted funds


General fund

100,284


(175,543

)

(75,259

)




Restricted funds


Core Services to Beneficiaries fund

30,000


(49,583

)

(19,583

)




TOTAL FUNDS

130,284


(225,126

)

(94,842

)



HEROPRENEURS


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2023



12.

MOVEMENT IN FUNDS - continued



A current year 12 months and prior year 12 months combined position is as follows:



Net




At


movement


At



1.12.21


in funds


30.11.23


£   

£   

£   



Unrestricted funds


General fund

83,438


(47,549

)

35,889





Restricted funds


Core Services to Beneficiaries fund

30,000


(26,451

)

3,549





TOTAL FUNDS

113,438


(74,000

)

39,438





A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:



Incoming


Resources


Movement



resources


expended


in funds


£   

£   

£   



Unrestricted funds


General fund

153,539


(201,088

)

(47,549

)




Restricted funds


Core Services to Beneficiaries fund

60,000


(86,451

)

(26,451

)



Creating Heropreneurs

15,060


(15,060

)

-



75,060


(101,511

)

(26,451

)



TOTAL FUNDS

228,599


(302,599

)

(74,000

)



13.

RELATED PARTY DISCLOSURES


During the year a grant of £30,000 (2022 £30,000) was received from the Veterans' Foundation. Peter Mountford and Simon Banks-Cooper are trustees of the Veterans' Foundation.

14.

ULTIMATE CONTROLLING PARTY


The Company has no ultimate controlling party.