BLACK FUNDING NETWORK CIC

Company limited by guarantee

Company Registration Number:
12995109 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

BLACK FUNDING NETWORK CIC

Contents of the Financial Statements

for the Period Ended 31 March 2024

Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

BLACK FUNDING NETWORK CIC

Balance sheet

As at 31 March 2024

Notes 2024 16 months to 31 March 2023


£

£
Current assets
Debtors: 3 81
Cash at bank and in hand: 50,175 52,329
Total current assets: 50,256 52,329
Creditors: amounts falling due within one year: 4 ( 28,005 ) ( 25,810 )
Net current assets (liabilities): 22,251 26,519
Total assets less current liabilities: 22,251 26,519
Total net assets (liabilities): 22,251 26,519
Members' funds
Profit and loss account: 22,251 26,519
Total members' funds: 22,251 26,519

The notes form part of these financial statements

BLACK FUNDING NETWORK CIC

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 11 September 2024
and signed on behalf of the board by:

Name: Yvette Griffith
Status: Director

The notes form part of these financial statements

BLACK FUNDING NETWORK CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

    Other accounting policies

    Expenditure is recognised in the period in which it is incurred and includes attributable VAT which cannot be recovered.

BLACK FUNDING NETWORK CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 16 months to 31 March 2023
    Average number of employees during the period 0 0

BLACK FUNDING NETWORK CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Debtors

2024 16 months to 31 March 2023
£ £
Other debtors 81
Total 81

BLACK FUNDING NETWORK CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Creditors: amounts falling due within one year note

2024 16 months to 31 March 2023
£ £
Accruals and deferred income 26,245 24,130
Other creditors 1,760 1,680
Total 28,005 25,810

COMMUNITY INTEREST ANNUAL REPORT

BLACK FUNDING NETWORK CIC

Company Number: 12995109 (England and Wales)

Year Ending: 31 March 2024

Company activities and impact

Black Funding Network’s primary activity is to organise crowdfunding events for small Black-led non-profit organisations serving our communities. Our aim is to host two events per year. During the financial year reported we hosted our Spring event supporting - Oxygen Arts, a creative production agency that specialises in working with diverse communities - ADHD Babes, a community for Black women and non-binary people with ADHD, and - 100 Black Men of London, a community based charity led by Black men delivering focused on mentoring, education, economic empowerment and wellness. Our Fall event benefited - African Caribbean Education Network, providing services for and collaborating with educational institutions to support underrepresented students - British Caribbean Doctors and Dentists Association, working to increase visual representation of the Black Caribbean community in health professions and providing health education, and - Carib Eats, delivering Caribbean food across Hackney while providing important social connections to vulnerable members of the community. Having recently hosted our Spring 2024 event, our impact has grown to 18 beneficiary organisations and over £100k funds raised since our launch in 2020. In addition to hosting the funding events, we also promote the activities of our beneficiaries to other funders, donors and the wider community through our social media channels and our mailing list.

Consultation with stakeholders

Black Funding Network’s stakeholders include beneficiary organisations (Grantees), individual and corporate members, funders, infrastructure providers and partners. We consult with stakeholders through; - feedback from formal funding reports - feedback with annual renewal and intermediate contracts with members - regular partner meetings and - feedback from beneficiaries about the status of their work and requirements for future support We continue to expand the coordination of support for our beneficiaries. In addition to the funds raised at our semi annual funding events, we have also been successful in securing non-financial resources including; pro bono legal support, business development consulting, coaching packages, and collaborative projects.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
11 September 2024

And signed on behalf of the board by:
Name: Yvette Griffith
Status: Director