MM COLLECTIVE CIC

Company Registration Number:
13059490 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

MM COLLECTIVE CIC

Contents of the Financial Statements

for the Period Ended 31 December 2023

Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

MM COLLECTIVE CIC

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Called up share capital not paid: 100 100
Fixed assets
Tangible assets: 3 1,399 1,749
Total fixed assets: 1,399 1,749
Current assets
Debtors: 4 1,967 0
Cash at bank and in hand: 48,561 53,336
Total current assets: 50,528 53,336
Creditors: amounts falling due within one year: 5 ( 25,379 ) ( 18,950 )
Net current assets (liabilities): 25,149 34,386
Total assets less current liabilities: 26,648 36,235
Total net assets (liabilities): 26,648 36,235
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 26,548 36,135
Total Shareholders' funds: 26,648 36,235

The notes form part of these financial statements

MM COLLECTIVE CIC

Balance sheet statements

For the year ending 31 December 2023 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 25 September 2024
and signed on behalf of the board by:

Name: Laura Edwards
Status: Director

The notes form part of these financial statements

MM COLLECTIVE CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment loss. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on a 20% reducing balance basis.

MM COLLECTIVE CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 1 1

MM COLLECTIVE CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2023 2,099 2,099
Additions
Disposals
Revaluations
Transfers
At 31 December 2023 2,099 2,099
Depreciation
At 1 January 2023 350 350
Charge for year 350 350
On disposals
Other adjustments
At 31 December 2023 700 700
Net book value
At 31 December 2023 1,399 1,399
At 31 December 2022 1,749 1,749

MM COLLECTIVE CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Debtors

2023 2022
£ £
Other debtors 1,967 0
Total 1,967 0

MM COLLECTIVE CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Taxation and social security 3,421
Other creditors 25,379 15,529
Total 25,379 18,950

COMMUNITY INTEREST ANNUAL REPORT

MM COLLECTIVE CIC

Company Number: 13059490 (England and Wales)

Year Ending: 31 December 2023

Company activities and impact

MENTORING MATTERS is a global mentoring scheme and community interest company that aims to redress the balance of equity and opportunity within the Creative industries. Created for candidates from Black, Asian and Minority Ethnic backgrounds looking for a career in the Arts, the aim is to give insight, advice, direction and inspiration along with practical transferable skills and a support system for our candidates. At the heart of Mentoring Matters is our commitment to community. To support long-term growth and foster connections, we created the MM Alumni network, a key element of our commitment to providing ongoing assistance. MM Alumni facilitates global meet-ups, fosters valuable discussions, and promotes peer advice and collaboration. Our aim is to build a network that grows alongside our candidates as they move towards their goals. Our growing community includes 270 MM Alumni from 20 countries, with the majority based in the UK. We engage with our Alumni in various impactful ways, including: 1. One-on-one mentoring: A 6-month program with industry leaders providing personalized guidance. 2. Workshops: Skill-building sessions that offer open forums for questions and learning. 3. Exclusive benefits: Access to industry events such as fashion shows, panel discussions, and art openings. 4. Career support: Offering practical advice, job opportunities, and community-building resources. 5. Paid opportunities: To date, 30% of our candidates have secured paid roles in their chosen fields through our partnerships. 6. Discussion forums: Leading talks that provide a safe space for candidates to exchange ideas and experiences. 7. Network creation: Connecting candidates with industry leaders and peers to foster collaboration, inspiration, and mentorship. We are a cross generational multi disciplinary community for change and the feedback has been resoundingly positive with our candidates finding the process valuable, uplifting and at times integral to getting their start in the creative industries, Mentoring Matters has been nominated for 3 British fashion council awards for our commitment to change. Our commitment to driving change has been recognized with three nominations for British Fashion Council awards, reflecting the positive impact we’ve made within the industry.

Consultation with stakeholders

Our stakeholders consist of our Mentees (alumni) the Mentors (industry leaders) Sponsors, Businesses and Individuals that work with us to find paid opportunities for our mentees and our advisory panel. We are in close contact with all of our stakeholders to try and ensure the smooth running of the businesses. We send out feedback forms to our mentees to gain an understanding of experiences and improvements that could be made as we work to constantly evolve our processes to give our Mentees the maximum support. We ask for updates from Mentors to understand how they have found the experience and any challenges that they have faced and also pick up any tips for future Mentors to give them extra tools. We work closely with our sponsors to ensure that they understand our goals and give as much transparency as possible and together we plan as many ways to broaden the experience for our Mentees as possible. We hold face to face discussions with anyone who wishes to have involvement in the scheme so that we can try and ensure everyone is well matched and shares our same intentions to uplift and diversify our industry, we have contracts with businesses who wish to work with our candidates that outline best working practices and ensure a non prejudicial and supportive environment. If at any point we receive feedback around anything that needs to be addressed we take it up immediately with whoever is concerned and resolve as quickly as possible. Our advisory panel consists of individuals well placed within the industry to give advice and perspective on all important decisions. We are in regular contact.

Directors' remuneration

The total amount paid or receivable by directors in respect of qualifying services was £31,225. There were no other transactions or arrangements in connection with the remuneration of directors, or compensation for director’s loss of office, which require to be disclosed.

Transfer of assets

No transfer of assets other than for full consideration

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

And signed on behalf of the board by:
Name: Laura Edwards
Status: Director