MENTAL WEALTH LONDON CIC

Company limited by guarantee

Company Registration Number:
14570577 (England and Wales)

Unaudited statutory accounts for the year ended 31 January 2024

Period of accounts

Start date: 4 January 2023

End date: 31 January 2024

MENTAL WEALTH LONDON CIC

Contents of the Financial Statements

for the Period Ended 31 January 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

MENTAL WEALTH LONDON CIC

Directors' report period ended 31 January 2024

The directors present their report with the financial statements of the company for the period ended 31 January 2024

Principal activities of the company

Our aim is to promote well-being through arts and culture in South London. While serving the surrounding boroughs of Southwark, the organisation will provide local communities access to a range of arts and culture initiatives that will advance and improve the well-being of local communities in South London. Our Areas of focus are: To provide mental health and well-being support through creative arts outreach programmes, that will assist disadvantaged local communities with tackling mental health challenges, building their confidence and developing themselves further. To implement art programmes within the local community; providing access to resources for recreational well-being that will support disadvantaged local communities to explore their creativity whilst learning a new skill. Our First Year Our first year of operation ended on the 31 January 2024. In this year we sourced grant funding to run a pilot project. The aims of the project were: To provide a safe space for people in Peckham to engage with art as a way of promoting mental health. To evaluate demand for this service. To develop and refine a programme that can be replicated in the future. In October of 2023 we launched our pilot community art club. We hosted a three month art club culminating in an exhibition of the work of our attendees. We welcomed 184 guests over the course. Most sessions were at capacity and feedback was overwhelmingly positive in regards to the impact of sessions

Additional information

Fiscal responsibility We ended the year with a balance sheet reserve -£270.86. This reflects the fact that the pilot was completed and we were in the process of evaluating and sourcing further funding. Further funding has since been sourced. Our process is to secure funding before commiting resources to a project. We maintain very low overheads in order to remain flexible to demand. As such we are able to continue to adapt the project to the changing environment and ensure we continue to deliver what our community need. Next Year In the coming year we plan to promote mental wealth by continuing to create space for people to gather for art clubs. We will do this by Piloting a family art club Connecting with other organisations to co-produce events that support mental wealth Securing funding in order to offer art clubs consistently over a longer period.



Directors

The directors shown below have held office during the whole of the period from
4 January 2023 to 31 January 2024

Joy Moyo
Ceclia Oluwabukola Dagiloke


The director shown below has held office during the period of
1 April 2023 to 31 January 2024

Joanna Hobson


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
3 October 2024

And signed on behalf of the board by:
Name: Joy Moyo
Status: Director

MENTAL WEALTH LONDON CIC

Profit And Loss Account

for the Period Ended 31 January 2024

13 months to 31 January 2024


£
Turnover: 10,100
Gross profit(or loss): 10,100
Administrative expenses: ( 10,371 )
Operating profit(or loss): (271)
Profit(or loss) before tax: (271)
Profit(or loss) for the financial year: (271)

MENTAL WEALTH LONDON CIC

Balance sheet

As at 31 January 2024

Notes 13 months to 31 January 2024


£
Fixed assets
Tangible assets: 3 47
Total fixed assets: 47
Current assets
Cash at bank and in hand: 7
Total current assets: 7
Creditors: amounts falling due within one year: 4 ( 325 )
Net current assets (liabilities): (318)
Total assets less current liabilities: (271)
Total net assets (liabilities): (271)
Members' funds
Profit and loss account: (271)
Total members' funds: ( 271)

The notes form part of these financial statements

MENTAL WEALTH LONDON CIC

Balance sheet statements

For the year ending 31 January 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.

This report was approved by the board of directors on 3 October 2024
and signed on behalf of the board by:

Name: Joy Moyo
Status: Director

The notes form part of these financial statements

MENTAL WEALTH LONDON CIC

Notes to the Financial Statements

for the Period Ended 31 January 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Other accounting policies

    1. Accounting Policies a) Basis of Preparation: The financial statements have been prepared under the historical cost convention and in accordance with applicable UK accounting standards. The company is a Community Interest Company (CIC) and is required to adhere to the Companies Act 2006. b) Going Concern: The directors have assessed the company’s ability to continue as a going concern for at least 12 months from the date of approval of these financial statements. They are satisfied that the company has adequate resources to continue its operations. c) Income Recognition Income is recognised when it is probable that economic benefits will flow to the company and the income can be reliably measured. Income is recognised on an accruals basis. d) Expenditure Recognition Expenses are recognised on an accruals basis. All costs incurred in connection with the company’s activities are included in the income statement. e) Fixed Assets Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided on a straight-line basis over the estimated useful lives of the assets: - Office Equipment: 5 years Furniture and Fixtures: 10 years Computer Equipment: 3 years f) Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the CIC: this is normally upon notification of the interest paid or payable by the bank. g) Donated services and facilities Donated professional services and donated facilities are recognised as income when the CIC has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised. 2. Related Party Transactions During the year, the company engaged in the following transactions with related parties: - £3850 was spent on remuneration paid to or receivable by directors in respect of qualifying services. This includes £3500 to C Dagiloke for the delivery of art classes £350 to J Moyo for financial administrtaion There were no other related party transactions. 3. Financial Instruments The company’s financial instruments include cash and receivables. The directors believe that the carrying amount of these financial instruments approximates their fair value. 4. Contingent Liabilities As at 02 October 2024, the company had no contingent liabilities. 5. Events After the Balance Sheet Date There were no significant events after the balance sheet date that would require adjustment to the financial statements or additional disclosures. 6. Grants The CIC received two grants in the year. £9950 from The National Lottery. This was restricted to the pilot project. The grant was fully spent by 31 January 2024. £150 from Community Southwark. This was unrestricted. 7. Director’s Loan C Dagiloke loaned £325 to the company. This was to cover costs of the pilot that were not covered by the previous grant. This was repaid in March 2024.

MENTAL WEALTH LONDON CIC

Notes to the Financial Statements

for the Period Ended 31 January 2024

  • 2. Employees

    13 months to 31 January 2024
    Average number of employees during the period 0

MENTAL WEALTH LONDON CIC

Notes to the Financial Statements

for the Period Ended 31 January 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
Additions 47 47
Disposals
Revaluations
Transfers
At 31 January 2024 47 47
Depreciation
Charge for year
On disposals
Other adjustments
At 31 January 2024
Net book value
At 31 January 2024 47 47

MENTAL WEALTH LONDON CIC

Notes to the Financial Statements

for the Period Ended 31 January 2024

4. Creditors: amounts falling due within one year note

13 months to 31 January 2024
£
Other creditors 325
Total 325

COMMUNITY INTEREST ANNUAL REPORT

MENTAL WEALTH LONDON CIC

Company Number: 14570577 (England and Wales)

Year Ending: 31 January 2024

Company activities and impact

Our First Year Our first year of operation ended on the 31 January 2024. In this year we sourced grant funding to run a pilot project. The aims of the project were: To provide a safe space for people in Peckham to engage with art as a way of promoting mental health. To evaluate demand for this service. To develop and refine a programme that can be replicated in the future. In October of 2023 we launched our pilot community art club. We hosted a three month art club culminating in an exhibition of the work of our attendees. We welcomed 184 guests over the course. Most sessions were at capacity and feedback was overwhelmingly positive in regards to the impact of sessions

Consultation with stakeholders

Our stakeholders are primarily the people who attend our sessions. Additionally, there are grant providers, other community organisations and the wider community in South London. As a new CIC, feedback and consultation are a continuous process within our project. Attendees of all art clubs are invited to share how they felt at the beginning and end of the session as well as to offer more detailed feedback. Additionally we are in consultation with other providers with whom we are seeking to build greater partnership. By improving the mental health of as many individuals as possible we aim to enhance our local community.

Directors' remuneration

2. Related Party Transactions During the year, the company engaged in the following transactions with related parties: - £3850 was spent on remuneration paid to or receivable by directors in respect of qualifying services. This includes £3500 to C Dagiloke for the delivery of art classes £350 to J Moyo for financial administrtaion There were no other related party transactions.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
3 October 2024

And signed on behalf of the board by:
Name: Joy Moyo
Status: Director