OVERLOOKED AND UNDERESTIMATED CIC

Company Registration Number:
14903594 (England and Wales)

Unaudited statutory accounts for the year ended 31 May 2024

Period of accounts

Start date: 30 May 2023

End date: 31 May 2024

OVERLOOKED AND UNDERESTIMATED CIC

Contents of the Financial Statements

for the Period Ended 31 May 2024

Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

OVERLOOKED AND UNDERESTIMATED CIC

Balance sheet

As at 31 May 2024

Notes 2024


£
Called up share capital not paid: 0
Fixed assets
Intangible assets: 3 142
Tangible assets:   0
Investments:   0
Total fixed assets: 142
Current assets
Cash at bank and in hand: 58
Total current assets: 58
Net current assets (liabilities): 58
Total assets less current liabilities: 200
Total net assets (liabilities): 200
Capital and reserves
Called up share capital: 200
Total Shareholders' funds: 200

The notes form part of these financial statements

OVERLOOKED AND UNDERESTIMATED CIC

Balance sheet statements

For the year ending 31 May 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 27 February 2025
and signed on behalf of the board by:

Name: Kevin Withane
Status: Director

The notes form part of these financial statements

OVERLOOKED AND UNDERESTIMATED CIC

Notes to the Financial Statements

for the Period Ended 31 May 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

OVERLOOKED AND UNDERESTIMATED CIC

Notes to the Financial Statements

for the Period Ended 31 May 2024

  • 2. Employees

    2024
    Average number of employees during the period 0

OVERLOOKED AND UNDERESTIMATED CIC

Notes to the Financial Statements

for the Period Ended 31 May 2024

3. Intangible assets

Goodwill Other Total
Cost £ £ £
Additions 142 0 142
Disposals 0 0 0
Revaluations 0 0 0
Transfers 0 0 0
At 31 May 2024 142 0 142
Amortisation
Charge for year 0 0 0
On disposals 0 0 0
Other adjustments 0 0 0
At 31 May 2024 0 0 0
Net book value
At 31 May 2024 142 0 142

COMMUNITY INTEREST ANNUAL REPORT

OVERLOOKED AND UNDERESTIMATED CIC

Company Number: 14903594 (England and Wales)

Year Ending: 31 May 2024

Company activities and impact

The company is provides support, guidance, education, connection, network and funding opportunities to underestimated founders. Specifically the company supports entrepreneurs who identify as: - female - person of colour - LGBTQIA+ - neurodivergent - disabled - first time founder over the age of 50 - founder from socio-economically disadvantaged background, collectively, the "community" The community has existed since 2021, but the company was incorporated in May 2023 to formally support the community. The activities of the company during the financial year 30 May 2023 to 31 May 2024have benefitted the community in the following ways: - increased networking opportunities via regular weekly calls where founders were able to explore issues they were facing and crowd-source feedback to help overcome those business challenges - 36 one hour calls held across the financial year. - 10 underestimated founders went through a 12 week funding readiness program (free of charge to them, which culminated in a pitch day - with a number going on to raise investment or increase their monthly recurring revenue. 89% of cohort were female founders (applications were 67% from female founders). - Ran our first International Womens' Day conference, where we had an array of speakers giving talks ranging from what investors look for in entrepreneurs, personal branding, to inspirational talk by former female boxing champion. Attended by over 80 founders. - Access to resources such as pitch deck reviews via a whatsapp channel, example pitch decks on our Heartbeat channel. - Access to a free co-working space in Central London where the community could attend to work from at no cost. - over 200 attended co-working and networking drinks across the year.

Consultation with stakeholders

The main stakeholders are community members who have signed up on either our Heartbeat platform or into the Whats'App Group. Regular consultation with members took place via 'polls' to gauge what support they wanted and how they wanted the support to be delivered. We ask every new member what areas of support they need (most need access to angel investors and VCs) and what areas of support they can give to other founders. Example feedback from a community member (Kevin Leonce - Togethr) "As the founder of Togethr, a platform dedicated to creating digital safe spaces for LGBTQIA+ communities, being part of Diversity X has been transformative for my journey as a founder. What truly sets Diversity X apart is their genuine understanding that we're not just 'underrepresented' – we're underestimated founders with immense potential waiting to be unleashed. The community has provided us with more than just networking opportunities; it's been a crucial safe space where find advice, support and mentorship while also using my lived experience and skillset to support other founders within the Diversity X community. As I built Togethr from concept to its closed beta launch, having access to like-minded founders who understand the unique challenges faced by LGBTQIA+ entrepreneurs has been invaluable. In just three months, Togethr has grown from 38 to 122 LGBTQIA+-owned and allied brands on our platform, built a comprehensive social purpose space, and begun growing our community membership – progress that was accelerated by the support and resources we received through Diversity X. The support and value that I continue to receive from the Diversity X community has helped in ways that I struggle to find the words to describe. I feel safe, welcome and at home. I feel confident that I get the support needed to help me and Togethr thrive. Through their mentorship and community support, I’ve been able to build a platform that not only serves as a marketplace but as a comprehensive digital home for LGBTQIA+ communities to be seen, heard, and truly belong. The recent opportunities to participate in major events like Web Summit 2024 and EUROUT 2024 as part of the broader underestimated founder community have helped us forge valuable connections and partnerships that would have been much harder to access on our own. This is exactly the kind of impact that makes Diversity X not just a community, but a vital catalyst for change in the startup ecosystem. I can think of no other community that is deserving of your support. If you are looking to support a sustainable, impactful community that truly represents, champions and supports underrepresented and underestimated founders then Diversity X is the only choice." Other stakeholders are other communities within the startup ecosystem, and angel investors and venture capital firms ("other stakeholders") Consultation with other stakeholders took place via our initiated requests to collaborate or explore opportunities to better serve underestimated founders. The Company engaged in calls with leaders of other stakeholders such as Female Founders Rise, Cornerstone VC, Untitled*.

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
27 February 2025

And signed on behalf of the board by:
Name: Kevin Withane
Status: Director