The director presents his annual report and financial statements for the period ended 31 March 2025.
REVIEW OF BUSINESS
As a not-for-profit organisation reliant on philanthropic funding, the period covered by the report was extremely difficult with regards to fundraising. It became clear that we could not raise enough finance to run a viable campaign, and the Board agreed to close the campaign. We planned for close at the end of March, and to retain enough finance to continue the company, support the MMMM website and any small follow-on tasks and needs. At the period end date, there were no employees in the company and Anthony Burdon is the sole director.
Achievements and performance.
We have continued our pensions campaign, focusing on investment in fossil fuel expansion, in deforestation and more positively in climate solutions, including publishing a simple pension ranking table for Defined Contribution workplace pension providers, holding them to account for delivery of net zero.
The yearly ranking in our Climate Action Reports – 2023, 2024 and 2025 have driven a race to the top amongst schemes with new policies announced and implemented. We collaborated with Finance Innovation Lab and ShareAction to produce a report on pensions reform to feed into the UK elections in 2024 and into the new government. As part of closing the MMMM campaign, we supported Finance Innovation Lab and a wider coalition to develop a “Better Pensions Campaign” which continues.
On banking we continued our campaigning on Barclays – the worst financier of fossil fuel expansion in Europe and on the other 4 major high-street banks, urging action to stop financing fossil fuel expansion. We supported Cambridge University and over 20 major universities to look for alternative fossil free banking services and collaborated with other NGOs on their switching of bank accounts..
We launched videos on deforestation and pensions, one with Rewriting Earth, Global Canopy and Global Witness, and one with Benedict Cumberbatch, and a banking video with Ambika Mod – all of these had large scale reach across the public to raise awareness of the impact of our money in pensions and banks.
We also updated guides for businesses on pensions and on banking to assist with exploring greener alternatives. We released a video summarising the MMMM campaign achievements, and a report on lessons learnt around our campaigns.
The director who held office during the period and up to the date of signature of the financial statements was as follows:
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The income and expenditure account has been prepared on the basis that all operations are continuing operations.
Make My Money Matter Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Biscuit Building, 10 Redchurch Street, London, United Kingdom, E2 7DD.
The annual financial statements are presented for a period longer than one year (seventeen months), as the company ceased its campaign at the end of March 2025. Therefore, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
During the year, the company directors reviewed the cash flow forecasts for a period of 12 months and made the difficult decision to cease the campaign due to a reduction in funding received. The campaign ceased on 31 March 2025 and therefore the financial statements have been prepared on a basis other than going concern. The company will remain on the register and will continue to support the MMMM website only.
Income is recognised when the company has entitlement to the funds, any performance related conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Income that has been received in advance of a project starting, will be deferred until the project commencement date and released in line with project completion.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
The average monthly number of persons (including directors) employed by the company during the period was:
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.