2023-04-05-accounts

Tools for Life WORKAiD.

The Queen's Award for Voluntary Service

Financial Statements Year ended 5" April 2023

Charity Number 1041574 Company Number 02576450

WORKAID (A company limited by guarantee)

Reference and administrative details

Charity number 1041574 Company number 02576450 Registered Office The Old Boot Factory, 71 Townsend Road, Chesham, Bucks. HP5 2AA Bankers HSBC Bank pie, 92 Sycamore Road, Amersham, Bucks. HP6 5EW Virgin Money, Jubilee House Gosforth, Newcastle-upon-Tyne. NE3 4PL Solicitors: Blaser Mills, Chalfont Court, 5 Hill Avenue, Amersham, Bucks. HP6 5BD

Independent Examiner: Majid Sadeghi FCCA, Rouse Partners LLP, 55 Station Road, Beaconsfield, Bucks. HP9 1 QL

Patrons

Sir William Castell L VO FMedSci Lady Johnson Mr Gary Grant Mrs Sylvia Parrott MBE

Directors and trustees

The directors of the charitable company (the charity) are its trustees for the purposes of charity law and throughout this report are collectively referred to as the trustees.

Trustees and key management

The trustees who served during the year were as follows:

R P Q Canham (Chairman)

P C J Chidgey M D Critchley A Haines R J Levine (appointed 1"August 2022) D S Moores L M Walker K G Wilcock M Y Zaman (resigned 21 July 2022)

Chief Executive Officer: A S Hatch

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WORKAID (A company limited by guarantee)

Chairman's Report

Workaid continued to build on the progress made at the end of the previous year and is now very much back on its feet. Embedding changes necessitated by the pandemic was a positive outcome from a difficult time. Connections with beneficiaries continued to strengthen, we found new ways to partner well with like-minded organisations, and we continued to professionalise our UK operation. We maintained sound financial health, with the current year £69,075 deficit primarily a result of in­ vestments in our work in Zambia. Reserves remained healthy, and repeatable income from trading activities remained strong, supplemented by donations from an increasing number of trusts. This diversified income continued to give confidence to plan, though ever careful to avoid complacency.

In line with Charity Commission guidance, and mindful of the high inflation environment, we decided to invest cash in excess of our operational reserves policy. After presentations from three potential investment managers we selected Punter Southall, who have since become part of Canaccord Ge­ nuity Wealth Management. Our investment policy is cautious and the Finance Committee keep a careful eye on the investment and the relationship. We will continue to make investments like those in Zambia to ensure reserves do not exceed policy and are used wisely to assist our beneficiaries.

Operational capacity returned towards pre-pandemic levels. The focus continued to move away from quantity and towards quality - away from "the number of containers we send" and towards "the difference our work is making". In Zambia, Adrian Hatch, CEO worked with our partner Vwila to develop a monitoring and evaluation framework for all projects. This is being rolled out, starting with schools and vocational training centres. In Uganda he formalised our relationship with Amigos who have an established f tprint there and agreed both to assess applications for our support and to evaluate the impact of what we provide. A consequence of the continued move towards better mon­ itoring and evaluation is that we will support fewer, larger vocational training projects which are less vulnerable to the risk of losing key people and better able to track the progress of their beneficiaries.

The intended visit to Tanzania did not take place because of illness among our partners. Through a connection with another UK charity we explored the possibility of working with a potential partner in Malawi, but this will not be taken forward until organisational and funding issues are resolved.

We are focusing on helping more young people to establish their own businesses in small groups, with starter kits for their respective professions. Once they have started their own businesses they then often train other young people, a significant indirect benefit of our work. Simi Yabu graduated in 2019 from a vocational training centre in Kasese, Uganda supplied by Workaid. With a starter kit from us he has started a motorcycle mechanic business and now employs two trainees of his own.

In the Old Boot Factory the changes to our working practices helped to reduce risk and profession­ alise our operation. Volunteers adapted well to a new volunteer-management system which has enabled us to plan our work more efficiently, the new Board committees helped streamline decision­ making, roles were more clearly defined, and we introduced new technology to manage our Health and Safety risks which meant that we could stay on top of those more easily. We were able to make these changes without undermining the volunteering ethos and spirit that makes Workaid special.

Container numbers last year included one container of un-refurbished tools sent to Sierra Leone via Home Leone. We did not send a container to Home Leone this year as we worked through issues on reporting. Adjusting for that change, the container numbers were the same as last year, though we had anticipated an increase. Stock shortages meant we had to buy some items to ensure that kits were complete, and we focused more on sending starter kits so that those graduating from vo­ cational training were better equipped to find work or set up in business on their own. Overall, we sent more smaller items and fewer large ones - the smaller items have a bigger impact. We also sent fewer horticultural tools (quick to prepare and pack but consume a lot of container space) response to feedback that these had lower impact and contributed little to vocational skills develop ment.

WORKAID (A company limited by guarantee)

Volunteer numbers returned towards pre-pandemic levels, though cost of living issues meant that many more were on grandparenting duties, and others took the opportunity to take holidays which had not been possible for the previous two years.

We continued to improve the working environment at the Workaid site. Thanks to a grant from the King Cullimore Trust we invested in an automatic tool-cleaning machine, continued to upgrade our lighting to LED, improved our parking spaces, and installed new main gates. We now anticipate that there will be an ongoing process of modest upgrades to the Boot Factory appropriate to a site of its age, rather than any more significant changes - the site is basically in good working order.

In summary, the positive highlights of 2022-23 were as follows:

• Adrian Hatch visited several projects in in Zambia to collect case studies. He also spent time meeting with district education officials and reviewing the Vwila Foundation monitoring and evaluation systems. These are now in operation thanks to the new Monitoring & Evaluation ("M&E") Officer, whose first report is expected early in 2023-24.

• Vwila signed two Memoranda of Understanding the Ministry of Education to support the development of vocational training pathways for rural Zambian secondary schools. This is an important element of the programme strategy with 12 schools targeted over the following three years. Vwila also carried out an intensive training programme with the Zambian correctional services for 10 of their tailoring instructors to be taught sewing machine maintenance and repairs.

• Adrian also travelled to Uganda to cement the partnership with Amigos. They will assess requests for support from Workaid, relocating that activity from the UK in line with the successful model we operate in Zambia. They wi also be able to improve the evaluation of the impact of our support. In return Workaid has supplied significant amounts of tools to Amigos projects there, notably starter kits and large tools.

• In Uganda, Adrian also visited Albert Valley Vocational Training Institute in the west of the country, and the seven other vocational training organisations supported in the region. Plans were drawn up for an intensive three-day workshop for all the organisations to develop a comprehensive monitoring and evaluation system.

• The redesign of Workaid's website was completed.

Our volunteer David Newey died during the year and our thoughts are with his family and friends.

Plans for the year ahead

Adrian will visit Uganda in October to help to strengthen the M&E systems there and to start to apply the lessons learned. He will also visit Tanzania to establish new programme partnerships which will enable us to replicate the operational model now in place in Uganda and Zambia. We anticipate that we will ship six containers to Africa - three to Zambia, two to Uganda and one to Tanzania.

Workaid carried out a review of the current strategic plan with the projects committee and the organ isational aims were updated to reflect the progress made. Emphasis has been given to building ou support to Uganda and to carry out a similar process in Tanzania during 2024. An annual review of progress made against aims will continue to take place.

4

WORKAID (A company limited by guarantee)

Summary

Workaid continues to weather the health, societal and economic storms well. In the year ahead, we will continue to seek to improve the quality of what we do in Africa, and to professionalise the way we work in the UK. I would like to finish by thanking our staff, volunteers, partners, supporters and donors for all that they do to help Workaid to help our beneficiaries.

M Critchley 6tt Trustee 17 July 2023

5

WORKAID (A company limited by guarantee)

Report of the directors and trustees for the year ended 5\ April 2023

The Trustees are pleased to present their annual report and financial statements for the charity for the year ended 5" April 2023 which are also prepared to meet the requirements for a directors' report and financial statements for Companies Act purposes.

The financial statements comply with the Charities Act 2 0 1 1 , the Companies Act 2006, the Memo­ randum and Articles f Association and Statement of Recommended Practice: Accounting and Re­ porting by Charities.

Workaid's Vision, Mission and Values

Our Vision

A world in which all young people are able to achieve full and productive employment.

Our Mission

To enable young people in Africa to build sustainable livelihoods.

Our Values

We believe in .. .

• empowering young people to help themselves

• the re-use and recycling of the world's resources

• the benefits of volunteering

• non-discrimination, respect and equality of opportunity for all

• the importance of being accountable

• understanding and improving the impact of our work

• actively participating in the local community.

Our Strategic Aims:

1 . Our Partnerships in Africa and the work we support there

• We will support work in Africa that is aligned to the UN's Sustainable Development Goals to eradicate poverty and create decent work and economic growth

• We will work in partnership with organisations by listening, asking and not telling

• We will support institutions and organisations that develop the knowledge and skills young people need to access gainful employment or to establish their own business

• • We will focus this support through vocational training institutions, correctional facilities and local organisations that provide good quality vocational training for young people

• We aim to enable these organisations to supply tools to their graduates so that they can gain employment or establish business as a group

• We will build the capacity of our partner organisations who represent Workaid to more effectively assess, monitor and evaluate projects

• We will build the capacity of our partner organisations to provide business and entrepreneurial skills training to both institutions and the young people they train

• • We will build the capacity of our partner organisations to improve the sharing of information and learning between the institutions and young people they support.

• Our Commitment to Volunteering in the UK

• We are committed to providing a safe, professional, enjoyable and fulfilling working environment for our volunteers

• We will continue to provide opportunities for volunteers to refurbish unwanted tools and equipment that are donated to us in the UK. In response to requests for support, these items will then be sent to organisations, schools and community groups in the UK and Africa, though predominately in Africa

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WORKAID (A company limited by guarantee)

Report of the directors and trustees for the year ended 5\ April 2023

• We will provide charitable organisations local to Chesham with tools and equipment to support activities that help the local community

• When possible, we will assist groups with additional support needs either related to mental health or learning to carry out worthwhile voluntary work at our site.

3. Our Commitment to Recycling

• Where possible we will refurbish tools and equipment to be sent to Africa, or where these items have a high value, or are unsuitable for vocational training centres, to be sold in the Workaid shop or on-line

• Items that have to be scrapped will be disposed of ethically and carefully sorted to minimise the amount going to general landfill.

Our Purpose in Africa

The primary purpose of the organisation is to practically support initiatives in Africa that equip young people with vocational skills and supports them to establish their own businesses. We do this by collecting unwanted tools, sewing machines and other equipment. These are then serviced and, if necessary, repaired by our team of volunteers at our Chesham workshop and shipped to eastern and southern Africa.

Our Social Obligations in the UK

At Workaid we take our social obligations seriously. As well as protecting the environment by recy­ cling unwanted tools, we also welcome disabled and vulnerable people who work on the regular shifts under appropriate supervision. Additionally, we have a professionally supervised space, in which people with more serious disabilities are provided with supported work experience. Other vol­ unteers arrive as a consequence of accidents and unemployment. The discipline of contributing on a regular basis is a great boost to self-esteem and we are delighted when this contributes to a suc­ cessful return to paid employment.

Public Benefit in the UK

Workaid contributes to the public good in two principal ways. Firstly, the charity makes good use of things that would otherwise end up in landfill. Anything that cannot be shipped to Africa is either sold to generate funds, passed to another charity or sorted and disposed of ethically. Secondly, Workaid is a social organisation. People volunteer with Workaid because it provides an environment where there is a constructive job to do in the company of like-minded people.

Fundraising Activities

Our more predictable income sources continued to do well. Helped by the resumption of forecourt sales, the shop generated circa £200,000 for the year and this from opening only three days a week. Online sales were also strong at £33,000, led by an online retail coordinator staff member. These are very similar to the previous year (£205,000 and £32,000 respectively) and we are budgeting a modest growth in both for the next financial year. This predictable income is critical to our ability to plan for the future.

Grant income recovered to £98,000 (previous year £51,000) thanks to the efforts of our dedicated fundraiser who was able to secure grants from a number of new Trusts and Foundations. We are grateful to them all. This income was received from a total of 20 organisations, which again gives us more confidence about the resilience of this income stream than if we were reliant on fewer, larger donors. As our strategy in Africa evolves we are now submitting more comprehensive funding pro­ posals for our work there.

7

WORKAID (A company limited by guarantee)

Report of the directors and trustees for the year ended 5" April 2023

Achievements and performance

We are committed to understanding the impact of the work we support. We collect data that enables us to make decisions to accurately target our resources to the organisations and initiatives that most effectively get young people in Africa properly trained and into employment. With our partner organ­ isation in Zambia, Vwila Foundation, we have developed a Monitoring and Evaluation (M&E) frame­ work which clearly articulates Vwila's organisational objectives, how these will be achieved and how they will be measured. A dedicated person was recruited as an M&E Officer in Zambia and they have developed a baseline survey and indicators to measure success.

M&E systems have been developed with our partners in Uganda and we hope to do the same in Tanzania in the 2023-24 financial year. It wi be a little time before we are confident about the data that these new systems are yielding and the lessons we need to learn.

During the year Workaid considered new requests for support from groups and organisations in the three countries where we have partners. We also supplied a small number of items to charities in the UK (including Krizevac who then supply Malawi) but did not supply anything to Sierra Leone via Home Leone (unlike in previous years where they have received a container load) pending resolution of concerns about reporting. In its Chesham workshop, Workaid refurbished and packed tools, ma­ chines and other equipment for 1 1 8 projects (compared to 87 last year).

The groups helped in these 1 1 8 projects fell into the following categories:

•	Women & other Self-Help Grups	24
•	Vocational Training & Youth Polytechnics	34
•	Community Prjects (Urban & Rural)	19
•	HIV/Aids Widows & Orphans Rehabilitation	7
•	Prisons	9
•	Church & Missionary Based Projects	9
•	Schools Training Prjects	16

A total of 3250 groups of items comprising refurbished tool kits, machines, and other equipment were supplied. The range of unusual items supplied to Home Leone inflated this number in the past, so adjusting for that this total is similar to last year. These items included 1 1 4 starter kits (73 last year) for a variety of trades, in line with our decision to supply more of these. The other biggest groupings were sewing machines (724), carpentry kits (203), masonry kits (72), metalwork kits (58), knitting machines (52) and motor mechanics kits (32). We also sent various types of equipment for engi­ neering, horticultural, plumbing, leatherwork and electrical training, and many larger items of work­ shop equipment such as lathes, workshop benches and welding machines.

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WORKAID (A company limited by guarantee)

Report of the directors and trustees for the year ended 5"April 2023

Consignments for 1 1 8 projects were loaded in five 20ft sea containers, the same as the previous year if we exclude the container of un-refurbished tools sent via Home Leone in the previous year.

• 22 to Uganda

• 69 to Zambia

• 11 to Tanzania

• 1 6 t o UK

The refurbished tools and equipment directly supported the training of over 5,000 young people, with an estimated average of 60 people benefiting from training at each project. Since the charity's for­ mation in 1986 it is estimated that well over 150,000 people have benefited directly from the vital tools and equipment provided by Workaid.

Financial Review

The total income for the financial year at £487,000 reflected a decrease of less than 2% compared to the year ended 5" April 2022. This was a strong result since income in the previous financial year included an unusually high legacy of £100,000. This year we achieved a very similar level of income but from more diversified sources, with continuing strong income from the shop and eBay, and a recovery in Trust income derived from a wider source of donors.

Overall expenditure increased by £90,000, up 19% compared to the prior year. £83,000 of this in­ crease was attributed to charitable activities, predominantly the hire of an M&E Officer by Vwila, our partner in Zambia, and then expenditure to build and kit out classr ms in two schools. These schools were selected in conjunction with the Ministry of Education as part of their strategy of im­ proving the provision of vocational education in schools. The small increase in expenditure on fund­ raising activities reflected the appointment of the part-time online retail coordinator.

Investment powers and policy

The Trustees established a sub-committee to draw up a suitable investment policy for Trustees to invest excess cash. This was completed and an investment manager, Canaccord Genuity Wealth Management (CGWM), was appointed. The sub-committee carefully monitors the investment policy of Workaid and manages the relationship with the investment manager.

Cash and investments reserves

Cash and investment reserves decreased in the year to 5" April 2023 by £56,000 to £282,000. This included £174,000 invested with CGWM, all of which is available on five working days' notice. The reduction in reserves reflects our increased expenditure on charitable activities and we will continue to seek to reduce the surplus in this way.

9

WORKAID (A company limited by guarantee)

Report of the directors and trustees for the year ended 5\ April 2023

Structure, Governance and Management

Governing document

Workaid is a national charity started in 1986 by an ecumenical house group. The charity was incor­ porated as a company limited by guarantee on 24" January 1991 and is governed by its Memoran­ dum and Articles of Association. Subject to the approval of the directors anyone over the age of 18 can become a member of the company, each one of whom agrees to contribute £1 in the event of the charity winding up in accordance with Clause 7 contained in the charity's Memorandum and Articles of Association.

Appointment and role of trustees

The Board may from time to time and at any time appoint any member of the company as a trustee, either to fill a casual vacancy or by way of addition to the Board, provided that the prescribed maxi­ mum be not thereby exceeded. Any trustee so appointed shall hold office only until the next following Annual General Meeting and shall then be eligible for re-election but shall not be considered in de­ termining the trustees who are to retire by rotation at such meetings.

New trustees are required to have a high level of commitment to Workaid and to be sympathetic to its aims and objectives. The Board also seeks to ensure that collectively the trustees have a suitable range of ski s and experience so that they can help to constructively challenge and shape the strat­ egy proposed by management and ensure good governance. We also seek to ensure that the trustee body is appropriately diverse so that a broad range of perspectives are brought to the discussions.

Induction of Trustees

New appointees are provided with information about their role and responsibilities under charity law and also as company directors. From time to time, a formal course is organised to ensure that all trustees are up to date with the current standards and regulations.

Organisation

As we emerged from the pandemic we returned towards the normal planned rotation of trustees, although we needed also to retain continuity to help manage the exceptional challenges presented by COVID-19. Recruitment of new trustees continues to be undertaken.

The Human Resources, Finance, Project & Planning, and Health & Safety Committees meet regu­ larly and report to the full trustee board every quarter to ensure that good governance is maintained and potential risks and problems are managed and resolved in a timely manner.

Interim financial results are shared with the trustees in the form of management accounts including a financial and cash flow forecast which is prepared with input from senior operational management. Financial performance presentations form an integral part of quarterly trustee meetings. The trustee board is also appraised of all expenditure above the agreed threshold that can be approved by any one of the employees, including the CEO.

Related Parties

None of the trustees receives remuneration. However, trustees may visit Africa for appraisals and negotiations with the partners for which their reasonable expenses are reimbursed.

Pay policy

Salaries are reviewed annually and adjusted for inflation and any change in responsibilities. An off­ cycle pay award was made this year to retain employees in a high inflation environment.

10

WORKAID (A company limited by guarantee)

Report of the directors and trustees for the year ended 5\ April 2023

Management of Risk

The charity trustees follow a risk management strategy comprising:

• a) As part of the regular trustee strategy meetings, principal risks and uncertainties that the charity may face are discussed together with the effectiveness of associated policies, systems and procedures that are in place to mitigate such risks.

• b) Where such risks currently exist, these are identified and highlighted in the annual review together with the procedures in place to minimise any potential impact on the charity.

Specific areas of risk are as follows:

• Financial sustainability -- regular reviews of available liquid funds and working capital (both for the immediate future and the year ahead) are undertaken to ensure that all current liabilities have adequate cash coverage.

• Building and third-party risks -- these are reviewed and discussed both internally and with our insurers to ensure adequate insurance coverage is always in place and required remedial works are carried out in a timely manner and to the correct standard.

• • Health and safety of volunteers and visitors -- this is constantly under review so that all legislative requirements are met, and that accident risks are minimised.

• IT risks -- the security of the IT system is controlled and supervised by an experienced IT executive.

Trustees' responsibilities in relation to the financial statements

Company law requires the trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing the financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006, taking advantage of the small companies' exemp­ tion in that Act. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included in the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

11

WORKAID (A company limited by guarantee)

Report of the directors and trustees for the year ended 5" April 2023

Statement as to disclosure to our Independent Examiner

In so far as the trustees are aware at the time of approving the annual report:

• there is no relevant information of which the charitable company's independent examiner is unaware; and

• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant information, and to establish that the independent examiner is aware of that information.

By order of the board of trustees

M Critchley Trustee

1 7 July 2023

12

WORKAID (A company limited by guarantee)

Independent Examiner's Report to the Trustees of Workaid for the year ended 5" April 2023

I report to the trustees on my examination of the financial statements of the charitable company for the year ended 5 April 2023 which are set out on pages 14 to 22.

Responsibilities and basis of report

As trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charitable company's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act') In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charitable company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the exami­ nation because I am a member of the ACCA, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

• 1 . accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or

• the financial statements do not accord with those records; or

• the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair view' which is not a matter considered as part of an independent examination; or

• the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the finan­ cial statements to be reached.

Use of my report

This report is made solely to the charity's trustees, as a body, in accordance with the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted b , I do not accept or assume responsibility to anyone other than the charity and the charity' trust s as a body, for my Independent Examination, for this report, or for the opinions I have f rm

Majid Sadeghi FCCA Rouse Partners LLP 55 Station Road Beaconsfield Bucks HP9 1 QL

oae.20.l22.3.

13

WORKAID (A company limited by guarantee)

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the year ended 5" April 2023

		Unrestricted	Restricted	Total	Total
		Funds	Funds	2023	2022
	Note	£	£	£	£
Income
Donations and Legacies	2	154,113	68,500	222613	213,963
Trading Activities	3	246,977		246,977	270,178
Value of Donated Goods		12,975		12,975	12,053
Investment Income	4	893		893	168
Total Income		414,958	68,500	483,58	496,362
Gains oninvestment	4	4,006		4,006
assets
Total Gains		418,964	68,500	487,64	496,632
Expenditure on
Raising Funds	5	67,647		67,647	60,617
Charitable Activities	6	435,392	53,500	488,892	406,380
Total Expenditure		503,039	53,500	556,539	466,997
Net movement fr the
year		(84,075)	15,000	(69,075)	29,365
Reconciliation of
Funds
Total funds brught
frard		920,20		920,20	891,055
Total Funds carried
frard		836,345	15,000	851,345	920,20

Information regarding how much of the figures relate to restricted funds is included in notes 2, 5, 6, and 14.

The notes on pages 17-22 form part of these financial statements.

14

WORKAID {A company limited by guarantee)

Balance Sheet at 5" April 2023

		Note	2023	2022
			£	£
Fixed Assets
Tangible assets		10	576,044	595,175
	Total Fixed Assets		576,044	595,175
Current Assets
Debtors		11	7,530	8,872
Investments		12	174,006
Cash at bank and in hand			108,133	338,64
	Total Current Assets		289,669	347,336
Labilities
Creditors fling due within		1 3	14,368	22091
one Year
Net Current Assets			275,301	325,245
	Net Assets		851,345	920,420
Represented by
Restricted Funds		14	15,000
Unrestricted Funds		14
	Generl		140,301	125,245
	Operational		120000	200,000
	Other designated		576,044	595,175
	Total Funds		851,345	920,420

The trustees have prepared financial statements in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2 0 1 1 . These financial statements are prepared in accordance with the special provisions of Part 1 5 of the Companies Act relating to small companies and constitute the annual financial statements required by the Companies Act 2006 and are for circulation to members of the company.

For the year ended 5" April 2023, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Workaid's company number is 02576450.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The notes on pages 17-22 form part of these financial statements.

M Critchley , Chairman on behalf of the trustees Approved by the trustees on 17 July 2023

%.at

15

WORKAID (A company limited by guarantee)

Statement of Cash Flows for the year ended 5\ April 2023

	Note	2023	2022
		£	£
Cash fows fom operations	16	(54,134)	73,156
Cash flows fom investing	16	(176,197)	168
lncrease/(decrease) in cash and cash equivalents		(230,331)	73,324
Cash and cash equivalents at the beginning of the
year		338,64	265,140
Cash and cash equivalents at the end of the year		108,133	338,64

The notes on pages 17-22 form part of these financial statements.

16

WORKAID (A company limited by guarantee)

Notes to the financial statements for the year ended 5" April 2023

1. Accounting Policies

Company information

Workaid is a private company limited by guarantee incorporated in England & Wales. The registered office address can be found on page 2, Reference and administrative details.

Accounting Conventions

The financial statements have been prepared on a going concern basis under the historical cost convention. The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recom­ mended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Char­ ities Act 2 0 1 1 , the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019. The financial statements are prepared in Sterling, which is the functional currency of the charitable company, and rounded to the nearest £1 .

Capitalisation policy, tangible fixed assets and depreciation

Purchases of assets in excess of £1,000 are considered for capitalisation by the Trustees. Tangible fixed assets are stated at cost less depreciation. Depreciation commences at the date the asset is acquired or ready for use. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Freehold Property - the trustees have not depreciated the premises at The Old Boot Factory Fixtures, fittings & equipment, and motor vehicles - 20% per annum, straight line

Investment assets

Investments are classified as financial assets at fair value through the statement of financial activi­ ties. These are measured at market value as at the balance sheet date. Realised and unrealised gains on investments are recognised in the statement of financial activities.

Expenditure

Expenditure is accounted for on the accruals basis, net of VAT where this is recoverable. Govern­ ance costs relate to the costs of the Independent Examiner plus specialist advice on human re­ sources and operational matters. These costs are included in full under expenditure on charitable activities as the trustees do not consider it appropriate or practical to allocate any of these costs to the costs of the charity's trading activities.

Income

Income from donations and tax recovered is accounted for on a received basis. Income from trading activities is also accounted for on a received basis. No value is placed on donated tools and equip­ ment received until they are shipped or are sold by the charity.

Restricted funds

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors. The aim and use of each restricted fund are set out in the notes to the financial statements.

Pensions

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

17

WORKAID (A company limited by guarantee)

Notes to the financial statements for the year ended 5" April 2023

2 Income from Donations and Legacies

come from Donations and Legacies
	2023	2022
	£	£
Individuals	110,374	144,95
Trusts	92,825	50,00
Churches and Organisations	15,680	14,163
Gif aid	3,734	4,905
	222,613	213,963
In the current period there were seven restricted donations totaling £68,500		(2022 - one
donation of £5,000).

3	Trading Activities
		2023	2022
		£	£
	Woraid Shop&Sales Stands	199,599	205,857
	eBay&Auctions	33,419	33,576
	Non-Shop Sales	1,1 9 1	4,125
	Sale of Scrap	6,447	7,206
	Superised Work Experience	2,940	3,380
	Craft&Sundry Acivities	125	510
	Employment funding	3,256	15,524
		246,977	270,178
4	Investment Income
		2023	2022
		£	£
	Bank Interest	893	168
	Gains on investment assets	4,006
		4,899	168
5	Expenditure on Raising Funds
		2023	2022
		£	£
	Fund Raising and Publicty	6,288	2,646
	Staf Costs	45,337	43,66
	Shop&Development Activities	9,164	8,109
	Specal Needs Workshop Superision	6,858	6,396
		67,647	60,617

Special needs workshop supervision and development activities were funded by £6,000 restricted funds in the current year (2022 - £nil).

18

WORKAID (A company limited by guarantee)

Notes to the financial statements for the year ended 5\ April 2023

6 Expenditure on Charitable Activities

xpenditure on Charitable Activities
	2023	2022
	£	£
Project Costs	17,266	152,792
Staf Costs	156,339	139,691
Workshop	62,532	45,353
Building Maintenance	28,52	13,28
Ofce	29,565	19,75
Goverance	8,517	8604
Deprecation	26,221	27,037
	488,892	406,380

Project costs were funded by £20,500 restricted funds in the current year (2022 - £35,000). Building maintenance was funded by £14 , 910 restricted funds in the current year (2022 ­ £nil). Staff costs were funded by £5,000 restricted funds in the current year (2022 -£9,000) Governance costs include £3,250 for independent examination and £2,688 for other finan­ cial services (2022- £2,975 and £2,982).

7 Staff

af
	2023	2022
	£	£
Total Staf Costs	187,275	169,997
Employers pension cost	2,650	3,288
Employers National Insurance	11,751	9,873
	201,676	183,158
Average Staf Numbers	8	9
Full Time Equivalent	5.7	5.8

For the current year, there were two full time employees (2022 -- three). No employee earned £60,000 p.a. or more. Trustees were not remunerated.

The key management of the charity was considered to be the full trustee body, the Chief Executive Officer, and the Volunteer and IT Co-ordinator. The total remuneration of key management in the year was £98,682 (2022 -£94,012)

8 Related Party Transactions

No trustee received expenses in the current year (2022 - £nil).

9 Taxation

As a charity, Workaid is able to recover tax on donations received related to Gift Aid. The charity is registered for VAT and is exempt from corporation tax on its charitable activities.

19

WORKAID (A company limited by guarantee)

Notes to the financial statements for the year ended 5\ April 2023

10	Tangible Fixed Assets
		Freehold	Fixtures&	Motor	Total
		Prpery	Fitings	Vehices
		£	£	£	£
	Cost
	At 6 Apri 2022	535,000	138,04	28,700	702,104
	Additions		7,090		7,090
	Disposals		(17221)		(17221)
	At 5 April 2023	535,000	128,273	28,700	691,973
	Depreciation
	At 6 April 2022		79,859	27,070	106,929
	On disposals		(17,221)		(17,221)
	Charge frthe
	year		24,591	1,630	26,221
	At 5 April 2023		87,229	28,700	115,929
	Net book value
	At 5 April 2022	535,000	58,545	1,630	595,175
	At 5 April 2023	535,000	41,044		576,044

Fixed asset additions were funded by £7,090 restricted funds in the current year (2022 ­ £nil).

1 1 Debtors

ebtors
	2023	2022
	£	£
VAT refund	3,796	3,877
Gif Aid	3,734	4,905
Receivables		90
	7,530	8,872

12 Investments

The investments which are held for the short term are a managed portfolio in various funds or collective investments in different categories. At the year-end they can be categorised as:

as:
	2023	2022
	£	£
Debt and fxed Interest	105,220
Equity colective investments	32,162
Alterative investments	27,525
Cash	9,099
	174,006

20

WORKAID (A company limited by guarantee)

Notes to the financial statements for the year ended 5" April 2023

13	Creditors
					2023	2022
					£	£
	Supplier invoices				8,904	7,239
	Accruals				5,464	14,852
					14,368	22091
14	Funds
		Opening				Closing
		Balance	Income	Expenditure	Transfers	Balance
		£	£	£	£	£
	Restricted		68,500	(53,500)		15,000
	Designated
	Operational	200,000			(80,000)	120,000
	Fixed Assets	595,175		(19131)		576,044
	Total Designated	795,175		(19,131)	(80,000)	696,044
	Unrestricted	125,245	418,964	(483,908)	80,000	140,301
	Total Funds	920,20	487,64	(556,539)		851,345

The restricted fund is to cover certain project costs, and works at The Old Boot Factory. The fixed asset fund represents the net book value of the fixed assets owned by the charity.

The operational fund is to cover six months day-to-day net running costs.

15 Analysis of Net Assets

	Restricted		Designated	Unrestricted	2023
		Fixed Assets	Operational		Total
	£	£	£	£	£
Fixed Assets		576,044			576,044
Current Assets	15,000		200,000	74,669	289,669
Current Labilities				(14,368)	(14,368)
	15,000	576,044	200,000	60,301	851,345

21

WORKAID (A company limited by guarantee)

Notes to the financial statements for the year ended 5\ April 2023

16 Notes to the Statement of Cash Flows

Notes to the Statement of Cash Flows
	2023	2022
	£	£
Cash Flows fom operations:
Net movement of funds	(69,075)	29,365
Add back depreciation	26,221	27,037
Deduct interest income	(893)	(168)
Deduct unrealised investment gain	(4,006)
Debtors	1,342	4,698
Creditors	(7723)	12,224
	(54,134)	73,156
Cash flows fom investing:
Interest income	893	168
Purchase of fxed assets	(7,090)
Purchase of investments	(170,000)
	(176197)	168

Tools tor Life ­ WORKAiD.

The Queen's Award for Voluntary Service

22