Tools for Life WORKAID. ..,..,,,.,.,. The Queen's Award Financial Statements Year ended 5th April 2024 Charity Number 1041574 Company Number 02576450
WORKAID (A company limited by guarantee) Reference and administrative details Charity number Company number Registered Office 1041574 02576450 The Old Boot Factory, 71 Townsend Road, Chesham, Bucks. HP5 2AA Bankers HSBC Bank plc, 1 Centenary Square. Birmingham. B1 1 HQ Solicitors.. Blaser Mills, Chalfont Court, 5 Hill Avenue, Amersham, Bucks. HP6 5BD Independent Examiner.. Susan Drummond FCCA, Rouse Partners LLP, 55 Station Road, Beacons- field, Bucks. HP9 1 QL Patrons Sir William Castell LVO 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 D S Moores L M Walker (Resigned 41h July 2023) K G Wilcock Chief Executive Officer: A S Hatch
WORKAID {A company limited by guarantee) Chairman's Report The theme of recent reports has been of steady progress despite a challenging environment - last year we said we were back on our feet and in 2023124 we have walked forward. The organisation ended the year with stronger partnerships in Africa, more volunteers, an improved site, and a better- trained volunteer and employee base. Ourfinancial outcome was a little worse than expected though this was in large part because of expected trust and legacy income arriving later than expected. after the end of the financial year. Despite that we were able to adhere to our reserves policy which meant that we retained the ability to plan, cautiously, for the future. In Africa we continued to focus on strengthening our partnerships with other organisations- this both makes us more resilient, and ensures that we are better able to assess the requests we receive for support, and monitor and evaluate the effectiveness of the support we provide to our beneficiaries. These systems are increasingly required by donors I funders who look for a more commercial ap- proach to assess where to place their funds. In Uganda we funded the recruitment of a Monitoring & Evaluation Assessor with Amigos, and we are looking to fund the same role with Vwila in Zambia who will help us to further develop our schools programme in Mumbwa district. In 2023124 a further four schools were brought into that programme with new fully-fitted workshops supplied by us, primarily funded by the Big Give campaign. In Tan- zania we started to explore the possibility of working with another UK charity with operations there and hope to be able to report further on that next year. Volunteer numbers in the UK continue to tick upwards, though cost of living issues and an increased level of grandparenting duties continues to limit the growth. This increase in numbers is in part a function of the work done to continue to raise our profile locally - the website has been relaunched and our new Communications Officer has enhand our social media presence. The volunteers enjoyed an improved working location, with a new security gate, improved fencing and a resurfaced driveway. We also invested in training for the whole team with the development of an online portal with general training in health and safety and safeguarding, and specific training relevant to each area of the workshop. Not only has this improved the quality of the work we do but it also increased organisational resilience through more effective management of our risks. Our financial health remains sound. Our current year deficit of £130,773 left us with reserves of £720,572 of which £168,159 are operational and general. A legacy and delayed receipt of trust in- come of which we had already been advised meant that this deficit was £20,000 more than antici- pated and will not impact on the 2024125 results. We were also advised in 2023 that we had been selected as the charity for the Radio 4 appeal, to be made in 2024. This. the continued success of the shop and the improved trajectory for eBay earnings. means that we have some confidence look- ing forward and in particular the consistent excellence of the income generated by the shop means that the majority of our fixed costs are paid for by relatively predictable income. We continue to seek support from an increasing number of trusts and this diversity of income sources gives confidence to plan, though as ever careful to avoid complacency. In summary, the positive highlights of 2023-24 were as foll0v. An overseas visit to Uganda by Adrian Hatch. This was the first opportunity to meet Benjamin Mwine, the new Project Officer working for Amigos Uganda but paid for by Workaid. Adrian travelled with Benjamin to Gulu District in Northern Uganda to gain case studies of beneficiaries, to look at potential projects to support and to review Workaid Project and Field Assessment forms. Unfortunately, Adrian contracted COVID just as he was to visit Tanzania so this trip had to be postponed.
WORKAID IA company limited by guarantee) A programme to retrieve broken sewing machines formerly provided by Workaid in the Western region of Uganda was developed. These machines are to be refurbished at Albert Valley Institute of Vocational Studies, Karugutu. A total of 117 groups of young people in Uganda were supported upon graduation with tools to establish small scale businesses. 50 graduates of Kira farm received sewing machines. carpentry and masonry tool kits in order to establish small scale businesses. We continued to develop the Zambia Secondary schools vocational training programme. A further four schools were brought into the programme, workshops were constructed at each school and tools and equipment provided. Implemented the online training platfomi for Workaid staff to include. Fire Safely, Safeguarding and GDPR compliance. Continued work to improve the Workaid Chesham site. This included further tarmacking of the road surfaces, replacement and refurbishment of perimeter fencing and upgrading of the main gate to a Mag Lock mechanism. Current volunteers Oliver Heal and Pat Brocklebank and former volunteers, Frank Venables and Mike Jones died during the year and our thoughts are with their family and friends. Frank Venables was one of the early volunteers who joined Workaid, soon after Workaid had started in 1986. He worked very hard for Workaid in the workshop and also became a dedicated trustee. He later be- came the leader of the packing of the refurbished tools. Plans for the year ahead Adrian will visit Tanzania in April and Zambia in September. The Tanzania trip will have two purposes.. To explore a potential partnership between Tools for Self-Re11an - Cymru, Kalwande Church Service and Training Centre (KCSTC) and Workaid. Kalwande is in the Lake Zone Region and about 20 miles from Mwanza on Lake Victoria. To visit projects formally supported by Workaid in the Southern Highlands with a view to identify 12-15 projects for future support and development. This will include supporting graduates of these projects to form small groups and to establish their own businesses. Implement the sewing machine refurbishment programme. These refurbished machines will be loaned to graduates of supported training programmes to help them establish their businesses and will then be returned to Albert Valley to be serviced and loaned out again. Develop the infrastructural capacity of Albert Valley to become a regional centre of vocational training excellence and sewing machine refurbishment hub. Recruit a Projects Officer for Vwila Foundation Bring a minimum of four new secondary schools onto the Zambia Secondary schools vocational training programme. Continue to develop and implement the on-line training platform for volunteers.
WORKAID IA company limited by guarantee) Further site development will take place. This will include the demolition of the paint store and the construction of an outside seating area. painting of exterior window frames and the next phase of tarmacking. Further explore ways in which we can expand the number of clients and days that the HUB operates. The HUB is our dedicated workshop where people with mild to moderate support needs learn valuable life lessons and skills. Seek to develop a small programme of opportunities for short term interns within the organisation. Summary We will continue to improve the quality of what we do in Africa, and to professionalise the way we work in the UK. Emphasis has and will continue to be to develop partnerships with likeminded or- ganisations in order to increase our reach and maximise our impact. 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. R Canham Chairman 22 July 2024
WORKAID (A company limited by guarantee) Report of the directors and trustees for the year ended 5th April 2024 The Trustees are pleased to present their annual report and financial statements for the charity for the year ended 5th April 2024 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 2011, the Companies Act 2006, the Memo- randum and Articles of 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. 2. 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.
Tools for Life WORKAID. ThoQueèn'5AwArd fovVoluThtarySei¥lte The Old Boot Factory, 71 Townsend Road, Chesham, Buckinghamshire, HP5 2AA Rouse Partners LLP 55 Station Road Beaconsfield Bucks HP9 1QL Dear Sirs The following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience such as we consider necessary in connection with your independent examination of the charitable company's financial statements for the year ended 5 April 2024. These enquiries have included inspection of supporting documentation where appropriate. All representations are made to the best of our knowledge and belief. General We have fulfilled our responsibilities as directorsltrustees as set out in the terms of your engagement letter, under the Companies Act 2006 and Charities Act 2011 for preparing financial statements in accordance wilh FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102"), "Accounting and Reporting by Charities. the Statement of Recommended Practice for charities applying FRS 102, for being satisfied that they give a true and fair view and for making accurate representations to you. All the transactions undertaken by the charitable company have been properly reflected and recorded in the accounting records. All the accounting records have been made available to you for the purpose of your independent examination. We have provided you with unrestricted access to all appropriate persons within the charitable company, and with all other records and related information requested, including minutes of all management and trustee meetings and correspondence with The Charity Commission. The accounts are free of material misstatements. including omissions. Internal control and fraud We acknowledge our responsibility for the design, implementation and maintenance of internal control systems to prevent and detect fraud and error. We have disclosed to you the results of our risk assessment that the financial statements may be misstated as a result of fraud. We have disclosed to you all InStanS of known or suspected fraud affecting the entity involving management, employees who have a signifi'cant role in internal control or others that could have a material effect on the financial statements. We have also disclosed to you all information in relation to allegations of fraud or suspected fraud affecting the entity's financial statements communicated by current or former employees, analysts, regulators or others. Assets and liabilities All actual liabilities, contingent liabilities and guarantees given to third parties have been recorded or disclosed as appropriate. We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements 10 All repairs and maintenance work done in the year are repairs and or maintenance and have not materially altered the value of the fixed assets. 01494 775220 workaid.org admin@workaid.org Charity Number: 1041574 Company Number: 2576450 VAT: 792 7512 01 Founder: Kenneth Nunn Chairman: Richard Canham Chlef Executive., Adrian Hatch Patrons: Sir Willlam Castell . Lady Jean Johnson Gary Grant. Sylvia Parrott MBE FR FUN1)RAl] REGLIL4YOR
(continued 2 of 3) Legal claims 11 We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received and such matters, as appropriate, have been properly accounted for and disclosed in the accounts. Accounting estimates 12 Significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable. Loans and arrangements 13 The charitable company has not granted any advances or credits to, or made guarantees on behalf of, directors other than those disclosed in the financial statements. Law and regulations 14 We have disclosed to you all known instances of non-compliance or suspected non-compliance with laws and regulations whose effects should be considered when preparing the accounts. Related parties 15 Related party relationships and transactions have been appropriately accounted for and disclosed in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with legislative and accounting standards requirements. 16 During the year trustees received reimbursed expenses totalling £Nil (2023- £Nil). Subsequent events 17 All events subsequent to the date of the accounts which require adjustment have been properly accounted for. Grants and donations 18 All grants, donations and other income, the reIpt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income. Restricted funds 19 Restricted funds of £Nil (2022- £15,000) at the balance sheet date are correctly allocated and presented in the accounts. 20 Income of £31,512 (2023.. £68,500) and expenditure of £46.512 {2023'. £53,500) in the year to 5 April 2024 are correctly allocated and presented in the accounts. Designated funds 21 Designated funds of £672,413 (2023= £696,044) at the balance sheet date are correctly allocated and presented in the accounts. 22 Income of £Nil {2023'. £Nil) and expenditure of £Nil (2023- £19.131) in the year to 5 April 2024 are correctly allocated and presented in the accounts. 23 A transfer of £23,631 (2023.. £80,000) from designated funds to unrestricted funds in the year to 5 April 2024 is correctly allocated and presented in the accounts. In kind donations and costs 24 In kind donations of goods have been valued in the accounts at that of reflective market values. 01494 775220 workaid.org admin@workaid.org Charity Number: 1041574 Company Number: 2576450 VAT: 792 7512 01 Founder: Kenneth Nunn Acting Chalrman: Richard Canham Chief Executive: Adrian Hatch Patrons: Sir William Castell . Lady Jean Johnson . Gary Grant . Sylvia Parrott MBE FR REGULATOR
(continued 3 of 31 Going concern 25 We believe that the charitable company's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charitable company's needs. We have considered a period of e1ve months from the date of approval of the financial statements. We believe that no further disclosures relating to the charitable company's ability to continue as a going concern need to be made in the financial statements. Yours faithfully R Canham Chairman Signed on behalf of the Board of Trustees Date 01494 775220 workaid.org admin@workaid.org Charity Number: 1041574 Company Number: 2576450 VAT.. 792 7512 01 Founder: Kenneth Nunn Acting Chairman: Richard Canham Chief Executive: Adrian Hatch Patrons: Sir William Castell . Lady Jean Johnson . Gary Grant . Sylvia Parrott MBE FR REGULATOR
WORKAID IA company limited by guarantee) Report of the directors and trustees for the year ended 5th April 2024 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. 4. Our Work in the UK with Vulnerable Young People and Adults Develop our capacity and expertise to provide a safe, supportive and friendly environment for vulnerable young people and adults with special needs or those not in education, employment or training to improve their confidence, self-worth and self- esteem and where appropriate to enhance their employment potential. Provide work experience and training through a paid six-month work placement to two young people at a time, with the aim of developing their skills and confidence to gain full time employment. 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 SeICed and, if necessary, repaired by our team of volunteers at our Chesham workshop and shipped to eastern and southern Africa. We are starting to place greater emphasis on the training of young people in Africa to service and repair the sewing machines that we send. 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 experien. 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.
WORKAID IA company limited by guarantee} Report of the directors and trustees for the year ended 5th April 2024 Fundraising Activities Our more predictable income sources continued to do well. The shop generated £204,000 for the year and this from opening only three days a week. Online sales generated £30,000, led by an online retail coordinator staff member. These are very similar to the previous year (£199,000 and £33,000 respectively) and we are budgeting a modest growth in online sales for the next financial year. This predictable income is critical to our ability to plan for the future. Trust income was £89,000 compared to £93,000 the previous year, thanks to the efforts of our ded- icated fundraiser who was able to secure grants from a number of new Trusts and Foundations. We are hopeful that as we develop new partnerships and projects we can further increase income from these sources. 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 M&E Officer was recruited in Zambia and they have developed a baseline survey and indicators to measure success. M&E systems have also been developed wth our partners in Uganda and we hope to do the same in Tanzania in the 2024-25 financial year. It will 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 previous years in which they 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 102 projects (compared to 118 last year). The groups helped in these 102 projects fell into the following categories: 1. Women & other Self-Help Groups 2. Vocational Training & Youth Polytechnics 3. Community Projects (Urban & Rural) 4. Widows & Orphans Rehabilitation 5. Prisons 6. Church & Missionary Based Projects 7. Schools Training Projects 27 18 11 11 28 A total of 1,795 groups of items comprising refurbished tool kits, machines, and other equipment were supplied. These items included 163 starter kits (114 last year) for a variety of trades, in line with our decision to supply more of these. The other biggest groupings were sewing machines (432), carpentry kits (234), masonry kits (91), metalwork kits (71), motor mechanics kits (23) and knitting machines (65). We also sent various types of equipment for engineering, horticultural, plumbing, leatherwork and electrical training, and many larger items of workshop equipment such as lathes, workshop benches and welding machines.
WORKAID IA company limited by guarantee) Report of the directors and trustees for the year ended 5th April 2024 Note.. While we develop the way in which we support projects in Africa, reporting on the numbers of projects will change as each of our partners have different reporting requirements. As such it is difficult to make year on year comparisons. Consignments for 102 projects were loaded in five 20ft sea containers, However, Amigos at Kira Farm took delivery of sufficient tools to provide between 10-20 projects with starter kits and full kits for projects. These to be distributed once projects are identified in the second quarter of 2024 when a Workaid funded project assessor is in place. 1. 17 to Uganda 2. 51 to Zambia 3. 15 to Tanzania 4. 19toUK 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 was £412,000 and reflected a decrease of 150/0 compared to th the year ended 5 April 2023. However, the previous financial year included unusually high legacy income £66,000 which was not repeated this year. Excluding this legacy, comparable income was 2 % lower overall. Overall expenditure reduced by £17,000, compared to the previous year. Investment powers and policy Following the appointment of Canaccord Genuity Wealth Management (CGWM) in 2022 to manage our excess cash a sub-committee carefully monitors the investment policy of Workaid and manages the relationship with the investment manager. Cash and investments reserves Cash and readily realisable investments decreased in the year by £103.000 to £179,000. This in- cludes £136,000 which is invested with CGWM and is available within five days. This reduction re- flects increased expenditure on charitable activities out of the legacies received in previous years. A more cautious budget has been set for 2024125 with the intention of ensuring that available cash and readily realisable investments remain at a safe level. Structure, Governance and Management Governing docun]ent 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 24th 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 accordan with Clause 7 contained in the charity's Memorandum and Articles of Association.
WORKAID (A company limited by Euarantee) Report of the directors and trustees for the year ended 5th April 2024 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 skills 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. 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 pla to mitigate such risks. b) Where such risks currently exist, these are identified and highlighted in the annual review together with the procedures in pla to minimise any potential impact on the charity. 10
WORKAID IA company limited by guarantee) Report of the directors and trustees for the year ended 5thApril 2024 Specific areas of risk are as follows.. 1. 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. 2. 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. 3. 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. 4. IT risks - the security of the IT system is controlled and supervised by an experienced IT executive. Trustees, responsibilities in relation to the financial ststements 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; 2. observe the methods and principles in the Charities SORP: 3. make judgements and estimates that are reasonable and prudent" 4. state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 5. 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. Statement as to disclosure to our Independent Examiner In so far as the trustees are aware at the time of approving the annual report.. 1. there is no relevant information of which the charitable company's independent examiner is unaware. and 2. 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. rder of the board of trustees R Canham Chairman 22 July 2024 11
WORKAID IA company limited by guarantee) Independent Examiner's Report to the Trustees of Workaid for the year ended 5th April 2024 I report to the trustees on my examination of the financial statements of the charitable company for the year ended 5 April 2024 which are set out on pages 13 to 19. 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 l am qualified to undertake the exami- nation because l 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.. 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 3. 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 accordan 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 l am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body. for my Independent Examination, for this report, or for the opinions I have formed. Susan Drummond FCCA Rouse Partners LLP 55 Station Road Beaconsfield Bucks HP9 1QL Date.. 12
WORKAID IA company limited by guarantee) Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the year ended 5th April 2024 Unrestricted Funds Restricted Funds Total Total 2023 2024 Note Income Donations and Legacies Trading Activities Value of Donated Goods Investment Income 122.157 243,561 8.907 5,744 31,512 153,669 243,561 8,907 5,744 222.613 246,977 12,975 2,107 Total Income 380,369 31,512 411,881 484,672 Expenditure on Raising Funds Investment Management costs Charitable Activities 70,386 70,386 67,647 1,119 422,210 1,119 468.722 304 488,892 46,512 Total Expenditure 493,715 46,512 540,227 556,843 Net expenditure before investment gainsl (losses) Realised (losses) on disposal on investments Unrealised gainsl(losses) on investments Net gainsl(losses) on investments Net movement for the year 113,346 15,000 128,346 72,951 (708) (708) (1,719) (1,719) 3,096 (2,427) (2,427) 3,096 115,773 15,000 130,773 69,075 Reconciliation of Funds Total funds brought forward 836,345 15.000 851,345 920,420 Total Funds carried forward 720,572 720,572 851,345 Information regarding how much of the figures relate to restricted funds is included in notes 2, 5, 6, and 14. The notes on pages 15-19 form part of these financial statements. 13
WORKAID (A company limited by guarantee) Balance Sheet at 5th April 2024 Note 2024 2023 Fixed Assets Tangible assets 10 552,413 576,044 Total Fixed Assets 552,413 576,044 Current Assets Debtors 11 9,649 136,145 43,036 7,530 174,006 108,133 Investments 12 Cash at bank and in hand Total Current Assets 188,830 289,669 Liabilities Creditors falling due within one Year 13 20,671 14,368 Net Current Assets 168.159 720,572 275,301 851,345 Net Assets Represented by Restricted Funds 14 15,000 Unrestricted Funds 14 General 48,159 120,000 552,413 720,572 140,301 120,000 576,044 851,345 Operational other designated Total Funds The trustees have prepared financial statements in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These financial statements are prepared in accordance with the special provisions of Part 15 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¢h April 2024, 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. notes on pages 15-19 form part of these financial statements. R Canham Chairman on behalf of the trustees Approved by the trustees on 22 July 2024 14
WORKAID (A company limited by guarantee) Notes to the financial statements for the year ended 5th April 2024 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 2011, 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. 15
WORKAID (A company limited by guarantee) Notes to the financial statements for the year ended 5th April 2024 2 Income from Donations and Legacies 2024 2023 Individuals Trusts Churches and Organisations Gift aid 48.090 89,432 12.243 3,904 110,374 92,825 15,680 3,734 153,669 222,613 In the current period there were three restricted donations totalling £31,512 (2023 - seven donations totalling £68,500). 3 Trading Activities 2024 2023 Workaid Shop & Sales Stands eBay & Auctions Non-shop Sales Sale of Scrap Supervised Work Experience Craft & Sundry Activities Employment funding 203,514 29,957 199,599 33,419 1,191 6,447 2,940 125 3.256 6,230 3,615 245 243,561 246,977 4 Investment Income 2024 2023 Bank Interest Income from managed funds 59 5,685 893 1,214 5,744 2,107 Expenditure on Raising Funds & Investment Management 2024 2023 Fund Raising and Publicity staff Costs Shop & Development Activities Special Needs Workshop Supervision Investment management costs 2,931 49,523 7,713 10,219 1,119 6,288 45,337 9,164 6,858 304 71.505 67,951 Special needs workshop supervision and development activities were funded by £1,000 restricted funds in the current year (2023 - £6,000). 16
WORKAID IA company limited by guarantee) Notes to the financial statements for the year ended 5th April 2024 6 Expenditure on Charitable Activities 2024 2023 Project Costs Staff Costs Workshop Building Maintenance Office Governance Depreciation 169,691 137,208 53,444 36,700 25.562 22,486 23,631 177,266 156,339 62,532 28,452 29,565 8,517 26,221 468,722 Project costs were funded by £17,000 restricted funds in the current year (2023 - £20,500). Building maintenance was funded by £28,512 restricted funds in the current year (2023 £14,910). Staff costs were funded by £nil restricted funds in the current year (2023- £5,000). Governance costs include £4.000 for independent examination and £3,094 for other finan- cial ServIS (2023- £3,250 and £2,688). 488,892 7 Staff 2024 2023 Total Staff Costs Employers pension cost Employers National Insurance 174,079 2,534 10,118 187,275 2,650 11,751 186,731 201,676 Average Staff Numbers Full Time Equivalent For the current year, there were bNo full time employees (2023- two). No employee earned £60,OOOp.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 £101.575 (2023 - £98,682). 8 Related Party Transactions No trustee received expenses in the current year (2023 - £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. 17
WORKAID IA company limited by guarantee) Notes to the financial statements for the year ended 5th April 2024 10 Tangible Fixed Assets Freehold Property Fixtures & Fittings Motor Vehicles Total Cost At 6 April 2023 Additions Disposals At 5 April 2024 535,000 128.273 28,700 691,973 535,000 128.273 28,700 691,973 Depreciation At 6 April 2023 On disposals Charge for the year At 5 April 2024 Net book value At 5 April 2023 At 5 April 2024 87,229 28,700 115,929 23,631 110.860 23,631 139.560 28,700 535,000 535,000 41,044 17,413 576,044 552,413 No fixed asset additions were funded by restricted funds in the current year (2023 - £7,090). 11 Debtors 2024 2023 VAT refund Gift Aid Receivables 5,685 3,904 60 3,796 3,734 9,649 7.530 12 Investments Movement in market value of investments 2024 2023 Market value at 6 April Acquisitions at cost Disposals at market value Net gainsl(losses) on revaluations Market value at 5 April Historical cost at 5 April 164,907 9.984 (41,929) 2,427 130,535 129,782 160,901 4,006 164,907 160,901 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 were categorised as.. 18
WORKAID IA company limited by guarantee) Notes to the financial statements for the year ended 5th April 2024 2024 2023 Debt and fixed Interest Equity collective investments Alternative investments 86,652 30,956 12,927 130,535 5,610 136,145 105,220 32,162 27.525 164,907 9,099 174,006 Cash 13 Creditors 2024 2023 Supplier invoices Accruals 9,671 11,000 20,671 8,904 5,464 14,368 14 Funds Opening Balance Closing Balance Income Expenditure Transfers Restricted 15.000 31.512 46,512 Designated Operational Fixed Assets Total Designated 120,000 576,044 696.044 120,000 552,413 672,413 23,631 23,631 Unrestricted 140,301 380.369 496.142 23,631 48.159 Total Funds 851,345 411,881 The restricted fund was 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. 542.654 720,572 15 Analysis of Net Assets Restricted Designated Unrestricted Fixed Assets Operational 2024 Total Fixed Assets 552,413 552,413 Current Assets Current Liabilities 120,000 68,830 188,830 (20,671) (20,671) 552,413 120,000 48,159 720,572 19
WORKAID (A company limited by guarantee) Tools for Life WORKAID. TheQue¢Tr'SAward lorVoluThtIryS•c• 20