REGISTERED COMPANY NUMBER: 03254107 (England and Wales} REGISTERED CHARITY NUMBER: 1059202 REPORT OFTHE TRUSTEES AND AUDITED FINANCIAL STATEMENTS POR THE YEAR ENDED 31 MARCH 2024 FOR THE TEAMWORK TRUST (A COMPANY LIMITED BY GUARANTEEI Phipps Henson McAllister Chartered Accountants and Statutory Auditors 22-24 Harborough Road Kingsthorpe Northampton NN2 7AZ
THE TEAMWORK TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Chairman's Report Report of the Trustees 3 to 10 Report of the Independent Auditors 11 to 14 Statement of Flnantlal Actlvltles 15 Balance Sheet 16 Cash Flow Statement 17 Notes to the Cash Flow Statement 18 Notes to the Financial Statements 19 to 32
THE TEAMWORK TRUST CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 It's been a very busy year for the Charity in an uncertain and challenging financial environment due to the increase in running costs and cost of living crisis. We reviewed our Vision and M ission Statement towards the end of the year, launching a new three-year 2024-25 strategy to move with the times With greater emphasis on becoming a more Service user-led organisation. Desplte the challenges facing our sector generally and The Teamwork Trust in particular, we have continued to strengthen our staff team, policy framework and operation5 under the leadership of our CEO, Helen Burdett-wright and our wider senior team. There has been great focus on cost savings and the analysis of expenditure vs income projection this year. Financially, we ended the year much more favourably than origiiially forecasted, as a result of our leadership implementing some very strict C05t controls and making a significant chan8e in our organisational structure and Service. The diff icult decision to remove our coun5elling and well-being services at the beginning of the year resulted in a restructuring of the charity's staff team which was professionallv managed with advice from our HR business partner. Clients were supported to the end of their agreed support plan and then sign-posted to other providers within the local area. The organisation 15 fully committed to supportin8 adults with learning disabilities, autism and rnenlal health challenges by providing chances, choices and opportunities through service user led services which include work skills, education, life skills 2nd inclusive social activities. These take place both in our three centres and in our community. The Teamwork Trust is conscious that society's understanding of autism and learnin8 disabilities contlnues to develop and we enthusiastically particlpate In opportunities to network and present at events and meetings within the county. We continue to work closely wlth numerous teams and departments withln the Local Authority and actlvely support the council's strategic goals for adults with learning disabilities and autism. Our organisation is evolving to reflect the needs and interests of our current and future users. Our outsourcing work continues to provide our service users with new skills and promotes manual dexterity. While outsourcing still h3s a place in our organisation, it is Important that we have more to-produced, service u5er-led activities which are meaningful, engaging and support progression to the individual's version of independence. With the recruitrnent of a new busine55 development lead, we have been able to explore collaborative working with local businesses and community groups to expand our offering in respect to new social enterprise work skills and volunteering opportunities. The Charity is exploring more suitable premises for our new social enterprise work and growing f undraising activitie5, particularly in Corby, whère the rnaintenancè costs of our building have become prohibitive. We have en&aged with local property professionals and the local authority to assist in our search. We are also lookin8 to improve our premises at our other sites to update the environment and services for our users. We have retained a nd recruited the right people to create a positive workplace culture and this year our senior team has been restructured and we have recrulred Indlvldua15 who brlng fresh ouilook and valuable experlence io The Teamwork Trust. We welcomed Sarah Appleby, Head of Finance In September 2023, Tom Davies, Head of Servlces and Operations In November 2023 and Richard Ellis, Head of Development in January 2024. Our staff team have the experience and skills to achieve our organisalional 80als which includes the delivery of high-quality sessions, educational classes and activitie5 in which we can evidence progression towards independence and present our impact to our stakeholders. I nve5ting in our staff team in respect to their trainin8, personal development, promoting positive mental health and wellbein8 15 important to The Teamwork Trust. We held our Ljsual colle2gue offsite away days this year IApril and September) with the objective5 to educate, engage and motivate, with colleague feedback being extremely positive from both event5. Our staff team all complete mandatory training including First Aid Training at Work level 3. We continually assess training providers for their qualitv standards and value. Page I
THE TEAMWORK TRUST CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Our Board of Trustees continue to oversee the governance of the Charity and provide advice and guidance in their specialist areas of expertise. We held an annual Trustee Away Day ivhich focused on the strategic priorities of our charity. We are very fortunate to have an engaged Board of Trustees who have supported The Teamwork Trust this year at f undraisin8 events, service user activities and attended sub-committee meetings, including our Steering Group Committee which 15 led and chaired by our Service user5. A Bovernance review commenced this year which include5 an update acr055 all our policies and procedure5. The governance review is extensive and will continue through to the end of the 2024 calendar year. The Charity has focused efforts on recruiti ng further Trustees to the Board. A new Health and Safety sub-committee has been established, led by our H&S Trustee and Consultant, with both staff and service users taking an active role in meetings and actions. Our current IT business partner completed an IT Audit across our organisation this year in advance of us tendering for a new IT provider. They will focus on implementation of digital improvements and an upgrade to Office 365. Following successfu I digital funding bids. we aim to launch new portals next year in addition to making changes to our branding and web51te, including our service users. Digital inclusion for our service users remains a priority with education and progression in this area following our IT upgrade, At the end of the year, we launched a new 2024127 Charity strategy. The new three-year strategy for The Teamwork Trust has been co-produced by our service users, staff colleagues. volunteers and trustees, to expand the ways in which we sustain our services, while meetin8 the goals and objectives of the people we support. Many of those Involved were present at the formal launch of the new strategy at the Kettering Park Hotel. There is no doubt that our resillence wlll contlnue to be tested and there wlll be challenges to overcome in the polltlcal and economic landscape in the next year. However, we have a lot of positive plans tD progress and we will continue to evolve and Innovate In order to support our servlce users Interests and goals. Wlth the rlght people and Infrastructure In place, The Teamwork Trust is now in a positive position to achieve our Mission of supporting our service users to live full, purposeful lives and achieving their version of independence. Mr C R Oavies Chair of Trustee5 12 December 2024 Page 2
THE TEAMWORK TRUST (REGISTERED NUMBER: 032541071 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the charity for the pu rposes of the Compa nies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provi5ion5 Of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparin8 their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191. OBJECTIVES AND ACTIVITIES Objectives and aims The Irust'5 objects are to promote the preservation of health and to assist in relieving and supportin8 adults who have learning difficulties, autism and disabilities or sensory or physical disabilities who are based in Northamptonshire and by the provision of facilities for work therapy. education, life skills and socially inclusive activities. We focus on building ski115 in every individual, maintaining emotional and mental health wellbeing, being active, being safe and caring for the environment. At the end of 2024, the strate8ic aims were updated- Connetted living Creatin8 a space where our servSee users are supported to identlfy their personal needs and have cholces of how they reach thelr individual goals. We grow relatlonshlp5, meaningful connectlons and friendshlps, creatlng a communSty network of mutual support and co-creation. Development of growth and potentlal Modelling an organisational culture of looking after each other, where our service users and colleagues feel valued and invested in. We Identify skills needs and career progression, Sn order to develop a tailored personal development plan. I nspiring and engaging services Delivering co-designed services with key stakeholders that support our service users to develop the skills needed to realise their verslon of Sndependence. Working in co-production with our sèrvice users to offer a wide range of sessions to support progressign and positive mental health. Charnpionin8 equality and justice We remove barriers, advocate for independence and challenge ableism to reduce inequality, by Erowing our community partners, volunteerlng opportunltie5 and expanding our supporr nerwork through nerworklng, markeilng and dlgltal channels, We work in partnership with key stakeholders who share and support us to achieve our Vision and Mission. Vlsion To create a world where Learning Disabilities, Autism or Mental Health challenges are not barriers to people wanting to actively participate in their community throu8h educational learning, work 5ki115 training, volunteering and social activities. Mission To help our service users thrive by eivine choices, chances and opportunities to live full, purposeful and independent lives. Page 3
THE TEAMWORK TRUST (REGISTERED NUMBER: 032541071 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Values Pride We give ¢are and attention toward5 everything we do to deliver co-produced 5e$5ions, training and products which mal<e u5 proud to be part ofTeamwork Trust. Purpose - Everything we do is done with the intention to help our service user5 reach their full potential and achieve our vision. Direction - We are focused on the prioritie5 of our seryice users and our organisational goals which help us achieve our mission. I nterest - We give our attention to each other. understanding what is important to us and our stakeholders. We create a culture which is compassionate, courteous, diverse and inclusive to all. Fun - We are positive and happy in our work. We are passionate and enthusiastic about learning new skills and embraciDg varied interests. Goals l. Be modern and pro8resslve 2. Be an excellent place to be 3. Be financially secure Publlc beneflt The Trustees have had regard to the guldance Issued by The Charlty Commlsslon and belleve all the charlty's actlvltles are for publlc benefit. Our activitles and classes are approved by North Northamptonshire Council INNCI under the Commissionlng for a Good Life Framework. Qur volunteer activities and processes are approved by the Mental Health Northants Collaboration IMHNCI. The Teamwork Trust receives funding from both NNC and MHNC. Our services are used by servlce users to develop skllls and progression, while offering respite to some famllies and carers. Our volunteer service helps support corporate social responsibility objectives to local businesses, while providing mental health interventions lor individuals. We support two local charities by renting our space to them in two of The TÈ3mwork Trust buildings, so that they too can provide a valuable Service to the local community.. Ketterin8 Community Unit and Manna House Coun5ellin8. Page 4
THE TEAMWORK TRUST (REGISTERED NUMBER: 032541071 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRATEGIC REPORT Achlevement and performance Charitable activities The Charity and third sector as a whole have faced significant challenges in rising costs and fundinE challenge5. The Teamwork Trust has implemented strict cost controls and reviewed its services, investing in key personnel to drive forward small business enterprises through corporate partnerships, maximise grant applications, trust funds and grow fundraising activities lo increase our pipeline of income and grow our volunteering team. Impact and Achievements The Teamwork Trust has supported.. 119 active users of our services to attend twenty seven thousand sessions over the course of the year. Education: Multiply 15 a 8overnment f unded project aimed at supportin8 all adults to improve their numeracy. The Teamwork Trust delivers the project for Learning disabilities in North Northamptonshire. our managing partner is North Northamptonshire Council Adult Learning who are responsible for the Ofsted element of delivery. The Teamwork Trust delivery - IS courses were desi2ned and dellvered to 109 individual partlcipants, both internal and external This equated to 228 achievements, an overachievement of around 30% Durlng FY'24 we were able lo secure addltlonal fundlng of £50k In part owlng to our outstandlng conslstent overachievement in terms of delivery. Multiply has increased engagement amongst members in their education sessions, and as a result we are bringing in more external tutors from NNC for progression opportunitie5 including introducing functional ski115 session5 in the coming year. Overachievement in nearly all lesson areas - table below.. Course Numeracy at Work Time Let Walkin8 Count Money Gardening Cooking Crafty Marh Confidence with Number Target 24 24 12 16 12 36 24 24 Revlsed 24 32 12 18 io 48 38 34 Awards: Finalists in the 2023 SME Northamptonshire Business Awards- Silver Award Achieved Finalists in the NN BN Awards category for Charity of the Year- Highly Commended Future Plan: The economic climate continues to be challenging and to diversify our income streams we shall be placing focus on the development of our Empowerment Through Enterprise program, which will be designed, launched and led by our service users. Growing our network through volunteering, corpoTate partnerships and community links are all principal factors in achieving our strateBic priorities. Service user progression will be mDnitDred and we are looking to implement a new interactive digital portal to enable the Charity to Share our outcomes in the form of an impact report. The improvement of our buildings will be a priority to ensure operational effectiveness, environmental efficiency and maximize return on investment. Page 5
THE TEAMWORK TRUST (REGISTERED NUMBER: 032541071 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Staff personal development will continue to be a priority in order to increase knowledge and to support service user-led activities, skills growth and education. Flnanclal revlew Financial posilion I n terms of financial performance, the Ch2rity saw a £65,436 deficit, after allowance of £170,000 in respect of an Exceptional Item for the year ended 31 March 2024 compared with an in-year def icit of £109,421 in the prior year, At 31 March 2024, the Charity had reserves of £866.114 split between restricted £321,320, designated £450.000 and unrestricted funds of £94,794. The Charity had incurred an in-year deficit for the last two f inancia I years before 2024 which had been fu nded from reserves. Trustees continue to review the strategy of the organisation to balance maximising impact in the community and for those we support with the need to be financially resilient. The updated strategy will be implemented for 2025. Exceptlonal Itém The Teamwork Trust's accounts include an exceptional item during FY24 to provide for an estimated settlement of a historic VAT liability of £170,000. This is a one-off adjustment that is not expected to recur. Investment pollcy and oblectlves The Charlty Invests funds to generate capltal growth over a long-term perlod. Thls Is revlewed by Trustees annuallv, Reserves policy It is the policy of the trust that unrestrlcted funds which have not been designated for a speciflc use should be malntained at a level equivalent to between three and Six month's core expenditure. The Trustee5 consider that re5erve5 at this level will ensure that, in the event of a significant drop in funding, they will be able tD continue the trust's current activities while consideralion is given to ways in which additional funds may be raised, This level of reserves has been maintained throughout the year. The reserves are revSewed regularly. Going eoncern After making appropriate enquiries, the Board of Trustees, Including all Committees, has a reasonable expectation that the Charity has 3dequate resources to continue in operational existence for the foreseeable future For this reason it continues to adopt the Boing concern basis in preparing the financial statements. Further detai15 regaiding the adoption of the goinB concern basis can be found in the Accounting Policies note l of the financial statements. The Trust ensures that reserves are managed to ensure 5usralnablllrv. Page 6
THE TEAMWORK TRUST (REGISTERED NUMBER: 032541071 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRATEGIC REPORT Prlnclpal rlsks and uncertalntles The Trustees have a duty to identify and review risk5 to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance and miti8atior15 a8ainst fraud and error. Major risks are reviewed at the bi-monthly Board meetin8. The Charity has insurance to cover its property and le8al liabilitie5 normally associated with its operations. The Charity recogni5es its legal and moral duty to minimize risk to its users, staff volunteers, contractors and members of the public. This year the Charity commenced an annual review of all policies, I n recent years the Charity has been paid by the local authority for the delivery of services to service users referred to us by the adult social services team. The recent extension of this arrangement has somewhat mitigated one of the major risk5 faced by the charity. Nevertheless. income generation remains 3 challenge, and our recruitment of a new Heaé of Development during the year reflects this. Other risks faced by the Charity include managing the cost of continued increases in the living wage above the rate of inflation, and the maintenance of its buildings, and managing the Significant cost of utility bills in an uncertain energy market. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The Trust is a Company limited by guarantee, Eoverned by Its Memorandum and Artlcles of Assoclation dated 24 September 1996 and amended on 27 February 2019. The Articles of Association are to be updated in 2025. None of the trustees has any benef icial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding UP. A5 a charity, The Teamwork Trust is governed by a Board of Trustees. The Trustee5 carry the re5pon5ibility of company dlrectors of The Teamwork Trust. The Board of Trustees carrles the overall responslbSllty for ensurlng that The Teamwork Trust pursues Its charitable objects, complies with its constitution, relevant legislation and regulations and applies its resource5 to its objects. To facilitate the smooth running of The Teamwork Trust, four sub-committees are in èxistence with another two being proposed. The new Terms of Reference are under review by the Trustees. The Board of Trustees oversees and approves The Teamwork Trust strategies, financial plans, annual report and accounts, governance structure, appoints the Chief Executive Officer and monitors the charity's Strategic direction and performance. Recrultment and appolntment of new trusiees Trustees are elected by the board of trustees and wlll hold offlce until the AGM each year where they become eligible for re-appointment. The minimum number oftrustees 15 8 with the maximum being 14. New trustees are interviewed by a combination of the management team, service users and existing trustees prior to recommendation for appointment, during which time they will have had the vision and strategy of the charity explained to them. New trustees are provided with a copy of the Charity Commission publications 'Welcome to new Trustees, and 'The Essential Trustee.. What you need to know,, Code of Conduct and Job Description. The trustees meet six times a year at Board Meetines, attend an AGM, participate in a trustee away day and attend sub-committee meetings four to six times per year. Declslon maklng The Chief Executive Officer reports Drganisational performance to the Board of Trustees and is pivotal to the development of the Vision, Mi55ion and 5trate8ic direction for the charity. The day-to-day operational nianagement is delegated to the Chief Executive Off icer and Senior Leadership Tearn. Page 7
THE TEAMWORK TRUST (REGISTERED NUMBER: 032541071 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Rlsk management The trustees have a55e55ed the major risk5 to which the trust is exposed, and are satisfied that 5yStem5 are in place to mitigate exposure to the major risk5. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 03254107 IEngland and Wales) Reglstered Charlty number 1059202 Registered office Unit O, St Marks Road St James Industrial Estate Corbv Northamptonshlre NN18 8AN Trustees A D Dady Iresigned 3019120241 Mr C R Davles Ms J Fitzroy-Ezzy MsMFLong Ms S l Marshall D Owen5 S Melvin lappointed 5/10120231 Ms B S K Stringuini (appointed 1513120241 Audltors Phipps Henson McAllister Chartered Accountants and Statutory Auditor5 22-24 Harborough Road Kingsthorpe Northampton NN2 7AZ Banker5 Lloyds Bank plc 48 Market Street Wellingborou8h Northamptonshire NN8 IAG Investment Advir$ Telford Mann Unit l. Ironstone Place Kettering Northamptonshire NN14 IFN Page 8
THE TEAMWORK TRUST (REGISTERED NUMBER: 032541071 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Key Management Personnel Chiel ExÈcutive Offi¢er H Burdett-wright Head of Finance F Patel Iresigned 22 September 20231 S Appleby lappointed 11 September 20231 Head of Servlce & Operatlons V Bell (resigned 31 October 2023 T Davies (appointed 20 November 20231 Head of Development R Ellis (appointed 02 January 20241 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees. who are also the directors of The Teamwork Trust for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company Law requlres the trustees to prepare flnanclal statements for each flnanclal year whlch glve a true and falr vlew of the state of affairs of the trust and of the incoming resources and application of resources, including the income and expenditure, of the diaritable company for that year. I n preparing these financial statements, the tru5tee5 are required to- select Suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP,. make judgements and estlmates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and 8xplainèd in the financial statement5,' and prepare the financial statements on the 80in8 concern basls unless It Is inappropriate to presume that the trust will continue In operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the flnanclal posltion of the trusr and enable them io ensure that the flnanclal statemenr5 comply wllh the Companie5 Aci 2006. They are also responsible for safe8uardlng the assets of the trust and hence for taking reasonable steps for the preventlon and detectlon of fraud and other irregularities. The trustees are responsible for the maintenance and integrily of the corporate and financial information included on the charitable company's website, Legislation in the U nited Kingdom governing the preparation and dissemination of financial statements may differ froffl le8151ation in other jurisdictions. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the trustees are aware, there is no relevant information las def ined by Section 418 of the Companies Act 20061 of which the charitable company's auditors are unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in order to make them aware of any audit information and to establish that the charitable company's auditor5 are aware of that information. AUDITORS The auditors, Phipps Henson McAllister. will be proposed for re-appointment at the forthcoming Annual General Meeting. Page 9
THE TEAMWORK TRUST (REGISTERED NUMBER: 032541071 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Report of the trustees, incorporating a strategic report, approved by order of the board of trustees. as the company directors, on 12 December 2024 and signed on the board'5 behalf by.. Mr C R Davies- Trustee Pa8e 10
REPORT OF THE INDEPENDENT AUDITOR5 TO THE MEMBERS OF THE TEAMWORK TRUST Opinion We have audited the financial statements of The Teamwork Trust Ithe 'charitable company'l for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom A¢¢ounting Standards (United Kingdom Generally Accepted A¢¢ounting Practice). I n our opinion the financial statements= give a true and fair view of the State of the charitable company's affairs as at 31 March 2024 and of it5 incoming resources and application of resources, including its income and expenditure, for the year then ended,. have been prc)perly prepared in accordaiice with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Att 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethica I Standard, and we have fulfilled cur other ethical responsibilitie5 in accordance with these requirements. We bel ieve that the audit evidence we have obtained is sufficient and appropriate to provlde a basis for our opinion. Conclusions relating to going concern I n atsditing the financial statements, we have concluded that the trustees, use of the going concern basis of accountln8 in the preparation of the f inancial statements is appropriate. 8ased on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability ro continue as a 8oin8 concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Irustees with respect to going concern are described in the relevant sections of this report. Emphasls of matter We draw attention to Noté 23 in thè financial statements which indicates that an intèrnal VAT review has been performed by thé Trust and it has been determined that input VAT has been overclaimed in prior years on expenditure that was incurred in relation to non-business incDme. The VAT review is still ongoing and the Trust has sought out VAT specialist advice. A reasonable estimate of the VAT which will be repayable has now been included within the financial statements. The exact additional VAT liability Is expected to be determined in 2025. Other Information The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial 5tatement5 and our Report of the I ndependent Auditors thereon. Our opinion on the financial statements dc)e5 not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not expre55 any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the udit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslatements, we are required to determine whether this 8ive5 rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Pa8e 11
REPORT OF THE INDEPENDENT AUDITOR5 TO THE MEMBERS OF THE TEAMWORK TRUST Opinions on other matters prescribed by the Companies Act 2006 I n our opinion, based on the work undertaken in the course of the audit.. the inforrnation given in the Report of the Trustees for the financial year for which the financial statement5 are prepared 15 consistent with the financial statements,. and the Report of the Trustees has been prepare(J in a¢¢ordan¢e with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon I n the light of the knowledge and understanding of the charitable company and it5 environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothin8 to report in respect of the followin8 matters where the Companie5 Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received frorn branches not visited by us,. or the f inancial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. Résponslbllltlés of truste•s As explained more fully in the Statement of Trustees, Responsibilities, the trustees Iwho are also the directors of the charitable company for the purposes of company13wl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. I n preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee5 either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Pa8e 12
REPORT OF THE INDEPENDENT AUDITOR5 TO THE MEMBERS OF THE TEAMWORK TRUST Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatement, whether due to fraud or error, and to 155ue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exi5t5. Misstatements can arise from fraud or error and are considered material if, individually or in the agBregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We obtained an understanding of the legal and re8ulatory frameworks applicable to the Charitable Company and the sector in which they Dperate. We determined that the following laws and regulations were most significant.. the Companies Act 2006 the Charities Act 2011. and UK corporate taxation laws. We obtained an understanding of how the Company is complying with those legal and regulatory frameivorks by making inquiries to the management. We corroborated our inquiries through our review of board minutes and other papers. We assessed the susceptibility of the Charitable Company's financial statements to material misstatement, including how f raud might occur. Audit procedures performed by the engagement te8m included.. Identifyin8 and 35sessin8 the desi8n effectiveness of controls mana8ement has Sn place to prevent and detect fraud,. understanding how those charged with governance CDn5idered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process,. challenging assumptions and judgments made by management in its significant accounting estimates,. Identlfylng and testlng journal entrles, In partlcular any Journal entrles posted wlth unusual account combinations; 2nd assessing the extent of compliance with the relevant laws and regulations. These audit procedure5 were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from an error, as fraud may Involve collusion, dellberate concea Iment, forgery or intentSonal mlsrepresentatlons. Also, the further removed non-compliance with law5 and regulations is f rom events and transactions reflected in the financial statements, the less likely we would become awarè of it. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council'5 web51te at www.frc.OTB.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Pa8e 13
REPORT OF THE INDEPENDENT AUDITOR5 TO THE MEMBERS OF THE TEAMWORK TRUST Use of our report This report is made solely to the charitable company'5 members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Art 2006. Our audit work ha5 been undertaken so that we might State to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not ac¢ept or assume responsibility to anyone other than the charitable company and the charitable company'5 member5 a5 a body, for our audit work, for this report, or for the opinions we have formed. Stuart Armstrong FCCA (Senior Statutory Auditor) for and on behalf of Phipps Henson McAllister Chartered Accountants and Statutory Auditors 22-24 Harborough Road KinB5thorpe Northampton NN2 7A2 12 December 2024 Pa8e 14
THE TEAMWORK TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME ANU EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENT5 FROM Donations, Grants and legacies 12,676 158,884 171,560 130,552 Charitable activities Health and Social Care Social Enterprise Trading 876,510 21,059 10,590 887,100 21,059 899,493 11,273 Other trading activities I nvestment income Other income Total 7,815 8,493 1.005 927,558 7.815 8,493 1,005 1,097,032 1,803 883 11,214 1,055,218 169,474 EXPENDITURE ON Raising funds 7,681 7,681 6,523 Char1table artlvltle5 Programme Provision Social Enterprise Trading Support costs Governance costs Exceptional Itern Total Y13,653 8,647 218,670 21,477 187,656 731,309 8,647 241,872 21,477 170,01)O 1.180.986 891,524 5,326 235,635 8,110 23,202 970.128 210.858 1,147,118 NEf INCOMEIIEXPENDITUREI Transfers between funds Other recognlsed galnslllosses} Gains/llossesl on revaluation of fixed a55ets Net movement In funds 142,5701 S6,137 {41,384 {56,1371 183.954) 191,9001 21 18,518 165,436} 17,J211 1109,42 11 32,085 197,521 RECONCILIATION OF FUNDS Total fund5 brought forward 512,709 418,841 931,550 1,040,971 TOTAL FUNDS CARRIED FORWARD 321320 866 114 931550 CONTINUING OPERATIONS All income and expenditure has arlsen from continuing actlvltles. The notes form part of these financial statements Pa8e 15
THE TEAMWORK TRUST (REGISTERED NUMBER: 032541071 BALANCE SHEET 31 MARCH 2024 2024 2023 Notes FIXED ASSETS Tangible a55et5 I nvestments 15 16 317,121 376,179 693,300 346,645 357,661 704,306 CURRENT ASSETS Debtors Cash in hand 17 181,010 24Z,383 423,393 IS8,695 296,852 455,547 CREDITORS Amounts falling due within one year 18 1250,5791 1228,3031 NEf CURRENT ASSETS 172,814 227,244 TOTAL ASSETS LESS CURRENT LIABILITIES 866,114 931,550 NET ASSETS FUNDS UnrestrScted funds.. General f und Wellingborough Building Redevelopment Health and Social Care Development Premises Relocation Service Delivery Fund 931550 21 94,794 43,721 168,988 50,000 50,000 200,000 512 709 418,841 931550 50,000 400.000 Restricted funds TOTAL FUNDS 321,320 The financial statements were approved by the Board of Trustees and authorised for issue on 12 December 2024 and were signed on its behalf by.. C R Davles - Trustee The notes form part of these financial statements Pa8e 16
THE TEAMWORK TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations Net cash used in operating activities 62,376 62,376 187.7841 87,784) Cash flows from Investing activities Purchase of tangible fixed assets Sale of tangiblè f ixed assets Sale of f ixed a55et investments I nterest received Net cash provided bv investing activities (586} 11,7001 9.500 5,943 883 14,626 8,493 7,907 Change in cash and cash equivalents in the reportin8 period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period (54,469} 173,1581 296 852 370.010 242 383 296,852 The notes form part of these financial statements Pa8e 17
THE TEAMWORK TRUST NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net expenditure for the reporting period (a5 per the Statement of Finan<ial Activities) Adjustments for: Depreciation charges Prof it on disposal of f ixed assets Interest received Increase in debtors Increase in creditors Net cash used in operations 183,9541 191,9001 30.110 33,148 19.5001 18831 124,7141 6.065 87 7841 {8,4931 122,3151 22,276 62 3761 ANALYSIS OF CHANGES IN NET FUNDS At 114123 Cash flow At 3113/Z4 Net cash Cash 3t bank and Sn hand 296 852 296,852 296 852 54 469} 54,4691 54 469} 242 383 242,383 242 383 Total The notes form part of these financial statements Pa8e 18
THE TEAMWORK TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Charity informotion The Teamwork Trust is a private company limited by 8uarantee incorporated in En8land and Wales. The reBi5tered office 15 Unit O, St Marks Road, St James Industrial Estate, Corby, Northamptonshire, N N18 BAN. The members of the company are the trustees noted in the reference and administrative details page. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of charity, Basls of preparlng the flnanclal ststements The f inancial st£tements have been prepared in accordance with the trust's Articles of Association. the Companie5 Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practiceapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I January 20191" The trust is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these flnancial statements are rounded to the nearest £. The f inancial statements have been prepared under ihe historical cost convention.The principal accounting adopted are set out below. Golng Concern At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable futu re. Thus the trustees continue to adopt the goin8 concern basls of accounting in preparing the financial Statements. Income Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured rellably, and it Is probable that Income wlll be received. Cash éDn8tions are rècognised on receipt. Other donations are rècognised once the trust has been notified ofthè donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised upon receipt. Expendlture Llabilltie5 are recognlsed as expenditure as 500n as rhere 15 a legal or construcrlve obllgation commltting the charliy to that expenditure, St Is probable that a transfer of economlc beneflts w511 be required Sn settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headin8S that aggregate all c05t related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed asset5 Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property Office Equipment Plant and machinery Fixtures and fittings 2,5% on cost 25°A on cost 15% on cost 20% on cost Pa8e 19
THE TEAMWORK TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- continued Tangible fixed ossets Cornputer equipment 33.33% on c05t Taxation The charity is exempt from corporation tax on its charitable activities. Fund accountin Unrestricted f unds are available for use at the discretion of the trustees in furtherance of their charitableobjectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes anduses of the restricted funds are set out in the notes to the financial statements. Designated f unds are subject to specif ic conditions as specif led by the trustees. The purposes and uses of the designated funds are set out in the notes to the f inancial statements. Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Flxed Asset Investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/lexpenditurel for the year. Transaction costs are expensed a5 incurred. Impairment of Fixed Assets At each reporting end date, the trust reviews the Carrying amounts of its tangible assets to determine whether there is any Indlcation that those assets have suffered an Impairment loss, If any such indlcation exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). Cash and Cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with bank5, other short-term liquid investments with original maturities of three months or less, and bank overdraft5. Bank overdrafts are shown within borrowinBs in current Employee Benefits The cost of any unused holiday entitlement is recogni5ed in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Pa8e 20
THE TEAMWORK TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 CRITICALACCOIJNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINr In the application of the trust's accounting policie5, the trustees are required to make judgement5, estimates and assumptions about the carryin8 amount of a55ets and liabi lities that are not readily apparent frorn other sou rces. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Artual results may differ from these estimates. The estimates ancl uiiderlying assumptions are reviewed on an ongoing basis, Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision afferts only that period, or in the period of the revision and f uture periods where the revision affects both current and futureperiods. DONATIONS, GRANTS AND LEGACIES 2024 2023 Donations Grants 8,036 163 524 171560 20,087 110,465 130 $52 OTHER TRADING AcfiviTIES Z024 2023 Fundraising events Rental of non-investmenr propertv 6,015 1,800 1.800 INVESTMENT INCOME ZO24 2023 Deposit account interest Investment income 2,327 6,166 724 159 883 Pa8e 21
THE TEAMWORK TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM CHARITABLE AcfiviTIES 2024 2023 Attivity Health and Social Care Social Enterprise Trading Programme provision Social enterprise trading 887,100 21.059 899,493 11,273 910 766 RAISING FUNDS Other costs 2024 2023 Portfolio management Staging fundraising events Advertising & Marketing 6,166 795 720 6,103 371 49 CHARITABLE ACTIVITIES COSTS Support costs Isee note 91 Direct Costs Totals Programme Provision Soclal Enterprise TradSng Support costs Governance costs Exceptional Item 731,309 ,647 731,309 8,647 241.872 21.477 170,000 1173 305 241,871 21.477 170,000 909 956 263 349 SUPPORT COSTS Support Costs Governance costs Totals Support costs Governance costs 241,872 241,872 241872 263 349 Pa8e 22
THE TEAMWORK TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT COSTS - continued Support Costs, included in the above, are as follows: Support COSts 2024 Support costs 2023 Total activities Wages Social security Pensions Sundrie5 Recruitment Computer software Training, travel & subsistence 8ad debts Provisions Non-recoverable VAT Depreciation of tangible assets 150.161 14,864 7,265 890 2,526 7,740 754 2,389 {4,7491 29,924 30,108 241872 151,679 10,415 6,909 52 5,096 2,803 1,231 13,4161 27,718 33,148 235 635 Governance costs 2024 Governance costs 2023 Total activities Auditors, remuneration Accountancy fees Legal fees AGM and Trustee Recrultment 9,700 I,iio 9,390 6,250 1,045 740 75 io. NET INCOMEIIEXPENDITUREI Net incomellexpenditurel is stated after charging/lcreditingl'. 2024 2023 Auditor5, remuneration Depreciation owned assets Surplus on dlsposal of fixed assets Exceptional item Isee note 121 9,700 30,110 6,250 33.148 19,5001 170,000 Pa8e 23
THE TEAMWORK TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 ii. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benelits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustées, expenses There were no Irustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. 12. STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs 594,715 44,168 25,620 664 503 674,273 49,566 28,503 752 342 The average monthly number of employees during the year was as follows.. 2024 32 2023 38 Staff The number of employees whose employee benefits lexcludin8 employer pension costs) exceeded £60,000 was.. 2024 2023 £70,001- £80,CQO Total remuneration for Key Managernent Personnel was £186,00212023.. £213,544). Key Management Personnel comprise the Chief Executive Officer, and the Heads of Finance, Services & Operations. and Development. Pa8e 24
THE TEAMWORK TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 13. EXCEPTIONAL ITEMS A charge of £170,000 has been recogni5ed being the Trustees. best estimate in respe¢t of the liability for overclaimed Input VAT followinB reworking of previously Submitted VAT return5 (see note 231. The final amount to be paid will be determined in 2024-5. 14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES Unrestricted fund5 Restiicted funds Total fund5 INCOME AND ENDOWMENTS FROM Donations. Grants and legacies 18,558 111,994 130,552 Charitable activities Health and Social Care Social Enterprise Trading 899,493 11,273 899,493 11,273 Other trading activities Investment income Other income Total 1,803 883 11,214 943 224 1.803 883 11,214 1055,218 111994 EXPENDITURE ON Raising funds 6,523 6,523 Charitable activities Programme Provision Social Enterprise Trading Support costs Governance costs Total 781,802 5,326 235,635 109,722 891,S24 5,326 235,635 1037 396 109 722 1147 118 NET INCOME/IEXPENDITUREI Transters between funds Other recognised 8ains1{1055es1 Gainslllossesl on revaluation of f ixed assets Net movement in funds 194,172 227,837 2,272 {227,8371 191,9001 17,521 116,144 17 5211 1109,4211 1225,5651 RECONCILIATION OF FUNDS Total funds brought forward 396,565 644.406 1,040,971 TOTAL FUNDS CARRIED FORWARD 512 709 418 841 931550 Pa8e 25
THE TEAMWORK TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 15. TANGIBLE FIXED ASSETS Freehold property Off ice Equipment Plant and machinery COST At l April 2023 Additions Di5P05als At 31 March 2024 DEPRECIATION At l April 2023 Charge for year Eliminated on disposal At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 870,618 659 54.768 870,618 54,768 536,662 21,766 659 54,330 117 558 428 312 190 333 956 321 438 Fixtures and fittings Computer equipment Tota15 COST At l April 2023 Additions Dlsposals At 31 March 2024 DEPRECIATION At l April 2023 Charge for year Eliminated on disposal At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 38,365 49,593 586 1,1931 1,014,003 586 1,8521 1012 737 30,335 4,723 45,372 3,504 667,358 30.110 35,058 47,683 695.616 317 121 346 645 Pa8e 26
THE TEAMWORK TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 16. FIXED ASSET INVESTMENTS Listed investment5 MARKET VALUE At l April 2023 Change in market value At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 357,661 18,518 376 179 376 179 357 661 Investments are held in a portfolic fund managed by UK based Investment Manager over which the Trustees have no direct control. Cost or valuation at 31 March 2024 is represented by.. Llsted Investments Valuation in 2024 376 179 Investments are held in a variety of unit based investment funds 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Prepayments and accrued income 92,124 129,901 28,794 158 695 181,010 Pa8e 27
THE TEAMWORK TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social security ènd other taxes VAT Other creditors Accruals and deferred income Deferred income 18,091 11,752 170,000 4.337 46,399 7.370 82,890 2,969 87,418 47.656 228 303 250 579 19. LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases fall due as follows.. 2024 2023 Within one year 8etween one and five year5 11.870 14,986 31,218 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds FSxed assets Investments Current assets Current liabilities 4,931 376,179 414,263 250.5791 312,190 317,121 376,179 423,393 250.5791 866 114 346,645 357,661 455,547 228,3031 931 550 9,130 321 320 Pa8e 28
THE TEAMWORK TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 21. MOVEMENT IN FUNDS Net movement in f unds Transfers between funds At 3113124 At 114123 Unrestrirted funds General fund Wellingborough 8uilding Redevelopment Health and Social Care Development Premises Relocation Service Delivery Fund 43,721 168,988 50,0(H) 50,000 200,000 512.709 124,0521 75,125 [168,988) 150.0001 94,794 50,000 400,000 544.794 200,000 56.137 124.0521 Restrlrted funds New Building Fund Margaret Giffen Multiply WolfJon Other Restricted Funds 333,955 22,500 121,7651 122,5001 (3,2761 312.190 3.276 150,000) 9,413) 56,137} 50,000 12,386 418,841 931550 6,157 41,3841 65 4361 9.130 321,320 866 114 TOTAL FVNOS Net movement in funds, Included in the above are as follows.. I ncomin8 resources Resources expended Gains and losses Movement in funds Unre5trlrted funds General fund 927,558 1970,1281 18,518 124,052} Re5trirted funds New Building Fund Margaret Giffen Multiply Other Restricted Funds 121,7651 145,0001 1109,5191 34,574 210,8581 1180 986 121,7651 122.500} (3,276 22,500 106,243 40.731 169,474 1097 032 41.3841 65 4361 TOTAL FUNDS Pa8e 29
THE TEAMWORK TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 21. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in f unds Transfers between funds At 31/3123 At 114122 Unrestricted funds General fund Counselling Training Wellingborough Building Redevelopment Mental Health Service Development Health and Social Care Development Premises Relocation Service Delivery Fund 124,503 3,074 168,988 50,000 25,000 25,000 1108,6191 13,0741 27.837 43,721 168,988 {50.000) 25,000 25,000 200.000 227,837 50,000 5Q,000 200,000 512,709 396,565 1111,6931 Restrlrted funds Digital Transformation New Building Fund Service Delivery Fund Margaret Giffen Wolfson Other Restricted Funds 14,177 408,320 200,000 114, 1771 174,3651 1200,0001 333,955 22,500 22,500 50,000 50,000 6051 2,272 109 421 644,406 1040 971 227,8371 418,841 931550 TOTAL FUNDS Cornparative net movement in funds, included in the above are as follows: I ncoming resources Resources expended Gains and losses Movement In f unds Unrestrirted funds General fund Counselling Training 943.224 11,034,322) 3,074 11,037,396) 117,5211 1108,6191 3,0741 1111,6931 943,224 117,5211 Restrlcted funds Digital Transformation Margaret Giffen Multiplv Other Restricted Funds 160 22,500 17,894 114,3371 114,1771 22,500 117,8941 77 491 111,994 109,7221 2,272 1 147 118 1055218 109421) TOTAL FUNDS Pa8e 30
THE TEAMWORK TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 21. MOVEMENT IN FUNDS- continued A current year 12 month5 and prior year 12 months CDmbined p051tion 15 as follows: Net movement in f unds Transfers between funds At 31/3124 At 114122 Unrestricted funds General fund Counselling Training Wellingborough Building Redevelopment Mental Health Service Development Health and Social Care Development Premises Relocation Service Delivery Fund 124,503 3,074 168,988 50,000 25,000 25,000 1132,6711 13,0741 102,962 94,794 1168,988} 150,0001 125,0001 25,000 400.000 283,974 5Q,000 400,000 54¢1,794 396,565 1135,7451 Restrlrted funds Digital Transformation New Building Fund Service Delivery Fund Multiply Other Restricted Funds 14,177 408,320 200,000 114, 1771 121,7651 174,3651 1200,0001 3,276 12,8851 283 9741 312,190 13,2761 106 39 1121 174 8571 21,909 9,130 321320 866 114 TOTAL FUNDS 1040 971 A current year 12 months and prior year 12 months CDmbined net movement in funds, included in the above are as follows: I ncoming resources Resources expended Gains and losse5 Movement in f und5 Unrestrlcted funds General fund Counsellln8 Trainln8 1,870,782 12,004,450) 3,074 12,007,524) 997 1132,6711 3,0741 1135,7451 1,870,782 997 Restricted fund5 Digital Transformation New Building Fund Margaret Giffen Multiplv Other Restricted Funds 160 114,3371 121,7651 145,0001 1127,4131 112 065 320,5801 2 328 104 114,1771 121,7651 45,000 124,137 112 171 281,468 2 152 250 13.2761 106 39, 1121 TOTAL FUNDS Pa8e 31
THE TEAMWORK TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 21. MOVEMENT IN FUNDS- continued Unrestricted Funds include accumulated surpluses ond deficits f rom delivery of charitable objectives. Certain designated funds within the Unrestricted Fund are held for specific future projects. Restricted funds are held for specific projects in accordance with the conditions of the grant or donation. Related expenditure is matched to the income, with any shortfall transferred between the unrestricted and restricted funds. 22. EMPLOYEE BENEFIT OBLIGATIONS The Charitable Company operates a defined contribution pension scheme for its staff. The assets of the scheme are held separately from those of the Charity in an independently administered fund. Contributions of £3.87012023. £4,810) were payable to the fund at the balance sheet date. 23. OTHER FINANCIAL COMMITMENTS An internal VAT review w3s performed by the Trust and it was determined that input VAT had been overclaimed in prior years on expenditure that was incurred in relation to non-business income. The VAT review is still ongoing and the Trust has sought out VAT specialist advice. An exercise has been completed to determine the likely liability of the VAT which will be repayable which has resulted in 8 provision of £170.000 being includeLJ within these financial stalements, being the best current estlmate of the Ilablllty. The exact addltlonal VAT Ilablllty Is expected to be conflrmed wlth HM RC In 2025. 24. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024. Pa8e 32
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