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← The Teamwork Trust

2025-03-31-accounts

REGISTERED COMPANY NUMBER: 03254107 (England and Wales) REGISTERED CHARITY NUMBER: 1059202

REPORT OF THE TRUSTEES AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

THE TEAMWORK TRUST (A COMPANY LIMITED BY GUARANTEE)

THE TEAMWORK TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page
Report of the Trustees 1 to 10
Report of the Independent Auditors 11 to 14
Statement of Financial Activities 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 (REGISTERED NUMBER: 03254107)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The trust's objects are to promote the preservation of health and to assist in relieving and supporting working age 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 skills in every individual, maintaining emotional and mental health wellbeing, being active, being safe and caring for the environment. Our activities schedule has been refreshed to align with a co‐produced timetable, placing greater emphasis on the service user voice and their desires.

Our current three year strategic aims are:

Connected living

Creating a space where our service users are supported to identify their personal needs and have choices of how they reach their individual goals.

We grow relationships, meaningful connections and friendships, creating a community network of mutual support and co‐creation.

Development of growth and potential

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, in order to develop a tailored personal development plan.

Inspiring and engaging services

Delivering co‐designed services with key stakeholders that support our service users to develop the skills needed to realise their version of independence.

Working in co‐production with our service users to offer a wide range of sessions to support progression and positive mental health.

Championing equality and justice

We remove barriers, advocate for independence and challenge ableism to reduce inequality, by growing our community partners, volunteering opportunities and expanding our support network through networking, marketing and digital channels.

We work in partnership with key stakeholders who share and support us to achieve our Vision and Mission.

Vision

To create a world where Learning Disabilities, Autism or Mental Health challenges are not barriers to people wanting to actively participate in their community through educational learning, work skills training, volunteering and social activities.

Mission

To help our service users thrive by giving choices, chances and opportunities to live full, purposeful and independent lives.

Page 1

THE TEAMWORK TRUST (REGISTERED NUMBER: 03254107)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Values

Pride ‐ We give care and attention towards everything we do to deliver co‐produced sessions, training and products which make us proud to be part of Teamwork Trust.

Purpose ‐ Everything we do is done with the intention to help our service users reach their full potential and achieve our vision.

Direction ‐ We are focused on the priorities of our service users and our organisational goals which help us achieve our mission.

Interest ‐ 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 embracing varied interests.

Goals

  1. Be modern and progressive

  2. Be an excellent place to be

  3. Be financially secure

Public benefit

The trustees have had regard to the guidance issued by The Charity Commission and believe all the charity's activities are for public benefit.

Our activities and classes are approved by North Northamptonshire Council (NNC) under the Commissioning for a Good Life Framework. Our volunteer activities and processes are approved by the Mental Health Northants Collaboration (MHNC). The Teamwork Trust receives funding from both NNC and MHNC.

Our centres are used by service users to develop living skills, work skills, education and overall progression, while offering respite to some families and carers. Our volunteer service helps support corporate social responsibility objectives to local businesses, while providing mental health interventions for individuals.

We support two local charities by renting our space to them in two of The Teamwork Trust buildings, so that they too can provide a valuable service to the local community: Kettering Community Unit and Manna House Counselling.

Page 2

THE TEAMWORK TRUST (REGISTERED NUMBER: 03254107)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STRATEGIC REPORT

Achievements and performance

Charitable activities

In March, we held our AGM and trustee Away Day, reviewing our governance framework, financial health, risk register, and strategic plan. This marked the beginning of a stronger governance cycle, increasing Board meetings from four to six annually, and aligning board reporting with our strategic objectives.

We launched the 2024‐2027 Strategy ‐ co‐produced by service users, staff, volunteers, and trustees at the Kettering Park Hotel. Many of our stakeholders were in attendance. The strategy prioritises service user voice, sustainability, and innovation. Trustee recruitment has been a key focus, with Chris Webb confirmed to join the Board, and other prospective candidates actively engaged.

Our governance review continues, supported by a comprehensive policy update programme. A new Health and Safety sub‐committee has been established, with active staff and service user involvement.

Impact and Achievements

Teamwork Trust is proud to support 122 active service users on their journeys toward a more independent and fulfilling future. Each member benefits from a person‐centred programme that includes life skills, education, wellbeing, and interest‐based sessions, delivered across our centres and in the community. These programmes are designed to support progression, build confidence, and reflect each individual's aspirations.

Demonstrable Outcomes Through Funded Programmes

FY25 brought changes in how we deliver some of our services, and we are pleased to report strong and measurable impact ‐ particularly through our successful delivery of the Multiply and UK Shared Prosperity Fund (UKSPF) programmes.

These initiatives contributed significantly to the wider service user experience and extended our reach beyond our core membership:

Similarly, through the UKSPF grant, we provided support to economically inactive adults, helping them gain essential skills for employment or volunteering, while also delivering enriching and confidence‐building experiences. In both cases, we not only exceeded participation targets, but also completed delivery on time and within budget ‐ a testament to our operational strength, staff commitment, and the enthusiasm of our service users.

These achievements demonstrate the outstanding value Teamwork Trust provides in its partnerships, showing clearly that we can deliver outcomes well above expectations when resourced appropriately. Our focus remains on outcome‐driven, inclusive programmes that build real skills, create opportunity, and support people to live purposeful lives.

Service Delivery & Innovation

We continue to deliver high‐quality, user‐led services across our three centres and in the community, focusing on work skills, education, life skills, and inclusive social engagement. New sessions introduced in 2025 have seen 100% engagement across our member base, including those who previously opted out of group activities.

Key developments include:

Page 3

THE TEAMWORK TRUST (REGISTERED NUMBER: 03254107)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

A comprehensive review of services and outcomes is underway to better demonstrate impact and guide future development.

People, Culture & Volunteering

Teamwork Trust continues to be driven by the skills and commitment of our staff, volunteers, and service users. We restructured the senior team, welcomed key appointments, and refined roles to meet 2024/25 priorities.

Staff are nominated for living the organisational values and for going 'above and beyond' for their colleagues or our service users, with trustee recognition given on a bi‐monthly basis. Eighteen different staff members have been nominated, by their colleagues, for their outstanding contribution during the year.

Premises & Infrastructure

Premises remain a key strategic focus. While the Corby building continues to present financial and structural challenges, we are actively exploring relocation options with the support of the local authority and property professionals. We are also pursuing updates at our Wellingborough and Kettering sites to improve accessibility, comfort, and service delivery.

Although a recent funding application for solar panels at our Kettering site was unsuccessful, alternative grants are being explored. The nearby opening of a new Costa Coffee is expected to increase footfall and open new enterprise opportunities.

Our Office 365 migration was completed this year, following a successful IT tender process. With improved Wi‐Fi, cyber security, and operational tools, we are now better equipped to manage digital transformation, including the introduction of a HR staff portal, a new CRM system, service user digital portal evidencing progression and ongoing digital inclusion support for service users.

Looking Ahead

As we move further into 2025, our focus remains on:

Page 4

THE TEAMWORK TRUST (REGISTERED NUMBER: 03254107)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

We are proud of the progress made over the last year and energised by the opportunities ahead. Thanks to the ongoing efforts of our team, the support of our stakeholders, and the voices of our service users leading the way, Teamwork Trust is well‐positioned to deliver on its mission: supporting adults with learning disabilities, autism and mental health needs to live full, purposeful lives ‐ achieving their own version of independence.

Page 5

THE TEAMWORK TRUST (REGISTERED NUMBER: 03254107)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STRATEGIC REPORT Financial review

Financial position

Teamwork Trust has continued to make significant strides toward financial stability and long‐term sustainability in 2024/25. Strong leadership, effective cost controls, and an increasingly strategic approach to income generation have contributed to a positive financial outcome.

In terms of financial performance, the Charity saw a surplus of £111,503 (2024: £65,436 deficit, after allowance of £170,000 in respect of an Exceptional Item) for the year ended 31 March 2025.

At 31 March 2025, the Charity had reserves of £977,617 split between restricted £337,862, designated £450,000 and unrestricted funds of £189,755.

The Charity had incurred an in‐year deficit for the last two financial years before 2025 which had been funded 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 2026.

Exceptional item

The Teamwork Trust's accounts for 2024 included an exceptional item 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.

Income Growth and Core Service Delivery

The charity has experienced modest growth in income of approximately 10%, increasing from £1.097 million in the year ending 31st March 2024 to £1.212 million in the year ending 31st March 2025. The majority of Teamwork Trust's income continues to derive from the delivery of Health & Social Care services, particularly through our long‐standing partnership within the North Northamptonshire Framework (Commissioning for a Good Life) and our delivery of post‐16 Living and Learning support.

This income growth has been primarily driven by increased provision of these services in response to growing demand and strengthened partnerships with the local authority and commissioners.

Social Enterprise Income and Strategic Shift

There has been a reduction in income from our traditional outsourcing work, falling from £21k in FY24 to £4k in FY25. This is largely due to the decline in demand for this type of activity. However, in response to this trend, new and exciting enterprise activities have been identified and co‐produced by our service users under the emerging umbrella name of 'My Enterprise'

These initiatives, though in their early stages during 2024/25, have been a major focus of organisational energy and planning. Their development reflects our shift toward more co‐produced, meaningful and skill‐building opportunities, with the aim of expanding this income stream and its social impact significantly in 2025/26.

Cost Management and Net Position

Teamwork Trust continues to manage costs carefully in the face of external economic pressures. Staff costs have increased, reflecting both the rise in the national minimum wage and our continued investment in recruiting and retaining skilled, committed staff.

Despite these pressures, the charity reports an operating surplus of £128k in the year ending 31st March 2025 (excluding gains and losses on investments and exceptional items) compared with an operating surplus of £87k in the prior year.

Future Financial Priorities

Looking ahead to 2025/26, diversifying income streams remains a top priority, with continued focus on:

Page 6

THE TEAMWORK TRUST (REGISTERED NUMBER: 03254107)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STRATEGIC REPORT

The financial progress made this year places Teamwork Trust in a much stronger position to plan with confidence, invest in our service users' futures, and reduce our over‐reliance on local authority funding.

Investment policy and objectives

The Charity invests funds to generate capital growth over a long term period. This is reviewed by the Trustees annually. Social, ethical and environmental considerations are a priority for many of Teamwork's members and Trustees are exploring options to ensure that Teamwork's funds are invested in line with the charity's values.

Reserves policy

The charity's Trustees have reviewed its approach to its reserves with reference to the Charity Commission guidance and have subsequently approved a reserves policy. This has established a minimum and target reserves level. Trustees consider possible risks which might impact the charity and what funds should be held to mitigate these. In particular, Trustees consider it a priority to ring fence a proportion of reserves so that the charity can continue to provide continuity of services to its members. This is calculated based on a multiple of monthly operating expenditure and Trustees have designated £460k of reserves as a 'Service Delivery Fund' to cover this. Trustees have also designated £50k of reserves relating to premises relocation which is a planned future project to be funded from the charity's reserves. Actual reserves at 31st March 2025 total £978k. Of this figure, £338k relates to restricted funds ringfenced for specific purposes. Designated reserves total £510k which leaves a remaining unrestricted reserves figure of £190k. Trustees expect to use a proportion of these unrestricted reserves in future financial years to fund a number of projects contributing towards achieving the charity's strategic goals.

Going concern

After making appropriate enquiries, the Board of trustees, including all Committees, has a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason it continues to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies note 1 of the financial statements. The Trust ensures that reserves are managed to ensure sustainability.

Principal risks and uncertainties

The trustees have a duty to identify and review risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance and mitigation against fraud and error. Major risks are reviewed at the bi‐monthly Board meeting. Current risks include financial pressures in the sector, the political context both nationally and locally, and the recruitment and retention of high quality staff with relevant experience and skills.

The Charity has insurance to cover its property and legal liabilities normally associated with its operations. The Charity recognises its legal and moral duty to minimise risk to its users, staff, volunteers, contractors and members of the public. This year the Charity completed its review of all policies, and now all new policies will be reviewed annually or when legislation changes.

Other risks faced by the Charity include managing the cost of continued increases in the living wage above the rate of inflation, the maintenance of its buildings, and managing the significant cost of utility bills in an uncertain energy market.

Page 7

THE TEAMWORK TRUST (REGISTERED NUMBER: 03254107)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Trust is a Company limited by guarantee, governed by its Memorandum and Articles of Association 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 beneficial 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.

As a charity, The Teamwork Trust is governed by a Board of trustees. The trustees carry the responsibility of company directors of The Teamwork Trust.

The Board of trustees carries the overall responsibility for ensuring that The Teamwork Trust pursues its charitable objects, complies with its constitution, relevant legislation and regulations and applies its resources to its objects. To facilitate the smooth running of The Teamwork Trust, four sub‐committees are in existence 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.

Recruitment and appointment of new trustees

Trustees are elected by the board of trustees and will hold office until the AGM each year where they become eligible for re‐appointment. The minimum number of trustees is 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 Meetings, attend an AGM, participate in a trustee away day and attend sub‐committee meetings four to six times per year.

Decision making

The Chief Executive Officer reports organisational performance to the Board of trustees and is pivotal to the development of the Vision, Mission and strategic direction for the charity. The day‐to‐day operational management, service delivery and income generation is delegated to the Chief Executive Officer and Senior Leadership Team. The Chair and CEO meet regularly to ensure that the governance and strategic implementation of the charity are aligned.

Risk management

The trustees have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

03254107 (England and Wales)

Registered Charity number

1059202

Registered office

Unit 0, St Marks Road St James Industrial Estate Corby Northamptonshire NN18 8AN

Page 8

THE TEAMWORK TRUST (REGISTERED NUMBER: 03254107)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Trustees

Mr A D Dady (resigned 30/9/2024) Mr C R Davies Ms J Fitzroy‐Ezzy Ms M F Long Ms S J Marshall Mr D Owens Mr S Melvin Ms B S K Stringuini Mr C J Webb (appointed 30/4/2025; resigned 12/9/2025)

Auditors

Phipps Henson McAllister Chartered Accountants and Statutory Auditors 22‐24 Harborough Road Kingsthorpe Northampton NN2 7AZ

Bankers

Lloyds Bank plc 48 Market Street Wellingborough Northamptonshire NN8 1AG

Investment Advisors

Telford Mann Unit 1, Ironstone Place Kettering Northamptonshire NN14 1FN

Key Management Personnel

Helen Burdett‐Wright ‐ Chief Executive Officer Sarah Appleby ‐ Head of Finance Tom Davies ‐ Head of Service & Operations Richard Ellis ‐ Head of Development

Patron

Anne Burnett

Page 9

THE TEAMWORK TRUST (REGISTERED NUMBER: 03254107)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

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 (United Kingdom Generally Accepted Accounting Practice).

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

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

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for 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 on 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 OF INFORMATION TO AUDITORS

So far as the trustees are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) 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 auditors are aware of that information.

AUDITORS

The auditors, Phipps Henson McAllister, will be proposed for re‐appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by:

........................................................................ Mr C R Davies ‐ Trustee

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE TEAMWORK TRUST

Opinion

We have audited the financial statements of The Teamwork Trust (the 'charitable company') for the year ended 31 March 2025 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 Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based 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 to continue as a going 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 trustees with respect to going concern are described in the relevant sections of this report.

Emphasis of matter

We draw attention to Note 23 in the financial statements which indicates that an internal VAT review has been performed by the 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 income. 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. Our opinion is not modified in respect of this matter.

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 statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives 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.

Page 11

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THE TEAMWORK TRUST

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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.

In 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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 12

REPORT OF THE INDEPENDENT AUDITORS 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 misstatement, whether due to fraud or error, and to issue 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 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, 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:

These audit procedures 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, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non‐compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 13

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE TEAMWORK TRUST

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has 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 accept or assume responsibility to anyone other than the charitable company and the charitable company's members as 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 Kingsthorpe Northampton NN2 7AZ

Date: .............................................

Page 14

THE TEAMWORK TRUST

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations, Grants and legacies
3
Charitable activities
6
Health and Social Care
Social Enterprise Trading
Other trading activities
4
Investment income
5
Other income
Total
EXPENDITURE ON
Raising funds
7
Charitable activities
8
Programme Provision
Social Enterprise Trading
Support costs
Governance costs
Exceptional Item
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
22
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
16,098
1,002,313
3,643
10,616
9,384
3,811
1,045,865
9,036
613,622
6,369
294,388
10,300
‐
933,715
(17,060)
95,090
(130)
94,960
544,794
639,754		 Restricted
funds
£
166,583
‐
‐
‐
‐
‐
166,583
‐
112,124
5,890
32,156
‐
‐
150,170
‐
16,413
130
16,543
321,320
337,863		 2025
Total
funds
£
182,681
1,002,313
3,643
10,616
9,384
3,811
1,212,448
9,036
725,746
12,259
326,544
10,300
‐
1,083,885
(17,060)
111,503
‐
111,503
866,114
977,617		 2024
Total
funds
£
171,560
887,100
21,059
7,815
8,493
1,005
1,097,032
7,681
731,309
8,647
241,872
21,477
170,000
1,180,986
18,518
(65,436)
‐
(65,436)
931,550
866,114

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 15

THE TEAMWORK TRUST (REGISTERED NUMBER: 03254107)

BALANCE SHEET

31 MARCH 2025

Notes
FIXED ASSETS
Tangible assets
15
Investments
16
CURRENT ASSETS
Stocks
17
Debtors
18
Cash in hand
CREDITORS
Amounts falling due within one year
19
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
22
Unrestricted funds:
General fund
Premises Relocation
Service Delivery Fund
Restricted funds
TOTAL FUNDS		 2025
£
329,155
359,119
688,274
1,095
101,314
434,997
537,406
(248,063)
289,343
977,617
977,617
129,755
50,000
460,000
639,755
337,862
977,617		 2024
£
317,121
376,179
693,300
‐
181,010
242,383
423,393
(250,579)
172,814
866,114
866,114
94,794
50,000
400,000
544,794
321,320
866,114

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. Mr C R Davies ‐ Trustee

The notes form part of these financial statements

Page 16

THE TEAMWORK TRUST

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2025
£
220,623
220,623
(37,393)
9,384
(28,009)
192,614
242,383
434,997		 2024
£
(62,376)
(62,376)
(586)
8,493
7,907
(54,469)
296,852
242,383

The notes form part of these financial statements

Page 17

THE TEAMWORK TRUST

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Losses/(gain) on investments
Loss on disposal of fixed assets
Interest received
Increase in stocks
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash provided by/(used in) operations		 2025
£
111,503
25,097
17,060
264
(9,384)
(1,095)
79,696
(2,518)
220,623		 2024
£
(65,436)
30,110
(18,518)
‐
(8,493)
‐
(22,315)
22,276
(62,376)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24 Cash flow At 31/3/25
£ £ £
Net cash
Cash at bank and in hand 242,383 192,614 434,997
242,383 192,614 434,997
Total 242,383 192,614 434,997

The notes form part of these financial statements

Page 18

THE TEAMWORK TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES

Charity information

The Teamwork Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 0, St Marks Road, St James Industrial Estate, Corby, Northamptonshire, NN18 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 the charity.

Basis of preparing the financial statements

The financial statements have been prepared in accordance with the Trust's Articles of Association, the Companies 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 (FRS 102) (effective 1 January 2019)". 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 financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

Going 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 future. Thus the trustees continue to adopt the going concern basis 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 reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the 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.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost 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 assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property ‐ 2.5% on cost Plant and machinery ‐ 15% on cost Fixtures and fittings ‐ 20% on cost Computer equipment ‐ 33.33% on cost

Page 19

THE TEAMWORK TRUST

NOTES TO THE FINANCIAL STATEMENTS ‐ continued FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES ‐ continued

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out below:

Designated funds are subject to specific conditions as specified by the trustees. The purposes and uses of the designated funds are set out in the notes to the financial 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.

Fixed 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/(expenditure) for the year. Transaction costs are expensed as 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 indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and Cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short‐term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Employee Benefits

The cost of any unused holiday entitlement is recognised 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.

Page 20

THE TEAMWORK TRUST

NOTES TO THE FINANCIAL STATEMENTS ‐ continued FOR THE YEAR ENDED 31 MARCH 2025

2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Trust's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying 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 affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. DONATIONS, GRANTS AND LEGACIES

Donations
Grants
Fundraising Events
OTHER TRADING ACTIVITIES
Sale of Clothing
Rental of non‐investment property
INVESTMENT INCOME
Deposit account interest
Investment income		 2025
£
10,643
166,181
5,857
182,681
2025
£
608
10,008
10,616
2025
£
2,819
6,565
9,384		 2024
£
8,036
163,524
‐		 2024
£
8,036
163,524
‐		 2024
£
8,036
163,524
‐
171,560
2024
£
6,015
1,800
7,815
2024
£
2,327
6,166
8,493
8,493

4. OTHER TRADING ACTIVITIES

5. INVESTMENT INCOME

Page 21

THE TEAMWORK TRUST

NOTES TO THE FINANCIAL STATEMENTS ‐ continued FOR THE YEAR ENDED 31 MARCH 2025

6. INCOME FROM CHARITABLE ACTIVITIES

INCOME FROM CHARITABLE ACTIVITIES
Activity
Programme provision
Health and Social Care
Social enterprise trading
Social Enterprise Trading		 2025
£
1,002,313
3,643
1,005,956		 2024
£
887,100
21,059
908,159

7. RAISING FUNDS

Other costs

Other costs
2025 2024
£ £
Portfolio management 6,565 6,166
Staging fundraising events 2,035 795
Advertising & Marketing 436 720
9,036 7,681

8. CHARITABLE ACTIVITIES COSTS

CHARITABLE ACTIVITIES COSTS
Programme Provision
Social Enterprise Trading
Support costs
Governance costs
SUPPORT COSTS
Support costs
Governance costs		 Direct
Costs
£
725,746
12,259
‐
‐
738,005
Support
Costs
£
326,544
‐
326,544		 Support
costs (see
note 9)
£
‐
‐
326,544
10,300
336,844
Governance
costs
£
‐
10,300
10,300		 Totals
£
725,746
12,259
326,544
10,300
1,074,849
Totals
£
326,544
10,300
336,844

9. SUPPORT COSTS

Page 22

THE TEAMWORK TRUST

NOTES TO THE FINANCIAL STATEMENTS ‐ continued FOR THE YEAR ENDED 31 MARCH 2025

9. SUPPORT COSTS ‐ continued

Support costs, included in the above, are as follows:

Support costs

2025
Support
costs
£
Wages
235,257
Social security
19,685
Pensions
8,930
Sundries
1,378
Recruitment
‐
Computer software
3,128
Travel & subsistence
‐
Bad debts
(984)
Provisions
‐
Non‐recoverable VAT
33,762
Depreciation of tangible assets
25,124
Loss on sale of tangible fixed assets
264
326,544
Governance costs
2025
Governance
costs
£
Auditors' remuneration
9,600
Accountancy fees
‐
Legal fees
700
AGM and Trustee Recruitment
‐
10,300		 2024
Total
activities
£
150,161
14,864
7,265
890
2,526
7,740
754
2,389
(4,749
29,924
30,108
‐		 2024
Total
activities
£
150,161
14,864
7,265
890
2,526
7,740
754
2,389
(4,749
29,924
30,108
‐
241,872
2024
Total
activities
£
9,700
1,110
9,390
1,277
21,477
21,477

10. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2025 2024
£ £
Auditors' remuneration 9,600 9,700
Depreciation ‐ owned assets 25,096 30,110
Deficit on disposal of fixed assets 264 ‐
Exceptional item (see note 13) ‐ 170,000

Page 23

THE TEAMWORK TRUST

NOTES TO THE FINANCIAL STATEMENTS ‐ continued FOR THE YEAR ENDED 31 MARCH 2025

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

12. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:		 2025
£
671,637
49,814
27,967
749,418		 2024
£
594,715
44,168
25,620
664,503
2025 2024
Staff 29 32

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025 2024
£70,001 ‐ £80,000 1 1

Total remuneration for Key Management Personnel was £233,527 (2024: £186,002). Key Management Personnel comprise the Chief Executive Officer, and the Heads of Finance, Services & Operations, and Development.

13. EXCEPTIONAL ITEMS

A charge of £170,000 was recognised in 2024 being the trustees' best estimate in respect of the liability for overclaimed Input VAT following reworking of previously submitted VAT returns (see note 23). The final amount to be paid will be determined in 2025‐6.

Page 24

THE TEAMWORK TRUST

NOTES TO THE FINANCIAL STATEMENTS ‐ continued FOR THE YEAR ENDED 31 MARCH 2025

14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations, Grants and legacies
Charitable activities
Health and Social Care
Social Enterprise Trading
Other trading activities
Investment income
Other income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Programme Provision
Social Enterprise Trading
Support costs
Governance costs
Exceptional Item
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
12,676
876,510
21,059
7,815
8,493
1,005
927,558
7,681
543,653
8,647
218,670
21,477
170,000
970,128
18,518
(24,052)
56,137
32,085
512,709
544,794		 Restricted
funds
£
158,884
10,590
‐
‐
‐
‐
169,474
‐
187,656
‐
23,202
‐
‐
210,858
‐
(41,384)
(56,137)
(97,521)
418,841
321,320		 Total
funds
£
171,560
887,100
21,059
7,815
8,493
1,005
1,097,032
7,681
731,309
8,647
241,872
21,477
170,000
1,180,986
18,518
(65,436)
‐
(65,436)
931,550
866,114

Page 25

THE TEAMWORK TRUST

NOTES TO THE FINANCIAL STATEMENTS ‐ continued FOR THE YEAR ENDED 31 MARCH 2025

15. TANGIBLE FIXED ASSETS

COST
At 1 April 2024
Additions
Disposals
At 31 March 2025
DEPRECIATION
At 1 April 2024
Charge for year
Eliminated on disposal
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024		 Freehold
property
£
870,618
‐
‐
870,618
558,428
21,765
‐
580,193
290,425
312,190		 Plant and
machinery
£
54,768
10,644
‐
65,412
54,447
329
‐
54,776
10,636
321		 Fixtures
and
fittings
£
38,365
‐
‐
38,365
35,058
1,372
‐
36,430
1,935
3,307		 Computer
equipment
Totals
£
£
48,986
1,012,737
26,749
37,393
(21,117)
(21,117)
54,618
1,029,013
47,683
695,616
1,630
25,096
(20,854)
(20,854)
28,459
699,858
26,159
329,155
1,303
317,121

16. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1 April 2024 376,179
Change in market value (17,060)
At 31 March 2025 359,119
NET BOOK VALUE
At 31 March 2025 359,119
At 31 March 2024 376,179

Investments are held in a portfolio fund managed by UK based Investment Manager over which the trustees have no direct control.

Cost or valuation at 31 March 2025 is represented by:

Listed
investments
£
Valuation in 2025 359,119

Investments are held in a variety of unit based investment funds

Page 26

THE TEAMWORK TRUST

NOTES TO THE FINANCIAL STATEMENTS ‐ continued FOR THE YEAR ENDED 31 MARCH 2025

17.
STOCKS
Stocks
18.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income
19.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
VAT
Other creditors
Accruals and deferred income
20.
LEASING AGREEMENTS		 2025
£
1,095
2025
£
29,107
7,210
64,997
101,314
2025
£
14,798
17,849
170,000
4,310
41,106
248,063		 2024
£
‐
2024
£
92,124
‐
88,886		 2024
£
‐
181,010
2024
£
18,091
11,752
170,000
4,337
46,399
250,579

Minimum lease payments under non‐cancellable operating leases fall due as follows:

Within one year
Between one and five years
In more than five years		 2025
£
22,345
68,036
252,000
342,381		 2024
£
11,870
20,381
‐
32,251

Page 27

THE TEAMWORK TRUST

NOTES TO THE FINANCIAL STATEMENTS ‐ continued FOR THE YEAR ENDED 31 MARCH 2025

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
funds
£
Fixed assets
6,592
Investments
359,119
Current assets
522,107
Current liabilities
(248,063)
639,755
22.
MOVEMENT IN FUNDS
At 1/4/24
£
Unrestricted funds
General fund
94,794
Premises Relocation
50,000
Service Delivery Fund
400,000
544,794
Restricted funds
New Building Fund
312,190
Wolfson
‐
Autism Project
‐
Constance Travis Community Endowment
Fund
‐
The Will Charitable Trust t‐shirt enterprise
‐
Other Restricted Funds
9,130
321,320
TOTAL FUNDS
866,114		 Restricted
funds
£
322,563
‐
15,299
‐
337,862
Net
movement
in funds
£
95,091
‐
‐
95,091
(21,765)
25,616
1,477
9,990
1,401
(307)
16,412
111,503		 2025
Total
funds
£
329,155
359,119
537,406
(248,063)
977,617
Transfers
between
funds
£
(60,130)
‐
60,000
(130)
‐
‐
‐
‐
‐
130
130
‐		 2024
Total
funds
£
317,121
376,179
423,393
(250,579)
866,114
At
31/3/25
£
129,755
50,000
460,000
639,755
290,425
25,616
1,477
9,990
1,401
8,953
337,862
977,617

Page 28

THE TEAMWORK TRUST

NOTES TO THE FINANCIAL STATEMENTS ‐ continued FOR THE YEAR ENDED 31 MARCH 2025

22. MOVEMENT IN FUNDS ‐ continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
New Building Fund
Multiply
Wolfson
Autism Project
Constance Travis Community Endowment
Fund
Shared Prosperity Fund
The Will Charitable Trust t‐shirt enterprise
Other Restricted Funds
TOTAL FUNDS		 Incoming
resources
£
1,045,865
‐
59,318
26,000
29,127
9,990
10,599
8,300
23,249
166,583
1,212,448		 Resources
expended
£
(933,714)
(21,765)
(59,318)
(384)
(27,650)
‐
(10,599)
(6,899)
(23,556)
(150,171)
(1,083,885)		 Gains and
losses
£
(17,060)
‐
‐
‐
‐
‐
‐
‐
‐
‐
(17,060)		 Movement
in funds
£
95,091
(21,765)
‐
25,616
1,477
9,990
‐
1,401
(307)
16,412
111,503

Comparatives for movement in funds

Unrestricted funds
General fund
Wellingborough Building Redevelopment
Health and Social Care Development
Premises Relocation
Service Delivery Fund
Restricted funds
New Building Fund
Margaret Giffen
Multiply
Wolfson
Other Restricted Funds
TOTAL FUNDS		 At 1/4/23
£
43,721
168,988
50,000
50,000
200,000
512,709
333,955
22,500
‐
50,000
12,386
418,841
931,550		 Net
movement
in funds
£
(24,052)
‐
‐
‐
‐
(24,052)
(21,765)
(22,500)
(3,276)
‐
6,157
(41,384)
(65,436)		 Transfers
between
funds
£
75,125
(168,988)
(50,000)
‐
200,000
56,137
‐
‐
3,276
(50,000)
(9,413)
(56,137)
‐		 At
31/3/24
£
94,794
‐
‐
50,000
400,000
544,794
312,190
‐
‐
‐
9,130
321,320
866,114

Page 29

THE TEAMWORK TRUST

NOTES TO THE FINANCIAL STATEMENTS ‐ continued FOR THE YEAR ENDED 31 MARCH 2025

22. MOVEMENT IN FUNDS ‐ continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
New Building Fund
Margaret Giffen
Multiply
Other Restricted Funds
TOTAL FUNDS		 Incoming
resources
£
927,558
‐
22,500
106,243
40,731
169,474
1,097,032		 Resources
expended
£
(970,128)
(21,765)
(45,000)
(109,519)
(34,574)
(210,858)
(1,180,986)		 Gains and
losses
£
18,518
‐
‐
‐
‐
‐
18,518		 Movement
in funds
£
(24,052)
(21,765)
(22,500)
(3,276)
6,157
(41,384)
(65,436)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Wellingborough Building Redevelopment
Health and Social Care Development
Premises Relocation
Service Delivery Fund
Restricted funds
New Building Fund
Margaret Giffen
Multiply
Wolfson
Autism Project
Constance Travis Community Endowment
Fund
The Will Charitable Trust t‐shirt enterprise
Other Restricted Funds
TOTAL FUNDS		 At 1/4/23
£
43,721
168,988
50,000
50,000
200,000
512,709
333,955
22,500
‐
50,000
‐
‐
‐
12,386
418,841
931,550		 Net
movement
in funds
£
71,039
‐
‐
‐
‐
71,039
(43,530)
(22,500)
(3,276)
25,616
1,477
9,990
1,401
5,850
(24,972)
46,067		 Transfers
between
funds
£
14,995
(168,988)
(50,000)
‐
260,000
56,007
‐
‐
3,276
(50,000)
‐
‐
‐
(9,283)
(56,007)
‐		 At
31/3/25
£
129,755
‐
‐
50,000
460,000
639,755
290,425
‐
‐
25,616
1,477
9,990
1,401
8,953
337,862
977,617

Page 30

THE TEAMWORK TRUST

NOTES TO THE FINANCIAL STATEMENTS ‐ continued FOR THE YEAR ENDED 31 MARCH 2025

22. MOVEMENT IN FUNDS ‐ continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
New Building Fund
Margaret Giffen
Multiply
Wolfson
Autism Project
Constance Travis Community Endowment
Fund
Shared Prosperity Fund
The Will Charitable Trust t‐shirt enterprise
Other Restricted Funds
TOTAL FUNDS		 Incoming
resources
£
1,973,423
‐
22,500
165,561
26,000
29,127
9,990
10,599
8,300
63,980
336,057
2,309,480		 Resources
expended
£
(1,903,842)
(43,530)
(45,000)
(168,837)
(384)
(27,650)
‐
(10,599)
(6,899)
(58,130)
(361,029)
(2,264,871)		 Gains and
losses
£
1,458
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
1,458		 Movement
in funds
£
71,039
(43,530)
(22,500)
(3,276)
25,616
1,477
9,990
‐
1,401
5,850
(24,972)
46,067

Unrestricted Funds include accumulated surpluses and deficits from 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.

New Building Fund ‐ Funds were received from Corby and Wellingborough councils towards the new buildings at Wellingborough and Kettering and refurbishment costs at Corby. The balance is to be used to fund future depreciation of these buildings.

Multiply ‐ A government contract to support adults who have not achieved a Level 2 qualification in Mathematics ‐ the aim is for The Teamwork Trust to specifically support adults with learning disabilities and autism to achieve confidence in numbers.

Margaret Giffen ‐ To provide counselling services over 3 years

Wolfson ‐ A grant for IT and digital equipment to support The Teamwork Trust's "My Digital" offering. Helping more people to reach their potential making and selling products and services through community and online marketplaces.

Page 31

THE TEAMWORK TRUST

NOTES TO THE FINANCIAL STATEMENTS ‐ continued FOR THE YEAR ENDED 31 MARCH 2025

23. 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 £nil (2024: £3,870) were payable to the fund at the balance sheet date.

24. OTHER FINANCIAL COMMITMENTS

An internal VAT review was 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 complete and the Trust was aided by VAT specialist advice. An exercise has been completed to determine the likely liability of the VAT which will be repayable which has resulted in a provision of £170,000 being included within these financial statements, being the best current estimate of the liability. The exact additional VAT liability is expected to be confirmed with HMRC.

25. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2025.

Page 32