OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-08-31-accounts

REGISTERED COMPANY NUMBER (England and Wales): 03451215 REGISTERED CHARITY NUMBER: 1068782

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS For the year to 31 August 2021

FOR

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

1

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

CONTENTS OF THE FINANCIAL STATEMENTS for the Year to 31 August 2021

Page
Report of the Trustees 3 - 8
Independent Examiner’s Report 9
Statement of Financial Activities 10
Comparative Statement of Financial Activities 11
Balance Sheet 12
Cash Flow Statement 13
Notes to the Financial Statements 14 - 24

2

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

REPORT OF THE TRUSTEES For the Year to 31 August 2021

The Trustees, who are also Directors of the charitable company for the purposes of the Companies Act, present their report with the financial statements of the charity for the year to 31 August 2021. The financial statements comply with the Charities Act 2011, the Companies Act 2006 and the provisions of the Statement of Recommended Practice Charities SORP 2019 (FRS102).

REFERENCE AND ADMINISTRATIVE DETAILS

Name: The Worth Foundation Limited (known as Worth Unlimited Registered Company number: 3451215 (England and Wales) 1068782

Registered Charity number:

Registered Office and Principal Office 434 Forest Road Walthamstow London E17 4PY

Trustees:

Rev. AS Collishaw (Chairman) A D Boul K Rayner Lunn (Resigned 19/07/2021) M Watson R Lampard Rev. M Holmes (Resigned 04/01/2021) S Taylor (Appointed 05/10/2020) AI Mathews (Appointed 08/10/2020) M Smith (Appointed 10/112021)

Bankers: Unity Bank Nine Brindleyplace Birmingham B1 2HB

Independent Examiner: Steven R Mugglestone Michael Harwood & Co Chartered Accountants Greville House 10Jury Street Warwick CV34 4EW

3

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

REPORT OF THE TRUSTEES For the Year to 31 August 2021

OBJECTIVES AND ACTIVITIES

Objects, aims, strategy to achieve

Worth Unlimited is a national Christian charity and social enterprise, dedicated to inspiring hope. We equip and support people to harness their passions, gifts, skills and talents to be locally rooted enablers of hope and transformation. Our extensive experience has taught us that people flourish and become change-makers when they have a good sense of self, healthy relationships and purpose. We have a substantial track record of working alongside people of all ages, particularly young people, to remove barriers, foster well-being and build stronger, more resilient, better connected communities.

We are committed to making a high-quality, relational and innovative investment in our communities. Our teams provide mutual support and encouragement; sharing learning and good practice, to sustain each other for longterm working and making the greatest possible impact. Our member branches are situated in the London Borough of Waltham Forest, Loughton (Essex), Birmingham, Huddersfield, Lincolnshire, Doncaster and Kidderminster. Our partner branches (separate charities who have joined our family) are the OK Club in South Kilburn (London Borough of Brent) and DACYM in Darlington.

Across these branches we run a variety of projects, including;

Our paid and voluntary youth workers focus on developing positive, transformative relationships with young people, using good youth work skills to help develop hope and potential in individuals. In order to facilitate this, we base our work around our four-stage Participant Pathway:

Review of activities and fundraising

Worth Unlimited has a devolved ethos, so our branches relate primarily to their local communities. We retain the core functions of the organisation at our central office, but encourage innovation and bespoke solutions to local challenges in our branches. We are also keen to see the development of local people, particularly young people, where possible. This locally-focussed approach has its challenges, particularly around common fundraising, but we believe we have made significant progress over the past year.

During the year, we invested time and finance in developing our infrastructure, including increasing our communications; refining and embedding our Theory of Change and mechanisms for impact assessment; and strengthening our central capacity for fundraising and developing social enterprise.

4

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

REPORT OF THE TRUSTEES For the Year to 31 August 2021

We have been grateful for ongoing partnerships with Frontier Youth Trust, Open Door Community Foundation, Firs and Bromford Neighbours Together, and St Margaret’s Community Trust which have enabled us to cover some of the core costs of our organisation and therefore increase our capacity to drive forward our strategic plan. We are pleased to have resourced and served alongside them.

Coronavirus Pandemic

Following the guidance issued by the UK Government in March 2020, our activities continued to be disrupted by the pandemic throughout the year. However, nearly all of our delivery staff remained at work with only minimal use of the Governments Furlough scheme for those members of our team whose jobs were impossible to deliver or who were too vulnerable to work. We have been grateful for the guidance from the National Youth Agency which has helped us to make wise and informed decisions about how to manage the risk with our faceto-face youth work, which we have supplemented with continued use of online activities. Our engagement numbers have inevitably been affected by this situation.

We have continued to utilise video call technology (that everyone has become familiar with using) to provide the learning opportunities and to reduce our travel, and therefore carbon footprint, from pre-pandemic levels.

ACHIEVEMENTS AND PERFORMANCE

Worth Unlimited employs 33 people (approximately 17 full time equivalents) through its branches, working in over 14 neighbourhoods. Over the course of the year we have had contact with 1,478 young people and 462 adults (1,809 and 173 in the previous year). These people will have varying levels of intervention with us. Some take part in short-term or drop-in type programmes, while others will be involved in more intensive work, such as weekly mentoring or counselling. The highlights from each branch are as follows:

Birmingham and Solihull

We have continued to work in close partnership with Open Door Community Foundation to run ‘Together We Can!’ (TWC), a project within the Firs and Bromford neighbourhood, bringing together youth work and adultfocused asset-based community-building work to maximise the opportunities for intergenerational (as well as cross-cultural) interaction and relationship-building. Through this project we have provided one-to-one support, open access youth work, detached youth work and opportunities for local children and young people to participate in intergenerational and youth-led social action projects, both through schools and community groups, from afternoon teas for the elderly to developing local green spaces. We continue to develop our “Youth Connector” team - local neighbours passionate about engaging with young people in their community. Our cycle business, Gear Up, continues to “Inspire Hope One Bike at a Time” offering servicing, repairs and training and Listen Threads (clothing brand) works with a core group of vulnerable young women and launched the “Discover Joy” range of clothing. Highlights of the year have included: Launching a second location for Gear Up at University of Birmingham - The Gear Up Cycle Hub, finding new ways to engage young people during and after the pandemic such as online gaming sessions, and seeing the confidence of our youth connector team increase and take on leading the delivery of a number of youth work sessions in their own community.

Darlington (Darlington Area Churches Youth Ministry)

Darlington Area Churches Youth Ministry (DACYM) is a community-based youth-focused outreach initiative that works from an inclusive Christian value base, using the principles and practices of informal education and community development. It’s core projects include The Listening Post (a listening and mentoring service for young people), The Hurworth Youth Project (a portfolio of youth activities including detached work, youth club and listening post work) and general schools work (including the provision of assemblies, RE/PHSE Lessons and lunchtime activities). In 2020/21 the Listening Post supported over 165 young people, holding over 1500 listening sessions.

Doncaster

Worth Unlimited for Doncaster focuses on developing the skills, passions and motivations of local people to mentor young people, in particular those at risk of not flourishing in society. Through our schools-based mentoring programme, young people ranging in age from 5-18 experience transformation in behaviour, selfconfidence and self-esteem, which results in keener engagement, more aspirational goals and higher levels of achievement. A particular highlight this year has been a grant from the South Yorkshire Police, Violence Reduction Unit, to reduce fixed-term exclusion. Our project aims to provide early intervention to young people displaying anger issues, violent tendencies or living in a household where domestic violence occurs. The grant also enabled us to move into the virtual world with the purchase of tablets to keep them connected. Our success has led to another round of funding to begin in September 2021. As we continue enhance our provision online we also delivered a six week summer well-being programme for Doncaster Council to support local young people with their mental health post Covid 19. We have engaged in group work with 51 and provided one to one mentoring for 176 children and young people between September 2020 and 31st August 2021.

5

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

REPORT OF THE TRUSTEES For the Year to 31 August 2021

Huddersfield

Worth Unlimited Huddersfield operates from Longley and Lowerhouses Community Church, providing youth clubs and other food and learning related programmes for the children and adults of Longley and Lowerhouses Area. We started the year under restrictions resulting from Covid-19 which meant that we were unable to run our usual programmes. We continued to support local families through lockdown by a combination of weekly telephone calls, door-step visits, craft bag drop-offs and twice weekly food deliveries (between January and June 2021) the contents of which were provided by Huddersfield Mission. We supported 54 children and 25 adults over the year. By the summer, Covid restrictions were lifting and we were able to run our usual holiday lunch club with a twist - instead of a sit down meal in the hall, we provided a two-course meal takeaway for 12 families (13 adults and 47 children) providing 831 meals over the summer holidays. We also worked with one family to make a mini children’s library which was stocked with books, courtesy of the ‘Ladies of Longley Road’ group, and is well used by parents and children on the way to and from school.

Kidderminster

A new branch in Kidderminster was launched in January 2020, although progress of development has been limited by the pandemic. Our team has been supporting children, young people and families on the Comberton and Offmore estates primarily through food parcels and community activities and events in school holidays.

South Kilburn, London (OK Club)

The OK Club works with children, young people and families in Kilburn, providing activities such as drop in clubs, sports and health programmes, homework support, cooking and life skills workshops, drama and art projects and school holiday programmes. Since our relaunch back in September, the OK Club has completed a summer holiday programme in partnership with local primary and secondary schools. These activities were funded over the six weeks holiday, targeting children who qualify for free school meals (as well as our young people from the OK Club). Feedback received from children and families has been incredibly positive, and it was a good learning experience for us, venturing into this area. We have built links with community assets in our locality, developing a fledgling partnership with The Granville Community Kitchen which will see them using our garden to grow organic vegetables for their Good Food Box, sold locally at affordable prices. In return, they provide us with advice, maintenance support and assistance with our monthly gardening programme.

Lincolnshire (The Oasis)

The Oasis is a social and therapeutic garden, a peaceful and restorative environment in which young people can engage in self-discovery, improve their physical and mental health and develop their practical, communication and thinking skills, emotional intelligence and character. The brilliant founder of this project, Alison Merryman, retired from the project in May 2021 and we have struggled as a result to keep the project active, although a fantastic team of volunteers has been maintaining and developing the site. We concluded the year in negotiations with another large charity based in Lincolnshire about a transfer of the project which would give it greater capacity and local drive and therefore better chance of reaching its huge potential.

Loughton (Spark)

Spark provides a range of counselling and mentoring services for children and young people, both in primary and secondary schools and in the community. We have continued to benefit from multi-year funding, which both ensures our survival in the short term and provides us with time to develop more sustainable funding options. Since March 2021, we have employed a dedicated Family Support Worker, paid for additionally through this same funder. This has enabled us to provide holistic support to families, as well as group support for parents, through our popular parenting programmes. We were able to continue providing remote one-to-one support during the various lockdowns, enabling young people to access our service when much other support had been stopped. It was wonderful to be able to restart our face-to-face service in April 2021, but heartbreaking to see how many more young people were in need of our service following the pandemic. We were able to step up our service to cope with demand, providing one-to-one support for around 200 individuals through more than 3000 counselling and mentoring sessions, as well as running commissioned art therapy workshops. We are fortunate to be nominated as Chigwell Golf Club’s charity of the year, and to benefit from individual sponsorship endeavours, such as the London Marathon.

Waltham Forest

Worth Unlimited in Waltham Forest works with young people and families from communities of social deprivation. We work at building supportive, lasting relationships where young people and participants feel valued. We provide and help young people to engage in positive activities, where they can develop skills and create community. From September 2020 until March 2021, we ran Youth Club sessions in Priory Court Estate and Langhorne Park (Cathall Estate area), and ran weekly detached/outreach sessions in three areas: Priory Court, Langhorne Park and Leyton Manor Park (Beaumont Estate). These sessions have enabled young

6

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

REPORT OF THE TRUSTEES For the Year to 31 August 2021

people to access information and support from trained youth workers, whilst engaging in activities such as cooking, games and quizzes. We were very excited this year to receive funding to purchase a new youth bus/ vehicle, allowing us to replace our old vehicle, which is no longer road-worthy. We are working on the designs for this vehicle with the young people. We were able to take young people on two separate one-night residential trips in the summer, one to Hawkswood in Chingford and one to the South Downs, as well as running an environmental project with young people from Priory Court. This year has been challenging again, as we have had to adapt to the changing Covid lockdowns and restrictions. However, this has given us the opportunity to continue to work with more young people on a one-to-one basis as we have contacted them through regular check-in telephone calls and mentoring sessions: we have supported 18 young people in this way. Throughout 2020-2021, we recorded that we worked with a total of 186 young people, however the numbers are higher than this, as we are often working with young people in communities that are hard to reach who are less willing to supply their contact details.

SAFEGUARDING CHILDREN AND YOUNG PEOPLE

As a provider of youth work services, we are keen to work with young people to reduce the abuse that they sometimes suffer, ensure that they are safe while engaging in our activities and are cared for when dealing with the consequences of abuse. The Board continues to give priority in ensuring that our policies are up to date, our staff training is appropriately implemented and the correct action is taken when allegations are made.

FINANCIAL REVIEW AND PLANS FOR THE FUTURE

The challenge of running a charitable organisation in these economic times continues to be a significant area of attention. Over recent years, our income from statutory funding sources has reduced from somewhere in excess of £150k to now less than £20k. We are grateful to have made it this far and continue to work hard at diversifying income streams which increase our ability to be sustainable in the coming years.

The trustees wish to place on record their appreciation of hard work, passion and commitment that the staff and volunteers of the organisation generously give. We also recognise those individuals and organisations who have sacrificially supported us over the past year as well as those who have participated in various personal physical challenges to raise funds.

Our restricted income for the year was £480,572 and we ended the year with £276,224 yet to be spent on specific projects. In addition, we received unrestricted income of £214,677 with expenditure of £241,915.

Notwithstanding all of the challenges that we have faced, the board of The Worth Foundation are optimistic about the future of the organisation and its ability to help young people and the communities in which they live. We are looking forward to launching a number of exciting projects during the coming year, as well as continuing our wide range of youth work activity.

Reserves Policy

The charity aims to maintain unrestricted reserves at a level sufficient to cover three months of staff salary costs. In order to be clearer about funds that are actual free reserves, the trustees introduced a Designated Reserve fund in 2018.

The current position of this fund is £96,800, which is an improvement on our previous financial year (by 10%) but still lower than desired. In the current climate, it continues to be difficult to increase the current position quickly, but the board remains committed to doing so. It should be noted that a large number of our workforce are on fixed-term employment contracts which are linked to the dates of the grant funding which funds their work, thus reducing our liability for redundancy payments. The position of these contracts is kept under review so as to comply with appropriate employment legislation.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Executive Leadership

The charity is managed by a leadership team, consisting of a National Director (Matt Perry) and Development Director (Debbie Garden). A third post within this team was Director of Vision and Strategy, held by Tim Evans, until March 2021. Tim resigned from his post with Worth Unlimited following 17 years of employment and the Trustees decided not to recruit into this post. The Trustees wish to place on record their gratitude for his long, dedicated service to the organisation.

7

THE WORTH FOUNDATION LIMITED IA Company Limited by Guarantee) REPORT OF THE TRUSTEES For the Year to 31 August 2021 Governlng document The charity is a company. limited by guarantee, and is govemed by ils Memorandum and ArtiC￿S ol Assoaab"on. Decisions are taken by majority vote. The Chair holds a casting vote. The charity has a whollY￿wned subsidiary company engaged in soci25 enterprises, Worth Enterprises timiled. Appointment and Induction of trustees Trustees ar8 appointed by the 802rd The Artides of A550C13tion provide lor a minimum ol live and a maximum ol tèn trustees. New tiuslees underw an irbducb.on to brief them on their O￿lgationS un(Jer charity and company law and the deoslon-mk￿.ng process ofthe charity. Risk managèment The trustees have identified and reviewecj the rlsks to vthich the chaiity is exposed and ensure appropriate controls are in pla￿ to provide reasonable assuiance against fraud and error. The Board kK)Ids a Risk Register whith is regularty reviewwy and updated. Publlc Benefit The trustees have reviewed the charity's activities in respect ol public benefit a8 required by the Charity Commission and believe they comply. Trustees, Respon$bilities in Relation to the Financial Stalgments The Trustees are responsible lor preparing the Tru5tees' Report 2nd the fiDanaal statements in accordance wth 2pplicable18w and United Kingdorn Acc￿nting Standards Iunited ￿'ngdoM Generally AcTrpted Accounts"ng Practi￿1. Company law requirès the Twstees to prepare financial statements fof each financial year. Undei company law the Trustees mugt not approve the financi81 statements unless they are satisfied that they give 8 true and fair view of the stale of affairs of the charitable company and of the incoming re50uiTrs and applicats.on of resources, including the income and expenditure. ol the charitable wmpany for that perlod. In pr¢pariw these financial statements, the Trustees are required to.. select suitèble accounting policies and then 8pply them consistontly". make judgements and accounting estimes that are reasonabl6 8nd wudent., observe the methods and principles in the Charities SORP". prepare the finarrial statemen15 on the going ¢on¢ern basis unless it is inappropTrate lo presume that the company will continue in business. The TrLJStees are responsible lor keeping adequate a¢counling records that are sufficient to show and explain the Gharilable company's transactions and disc105e wlh reasonable atturacy at any time the firianaal position of the charitable company 8nd to enabie them to ensure that the financial statements comply with the Companies Act 2006. They are a4s0 responsible for safeguarding the assets of the charitable company and henTr lor ON BEHALF OF THE BOARD.. R Lampard- Trustee D8ted'.

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE WORTH FOUNDATION LIMITED IA Company Limited by Guarantee) I report lo the charity Trustees on rny examinab.on ol the arxounts of the Chanty for the yèar ended 3191 Auousl 2021 which are set out on pages 10 to 24. Rèsponslbllltle8 and basi$ of report As the charity Trustees ol the company land also ils directors for the purposes of company 18wI you are responsible for the prep8rab.on of the accounts in accordance with the requirements of the Companies Act 20061'the 2008 Act'l. Having satisfièd tnyself that the accounts ol the ¢haiity are not required to be audited under Part 16 of the 2(K)6 Act and a￿ eligible for independent examination, I report in respect of my examination of your tharity's a¢¢tsunts as carried out under section of Ihe Charibes Act 2011 I'lhe 2011 Acl'l. In carrying out my examination I h8ve followed the DIr￿￿On$ given by the Charity Commission undei sects'on 14515llbl of thts 2011 Act. Independent examinèes statement Sincethe Charitable compsny's gross incom6 ex¢eeded £2￿,000 your examiner mwt be a member ofa b￿Y isted in section 145 of the 2011 Act. I confrrn that l am qualified lo undertake the examination because l am a member ol The Insts'tute ol Chartered Accountants in England and Wales, which Is one ol the listed bodies. I have completed my examination I confirm that no matters have ccmne lo my attention in LY)nnection with the examillation giving me cause to believe that In any material resp￿.. 1. accounting records were not kept in respect of the charitable company as rèquired by secty'on 386 of the 2m6 Act.. or 2. the accounts do not ai£ord Vwith ihose record$.' or 3. the ac¢ounts do not u)mply ￿fjth the accounting requirements of section 396 of the 2006 Act other than any requiremenllhat the accounts give a'true and fairview, whith is not a matter considered as part of an independent ex8mination,' or 4. the accounts have not been prepared in aoEordanc8 with the methods and principles of the Statement of Recommended Practi￿ for 8ccounting and reporting by Charities applicable to ch8rities preparing their accounts in accordancewith the Financial RepotbTrJ Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no con￿MS and have ctsrne auoss no other matters in connbthon with the ex8minalion to whi attentK)n should be drawn in this report in ortler to enable a pioper understanding of the accounts to be reached. St&ven R MugglestOn8 Michael Hapwood & Co Chartered Accountants and Registered Auditors Greville House 10 Jury Street Warwick CV34 4EW

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure Account)

For the Year Ended 31 August 2021

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM:
Donations and Grants
2
63,226
Charitable activities
3
121,732
Investment income
4
-
Other income
5
29,719
Total
214,677
EXPENDITURE ON:
Raising funds
240
Charitable activities
6
241,675
Total
241,915
Net incoming/(outgoing) resources being net
expenditure for the year
(27,238)
Transfers between funds
38,483
Net movement in funds
11,245
RECONCILIATION OF FUNDS
Total funds brought forward
120,071
TOTAL FUNDS CARRIED FORWARD
15
131,315		 Restricted
funds
£
447,313
33,259
-
-
480,572
5,500
444,181
449,681
30,891
(38,483)
(7,592)
283,816
276,224		 Year ended
31.08.21
Total
funds
£
510,539
154,991
-
29,719
695,249
5,740
685,856
691,596
3,653
-
3,653
403,887
407,540		 Year ended
31.08.21
Total
funds
£
510,539
154,991
-
29,719
695,249
5,740
685,856
691,596
3,653
-
3,653
403,887
407,540
407,540

10

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure Account)

For the Year Ended 31 August 2020

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM:
Donations and Grants
2
61,865
Charitable activities
3
138,676
Investment income
4
335
Other income
5
47,325
Total
248,201
EXPENDITURE ON:
Raising funds
249
Charitable activities 6
270,905
Total
271,154
Net incoming/(outgoing) resources being net
expenditure for the year
(22,953)
Transfers between funds
29,472
Net movement in funds
6,519
RECONCILIATION OF FUNDS
Total funds brought forward
113,552
TOTAL FUNDS CARRIED FORWARD
15
120,071
 Restricted
funds
£
663,618
51,036
-
-
714,654
14,226
489,805
504,031
210,623
(29,472)
181,151
102,665
283,816		 Year ended
31.08.1920
Total
funds
£
725,483
189,712
335
47,325
962,855
14,475
760,710
775,185
187,670
-
187,670
216,217
403,887		 Year ended
31.08.1920
Total
funds
£
725,483
189,712
335
47,325
962,855
14,475
760,710
775,185
187,670
-
187,670
216,217
403,887
403,887

11

THE WORTH FOUNDATION LIMITED IA Company Limited by Guarant•èl BALANCE SHEET At 31 August 2021 31.08.21 Total funds 31.08.20 Totsl ftjnds Unre8trict•d Funds Restrleted fund$ Notes FIXED ASSETS Inve5ttDents 12 CURRENT ASSETS Debtors." amounts falling due within one year amounts falling due after one year C8sh at bank 13 17.777 15,607 104,724 40.000 57,777 15,807 342,986 9.244 15,685 387,889 238,262 138.108 278.262 416.370 412.818 CURRENT LIABILITIES Creditors.. atnounts falling due within one year 14 16,7931 12.0381 18.8311 18,9321 NET CURRENT ASSETS 131315 276 224 407,539 403,886 NET ASSETS 131316 276,224 407,540 403.887 FUNDS Unrestricted funds Designated funds Resth"cterl funds 15116117 34.516 96,800 276 224 32,271 87.8(K) 283,816 TOTAL FUNDS 407,540 403 887 For the year ended 31* August 2021 the chaiitsble company was enlilled lo exemption trom audit Lnder Section 477 of the Companies Act 20￿ relating to small eomp8nies. Trusteès acknowledge thèir responsibility foro)mptying with the reqU1￿MentS olthe Comp￿leS Act 2(￿6 with respect to ￿OUntIng rewrds and the preparation ol accounts. The rnembers have not required the charrtable company lo obtain an 8udll of its a￿OUnts for the year in question in a￿(￿03￿ce wth sectiw 476 of ￿ Companies Act 2016. The Financiol Statements on pages 10 to 24 were 8pprov&J on behalf ol the Trustees by R Larnpard- Trustèe Dated.. 12

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

CASH FLOW STATEMENT

For the Year Ended 31 August 2021


CASH FLOW FROM OPERATING ACTIVITIES
Net Movement in Funds – (Outgoing) per SOFA
Adjustments for:
(Increase) / Decrease in Debtors
(Decrease) / Increase in Creditors
Net Increase / (Decrease) in Cash and Cash
Equivalents
Opening Cash and Cash Equivalents
Closing Cash and Cash Equivalents
Cash at Bank at the Year End		 2021

£
3,653
(48,455)
(101)
(44,903)
387,889
342,986
342,986		 2020
£
187,670
2,318
(9,323)
180,665
207,224
387,889
387,889

13

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2021

1. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared in accordance with the methods and principles of the Statement of Recommended Practice (Charities SORP 2019 (FRS 102).

Income

Voluntary income and donations are accounted for once the charity has entitlement to the income and it is probable that the income will be received. Grants are accounted for as receivable on a pro-rata basis. Any grants received before the year end in respect of a period that ends beyond the year end are deferred accordingly. The income from fundraising ventures is shown gross, with the associated costs included in the fundraising costs.

VAT

Value added tax is not recoverable by the charity, and as such is included in the relevant costs in the Statement of Financial Activities.

Expenditure

Resources expended are recognised once there is a legal or constructive obligation to transfer economic benefit to a third party.

Charitable activities

The sole charitable activity is the operation of a Christian youth work agency. Charitable expenditure comprises all direct expenditure in respect of support of workers, training and other direct expenses relating to specific projects. Staff costs are charged to restricted funds by reference to an estimated percentage of their work done throughout the year.

Governance costs

These represent the costs of complying with statutory requirements.

Taxation

The company is a registered charity and is therefore exempt from taxation under Chapter 3 of Part 11 of the Corporation Taxes Act 2010.

Investment in trading subsidiary company

The investment in a wholly owned trading subsidiary company has been reflected at the historical cost of acquiring the subsidiary and is considered to be fairly stated in light of the fairly modest net asset value of the subsidiary at the balance sheet date.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Fund Accounting

The charity maintains two types of funds as follows:-

Restricted funds

Restricted funds represent grants, donations and other income received which the donor allocates for specific purposes.

Unrestricted funds

Unrestricted funds represent funds that are expendable at the discretion of the Trustees in the furtherance of the objects of the charity. Such funds may be held in order to finance working capital investment. Designated funds are those funds which are unrestricted in nature but which have been designated by the trustees to be used in a particular manner.

14

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2021

2. GRANTS AND DONATIONS

GRANTS AND DONATIONS

Donations
Big Local Trust
Birmingham City Council
Charles S French Charitable Trust
Children in Need
Community Learning Works
Dyson Associates
Edward Cadbury Charitable Trust
Essex Community Foundation
Garfield Weston Foundation
Groundwork (HS2)
Heart of England Community Foundation
KFC Foundation
Kirklees Council
London Borough of Waltham Forest
Loose Change Charity
National Lottery Community Fund – Reaching Communities
National Lottery Community Fund – Youth Investment Fund (Jointly
with DCMS)
One17 Foundation
Other
Souter Charitable Trust
South Yorkshire Community Foundation
South Yorkshire Police & Crime Commissioner
St Thomas Dole Charity
Subs and Contributions to Activities
Transpennine Express (Transform)
William Brooke Benevolent Fund
Wyre Forest District Council
Young Solutions Worcestershire		 31.08.21
£

96,456
100,396
-
-
-
-
2,208
-
-
-
12,915
-
2,000
1,154
9,995
1,880
218,793
-
2,000
5,408
3,000
1,967
17,208
-
9
5,000
-
20,600
9,550
510,539		 31.08.20
£
49,400
123,330
10,000
2,000
5,000
375
2,408
3,000
3,100
45,000
33,846
2,000
-
1,500
750
1,680
336,155
83,028
5,801
3,564
-
5,000
-
3,000
1,546
-
4,000
-
-
725,483

We are also grateful to the following organisations for their small grants: Haslers Foundation, The Cyclist Club, Loughton, Buckhurst Hill & Chigwell Rotary Club, Bite Size Pieces, Church Urban Fund (Near Neighbours) and the Co-op Community Fund (Kirklees).

15

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For the Year Ended 31 August 2021

3. INCOME FROM CHARITABLE ACTIVITIES

31.08.21

£
Contracted work
130,037
Fundraising income
13,100
Other income
11,854
154,991
4.
INVESTMENT INCOME 31.08.21

£
Interest on bank current and deposit accounts
-
5.
OTHER INCOME 31.08.21
£
Furlough Grants
29,719
6.
CHARITABLE ACTIVITIES COSTS
Direct costs
Support costs
(See note 7)
(See note 8)
£
£
Charitable activities
628,541
57,315
7.
DIRECT COSTS OF CHARITABLE ACTIVITIES
31.08.21
£
Staff costs (note 11)
487,149
Programme costs
165,570
Grants paid
75,822
628,541
8.
SUPPORT COSTS
Support costs, included in the above, are as follows:
31.08.21
£
Rent
11,18
Rates
(180)
Water rates
550
Gas and Electricity
173
Print, post and stationery
500
Publicity
4,329
Telephone
2,407
Office equipment and software and supplies
12,517
Insurance
3,493
Maintenance
3,589
Subscriptions
803
Professional fees
307
Bank Charges
665
Miscellaneous
1
Independent Examination fee
4,374
Meeting expenses
13
Consulting
12,671
57,315		 31.08.20
£
149,256
27,290
13,166
189,712
31.08.19
£
335
31.08.20
£
47,325
Totals
£
685,856
31.08.19
£
559,252
42,055
112,918
714,225
31.08.20
£
11,702
374
372
307
492
5,692
1,633
8,659
3,380
3,702
1,618
462
671
147
4,008
284
2,982



46,485

16

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For the Year ended 31 August 2021

9. NET INCOMING RESOURCES

Net resources are stated after charging:

Independent examiner’s fee

31.08.21 31.08.20
£ £
4,374 4,008

10. TRUSTEES' REMUNERATION AND BENEFITS

Trustees’ Remuneration

No Trustee received remuneration for the year ended 31 August 2021 (2020: Nil)

Trustees' Expenses

Trustees' travel expenses amounting to £Nil were reimbursed to Trustees for the year ended 31 August 2021 (2020: £Nil).

11. STAFF COSTS

Wages and salaries
Social security costs
Pension
Other staff related costs
Average number of staff on the payroll during the year
The number of full-time equivalent staff numbers were		 31.08.21
£
397,888
25,727
25,507
38,027

487,149
25
===
16
===		 31.08.20
£
455,530
28,282
29,800
45,640
559,252
33
===
16
===

No employee earned in excess of £60,000 either this year or last.

17

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For the Year Ended 31 August 2021

12. FIXED ASSET INVESTMENTS

Shares in Group
Undertaking
COST
At 31stAugust 2021 1
NET BOOK VALUE
At 31stAugust 2021 1

The company’s investment in the company below is as follows:-

Worth Enterprises Limited Country of Incorporation: England Nature of Business: Provision of employment opportunities for young people in bicycle maintenance. Ordinary Shares of £1 each 100% held

Worth Enterprises Limited was incorporated on 9[th] February 2009, commenced trading in December 2011, and made its first accounts to 31[st] August 2012.

At 31.08.2021
**£ **
Aggregate capital and reserves (In Deficit) £(153)
Loss for the year £(3,020)

The Worth Foundation Limited has taken advantage of the exemption from preparing group accounts conferred by Para 19 (1a) of The Charities (Accounts and Reports) Regulations 2008, on the grounds that the results of the subsidiary are not material for the purposes of giving a true and fair view.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Amount due from group undertaking
Prepayments and accrued income		 31.08.21
£
17,171
11,463
44,750
73,383		 31.08.20
£
4,319
15,685
4,925
24,929

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Accrued expenses and deferred income		 31.08.21
£
4,100
4,730
8,831		 31.08.20
£
4,258
4,675
8,933

Income deferred in 2021 amounts to £Nil (2020: £Nil).

18

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For the Year Ended 31 August 2021

15. MOVEMENT IN FUNDS

Unrestricted funds
Birmingham and Solihull
Doncaster
Huddersfield
Kidderminster
Lincolnshire
Spark
Waltham Forest
National
Restricted funds
Birmingham and Solihull
Doncaster
Huddersfield
Kidderminster
Lincolnshire
Spark
Waltham Forest
National
TOTAL FUNDS		 At 01.09.20
£

45,051
3,632
5,019
-
4,515
30,114
24,445
7,296
120,071
141,999
4,500
4,925
478
-
9,197
33,522
89,195
283,816
403,887
 Net
movement
in funds
Interbranch
Transfers re
Internal
Management
Fees
£
£
4,287
(862)
(784)
(666)
(1,379)
(84)
792
(79)
1,246
(269)
20,485
(3,475)
8,264
(872)
(60,148)
43,591

(27,238)
37,283
(106,710)
(12,952)
9,216
(2,918)
(2,646)
(659)
4,922
(500)
-
-
11,006
(6,538)
72,857
(13,718)
42,247
-

30,892
(37,283)
3,654
-		 Transfers
between
funds
£
1,200
-
-
-
-
-
-
-
1,200
55,465
-
-
-
-
-
(56,665)

(1,200)
-		 At 31.08.21
£
49,676
2,181
3,555
712
5,492
47,124
31,837
(9,262
131,315
77,802
10,799
1,620
4,900
-
13,655
92,662
74,777

276,224
407,539

Designated Funds

As stated in the Financial Review and Plans for the Future, the Trustees were mindful of the need to focus on the level of actual free unrestricted reserves. The Reserves Policy as noted on Page 7 states that the charity aims to maintain unrestricted reserves at a level sufficient to cover three months of staff salary costs. The Trustees have set aside £96,800 within the Designated Reserve Fund for this purpose as at the year end. The Designated reserves remain a form of Unrestricted Reserve and the Trustees have the discretionary powers to reverse this policy in the future if they so wish.

The Unrestricted Reserves Balance at the balance sheet date is as follows:

Designated Reserve fund
Other Unrestricted Funds		 31.08.21
£
96,800
34,515

131,315		 31.08.20
£
87,800
32,270
120,070

19

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For the Year Ended 31 August 2021

16. MOVEMENT IN FUNDS - continued

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

Incoming Resources Movement
Resources Expended In Funds
£
 £
 £
Unrestricted funds
Birmingham and Solihull 38,330 34,043 4,287
Doncaster 9,475 10,260 (784)
Huddersfield 922 2,301 (1,379)
Kidderminster 792 - 792
Lincolnshire 2,987 1,741 1,246
Spark 35,129 14,644 20,485
Waltham Forest 9,303 1,038 8,264
National 117,738 177,887 (60,148)
214,677 241,915 27,238
Restricted funds
Birmingham and Solihull 75,395 182,105 (106,710)
Doncaster 29,175 19,959 9,216
Huddersfield 8,152 10,797 (2,646)
Kidderminster 30,650 25,728 4922
Lincolnshire - - -
Spark 65,375 54,369 11,006
Waltham Forest 167,185 94,328 72,857
National 104,641 62,394 42,247
480,572 449,681 30,892
TOTAL FUNDS 695,249 691,595 3,654

20

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For the Year Ended 31 August 2021

17. RESTRICTED FUNDS - Net movement in funds, included in the above are as follows:

Restricted Fund

As at
01.09.20
Incoming
Resources
Resources
Expended
Transfers
Between
Branches
£
£
£
£
Big Local Trust (Firs & Bromford Local
Partnership
39,580
95,616
(35,086)
(55,465)
Big Local: Firs & Bromford Neighbours
Together (events)
-
-
(1,030)
1,215
Birmingham City Council (Cleaner,
Greener)
4,625
-
(338)
-
Clarion Housing Association – Priory Court
Youth Club
68
2,178
2,246
-
Co-op Local Community Fund
508
939
(1,446)
-
Coronavirus Emergency Fund
1,950
-
(1,414)
-
Edward Cadbury Charitable
Trust
3,150
-
(3,000)
-
Enterprise Investment Fund (& Dare 2
Funds)
13,799
-
(1,216)
-
Epping Forest District Council
1,595
-
(1,595)
-
Essex County Council
-
5,375
(538)
-
Essex Community Foundation - Spark
1,090
-
(1,090)
-
Friends of Jubilee Park
750
-
-
-
Garfield Weston Foundation
33,750
(15,000)
-
Groundworks – HS2 Funding
4,573 12,915
(16,899)
-
The Heritage Lottery Fund
10,440
-
-
-
KFC Foundation
- 2,000
(200)
-
Kirklees Council – Holiday Activity Fund
- 1,125
(1,125)
-
Kirklees Council – Its Up to You
1,350
-
-
-
Leyton Community Action
-
2,143
(214)
-
Listen Threads Grants
360
-
(360)
-
Loughton Town Council
900
-
(900)
-
Lowerhouses Older People’s Meal
460
-
-
-
Mobile Youth Venue Fund
8,020 39,700
(6,000)
-
National Lottery Community Fund - Spark
5,612 60,000
(56,784)
-
National Lottery Community Fund –
Waltham Forest
24,684
123,164
(99,585)
-
Souter Charitable Trust
-
3,000
(3,000)
-
South Yorkshire Community Foundation
4,500
1,967
(6,020)
-
South Yorkshire Police & Crime
Commissioner
- 17,208
(9,438)
-
Thrive Together – Safe Spaces
2,067 8,850
(10,917)
-
Together We Can (The Lottery Community
Fund - Reaching Communities and Firs
and Bromford Neighbours Together)
116,901 62,480
(172,015) 54,250
Transpennine Express (Transform Grant)
- 5,000
(4,218)
-
Urban Change Makers
- 175
(175)
-
Wendy’s Fund
2,607 6,088
(8,885)
-
Wyre Forest District Council small grant
478 21,100
(18,682)
-
Young Solutions
- 9,550
(7,546)
-
283,815
480,572
486,964
-		 Transfers
Of Funds to
Cover
Overheads
As at
31.08.21
£
£
(1,200)
43,444
-
185
-
4,287
-
-
-
-
-
536
-
150
-
12,583
-
-
-
4,838
-
-
-
750
-
18,750
-
588
-
10,440
-
1,800
-
-
-
1,350
-
1,929
-
-
-
-
-
460
-
41,720
-
8,827
-
48,263
-
-
-
447
-
7,770
-
-
-
61,616
-
782
-
-
-
(191)
-
2,896
-
2,004
(1,200) 276,224

21

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For the Year Ended 31 August 2021

17. RESTRICTED FUNDS - continued

The nature of the work carried out under certain of the various Restricted Funds above includes the following:

Big Local Trust (Firs and Locally Trusted Organisation for Firs and Bromford Neighbours Together. Bromford (Big Local Administering funds on behalf of the Big Local Trust Partnership)

Big Local: Firs and Bromford Neighbours Together (events)

Youth and community activities to support the Big Local programme.

Birmingham Council (Cleaner, A cabin and other resources for Community Forest Space. Greener)

Co-op Local Community Fund Cooking and crafts in Lowerhouses, Huddersfield

Coronavirus Emergency Fund Funds from St Thomas Dole and Heart of England Foundation for food and wellbeing packages during lockdown

Edward Cadbury Charitable Purchase of specialist music tech equipment. Trust

Garfield Weston Foundation Core costs grant supporting the growth and development of the organisation.

22

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For the Year Ended 31 August 2021

17. RESTRICTED FUNDS – continued

Lowerhouses Older People’s Meal

Funds raised from Meal Club

Mobile Youth Venue Fund

Funds raised for Mobile Youth Venue bus expenses & purchase of a new vehicle

National Lottery Community Fund - Spark

National Lottery Community Fund – Waltham Forest

Delivery of Counselling, Mentoring & family support services in South West Essex (includes £20K Covid support grant)

Youth Bus and other youth work sessions around Waltham Forest

Souter Chartable Trust

Delivery of Mentoring sessions in Doncaster schools

South Yorkshire Community Delivery of Mentoring sessions in Doncaster schools Foundation

South Yorkshire Police & Crime Delivery of Mentoring sessions in Doncaster schools Commissioner

Thrive Together – Safe Spaces

Together We Can (The Lottery Community Fund – Reaching Communities and Firs and Bromford Neighbours Together)

Supporting churches, organisations and youth workers to provide safe spaces for young people in Birmingham

Partnership project with Open Door Community Foundation to offer support services and community building activities in Firs and Bromford Area. Jointly funded by Big Lottery Fund (Reaching Communities) and Firs and Bromford Neighbours Together. A year grant ended in December 2019, when a further one year was granted as well as a 6 month extension with National Lottery Covid-19 funds.

Transpennine Express Delivery of Mentoring sessions in Doncaster schools (Transform Grant)

Urban Change Makers Leadership development programme

Wendy’s Fund

Support from One17 Foundation, Firstfruits Foundation and Loose Change Charity for Salary of Youth Worker and general project costs.

Wyre Forest District Council small grant Young Solutions

Food parcels, wellbeing packages and seasonal activities in Kidderminster

Food parcels, wellbeing packages and seasonal activities in Kidderminster

23

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For the Year Ended 31 August 2021

18. RELATED PARTY TRANSACTIONS

The charitable company has a wholly owned subsidiary, Worth Enterprises Limited, a company incorporated in the UK and which commenced operating in December 2011. Worth Enterprises has twin aims in providing worthwhile employment for young people and making a trading profit from its main trading activity, namely bicycle maintenance. During the year ended 31[st] August 2021 Worth Enterprises Limited made a loss of £3,020 (2020: Profit of £20,239). At 31[st] August 2021 Worth Enterprises Limited owed The Worth Foundation Limited £15,607 (2020: £15,685).

Worth Unlimited made grants during the year amounting to £75,822 (2020: £104,145) to Open Door Community Foundation, a charity in which the Chief Executive of Worth Unlimited, Tim Evans is the Chair of Trustees. Tim Evans resigned from The Worth Foundation Limited in March 2021

The Worth Foundation Limited has taken advantage of the exemption from preparing group accounts conferred by Para 19 (1a) of The Charities (Accounts and Reports) Regulations 2008, on the grounds that the results of the subsidiary are not material for the purposes of giving a true and fair view.

19. PENSION COMMITMENTS

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension charge amounted to £25,507 (2020: £29,800). The outstanding contributions due at the balance sheet date amounted to £ Nil (2020: £Nil).

24