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2022-08-31-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 2022

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 2022

Page
Report of the Trustees 3 - 9
Independent Examiner’s Report 10
Statement of Financial Activities 11
Comparative Statement of Financial Activities 12
Balance Sheet 13
Cash Flow Statement 14
Notes to the Financial Statements 15 - 25

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THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

REPORT OF THE TRUSTEES For the Year to 31 August 2022

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 2022. 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)
Registered Charity number: 1068782
Registered Office and Principal Office: 434 Forest Road
Walthamstow
London
E17 4PY
Trustees: A D Boul
A Collishaw
G Duncan (Chair) (Appointed 25/4/2022)
R Lampard
A Mathews
M Smith (Appointed 10/11/2021)
S Taylor
M Watson
Bankers: Unity Bank
Nine Brindleyplace
Birmingham
B1 2HB
Independent Examiner: Steven R Mugglestone
Michael Harwood & Co
Chartered Accountants
Greville House
10 Jury Street
Warwick
CV34 4EW

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THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

REPORT OF THE TRUSTEES For the Year to 31 August 2022

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 grow shalom in the communities they are rooted in. 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 long-term 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, however, our national fundraising month (March 2022) was successful at mobilising our teams and maximising our profile as well as generating donations. We have made significant progress over the last year in recruiting major donors, growing corporate support and developing community fundraising.

During the year, we invested time and finance in developing and trialling new approaches to income generation, piloting a new impact measurement process and strengthening our values-driven culture.

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THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

REPORT OF THE TRUSTEES For the Year to 31 August 2022

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

During the year, there was less and less disruption to our activities resulting from the pandemic. We are grateful for the regular guidance provided by the National Youth Agency which helped us to make wise and informed decisions about how to manage the risk with our face-to-face youth work. Although our activities had largely returned to normal by the end of the year, we have seen an increase in young people preferring to spend their free time at home. Our engagement numbers for some projects have been affected by this situation.

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

ACHIEVEMENTS AND PERFORMANCE

Worth Unlimited employs 26 people (approximately 16 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! 2’ (TWC), a project within the Firs and Bromford neighbourhood, which brings together youth work and adult-focused assetbased community-building work to maximise the opportunities for intergenerational (as well as cross-cultural) interaction and relationship-building. Through TWC, we have provided one-to-one support and opportunities for local children and young people to participate in intergenerational and youth-led social action projects.

We continue to run a number of open access sessions for various ages (Youth Safe Spaces). We have increased our detached work in the local area and our social enterprise, Gear Up Cycle Business, continues to grow at University of Birmingham. We have expanded our work into the neighbouring community of Ward End, a richly diverse community, full of gifts and skills, in partnership with St. Margaret’s Community Trust, leading on the youth work side of a community development project.

Highlights of the year have included continuing to develop our local community building, both with young people and their local community, and Gear Up establishing itself at University of Birmingham and showing signs of a sustainable/profitable business model.

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 2021/22 the Listening Post supported over 200 young people, holding over 2000 listening sessions.

Doncaster

Worth Unlimited for Doncaster focuses on developing the skills, passions and motivations of local people, who 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 to 18 experience transformation in behaviour, self-confidence and self-esteem, which results in keener engagement, more aspirational goals and higher levels of achievement. We have provided one to one mentoring for 233 children and young people between September 2021 and 31st August 2022. A particular

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THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

REPORT OF THE TRUSTEES For the Year to 31 August 2022

highlight last year was a grant from the South Yorkshire Police Violence Reduction Unit, to reduce fixed-term exclusion. This project aims to provide early intervention to young people displaying anger issues or violent tendencies, or who are living in a household where domestic violence occurs. Our success has led to a third round of funding, to begin in September 2022. We continue to enhance our provision to support local young people with their mental health post Covid 19, particularly in secondary schools: this is financially supported by Doncaster Council and some schools have begun to make financial contributions.

Huddersfield

Worth Unlimited Huddersfield operates out of Longley and Lowerhouses Community Church, providing food and learning related programmes for the children and adults of the Longley and Lowerhouses Area. Our core programmes this year have been the Kid’s Cooking Club, which we have increased to two groups each week, the Adults Cooking Club and the Older Persons’ Lunch Club (Wrinklies). This year we have worked with 56 young people and 29 adults.

We also provided meals through-out the school holidays for children and their families, targeted at, but not restricted to, children who would have received free school dinners. Over the year (three days a week for October half term, Easter week, February half term, and five weeks of the summer holidays) Wendy and her fabulous volunteers (mostly young people) have provided 1,298 two course dinners for the families of Lowerhouses.

We were fortunate to secure funding at Christmas to take 12 families (44 children plus parents/guardians) to the pantomime, where a fun time was had by all. We were even more grateful to secure funding this summer to take 9 families (34 children plus parents/guardians) to the beach for a day trip, to eat fish and chips, to play with kites and buckets and spades, and to have an ice-cream as a treat. This was a much-needed break and time to build memories for the families we work with.

Kidderminster

Worth Unlimited Kidderminster works in the centre of the Comberton and Offmore estate in the heart of the community. This year we set up a social wellbeing café where laptops and Wi-Fi are available for participants to use free of charge in order to apply for work and to access the benefit system. We also launched a Box Fit class, to encourage exercise to promote a healthy mind, and a weekly detached youth work session in the local park.

Over the last few months, we have developed a young leaders’ programme, as some young people were naturally taking on that role. They are now involved in some planning meetings and generating new ideas. In the summer, they were keen to be involved in our summer holiday food hampers, where we distributed fresh fruit and vegetables, meat, and cupboard-fillers to 60 families on the estate. The young leaders not only helped us to organise the hampers, but they also took it upon themselves to raise a total of £260 towards funding them too.

We have continued to hold a mental health pop-up service for children and young people after school, which has proven to be very popular and provides an environment for them to talk and vent about the positives and negatives of their day. We take this opportunity to talk about coping strategies, managing emotions, and sources of additional support. Through these sessions, we have recorded working with 264 different families (261 children and 169 adults) in the community between during this year. However, there are some participants who are less willing to supply their contact details, making exact numbers of participants difficult to record.

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, music and art projects and school holiday programmes. We also partner with other organisations that fit in with our ethos about assisting and equipping young people with life skills. We have been working very closely with Brent Centre for Young People, a leading mental health charity for young people in North West London. During 2021/22, we worked with 193 children and young people.

Lincolnshire (The Oasis)

The Oasis is a social and therapeutic garden, created to be a peaceful and restorative environment for young people to engage in self-discovery, improve their physical and mental health and develop their practical, communication and thinking skills, emotional intelligence and character. Following the retirement of the project founder in May 2021, our focus during 2021/22 was firstly, maintaining the site and secondly, negotiating the transfer of the project to another large charity based in Lincolnshire which would give it greater capacity and local drive and therefore better chance of reaching its huge potential. The transfer to Lincolnshire YMCA Ltd was completed in December 2022.

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THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

REPORT OF THE TRUSTEES For the Year to 31 August 2022

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. We continue to increase our provision year on year, with our core team and 60+ volunteers providing one-to-one support in 2021/22 for more than 200 individuals through almost 4,000 counselling and mentoring sessions, as well as running commissioned art therapy workshops (which ran at full capacity) and our popular termly parenting courses, both of which provide early intervention to support young people and their families. Spark were proud winners of the Volunteer Organisation of the Year Award, as voted by industry body Counsellors Together UK. We were nominated for our welcoming 'family' environment; our supervision sessions for our counsellors, which offer real opportunities for growth and development; and our 'genuine and readily available' support for volunteers.

Demand for our services continues to grow against a national backdrop of increasingly poor mental health among young people and underfunding of statutory mental health services, so, thanks to donations from benefactors in the community, we have appointed a part-time Counselling Coordinator with the aim of increasing capacity over 2022/23. We were pleased to put on face-to-face fundraising events for the first time since early 2020, with our quiz raising upwards of £1500. We have been fortunate to receive funding from Fairview Homes, as well as local and county councils and two local charitable trusts, and to benefit from individual sponsorship endeavours.

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.

Having received funding for a new Mobile Youth Venue (youth van) last year, we were able to commission a brand-new van from Masters Exhibitions. We have been using the van since July 2022 in four areas of our Borough, providing an outreach session, positive activities, and a safe place for young people to meet each other and receive support and advice from the youth work team. In two areas, we are running the Mobile Youth Venue alongside our sport activity sessions.

We have been working with other partner organisations and local churches to run detached outreach sessions. Our session with St Mary’s Church at Atlee Terrace is very popular, with us often having 200 young people attend. We started a girls group this year and have taken this group on some trips. We also worked alongside the Digital Story Company to run a Spoken Word Project, where young people had the opportunity to learn how to write and film their own spoken-word performance. We are looking forward to the event where the young people showcase their work in the London Design Festival.

We have continued this year to support young people with one-to-one sessions (mentoring) and have supported young people that have been struggling with school/home issues, anxiety, and those that are caught up in crime and exploitation. We are currently supporting some refugee families that are being housed by the Government in a local hotel, they are experiencing various needs for example food, clothing, education and support accessing other services.

From September 2021 to August 2022, we have recorded that we worked with 346 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

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THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

REPORT OF THE TRUSTEES For the Year to 31 August 2022

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 £559,680 and we ended the year with £275,623 yet to be spent on specific projects. In addition, we received unrestricted income of £339,095 with expenditure of £307,476.

Funding our core costs are a particular challenge for the organisation and the trustees are in the process of reviewing the current structure of the organisation to ensure that it is fit for purpose going forward.

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 £116,500, which is an increase on last year 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. During the year concerned, this consisted of a National Director (Matt Perry) and Development Director (Debbie Garden). Matt Perry resigned from his role in October 2022 and left employment with the organisation in February 2023. Debbie Garden has indicated her intention to leave at the end of August 2023 and the Board are, at the time of writing, exploring the options for recruitment.

Governing document

The charity is a company, limited by guarantee, and is governed by its Memorandum and Articles of Association. Decisions are taken by majority vote. The Chair holds a casting vote.

The charity has a wholly-owned subsidiary company engaged in social enterprises, Worth Enterprises Limited.

Appointment and induction of trustees

Trustees are appointed by the Board. The Articles of Association provide for a minimum of five and a maximum of ten trustees. New trustees undergo an induction to brief them on their legal obligations under charity and company law and the decision-making process of the charity.

Risk management

The trustees have identified and reviewed the risks to which the charity is exposed and ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Board holds a Risk Register which is regularly reviewed and updated.

Public Benefit

The trustees have reviewed the charity’s activities in respect of public benefit as required by the Charity Commission and believe they comply.

Trustees’ Responsibilities in Relation to the Financial Statements

The Trustees 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).

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THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

REPORT OF THE TRUSTEES For the Year to 31 August 2022

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

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

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ON BEHALF OF THE BOARD:

G. Duncan – Chair of Trustees

Dated:

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INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31[st] August 2022 which are set out on pages 11 to 25.

Responsibilities and basis of report

As the charity Trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

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

Independent examiner's statement

Since the charitable company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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

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

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

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

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

Steven R Mugglestone Michael Harwood & Co Chartered Accountants and Registered Auditors Greville House 10 Jury Street Warwick CV34 4EW

Dated:

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 2022

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM:
Donations and Grants
2
125,123
Charitable activities
3
213,216
Investment income
4
287
Other income
5
469
Total
339,095
EXPENDITURE ON:
Raising funds
550
Charitable activities 6
306,926
307,476
Total
Net incoming/(outgoing) resources being net
expenditure for the year
31,619
Transfers between funds
42,596
Net movement in funds
74,215
RECONCILIATION OF FUNDS
Total funds brought forward
131,316
TOTAL FUNDS CARRIED FORWARD
16
205,531		 Restricted
funds
£
541,720
17,960
-
-
559,680
-
517,685
517,685
41,995
(42,596)
(601)
276,224
275,623		 Year ended
31.08.22
Total
funds
£
666,843
231,176
287
469
898,775
550
824,611
825,161
73,614
-
73,614
407,540
481,154		 Year ended
31.08.22
Total
funds
£
666,843
231,176
287
469
898,775
550
824,611
825,161
73,614
-
73,614
407,540
481,154
481,154

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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
16
131,316
 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
31.08.2021
Total
funds
£
510,539
154,991
-
29,719
695,249
5,740
685,856
691,596
3,653
-
3,653
403,887
407,540

12

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

BALANCE SHEET At 31 August 2022

Unrestricted
Funds
Notes
£
FIXED ASSETS
Investment
12
1
Tangible fixed assets
13
-
1
CURRENT ASSETS
Debtors: amounts falling due within one year
14
30,171
amounts falling due after one year
-
Cash at bank
195,840
226,011
CURRENT LIABILITIES
Creditors: amounts falling due within one year
15
(20,481)
NET CURRENT ASSETS
205,530
NET ASSETS
205,531
FUNDS
16/17/18
Unrestricted funds
Designated funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
-
97,826
97,826
1,148
-
178,688
179,836
(2,039)
177,797
275,623		 31.08.22
Total
funds
£
1
97,826
97,827
31,319
-
374,528
405,847
(22,520)
383,327
481,154
89,031
116,500
275,623
481,154		 31.08.21
Total
funds
£
1
57,777
15,607
342,986
416,370
(8,831)
407,539
407,540
34,516
96,800
276,224
407,540

For the year ended 31[st] August 2022 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The Trustees acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The members have not required the charitable company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2016.

The Financial Statements on pages 11 to 25 were approved on behalf of the Trustees by

G Duncan – Chair of Trustees

Dated:

13

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

CASH FLOW STATEMENT

For the Year Ended 31 August 2022

CASH FLOW FROM OPERATING ACTIVITIES
Net Movement in Funds – (Incoming) per SOFA
Adjustments for:
Depreciation of Fixed Assets
(Increase) / Decrease in Debtors
(Decrease) / Increase in Creditors
Net Cash Flow from Operating Activities
Cash Flow from Investing Activities
Purchase of Tangible Fixed Assets
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		 2022

£
73,614
8,894
42,065
13,689
138,262
(106,720)
31,542
342,986
374,528
374,528		 2021
£
3,653
-
(48,455)
(101)
(44,903)
-
(44,903)
387,889
342,986
342,986

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THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2022

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.

COVID Related Government Grants

These government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

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.

Tangible Fixed Assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided evenly over their expected useful lives as follows:-

Motor Vehicles - 25% Reducing Balance

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.

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THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2022

2. GRANTS AND DONATIONS

GRANTS AND DONATIONS

Donations
The Alan Edward Higgs Charity
Big Local Trust
Birmingham City Council
Buckhurst Hill Parish Council
CB & HH Taylor 1984 Trust
Charles S French Charitable Trust
Children in Need
Cygnus Trust
Doncaster Metropolitan Borough Council
Dyson Associates
Edward Cadbury Charitable Trust
Epping Forest Council
Eveson Charitable Trust
The Golden Bottle Trust
Groundwork (HS2)
John Horseman Trust
KFC Foundation
Kirklees Council
London Borough of Waltham Forest
Loose Change Charity
Loughton Town Council
Michael Marsh Charitable Trust
National Lottery Community Fund – Reaching Communities
One17 Foundation
Other
Persimmons Charitable Trust
Sheldon Trust
Sir George Martin Trust
Souter Charitable Trust
South Yorkshire Community Foundation
South Yorkshire Police & Crime Commissioner
St Thomas Dole Charity
Subs and Contributions to Activities
Third Sector Leaders Kirklees
Transpennine Express (Transform)
Wyre Forest District Council
Young Solutions Worcestershire		 31.08.22
£

170,064
5,000
44,343
5,000
1,000
1,000
2,000
9,980
254
23,596
2,208
3,000
3,750
10,000
1,000
27,975
3,000
6
6,840
775
1,680
1,500
2,000
273,739
1,700
2,537
5,000
6,000
1,500
3,000
-
20,000
1,500
3,371
2,525
-
20,000
-
666,843		 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

We are also grateful to the following organisations for their small grants: Haslers Foundation, Co-op Community Fund (Kirklees), Barnby Dunn Community Association, Rotary Club of Doncaster, and the Stanley Smith Charitable Memorial Fund.

16

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For the Year Ended 31 August 2022

3. INCOME FROM CHARITABLE ACTIVITIES

31.08.22

£
Contracted work
203,293
Fundraising income
8,071
Other income
19,812
231,176
4.
INVESTMENT INCOME 31.08.22

£
Interest on bank current and deposit accounts
287
5.
OTHER INCOME 31.08.22
£
Furlough Grants
469
6.
CHARITABLE ACTIVITIES COSTS
Direct costs
Support costs
(See note 7)
(See note 8)
£
£
Charitable activities
745,977 79,184
7.
DIRECT COSTS OF CHARITABLE ACTIVITIES
31.08.22
£
Staff costs (note 11)
577,603
Programme costs
96,922
Grants paid
71,452
745,977
8.
SUPPORT COSTS
Support costs, included in the above, are as follows:
31.08.22
£
Rent
8,866
Rates
550
Water rates
759
Gas and Electricity
448
Print, post and stationery
624
Publicity
3,174
Telephone
2,311
Office equipment and software and supplies
13,634
Insurance
3,320
Maintenance
6,399
Subscriptions
1,681
Professional fees
-
Bank Charges
685
Miscellaneous
789
Independent Examination fee
4,494
Meeting expenses
328
Consulting
22,228
Depreciation
8,894
79,184		 31.08.21
£
130,037
13,100
11,854
154,991
31.08.21
£
-
31.08.21
£
29,719
Totals
£
825,161
31.08.21
£
487,149
65,570
75,822
628,541
31.08.21
£
11,108
(180)
550
173
500
4,329
2,402
12,517
3,493
3,589
803
307
665
1
4,374
13
12,671
-
57,315



17

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED

For the Year ended 31 August 2022

9. NET INCOMING RESOURCES

Net resources are stated after charging:

Independent examiner’s fee

31.08.22 31.08.21
£ £
4,494 4,374

10. TRUSTEES' REMUNERATION AND BENEFITS

Trustees’ Remuneration

No Trustee received remuneration for the year ended 31 August 2022 (2021: Nil)

Trustees' Expenses

Trustees' travel expenses amounting to £Nil were reimbursed to Trustees for the year ended 31 August 2022 (2021: £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		 31.08.22
£
455,574
30,107
28,599
63,323

577,603
26
===
16
===		 31.08.21
£
397,888
25,727
25,507
38,027
487,149
33
===
17
===

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

18

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For the Year Ended 31 August 2022

12. FIXED ASSET INVESTMENTS

Shares in Group
Undertaking
COST
At 31stAugust 2022 1
NET BOOK VALUE
At 31stAugust 2022 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 31.08.2022
**£ **
Aggregate capital and reserves £7,420
Profit for the year after tax £7,573

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. TANGIBLE FIXED ASSETS

COST
Additions
At 31stAugust 2022
DEPRECIATION
Charge for the year
At 31stAugust 2022
NET BOOK VALUE
At 31stAugust 2022		 Motor
Vehicles
£
106,720
106,720
8,894
8,894
97,826

During the financial year a new van was purchased with the assistance of a very generous donation from a donor who wished to remain anonymous. The new van enabled Worth to continue their provision of mobile youth venue sessions mainly in the housing estates in the Waltham Forest area. Young people are able to access information and support from trained youth workers, whilst engaging in positive activities such as cooking, games and quizzes.

19

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For the Year Ended 31 August 2022

14. DEBTORS:

AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Amount due from group undertaking
Prepayments and accrued income
AMOUNTS FALLING DUE AFTER ONE YEAR
Amount due from group undertaking
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Accrued expenses and deferred income		 31.08.22
£
17,937
7,000
6,382
31,319
-
31.08.22
£
11,768
10,752
22,520		 31.08.21
£
13,027
44,750
57,777
15,607
31.08.21
£
4,100
4,731
8,831

Income deferred in 2022 amounts to £4,355 (2021: £Nil).

16. 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 01.09.21
£

49,676
2,181
3,555
713
5,492
47,124
31,837
(9,262)
131,316
77,802
10,798
1,620
4,900
-
13,665
92,662
74,777
276,224
407,540
Net
movement
in funds
Interbranch
Transfers re
Internal
Management
Fees
£
£
(4,254)
(7,273)
16,243
(2,279)
(11,881)
(29)
23,419
(269)
(609)
(671)
58,396
(12,370)
4,000
(578)
(53,695)
64,865

31,619
41,396
8,631
(18,378)
11,730
(4,710)
7,599
(52)
2,448
(2,000)
-
-
27
(5,264)
55,531
(10,992)
(43,971)
-

41,995
(41,396)
73,614
-		 Transfers
between
funds
£
1,200
-
-
-
-
-
-
-

1,200
23,113
-
-
-
-
-
-
(24,313)

(1,200)
-		 At 31.08.22
£
39,349
16,145
(8,355)
23,863
4,212
93,150
35,259
1,908

205,531
91,168
17,818
9,167
5,348
-
8,428
137,201
6,493

275,623
481,154

20

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For the Year Ended 31 August 2022

16. MOVEMENT IN FUNDS - continued

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 8 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 £116,500 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		 31.08.22
£
116,500
89,031

205,531		 31.08.21
£
96,800
34,515
131,315

17. 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 74,982 79,236 (4,254)
Doncaster 24,182 7,939 16,243
Huddersfield 5,942 17,822 (11,880)
Kidderminster 50,012 26,593 23,419
Lincolnshire 7,381 7,990 (609)
Spark 79,719 21,322 58,397
Waltham Forest 5,966 1,966 4,000
National 90,911 144,608 (53,697)
339,095 307,476 31,619
Restricted funds
Birmingham and Solihull 196,622 187,989 8,633
Doncaster 47,106 35,377 11,729
Huddersfield 23,382 15,785 7,597
Kidderminster 20,000 17,552 2,448
Lincolnshire - - -
Spark 52,640 52,613 27
Waltham Forest 175,170 119,639 55,531
National 44,760 88,730 (43,970)
559,680 517,685 41,995
TOTAL FUNDS 898,775 825,161 73,614

21

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For the Year Ended 31 August 2022

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

Restricted Fund

As at
01.09.21
Incoming
Resources
Resources
Expended
Transfers
Between
Branches
£
£
£
£
Big Local Trust (Firs & Bromford Local
Partnership
43,444
44,760
(57,847)
(23,113)
Big Local: Firs & Bromford Neighbours
Together (events)
185
-
(2,094)
1,909
Birmingham City Council (Cleaner,
Greener)
4,287
-
(1,112)
-
Birmingham City Council (Commonwealth
Games fund)
-
5,000
(3,911)
-
Co-op Local Community Fund
-
279
(279)
-
Cygnus Trust
- 254
(254)
-
Doncaster Community Investment Fund
- 24,100
(17,982)
-
Edward Cadbury Charitable Trust
150 -
(51)
-
Enterprise Investment Fund
15,883
-
(15,883)
-
Epping Forest District Council
- 3,750
(2,703)
-
Essex County Council
4,837 7,390
(11,247)
-
Friends of Jubilee Park
750
- (750)
-
Garfield Weston Foundation
15,450 -
(15,000)
-
Groundworks – HS2 Funding
589 27,975
(28,488)
-
The Heritage Lottery Fund
10,440
-
(12,000)
-
John Horseman Trust
- 3,000
(300)
-
KFC Foundation
1,800
6
(1,806)
-
Kirklees Council – Holiday Activity Fund
- 7,365
(7,365)
-
Kirklees Council – Its Up to You
1,350
- (1,350)
-
Learning Hub (Birmingham)
- 11,000
(1,241)
-
Leyton Community Action
1,929
-
(1,260)
-
Loughton Town Council
- 1,500
(1,500)
-
Lowerhouses Older People’s Meal
460
-
(460)
-
Mobile Youth Venue Fund
41,720 65,000
(8,894)
-
National Lottery Community Fund –
Awards for All
- 10,000
(833)
-
National Lottery Community Fund - Spark
8,827 40,000
(42,427)
-
National Lottery Community Fund –
Waltham Forest
48,263
109,916
(119,474)
-
Play Opportunities
-
25,980
(13,650)
-
South Yorkshire Community Foundation
447
-
(447)
-
South Yorkshire Police & Crime
Commissioner
7,770 20,000
(18,770)
-
Coronavirus Emergency Fund
536
-
(32)
-
Thomas Dole Charity
- 1,500
(1,500)
-
Together We Can (The Lottery Community
Fund - Reaching Communities and Firs
and Bromford Neighbours Together)
61,616 125,167
(142,289) 21,204
Transpennine Express (Transform Grant)
782
-
(782)
-
Wendy’s Fund
(191) 5,738
(5,547)
-
Wyre Forest District Council Small Grant
2,896
20,000
(17,549)
-
Young Solutions
2,004
-
(2,004)
-
276,224
559,680
(559,081)
-		 Transfers
Of Funds to
Cover
Overheads
As at
31.08.22
£
£
(1,200)
6,044
-
-
-
3,175
-
1,089
-
-
-
-
-
6,118
-
99
-
-
-
1,047
-
980
-
-
-
450
-
76
-
(1,560)
-
2,700
-
-
-
-
-
-
-
9,759
-
669
-
-
-
-
-
97,826
-
9,167
-
6,400
-
38,705
-
12,330
-
-
-
9,000
-
504
-
-
-
65,698
-
-
-
-
-
5,347
-
-
(1,200)275,623

22

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For the Year Ended 31 August 2022

18. 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 Bromford Locally Trusted Organisation for Firs and Bromford Neighbours Together.
(Big Local Administering funds on behalf of the Big Local Trust
Partnership)
Big Local: Firs and Bromford Youth and community activities to support the Big Local programme.
Neighbours Together (events)
Birmingham Council (Cleaner, A cabin and other resources for Community Forest Space.
Greener)
Birmingham City Council Activities and resources for activities associated with Commonwealth Games
(Commonwealth Games Fund) (Birmingham 2022)
Co-op Local Community Fund Cooking and crafts in Lowerhouses, Huddersfield
Cygnus Trust Cooking ingredients for Youth Club and Mobile Youth Venue project in Waltham
Forest
Doncaster Community Investment Delivery of Mentoring sessions in Doncaster schools
Fund
Edward Cadbury Charitable Trust Purchase of specialist music tech equipment.
Enterprise Investment Fund For investment in Worth Enterprises as required for new start up social
enterprises.
Epping Forest District Council Community Health Grant for Talking Teens Project
Essex County Council Mental Health support projects for Essex county Council youth service
Essex Community Foundation From Wilkinson Family Fund – Provision of Youth Club in Loughton
- Spark
Friends of Jubilee Park Funding from Church Urban Fund – Near Neighbours to support community
activities in the park
Garfield Weston Foundation Core costs grant supporting the growth and development of the organisation.
Groundworks – HS2 Funding Worth Enterprises Hub (Birmingham) – training and participation.
The Heritage Lottery Fund “Stories from Storey’s” project – young people recording stories from members of
the neighbourhood.
John Horsman Trust Delivery of Mentoring sessions in Doncaster schools
KFC Foundation Delivery of Mentoring sessions in Doncaster schools.
Kirklees Council – Holiday Activity Food and activities for school holiday provision in Lowerhouses.
Fund
Kirklees Council – It’s Up to You 3 x small grants for Community BBQ, Community notice board and summer trip

23

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For the Year Ended 31 August 2022

18. RESTRICTED FUNDS – continued

Learning Hub (Birmingham)

Set up and development of a Learning Hub (mentoring and training for 16-18’s), in Bromford, Birmingham

Leyton Community Action Youth Projects in Leyton

Loughton Town Council Provision of Youth Club in Loughton

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 – Delivery of cooking and other projects in Huddersfield Awards for All

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 (incudes match funding from Clarion Housing and London Borough of Waltham Forest

Play Opportunities

South Yorkshire Community Foundation

Children in Need and other funds for Play Project in Birmingham

Delivery of Mentoring sessions in Doncaster schools

South Yorkshire Police & Crime Commissioner

Delivery of Mentoring sessions in Doncaster schools

Coronavirus Emergency Fund

Funds from St Thomas Dole for food and wellbeing packages during Coronavirus lockdown

Thomas Dole Charity

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

Transpennine Express (Transform Grant)

Wendy’s Fund

Purchase of pool table and other equipment for The Hub youth centre in Bromford, 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. Phase 2, 5-year grant commenced in July 2021.

Delivery of Mentoring sessions in Doncaster schools

Support from One17 Foundation, Dysons Associates and Loose Change Charity for Salary of Youth Worker and general project costs in Lowerhouses, Huddersfield.

Wyre Forest District Council Small Grant

Food parcels, wellbeing packages and seasonal activities in Kidderminster

Young Solutions

Food parcels, wellbeing packages and seasonal activities in Kidderminster

24

THE WORTH FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For the Year Ended 31 August 2022

19. 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 2022 Worth Enterprises Limited made a profit after tax of £7,573 (2021: Loss of £3,020). At 31[st] August 2022 Worth Enterprises Limited owed The Worth Foundation Limited £7,000 (2021: £15,607).

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.

20. 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 £28,599 (2021: £25,507). The outstanding contributions due at the balance sheet date amounted to £ Nil (2021: £Nil).

25