REGISTERED COMPANY NUMBER: 03451215 (England and Wales)
REGISTERED CHARITY NUMBER: 1068782
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2023
FOR
THE WORTH FOUNDATION LIMITED
Weaver Wroot 28 Dudley Street Grimsby N E Lincolnshire DN31 2AB
THE WORTH FOUNDATION LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 7 |
| Statement of Financial Activities | 8 | ||
| Balance Sheet | 9 | ||
| NotestotheFinancialStatements | 10 | to | 17 |
THE WORTH FOUNDATION LIMITED (REGISTERED NUMBER: 03451215) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st August 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financlal Reporting Standard applicable In the UK and Republic of Ireland (FRS 102) (effectlve 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives, alms, 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 chanties who have joined our family) are the OK Club in South Kilbum (London Borough of Brent) and DACYM in Danington.
Across these branches we run a variety of projects, including;
Counselling Cooking classes Detached youth work Listening services Mentoring Mobile youth bus Personal development programmes Residentials School-based provision School holiday meal provision Social enterprise training Social action opportunities Therapeutic horticulture Youth club sessions Work with young offenders
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:
Contact - building meaningful relationships of trust
Interests and Activities - using fun activities to help young people to develop skills, confidence and self-esteem Focused Interventions - fostering young people's personal development and enabling them to identify their purpose Giving Back - providing opportunities for young people to contribute to society and use their skills to benefit others
Revlew of activitles and fundralsing
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.
Raising funds for the charity remains a significant challenge, in particular in raising core costs for the organisation. Over the year we undertook a review of our structure and core costs and took the difficult decision to reduce our central staffing team. As part of these changes, we ended our contracts with Frontier Youth Trust, Open Door Community Foundation, Firs and Bromford Neighbours Together, and St Margaret's Community Trust as reduced capacity of our Head Office means that we are no longer able to facilitate these partnerships.
During the year we also took the difficult decision to close The Oasis, our therapeutic gardening project in Lincolnshire. We were pleased, however, that the project has been able to continue under the management of YMCA Lincolnshire. We also decided that we could no longer raise enough funds for our Huddersfield project which regretfully closed in September 2023.
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THE WORTH FOUNDATION LIMITED (REGISTERED NUMBER: 03451215)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2023
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Worth Unlimited employs 22 people (approximately 12 full time equivalents) through its branches, working in over 12 neighbourhoods. Over the course of the year we have had contact with 2,507 young people and 94 adults (1,478 and 462 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 continue to build on over 15 years of work in the Firs and Bromford Neighbourhood and work in close partnership with Open Door Community Foundation to run ‘Together We Can! 2'(TWC), a project within the Firs and Bromford neighbourhood. This project brings together youth work and adult-focused asset-based 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 whilst building a team of local youth connectors and young leaders.
We continue to run a number of open access sessions for various ages (Safe Spaces for Young People} across the week after school and in the evenings. We have increased our detached work in the local area through our Play project. Our social enterprise, Gear Up Cycles Ltd, continues to grow at University of Binningham and is helping to provide sustainable income for our Branch. We completed our work in the neighbouring community of Ward End, in parmership with St. Margaret's Community Trust, and continue to work on ways we can work together and learn from each other.
Highlights of the year have included continuing to develop our local community building, both with young people and their local community, and Gear Up having a profitable year at the University of Binningham and becoming a sustainable, profitable business.
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 2022/23 the Listening Post had a listener in every secondary school in Darlington, plus one 6th Form College and two Primary Schools.
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 a transformation in behaviour, improvement in 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 273 children and young people between September 2022 and 31st August 2023.
A particular 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 fourth round of funding (to begin in September 2023), as Doncaster has one of the highest levels of domestic abuse in the country we will be concentrating our local support. We continue to enhance our provision to support local young people with their mental health post Covid 19, particularly in secondary schools. With incredibly long waitlists for professional support, our mentoring programme bridges the gap in an attempt to avoid children and young people reaching a mental health crisis point. This is currently financially supported by Doncaster Council and some schools have continued to make financial contributions.
Huddersfield
Worth Unlimited Huddersfield operated out of Longley and Lowerhouses Community Church, providing food and learning related programmes for the children and adults of the Longley and Lowerhouses Area. Their core programmes this year have been the Kid's Cooking Club, the Adults Cooking Club and the Older Persons’ Lunch Club (Wrinklies). Regretfully, the branch did not secure funding for another year and so in September 2023, the Huddersfield branch was closed.
Kidderminster
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THE WORTH FOUNDATION LIMITED (REGISTERED NUMBER: 03451215) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2023
Worth Unlimited Kidderminster works in the centre of the Comberton and Offmore estate in the heart of the community. This year we have really concentrated on developing our detached youth work provision, as a result of this we have built some great relationships with local young people, in particular with those that other people won't work with due to problematic behaviours. It always helps when we turn up at the local park with a BBQ, and we are finding that more parents are coming along to join us too.
Through the detached youth work we have established great relationships with parents, which has enabled us to support the family more holistically. This has also led on to a mentoring programme being developed, so we have done some 1-2-1 mentoring and group work.
We have continued to develop our young leaders programme, and due to the young people's great role model skills, other young people have asked about signing up so we have expanded to also having a young helpers programme, which is for young leaders in training. The young leaders are actively involved in 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.
Over the summer holidays we worked alongside another local organisation, to provide a full summer activity programme at our local park. We had rugby, football, bouncy castles and lots of food.
We were also present with our mental health pop up provision at the first Kidderminster Pride event, and we had an absolutely amazing time. We met lots of new people, had many conversations around mental health and gave away cakes and 50 mental health care packages.
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.
Lincolnshire (The Oasis)
As noted above, on January 1st 2023, The Oasis officially transferred to YMCA Lincolnshire where the team continue to offer therapeutic gardening to young people from Lincoln and the surrounding area.
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, basically a safe place to be! We have recently taken a new cohort of Gap year volunteers from ICYE and also Berlin Mission, and are in the process of developing a new team and figuring out how to work together. In our efforts to make our sessions engaging and inclusive, we also partner with other organisations that fit in with our ethos about assisting and equipping young people with life skills. Over the past 5 years we have been working closely with Brent Centre for Young People, a leading mental health charity for young people in North West London. They have been delivering an evening session with a group of 15 young people using football and mentoring.
We are still working on recruitment for Trustees to freshen up the ranks, to hopefully bring new ideas, direction and added oomph, energy and excitement to the existing faithful. We currently have had a Community level 2 sports coach join our team 2 days a week from another charity called Sport at the Heart, to facilitate our mixed sports sessions with our young people, as well as engage our Junior kids on a Monday. This has been challenging, but also an opportunity to try and understand the issues our young people face. We've also been actively encouraging and facilitating peer leadership when we see it emerge in our various drop in's (e.g. sorting out teams, resolving any disputes in a game, and supporting new members etc). We are in the process of recruiting a sessional worker to help take our projects forward. Let's see how that goes!
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. Our multi-year funding from the National Lottery Community Fund was renewed in April, which both ensures our survival in the short term and will enable us to develop our service further. We continue to increase our provision year on year, with our core team and 60+ volunteers providing one-to-one support in 2022/23 for more than 250 individuals and through more than 4,000 counselling and mentoring sessions. We are also running commissioned healthy eating workshops and our popular parenting courses, both of which provide early intervention to support young people and their families. Early intervention has been a particular focus for us this year, and we were pleased to be awarded funding from Benefact to deliver a resilience programme in local schools, which will continue into 2023/24. We also aimed to include service users in shaping our service this year, setting up a Mental Health Ambassadors group made up of young people. Their successes included engaging our local MP, who lent her support to our National Lottery funding bid.
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THE WORTH FOUNDATION LIMITED (REGISTERED NUMBER: 03451215) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2023
Our mentoring service in particular has gone from strength to strength: mentor recruitment has increased thanks in part to some funding from the Essex Police Violence and Vulnerability Unit, which has enabled our mentoring coordinator to increase her hours. We were excited to begin work on setting up our counselling training diploma over the course of the year, and are currently advertising for students to enrol for a January start. Not only will this open up a new funding stream for us but it will also provide us with quallfled counsellors to place In local secondary schools while the students complete thelr placement hours as part of thelr course. This will further enhance our status as a centre of counselling excellence by providing high-quality training alongside our counselling service. We were pleased to put on successful fundraising events this year, with our quiz raising around £1500 and a music night showcasing a local youth band proving both popular and lucrative. We were fortunate to receive funding from Fairview Homes, as well as local and county councils, and to benefit from continued support from a local choir and from individual donors.
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. In July 2023 we received an extension grant for three years from the Big Lottery. This funding will enable us to continue to run our positive activities sessions, it includes: two youth club sessions; Mobile Youth Venue Sessions in four locations; as well as additional projects/sessions such as sport activities, music, film, environment & social action. The sessions provide a safe place for young people to meet each other and receive support and advice from the youth work team.
This year we have been able to continue our partnership work with St Mary's Church to run detached outreach sessions at Atlee Terrace. We have also started working with a local vicar from St Gabriel's Church to support the Wood Street community following various incidents of serious violence in this area.
We have supported 20 young people with one-to-one sessions (mentoring). The sessions include support around school/home issues, anxiety, and those that are caught up in crime and exploitation, as well as providing clothing and unifonms for children, whose families are seeking asylum.
From September 2022 to August 2023, we recorded that we have worked with 459 young people. However, the numbers are higher than this, as we are often working with young people in communities that are hard to reach and 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
Financial position
As noted above, we continue to experience significant challenges in raising funds to keep our invaluable work going and have therefore taken steps to significantly reduce our overheads as part of an overarching strategic review process. The impact of these reductions will not be full realised until well into the next financial year, but will make a substantial difference to our ability to sustain the Head Office of the organisation.
As noted, our Huddersfield branch has struggled to raise enough income to sustain it's work and finished the year with a negative balance of Unrestricted Funds. The Trustees note that the overall reserves of the charity are enough to cope with this small deficit.
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 £527,564 and we ended the year with £216,040 yet to be spent on specific projects. In addition, we received unrestricted income of £290,489 with expenditure of £342,190.
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.
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THE WORTH FOUNDATION LIMITED (REGISTERED NUMBER: 03451215)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2023
FINANCIAL REVIEW
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 £146,000, which is an improvement on our previous financial year. With the planned decrease in staffing from branch closures and Head Office reduction this is now a sufficient amount.
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.
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THE WORTH FOUNDATION LIMITED (REGISTERED NUMBER: 03451215) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Executive Leadership
As part of the Strategic Review of the organisation, the post of National Director has been deleted and Branch Leaders are sharing the strategic overview of the organisation with additional support from the Trustees and under a clear scheme of delegation.
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, Gear Up Ltd (previously known as 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 regulary 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).
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: select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; observe the methods and principles in the Charities SORP;
prepare the financial statements on the going concer basis unless it is inappropriate to presume that the company will continue in business.
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
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 03451215 (England and Wales)
Registered Charity number 1068782
Registered office 434 Forest Road Walthamstow London E17 4PY
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THE WORTH FOUNDATION LIMITED (REGISTERED NUMBER: 03451215)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2023
Trustees
AS Collishaw Vicar
R Lampard Senior Manager
M Smith Managing Director
S L Taylor Impact Team Manager M Watson Director
V J Williamson Business Manager (appointed 24.4.23)
Company Secretary
M Perry
Approved by order of the board of trustees on 31st March 2024 and signed on its behalf by:
R Lampard - Trustee
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THE WORTH FOUNDATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST AUGUST 2023
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|31.8.23|31.8.22|
|Unrestricted|Restricted|Total|Total|
|funds|funds|funds|funds|
|Notes|£|£|£|£|
|INCOME|AND|ENDOWMENTS|FROM|
|Donations|and|grants|2|111,221|514,440|625,661|666,843|
|Charitable|activities|4|
|Chantable|activities|175,733|13,124|188,857|231,176|
|Investment|income|3|3,535|-|3,535|287|
|Other|income|.|.|-|469|
|Total|290,489|527,564|818,053|898,775|
|EXPENDITURE|ON|
|Charitable|activities|
|Charitable|activities|342,190|546,671|888,861|825,161|
|NET INCOME/(EXPENDITURE)|(51,701)|(19,107)|(70,808)|73,614|
|Transfers|between|funds|13|40,476|(40,476)|:|-|
|Net|movement|In|funds|(11,225)|(59,583)|(70,808)|73,614|
|RECONCILIATION|OF|FUNDS|
|Total|funds|brought|forward|205,531|275,623|481,154|407,540|
|TOTAL FUNDS|CARRIED|FORWARD|194,306|216,040|410,346|481,154|
----- End of picture text -----
The notes form part of these financial statements
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THE WORTH FOUNDATION LIMITED (REGISTERED NUMBER: 03451215)
BALANCE SHEET
31ST AUGUST 2023
| 31.8.23 | 31.8.22 | ||||
|---|---|---|---|---|---|
| Notes | Unrestricted funds £ |
Restricted funds £ |
Total funds £ |
Total funds £ |
|
| FIXED ASSETS | |||||
| Tangible assets | 9 | . | 73,369 | 73,369 | 97 826 |
| Investments | 10 | 1 | - | 1 | 1 |
| 1 | 73,369 | 73,370 | 97,827 | ||
| CURRENTASSETS | |||||
| Debtors Cash at bank and in hand |
11 | 10,526 198,026 208,552 |
3,667 154,849 158,516 |
14,193 352,875 367,068 |
31,319 382,883 414,202 |
| CREDITORS | |||||
| Amounts falling due within one year | 12 | (14,247) | (15,845) | (30,092) | (30,875) |
| NETCURRENTASSETS | 194,305 | 142,671 | 336,976 | 383,327 | |
| TOTALASSETS LESSCURRENT LIABILITIES | 194,306 | 216,040 | 410,346 | 481,154 | |
| NETASSETS | 194,306 | 216,040 | 410,346 | 481,154 | |
| FUNDS | 13 | ||||
| Unrestricted funds | 194,306 | 205,531 | |||
| Restricted funds | 216,040 | 275,623 | |||
| TOTALFUNDS | 410,346 | 481,154 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
{a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of Its surplus or deficit for each financial year in accordance with the requirements of Sectlons 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 31st March 2024 and were signed on its behalf by:
M Smith - Trustee
The notes form part of these financial statements
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THE WORTH FOUNDATION LIMITED
-
ACCOUNTING POLICIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charitles: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount cf the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles
- 25% on reducing balance
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
DONATIONS AND GRANTS
| DONATIONS AND GRANTS | ||
|---|---|---|
| 31.8.23 | 31.8.22 | |
| £ | £ | |
| Donations | 104,191 | 170,064 |
| Grants | 521,470 | 496,779 |
| 625,661 | 666,843 |
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THE WORTH FOUNDATION LIMITED
- DONATIONS AND GRANTS- continued
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST AUGUST 2023
Grants received, included in the above, are as follows:
| 31.8.23 | 31.8.22 | |
|---|---|---|
| £ | £ | |
| The Alan Edward Higgs Charity | 5,001 | 5,000 |
| Big Local Trust | 96,258 | 44,343 |
| Birmingham City Council | - | 5,000 |
| Buckhurst Hill Parish Council | - | 1,000 |
| CB & HH Taylor 1984 Trust | - | 1,000 |
| Charles S French Charitable Trust | : | 2,000 |
| Children in Need | 10,480 | 9,980 |
| Cygnus Trust | 942 | 254 |
| Doncaster Metropolitan Borough Council | 17,093 | 23,596 |
| Dyson Associates | 2,208 | 2,208 |
| Edward Cadbury Charitable Trust | 2,000 | 3,000 |
| Epping Forest Council | 1,850 | 3,750 |
| Eveson Charitable Trust | 10,000 | 10,000 |
| The Golden Bottle Trust | - | 1,000 |
| Groundwork (HS2)} | - | 27,975 |
| John Horseman Trust | - | 3,000 |
| KFC Foundation | 2,000 | 6 |
| Kirklees Council | 5,750 | 6,840 |
| London Borough ofWaltham Forest | 33,845 | 775 |
| Loose Change Charity | 1,680 | 1,680 |
| Loughton Town Council | - | 1,500 |
| Michael Marsh Charitable Trust | - | 2,000 |
| National Lottery Community Fund - Reaching Communities | 249,672 | 273,739 |
| One17 Foundation | 2,451 | 1,700 |
| Other | 3,728 | 2,537 |
| Persimmons Charitable Trust | - | 5,000 |
| Sheldon Trust | - | 6,000 |
| Sir George Martin Trust | - | 1,500 |
| Souter Charitable Trust | - | 3,000 |
| South Yorkshire Community Foundation | 4,831 | - |
| South Yorkshire Police & Crime Foundation | 18,556 | 20,000 |
| StThomas Dole Charity | - | 1,500 |
| Subs and Contributions to Activities | 890 | 3,371 |
| Third Sector Leaders Kirklees | - | 2,525 |
| Wyre Forest District Council | 20,000 | 20,000 |
| Essex Police | 4,600 | - |
| Cole Charitable Trust | 1,100 | - |
| Benefact Trust | 4,300 | - |
| Co-Op Local Community Fund | 1,418 | - |
| EssexCounty Council | 2,914 | - |
| Firs & Bromford Neigbours Together (BVSC) | 14,853 | - |
| Grantham Yorke Trust | 2,050 | - |
| G JWTurner | 1,000 | - |
| 521,470 | 496,779 |
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continued...
THE WORTH FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST AUGUST 2023
-
INVESTMENT INCOME
| INVESTMENT INCOME | |||
|---|---|---|---|
| 31.8.23 | 31.8.22 | ||
| £ | £ | ||
| Deposit account interest | 3,535 | 287 | |
| INCOME FROM CHARITABLE ACTIVITIES | |||
| 31.8.23 | 31.8.22 | ||
| Activity | £ | £ | |
| Contracted work | Chanitable activities | 155,750 | 203,293 |
| Fundralsing Income | Charitable activitles | 17,170 | 8,071 |
| Other income | Charitable activities | 15,937 | 19,812 |
| 188,857 | 231,176 | ||
| NET INCOME/(EXPENDITURE) | |||
| Net income/{expenditure} is stated after charging/(crediting): | |||
| 31.8.23 | 31.8.22 | ||
| £ | £ | ||
| Depreciation-ownedassets | 24,457 | 8,894 |
TRUSTEES’ REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 31st August 2023 nor for the year ended 31st August 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st August 2023 nor for the year ended 31st August 2022.
7.
STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31.8.23 | 31.8.22 | ||
|---|---|---|---|
| Average number of staff on payroll | 26 | 26 | |
| No employees received emoluments in excess of£60,000. | |||
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |||
| Unrestricted | Restricted | Total | |
| funds | funds | funds | |
| g | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and grants | 125,122 | 541,721 | 666,843 |
| Charitable activities | |||
| Charitable activities | 213,217 | 17,959 | 231,176 |
| Investment income | 287 | - | 287 |
| Other income | 469 | - | 469 |
| Total | 339,095 | 559,680 | 898,775 |
| EXPENDITURE ON | |||
| Charitable activities | |||
| Charitableactivities | 307,476 | 517,685 | 825,161 |
Page 12
continued...
THE WORTH FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST AUGUST 2023
| 8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| funds | funds | funds | ||
| £ | £ | £ | ||
| NET INCOME | 31,619 | 41,995 | 73,614 | |
| Transfers between funds | 42,596 | (42,596) | - | |
| Netmovement in funds | 74,215 | (601) | 73,614 | |
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 131,316 | 276,224 | 407,540 | |
| TOTAL FUNDS CARRIED FORWARD | 205,531 | 275,623 | 481,154 | |
| 9. | TANGIBLE FIXED ASSETS | |||
| Motor | ||||
| vehicles | ||||
| £ | ||||
| COST | ||||
| At 1st September 2022 and | ||||
| 31stAugust 2023 | 106,720 | |||
| DEPRECIATION | ||||
| At 1st September 2022 | 8,894 | |||
| Charge for year | 24,457 | |||
| At 31stAugust 2023 | 33,351 | |||
| NET BOOK VALUE | ||||
| At 31st August 2023 | 73,369 | |||
| At 31stAugust 2022 | 97,826 | |||
| 10. | FIXED ASSET INVESTMENTS | |||
| Shares in | ||||
| group | ||||
| undertakings | ||||
| £ | ||||
| MARKETVALUE | ||||
| At 1st September 2022 and | ||||
| 31stAugust 2023 | 1 | |||
| NET BOOK VALUE | ||||
| At 31stAugust 2023 | 1 | |||
| At31stAugust2022 | 1 |
The charitable company has a wholly owned subsidiary Gear Up Cycles Limited, a company incorporated in the UK and which commenced operating in December 2011. Gear Up Cycles Limited has twin aims in providing worthwhile employment for young people and making a trading profit from its main trading activity, namely bicycle maintenance. The Worth Foundation Limited has taken advantage of the exception 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.
Page 13
continued...
THE WORTH FOUNDATION LIMITED
- DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST AUGUST 2023
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|31.8.23|31.8.22|
|£|£|
|Trade|debtors|638|17,937|
|Amounts|owed|by|group|undertakings|338|7,000|
|Accruals|8,338|4,987|
|Prepayments|4,879|1,395|
|14,193|31,319|
|12.|CREDITORS:|AMOUNTS|FALLING|DUE WITHIN|ONE YEAR|
|31.8.23|31.8.22|
|£|£|
|Trade|creditors|9,300|11,768|
|Other|creditors|9,316|8,378|
|Accruals|and|deferred|income|11,476|10,729|
|30,092|30,875|
|13.|MOVEMENT|IN|FUNDS|
|Net|Transfers|
|movement|between|At|
|At|1.9.22|in|funds|funds|31.8.23|
|£|£|£|£|
|Unrestricted|funds|
|Birmingham|and|Solihull|39,349|(6,509)|(2,018)|30,822|
|Doncaster|16,145|10,003|(2,086)|24,082|
|Huddersfield|(8,355)|2,043|-|(6,312)|
|Kidderminster|23,863|(14,552)|(1,991)|7,320|
|Lincolnshire|4,212|(3,300)|(912)|-|
|Spark|93,150|(5,565)|(4,791)|82,794|
|Waltham|Forest|35,259|10,803|(1,290)|44,772|
|National|1,908|(44,624)|53,564|10,848|
|205,531|(51,701)|40,476|194,306|
|Restricted|funds|
|Birmingham|and|Solihull|91,168|(75,935)|29,762|44,995|
|Doncaster|17,818|7,485|(4,248)|21,055|
|Huddersfield|9,167|(9,167)|-|-|
|Kidderminster|5,348|9.178|(2,200)|12,326|
|Spark|8,428|5,211|(4,658)|8,981|
|Waltham|Forest|137,201|6,330|(14,848)|128,683|
|National|6,493|37,791|(44,284)|-|
|275,623|(19,107)|(40,476)|216,040|
|TOTAL FUNDS|481,154|(70,808)|-|410.346|
----- End of picture text -----
Page 14
continued...
THE WORTH FOUNDATION LIMITED
- MOVEMENT IN FUNDS- continued
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST AUGUST 2023
Net movement in funds, included in the above are as follows:
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Incoming|Resources|Movement|
|resources|expended|in|funds|
|£|£|£|
|Unrestricted|funds|
|Birmingham|and|Solihull|83,296|(89,805)|(6,509)|
|Doncasler|21,015|(11,012)|10,003|
|Huddersfield|11,788|(9,745)|2,043|
|Kidderminster|19,879|(34,431)|(14,552)|
|Lincolnshire|2,902|(6,202)|(3,300)|
|Spark|45,336|(50,901)|(5,565)|
|Waltham|Forest|12,494|(1,691)|10,803|
|National|93,779|(138,403)|(44,624)|
|290,489|(342,190)|(51,701)|
|Restricted|funds|
|Birmingham|and|Solihull|160,831|(236,766)|(75,935)|
|Doncaster|42,480|(34,995)|7,485|
|Huddersfield|13,701|(22,868)|(9,167)|
|Kidderminster|22,000|(12,822)|9,178|
|Spark|46,623|(41,412)|5,211|
|Waltham|Forest|149,966|(143,636)|6,330|
|National|91,963|(54,172)|37,791|
|527,564|(546,671)|(19,107)|
|TOTAL FUNDS|818,053|(888,861)|(70,808)|
----- End of picture text -----
Comparatlives for movement in funds
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|Net|Transfers|
|movement|between|At|
|At|1.9.21|in|funds|funds|31.8.22|
|£|£|£|£|
|Unrestricted|funds|
|Birmingham|and|Solihull|49,676|(4,254)|(6,073)|39,349|
|Doncaster|2,181|16,243|(2,279)|16,145|
|Huddersfield|3,555|(11,880)|(30)|(8,355)|
|Kidderminster|713|23,419|(269)|23,863|
|Lincolnshire|5,492|(609)|(671)|4,212|
|Spark|47,124|58.397|(12,371}|93,150|
|Waltham|Forest|31,837|4.000|(578)|35,259|
|National|(9,262)|(63.697)|64,867|1,908|
|131,316|31,619|42,596|205,531|
|Restricted|funds|
|Birmingham|and|Solihull|77,802|8.633|4,733|91,168|
|Doncaster|10,798|11,729|(4,709)|17,818|
|Huddersfield|1,620|7.597|(50)|9,187|
|Kidderminster|4,900|2,448|(2,000)|5,348|
|Spark|13,665|27|(5,264)|8,428|
|Waltham|Forest|92,662|55,531|(10,992)|137,201|
|National|74,777|(43,970)|(24,314)|6,493|
|276,224|41,995|(42,596)|275,623|
|TOTAL|FUNDS|407,540|73.614|-|481,154|
----- End of picture text -----
Page 15
continued...
THE WORTH FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST AUGUST 2023
13. MOVEMENT IN FUNDS- continued
Comparative net movement in funds, included in the above are as follows:
----- Start of picture text -----
||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|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|
|Spark|52,640|(52,613)|27|
|Waltham|Forest|175,170|(119,639)|55,531|
|National|44,760|(88,730)|(43,970)|
|559,680|(617,685)|41,995|
|TOTAL FUNDS|898.775|(825.161)|73,614|
|A|current|year|12|months|and|prior|year|12|months|combined|position|is|as|follows:|
|Net|Transfers|
|movement|between|At|
|At|1.9.21|in|funds|funds|31.8.23|
|£|£|£|£|
|Unrestricted|funds|
|Birmingham|and|Solihull|49,676|(10,763)|(8,091)|30,822|
|Doncaster|2,181|26.246|(4,365)|24,062|
|Huddersfield|3,555|(9,837)|(30)|(6,312)|
|Kidderminster|713|8.867|(2,260)|7,320|
|Lincolnshire|5,492|(3,909)|(1,583)|-|
|Spark|47,124|52,832|(17,162)|82,794|
|Waltham|Forest|31,837|14,803|(1,868)|44,772|
|National|(9,262)|(98,321)|118,431|10,848|
|131,316|(20,082)|83,072|194,306|
|Restricted|funds|
|Birmingham|and|Solihull|77,802|(67,302)|34,495|44,995|
|Doncaster|10,798|19.214|(8,957)|21,055|
|Huddersfield|1,620|(1,570)|(50)|-|
|Kidderminster|4,900|11,626|(4,200)|12,326|
|Spark|13,665|5,238|(9,922)|8,981|
|Waltham|Forest|92,662|61,861|(25,840)|128,683|
|National|74,777|(6,179)|(68,598)|-|
|276,224|22,888|(83,072)|216,040|
|TOTAL FUNDS|407,540|2,806|-|410,346|
----- End of picture text -----
A current year 12 months and prior year 12 months combined position is as follows:
Page 16
continued...
THE WORTH FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST AUGUST 2023
13. MOVEMENT IN FUNDS- continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Incoming|Resources|Movement|
|resources|expended|in|funds|
|£|£|£|
|Unrestricted|funds|
|Birmingham|and|Solihull|158,278|(169,041)|(10,763)|
|Doncaster|45,197|(18,951)|26,246|
|Huddersfield|17,730|(27,567)|(9,837)|
|Kidderminster|69,891|(61,024)|8,857|
|Lincolnshire|10,283|(14,192)|(3,909)|
|Spark|125,055|(72,223)|52,832|
|Waltham|Forest|18,460|(3,657)|14,803|
|National|184,690|(283,011)|(98,321)|
|629,584|(649,666)|(20,082)|
|Restricted|funds|
|Birmingham|and|Solihull|357,453|(424,755)|(67,302)|
|Doncaster|89,586|(70,372)|19,214|
|Huddersfield|37,083|(38,653)|(1,570)|
|Kidderminster|42,000|(30,374)|11,626|
|Spark|99,263|(94,025)|5,238|
|Waltham|Forest|325,136|(263,275)|61,861|
|National|136,723|(142,902)|(6,179)|
|1,087,244|(1,064,356)|22,888|
|TOTAL FUNDS|1,716,828|(1,714,022)|2,806|
----- End of picture text -----
As stated in the Financial Review the Trustees were mindful of the need to focus on the level of actual free unrestricted reserves. The Reserves Policy as noted on Page 5 states that the charity aims to maintain unrestricted reserves at a level sufficient to cover three months of staff salary cost. The Trustees have set aside £146,000 within the Designated Reserve Fund for this purpose 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:
----- Start of picture text -----
||||||
|---|---|---|---|---|
|31.08.23|31.08.22|
|£|£|
|Designated|Reserve|Fund|146,000|116,500|
|Other|Unrestricted|Funds|41,873|89,031|
|187,873|205,531|
----- End of picture text -----
- RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st August 2023.
Page 17
This document was delivered using electronic communications and authenticated in accordance with the registrar's rules relating to electronic form, authentication and manner of delivery under section 1072 of the Companies Act 2006.