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← The Worth Foundation Limited

2024-08-31-accounts

The Worth Foundation Limited

Charity No. 1068782

Company No. 03451215

Trustees' Report and Unaudited Accounts

31 August 2024

The Worth Foundation Limited Contents

Pages
Trustees' Annual Report 2 to 7
Independent Examiner's Report 8
Statement of Financial Activities 9
Summary Income and Expenditure Account 10
Balance Sheet 11
Statement of Cash flows 12
Notes to the Accounts 13 to 27
Detailed Statement of Financial Activities 28 to 29

Page 1

The Worth Foundation Limited Trustees Annual Report

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 August 2024.

This report includes the Directors report as required by company law.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 03451215

Charity No. 1068782

Registered Office

434 Forest Road Walthamstow London E17 4PY

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

N. Baskin-Walsh A.S. Collishaw (Resigned 22 April 2024) O.J. Elgie R. Lampard M. Smith S.L. Taylor M. Watson (Resigned 9 July 2024) V.J. Williamson

Company Secretary

M. Perry

Accountants

AG Smith & Co Ltd Chartered Certified Accountants Unit 8 Laceby Business Park Grimsby N E Lincolnshire DN37 7DP

Bankers

Unity Trust Bank Plc PO Box 7193 Planetary Road Willenhall WV1 9DG

Page 2

The Worth Foundation Limited Trustees Annual Report

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, 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.

ACHIEVEMENTS AND PERFORMANCE

Worth Unlimited employs 22 people (approximately 12 full time equivalents) through its branches, working in over 10 neighbourhoods. Over the course of the year we have had contact with 2,303 young people and 74 adults (2,507 and 94 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 nearly 20 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) 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, safe spaces and open access drop in, workshops, and community events alongside building and nurturing a growing team of locally routed “Youth Connectors”.

We continue to run a number of open access sessions across various ages (Safe Spaces for Young People) throughout the week including after school and in the evenings. We have increased our detached work in the local area through our Play project as well as the development of our learning Hub and creative workshops. Our social enterprise, Gear Up Cycles Ltd, continues to establish itself at University of Birmingham and remains a key way we hope to bring more sustainable income for our Branch.

Highlights of the year have included continuing to develop our local community building, both with young people and their local community our youth residential where we took 20 young people away, and our young changemakers programme alongside other youth projects in London.

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.

Page 3

The Worth Foundation Limited

Trustees Annual Report

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), The Polam Hall Chaplaincy Project and general schools work (including the provision of assemblies, RE/PHSE Lessons and lunchtime activities).

In 2023/24 the Listening Post had a listener in every secondary school (except one), three primary schools, the pupil referral unit, local 6th Form College and an out of hours provision in a local medical centre. We facilitated 2289 Listening Post sessions, supporting 241 students. 36 of those students had long term support with over 20+ sessions. DACYM have been involved in the running of youth activities in the village of Hurworth, in partnership with All Saints Church, for nearly 16 years. These activities come under the banner of Hurworth Youth Project and include the Friday Night Hang-Out (Primary School), Friday Night Drop-In (Secondary School) and Friday Night Walk-About (Detached). The Polam Hall Chaplaincy, DACYM employs a Chaplain to work in Polam Hall School.

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 275 children and young people between September 2023 and 31st August 2024.

A particular highlight last year was a grant from the South Yorkshire Police Violence Reduction Unit, to assist Doncaster City with its high level of Domestic abuse, by supporting the young people from these households and educating them not to become the future perpetrators or victims. 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 fifth round of funding.

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.

Kidderminster

Worth Unlimited Kidderminster was closed on the 31st of December 2023. The difficult decision was made as a result of the branch's lack of compliance with our safeguarding and monitoring policies. The branch has continued its work and formed as a separate organisation (Loving Our Communities Kidderminster) and also continues its association with the local church - Far Forest Baptist Church.

South Kilburn, London (OK Club)

The OK Club works in South Kilburn, providing a range of activities and programmes for 5-18 year olds. In 2023-24, we worked with 45 children and 75 young people through drop in clubs, sports and health programmes, arts activities, cooking and trips.

Page 4

The Worth Foundation Limited

Trustees Annual Report

During the year, we appointed a number of new staff to support our youth work and to launch a new stream of our work, asset-based community development. Our community work team has begun building relationships with local residents and organisations with a view to supporting the expansion of community activity in the neighbourhood. Our team was also joined by 2 gap-year volunteers, from Inter-Cultural Youth Exchange and Berlin Mission. Sadly, in January, we said goodbye to Youth and Children’s Worker Stuart McTurk, who had worked with OK Club for 17 years. This has been a significant shift for the organisation, and the children, young people, parents and wider community have felt his departure keenly. The team and trustees have been working hard to maintain relationships and support each group through this time of transition.

We have partnered with a number of organisations over the last 12 months. With Brent Centre for Young People, a leading mental health charity for young people in North West London, we delivered a weekly session of mentoring through football. A coach from charity Sport at the Heart has been working with us to facilitate our weekly mixed sports sessions with our young people, as well as engaging games with our children’s groups. In July, we were one of the partners who hosted the South Kilburn Carnivale, an event to promote arts and health in the local area.

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 are now in our second year of our multi-year funding from the National Lottery Community Fund, which both ensures our survival in the short term and enables us to develop our service further. We continue to provide much needed emotional support to our local clients, with our core team and 60+ volunteers providing one-to-one support in 2023/24 for over 350 individuals through more than 4,000 counselling and mentoring sessions, as well as running commissioned healthy eating workshops and our popular parenting courses, both of which provide early intervention to support young people and their families. We continued to deliver a resilience programme in local primary schools, funded by Benefact, as well as a transition programme to ease the move from Year 6 to Year 7 for a cohort of young people assessed by their primary school as needing support.

Having carried out a survey among our young clients in May 2024, we were delighted that, among other outcomes, 100% of our clients said that they would use our service again in the future if they needed to, and 96.4% would recommend us to other young people who need help.

We were pleased to put on successful fundraising events this year, including our increasingly popular quiz night, which raised more than £2,200. We were fortunate to receive funding from Fairview Homes, as well as local and county councils, and to benefit from continued support from local churches, a community choir and some particularly generous individual donors. We are excited to have secured a partnership with a local youth football team this season to promote Spark and to highlight the link between physical activity and children's mental health.

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.

Page 5

The Worth Foundation Limited

Trustees Annual Report

We are in our second year of our three year grant from the Big Lottery and in addition this year we also received £30K from the London Borough of Waltham Forest. This funding enables us to run positive activity sessions, which include: 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 appointed a new full time youth worker, Charlotte, she has a background in theatre and drama and has started to run drama workshops for the young people.

Our ongoing partnership work with St Mary’s Church is successful in enabling us to run detached outreach sessions at the Attlee Terrace area. The support that we receive from local volunteers and other partner organisations is very beneficial in enabling us to support young people.

We have supported 10 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 uniforms for children, whose families are seeking asylum.

From September 2023 to August 2024, we recorded that we have 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 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.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Executive Leadership

The 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 regularly reviewed and updated.

Page 6

The Worth Foundation Limited Trustees Annual Report Publlc Benefit The trustees have reviewed the CharIt￿S activitles in respect of public benefft as required by the Charity Commission and believe they comply. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable Steps for the prevention and detection of fraud and other irregularitie5. The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP {FRS 102). Signed on behaff of the board V.J. Williamson Chair of Trustees 01 April 2025 Page 7

The Worth Foundation Limited Independent Examiners Report

Independent Examiner's Report to the trustees of The Worth Foundation Limited

I report to the charity trustees on my examination of the financial statements of The Worth Foundation Limited for the year ended 31 August 2024.

Responsibilities and basis of report

As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act).

Having satisfied myself that the financial statements 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 financial statements 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

As the charity'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 Association of Chartered Certified Accountants, which is one of the listed bodies.

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

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 financial statements to be reached.

A G Smith FCCA AG Smith & Co Ltd Unit 8 Laceby Business Park Grimsby N E Lincolnshire DN37 7DP 01 April 2025

Page 8

The Worth Foundation Limited Statement of Financial Activities

for the year ended 31 August 2024

Notes
Income and endowments
from:
Donations and legacies
4
Charitable activities
5
Investments
6
Total
Expenditure on:
Charitable activities
7
Other
9
Total
Net gains on investments
Net income/(expenditure)
10
Transfers between funds
Net income/(expenditure)
before other gains/(losses)
Other gains and losses
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2024
£
59,392
151,984
6,710		 Restricted
funds
2024
£
424,040
12,162
-		 Total funds
2024
£
483,432
164,146
6,710		 Total funds
2023
£
594,666
219,852
3,535
218,086
194,431
33,257		 436,202
356,814
41,481		 654,288
551,245
74,738		 818,053
786,334
102,527
227,688
-		 398,295
-		 625,983
-		 888,861
-
(9,602)
25,675		 37,907
(25,675)		 28,305
-		 (70,808)
-
16,073 12,232 28,305 (70,808)
16,073
194,306		 12,232
216,040		 28,305
410,346		 (70,808)
481,154
210,379 228,272 438,651 410,346

Page 9

The Worth Foundation Limited Summary Income and Expenditure Account

for the year ended 31 August 2024

Income
Interest and investment income
Gross income for the year
Expenditure
Depreciation and charges for
impairment of fixed assets
Total expenditure for the year
Net income/(expenditure) before tax
for the year
Net income /(expenditure )for the year		 2024
£
647,578
6,710
654,288
607,641
18,342
625,983
28,305
28,305		 2023
£
814,518
3,535
818,053
864,404
24,457
888,861
(70,808)
(70,808)

Page 10

The Worth Foundatlon Llmited Balance Sheet at 31 August 2024 Company No. 03451215 Notes 2024 2023 Fixed assets Tangible assets Investments 13 55,027 73,369 14 55.028 73,370 Current assets Debtors Cash at bank and in hand 15 24,875 373,093 397,968 {14,345} 383,623 14,193 352,875 367,068 130,092} 336,976 Creditors: Amount falling due within one year Net current assets 16 Total assets less current liabilities 438,651 410,346 Net assets excluding pension asset or liability Total net assets 438.651 410,346 438.651 410,346 The funds of the charity Restrirted funds Restricted income funds 17 228,272 228.272 216,040 216.040 Unrestricted funds Unrestricted funds 17 210,379 194,306 210.379 194,306 Reserves 17 Totsl funds 438,651 410,346 These accounts have been prepared in accordance with the special provisions of Part 15 of the Companles Act 2006 relating to small companies. For the year ended 31 August 2024 the compary was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtsin an audit in accordance with sertion 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. Approved by the board on 01 April 2025 And signed on its behalf by: VJ. Williamson Trustee 01 April 2025 Page 11

The Worth Foundation Limited Statement of Cash flows for the year ended 31 August 2024

Cash flows from operating activities
Net income/(expenditure) per Statement of Financial Activities
Adjustments for:
Depreciation of property, plant and equipment
Dividends, interest and rents from investments
(Increase)/Decrease in trade and other receivables
Decrease in trade and other payables
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Dividends, interest and rents from investments
Net cash from investing activities
Net cash from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Components of cash and cash equivalents
Cash and bank balances		 2024
£
28,305
18,342
(6,710)
(10,682)
(15,747)
13,508
6,710
6,710
-
20,218
352,875
373,093
373,093
373,093		 2023
£
(70,808)
24,457
(3,535)
17,126
(783)
(33,543)
3,535
3,535
-
(30,008)
382,883
352,875
352,875
352,875

Page 12

The Worth Foundation Limited Notes to the Accounts

for the year ended 31 August 2024

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Fund accounting

Income

Expenditure

Taxation

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

Page 13

The Worth Foundation Limited Notes to the Accounts

Tangible fixed assets and depreciation

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

Motor vehicles 25% Reducing balance

Investments

Investments in subsidiaries are recognised at cost, less any provision for impairment.

Trade and other debtors

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

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other 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.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital. The company is registered in England and Wales. The address of the registered office is 434 Forest Road, Walthamstow, London, E17 4PY.

The Charity constitutes a public benefit entity as defined by FRS 102.

Page 14

The Worth Foundation Limited

Notes to the Accounts

3 Statement of Financial Activities - prior year

Income and endowments from:
Donations and legacies
Charitable activities
Investments
Total
Expenditure on:
Charitable activities
Other
Total
Net income
Transfers between funds
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2023
£
111,221
175,733
3,535
290,489
311,544
30,646
342,190
(51,701)
40,476
(11,225)
(11,225)
205,531
194,306		 Restricted
funds
2023
£
483,445
44,119
-
527,564
474,790
71,881
546,671
(19,107)
(40,476)
(59,583)
(59,583)
275,623
216,040		 Total funds
2023
£
594,666
219,852
3,535
818,053
786,334
102,527
888,861
(70,808)
-
(70,808)
(70,808)
481,154
410,346

Page 15

The Worth Foundation Limited

Notes to the Accounts

4 Income from donations and legacies

Income from donations and legacies
Donations
Grants		 Unrestricted
£
55,972
3,420
59,392		 Restricted
£
30,000
394,040
424,040		 Total
2024
£
85,972
397,460
483,432		 Total
2023
£
104,191
490,475
594,666

Page 16

The Worth Foundation Limited Notes to the Accounts

Grants received, included in the donations and legacies are as follows:

Donated goods, facilities and services received
BBC Children In Need
Benefact Trust
Big Local
Birmingham City Council
Cole Charitable Trust
Co-op Local Community Fund
Cyclist Club UK
Cygnus Trust
Doncaster Metropolitan Borough Council
Dyson Associates
Edward Cadbury Charitable Trust
Epping Forest Council
Essex County Council
Essex Police
Eveson Charitable Trust
Firs & Bromford Neighbours Together
(BVSC)
G J W Turner
Grantham Yorke Trust
KFC Foundation
Kirklees Council
London Borough of Waltham Forest
Loose Change Charity
Loughton Town Council
National Lottery Community Fund - Reaching Communities
One17 Foundation
Other grants
South Yorkshire Community Fund
South Yorkshire Police & Crime Commission
St Thomas Dole Charity
Street Games
Subs & Contributions to activities
The Alan Edward Higgs Charity
The National Lottery Heritage Fund
Wyre Forest District Council		 Total
2024
£
9,941
-
24,711
1,000
-
-
2,500
-
-
368
-
-
2,182
511
-
50,254
-
-
100
-
2,727
-
3,000
260,504
-
875
4,950
18,231
2,375
6,132
-
-
7,099
-
397,460		 Total
2023
£
10,480
4,300
96,258
-
1,100
1,418
-
942
17,093
2,208
2,000
1,850
2,914
4,600
10,000
14,853
1,000
2,050
2,000
5,750
2,850
1,680
-
249,672
2,451
3,728
4,831
18,556
-
-
890
5,001
-
20,000
490,475

Page 17

The Worth Foundation Limited

Notes to the Accounts

5 Income from charitable activities

Contracted Work
Fundraising income
Other income
6
Income from investments
Deposit account interest
7
Expenditure on charitable activities
Expenditure on charitable
activities
Wages
Social security
Pensions
Programme costs
Other staff related costs
Grants made		 Unrestricted
£
122,981
10,322
18,681
151,984
Unrestricted
£
138,285
8,165
11,599
12,065
24,317
-
194,431		 Restricted
£
12,162
-
-
12,162
Unrestricted
£
6,710
6,710
Restricted
£
225,660
12,210
10,667
39,670
34,926
33,681
356,814		 Total
2024
£
135,143
10,322
18,681
164,146
Total
2024
£
6,710
6,710
Total
2024
£
363,945
20,375
22,266
51,735
59,243
33,681
551,245		 Total
2023
£
186,745
17,170
15,937
219,852
Total
2023
£
3,535
3,535
Total
2023
£
470,674
29,952
28,421
67,209
62,368
127,710
786,334

Page 18

The Worth Foundation Limited Notes to the Accounts

Activity or programme
Open Door Community
Foundation - Green
Connector
Open Door Community
Foundation - TWC2
Partnership
The Pioneer Group
Ambridge House Residents
Group
Activity or programme
Open Door Community
Foundation - Green
Connector
Open Door Community
Foundation - TWC2
Partnership
The Pioneer Group
Ambridge House Residents
Group
9
Other expenditure
Premises costs
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
General administrative costs		 Unrestricted
£
11,390
-
21,867
33,257		 Grants to
Institutions
£
8,681
25,000
-
-
33,681
Grant
funding of
activities
£
8,681
25,000
-
-
33,681
Restricted
£
15,108
18,342
8,031
41,481		 Total
2024
£
8,681
25,000
-
-
33,681
Total
2024
£
8,681
25,000
-
-
33,681
Total
2024
£
26,498
18,342
29,898
74,738		 Total
2023
£
47,142
67,000
13,200
368
127,710
Total
2023
£
47,142
67,000
13,200
368
127,710
Total
2023
£
30,128
24,457
47,942
102,527

Page 19

The Worth Foundation Limited Notes to the Accounts

10 Net income/(expenditure) before transfers

10 Net income/(expenditure) before transfer s
2024 2023
This is stated after charging: £ £
Depreciation of owned fixed assets 18,342 24,457
Independent Examiner's fee 1,716 3,810
11 Trustee remuneration and expenses
One or more of the trustees has been paid expenses in the current or prior periods.
2024 2023
Number Number
Number of trustees paid expenses 1 -
The nature of the reimbursed expenses One trustee was reimbursed for travel costs to attend the
trustees meetings.
£ £
Total expenses reimbursed to trustees 195 -
12 Staff costs
2024 2023
Salaries and wages 363,945 470,674
Social security costs 20,375 29,952
Pension costs 22,266 28,421
406,586 529,047

No employee received emoluments in excess of £60,000.

The average monthly number of employees (headcount) during the year was 23 (2023: 26).

The average monthly number of full time equivalent employees during the year was 12 (2023: 12).
Total remuneration paid to key management personnel 123,957
114,157

Page 20

The Worth Foundation Limited Notes to the Accounts

13 Tangible fixed assets

Cost or revaluation
At 1 September 2023
At 31 August 2024
Depreciation and
impairment
At 1 September 2023
Depreciation charge for the
year
At 31 August 2024
Net book values
At 31 August 2024
At 31 August 2023
14 Investments
Cost or revaluation
At 1 September 2023
At 31 August 2024
Net book values
At 31 August 2024
At 31 August 2023
Investment in Subsidiaries
The company has the following subsidiary undertakings:
Name of company
Country of
incorporation
(if not UK)
Class of
shares held
% age of
shares held
%
Gear Up Cycles Limited
Ordinary
100		 Motor
vehicles
£
106,720
106,720
33,351
18,342
51,693
55,027
73,369
Investment
in
Subsidiaries
£
1
1
1
1
Capital and
reserves at
end of the
relevant
year
£
16,806		 Total
£
106,720
106,720
33,351
18,342
51,693
55,027
73,369
Total
£
1
1
1
1
Profit/(loss
) for the
relevant
year
£
(6,285)

Gear Up Cycles Limited has twin aims in providing worthwhile employment for young people and making a trading profit from its main 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 2006, on the grounds that the results of the subsidiary are not material for the purposes of giving a true and fair view.

Page 21

The Worth Foundation Limited Notes to the Accounts

15 Debtors

15 Debtors
Trade debtors
Amounts owed by group undertakings
Prepayments and accrued income
16 Creditors:
amounts falling due within one year
Trade creditors
Other creditors
Accruals		 2024
£
1,000
3,208
20,667
24,875
2024
£
7,261
-
7,084
14,345		 2023
£
638
338
13,217
14,193
2023
£
9,300
9,316
11,476
30,092

Page 22

The Worth Foundation Limited Notes to the Accounts

17 Movement in funds

17 Movement in funds
At 1
September
2023
44,995
21,055
12,326
8,981
128,683
-
216,040
30,822
24,062
(6,312)
7,320
82,794
44,772
10,848
194,306
410,346		 Incoming
resources
(including
other
gains/losses)
£
192,391
23,281
-
82,834
129,015
8,681
436,202
91,326
20,143
906
67
41,228
38,366
26,050
218,086
654,288		 Resources
expended
£		 Gross
transfers
£
(8,972)
(856)
-
(6,371)
(9,476)
-
(25,675)
(6,764)
(8,512)
17,288
(2)
(8,072)
(4,589)
36,326
25,675
-		 At 31
August
2024
£
93,214
9,885
-
27,239
97,934
-
Restricted funds:
Restricted income funds:
Birmingham & Solihull
Doncaster
Kidderminster
Spark
Waltham Forest
National
Total
Unrestricted funds:
Birmingham & Solihull
Doncaster
Huddersfield
(135,200)
(33,595)
(12,326)
(58,205)
(150,288)
(8,681)
(398,295)
(89,634)
(12,783)
(11,882)
(7,385)
(31,438)
(2,465)
(72,101)
(227,688)
(625,983)
228,272
25,750
22,910
-
-
84,512
76,084
1,123
Kidderminster
Spark
Waltham Forest
National
Total
Total funds
210,379
438,651

Page 23

The Worth Foundation Limited Notes to the Accounts

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

At 1
September
2023
495
(10,213)
831
11,582
-
-
38,985
(130)
11,264
675
1,416
7,700
797
12,326
-
(30)
1,515
3,255
-
73,369
3,444
55,444
-
-
216,040		 Incoming
resources
(including
other
gains/losses)
1,000
7,099
2,500
9,941
6,132
2,375
161,286
-
-
100
4,950
18,231
-
-
30,000
2,182
511
-
3,000
-
47,141
128,115
150
750
436,202		 Resources
expended
(508)
-
(3,081)
(17,389)
(6,132)
(1,374)
(101,343)
130
(11,264)
(775)
(1,828)
(19,728)
(250)
(12,326)
(7,600)
(1,964)
(1,983)
(1,315)
(2,850)
(18,342)
(42,243)
(131,326)
-
(750)
(398,295)		 Gross
transfers
-
3,114
(250)
(994)
-
(238)
(10,604)
-
-
-
-
(856)
-
-
(3,000)
(188)
(43)
-
(150)
-
(2,990)
(9,476)
-
-
(25,675)		 At 31
August
2024
987
-
-
3,140
-
763
88,324
-
-
-
4,538
5,347
547
-
19,400
-
-
1,940
-
55,027
5,352
42,757
150
-
Birmingham City Council -
Warm Welcome
The Heritage Lottery Fund
Learning Hub
Play Opportunities
Street Games
Thomas Dole Charity
Together We Can (The
Lottery Community Fund -
Reaching Communities and
Firs and Bromwood
Neighbours Together)
Cygnus Trust
Doncaster Community
Investment Fund
KFC Foundation
South Yorkshire Community
Foundation
South Yorkshire Police &
Crime Commissioner
Epping Forest District Council
Wyre Forest District Council
Complex Counselling
Essex County Council
Essex Police and Crime
Commissioner
Ignite
Loughton Town Council
Mobile Youth Venue Fund
National Lottery Community
Fund - Spark
National Lottery Community
Fund - Waltham Forest
Hygiene Products
William Morris Big Local
Total
228,272

Page 24

The Worth Foundation Limited Notes to the Accounts

Purposes and restrictions in relation to the funds:

Restricted funds:
Big Local Trust Locally Trusted Organisation for Firs and Bromford Neighbours Together as
part of Big Local programme (Local Trust)
Big Local: Firs & Bromwood Youth and community activities to support the Big Local programme.
Neighbours Together
Birmingham City Council - Equipment and resources for environmental projects.
Greener Cleaner Fund
Birmingham City Council - Funds for provision of food and drop in services for residents as part of
Warm Welcome Household Support Fund.
Grantham Yorke Funds for a residential trip (Birmingham branch).
The Heritage Lottery Fund "Stories from Storey's" project - young people recording stories from
members of the neighbourhood.
Learning Hub Set up and development of a Learning Hub (mentoring and training for
16-18's) Birmingham branch.
Play Opportunities Children in Need and other funds for Play Project in Birmingham.
Street Games Summer holiday activities (Birmingham branch).
Thomas Dole Charity Purchase of pool table and other equipment for The Hub youth centre in
Bromford, Birmingham.
Together We Can (The Partnership project with Open Door Community Foundation to offer
Lottery Community Fund - support services and community building activities in Firs and Bromford
Reaching Communities and Area. Jointly funded by Big Lottery Fund (Reaching Communities) and Firs
Firs and Bromwood and Bromford Neighbours Together, Phase 2, 5 year grant commenced
Neighbours Together) July 2021.
Cygnus Trust Cooking ingredients for Youth Club and Mobile Youth Venue project in
Waltham Forest.
Doncaster Community Delivery of Mentoring sessions in Doncaster schools.
Investment Fund
KFC Foundation Delivery of Mentoring sessions in Doncaster schools.
South Yorkshire Community Delivery of Mentoring sessions in Doncaster schools.
Foundation
South Yorkshire Police & Delivery of Mentoring sessions in Doncaster schools.
Crime Commissioner
Epping Forest District Council Community Health Grant for Talking Teens Project.
Wyre Forest District Council Food parcels, wellbeing packages and seasonal activities in Kidderminster.
Complex Counselling Various grants and donations towards costs of special counsellors.
Essex County Council Youth activities (Spark).
Essex Police and Crime Towards cost of Mentoring Coordinator post (Spark).
Commissioner
Ignite Mentoring and counselling for students engaged in Ignite provision.
Loughton Town Council Towards cost of counselling and mentoring programme.
Mobile Youth Venue Fund Funds raised for Mobile Youth Venue bus expenses and purchase of a new
vehicle.
National Lottery Community Delivery of Counselling, Mentoring & family support services in South
Fund - Spark West Essex (includes £20k COVID Support grant).

Page 25

The Worth Foundation Limited Notes to the Accounts

Worth Foundation Limited
es to the Accounts
National Lottery Community Youth Bus and other youth work sessions around Waltham Forest
Fund - Waltham Forest (includes match funding from Clarion Housing and London Borough of
Waltham Forest).
Hygiene Products For the provision of free sanitary products (Waltham Forest branch).
William Morris Big Local Equipment and resources for the Priory Court Youth Club (Waltham Forest
branch).

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 in the Trustees Report states that the charity aims to maintain unrestricted reserves at a level sufficient to cover three months of staff salary cost. The Turstees have set aside £129,500 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 with.

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

Designated Reserve Fund
Other Unrestricted Funds
18 Analysis of net assets between funds
Fixed assets
Investments
Net current assets
19 Reconciliation of net debt
Cash and cash equivalents
Net debt		 2024
£
129,500
80,879
210,379
Unrestricted
funds
£
-
1
213,208
213,209
At 1
September
2023
£		 Restricted
funds
£
55,027
-
170,415
225,442
Cash flows
£		 2023
£
146,000
48,306
194,306
Total
£
55,027
1
383,623
438,651
At 31
August
2024
£
352,875 20,218 373,093
352,875
352,875		 20,218
20,218		 373,093
373,093

Page 26

The Worth Foundation Limited Notes to the Accounts

20 Commitments

Pension commitments

The Charitable Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charitable Company in an independently administered fund.

2024 2023
£ £
The pension cost charge to the company
amounted to: 22,226 28,421

21 Related party disclosures

During the year, the company made purchases of £8,810 from Giraffe HR Limited, a company in which a trustees of the charity is a Director. The amount due to the related party at the year end was £18.

Controlling party

The company is limited by guarantee and has no share capital; thus no single party controls the company.

22 Prior year adjustments

The prior year's comparative in the Statement of Financial Activities has been restated. £30,995 has been moved from donations and legacies to income from charitable activities.

Page 27

The Worth Foundation Limited Detailed Statement of Financial Activities

for the year ended 31 August 2024

Income and endowments from:
Donations and legacies
Donations
Grants
Charitable activities
Contracted Work
Fundraising income
Other income
Investments
Deposit account interest
Total income and endowments
Expenditure on:
Charitable activities
Wages
Social Security
Pensions
Programme costs
Other staff related costs
Grants made
Total of expenditure on charitable
activities
Premises costs
Rates
Light, heat and power
Premises insurances
General administrative costs,
including depreciation and
amortisation
Depreciation of Motor vehicles
Bank charges
Information and publications
Stationery and printing
Sundry expenses
Telephone, fax and broadband		 Unrestricte
d funds
2024
£
55,972
3,420
59,392
122,981
10,322
18,681
151,984
6,710
6,710
218,086
138,285
8,165
11,599
12,065
24,317
-
194,431
194,431
4,802
3,989
2,599
11,390
-
281
1,706
1,738
16,094
2,048		 Restricted
funds
2024
£
30,000
394,040
424,040
12,162
-
-
12,162
-
-
436,202
225,660
12,210
10,667
39,670
34,926
33,681
356,814
356,814
13,334
1,774
-
15,108
18,342
-
356
144
7,531
-		 Total funds
2024
£
85,972
397,460
483,432
135,143
10,322
18,681
164,146
6,710
6,710
654,288
363,945
20,375
22,266
51,735
59,243
33,681
551,245
551,245
18,136
5,763
2,599
26,498
18,342
281
2,062
1,882
23,625
2,048		 Total funds
2023
£
104,191
490,475
594,666
186,745
17,170
15,937
219,852
3,535
3,535
818,053
470,674
29,952
28,421
67,209
62,368
127,710
786,334
786,334
20,226
7,184
2,718
30,128
24,457
574
653
298
44,280
2,137

Page 28

The Worth Foundation Limited Detailed Statement of Financial Activities

The Worth Foundation Limited
Detailed Statement of Financial Activities
Total of expenditure of other costs
Total expenditure
Net gains on investments
Net income/(expenditure)
Transfers between funds
Net income/(expenditure) before
other gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 21,867
33,257
227,688
-
(9,602)
25,675
16,073
-
16,073
194,306
210,379		 26,373
41,481
398,295
-
37,907
(25,675)
12,232
-
12,232
216,040
228,272		 48,240
74,738
625,983
-
28,305
-
28,305
-
28,305
410,346
438,651		 72,399
102,527
888,861
-
(70,808)
-
(70,808)
-
(70,808)
481,154
410,346

Page 29