## **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: - accounting records were not kept in accordance with section 386 of the 2006 Act ; or - the financial statements do not accord with those records; or - the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or - the financial statements 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 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** - 1 **Accounting policies** ## **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** - Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. - Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal. ## **Income** - Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. - Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. - Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income. - Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. ## **Expenditure** - Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates. - Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. - Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. - Other expenditure These are support costs not allocated to a particular activity. ## **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** - 8 **Analysis of grants** |**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