## **The Worth Foundation Limited**
**Charity No. 1068782**
**Company No. 03451215**
**Trustees' Report and Unaudited Accounts**
**31 August 2025**
**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 25|
|Detailed Statement of Financial Activities|26 to 27|
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 2025.
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:
H.M. Acton (Appointed 7 October 2024) N. Baskin-Walsh O.J. Elgie R. Lampard M. Smith S.L. Taylor (Resigned 9 July 2025) 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 improving the lives of young people. 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 and Doncaster. 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 23 people (approximately 12 full time equivalents) through its branches, working in over 8 neighbourhoods. Over the course of the year we have had contact with 2,071 young people and 76 adults (2,303 and 74 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 work of the branches is supported and coordinated by a Head Office function (1 part time employee). Achievements this year include improvements to how we measure the impact of Worth's work, rebuilding our website and launching our revised vision and mission statements.
The highlights from each branch are as follows:
## **Birmingham**
This year, we have continued to build on nearly two decades of work in Birmingham, with a particular focus on the Firs and Bromford neighbourhood. Our commitment to long-term, place-based partnership has remained strong, especially through our ongoing collaboration with Open Door Community Foundation in delivering the ‘ **Together We Can! 2’ (TWC)** project.
TWC brings together youth work and adult-focused, asset-based community building to foster intergenerational and cross-cultural relationships. Through this work, we’ve offered a range of opportunities including safe spaces and open-access youth sessions, one-to-one support within schools and the wider community, youth social action, creative and media workshops, and inclusive community events.
A key part of our approach continues to be developing and supporting a team of locally rooted **Youth Connectors** – ensuring our work remains community-led and reflective of the neighbourhood’s strengths, assets and needs.
We have maintained and expanded our **Safe Spaces for Young People** offer, with open access sessions for various age groups running after school and in the evenings throughout the week. We’ve also increased our **detached youth work** through the Play Project and continued to develop our **Learning Hub** and creative workshop programme.
Page 3
**The Worth Foundation Limited**
**Trustees Annual Report**
Our social enterprise, Gear Up Cycles Ltd, continues to grow its presence at the University of Birmingham. It remains a key part of our strategy to generate sustainable income and support the broader work of our Birmingham Branch.
## **Highlights from the past year** include:
- A successful **HAF Summer Programme** , including a community **Colour Run** and a trip to **Dovedale**
- Our " **Worth Creating" DJ workshops** being featured on **BBC Midlands Today**
Together, these achievements reflect our ongoing commitment to long-term, locally rooted work that nurtures connection, creativity, and community leadership.
## **Darlington (Darlington Area Churches Youth Ministry)**
Darlington Area Churches Youth Ministry (DACYM) works from an inclusive Christian value base, using the principles and practices of informal education and community development. Through this work, DACYM aims to transform the lives of young people educationally, socially, and spiritually, empowering them to achieve their full potential. DACYM supports both community and church-based youth work activities.
The Listening Post is a Darlington community and school-based listening and mentoring service, providing one-to-one 'listening' time and/or mentoring for young people. It was established in 2017 as an expression of Christian care in action. During the academic year ending July 2024, we facilitated over 2289 listening sessions across Darlington for 241 students.
The Polam Hall Chaplaincy Project, which commenced in September 2022, continued into its third year. The chaplaincy continued to grow as an integral part of school life, building on foundations laid in previous years. New initiatives were introduced alongside ongoing work. Key activities include continuing 1:1 and small group pastoral care, responding to grief, anxiety, friendship and faith challenges.
DACYM have been involved in the running of youth activities in Hurworth, in partnership with All Saints Church, for 17 years. These activities come under the banner of Hurworth Youth Project and include the Friday Night Hang-Out, Friday Night Drop-In and Friday Night Walk-About. The Friday Night Hang-Out started as a monthly activity about eight years ago. Following the COVID lockdown, we decided to make it weekly, and it very quickly became increasingly popular with between 40 - 50 primary school children attending each week. Attendances have been strong throughout the year, especially in the autumn and winter months.
## **Doncaster**
Worth Unlimited Doncaster works in some of the most deprived areas of the city, facing issues such as high levels of unemployment, poverty and domestic violence. The young people affected by this rely heavily on the support of our trusted mentors. They become the one consistent person in what can be a world of uncertainty. It cannot be underestimated just how much continuity, kind words and a listening ear can improve the lives of young people living with trauma.
We have had a new ’first’ this year- teaming up with Influencer Molly Marsh to not only raise the profile of Worth Unlimited Doncaster but also to continue to promote the importance of good mental health in a new and fresh way. Molly has been involved in a couple of events and we look forward to continuing to have her as our Ambassador this upcoming year.
Yet again we have been extremely fortunate to have been supported by the South Yorkshire Violence Reduction Unit; South Yorkshire Funding Advice Bureau; Doncaster Council; NHS- Your Hearts and Minds.
Page 4
**The Worth Foundation Limited**
## **Trustees Annual Report**
Our team has mentored 307 young people over the course of the year. Through one to one mentoring, lunchtime clubs and pop ups at events during national mental health week, it’s important to remember that it’s not only the students who benefit. The ripple effect reaches far and wide to the schools in which they live.
## **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 2024-25, we worked with 44 children and 73 young people through drop in clubs, sports, arts activities, cooking and trips.
During the year, we created and appointed a new role of Play Worker, to expand our work with primary school aged children, introduced a weekly cooking session and started 2 new girls-only groups. Our community work team has continued building relationships with local residents and have supported the development of 3 resident-led activity groups. Our team was joined by 4 gap-year volunteers, 2 from Inter-Cultural Youth Exchange and 2 from Berlin Mission. Josiah Holloway stepped down from his role of Building Manager and was replaced by Raquel Neto Dias, one of our youth work staff.
We have partnered with a number of organisations over the last 12 months. A coach from charity Sport at the Heart has worked with us to facilitate our weekly mixed sports sessions; one of our girls' groups hosts an Art and Wellbeing Space, led by Lin Kam Arts; and we ran a summer cooking programme in partnership with Granville Community Kitchen. In December, we partnered with local companies and organisations to host part of the South Kilburn Winter Fair, and in July, we hosted and contributed to the South Kilburn Carnivale, an event to promote arts and health in the locality.
## **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 third 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 2024/25 for over 350 individuals through more than 4,000 counselling and mentoring sessions, as well as running wellbeing workshops, 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.
We continue to survey our clients every 6 months to ask for their feedback, updating it this year to include feedback relating to the revised Worth Unlimited vision and mission. Among other outcomes, 100% of respondents confirmed that they feel safe and accepted in their sessions.
We were pleased to put on successful fundraising events this year, including our popular quiz night, which raised more than £2,000. We also took our quiz out on the road, linking up with a housing association to host two quizzes over the course of the year for their staff in return for donations. Branch Manager Adele hosted staff wellbeing talks at BT Group and Hilton Hotels to raise funds. We were fortunate to receive funding from Qualis, as well as local and county councils, and to benefit from continued support from local churches, a community amateur dramatics society and some particularly generous individual donors. We continued our partnership with a local youth football team to promote Spark and to highlight the link between physical activity and children's mental health.
Page 5
**The Worth Foundation Limited**
## **Trustees Annual Report**
This year, in addition to our core work, we are looking forward to offering art therapy and music workshops, and to supporting key members of our team with the creative arts, play therapy and supervision high-level qualifications they are embarking on, so that Spark’s clientele benefit further from their enhanced skills and expertise.
## **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.
We are in our third 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 recruited a new driver for the Mobile Youth Venue, we have two paid drivers and one volunteer to support the session with driving the van. We continue to work in partnership with various organisations such as Peabody, Walthamstow Toy Library and our sport coaches to deliver the sessions. A highlight for us this year has been the film project and taking young people on trips to theatre in the West End.
This year we have provided lots of sport sessions with coaches and 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. We have had an increase in pastoral and safeguarding cases this year and have been working closely with the Waltham Forest Safeguarding team to protect and safeguard the young people. From September 2024 to August 2025, we recorded that we have worked with 504 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 AND PLANS FOR THE FUTURE**
The charity is primarily funded by grant funding for various projects, topped up with donations and some income from contract work. The performance for the year shows a net income of £5,945.
Funds carried forward at the year end amount to £444,596, of which £230,017 are restricted, £129,500 are designated and the remaining £85,079 are unrestricted.
The trustees wish to place on record their appreciation of the hard work, passion and commitment that staff and volunteers generously give. We also recognise those individuals and organisation who have sacrificially support us over the past year as those who have participated in various personal physical challenges to raise funds.
Page 6
## The Worth Foundation Limited
## Trustees Annual Report
The reserves policy is to maintain unrestricted reserves sufficient to cover 3 months operating costs (salaries and fixed overheads). Our current reserves of £129,500 are sufficient to cover this.
In the coming year we plan to operate at a similar capacity to currently. Several of our larger grants are coming to an end in the coming year and we are focussed on fund-raising in order to maintain our delivery and continue to support our beneficiaries.
## 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.
## 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.
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 irregularities.
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 behalf of the board
V.J. Williamson NN Trustee 14 January 2026
Page 7
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## The Worth Foundation Limited Independent Examiners Report independent Examiner's Report to the trustees of The Worth Foundation Limited
| report to the charity trustees on my examination of the financial statements of The Worth Foundation Limited for the year ended 31 August 2025.
## 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, | 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 | 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. | confirm that | am qualified to undertake the examination because | am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. I have completed my examination. | 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 freland (FRS 102).
| 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.
**----- Start of picture text -----**
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Andrew Smith FCCA
**----- End of picture text -----**
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AG Smith & Co Ltd
## Chartered Certified Accountants
Unit 8 Laceby Business Park
:
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- Grimsby N E Lincolnshire DN37 7DP
Page 8
**The Worth Foundation Limited Statement of Financial Activities**
## **for the year ended 31 August 2025**
|**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**
10
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**
**2025**
**£**
51,726
154,513
5,579|**Restricted**
**funds**
**2025**
**£**
420,874
20,730
-|**Total funds**
**2025**
**£**
472,600
175,243
5,579|**Total funds**
**2024**
**£**
483,432
164,146
6,710|
|---|---|---|---|---|
||211,818
202,167
21,741|441,604
384,966
38,603|653,422
587,133
60,344|654,288
551,245
74,738|
||223,908
-|423,569
-|647,477
-|625,983
-|
||(12,090)
16,290|18,035
(16,290)|5,945
-|28,305
-|
||4,200|1,745|5,945|28,305|
||4,200
210,379|1,745
228,272|5,945
438,651|28,305
410,346|
||214,579|230,017|444,596|438,651|
Page 9
**The Worth Foundation Limited Summary Income and Expenditure Account**
**for the year ended 31 August 2025**
|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 before tax for the year
**Net income for the year**|**2025**
**£**
647,843
5,579
653,422
633,720
13,757
647,477
5,945
5,945|**2024**
**£**
647,578
6,710|
|---|---|---|
|||654,288|
|||607,641
18,342|
|||625,983|
|||28,305|
|||28,305|
Page 10
## The Worth Foundation Limited Balance Sheet
|at 31 August 2025|at 31 August 2025||||
|---|---|---|---|---|
|Company No.|03451215|Notes|2025|2024|
||||£|£|
|Fixed assets|||||
|Tangible assets||13|41,270|55,027|
|Investments||14|1|1|
||||41,271|55,028|
|Current assets|||||
|Debtors||15|26,836|24,875|
|Cash at bank|and in hand||379,533|373,093|
||||406,369|397,968|
|Creditors: Amount falling due within oneyear||16|(3,044)|(14,345)|
|Net current assets|||403,325|383,623|
|Total assets less|current liabilities||444,596|438,651|
|Net assets excluding pension asset or liability|||444,596|438,651|
|Total net assets|||444,596|438,651|
|The funds ofthe|charity||||
|Restricted funds||17|||
|Restricted income funds|||230,017|228,272|
||||230,017|228,272|
|Unrestricted funds||17|||
|Designated funds|||214,579|210,379|
||||214,579|210,379|
|Totalfunds|||444,596|438,651|
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 31 August 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 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 14 January 2026
And signed on its behalf by:
Cr’ ’ ' r
V.J. Williamson Trustee
14 January 2026
Page 11
**The Worth Foundation Limited Statement of Cash flows**
**for the year ended 31 August 2025**
|**Cash flows from operating activities**
**Net income per Statement of Financial Activities**
**Adjustments for:**
Depreciation of property, plant and equipment
Dividends, interest and rents from investments
Increase in trade and other receivables
Decrease in trade and other payables
**Net cash provided by 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 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|**2025**
**£**
5,945
13,757
(5,579)
(1,961)
(11,301)
861
5,579
5,579
-
6,440
373,093
379,533
379,533
379,533|**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|
Page 12
**The Worth Foundation Limited Notes to the Accounts**
## **for the year ended 31 August 2025**
- 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.
## **Change in basis of accounting or to previous accounts**
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
## **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.
Page 13
**The Worth Foundation Limited Notes to the Accounts**
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **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
## **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**
**2024**
**£**
59,392
151,984
6,710
218,086
194,431
33,257
227,688
(9,602)
25,675
16,073
16,073
194,306
210,379|**Restricted**
**funds**
**2024**
**£**
424,040
12,162
-
436,202
356,814
41,481
398,295
37,907
(25,675)
12,232
12,232
216,040
228,272|**Total funds**
**2024**
**£**
483,432
164,146
6,710|
|---|---|---|---|
||||654,288
551,245
74,738|
||||625,983|
||||28,305
-|
||||28,305|
||||28,305
410,346|
||||438,651|
Page 15
**The Worth Foundation Limited**
## **Notes to the Accounts**
## 4 **Income from donations and legacies**
|**Unrestricted**
**£**
Donations
44,227
Grants
7,499
51,726
Grants received, included in the donations and legacies
are as follows:
**Donated goods, facilities and services received**
BBC Children in Need
Big Local Trust
Birmingham City Council
Cole Charitable Trust
Cyclist Club UK
Doncaster Metropolitan Borough Council
Dyson Associates
Essex County Council
Essex Police
Eveson Charitable Trust
Firs & Bromford CDT
Firs & Bromford Neighbours Together
(BVSC)
Grantham Yorke Trust
KFC Foundation
London Borough of Waltham Forest
Loughton Town Council
National Lottery Community Fund
Other grants less than £1k
Souter Charitable Trust
South Yorkshire Community Fund
South Yorkshire Police & Crime
Commissioner
St Thomas's Dole Charity
StreetGames
Tesco - Bags of Help
The National Lottery Heritage Fund
William A Cadbury
Your Hearts and Minds Charity|**Restricted**
**£**
5,000
415,874
420,874|**Total**
**2025**
**£**
49,227
423,373
472,600|**Total**
**2024**
**£**
85,972
397,460|
|---|---|---|---|
||||483,432|
|||||
|||||
|||**Total**
**2025**
**£**
15,000
-
3,000
2,000
-
6,198
-
8,775
-
10,000
51,509
3,902
5,000
-
4,242
1,500
269,000
1,999
2,500
4,985
9,675
2,888
9,200
1,000
-
8,000
3,000
423,373|**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|
|||||
Page 16
**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
Pension
Programme Cost
Other staff related costs
Grants made
_Governance costs_|**Unrestricted**
**£**
135,811
7,207
11,495
154,513
**Unrestricted**
**£**
147,916
12,365
13,455
5,538
22,893
-
202,167|**Restricted**
**£**
20,730
-
-
20,730
**Unrestricted**
**£**
5,579
5,579
**Restricted**
**£**
212,686
8,183
9,899
31,473
55,725
67,000
384,966|**Total**
**2025**
**£**
156,541
7,207
11,495
175,243
**Total**
**2025**
**£**
5,579
5,579
**Total**
**2025**
**£**
360,602
20,548
23,354
37,011
78,618
67,000
587,133|**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|
Page 17
**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
**Activity or programme**
Open Door Community
Foundation - Green
Connector
Open Door Community
Foundation - TWC2
Partnership
9
**Other expenditure**
Premises costs
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
General administrative costs
10 **Net income before transfers**
This is stated after charging:
Depreciation of owned fixed assets
Independent Examiner's fee|**Unrestricted**
**£**
6,994
-
14,747
21,741|**Grants to**
**Institutions**
**£**
-
67,000
67,000
**Activities**
**undertaken**
**directly**
**£**
-
67,000
67,000
**Restricted**
**£**
20,812
13,757
4,034
38,603
**2025**
**£**
13,757
1,477|**Total**
**2025**
**£**
-
67,000
67,000
**Total**
**2025**
**£**
-
67,000
67,000
**Total**
**2025**
**£**
27,806
13,757
18,781
60,344|**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|
|||||**2024**
**£**
18,342
1,716|
Page 18
**The Worth Foundation Limited Notes to the Accounts**
## 11 **Trustee remuneration and expenses**
One or more of the trustees has been paid expenses in the current or prior periods.
||||**2025**|**2024**|
|---|---|---|---|---|
||||**Number**|**Number**|
||Number of trustees paid expenses||3|1|
||The nature of the reimbursed expenses|Two trustees were reimbursed for travel costs to attend|||
|||the trustees meetings. One trustee was reimbursed for a|||
|||professional subscription, and some stamps.|||
||||**£**|**£**|
||Total expenses reimbursed to trustees||531|195|
|12|**Staff costs**||||
||||**2025**|**2024**|
||Salaries and wages||360,602|363,945|
||Social security costs||20,548|20,375|
||Pension costs||23,354|22,266|
||||404,504|406,586|
||No employee received emoluments in excess of £60,000.||||
||Total employee benefits received by key management
personnel||136,044|123,957|
The average monthly number of employees (headcount) during the year was 23 (2024: 23).
The average monthly number of full time equivalent employees during the year was 12 (2024: 12).
## 13 **Tangible fixed assets**
|**Cost or revaluation**
At 1 September 2024
At 31 August 2025
**Depreciation and**
**impairment**
At 1 September 2024
Depreciation charge for the
year
At 31 August 2025
**Net book values**
At 31 August 2025
At 31 August 2024|**Motor**
**vehicles**
**£**
106,720
106,720
51,693
13,757
65,450
41,270
55,027|**Total**
**£**
106,720|
|---|---|---|
|||106,720|
|||51,693
13,757|
|||65,450|
|||41,270|
|||55,027|
Page 19
**The Worth Foundation Limited Notes to the Accounts**
## 14 **Investments**
|**Cost or revaluation**
At 1 September 2024
At 31 August 2025
**Net book values**
At 31 August 2025
At 31 August 2024
**Investment in Subsidiaries**
The company has the following subsidiary undertakings:
**Name of company**
**Country of**
**incorporation**
**(if not UK)**
**Class of**
**shares held**
Gear Up Cycles Limited
Ordinary
15 **Debtors**
Trade debtors
Amounts owed by group undertakings
Prepayments and accrued income
16 **Creditors:**
amounts falling due within one year
Trade creditors
Accruals|**% age of**
**shares held**
**%**
100
**2025**
**£**
5,913
7,120
13,803
26,836
**2025**
**£**
2,339
705
3,044|**Investment**
**in**
**Subsidiaries**
**£**
1
1
1
1
**Capital and**
**reserves at**
**end of the**
**relevant**
**year**
**£**
19,395|**Total**
**£**
1|
|---|---|---|---|
||||1|
||||1|
||||1|
||||**Profit/(loss**
**) for the**
**relevant**
**year**
**£**
2,589
**2024**
**£**
1,000
3,208
20,667|
||||24,875|
||||**2024**
**£**
7,261
7,084|
||||14,345|
Page 20
**The Worth Foundation Limited Notes to the Accounts**
## 17 **Movement in funds**
|17 **Movement in funds**||||||
|---|---|---|---|---|---|
||**At 1**
**September**
**2024**
93,214
9,885
27,239
97,934
228,272
25,750
22,910
84,512
76,084
1,123
210,379
438,651|**Incoming**
**resources**
**(including**
**other**
**gains/losses)**
**£**
202,733
20,858
64,496
153,517
441,604
100,871
25,210
23,443
38,455
23,839
211,818
653,422|**Resources**
**expended**
**£**|**Gross**
**transfers**
**£**
(7,191)
(2,041)
-
(7,058)
(16,290)
-
(4,223)
(6,794)
-
27,307
16,290
-|**At 31**
**August**
**2025**
**£**
106,255
10,410
21,165
92,187|
|**Restricted funds:**
**Restricted income funds:**
Birmingham & Solihull
Doncaster
Spark
Waltham Forest
_Total_
**Unrestricted funds:**
**Designated funds:**
Birmingham & Solihull
Doncaster
Spark
Waltham Forest
National
_Total_
**Total funds**||||||
||||(182,501)|||
||||(18,292)|||
||||(70,570)|||
||||(152,206)|||
||||(423,569)
(94,852)
(32,432)
(25,395)
(20,160)
(51,069)
(223,908)
(647,477)|||
||||||230,017|
||||||31,769
11,465
75,766
94,379
1,200|
||||||214,579|
|||||||
||||||444,596|
Page 21
**The Worth Foundation Limited Notes to the Accounts**
Net movement in funds - included in the above are as follows:
||**At 1**
**September**
**2024**
987
3,140
763
88,324
4,538
5,347
547
19,400
1,940
55,027
5,352
42,757
150
-
-
-
-
-
-
-
228,272|**Incoming**
**resources**
**(including**
**other**
**gains/losses)**
3,000
15,000
2,888
127,659
4,985
9,675
-
6,500
-
-
49,221
150,775
-
19,986
9,200
25,000
6,198
8,775
1,000
1,742
441,604|**Resources**
**expended**|**Gross**
**transfers**
-
-
-
(7,192)
-
(2,040)
-
-
-
-
-
(7,058)
-
-
-
-
-
-
-
-
(16,290)|**At 31**
**August**
**2025**
-
14,901
736
54,207
4,989
-
-
10,801
1,380
41,270
8,197
50,835
82
15,759
-
20,650
5,423
787
-
-|
|---|---|---|---|---|---|
|Birmingham City Council -
Warm Welcome
Play Opportunities
Thomas Dole Charity
Together We Can (The
Lottery Community Fund -
Reaching Communities and
Firs and Bromford
Neighbours Together)
South Yorkshire Community
Fund
South Yorkshire Police &
Crime Commissioner
Epping Forest District Council
Complex Counselling
Ignite
Mobile Youth Venue Fund
National Lottery Community
Fund - Spark
National Lottery Community
Fund - Waltham Forest
Hygiene Products
National Lottery - Awards for
All
StreetGames Summer
Activity Fund
Worth Creating
DMBC - Community
Investment Fund
ECC Local Community Fund
Tesco Groundwork
Ward Forum Skateboarding
_Total_||||||
||||(3,987)|||
||||(3,239)|||
||||(2,915)|||
||||(154,584)|||
||||(4,534)|||
||||(12,982)|||
||||(547)|||
||||(15,099)|||
||||(560)|||
||||(13,757)|||
||||(46,376)|||
||||(135,639)|||
||||(68)|||
||||(4,227)|||
||||(9,200)|||
||||(4,350)|||
||||(775)|||
||||(7,988)|||
||||(1,000)|||
||||(1,742)|||
||||(423,569)|||
||||||230,017|
|||||||
Page 22
**The Worth Foundation Limited Notes to the Accounts**
Purposes and restrictions in relation to the funds:
Birmingham City Council - Funds for provision of food and drop in services for residents as part of Warm Welcome Household Support Fund. Play Opportunities Children in Need and other funds for Play Project in Birmingham. 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 Bromford and Bromford Neighbours Together, Phase 2, 5 year grant commenced Neighbours Together) July 2021. South Yorkshire Community Delivery of mentoring sessions in Doncaster Schools. Fund South Yorkshire Police & Delivery of mentoring sessions in Doncaster Schools. Crime Commissioner
Epping Forest District Council Community Health Grant for Talking Teens Project.
|Complex Counselling|Various grants and donations towards costs of special counsellors.|
|---|---|
|Ignite|Mentoring and counselling for students engaged in Ignite provision.|
|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).|
|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).|
|National Lottery - Awards for|Funding for Birmingham Branch to continue outreach, play work and|
|All|music sessions for young people in the Firs and Bromford estates.|
|StreetGames Summer|Holiday programme in the Firs and Bromford estates, Birmingham.|
|Activity Fund||
|Worth Creating|A number of small grants, contributing to music and creative arts|
||programmes at the The Learning Hub, one of our venues in Firs and|
||Bromford, Birmingham.|
|DMBC - Community|Funding for mentoring support in Doncaster schools.|
|Investment Fund||
|ECC Local Community Fund|Essex County Council funds towards counselling for young people in our|
||Loughton branch (Spark).|
|Tesco Groundwork|Shopper voted community award providing funds to purchase cooking|
||ingredients and other materials for Mobile Youth Venue sessions in|
||Waltham Forest.|
|Ward Forum Skateboarding|Funds from the London Borough of Waltham Forest to pay for|
||skateboarding tuition as part of the Mobile Youth Venue sessions in Wood|
||Street area of Waltham Forest.|
Page 23
**The Worth Foundation Limited Notes to the Accounts**
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 Trustees have set aside £129,500 within the Designated Reserve Fund for this purpose at the year end.
The Designated reserves remain of form of Unrestricted Reserve and the Trustees have the discretionary powers to reverse this policy in the future if they so wish.
The Unrestricted Reserves Balance at the balance sheet date is as follows:
|Designated Reserve Fund
Other Unrestricted Funds|**2025**
**£**
129,500
85,079
214,579|**2024**
**£**
129,500
80,879|
|---|---|---|
|||210,379|
## 18 **Analysis of net assets between funds**
|Fixed assets
Investments
Net current assets
19 **Reconciliation of net debt**
Cash and cash equivalents
Net debt|**Unrestricted**
**funds**
**£**
-
1
214,578
214,579
**At 1**
**September**
**2024**
**£**|**Restricted**
**funds**
**£**
41,270
-
188,747
230,017
**Cash flows**
**£**|**Total**
**£**
41,270
1
403,325|
|---|---|---|---|
||||444,596|
||||**At 31**
**August**
**2025**
**£**|
||373,093|6,440|379,533|
||373,093
373,093|6,440
6,440|379,533|
||||379,533|
## 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.
||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|The pension cost charge to the company|||
|amounted to:|20,548|22,226|
Page 24
**The Worth Foundation Limited Notes to the Accounts**
## 21 **Related party disclosures**
During the year, the company made purchases of £6,295 from Giraffe HR Limited, a company in which a trustee of the charity is a Director. There was no amount due to the related party at the year end.
Total amount of donations received without conditions from trustees and other related parties during the year was £4,445.
## _**Controlling party**_
The company is limited by guarantee and has no share capital; thus no single party controls the company.
Page 25
**The Worth Foundation Limited Detailed Statement of Financial Activities**
## **for the year ended 31 August 2025**
|**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
Pension
Programme Cost
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**
**2025**
**£**
44,227
7,499|**Restricted**
**funds**
**2025**
**£**
5,000
415,874
420,874
20,730
-
-
20,730
-
-
441,604
212,686
8,183
9,899
31,473
55,725
67,000
384,966
384,966
16,794
4,018
-
20,812
13,757
-
413
695
2,426
500|**Total funds**
**2025**
**£**
49,227
423,373|**Total funds**
**2024**
**£**
85,972
397,460|
|---|---|---|---|---|
||51,726||472,600|483,432|
||135,811
7,207
11,495||156,541
7,207
11,495|135,143
10,322
18,681|
||154,513||175,243|164,146|
||5,579||5,579|6,710|
||5,579||5,579|6,710|
||211,818
147,916
12,365
13,455
5,538
22,893
-||653,422
360,602
20,548
23,354
37,011
78,618
67,000|654,288
363,945
20,375
22,266
51,735
59,243
33,681|
||202,167||587,133|551,245|
||202,167
2,893
739
3,362||587,133
19,687
4,757
3,362|551,245
18,136
5,763
2,599|
||6,994||27,806|26,498|
||-
287
797
1,241
10,767
1,655||13,757
287
1,210
1,936
13,193
2,155|18,342
281
2,062
1,882
23,625
2,048|
Page 26
## **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**
Transfers between funds
**Net income before other**
**gains/(losses)**
Other Gains
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|14,747|17,791
38,603
423,569
-
18,035
(16,290)
1,745|32,538|48,240|
||21,741||60,344|74,738|
||223,908
-||647,477
-|625,983
-|
||(12,090)
16,290||5,945
-|28,305
-|
||4,200
-||5,945
-|28,305
-|
|||-|||
||4,200|1,745
228,272
230,017|5,945|28,305|
||210,379||438,651|410,346|
||214,579||444,596|438,651|
Page 27