WOOD STREET MISSION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 COMPANY NUMBER.. 03849322 REGISTERED CHARITY NUMBER: 1078337
WOOD STREET MISSION TRUSTEES REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTENTS PAGE Trustees and administrative details for the year ended 31 December 2023 Trustees report for the year ended 31 December 2023 Independent examiners. report to the Trustees Statement of financial activities for the year ended 31 December 2023 Balance sheet as at 31 December 2023 Cashfiow statement for the year ended 31 December 2023 10 Notes to the financial statements for the year ended 31 December 2023 11-20
WOOD STREET MISSION TRUSTEES AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023 MEMBERS OF THE BOARD OF TRUSTEES Chalrman R T Race Bsc Hons Chartered FCSI ASIP Other Members Mr M N G Evans MBE Bsc FCA MrsNOGuy Mr C A Hadfield FRICS Ms VJones Dr K Parkinson Ms J Watson {resigned 13 March 2024) Mrs E Willder FCMA CGMA Mrs G Winter BA CHIEF EXECUTIVE Mr D Lynch REGISTERED OFFICE Wood Street Mission 26 Wood Street Off Deansgate Manchester M3 3EF BANKERS National Westminster Bank PIC Manchester City Centre Branch 19 Market Street Manchester M1 1WR SOLICITORS DWF LLP 1 Scott Place 2 Hardman Street Manchester M3 3A4 INVESTMENT MANAGERS CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET INDEPENDENT EXAMINERS Hurst Accountants Limited Chartered Accountants and Statutory Auditors 3 Stockport Exchange Railway Road Stockport SK13GG Page 1
WOOD STREET MISSION TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees of the charitable company present the financial statements for the year ended 31 December 2023. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Articles of Association, and Accounting and Reporting by Charities- Statement of Recommended practi applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 20151. PRINCIPALACTIVITIES IN THE PUBLIC INTEREST The Charity was founded in 1869. The aim of the Charity is to provide services to the community with a particular emphasis on mitigating Ihe effects of povejty and deprivation on children, young people and theirtamilies in Manchester and Salford. Our vision is a wortd where no child in Manchester or Safford is living in poverty. Our mission is to offer practical help to alleviate the effect of povety on Manchester and Salford families. We will do this through the following strategic objectives.. Increase our impact in the delivery of frontline Seices. Use our assets and resources to develop a sustainable organisalion restx)nsive to the needs of local families. Develop our work to improve the life chances of children in Manchester and Salford and break the cycle of povety- Modemise our setvices and ways of wolking so they are in line wilh best practice. Increase our profile in order lo generate funds, attract supporters and build relationships. In planning and delivering our setvices and activities the Trustees and management of Wood Street Mission confimi that they have complied with th8 duty In Section 4 of the Charities Act 2011 to have due regard to public benefit guidance by the Charity Commission in delivering the activities undertaken by the Charity. Wood Str8et Mission's charitable objective is the relief of persons who are in need hardship or distress and without in any way limiting the generality of the foregoing in particular those persons resident in the fomier administrative areas of Manchester and Salford. Wood Street Mission's activits'es as described in this report are considered to meet the public benefit requirement as specified in the Charities Act 2011. RESULTS The results for the year and their impact on the Charity's funds are sel out in detail on page 8. The nel movement on nds was a deficit of £11,23712022'. deficit of £224.7581. As at 31 December 2023, the Charity had total funds of £2,324,65412022: £2,335,891) including cash of£90,730 {2022: £175,484). REVIEW OF ACTWITIES As a long-established children's charity started by local businessman Alfred Alsop in 1869, Wood Street Mission provides praclical help to families living in the cities of Manchester and Salford and helps to alleviale the day-to- day impact of povety, whilst working lo improve the life chances of local children. Some 154 years after its inception, Wood Street Mission continues to deal wth the negative effects that struggling families endure on a daily basis. with the most profound manifesting in the children of those families. Families receiving assistance from Wood Street Mission are in the first instance referred by professionals, who are aware of each family's circumstances. These indude Health Visitors, Community Nurses, Social Workers, Housing Officers, Teachers and Education Support staff. After the initial referral has been received, families may then self-refer for a twelv&month period to use a number of services that the charity offers, after which those families that are deemed to be still in need of help must once again be re-referred by a professionallsupport worker, in order to receive further ongoing packagès of support. Page 2
WOOD STREET MISSION TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The five projects delivered by the charity in 2023 were as follows.. Family Basics This project distributed children's clolhing, underwear, bedding, toiletries and toys to some 2,807 children. 299 items of nursery equipment (cots, prams, safety gates etc) were also distributed, together with bicycles refurbished by a local company before donating them to the charity for distribution. The re-distribution of refurbished laptops also continued to feature in Family Basics this year. In addition, a further Family Basics Outreach service was introduced in the Wythenshawe area of Manchester, running alongside the Outreach service launched in Litue Hulton, Salford in 2022. The Wythenshawe area of Manchester was identified as a high need area. By serving this area with the Outreach project. this saves the families in Wythenshawe who wish to access the Family Basics project from undertaking a 20-mile round trip to our base in the city centre. Wood Street Mission now has an outreach facility operating one day per month in this area and. if demand should increase. we will look at making additional provision. Smart Start The provision of new school unifomi. together with school accessories and new coats, again provided much needed support to assist children not only to access education but also to encourage them to participate fully in the learning process once they are in the school environment. Some 2,368 children received new school unifomi packages and, for the second year running, the projecl ran throughout the year {as opposed to the summer months, as in the years prior to 20221, once again recognising that the demand for school unilorm is an all year round requirement. Each school unifomi package was home delivered lo families direclly by the charity's chosen supplier. Our commitrnent to this project remains strong as it helps enable children to access and take a full part in education which is essential, we believe, if we are to break the cycle of child poverty. Books Forever This project once again proved to be extremely popular. Book Roadshows were delivered to ten schools, distributing 18,584 books in total {the majority of which were newl. A further 1,680 books were distribuled through children's centres, makin9 a grand total of 20,264 books distributed in 2023. The purpose of this project is to enable as many children as is possible to have access to their own books, which they themselves have chosen, in order to improve lileracy rates, throughout the cities of Manchester and Salford. Childhood Experiences Working with a variety ofcommunity and youth groups, 15 eXperIenS were delivered. The aim ofthis project is to enable children to experience something new to them and that they may not ordinarily be able to access. The "experiences" are sponsored by coOrate supporters. Trips this year included attending theatre praductions, skateboarding, classical concert, kayaking, birds of prey, outdoor climbing and adventure parks. thereby broadening horizons and creating happy childhood memories. Christmas Another successful Christmas project this year meant that the charity was able to distribute new toys and gifts to 1,556 families and some 4.149 children in total. This project has run throughout Wood Street Mission's history and encourages p8rentcarerS to choose the toys and gifts they wish to give to their children leach child depending on age received between 3 and 7 toys), together with selection boxes and wrapping paper. In all, well over 13,000 toys were distributed. In addition to the staff team and the team of regular Wood Street Mission volunteers, a further 240 volunteers from a range of companies assisted throughout the 13 days ofdistribution. The response from donors was. once again, incredible. The quality and quantity of the donations received was astounding, with so many outstanding acts of generosity- Page 3
WOOD STREET MISSION TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Soclal Media This continues to ba an important tool with which to communicate with all our stakeholders. We use our social media platforms lo inform families that may needlreceive our help, and to keep referrers and donors abreast of the latest developments. on a daily basis. Wood Street Mission will continue to use this medium not only lo communicate with various slakeholders but also to highlight the significant rates of child poverty experienced in Manchester and Salford. with over 81,000 children deemed to be living under such circumstances. FUTURE PLANS The intention of the charity is to increase the impact it has on alleviating the effects of child povety by working with those 'harder to reach, families and to work more collaboratively with other organisations in order that we may. ultimately, break the cycle of child poverty- In 2022, we were able to launch our first Family Basics Outreach in Little Hutton, Salford. In 2023 we took a further step in s88king to expand the scope of our wot1< and to become more embedded in communities which we serve, by launching an additional outreach service in Wythenshawe, Manchester. The overall aim is to wot1< collaboratively wth community organisationslcharities and support setvices, in order that we may develop the most effective levels of service in support of vulnerable families. Wood Street Mission will continue lo adapt to the ever-changing needs of those children and families who struggle the most in our society and provide ongoing support to improve the life chances of local children. STAFFtVOLUNTEERSISUPPORTERS All concemed once again strived incredibly hard for the charity throughout 2023. Wood Street Mission is, therefore, immensely grateful to all its supporters and donors who yet again proved to be so generous whether with their time, goods or finances and whether they were individuals, corporate supporters, churches, schools, community organisalions or trusts. Wood Streel Mission would simply not have been able to help so many local children without Ihis incredible level of support being received. We express our sincere thanks to 811 concerned. Some 2.169 volunteer hours were donated to the charity in 2023, the majority of which was associated with the Christmas project, with 240 volunteers in attendance over 13 days of distribution. Over the whole year, 2169 volunteer hours were donated in total, bringing an estimated value to the organisation of £23,642. Again, thank you to all those that contributed. During the year, once again the staff team worked tirelessly to provide struggling families with as much support as possible, especially in the wake of the ongoing cost of living crisis. The Trustees once again thank all the members of the team for their dedication and commitment. In conclusion, Wood Street Mission's staff, volunteers and trustèes remain committed to working to improve the life chances of local children, throughout Manchester and Salford. INVESTMENT POLICY AND RETURNS Surplus resources are invested until they are required for charitable purposes, having taken into 8ccount immediate uirements by reference to the Charity's perfomiance and projected cashflow for Ihe nexl six months. The Charity has adopted a tolal retum policy for its investment income. The Trustees regulady review the Charity's investments in consultation wth the Investment Managers wrthin an investment objective and agreed risk profile. KEY RISKS AND UNCERTAINTIES The Board has established policies and systems lo mitigate risks. which are reviewed each year to ensure they still meet the needs ofthe Charity. The principle risks oflhe Charity are-. Reputational risk The risk of safeguarding incidents Investment risk including liquidity and perfomiance Page 4
WOOD STREET MISSION TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 POST BALANCE SHEET EVENTS AND GOING CONCERN The Trustees have reviewed the likely demands which will be placed on the Charity in 2024 and beyond and have reasonable expectation il has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial statements. RESERVES POLICY The Charity has substantial reserves of £2,324,654 {2022: £2,335,891), but not all are directly available to spend on its charitsble activities. They include.. Reserves tied up in buildings, other fixed assets and working capitsl. Investment revaluation surpluses. Restricted r8serves which are only available for the purposes Ihey were donated. Accumulated depreciation on fixed assets which is retained as a sinking fund for replacements. Six months, operating costs oflhe Charity. Excluding these reseNes. the Trustees regard all remaining resetves available to spend on charitable activities. At 31 December 2023 this amounted to approximately £50,00012022= £100,000). STRUCTURE, GOVERNANCE AND MANAGEMENT STATUS OF CHARITY The Charity is a règistered Charity and is incorporated under the Companies Act as a company limit8d by guarantee. The guarantee of each member is limited to £10 per Trustee, who are the same people as the voting members of the charitable company and is payable in the event of the Charity being wound up and being unable to meel its debts and liabilities. Wood Street Mission is overseen by a Board of Trustees, which meets approximately ten times a year lo supervise tho operational activities undertaken by the office staff. One third of the Board retire each year and are eligible for reappointrnent at the Charity's General Meets'ng. DIRECTORS The Directors. who are also Ihe Trustees, who setved during the yearare listed on page 1. The day to day running and operation of Wood Street Mission is delegated to the Chief Executive. Trustee meetings are held at least every three months at which Trustees approve items Ihat are their sole responsibility, for example approving annual budgets and the Trustees Annual Report and Accounts. INDUCTION AND TRAINING OF TRUSTEES New Trustees are introduced to the Charity, usually by existing Trustees, and given a full background to the Charity's history and current work with families in Manchester and Salford. The Chief Executive and other members of staff provide a tour of Ihe facilities and, logelher with the information on the website, new Trustees have a good grounding in the Charity's activities. All Trustees are encouraged to attend appropriate external training èvents where these will facilitate the undertaking of their role. SUB COMMITTEES OF THE BOARD There are three subcommittees of the Board, these being the Finance Committee, the Investment Committee and the Remuneralion Committee. During the financial year to 31 December 2023 these committees had the following members: Finance Committee Mr R T Race Bsc Hons Chartered FCSI ASIP Mr M N G Evans MBE Bsc FCA Mr C A Hadfield FRICS Mrs E Willder FCMA CGMA Investment Committee Mr M N G Evans MBE Bsc FCA Mr C A Hadfield FRICS Mrs E Willder FCMA CGMA Remuneration Committee MrsNDGuy Mrs E Willder FCMA CGMA Dr K Part(inson Page 5
WOOD STREET MISSION TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 STAFF PAY AND REMUNERATION Remuneration of the key management personnel is agreed by the Board based on recommendations of the Remuneration Committee. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees {who are also the directors of Wood Street Mission for the purposes of company lawl are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Company law requires the Trustees to prepar8 financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the profit and loss of the Gharitable company for the year. In preparing those financial stalemenls, the Trustees are required to.. select suitable accounting policies and then apply them consistenuy; obseNe the methods and principles in the Charities SORP., make judgements and estimates Ihal are reasonable and prudent., stale whether applicable accounting standards and statements have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on e going concem basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for maintaining proper accounting records which 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. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other iegUlarities. The Trustees of a Charity must, in determining how amounts are presented within items in the profil and loss account and Charity balance sheet. have regard to the substance of the reported transaction or arrangement, in accordance with generally accepted accounting principles and practice. By order of the Board RTRace Chairman 10 July 2024 Page 6
WOOD STREET MISSION INDEPENDENT EXAMINERS, REPORT TO THE TRUSTEES ON THE UNAUDITED ACCOUNTS OF WOOD STREET MISSION We report on the financsal statements of the company for the year ended 31 December 2023 sel out on pages 8 to 20. This report is made solely lo the company's Trustees, as a body, in accordan ffti section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. Our wod( has been undertaken so that we might state to the company s Trustees ihose matters that we are required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent pennitted by law, we do not accept or assume responsibility lo anyone other than the company and the company's Trustees as body, for our wotk or this report. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER The Trustees (who are also the directors of the company for the purposes of company lawl are responsible for the preparation of the financial statements in accordan wlh the requirements of the Companies Act 2006. The Charity's Trustees consider that an audit is not required for this year under section 144121 of the Charities Act 2011 {'the 2011 Act'} and that an independenl examination is needed. We are qualified to undertake the examination by being 8 qualified member of the Institute of Chartered Accountants in England and Wales. Having satisfied ourselves that the Charity is not subject to audit under part16 of the CompaniesAct 2006 and is eligible for independent examination, it is our responsibility to: examine the accounts under section 145 of the 2011 Act., to follow the procedures laid down in the general directions given by the Chaiity Commission under seclion 14515}Ibl of the 2011 Act., and to state whether parbcular matters have come to our attention. BASIS OF INDEPENDENT EXAMINERS, REPORT Our examination was canied out in accordan with e general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Trustees conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as lo whether the accounts present a 'true and fair view. and the report is limited to those matters set out in the statement below. INDEPENDENT EXAMINERS. STATEMENT In connection with our examinalion, no matter has come to our attention.. 111 which gives us reasonable cause to believe that in any material respect the requirements-. accounting records have not been kept in accordance with section 386 of the Companies Act 2006,. the accounts do nol accord wtth such records.. wher8 accounts are preparéd on an accruals basis, whether they fail to compty with relevant accounting requirements under section 396 of the Companies Act 2006, or ar8 not consislent with the Charities SORP IFRS 102} to keep accounting records in accordance with section 130 of the Charities Act,. and (2) lo which, in our opinion, attention should be drawn in order to enable a proper understanding of the accour5ts to be reached. Helen Besant-Roberts Hurst Accountants Limited Independent Examiners and Chartered Accountants 3 Stockport Exchange Railway Road Stockport SK1 3GG 11 July 2024 Page 7
WOOD STREET MISSION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 (INCORPORATING THE INCOME & EXPENDITURE ACCOUNT) Year ended 31 December 2023 Unrestricted Restricted funds funds Year ended 31 December 2022 Unrestricted Restricted funds funds Total Total Income and endowments from.. Donations, gifts & legacies 484.542 274,420 758,962 399,812 355,388 755,200 Investments 32,150 32,150 28,967 28,967 Other Income 1.025 1,025 1,156 1.156 Total Income and endowments 517,717 274,420 792,137 429,935 355,388 785,323 Expenditure on.. Charitable activities 595.725 302,357 898,082 445,697 369,585 815.282 Nel expendilurellincome) before other reo)gnised gains 178.0081 127.937} 1105.9451 (15.762) {14,197} 129,959} Other recognised Ilossesllgains: Net gainslllosses} on investments 94,708 94,708 1194.799) (194,799) Net movement on funds 16.700 {27.9371 {11,237) 1210,561) 114,197} {224,758} Reconciliation of funds Tot81 funds brought fomard 2.153,524 182,367 2,335.891 2,364,085 196,564 2.560,649 Total funds carrled forward 14 2.170,224 154,430 2,324,654 2.153,524 182.367 2,335,891 The above all relate to continuing operations. There are no other recognised gains or losses other than those noted above and therefore no separate statement of total recognised gains and losses has been prepared. The notes on pages 11 lo 20 form part ofthe financial statements. Page 8
WOOD STREET MISSION BALANCE SHEET AS AT 31 DECEMBER 2023 COMPANY NUMBER.. 03849322 31 December 2023 31 December 2022 Note Fixed assets Tangible assets Investment- securities 1,046,580 1,125,384 1.083,611 1,030,676 2,171.964 2,114.287 Current assets Debtors Cash at bank and in hand 10 11 75,879 90,730 56,820 175,484 166,609 232,304 Current liabllltles Creditors.. amounts falling due within one year 12 {13,919} (10,700) Net Current assets 152,690 221,604 Net assets 2,324,654 2.335,891 The funds of the Charity unStriCted funds Revaluation reserve 1.961,724 208,500 1,939,024 214,500 Unrestricted funds Restricted funds 14b 14c 2,170,224 154,430 2,153,524 182,367 Total Charity funds at 310e¢8mber 2023 14 2,324,654 2,335,891 The Trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 {"the ACV'I and members hav& not required the company to oblain an audit for the year in question in accordance with section 476 of the Act. The Trustees acknowledge their responsibilities for complying with the requiremenls of the Companies Acl 2006 with respect to accounting records and the preparation of financial statements. The financial statements on pages 8 to 20 were approved by the Board of Trustees on 10 July 2024 and were signed on its behalf by.. R TRace NGEV ns The notes on pages 11 to 20 form part of the financial statements. Page 9
WOOD STREET MISSION CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 COMPANY NUMBER: 03849322 31 December 2023 31 December 2022 Note Cashflows from operating activities Net expenditure for the year Depreciation IGains)Ilosses on investments Increase in debtors Increasel{decreasel in creditors 111,2371 38,072 194,7081 (19,0591 3,219 1224,758} 37,361 194,799 {27,021 } {11,121) Net cash used from operating activlties (83,7111 130,7401 Cashflows from Investing activities Purchase of tangible fixed assats Purchase of investments Proceeds on sale of investments 11,041} 15,1801 {1,136,5921 1,216,335 Net cash generated in investing activities {1,043) 74,563 (Decrease)lincrease in cash and cash equivalents in the year {84,754) 43.823 Cash and cash equivalents at the beginning of the year 175,484 131.661 Cash and cash equivalents at the end of thè year 11 90.730 175,484 Page 10
WOOD STREET MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES The financial statements have been prepared in accordance with Accounting and Reporbng 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 1021 (effective 1 January 20191 (Charities SORP {FRS 102}I, the Financial Reporting standard applicable in the UK and Ropublic of Ireland IFRS 1021 and Ihe Compani6sAct 2006. Wood Street Mission meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost ortransaction value unless oknerwise slated in the relevant accounting policy. Company status The Charity is limited by guarantee and incorporated in England and Wales, registered number 03849322. The address of its registered office is Wood Street Mission, 26 Wood Street, Off Deansgate, Manchesler. M3 3EF. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 perTrustee who are the same people as the voting members of the charitable company. Going concern The Trustees have reviewed the likely demands which will be placed on the Charity and have reasonable expectation it has adequate resources to continue in operational existence for Ihe foreseeable future. For this reason, they continue to adopt the going con basis in preparing the financial stslements. Basls of accounting The financial slalements are prepared in accordance wlh the historical cost convention as modified to include the revaluation of land and buildings and investments. Basls of ac¢ounting for income and expendlturo All incoming and outgoing resources are accounled for in the Statement of Financial Activities and include: Incoming resources lal Investment income Investment income is accounted for when receivable. {b) Legacies and donations Legacies and donations are accounted for when received by the Charity. {cl Gifts In klnd Gifts in kind are included as an incoming resource in the Statement of Financial Activities at market value, except where it is dilFicult to ascribe a value to the benefit received by the Charity. {dl Granls Grants of a revenue nature are recognised in the statement of financial aclivitses in the same period as the related expenditure. Resources expended- costs Charitabla expendlture Charitable expenditure includes all expenditure directly related to the objectives of the Charity. Where expenditure is incurred on several activities, it is apportioned based on the percentage of Ihat resource utilised. Management and Administration costs represent expenditure incurred in the management of the Charity's assets and compliance with constitutional and statutory requirements and are apportioned to charitable expenditure. Page11
WOOD STREET MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (Gontinued) Taxatlon The Charity has been granted exemption by the Commissioners of the Inland Revenue from taxation on its charitable activities under the provisions of Section 505 of the Income and Corporation Taxes Act 1988. Irrecoverable value added tax is included in the cost of the item to which it relates. Depreciation All tangible fixed assets are stated at cost or valuation less depreciation. Deprecation is provided using the followtng rates which reflect the anticipated usefijl lives of the assets after allowtng for estimated residual values.. Buildings 20/0 Straight line Fumilure fixtures and fittings 10 %-20 /0 Straight linelreducing balan Computer equipmenl 25 %-33/3 % straight line Motor vehicles 33/tsO/o straight line Investment securitles Fixed asset investments are a fom of financial inslrumenl and are initially recognised at their transaction cost and subsequently restated at market value. Realised and unrealised gains and losses are shown separately in the heading 'net gainsrfosses on investment, in the Statement of Financial Activities (incorporating the income and expenditure account). The Charity invests in a pooled fund and therefore there are no fees directly attributable to the Charity. The annual management charge is 0.60 % with the tr)tal ongoing charges figure 0.8W/•. Debtors Trade and other debtors are recognised at the settlement amount. Prepayments aro valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Financial instruments The Charity only has financial assets and financial liabilities of 8 kind that qualrfy as basic financial inslruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their selJement value. Funds (al Restricted Represents funds where the use has been restricted by the donor or by the temis of an appeal. (b} Unrestricted Represents the general fund ofthe Charity which receives all other income and to which Direct Charitable Expenditure not covered by Restricted funds is charged together with Indirect Expenditure. Liabilities and provisions Liabilities are recognised when there is an obligation at the balan sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in setllement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Challty anticipates it will pay to settle the debt or Ihe amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required lo setue the obligation. Where the effect of the ts'me value of money is material, the provision is based on the present value of those amounts, discounted at the pre- tax discount rate that refiects the risks specific lo the liabilty- Pensions The Charity operates a defined contributions pension scheme. The stheme and its assets are held by independenl managers. The pension charge represents contributions due from the Charity in the year. Page 12
WOOD STREET MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where their judgements and estimates have been made include- Tangible flxed assets The management of the Charity exercises judgement in estimating the usefijl economic life of the freehold propety, rixlures and fittings, computer equipment and motor vehicles. The net book value of these assets is disclosed in note 8. Accruals Accruals are entered in the financial statements based on management expectations, taking into accountvarious business and economic factors relevant to each individual item. The total value of accruals is disclosed in note 12. INCOME FROM DONATIONS, GIFfs & LEGACIES Year ènded 31 December 2023 Year ended 31 December 2022 Grants, donations and gifts Legacies Gifts in kind 664,842 5,942 88,178 649.968 14,035 91,197 758,962 755.200 During the year, the Charity received donations in kind lo the value of £88,178 {2022.' £91,197} in the form of Christmas gifts, school stationery, coats and duvets. They were distributed to families as required throughout the year. Similarly, during the year, donations of clothing, bedding, toys and food were received for distribution to families. However, without considerable time and expense it is not practicab5e to quantify the value attributable to them. INVESTMENT INCOME Year ended 31 December 2023 Year ended 31 December 2022 Dividends received Interest CeiVable 30,895 1,255 28.671 296 32,150 28,967 Page 13
WOOD STREET MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 RESOURCES EXPENDED la) Resources expended In 2023 Unrestricted Funds Restricted funds Total Charitable actlvities Family Basics Smart Start (school unifomi} Christrnas Appeal Books for Ever Other activities Fund raising 256,229 97,051 35,594 99,993 108,869 51,129 6,772 291,823 197,044 108,869 99,296 20,854 180,196 48,167 14,082 180,196 Total resources expended 2023 595,725 302,357 898,082 Ib} Resources expended in 2022 Unrestricted Funds Restricted funds Totsl Charitable activities Family Basics Smart Start (school uniform) Christmas Appeal Books for Ever other activities Fund raising 180,358 55,629 63,051 164,450 101,441 25,913 14,730 243.409 220,079 101,441 68.320 16,359 165,674 42,407 1,629 165,674 Total resources expended 2022 445,697 369,585 815.282 Resources expended by type in 2023 Smart Start {school Christmas unifomil Appeal Family Basics Books for Ever Other Actlvltles Fund Ralsing Total Staff costs Establishment costs Administration costs Project costs Depreciation 150,464 32,302 12.569 80,811 15,677 41,685 9.832 12,571 126,238 6,718 22,656 19,193 12,570 47,731 6,719 19,002 19.194 6,560 47.822 6,718 10.999 141,893 3,279 32,784 386,699 83,800 77,054 312,457 38,072 9,855 2,240 Total resources expended in 2023 291.823 1 g7,044 108,869 99,296 20,854 180,196 898,082 Expenditure is allocated on an actual basis. Page 14
WOOD STREET MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 RESOURCES EXPENDED (continued) {dl Resources expended by type in 2022 Smart Start (school Christmas Books for uniform) Appaal Ever Family Basics Other Aclivltles Fund Ralslng Total Staff costs Establishment costs Adrninislralion costs Project costs Depreciation 112,603 25,315 11,787 78.321 15,383 39,056 8,371 11,787 154.272 6,593 20,434 14,156 11.787 48,471 6.593 17.049 14,157 5,785 24,736 6,593 9,804 127,916 2,788 32,771 326,862 64,787 73,917 312,355 37,361 6,555 2,199 Total re50ur¢e$ expended in 2022 243.409 220,079 101,441 68,320 16,359 165,674 815,282 Expenditure is allocated on an actual basis. INDEPENDENT EXAMINER REMUNERATION The independenl examiners, remuneration amounts to £60012022.. £600}. STAFF COSTS Year ended 31 December 2023 Year ended 31 Decemb•r 2022 Wages and salaries Social security costs Other pension costs Other staff costs 339,448 21,146 18.239 7,866 291,527 14,815 17,053 3,467 386,699 326.862 Neither the chaiman nor any other rnember of the Board received any remuneration for their services or reimbursement of expenses during the year, nor were any trustee expenses incued. There were no employees with emoluments above £60,00012022: £nil}. The average weekly number offull-lime equivalent employees who were paid was as follows.. Year ended 31 December 2023 Year ended 31 December 2022 Direct charitable activities Management and administration 13 12 16 15 Page 15
WOOD STREET MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 TANGIBLE FIXED ASSETS Freehold property Furniture & equipment Van Total At 1 January 2023 Additions 1.500,501 15,000 40,196 1,041 1,555.697 1,041 At 31 December 2023 1,500,501 15,000 41.237 1,556,738 Depreciation At 1 January 2023 Charge 427.299 30,010 10,000 5.000 34,787 3,062 472,086 38,072 At 31 December 2023 457,309 15,000 37.849 510,158 Net book value At 31 December 2023 1,043,192 3,388 1,046,580 Net book value At 31 December 2022 1,073.202 5,000 5,409 1,083,611 The Charity has chosen to retain the book values of land and buildings which were previously revalued, and not to revalue the assets in the future. All assets are held for charitable purposes. If freehold propety had not been revalued, it would have been included in the financial statements at the followng amounts.. 31 December 2023 31 December 2022 Historical cost Accumulated depreciated based on cosl 1,200,501 1365,739) 1,200.501 {341,739} 834,762 858,762 The property was last valued in 2007 by an independent valuer using market-based evidence of similar properties in the local area. The Trustees review this annually for impaimient. Page 16
WOOD STREET MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 INVESTMENTS - SECURITIES Listed Investments 31 December 2023 31 December 2022 Market value At 1 January 2023 Additions Sale proceeds Realised and unrealised profitsllloss) 1,030,676 1,305,218 1,136,592 (1.216,3351 1194,799} 94,708 Market Value at 31 December 2023 1,125,384 1,030,676 The historical cost of the investments is £1,050,000 at 31 December 202312022.. £1,050,000). The Charity's investments are in a pooled nd which is managed by CCLA. 10. DEBTORS 31 December 2023 31 December 2022 Amounts falling due within one year Income tax recoverable Accrued income Investment income Prepayments 10,300 36,811 7,786 20,982 6,347 27,124 7,786 15,563 75,879 56,820 An impaimenl loss of £nil. {2022'. £nill was recognised against trade debtors. 11. ANALYSIS OF CASH AND CASH EQUIVALENTS 31 December 2023 31 December 2022 Cash in hand and at bank 90,730 175,484 90,730 175,484 Page 17
WOOD STREET MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31 December 2023 31 December 2022 Other creditors Accruals 4,024 9,895 124 10,576 13,919 10,700 13. FINANCIAL INSTRUMENTS 31 December 2023 31 December 2022 Financlal assets Financial assets measurèd at fair value through income and expenditure 1,125,384 1,030.676 Financial assets measured at fair value through income and expenditure include fixed asset invesknents. 14. THE FUNDS OF THE CHARITY la) General Total reserves are represented by the following.. 31 December 2023 31 December 2022 Freehold building & other fixed assets Investments 1.046,580 1,125,384 1,083.611 1,030,676 Net current assets- Unrestricted Restricted {1,7421 154,430 39,237 182,367 152,690 221,604 2,324,654 2,335,891 Pag8 18
WOOD STREET MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. THE FUNDS OF THE CHARITY (continued) Ibl Unrestrlcted funds 2023 Unrestricted funds Revaluation reserve Total At 1 January 2023 Nel movement offunds during the year Depreciation on revalued portion of land and building 1,939,024 214,500 2,153.524 16,700 16,700 6,000 (6.000) At 31 December 2023 1,961,724 208.500 2,170,224 Unrestricted funds 2022 Unrestricted funds Designated funds Revaluation reserve Total At 1 January 2022 Net movement offunds during the year Depreciation on revalued portion of land and building Transfer 1,620,086 523,499 220,500 2,364,085 {210,561 } {210,5611 6,000 523,499 16,000) {523,499) At 31 Decembèr 2022 1.939,024 214,500 2,153,524 Icl Restricted funds 2023 These are restricted funds to bé used exclusively for expenses relating to the areas below: 31 December 2022 Movement In resources Income Expenditure 31 December 2023 Christmas Appeal Smart Start (school unifoml Family Basics Books for Ever Others 182,367 80,932 99,993 35,594 51,129 6,772 1108,8691 {99.9931 {35,5941 {51,1291 16.772} 154,430 182,367 274,420 (302,357} 154,430 The restricted resetves are held to buy toys and other items for charitable purposes. Page 19
WOOD STREET MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. THE FUNDS OF THE CHARITY (continued) Restricted funds 2022 These are restricted funds to be used exclusively for expenses relating to the areas below: 31 December 2021 Movement in resources Income Expenditure 31 December 2022 Christmas Appeal Smart Start (school uniform) Family Basics Books for Ever Others 196,564 87,244 164.450 63,051 25,913 14.730 1101,4411 1164,4501 (63,0511 125,9131 {14,730} 182,367 196.564 355,388 1369.585) 182,367 The restricted reserves are held to buy toys and other ilems for charitable purposes. 15. ANALYSIS OF ASSETS AND LIABILITIES BY FUND 31 December 2023 Unrestricted Restricted funds funds 31 December 2022 Unrestrictèd Restricted funds funds Total Total Fixed assets Current assets Current liabilities 2,171,964 12,179 {13.919) 2,171,964 166,609 {13,9191 2,114,287 49.937 (10,700) 2,114.287 232,304 {10.700) 154,430 182,367 Net assets 2,170,224 154,430 2,324,654 2,153,524 182,367 2,335,891 16. RELATED PARTY TRANSACTIONS Key management are considered to be thè Board of Trustees and they received no remuneration {2022- £nil). During the year, Wood Street Mission was charged £190 by a company controlled by a Twslee for its accounting software subscription. There were no related party transactions in the prior year. 17. PENSION COMMITMENTS The Charity operates a defined contributions pension scheme. The assels of the scheme are held separately from those of the Charity in an independently administered fund. The pension charge represents conbibutions payable by the Charity to the fund and amounted to £18,23912022.' £17,053). There were no contributions payable to the fijnd at the balance sheet date12022.' £1241. The pension liability and expense ats allocated from unrestricted funds. 18. MEMBERS OF THE COMPANY AND ULTIMATE CONTROL The members of the company have no entitlement to distribution on dissolution of the company. They each have limited liability of up to £10. There is no overall control of this charitable company. Page 20