WOOD STREET MISSION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 COMPANY NUMBER: 03849322 REGISTERED CHARITY NUMBER: 1078337
WOOD STREET MISSION TRUSTEES REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS PAGE Trustees and administrative details for the year ended 31 December 2024 Truslees report for the y8ar ended 31 December 2024 Independent examiners, report to the Trustees Statement of financial activities for the year ended 31 December 2024 Balance sheet as at 31 December 2024 Cashflow statement for tha yéar ended 31 December 2024 10 Notes to the financial statements for the year ended 31 December 2024 11-20
WOOD STREET MISSION TRUSTEES AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024 MEMBERS OF THE BOARD OF TRUSTEES Chaimian R T Race Bsc Hons Chartered FCSI ASIP Other Members Mr M N G Evans MBE Bsc FCA MrsNDGuy Mr C A Hadfield FRICS Ms V Jones Dr K Parkinson Mrs E Willder FCMA CGMA Mrs G Winter BA CHIEF EXECUTIVE Mr D Lynch REGISTERED OFFICE Wood Str88t Missian 26 Wood Street Off Deansgate Manchester M3 3EF BANKERS National W8Stminster Bank Pl¢ Manchester City Centre Branch 19 Market Street Manchester M1 1WR SOLICITORS DWF LLP 1 Scott Place 2 Hardman Street Manchester M3 3AA INVESTMENT MANAGERS CCLA Invastmant Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET INDEPENDENT EXAMINERS Hurst Accountants Limited Chartered Accounlants and Statutory Auditors 3 Stockport Exchange Railway Road Stockport SK13GG Page 1
WOOD STREET MISSION TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees of the charitable company present the financial statements for the year ended 31 December 2024. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Articles of Association, and Accounting and Repotting 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 IFRS 102) (effective 1 January 20151. PRINCIPAL ACTIVITIES IN THE PUBLIC INTEREST Tho Charity was founded in 1869. The aim of th& Charity is to provide services to the communty with a particular emphasis on mitigating the effects of povety and deprivation on children, young people and their families in Manchester and Salford. Our vision is a worfd where no child in Manchester or Salford is living in povety. Our mission is to offer practical help to alleviate the effect of tN)verty on Manchester and Salford families. We will do this through the following strategic objectivas.. Increase our impact in the delivery of fronuine seNices. Usa our ass8ts and resources to develop a sustainable organisation responsive to the needs of local families. Dévelop our work to improve the life chances of children in Manchester and Salford and break the cycle of povety. Modernise our seryices and ways of working so they are in line with bost practice. Increase our profile in order to generate funds, attract supporters and build relationships. In planning and delivering our services and activities, the Trustees and management of Wood Street Mission confimi that they have complied with the duty In Section 4 of the Charities Act 2011 to have due regard to public benefit guidance by th8 Charity Commission in delivering the activities undertaken by the Charity. Wood Straet 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 Ihe former administrative areas of Manchester and Salford. Wood Street Mission's activities 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 yaar and their impact on the Chanty's funds ar8 set out in detsil on page 8. The net movement on nds was a deficit of £93,848 {2023.' deficit of £11,237). As at 31 December 2024, the Charity had total funds of £2,230,80612023: £2,324,654) including cash of £83,280 (2023.. £W,730). REVIEW OF ACTIVITIES As a long-established Children's charity started by local businessman Alfred Alsop in 1869, Wood Street Mission provides practical support to families living in the cities of Manch8Ster and Salford, helping to alleviate the day-to- day impact of povety, whilst working to improve the life chances of local children. Some 155 years after its inception, Wood Street Mission continues to deal with the negativ& effects which struggling families endure on a daily basis. Through the projects that the charity delivers. the aim is to break the cycle of child povety, which exists throughout the citias. Families receiving assistance from Wood Street Mission are, in the first instsnce. referred by professionals, who are aware ofeach family's circumslances. These include Health Visitors, Community Health Care, Social Workers, Housing Officers, Teachers and Educational Support Workers. Once thè initial refèrral has been received, families may then access the charities services for a 12 month period, after which those families which are still deemed to be in need of help, must once again be re-referred by a professionallsupport worker, in order to recaive additional ongoing support. Page 2
WOOD STREET MISSION TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The five projects delivered by the charity in 2024 were as follows.. Family Basics This project distributed children's Glolhing, undemear, bedding, toiletries and toys to 2,545 children. 424 items of nursery equipment {including cots. prams, safety gates etcl were also distributed, together wth refurbished laptops which enable children to access and complete their homework. In addition, Family Basics Outreach SeNiC8S have now been established in Little Hulton {Salfordl and in Wythenshawe {Manchesterl. These were set up in order to help those families wishing to access our services, who reside in these two areas, both of which would mean a 20-mile round trip ordinarily, if accessing this service from our base in Manchester City Centre. Smart Start The provision of new school uniform, together with school accessories and new school coats. again provided much needed support in assisting and encouraging children to not only access education but also to encourage them to participate fully in the leaming process, once they arè in the school environment. 2,170 children received new school unifomi packages. The project now runs throughoul the year as opposed to just through the summer months as it once did. Thus, recognising that the demand for school uniform is an all- year-round requirement. Books Forever This project once again proved to be extremely popular. Book Roadshows were delivered to ten schools, distributing 15,285 books in total {the majority of which were new). The purpose of this projecl is to enable as many children as is possible to have accass to their own books, which they themselves have chosen, in order to improva literacy rates throughout the cities of Manchester and Salford. Childhood Experiences Working with a variety of community and youth groups, 11 Childhood Experiences wère delivered in 2024. The aim of this projact is to anable childrén to èXP8rience something which may be new to them or participate in an activity or experience, which they may not ordinarily be able to access. The 'experiences" sponsored by supporters, enabled 278 children to tske part, in experiencing theatre productions, skateboarding, padel lennis, trips to an outdoor adventure park and a music project run in conjunction wilh Chetham's School of Music. Thereby broadening horizons and creating happy childhood memories. Christmas Another succassfvl Christmas project took plaTr in 2024 which meant that the charity was able to distribute new toys and gifts to 1,182 families and some 3,024 children in total. This project has run throughout the history of the chartty and encourages parentslcarers to choose the loys and gifts they wish to give to their children. with each hild receiving a minimum of Ihree toyslgifts, together with selection boxes and wrapping paper. In all, well over 11,500 toys were distributed. As with all the projects that Wood Street Mission delivers, toys and gifts are free at the point of delivory. Wood Street Mission rnakes no charge for any of the services which are delivered to familiès being supported by the charity. In addition to the staff team and the small team of regular volunteers, a further 240 volunteers from a range of ompanies assisted throughout the 13 days of distribution. The response from donors was once again, incrédible. The quality and quantity of the donations astonishing, with so many acts of generosity. Page 3
WOOD STREET MISSION TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 FUTURE PLANS The intention of the charity is to increase the impacl it has on alleviating the effects of child poverty by continuing to focus on those "harder to reach" families and to continue to work more collaboratively with other organisations and agencies. in order that we may, ultimately break tha cycle of child povety. In the cities of Manchester and Salford, there ar8 an estimated 85,000 children deemed to be living in povety. In 2023 we launched our second Family Basics outreach facility in the Wylhonshawe area of Manchester. This follows the launch of our first outreach facility in LitUe Hulton, Salford in 2022. Through these facilities we are seeking to expand the scopa of our work and become more embedded within the communities we serve. Given the Litt18 Hulton outreach is now firnily established and with improving attendances at our Wythenshawe operation, the aim in future years is to further expand ourwork in tha heart of othercommunities in a similar manner. Of course, for Wood Str68t Mission to further enhanca the services the charity provides, this will involve additional resources. Together with other organisations within the voluntary sector, we face some very real fundraising challenges, to provide the most effective levels of service in support of vulnerable families. Wood Street Mission remains detemined to adapt to the ever-changing noeds of thos8 children and families who struggle the most in our society and will continue to provide support by improving the life chances of local childron. STAFFIVOLUNTEERSISUPPORTERS All concerned once again worked incredibly hard for the charity in 2024. Wood Street Mission is, therefor8, immensely grateful to all its supporters and donors who yet again proved to be so generous whether with theirtime, gifts in kind orwith financial contributions. Whether these came via, individuals, corporate supporters, churches, schools, community organisations ortrusts. Wood Street Mission would simply not have been able to help so many local children wtthoul this incredible level of supporL We would like to express our sincere thanks lo all concerned. 2,140 volunteer hours were donated to the charity in 2024, with the majority of those hours being associated with the Christmas project, with 260 volunteers in attendance over 13 days of distribution. Over the year, these donated hours, brought in an estimated value to the organisation of £25,680. Many thanks to all who contributed. During the year, the staff team worf(ed tirelessly to provide struggling families wtth as much support as possible, as the cost-of-living crisis continued. The Trustees would once again like to thank all the members of the team for their dedication and commitment. In conclusion, Wood Street Mission staff, volunteers and Trustees remain committed to working to improve the life chances of local children in alleviating the effects of child povety, throughout the cities of Manchester and Salford. INVESTMENT POLICY AND RETURNS Surplus resources are invested until they are required for charitable purposes, having taken into account immediate requirements by refarance to the Charity's perfonnance and projected cashflow for the next six months. The Charity has adopted a total retum policy for its investment income. The Trustees regulat1y review the Charity's investments in consultation with the Investrnent Managers within an investment objectiva and agreed risk profile. KEY RISKS AND UNCERTAINTIES The Board has established policies and systems lo mitigate risks, which are r8vi8wed each year to ensure they still meet the needs of the Charity. The principle risks ofthe Charity ara: Reput8tional risk The risk of safeguarding incidents Investment risk including liquidity and perfomian POST BALANCE SHEET EVENTS AND GOING CONCERN The TNsteos have reviawed the likely demands which will be placed on the Charity in 2025 and b8yond and have reasonable expectation it has adequate resources to continue in operational existen for the foreseeable fvlure. For this reason, they continue to adopt the going concom basis in preparing the financial statements. Page 4
WOOD STREET MISSION TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 RESERVES POLICY The Charity has substantial reserves of £2,230,806 {2023'. £2,324,654}, but not all are directly available to spend on its charilable activities. They include.. Reserves tied up in buildings, other fixed assets and woJl(ing capital. Investmenl revaluation surpluses. Restricted reserves which are only available for the purposes they were donated. Accumulated depreciation on fixed assets which is retained as a sinking fund for replac8ments. Six months, operating costs ofthe Charity. Excluding those reservgs, the Trustees regard all remaining reseryes available to spend on charitable activities. At 31 December 2024 this amountod to approximately £Nil (2023- £50,000}. STRUCTURE, GOVERNANCE AND MANAGEMENT STATUS OF CHARITY The Charity is a registered Charity and is inGorporated under the Companies Act as a company limited by guarantee. The guarantee of each member is limited to £10 per Twslee, who aro thè 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 meet its debts and liabilities. Wood Street Mission is overseen by a Board of Trustees, which meets approximately eight timès a year to supervise the operational activities undertaken by the office staff. Ono third of the Board retire each year and are eligible for reappointment at the Charity's General Meeting. DIRECTORS The Directors, who ar8 also tha Trustees, who seNed during the yearare listed on paga 1. The day to day running and operation of Wood Street Mission is delegated to the Chief Executiv8. Trustee meetings are held at least every three months at which Truslees approve items that 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 Trusleas, and given a fvll background to the Charity's history and currentwork with families in Manchestar and Salford. The ChiefExecutive and other members of staff provide a tour of the facilities and, togather wth the information on the website, new Trustees have a good grounding in tha Charity's activities. All Trustees are encouraged to attend appropriate extemal training avènts where these will facilitate the undertaking of their rol8. SUB COMMITTEES OF THE BOARD There are three subcommittees of the Board, these being the Finance Committee, the Investment Committee and the Remuneration Committee. During thè financial year to 31 December 2024 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 PaInsOn Page 5
WOOD STREET MISSION TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 STAFF PAY AND REMUNERATION Remun8ration of the key management personnel is agreed by the Board based on recommendations of the Remuneration Cornmittee. 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 applicab18 law and United Kingdom Genorally Accepted Accounting Practice. Company law requires the Trustees to prepare 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 charitable company for the year. In preparing those financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistenuy., obseNe th8 methods and principles in the Charibes SORP., maka judgements and estimates that are reasonable and prudent., slate whether applicable accounting standards and statements have been followed, subject to any material departuras disclosed and explained in the financial statements., prepar8 the financial statements on the going concem basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are r8sponsible for maintsining proper accounting records which disclose with reasonable accuracy at any time the financial position of tho Charity and to enable them to ensure that the financial ststements 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 delection of fraud and olher irregularities. The Trustees of a Charity must, in determining how amounts are presented within items in the profit 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 16 July 2025 Pag6 6
WOOD STREET MISSION INDEPENDENT EXAMINERS, REPORT TO THE TRUSTEES ON THE UNAUDITEDACCOUNTS OF WOOD STREET MISSION We report on the financial statements of the company for the year ended 31 December 2024 set out on pages 8 to 20. This report is made solely to the company's Trustees, as a body. in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of thatAct. Ourwort< has been undertaken so that we might state to the company's Twstees those matters that we are required to state to them in an Independent examiner's report and for no olh8r purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the company and the company's Twstees as a b)dy, for our woth or this report. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER The Trustees (who are also the direcior5 of the company for the purposes of company lawl are responsible for the preparation of the financial statements in accordance wth the requirements of the Companies Act 2006. The Charity's Truste8s consider that an audit is not required for this year under section 14412) of the Charities Act 2011 I'the 2011 Acl'} and thatan independent examination is needed. We are qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales. Having satisffied ourselves thatthe Charity is not subjeGtto audit under part 16 of the CompaniesAct2006 and is eligible fr)r 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 Chartty Commission under section 145(5)Ib) of the 2011 Act., and to state whether particular matters have come to our attention. BASIS OF INDEPENDENT EXAMINERS, REPORT Our examination was caffled out in accordance with the 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 evid8nce that would be required in an audit and consequenuy no opinion is given as to whether the accounts present a 'twe and fair viéw, and the report is limited to those matters set out in the statement below. INDEPENDENT EXAMINERS, STATEMENT In connection with our examination. no matter has come to our attention.. (1} which gives us reasonabl8 cause to believe that in any material respect the requirements.. accounting records have not been kept in accordan with seclton 386 of the Companies Act 2006,. the accounts do not accord with such records., whare accounts are prepared on an accruals basis, whether they fail to compty with relevant accounting requirements under section 396 ofthe Companies Act 2006, or are not consistent with the Charities SORP IFRS 1021 to keep accounting records in accordance with section 130 of the Charities Act,. and 12) to which, in our opinion, attention should be drawn in order to ènable a proper understanding of the accounts to be reached. Helen Besant-Roberts Hur5tAccounlants Limited Indepèndent Examiners and Chartered Accountsnts 3 Stockport Exchange Railway Road Stockport SK13GG 16 July 2025 Pag8 7
WOOD STREET MISSION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 (INCORPORATING THE INCOME & EXPENDITURE ACCOUNT) Year ended 31 December 2024 Unrestricted Restricted funds funds Year ended 31 December 2023 Unrestrieted Restricted funds funds Total Total Income and endowments from: Donations. gifts & legacies 371,215 379.884 751.099 484,542 274,420 758,962 Investments 32,373 32.373 32,150 32,150 Other Income 923 923 1.025 1,025 Total Income and endowments 404,511 379,884 784,395 517,717 274,420 792,137 Expenditure on: Charitable activities 482,575 421.183 903,758 595,725 302.357 898.082 Nel expenditure before other recognised gains 178,0641 (41,2991 1119,3631 (78,008) (27,937) {105,945) Other recognised gains: Net gains on investments 25,515 25,515 94,708 94,708 Net movement on funds {52.5491 {41,299) {93,848) 16.700 (27,9371 111,237) Re¢on¢iliation of funds Total funds brought forward 2.170,224 154,430 2,324,654 2.153.524 182,367 2,335,891 Total funds carrled forward 14 2.117.675 113,131 2,230,806 2.170,224 154,430 2,324,654 The above all relate to continuing operations. There are no other recognised gains or losses other than those noted above and th6reft)re no separate statement of total r8cognised gains and losses has been pr&pared. The notes on pages 11 to 20 fom part of the financial statements. Page 8
WOOD STREET MISSION BALANCE SHEET AS AT 31 DECEMBER 2024 COMPANY NUMBER.. 03849322 31 December 2024 31 December 2023 Note Fixed assets Tangible assets Investment- securities 1,013,191 1,100,899 1,046,580 1,125,384 2,114,090 2,171,964 Current assets Debtors Cash at bank and in hand 10 11 54,695 83,280 75,879 90,730 137,975 166,609 Current liabilities Creditors: amounts falling due within one year 12 {21,2591 (13,919) Net current assets 116,716 152,690 Net assets 2,230.806 2,324,654 The funds of the Charity Unrestricled funds Revaluation reserv8 1,915,175 202.500 1,961,724 208,500 Unrestricted fvnds Restricted funds 14b 14c 2,117,675 113,131 2,170.224 154,430 Total Charlty funds at 31 December 2024 14 2,230,806 2,324,654 Tho Trustees consider that the company is entitled to exemplion from the requirement to have an audit under the provisions of section 477 of the Companies Act 20061'lhe Act") and members have not required the company to obtain an audit for the year in question in aG¢Ordan with section 476 ofthe Act. The Trustees acknowledge their responsibilities for comptying with the requirements of the Companies Act 2006 with respect to accounting records and the prepaTrtion of financial statem6ntS. The financial statements on pages 8 to 20 were approved by the Board of Trustees on 16 July 2025 and were signed on its behalf by". R TRace NGEvan The notes on pages 11 to 20 fom part of the financial statements. Page 9
WOOD STREET MISSION CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 COMPANY NUMBER". 03849322 31 Decomber 2024 31 December 2023 Note CashfEows from operating activities Net expenditure for the year Depreciation (Gainslllosses on investments Decreasel(increasel in debtors Increase in creditors {93,848) 33,389 {25,515) 21,184 7,340 111,237) 38,072 194,708) 119,059) 3,219 Net cash used from operating activities (57,450) {83,711) Cashflows from investing activities Purchase of tangible fixed assets Proceeds on sale of investments 11,041} 50,000 Net cash generatedl{used) in investing actlvltles 50,000 11,0431 Decrease in cash and cash equivalents In the year 17,450) (84,754) Cash and cash equivalents atthe beginning of the year 90,730 175.484 Cash and cash equlvalents at the end of the year 83,280 90,730 Pag8 10
WOOD STREET MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES The financial statements have been prepared in accordan wlh Accounting and Reporting by Charitses.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicabl8 in the UK and Republic of Ir81and (FRS 102} {effective 1 January 20191 {Charities SORP {FRS 10211, the Financial R&porbng standard applicable in the UK and Republic of Ireland {FRS 102} and the CompaniesAct 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 othèrwise stated 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, Manchester, M3 3EF. In the event of the company being wound up, the liability in respect of the guarantee is limiled to £10 perTrustee who are the same people as the voting members ofthe charitable company. Going concern Th8 Trustees have reviewed the likely demands which will be placed on the Charity and have reasonable expectation it has adequata resources to continue in operational existence for the foreseeable futur8. For this reason, they continue to adopt the going concem basis in preparing the financial statements. Basls of accounting The financial statements arè prepared in accordance v*th the historical cost convention as modified to include the revaluation of land and buildings and investments. Basls of accounting for income and expenditure All incoming and outgoing resources are accounted for in the Statement of Financial Activities and include.. Incoming resources {a) Investment income Investment income is accounted for when receivable. (b) Legacles and donations LegaGies and donations are accounted for when received by the Charity. Ic) Glfts In klnd Gifts in kind are included as an incoming resour in the Statement of Financial Activities at market value, except where it is difficult to ascribe a value to the benefit reiVed by the Charity. (dl Grants Grants of a revenue nature are recognised in the statement of financial activities in the samo period as the related expenditure. Resources expended- costs Charitable expenditure 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 that 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 apporttoned to charitable expenditure. Page 11
WOOD STREET MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (continued) Taxation 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 il relates. Depreciation All tangible fixed assets are stated at cost or valuation less depreciats'on. Deprecation is provided using the following rates which refleGt the antiGipated useful lives of the assets after allowing for estimaled rasidual values- Buildings 2 % straight line Fumiture fixtures and fittings 10.10-200/0 Straight linelreducing balance Computer equipment 25 %-331/y'/o Straight line Motor vehicles 33/3 % straight line Investment securities Fixed asset inv8stinents are a forn of financial instrumenl and are inilially recognised at their transaction cost and subsequently restated at market value. Realised and unrealised gains and losses ar8 shown separately in the heading 'net gainsllosses on investment. in the Statement of Financial Activities (incorporating the income and expenditure ac(xiunt). The Charity invests in a pooled nd and therefore there are no fees direcdy attributable to the Charity. The annual management charge is 0.600/0 With the total ongoing charges figure 0.89 %. Debtors Trade and other debtors are recognised al the settlement amount. Prepayments are 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 th8 date of acquisition or opening of the deposit or similar account. Financial instruments The Charity only has financial assets and financial liabilibes of a kind that qualfy as basic financial instruments. Basic ffinancial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Funds lal Restricted Represents fvnds where the use has been restricted by the donor or by the tems of an appeal. {bl Unrestrlcted Represents the general fund of the Charity which receives all other income and to which Direct Charitable Expenditure not covered by Restricted fvnds is charged together with Indirect Expenditure. Liabilities and provisions Liabilities ar8 recognised when there is an obligation at the balance sheet date as a result of a past 8vent, it is probable that a transfer of economic benefft will be required in setuement, and the amount ofth& settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has reiVed as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounls required lo setue the obligation. Where the effect of the time value of monay is material, the provision is based on Ihe present value of those amounts. discounted at the pre- tax discount rate thal reflects the risks specific lo the liability. Pensions The Charity operates a defined contributions pension schame. The scheme and its assets are h8ld by independent managers. The pènsion charge represents contribution5 due from the Chafity in the year. Page 12
WOOD STREET MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINr Preparation of the financial statements requires management to make significant judgemants and estimates. The items in the financial statements where theirjudgements and astimales have been made include.. Tangible fixed assets The management of the Charity exercises judgement in estimating the useful economic lrfè of the freehold propety. fixtures 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 account various business and economic factors relevant to each individual ilem. The total value of accruals is disclosed in nole 12. INCOME FROM DONATIONS, GIFTS & LEGACIES Total Funds 20241 Total Funds Reslrlcted Unrestricted {20241 12024 Restricted 120231 Unrestricted 120231 {2023) Grants, donations and gifts Legacies Gifts in kind 221.216 360,584 10.631 581,800 10.631 158,668 186,242 478.600 5,942 664,842 5,942 88,178 158,668 88,178 379,884 371,215 751.099 274,420 484,542 758.962 During the year, tho Charity racéivad donations in kind to the value of £158,668 {2023: £88,178} in the form of Christmas gifts, school stationery, coats and bedding. They were distributed to families as required throughout the year. Similarly, during th8 year, donations of clothing, dding, toys and food were received for distribution to families. Howaver, without considerable time and expense it is not practicable to quantify tha value attributable to them. INVESTMENT INCOME Year ended 31 D8cember 2024 Year ended 31 December 2023 Dividends rèceived Interest receivable 31,167 1,206 30,895 1,255 32,373 32,150 All investment incorne in both years is unrestricted. Page 13
WOOD STREET MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 RESOURCES EXPENDED {al Resources expended in 2024 Unrestricted Funds Restricted funds Total Charitable activities Family Basics Smart Start (school uniforml ChristrnasAppeal Books for Ever Other activities Fund raising 190,699 96,242 158,428 80,749 118,528 45,793 17,685 349,127 176,991 118.528 69,840 33,110 156,162 24.047 15,425 156,162 Total resources expended 2024 482,575 421,183 903,758 {bl Resources expended In 2023 Unrestricted Funds Reslrlcted funds Total Charitable actlvltl6s Family Basics Smart Start {school uniforml ChristmasAppeal Books ft)r 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 Icl Resources expended by type in 2024 Smart Start (school Chrlstmas unifomil Appeal Family Basics Books for Ever Other Actlvltles Fund Raising Total Staff costs Establishment costs Administration costs Project costs Depreciation 174,289 27,502 9.194 124,394 13,748 42,858 8,218 9,193 110,829 5,893 32,428 13,846 9.194 57,168 5,892 23,455 13,846 5,265 21,382 5,892 26,800 101.965 2,739 49,494 401,795 66,151 82,340 320.083 33,389 6,310 1.964 Total resources expended in 2024 349,127 176,991 118,528 69,840 33,110 156,162 903,758 Expenditure is allocated on an actual basis. Page 14
WOOD STREET MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 RESOURCES EXPENDED (contlnued) (d) Resources expended by type in 2023 Smart Start {sGhool Christmas Books for unifomi) Appeal Ever Famlly Basics Other Activities Fund Raising Total Staff wsls 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 291,823 197,044 108,869 99.296 20.854 180,196 898,082 Expenditure is allocated on an actual basis. INDEPENDENT EXAMINER REMUNERATION The independent examiners, remuneration amounts to £600 (2023.. £6001. STAFF COSTS Year ended 31 December 2024 Year ended 31 December 2023 Wages and salaries Social security costs Other pension costs Oiher staff costs 351,560 23,914 20,284 6,037 339,448 21,146 18,239 7,866 401,7g5 386,699 Neither the chaimian nor any other member of the Board received any remuneration for their seNtces or reimbursement of expenses during the year, nor were any trustee expenses incurred. There were no employeos 8molum8nts above £60,000 {2023'. £nil). The average weekty number of fvll-time equivalent employees who were paid was as follows: Year ended 31 December 2024 Year ended 31 Decembèr 2023 Direct charitable activities Management and administration 10 10 12 12 Page 15
WOOD STREET MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 TANGIBLE FIXED ASSETS Freehold property Furnlture & equipment Van Total At 1 January and 31 December 2024 1,500,501 15,000 41,237 1,556,738 Depreciation At 1 January 2024 Charge 457,310 30,000 15,000 37,848 3,389 510.158 33,389 At 31 December 2024 487,309 15,000 41,237 543,547 Net book value At 31 December2024 1,013,191 1,013,191 Net book value At 31 Dec8mber 2023 1,043,192 3,388 1,046,580 The Charity has chosen to retain the book values of land and buildings which were previously revalu8d, and not to revalue the assets in the future. All assets are held for charitable purposes. If freehold property had not been revalued, it would havè been included in the financial statements at the following amounts: 31 December 2024 31 December 2023 Historical cost Accumulated depreciated based on cost 1,200,501 {389,739J 1,200,501 1365,7391 810,762 834.762 The propety 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 impainnent. Page 16
WOOD STREET MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTMENTS- SECURITIES Llsted Investments 31 Decembar 2024 31 December 2023 Market value At 1 January 2024 Sale proceeds Realised and unrealised profitsl(loss) 1,125,384 {50,0001 25,515 1,030,676 94,708 Market Value at 31 December 2024 1,100,899 1,125,384 The historical cost ofthe investments is £1,000,000 at 31 December 2024 (2023: £1,050,000). The Charity's investmants are in a pooled fvnd which is managed by CCLA. 10. DEBTORS 31 December 2024 31 December 2023 Amounts falling due within one year Income tax recoverable Accrued income Investment income Prepayments 3.790 35,720 7,627 7,558 10,300 36,811 7,786 20,982 54,695 75,879 An impaiment loss of £nil (2023.. £nil) was r8cognised against trade debtors. 11. ANALYSIS OF CASH AND CASH EQUIVALENTS 31 December 2024 31 December 2023 Cash in hand and at bank 83,280 90.730 83,280 90,730 Page 17
WOOD STREET MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31 December 2024 31 December 2023 Other creditors Accruals 12,108 9,151 4,024 9,895 21,259 13,919 13. FINANCIAL INSTRUMENTS 31 D8c8mber 2024 31 December 2023 Flnancial assets Financial assets measured at fair value through income and expenditure 1,100,899 1,125,384 Financial assets measured at fair value through income and expenditure comprise fixed asset investments. 14. THE FUNDS OF THE CHARITY (al General Totsl resetves are represented by the following.. 31 December 2024 31 December 2023 Freehold building & other fixed assets Investments 1,013,191 1,100,899 1,046,580 1,125,384 Net current assets: Unrestricted Restricted {3,585) 113,131 (1,742} 154,430 116,716 152,690 2,230,806 2,324,654 Page 18
WOOD STREET MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. THE FUNDS OF THE CHARITY (continued) Ib) Unrestricted funds 2024 Unrestricted funds Revaluation reserve Total At 1 January 2024 Net movement offvnds during the year Depreciation on revalued portion of land and building 1.961,724 208,500 2,170,224 (52,549) 152,5491 6,000 16,000) At 31 December 2024 1,915,175 202,500 2,117,675 Unrestricted funds 2023 Unrestricted funds Revaluation reserve Total At 1 January 2023 Net movement of funds during Ihe year Deprecialion on revalued portion of land and building 1,939,024 214,500 2,153,524 16,700 16,700 6,000 16,0001 At 31 December 2023 1,961,724 208,500 2,170,224 (cl Restricted funds 2024 These are restricted fvnds to be used exclusively for expenses relating to the areas below.. 31 December 2023 Movement in resources Income Expenditure 31 December 2024 Christmas Appeal Smart Start (school unifomi} Family Basics Books for Ever Others 154,430 77,229 80,749 158,428 45,793 17,685 1118,528) {80,7491 (158,428) {45,793) (17,685) 113,131 154,430 379,884 {421,183) 113,131 Page 19
WOOD STREET MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. THE FUNDS OF THE CHARITY (continued) Restricted funds 2023 These are restricted funds to be used exclusively for expenses relating to the areas below.. 31 Decomber 2022 Movement In resources Income Expendlture 31 December 2023 Christmas Appeal Smart Start (school unifomi} Family Basics Books for Evar Others 182,367 80,932 99,993 35,594 51,129 6,772 1108,8691 {99.993) (35,5941 (51,129) {6,772) 154,430 182,367 274,420 {302,357} 154,430 15. ANALYSIS OF ASSETS AND LIABILITIES BY FUND 31 D6cember 2024 Unrestrlcted Restricted funds funds 31 December 2023 Unrestrlcted R8stricted funds funds Total Total Fixed ass8ts Current assets Current liabilities 2,114,090 24,844 121,259) 2,114,090 137,975 121,259} 2,171,964 12,179 {13,919) 2,171,964 166,609 {13,9191 113,131 154,430 Nat assats 2,117,675 113,131 2,230,806 2,170,224 154,430 2,324,654 16. RELATED PARTY TRANSACTIONS Key management are considered to be the Board of Trustees and they received no remuneration in either 2023 or 2024. During the year, Wood Street Mission was charged £190 by a company controlled by a Trustee for its accounting sofvare subscription. There were no related paty transaGtions in the prior year. 17. PENSION COMMIThIENTS The Charity operates a defined contributions pension scheme. The assats of the scheme are held separately from Ihose of the Charity in an independenuy administered fvnd. The pension charge represents contributions payable by the Charity tr) the fijnd and amounted to £20,284 {2023: £18,239). There were no contributions payable to Iha fund at thé balancé sheet date (2023: £nill. The pension liability and expense are allocated from unrestricted funds. 18. MEMBERS OF THE COMPANY AND ULTIMATE CONTROL The members of the company have entitlement to distribution on dissolution of the company. Th8y each have limited liability of up to £10. There is no ovarall control of this charitable company. Page 20