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2025-03-31-accounts

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

Smart Works Charity

Registered Charity No. 1080609

Registered Company No. 03870671

Annual Report and Financial Statements For the Year Ended 31 March 2025

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Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

CONTENTS
Report of the Trustees 2
Independent Auditor's Report 13
Statement of Financial Activities 17
Balance Sheet 18
Notes to the Accounts 20
Reference and Administrative Details of the Charity 35

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Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

Annual Report of the Board of Trustees for the Year Ended 31 March 2025

The Trustees, who are also the directors of the charity for the purposes of the Companies Act, present their annual report together with the accounts of Smart Works Charity in the year ended 31 March 2025.

The accounts have been prepared in accordance with the accounting policies set out on pages 20 to 21 and comply with the charity's governing document, applicable laws and the requirements of Statement of Recommended Practice on 'Accounting and Reporting by Charities' issued in 2019.

1. Objectives and Activities

Smart Works Charity provides both career coaching and interview coaching, we well as high quality interview clothes and styling advice to unemployed women. We give women the confidence, self-belief and practical tools they require to succeed at interview and start a new chapter of their life.

The charity's objectives are the relief of financial hardship and the relief of unemployment for the public benefit through the promotion of economic independence among women in the UK. To deliver this, Smart Works Charity was incorporated in 2013 with a clear mission and vision to help more women back into the workplace by giving them the clothes and the confidence they need to succeed at job interview. Smart Works Charity is part of a network of 12 centres, including six subsidiary charities, that deliver the Smart Works Charity service in their area.

At the core of our service is a two-hour Interview Dressing and Preparation appointment, during which each woman receives a complete outfit of high-quality clothes and accessories (theirs to keep) and tailored interview coaching. This deceptively simple, short intervention has a significant impact as our clients start believing in their own ability to succeed. Once they get the job, we offer clients a Second Dressing for more clothing, to provide a working wardrobe to see them through to their first pay cheque.

In addition to the core service, for unemployed women who have not yet secured a job interview, we deliver career coaching sessions to offer support and skills to gain interviews. This may be around CV preparation, job application and/or sector/roles that match their skills. This aspect of our service has seen high growth in recent years as the job market has become more difficult.

As part of the Smart Works Group, our strategic focus is to deliver our core dressing and interview coaching service to the best possible standard across the UK and to take the service to more locations so that any woman who needs our support can come to Smart Works. In the face of the cost-of-living crisis, the value of securing a job has never been greater. Our support is needed now more than ever. This year

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Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

we completed our three-year plan, which set a target of reaching 10,000 women per year, as well as enhancing other aspects of our service delivery. Key impact data is as follows:

Over 10,680 women supported in 2024/25 alone

Our key performance indicators are the number of women that we help, and the proportion of those women who secure employment after their visit to a Smart Works centre.

2. Achievements and Performance

Highlights

Smart Works Charity is incredibly proud of what has been achieved in its 12th year. Overall, Smart Works Charity has:

Been grateful for the support of over 800 volunteers in delivering the service.

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Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

The majority are from communities facing multiple barriers to gaining employment:

Leadership and Employees:

2024/25 saw significant changes in the leadership of the charity, with the departure of our long-term CEO and a thorough recruitment process for a new CEO. In addition, a new Director of People was recruited, as well as new Director of Communications, and we recruited an internal candidate to the Director of Programmes and Operations role. The new CEO, Anna Hemmings, joined in January 2025.

This year saw significant progress in building the foundations for a stronger employee experience at Smart Works. The appointment of a Director of People and Culture strengthened strategic leadership for People processes and practices. We launched Simply Health, providing enhanced wellbeing support, and overhauled key policies including sickness absence, flexible working, and sexual harassment. A successful day-to-day flexibility pilot led to a new organisational policy for London and Group staff, while a focus on best practice recruitment and people-first HR initiatives created a more consistent and supportive environment for staff. These developments lay vital groundwork for future improvements in pay, progression, and organisational culture.

Service Delivery:

2024/25 was a milestone year for the service where collectively, Smart Works supported the most ever clients in a 12-month period, comfortably surpassing our target of 10,000 women and doubling the number of clients supported at the start of the Three-Year percentage of women who secure a job within four weeks of their Smart Works appointment) also increased to 67% nationally, demonstrating growth in both reach and impact. Significant progress was also made with the opening of the newest Smart Works centre in Bristol, moving the charity closer to being able to offer an inperson service to women in the South-West for the very first time.

Funding:

Smart Works continues to receive valuable long-term funding from a range of Trusts and Foundations and are extremely grateful for the generous support of new and existing corporate partners this year. We delivered a number of very successful popup shops and fashion sales including a fourth year working collaboratively with Bicester Village and a partnership with The Telegraph at Somerset House. In

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Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

November, we launched an exciting major donor programme with associated

Marketing and Communications:

The Communications and Marketing team has continued to deliver innovation and nationwide impact, as well as effective support to Partnerships, Outreach, local centres and Programmes. This work included the launch of a new website, a revamped newsletter, and the delivery of major campaigns including the Smart which received record engagement and standout press coverage.

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Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

3. Financial Review Results for the year

Total income for the period was £4,727,852, made up substantially from donations and grants (£3.4M) and Fundraising and events (£1M) and total expenditure was £5,020,929 resulting in net deficit of £293,077.

There is a 23% increase in overall income which includes unrestricted income of £3.3M and restricted income of £1.4M. In terms of income breakdown, 44% of income was from centres outside London, up from 37% last year.

Grants and donations provide 78% of our total income and fundraising events and fashion sales raised 21% of our income.

We continue our long-term strategy to diversify our sources of income. This remains a key focus, especially in the increasingly difficult economic environment. The continued generosity and ongoing commitment of our existing and new supporters has continued to drive our success. We are grateful to the many individuals and organisations who have stood by us throughout this year and continue to support us in the future.

Total expenditure for the period was £5.0M, which is a 24% increase from last year.

Our costs are mainly for staff, premises and direct client service costs which together make up 88% of our overall costs. The increase in expenditure is due to increased staff numbers across the group with an increase in Local centre staff of 31%, London Service Delivery of 30% and Group staff of 15%. In addition the opening of a New Centre in Bristol increased our costs.

Management have carried out an assessment and concluded that there are no material uncertainties to disclose. Consequently, the accounts have been prepared on a going concern basis.

Investment Policy

The Trustees, having regard to the liquidity requirements of operating the Charity and to the reserves policy, have operated a policy keeping available funds in interest-bearing deposit accounts.

Reserves Policy

The Trustees have considered the requirement for free reserves, i.e. those unrestricted funds not designated for specific purpose or otherwise committed. It has been determined that, given the nature of the charity's work, the level of free reserves should be equivalent to 3 to 6 months of annual expenditure. This provides sufficient flexibility to cover any temporary shortfall in income and will allow the charity to cope and respond immediately to a reasonable range of unforeseen adverse circumstances prior to specific remedial plans being implemented. The free reserves of £883,763 meets this requirement.

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Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

4. Structure, Governance and Management Governance

Smart Works Charity and its Trustees are bound by the Memorandum and Articles of Association. The names of the Trustees who served during the period are set out in the reference and administrative section on page 36.

Recruitment and Appointment of new Trustees

Regular reviews are undertaken to assess the skills of the current Trustees and identify any areas for strengthening. New Trustees are appointed by the existing Trustees and their appointment is approved by the Smart Works Charity Board.

Induction and Training of new Trustees

New Trustees are provided with an induction to familiarise themselves with the charity and the not-for- profit sector. They are briefed on their responsibilities by the existing Trustees. New Trustees are also referred to the Charity Commission's guide 'The Essential Trustee'. Smart Works Charity shares a Trustee Welcome Pack with all Smart Works Trustees when they join the charity, setting out roles, responsibilities and the structure of Smart Works both locally and nationally. These resources are available under the dedicated Trustee section of our internal portal for tools and resources along with other useful guides and videos. Trustees also undertake training as part of their role, including on Equity Diversity and Inclusion.

- Organisational Structure and Decision Making

The Trustees review and approve all policies, and follow an annual business plan, in line with the wider strategy set by Smart Works Charity. The Trustees meet at least quarterly throughout the year and will have an annual session to update and revise the strategy.

Management

The day-to-day management of Smart Works Charity is delegated by the board to the Chief Executive Officer, Anna Hemmings and overseen by the Chair and Board of Trustees. The CEO is supported by a Senior Leadership Team who cover key areas of delivery including Finance, People, Partnerships, Programmes and Operations and Marketing and Communications.

Pay Policy for Key Management Personnel

All Trustees give their time freely and no Trustee received remuneration in the year.

The pay of staff is reviewed annually. The Trustees benchmark pay against pay levels in other similarly sized charities and other Smart Works centres.

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Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

Risk Management

The Trustees regularly review the major risks to which the charity is exposed, in particular those relating to governance, operations, finance, HR, compliance and external factors. The centre maintains a risk register that is reviewed by the board on a regular basis.

Relationships with Related Parties

Smart Works Charity is the sole member of the six Smart Works regional subsidiary charities.

Policies

Policies for all relevant areas are maintained by Smart Works Charity, including Safeguarding Vulnerable Adults, Safeguarding Children, Anti-Bribery and Fraud, Anti-Harassment & Bullying, Compassionate Leave, Complaints, Conflict of Interest, Data Protection, Disciplinary, Environmental, Equality, Flexible Working, Grievance, Health & Safety, Lone Working, Maternity, Paternity, Parental Leave, Privacy, Redundancy, Risk Management, Shared Parental Leave, Sickness Absence & Capability, Travel & Expenses and Whistleblowing. A Staff Handbook is made available to staff and includes a summary of all these policies.

Volunteers

The Trustees are grateful for the invaluable contribution of those who give their time voluntarily to deliver across roles in dressing, coaching, wardrobe management and administration. We have over 800 active volunteers with a very high retention rate and an ongoing recruitment process to bolster numbers. Our volunteers are one of our greatest assets, they are all totally dedicated and play an enormous role in delivering our dressing and coaching services.

Public Benefit

The Trustees have read and complied with the guidance contained in the Charity Commission's general guidance on public benefits when reviewing our aims and objectives and in planning our future activities. Our achievements above demonstrate how we have fulfilled this requirement during the year. In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

5. Future Plans

Delivering our Three-Year Plan by 2025

On the 1[st ] April 2022, Smart Works Charity began the first year of an ambitious Three- Plan in response to a significant increase in need for the service we provide. This plan is now complete, and extensive consultation has supported the development of the new five-year plan, which will be launched in 2025, building on the success of our impactful model.

The cost-of-living crisis has had a devastating impact on the women we serve, and the expansion of our service has never been more urgent. Alongside this, the job market is also becoming more competitive, with our clients applying for an average of 38 roles without success, up from 22 in 2022.

The new strategic plan is focused on the following five ambitions:

Strategic Priority Aim
Reach more women We aspire to ensure every woman who could
benefit from Smart Works can access our service.
We aim to be nationally recognised as the leading
service for unemployed women.
For every woman, at any
stage		 We recognise that women need different kinds of
support at different points in their working lives.
Raise our voice We will use our voice to influence public discourse
Strengthen our
foundations		 We will build the infrastructure, culture, and
funding model needed for sustainable growth,
grounded in equitable practices and continuous
improvement.

To achieve these aims in our area, we will:

1. Reach more women

To reach more women, Smart Works will expand both its physical and virtual presence across the UK, testing new outreach models in underserved areas. The charity will enhance its data and insights to better understand client needs and evolve the Career Coaching offer to help women at all career stages. Digital delivery methods will be explored to make the service accessible regardless of location, while

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Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

partnerships and community engagement will help identify and support women who

Smart Works will strengthen its position as the leading service for unemployed women by ensuring consistency and quality across all centres. This includes reviewing ways of working, improving quality assurance, and developing a client-led self-referral pathway. Awareness will be built through local outreach, social media, and partner referrals. Over time, the organisation will grow its alumni network, foster peer learning between centres, and secure funding to expand visibility nationally.

3. For every woman, at any stage

will review and tailor its delivery model to be inclusive, seamless, and responsive. A new volunteer management framework will strengthen the impact of its support network, while investment in technology will enhance follow-up care and digital community building. The organisation will monitor and adapt its model in line with changes in the job market and fashion industry, ensuring all women receive relevant, empowering support.

4. Raise our voice

To raise its voice, Smart Works will leverage client stories and data from its employment. The charity will build evidence-based advocacy campaigns rooted in lived experience, working with partners to influence policy and employer practice. Over time, Smart Works aims to be a recognised authority driving national dialogue and tangible change in gender equality and workplace inclusion.

5. Strengthen our foundations

Smart Works will invest in the infrastructure, culture, and resources needed for sustainable growth. This involves mapping and improving organisational culture, supporting staff development, and creating equitable pay and progression systems. Operational investments will increase capacity and sustainability, while efforts to diversify income and build reserves will ensure long-term stability. Continuous learning and data-driven decision-making will help the charity evolve as a model employer and resilient organisation.

Equity, Diversity & Inclusion

In June 2023, Smart Works launched a new group-wide Equity, Diversity & Inclusion strategy. The strategy set-out a framework for how all Smart Works centres will nurture a culture of diversity and inclusivity. Over the last year, Smart Works has delivered important initiatives to progress this work. This includes training for staff,

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Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

trustees and volunteers, demographic data collection across our internal community, and the launch of a Client Champion programme where former clients become ambassadors for the charity.

We want Smart Works to be a place where everyone feels accepted, valued and able to thrive - whether they are staff, volunteers, trustees, partners, supporters, or our clients. Smart Works Charity is committed on implementing this strategy locally and creating a more inclusive and equitable future for every member of the Smart Works community.

This report was approved by the Board on

and signed on its behalf by:

Julietta Tennant

Chair

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Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

The Trustees, who are also directors of Smart Works Charity for the purposes of company law, are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable company and of the incoming resources and application of resources, including the income and expenditure, of the Charitable company for that period. In preparing the financial statements the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

5 which comprise of the Consolidated statement of Financial Activities, the Consolidated and Charity Balance Sheet, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

have been prepared in accordance with the requirements of the Companies Act 2006.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern.

basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Smart Works iod of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

obtaining an understanding of how fraud might occur, by:

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

www.frc.org.uk/auditorsresponsibilities.

3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

CMNihees

Katherine Wilkes FCA (Senior Statutory Auditor)

For and on behalf of Gravita Audit Oxford LLP, Statutory Auditor First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD

23 December 2025

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

Notes
Income from:
Donations
2
Donations and grants
Donations of dressing
stock
Other trading activities
3
Investments
Total Income
Expenditure on:
Raising funds
4
Charitable activities
4
Total expenditure
Net Income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£
2,246,108
-
2,246,108
1,023,792
17,943
3,287,843
(554,239)
(3,436,948)
(3,991,187)
(703,344)
4,479
(698,865)
2,373,192
1,674,327		 Restricted
Funds
£
1,094,279
345,730
1,440,009
-
-
1,440,009
(6,808)
(1,022,934)
(1,029,742)
410,267
(4,479)
405,788
270,603
676,391		 2025
Total
£
3,340,387
345,730
3,686,117
1,023,792
17,943
4,727,852
(561,047)
(4,459,882)
(5,020,929)
(293,077)
-
(293,077)
2,643,795
2,350,718		 2024
Total
£
2,648,512
273,963
2,922,475
914,259
21,851
3,858,585
(520,988)
(3,536,881)
(4,057,869)
(199,284)
-
(199,284)
2,843,079
2,643,795

There are no recognised gains and losses other than those in the statement of financial activities. All the above amounts relate to continuing activities

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

2025 2025 2024
Notes Group Charity Group Charity
Fixed assets
Tangible assets 9 140,845 52,522 89,185 51,629
Intangible assets 7,525 7,525 - -
Investments 10 - 2 - 2
148,370 60,049 89,185 51,631
Current assets
Stock 11 201,169 65,605 193,407 63,853
Debtors 12 337,059 156,454 581,331 441,175
Cash at bank and in 2,102,847 1,093,722 2,305,113 1,430,622
hand
2,641,075 1,315,780 3,079,851 1,935,650
Creditors 13 (418,727) (293,157) (525,241) (390,353)
Net current assets 2,222,348 1,022,623 2,554,610 1,545,297
Provision for other (20,000) - - -
liabilities
Total net assets 2,350,718 1,082,672 2,643,795 1,596,928
Funds
Designated funds 16, 17 85,000 - 338,935 218,842
General funds 1,589,327 883,763 2,034,257 1,314,239
Total unrestricted 1,674,327 883,763 2,373,192 1,533,081
funds
Restricted funds 14, 15 676,391 198,909 270,603 63,847
Total funds 2,350,718 1,082,672 2,643,795 1,596,928

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and preparation of accounts. The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies sublect.to the small companies’ regime. The accounts were approved by the Board of Trustees on .. and signed on their behalf by:

Iulietta. Tuunrant Julietta Tennant Chair

The notes from 1 to 22 form part of these accounts

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

Group
Cash flows from operating activities:
Deficit for the financial year
Adjustments for:
Depreciation of tangible assets
Investment income
Decrease/(increase) in debtors
Increase in stock
(Decrease)/increase in creditors
Interest paid
Net cash generated from operating activities
Cash flows from investing activities
Income from investments
Purchase of tangible assets
Net cash from investing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash equivalents at the end of the year
Cash and cash equivalents at the end of the year comprise:
Cash at bank and in hand		 2025
Total
£
(293,074)
28,899
-
244,272
(7,760)
(86,517)
-
(114,180)
-
(88,086)
(88,086)
(202,266)
2,305,113
2,102,847
2,102,847		 2024
Total
£
(199,284)
30,964
-
(37,203)
(5,613)
53,204
-
(157,932)
-
(42,195)
(42,195)
(200,127)
2,505,240
2,305,113
2,305,113

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

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 2019) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.The charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The Presentation currency used is British Pounds Sterling. The consolidated statement of financial activities (SOFA) and consolidated balance sheet consolidate the financial statements of the charity and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis. The charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of financial activities in these financial statements.

Income is recognised where there is entitlement, where the receipt of income is probable and the amount can be measured with sufficient reliability. Grants and donations

are recognised once entitlement and value have been confirmed in writing. Investment Income is included in the accounts when receivable. This is received in the form of interest income from standard bank accounts. Donated gifts in kind of stock for dressing clients are included at fair value and recognised as income when they are distributed to clients. Gifts donated for resale are included as income when they are sold.

Expenditure is included in the statement of financial activities on an accruals basis and includes attributable VAT which cannot be recovered. All expenditure is allocated to the particular activity where the cost relates directly to that activity. Premises costs are allocated to charitable activities, fundraising and support costs based on floorspace allocation. Support costs are allocated using an apportionment in proportion to staff time.

Income from tax reclaims are included in the statement of financial activities at the same time as the gift to which they relate.

The value of services provided by volunteers is not incorporated in these financial statements. The trustees consider it impractical to measure the value of volunteer help and consequently, as permitted by the SORP, their value is not recognised in the financial statements but is Works had an average of over 800 volunteers during the year.

No liability to UK corporation tax arose on ordinary activities for the year ended 31 March 2025. Smart Works Trading Limited had a nil surplus after gift aid donation to the parent company giving rise to zero corporation tax.

Assets are capitalised if they can be used for more than one year and cost at least £1,000. Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Computer equipment 3 years straight line, Office fixtures and fittings 5 years straight line.

Smart Works investment in its subsidiaries is stated at cost.

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

Stocks are valued at the lower of cost and net realisable value. Donated dressing stock for distribution to clients is valued at fair value. Stocks of donated clothing held for resale are not valued until sold.

The trustees make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Significant estimates include depreciation, estimated on the assets estimated useful life, amounts to accrue for payments relating to the period and fair valuation of stock. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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. Accrued income and tax recoverable is included at the best estimate of the amount receivable at the balance sheet date.

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

The charity only has financial assets and financial abilities of a kind that qualify as basic financial instruments with the exception of stocks which are shown as their value to the charity. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Trade and other debtors are recognised at the settlement value before any trade discounts due. 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. Creditors 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 are normally recognised at their settlement amount after allowing for any trade discounts.

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for specific purposes. Designated funds are unrestricted funds which have been set up by the trustees to hold funds for specific purposes. The aim and use of each designated fund is set out in the notes to the accounts. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donors. The aim and use of each restricted fund is set out in the notes to the accounts.

Cash at bank and cash 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.

Smart Works operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. The annual contributions payable are charged to the Statement of Financial Activities.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

The trustees consider that there are no material ability to continue as a going concern. The trustees believe that the forecast results and good level of cash flow of the charity together with the measures taken to date will enable the charity to continue as a going concern and, as a result, do not include any adjustments that would result if the charity was not able to continue as a going concern.

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

----- Start of picture text -----
Unrestricted Restricted 2025
Funds Funds Total Funds
£ £ £
Grants and individual donations 1,117,469 987,665 2,105,134
Corporate donations 1,128,638 106,615 1,235,253
2,246,107 1,094,280 3,340,387
-
Donations of dressing stock 345,730 345,730
2,246,107 1,440,010 3,686,117
Prior year Unrestricted Restricted 2024
Funds Funds Total Funds
£ £ £
Grants and individual donations 954,475 637,646 1,592,121
-
Corporate donations 1,056,391 1,056,391
2,010,866 637,646 2,648,512
-
Donations of dressing stock 273,963 273,963
2,010,866 911,609 2,922,475
----- End of picture text -----

Total income for the group includes £345,730 (2024: £273,963) of income which is received in the form of donations of clothing and accessories. The income represents a fair value estimate of these stock donations, the clothes are given to the beneficiaries of the charity.

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

Current year
Fundraising events and other trading activities
Prior year
Fundraising events and other trading activities		 Unrestricted
Funds
£
1,023,792
1,023,792
Unrestricted
Funds
£
914,259
914,259		 Restricted
Funds
£
-
-
Restricted
Funds
£
-
-		 2025
Total Funds
£
1,023,792
1,023,792
2024
Total Funds
£
914,259
914,259

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

Current year
Fundraising costs
Costs of charitable activities
Core service delivery
National delivery, support and growth
Total operating expenditure
Prior year
Fundraising costs
Costs of charitable activities
Core service delivery
National delivery, support and growth
Total operating expenditure		 Staff
Costs
£
229,955
1,830,850
320,271
2,381,076
Staff costs
Costs
£
212,261
1,357,855
398,309
1,968,425		 Non staff
Costs
£
229,223
1,183,830
310,621
1,723,674
Non staff
Costs
£
209,416
1,177,149
66,181
1,452,746		 Support
Costs
£
101,869
674,352
139,958
916,179
Support
Costs
99,311
435,962
101,425
636,698		 2025
Total Funds
£
561,047
3,689,032
770,850
5,020,929
2024
Total Funds
£
520,988
2,970,966
565,915
4,057,869

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

----- Start of picture text -----
2025 2024
Total Total
Funds Funds
£ £
Management and facilities 145,521 100,557
Finance and compliance (excluding governance) 20,613 28,330
Human Resources 608,523 437,277
Information Technology 109,382 42,212
Governance costs 32,140 28,322
916,179 636,698
Governance costs consist of audit and independent examination fees.
2025 2024
£ £
Depreciation of owned fixed assets 48,458 13,652
Operating lease payments 467,734 403,075
27,101 23,620
5,040 4,680
----- End of picture text -----

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

----- Start of picture text -----
2025 2024
£ £
Wages and salaries 2,604,689 2,134,157
254,702 194,949
60,597 49,754
2,919,988 2,378,860
Numbers of employees with emoluments in the following bands
£110,000 - £120,000 1 -
£100,000 - £109,999 - 1
£90,000 -£99,999 1 -
- -
£80,000 -£89,999
£70,000 - £79,999 2 2
£60,000-£69,999 2 1
5,321 (2024: £4,843)
Average number of employees during the year 80 72
Average number of full-time equivalent employees during the year 73 62
----- End of picture text -----

The key management personnel comprised of: CEO, Directors of: Programmes & Operations, Communications, Finance, Partnerships and Fundraising.

The total amount of employee benefits (including employer pension and National Insurance contributions) received by the key management personnel for their services to the charity group was £509,688 (2024: £312,242).

No trustees received any remuneration from the charity in relation to the performance of their duties as trustees.

No trustee expenses (2024: nil) were paid to trustees during the year.

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

Fixtures and fittings
Cost
Brought forward
Additions
Carried forward
Depreciation
Brought forward
Charge for the year
Carried forward
Net book value
As at 31 March 2025
As at 31 March 2024
% of
Voting
Shared held Class
Rights
Smart Works Birmingham
Company limited by
guarantee
100%
Smart Works Leeds
Company limited by
guarantee
100%
Smart Works Greater Manchester
Company limited by
guarantee
100%
Smart Works Newcastle
Company limited by
guarantee
100%
Smart Works Reading
Company limited by
guarantee
100%
Smart Works Scotland
Scottish Charitable
Incorporate Organisation
67%
Smart Works Trading
Ordinary
100%
Smart Works Bristol
Company limited by
guarantee
100%		 Group
£
178,992
80,644
259,636
89,892
28,899		 Charity
£
103,974
3,594
107,568
52,345
2,701
118,791 55,046
140,845
89,185

Charity
Number
1168264
1184676
1163594
1176547
1164723
SC044520
n/a
16303111		 52,522
51,629
Company
Number
10098116
12059540
9425123
11115960
9626510
n/a
09061869
1213105

A summary of results for the year and prior year, along with a balance sheet summary, is shown below:

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

Current year
Gross income
Expenditure
Surplus/(Deficit)
for year
Fixed assets
Current assets
Creditors
Net assets
Unrestricted funds
Restricted funds
Net funds
Prior year
Gross income
Expenditure
Surplus/(Deficit)
for year
Fixed assets
Current assets
Creditors
Net assets
Unrestricted funds
Restricted funds
Net funds		 Smart
Works
Birmingham
Smart
Works
Scotland
Smart
Works
Leeds
Smart
Works
(Greater
Manchester)
Smart
Works
Newcastle
Smart
Works
Reading
Smart
Works
Trading
Limited
Total 31
March
2025
187,941
480,044
507,265
380,481
298,888
244,538
81,166
2,180,323
(217,430)
(488,591)
(321,982)
(375,814)
(263,226)
(227,287)
(64,812)
(1,959,142)
(29,489)
(8,547)
185,283
4,667
35,662
17,251
16,354
221,181
13,372
44,168
1,070
13,939
7,582
8,192
-
88,323
113,859
254,515
317,068
251,404
211,500
134,119
70,445
1,352,910
(21,760)
(39,141)
(32,953)
(22,490)
(13,717)
(11,455)
(31,668)
(173,184)
105,471
259,542
285,185
242,853
205,365
130,856
38,777
1,268,049
89,509
155,990
52,285
191,045
177,617
85,350
38,777
790,573
15,962
103,552
232,900
51,808
27,748
45,506
-
477,476
105,471
259,542
285,185
242,853
205,365
130,856
38,777
1,268,049
Smart
Works
Birmingham
Smart
Works
Scotland
Smart
Works
Leeds
Smart
Works
(Greater
Manchester)
Smart
Works
Newcastle
Smart
Works
Reading
Smart
Works
Trading
Limited
Total 31
March
2024
185,884
489,738
249,274
288,347
205,889
160,596
142,616
1,722,344
(154,165)
(401,982)
(254,262)
(327,812)
(188,477)
(192,473)
(40,608)
(1,559,779)
31,719
87,756
(4,988)
(39,465)
17,412
31,877
102,008
162,565
-
-
4,549
18,586
-
14,336
-
37,471
162,945
303,611
102,784
267,647
174,972
103,369
62,106
1,177,434
(27,985)
(35,522)
(7,431)
(48,047)
(5,269)
(4,100)
(39,683)
(168,037)
134,960
268,089
99,902
238,186
169,703
113,605
22,423
1,046,868
97,018
204,811
81,824
194,277
151,340
88,476
22,423
840,119
37,942
63,278
18,078
43,959
18,363
25,129
-
206,749
134,960
268,089
99,902
238,186
169,703
113,605
22,423
1,046,868
Dressing stock Group
2025
£
201,169		 Charity
2025
£
65,605		 Group
2024
£
193,407		 Charity
2024
£
63,853

of £40 per outfit and the stock held at 31 March 2025 was counted and valued.

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

----- Start of picture text -----
Group Charity Group Charity
2025 2025 2024 2024
£ £ £ £
Trade debtors 89,124 53,807 191,387 145,295
Accrued income 206,684 49,251 202,172 197,917
Other debtors 41,251 25,780 187,772 63,862
Amounts owed to group undertaking - 27,616 - 34,102
337,059 156,454 581,331 441,175
Group Charity Group Charity
2025 2025 2024 2024
£ £ £ £
Trade creditors 51,050 17,208 114,419 101,953
Other taxation and social security 38,891 9,356 63,842 47,047
Other creditors 22,852 14,036 35,420 1,153
Accruals 213,457 180,517 176,468 161,553
Deferred income 92,477 72,040 135,092 78,647
- -
418,727 293,157 525,241 390,353
Deferred income compromises restricted grants received in advance:
Balance bought forward 135,092 78,647 214,163 84,063
Amounts utilised in the year (135,092) (78,647) (214,163) (84,063)
Current year income deferred 92,477 72,040 135,092 78,647
Balance carried forward 92,477 72,040 135,092 78,647
----- End of picture text -----

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

Current year
Staff related expenditure
Dressing stock
Develop and broaden Smart Works Reach		 Balance
at
1 April
2024
£
-
193,407
77,196
270,603		 Income
£
573,149
345,732
521,128
1,440,009		 Expenditure
£
(347,203)
(337,970)
(344,569)
(1,029,742)		 Transfers
£
-
-
(4,479)
(4,479)		 Balance
at 31
March
2025
£
225,946
201,169
249,276
676,391

The purposes of each restricted fund are as follows:

Staff related expenditure

This represents all grants and funds received for related staff costs.

Develop and broaden Smart Works Reach

This includes funds primarily for premises, other office expenditure and career coaching.

Dressing stock

This is for the purpose of providing beneficiaries with interview clothing.

Prior year
Staff related expenditure
Dressing stock
Develop and broaden Smart Works Reach		 Balance
at
1 April
2023
£
(49,062)
187,794
135,013
273,745		 Income
£
455,034
273,963
182,612
911,609		 Expenditure
£
(436,317)
(268,350)
(210,084)
(914,751)		 Transfers
£
30,345
-
(30,345)
-		 Balance
at 31
March
2024
£
-
193,407
77,196
270,603

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

Current year
Staff related expenditure
Dressing stock
Other smaller donations
Prior year
Staff related expenditure
Dressing stock
Other smaller donations		 Balance
at
1 April
2024
£
-
63,847
-
63,847
Balance
at
1 April
2023
£
-
45,984
-
45,984		 Income
£
235,718
180,352
171,374
587,444
Income
£
215,162
160,383
22,431
397,976		 Expenditure
£
(194,063)
(178,600)
(79,719)
(452,383)
Expenditure
£
(215,162)
(142,520)
(22,431)
(380,113)		 Transfers
£
-
-
-
-
Transfers
£
-
-
-
-		 Balance
at 31
March
2025
£
41,655
65,599
91,655
198,909
Balance
at 31
March
2024
£
-
63,847
-
63,847
Current year
Balance
at
1 April
2024
Income
Expenditure
Transfers
£
£
£
£
Designated funds
338,935
-
(105,200)
(148,735)
338,935
-
(105,200)
(148,735)
Designated Funds mainly relates to Three Year Plan and some funds were designated to leasehold improvements and
other office equipment purchased as part of an office move.		 Balance
at 31
March
2025
£
85,000
85,000
Prior year
Designated fund		 Balance
at
1 April
2023
£
604,686
604,686		 Income
£
-
-		 Expenditure
£
-
-		 Transfers
£
(265,751)
(265,751)		 Balance
at 31
March
2024
£
338,935
338,935

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

Current year
Designated fund
Prior year
Designated fund		 Balance
at
1 April
2024
£
218,842
218,842
Balance
at
1 April
2023
£
378,342
378,342		 Income
£
-
-
Income
£
-
-		 Expenditure
£
-
-
Expenditure
£
-
-		 Transfers
£
(218,842)
218,842
Transfers
£
(159,500)
(159,500)		 Balance
at 31
March
2025
£
-
-
Balance
at 31
March
2024
£
218,842
218,842
Current year
Tangible and intangible fixed assets
Current assets
Creditors due within one year
Prior year
Tangible fixed assets
Current assets
Creditors due within one year		 Restricted
Funds
2025
£
-
676,391
-
676,391
Restricted
Funds
2024
£
-
270,603
-
270,603		 Unrestricted
Funds
2025
£
148,370
1,964,684
(438,727)
1,694,327
Unrestricted
Funds
2024
£
89,185
2,809,248
(525,241)
2,373,192		 Total
Funds
2025
£
148,370
2,641,075
(438,727)
2,370,718
Total
Funds
2024
£
89,185
3,079,851
(525,241)
2,643,795

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

The company and its subsidiaries operate separate defined contribution pension schemes. The assets of the schemes are held separately from those of each company in independently administered funds. The pension costs charge represents contributions payable by the companies to the funds and amounted to £60,596 (2024: £49,321). Contributions totalling £13,120 (2024: £11,557) were payable to the fund at the balance sheet date and are included in creditors.

At the year end the company had annual commitments under non-cancellable operating leases
as set out below:
Operating leases:
within one year
within two to five years		 Land and buildings
2025
2024
£
£
401,975
258,214
748,315
150,566
1,150,290
408,780

The company is limited by guarantee. Every member of the company undertakes to contribute to the assets of the company, in the event of the same being wound up while he or she is a member, or within one year after he or she ceases to be a member, for payment of the debts and liabilities of the company contracted before he or she ceases to be a member, and of the costs, charges and expenses of winding up such amount as may be required not exceeding £1. At the balance sheet date there were 11 members (2024: 10 members).

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

During the year the charity made the following donations to its subsidiary charities:

Smart Works Birmingham
Smart Works Scotland
Smart Works Leeds
Smart Works (Greater Manchester)
Smart Works Newcastle
Smart Works Reading
The following amounts were due to be paid to the subsidiaries at the year end.
Smart Works Scotland		 2025
£
10,000
10,000
10,000
10,000
10,000
10,000
60,000
-
-		 2024
£
10,000
25,000
10,000
10,000
10,000
10,000
75,000
10,000
10,000

Smart Works received a gift aid payment from Smart Works Trading subsidiary company totalling £21,772 in the year (2024: £102,008).

There were no other related party transactions in the year (2024: £nil).

Smart Works Charity Annual Report and Financial Statements for the year ended 31 March 2025

Registered name Smart Works Charity
Charity registration number 1080609
Company registration number 03870671
Corporate status The Company is limited by guarantee
Registered office Unit 1, Canonbury Yard, 202-208 New North Road, London N1 7BJ
Telephone 020 7288 1770
Website www.smartworks.org.uk
Trustees
Julietta Tennant (Chair)
Ewa Kerin (resigned 1 March 2025)
Natalie Abou-Alwan (resigned 4 April 2025)
Rachel Atkins
Philippa Charles
Shen Chen (appointed 10 January 2025)
Simongnette Scavazza
Jane Shepherdson CBE
Company Secretary Anna Hemmings
Patrons The Duchess of Sussex
Emma Barnett
Betty Jackson CBE
Jennifer Saunders
Jane Shepherdson CBE
Honorary President Lady Juliet Hughes-Hallett
Statutory Auditors Gravita Audit Oxford LLP
First Floor, Park Central
40-41 Park End Street
Oxford
OX1 1JD
Bankers CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Mailing
Kent, ME19 4JQ