Company no. 03738243 Charity no. 1086946
Re:Work Ltd
Report and Unaudited Financial Statements
31 March 2024
Re:Work Ltd
Reference and administrative details
| For theyear ended 31 March 2024 | For theyear ended 31 March 2024 | |
|---|---|---|
| Company number | 03738243 | |
| Charity number | 1086946 | |
| Registered office and | 8 Filwood Broadway | |
| operational address | Knowle West | |
| Bristol | ||
| BS4 1JN | ||
| Trustees | Trustees, who are also directors under company law, who served during | |
| the year and up to the date | of this report were as follows: | |
| Jocelyn Atcliffe | ||
| Zoe Goodman | (appointed 31 August 2023) | |
| Nina Griffiths | (appointed 31 August 2023) | |
| Jacqueline Harvey | ||
| Sian Nevitt | ||
| Alex Raddon-Greenaway | ||
| Judith Sluglett | ||
| David Wherrett | (resigned 26 October 2023) | |
| Chief executive officer | Vicky Beckwith | (resigned 27 October 2023) |
| Ben Rawling | (appointed 30 October 2023, | |
| resigned 1 March 2024) | ||
| Clive Gross | (appointed 1 July 2024) | |
| Company secretary | Judith Sluglett | |
| Bankers | Lloyds Bank | |
| 53-55 Corn Street | ||
| Bristol | ||
| BS1 1HT | ||
| Independent | Godfrey Wilson Limited | |
| examiners | Chartered accountants and | statutory auditors |
| 5th Floor, Mariner House | ||
| 62 Prince Street | ||
| Bristol | ||
| BS1 4QD |
1
Re:Work Ltd
Report of the trustees
For the year ended 31 March 2024
The trustees present their report and examined financial statements for the year ended 31 March 2024.
Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).
Structure, governance and management
The Charity is a company limited by guarantee, being incorporated on 23 March 1999 and is governed by its Memorandum and Articles of Association. The company was admitted to the Central Register of Charities by the Charity Commission on 7 June 2001.
The Charity is managed by a Board of Trustees that delegates executive management to the Chief Executive, Clive Gross.
The Board of Trustees hold regular, usually monthly, meetings throughout the year. Where such cooperation furthers its charitable objectives, the charity works with various local and sector based organisations that have an interest in advancing education and skills within the local community, and improving the local built and natural environment. Such organisations include the founding organisations from the Knowle West Alliance; The Park Centre, the Knowle West Media Centre, the Filwood Community Centre, the Knowle West Heathy Living Centre and ourselves. In addition we collaborate with organisations such as VOSCUR, the Bristol Energy Network and the Bristol Alternative Learning Providers forum to attract a wider range of knowledge and support to tackle our charitable objectives.
The Board of Trustees keeps the skills requirement for the board under review and seeks to recruit or co-opt new Trustees to fill any knowledge gaps or bring in external independent advice where required. New Trustees are found from our extensive organisational contacts and networks. After a due diligence process, existing Board members vote on the matter when individuals express a serious interest in joining the board.
New Trustees are inducted into the organisation via a welcome pack containing a brief history of the organisation, copies of board minutes, copies of the most recent Annual Report and Financial Statements, a copy of the Memorandum and Articles of Association and a copy of the Charity Commission’s guidance ‘The Essential Trustee’.
The Trustees continually monitor and evaluate any major risks to which the charity is exposed and implement any organisational changes required to mitigate these risks with the support of the CEO.
Public benefit
As a charity Re:Work needs to be able to account for its achievements in terms of public benefit as well as financial turnover.
2
Re:Work Ltd
Report of the trustees
For the year ended 31 March 2024
Our charitable objects are:
To develop the capacity and skills of the members of the socially and economically disadvantaged community of Knowle West, Bristol, in such a way that they are better able to identify and help meet, their needs and to participate more fully in society.
These are further defined:
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To advance education among the residents of South Bristol, particularly among young people and the unemployed, economically inactive or people facing multiple barriers to work;
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▪ To promote and/or provide training in skills of all kinds, particularly such skills as will assist residents of South Bristol in obtaining paid employment or progress to further education or training; and
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To promote, establish and operate other schemes of a charitable or social economic nature for the benefit of the community within South Bristol, including creating direct volunteering, placement or employment opportunities within the organisation.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives.
Financial review
For the year ended 31 March 2024, incoming resources were £381,478 (2023: £270,135) and resources expended were £297,700 (2023: £292,050), resulting in a surplus for the year of £83,778 (2023: deficit of £21,915). Total funds at 31 March 2024 were £128,612 (2023: £44,834) with restricted funds of £82,628 (2023: £5,558) and unrestricted funds of £45,984 (2023: £39,276).
Reserves policy
The free reserves of the charity (unrestricted net current assets) at 31 March 2024 are £33,281. The charity endeavours to maintain sufficient reserves amounting to three months' payroll costs (£53,500: 2023-24). The level of free reserves is below the reserves policy this year.
The Board of Trustees agreed a revised forward strategy in conjunction with our new CEO following a review of our operations in March 2024. This focuses on developing our own earned income through our current social enterprises and the development of new ones so as to increase our percentage of unrestricted income and achieve and then exceed our three months reserves target at the earliest possible opportunity.
Objectives and activities
What we do and why
We are based in Knowle West in South Bristol drawing from some of the most deprived areas in the country.
We offer long term real-world work experience placements where young people aged from 12 upwards who are struggling with or are excluded from mainstream education - who we refer to as students - are placed with us by schools or other referring agencies for 1 or 2 days a week.
Bristol has the 8th highest rate of persistent absence (27.9%) in England and the 4th highest for severe absence at 2.7%. Within Bristol, it is the Hartcliffe and Withywood ward and the Filwood ward (where most of our service users live) that have the highest levels of non-attendance.
3
Re:Work Ltd
Report of the trustees
For the year ended 31 March 2024
They work in our social enterprises developing a wide variety of interpersonal and practical skills, with the aim of them either re-joining mainstream education or identifying further education, training or work opportunities appropriate to them.
We believe that helping develop social skills, build self-confidence, self-esteem, and resilience gives young people a better chance of becoming successful adults. Research supports this - an overview of existing research on approaches to preventing serious youth violence found that social skills training with the aim to develop children’s ability to regulate their behaviour and communicate effectively reduced children’s involvement in serious crime by 32% and assessed it as highly effective.
We also offer volunteer opportunities to young adults (17-19 years old) and adults who are looking to develop and enhance their skills and knowledge with a view either to access higher or further education opportunities or enter or return to the workplace. Working with us gives them current and relevant work experience, a fresh reference, and we also seek to offer related accredited training that will help them achieve their career goals.
Achievements and performance Our Outcomes:
Each academic year, we review the impact that our work with our students and other volunteers has had and where they will be progressing onto after they leave us. Below is a selection of outcomes for some of our recent placements:
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One student is returning to us in the new academic year for 3 days per week with a view to reducing it by the first half term. The Local Authority has still not found a suitable school. We have been so concerned about the lack of peer contact that this child has that we are arranging to support them in activities outside of school hours;
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One student is moving into a full-time placement with a specialist school who would like him to return to us for one day per week for continuity, as he and his mother loved the placement so much;
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Two students have developed their self-confidence so much they have enrolled onto motor mechanics courses;
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One student has moved into full time residential school and care;
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One student is returning to us in September and is also volunteering with us in the summer to explore a small business plan that he has; and
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Sadly, one student placement broke down due to the amount of chaos in his personal life. Even though it hadn’t worked out with us, we still supported him with finding a part-time job to give him a little bit of independence.
“Re:Work makes a big difference to the young people who access their services. Pupils learn relevant skills for the workplace and are helped to develop their communication. Re:Work also provide excellent feedback on the progress pupils are making. Hedgeway School has used Re:Work for the last 3 years and plan to continue to use their services as long as they are available.” Aurora Hedgeway School
Organisational development
This year saw the departure of our long-serving CEO Vicky Beckwith, who has relocated to Cornwall. She was replaced by our former workshop coordinator Ben Rawling, who stepped down in early 2024 for personal reasons. Clive Gross joined us in February initially as an Interim CEO to oversee developing a new organisational strategy and was later confirmed as our new permanent CEO by the Trustees.
4
Re:Work Ltd
Report of the trustees
For the year ended 31 March 2024
Following this review, the Trustees adopted our new organisational strategy, based around increasing and diversifying our own self-earned income through our enterprises, so as to reduce our reliance on grant funding and increase our resilience. We will also to ensure the grant funding we do receive is used to develop self-sustaining enterprises and activities. In addition to generating income for the charity, these will provide new opportunities for student and volunteer placements as they develop.
The new strategy has also been designed to prepare us for and take advantage of the imminent major developments around Filwood Broadway - further outlined below.
Service development
Following a successful application to Bristol City Council’s “Community Resilience Fund” made during this year, we were subsequently able to invest in a new (second hand) electric van after year end, which will be used to develop a zero-emissions citywide delivery and collection service for both business to business (B2B) and business to customer (B2C) clients. From the same application, we have also secured funds to invest in a new range of electric gardening equipment, which will allow us to develop additional domestic garden services.
In our shop, funding support from Nisbets over the next two years has allowed us to engage a parttime merchandiser who is also developing our on-line listings across a variety of e-commerce platforms, and the same funding will allow us to recruit a part-time retail assistant and driver to support our shop team and delivery service.
These developments will help us increase our earned income by offering new services and extended trading hours. This in turn will help us create new placement opportunities for our students and older volunteers.
With the departure of Ben, our workshop facility is currently inactive, but our new CEO and management team are currently developing a new operating model and projects for the facility.
Operational and Strategic developments – Filwood Broadway:
The redevelopment of Filwood Community Centre and the wider Filwood Broadway following the award of a significant multi-million pound capital investment from the Levelling Up Fund creates both a major opportunity and a number of direct operational challenges to Re:Work.
We continue to manage the tenancies of the residential flats between 4 and 16 Filwood Broadway as well as several of the commercial units. We have supported these tenants find alternative accommodation over the last year as the proposed redevelopment scheme is brought forward. Three tenants remain at the end of this reporting period, all of whom also work for us. We are hopeful new tenancies will be found for them in the near future.
It now appears most likely that the whole of 4-16 Filwood Broadway is to be demolished and rebuilt. From our perspective, this will mean the relocation of all our operations other than our shop to interim and then new long-term premises, and our goal is to ensure we are able to operate as best as possible during this period and emerge with a viable and long-term solution that will secure our future on the Broadway.
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Re:Work Ltd
Report of the trustees
For the year ended 31 March 2024
As an organisation, we are fully engaged with Bristol City Council and the other development partners, agencies and stakeholders to influence and lobby for the best possible outcome and positive long-term legacy from this investment for the area. Our strategy is designed to identify and take advantage of the opportunities created by these developments, including creating new social enterprises that could occupy the retail spaces created once complete. However, between now and the end of 2025, we are preparing ourselves for a period of intense upheaval too.
Future plans
Financial and Funding landscape
The Trustees are aware and acknowledge that the financial situation of the charity is challenging, as is the case for the charitable sector generally.
Specifically for us, our core costs remain high while income from our social enterprises and our student placements have only been recovering slowly post-pandemic, and income from managing 4- 16 Filwood Broadway is reducing as the properties become vacant. The strategy now adopted to focus on increased financial resilience through increased earned income will help to address our current imbalance but will take time to come to fruition, and so in the meantime there will continue to be a need for us to obtain funding support for our core costs.
We gratefully acknowledge the additional cost-of-living uplift funding received from the National Lottery as part of an application made on behalf of the Knowle West Alliance, which helps support these, and we are constantly reviewing how we can reduce our overheads and other standing liabilities without reducing the service levels we provide to our clients.
We have also taken steps to engage the support of a freelance fundraising consultant, who working alongside our CEO will be reviewing and adjusting our fundraising strategy in order to support our short-term needs while developing the longer-term self-sustaining projects and services that will help secure our future. Some of these developments are dependent on the wider developments around Filwood Broadway outlined above, but we are also seeking opportunities across wider parts of South Bristol to broaden our range and engagement.
Statement of responsibilities of the trustees
The Trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with 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).
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 charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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▪ observe the methods and principles in the Charities SORP;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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Re:Work Ltd
Report of the trustees
For the year ended 31 March 2024
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of guarantees as 31 March 2024 was 7. The Trustees are members of the charity but this entitles them only to voting rights. The Trustees have no beneficial interest in the charity.
Independent examiners
Godfrey Wilson Limited were re-appointed as independent examiners to the charitable company during the year and have expressed their willingness to continue in that capacity.
Approved by the trustees on 12 November 2024 and signed on their behalf by
Judith Sluglett – Chair of Trustees
7
Independent examiner's report
To the members of
Re:Work Ltd
I report to the trustees on my examination of the accounts of Re:Work Ltd (the charitable company) for the year ended 31 March 2024, which are set out on pages 9 to 24.
Responsibilities and basis of report
As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company's accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
Since the charitable company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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(1) accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
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(2) the accounts do not accord with those records; or
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(3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
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(4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no other concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Dougal Howard
Date: 13 November 2024
Dougal Howard ACA Member of the ICAEW For and on behalf of: Godfrey Wilson Limited
Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD
8
Re:Work Ltd
Statement of financial activities (incorporating an income and expenditure account)
For the year ended 31 March 2024
| Restricted Unrestricted Note £ £ Income from: Donations and legacies 3 80,240 72,509 Charitable activities Re:Store 33,864 22,632 Re:Grow - 48,307 Energy and fuel poverty 25,317 2,260 Springfield Allotments 17,102 - Re:House - 34,682 Students and training 5,000 37,096 Other income - 2,469 Total income 161,523 219,955 Expenditure on: Raising funds - 29,282 Charitable activities Re:Store 20,709 47,655 Re:Grow 21,793 70,775 Energy and fuel poverty 19,849 - Springfield Allotments 9,193 - Re:House 11,200 11,845 Students and training - 55,399 Total expenditure 5 82,744 214,956 Net income / (expenditure) 6 78,779 4,999 Transfer between funds (1,709) 1,709 Movement in funds 77,070 6,708 Reconciliation of funds: Total funds brought forward 5,558 39,276 Total funds carried forward 82,628 45,984 |
2024 Total £ 152,749 56,496 48,307 27,577 17,102 34,682 42,096 2,469 381,478 29,282 68,364 92,568 19,849 9,193 23,045 55,399 297,700 83,778 - 83,778 44,834 128,612 |
2023 Total £ 66,405 23,098 44,054 23,902 18,003 58,466 36,207 - |
|---|---|---|
| 270,135 | ||
| 22,410 78,603 71,186 25,896 13,345 36,384 44,226 |
||
| 292,050 | ||
| (21,915) - |
||
| (21,915) 66,749 |
||
| 44,834 |
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 14 to the accounts.
9
Re:Work Ltd
Balance sheet
As at 31 March 2024
| Note Fixed assets Tangible fixed assets 9 Current assets Stock 10 Debtors 11 Cash at bank and in hand Liabilities Creditors: amounts falling due within 1 year 12 Net current assets Net assets 13 Funds 14 Restricted funds Unrestricted funds Total charity funds |
£ 9,374 51,155 77,833 |
2024 £ 12,703 |
2023 £ 14,908 |
|---|---|---|---|
| 115,909 | 7,350 29,600 15,046 |
||
| 138,362 (22,453) |
51,996 (22,070) |
||
| 29,926 | |||
| 128,612 | 44,834 | ||
| 82,628 45,984 |
5,558 39,276 |
||
| 128,612 | 44,834 |
The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477(2), and that no member or members have requested an audit pursuant to section 476 of the Act.
The directors acknowledge their responsibilities for:
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(i) ensuring that the Company keeps proper accounting records which comply with section 386 of the Act; and
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(ii) preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of section 393, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the company.
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.
Approved by the trustees on 12 November 2024 and signed on their behalf by
Judith Sluglett – Chair of Trustees
10
Re:Work Ltd
Notes to the financial statements
For the year ended 31 March 2024
1. Accounting policies
a) Basis of preparation
Re:Work Ltd is a charitable company limited by guarantee registered in England and Wales. The registered office address is 8 Filwood Broadway, Knowle West, Bristol, BS4 1JN.
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in 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.
Re:Work Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
b) Going concern basis of accounting
The accounts have been prepared on the assumption that the charity is able to continue as a going concern.
We have increased our levels of income during the year through our Alternative Learning Provision programme (a 2.5% increase on the previous year), our gardening/grounds maintenance work (a 3% increase on the previous year) and our retail store (a 16% increase on the previous year). We will continue to develop these areas over the coming year and since year end have, for example, been able to extend our shops’ trading by 10 hours a week following the addition of a new part-time staff member.
Also shortly after year-end, we engaged a freelance fundraising consultant to review our fundraising strategy, update our core materials and identify further opportunities to seek support for our current core operation, the development of our existing social enterprises, and to scope out new projects or services that would enhance our organisation in line with our revised forward strategy.
Due to the continuing, challenging economic and funding climate, we have continued with detailed budgeting and forecasting with updates reported each month based on actual performance and new funding and prospective funding highlighted.
The Trustees have concluded that there is a reasonable expectation that the Charity has adequate resources to continue its operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.
c) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
11
Re:Work Ltd
Notes to the financial statements
For the year ended 31 March 2024
1. Accounting policies (continued)
c) Income (continued)
Income received in advance of provision of services is deferred until criteria for income recognition are met.
d) Donated goods for resale
Donated goods for resale are recognised as income at their fair value upon receipt, which is deemed to be the expected proceeds from sale less the expected costs of sale. Any difference in the resale value is charged or credited to the statement of financial activities during the year.
e) Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.
f) Funds accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.
g) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
h) Allocation of support and governance costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between expenditure on charitable activities on the following basis, which is based on staff time:
| hich is based on staff time: | ||
|---|---|---|
| 2024 | 2023 | |
| Raising funds | 11.1% | 7.8% |
| Re:Store | 20.2% | 24.9% |
| Re:Grow | 30.7% | 33.9% |
| Energy and Fuel Poverty | 6.5% | 6.4% |
| Springfield Allotments | 2.6% | 0.0% |
| Re:House | 8.0% | 12.4% |
| Students and training | 20.9% | 14.6% |
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Re:Work Ltd
Notes to the financial statements
For the year ended 31 March 2024
1. Accounting policies (continued)
i) Tangible fixed assets
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:
Equipment 20% on a reducing balance basis Motor vehicles 25% on a reducing balance basis
Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation is not provided on freehold land.
j) Stock
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value, which is deemed to be the expected proceeds from sale less the expected costs of sale.
k) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
l) Cash at bank and in hand
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.
m) Creditors
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 due.
n) Conduit funding
Conduit funds are monies received for third parties and do not belong to the charity. The incoming funds and outgoing payments are excluded from the Statement of Financial Activities. Any conduit funds in hand at the year end are shown as creditors in the accounts.
o) Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.
p) Pension costs
The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. Pension costs charged in the financial statements represent the contribution payable by the charitable company during the year.
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Re:Work Ltd
Notes to the financial statements
For the year ended 31 March 2024
1. Accounting policies (continued)
q) Accounting estimates and key judgements
- In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
Depreciation
As described in note 1(i) to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. Depreciation rates in operation during the current and prior period are detailed in note 1(i).
2. Prior period comparatives: statement of financial activities
| Income from: Donations and legacies Charitable activities Re:Store Re:Grow Energy and fuel poverty Re:Fill / Springfield Allotments Re:House Students and training Total income Expenditure on: Raising funds Charitable activities Re:Store Re:Grow Energy and fuel poverty Re:Fill / Springfield Allotments Re:House Students and training Total expenditure Net expenditure and movement in funds |
Restricted £ £ 6,050 60,355 5,371 17,727 - 44,054 21,080 2,822 18,003 - - 58,466 - 36,207 50,504 219,631 824 21,586 12,575 66,028 3,289 67,897 25,896 - 13,003 342 - 36,384 - 44,226 55,587 236,463 (5,083) (16,832) Unrestricted |
2023 Total £ 66,405 23,098 44,054 23,902 18,003 58,466 36,207 |
|---|---|---|
| 270,135 | ||
| 22,410 78,603 71,186 25,896 13,345 36,384 44,226 |
||
| 292,050 | ||
| (21,915) |
14
Re:Work Ltd
Notes to the financial statements
For the year ended 31 March 2024
3. Donations and legacies
| Grants and donations > £5,000 Anonymous donor Bristol City Council The Sackler Trust The Sobell Foundation Grants and donations < £5,000 Total donations and legacies Prior year comparative Grants and donations > £5,000 Anonymous donor Foundation for Children John James Foundation Swires Charitable Trust The Sackler Trust Grants and donations < £5,000 Total donations and legacies |
Restricted £ £ - 6,000 80,240 - - 5,000 - 5,000 - 56,509 80,240 72,509 Restricted £ £ - 19,038 6,000 - - 5,000 - 14,000 - 5,000 50 17,317 6,050 60,355 Unrestricted Unrestricted |
2024 Total £ 6,000 80,240 5,000 5,000 56,509 |
|---|---|---|
| 152,749 | ||
| 2023 Total £ 19,038 6,000 5,000 14,000 5,000 17,367 |
||
| 66,405 |
4. Government grants
The charitable company received government grants, defined as funding from Bristol City Council and National Lottery to fund charitable activities. The total value in the period ending 31 March 2024 was £80,240 (2023: £Nil). There are no unfulfilled conditions or contingencies attaching to these grants.
15
Re:Work Ltd
Notes to the financial statements
For the year ended 31 March 2024
5. Total expenditure
| Total expenditure | ||||||||
|---|---|---|---|---|---|---|---|---|
| £ Staff costs (note 7) 22,120 Cost of sales - Establishment costs - Vehicle expenses - Professional fees - Office expenses - Depreciation - Training - Sundry - Bank charges - Bad debt - Sub-total 22,120 Allocation of support and governance costs 7,162 Total expenditure 29,282 Raising funds |
Re:Store £ 40,426 358 11,974 1,747 - 770 - - - - - 55,275 13,089 68,364 |
Re:Grow £ 61,216 131 7,921 3,311 - 168 - - - - - 72,747 19,821 92,568 |
Energy and fuel poverty £ 12,961 - 231 - - 30 - - 2,430 - - 15,652 4,197 19,849 |
Springfield Allotments £ 5,146 350 1,531 - - 500 - - - - - 7,527 1,666 9,193 |
Re:House £ 15,904 - 1,991 - - - - - - - - 17,895 5,150 23,045 |
Students and training £ 41,849 - - - - - - - - - - 41,849 13,550 55,399 |
Support and governance costs £ 14,008 3,604 29,750 19 3,540 5,260 3,914 909 - 316 3,315 64,635 (64,635) - |
2024 Total £ 213,630 4,443 53,398 5,077 3,540 6,728 3,914 909 2,430 316 3,315 |
| 297,700 - |
||||||||
| 297,700 |
Governance costs for the year totalled £2,950 (2023: £2,800).
16
Re:Work Ltd
Notes to the financial statements
For the year ended 31 March 2024
5. Total expenditure (continued) Prior year comparative
| £ Staff costs (note 7) 18,278 Cost of sales - Establishment costs - Vehicle expenses - Professional fees - Office expenses - Depreciation - Training - Sundry - Bank charges - Bad debt - Sub-total 18,278 Allocation of support and governance costs 4,132 Total expenditure 22,410 Raising funds |
Re:Store £ 51,927 120 10,615 1,172 - 929 - 558 - 61 - 65,382 13,221 78,603 |
Re:Grow £ 43,527 241 5,283 3,960 - 113 - - - - - 53,124 18,062 71,186 |
Energy and fuel poverty £ 16,525 - 5,818 145 - - - - - 22,488 3,408 25,896 |
Re:Fill / Springfield Allotments £ 13,002 - 238 - - 105 - - - - - 13,345 - 13,345 |
Re:House £ 22,367 - 7,431 - - - - - - - - 29,798 6,586 36,384 |
Students and training £ 36,432 - - - - - - - - - - 36,432 7,794 44,226 |
Support and governance costs £ 14,503 4,188 19,579 224 2,800 5,263 1,425 649 3,720 370 482 53,203 (53,203) - |
2023 Total £ 216,561 4,549 48,964 5,356 2,800 6,555 1,425 1,207 3,720 431 482 |
|---|---|---|---|---|---|---|---|---|
| 292,050 - |
||||||||
| 292,050 |
17
Re:Work Ltd
Notes to the financial statements
For the year ended 31 March 2024
6. Net movement in funds
This is stated after charging:
| Depreciation Loss on disposal of assets Accountants' remuneration (excluding VAT): Independent examination Trustees' reimbursed expenses Trustees' remuneration |
2024 £ 3,914 - Nil Nil 2,950 |
2023 £ 1,425 562 Nil Nil 2,800 |
|---|---|---|
7. Staff costs and numbers
Staff costs were as follows:
| Salaries and wages Social security costs Employer pension |
2024 £ 199,112 9,522 4,996 213,630 |
2023 £ 201,403 10,368 4,790 |
|---|---|---|
| 216,561 |
No employee earned more than £60,000 during the current or prior year.
The key management personnel of the charity comprise the Chief Executive, Training CoOrdinator and Office Manager. Total employee benefits paid to the key management personnel were £106,941 (2023: £109,615).
| Average head count | 2024 No. 10.0 |
2023 No. 11.6 |
|---|---|---|
8. Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
18
Re:Work Ltd
Notes to the financial statements
For the year ended 31 March 2024
9. Tangible fixed assets
| Cost At 1 April 2023 Additions At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 10. Stock Donated goods for resale 11. Debtors Trade debtors Provision for doubtful debts Net trade debtors Accrued income Prepayments VAT Other debtors |
£ 14,222 1,709 15,931 10,713 928 11,641 4,290 3,509 Equipment |
£ 21,659 - 21,659 10,260 2,986 13,246 8,413 11,399 2024 £ 9,374 2024 £ 6,702 - 6,702 36,800 6,003 - 1,650 51,155 Motor vehicles |
Total £ 35,881 1,709 |
|---|---|---|---|
| 37,590 | |||
| 20,973 3,914 |
|||
| 24,887 | |||
| 12,703 | |||
| 14,908 | |||
| 2023 £ 7,350 |
|||
| 2023 £ 16,925 (2,842) |
|||
| 14,083 12,338 130 1,379 1,670 |
|||
| 29,600 |
19
Re:Work Ltd
Notes to the financial statements
For the year ended 31 March 2024
12. Creditors : amounts due within 1 year
| **12. ** | Creditors : amounts due within 1 year | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors | 7,680 | 4,240 | |
| Other taxation and social security | 1,963 | 2,908 | |
| Deferred income | 420 | 420 | |
| VAT | 1,533 | - | |
| Accruals | 7,417 | 9,976 | |
| Conduit funding (note 15) | 2,530 | 8 | |
| Other creditors | 910 | 4,518 | |
| 22,453 | 22,070 | ||
| 13. | Analysis of net assets between funds |
| Analysis of net assets between funds | |||
|---|---|---|---|
| Restricted | Unrestricted | Total | |
| funds | funds | funds | |
| £ | £ | £ | |
| Tangible fixed assets | - | 12,703 | 12,703 |
| Current assets | 91,182 | 47,180 | 138,362 |
| Current liabilities | (8,554) | (13,899) | (22,453) |
| Net assets at 31 March 2024 | 82,628 | 45,984 | 128,612 |
| Prior period comparatives | |||
| Restricted | Unrestricted | Total | |
| funds | funds | funds | |
| £ | £ | £ | |
| Tangible fixed assets | - | 14,908 | 14,908 |
| Current assets | 5,558 | 46,438 | 51,996 |
| Current liabilities | - | (22,070) | (22,070) |
| Net assets at 31 March 2023 | 5,558 | 39,276 | 44,834 |
20
Re:Work Ltd
Notes to the financial statements
For the year ended 31 March 2024
14. Movements in funds
| Movements in funds | ||||
|---|---|---|---|---|
| At 1 April 2023 £ Restricted funds - - BCC - CRF Fund - Energy Redress Scheme - Feeding Bristol - The Grocers Charitable Trust - Ironmongers - John James Foundation - 298 National Grid - - Nisbets - - - 260 5,000 Springfield Allotment - Unite Students - Total restricted funds 5,558 Unrestricted funds General funds 39,276 39,276 Total funds 44,834 Total unrestricted funds National Lottery - Awards for All Ambition Lawrence Weston - Emergency Giving Fund Knowle West Alliance - Welcome Spaces Bristol City Council (BCC) - Levelling up Fund Portishead Nautical Trust QCF - Restore training QCF - Springfield Quartet Community Foundation (QCF) - Restore |
Income £ 2,570 43,440 36,800 12,747 1,650 5,000 2,864 5,000 - 10,000 10,000 20,000 3,000 3,000 - - 3,397 2,055 161,523 219,955 219,955 381,478 |
£ (2,570) (30,150) - (12,747) (1,435) - - (5,000) (298) (7,683) (8,291) (6,000) (3,000) (3,000) (260) - (2,055) (255) (82,744) (214,956) (214,956) (297,700) Expenditure |
Transfers between funds £ £ - - - 13,290 - 36,800 - - - 215 - 5,000 - 2,864 - - - - - 2,317 (1,709) - - 14,000 - - - - - - - 5,000 - 1,342 - 1,800 (1,709) 82,628 1,709 45,984 1,709 45,984 - 128,612 At 31 March 2024 |
|
| 82,628 | ||||
| 45,984 | ||||
| 45,984 | ||||
| 128,612 |
Purposes of restricted funds
Ambition Lawrence Weston - Crowd funder campaign to make grants to local families in the Emergency Giving Fund area.
21
Re:Work Ltd
Notes to the financial statements
For the year ended 31 March 2024
14. Movements in funds (continued) Purposes of restricted funds (continued)
Bristol City Council (BCC) - To support the charity’s ongoing role in the immediate project area Levelling up Fund and specific support for delivering the Department for Levelling Up Housing and Communities funded Levelling Up work at Filwood Broadway.
BCC - CRF Fund Funding to purchase an electric van.
Energy Redress Scheme Working in partnership with Bristol Energy Network, the ‘Keeping Warm this Winter’ project will use practical training, advice, and home visits, to prevent people falling, or falling further, into fuel poverty.
Feeding Bristol Providing food for volunteers at Springfield Allotment and towards facilitator costs.
The Grocers Charitable To fund a part-time learning support worker who can enrol young Trust people in appropriate online courses and support them in achieving qualifications in key skills of literacy, numeracy and ITC.
Ironmongers For machinery and equipment to support students’ creative ideas in the workshop.
John James Foundation Funding towards the electricity and running costs of Re:store.
Knowle West Alliance - To pay for staff time to run open access and drop ins offering a Welcome Spaces response to the cost of living crisis over the Winter period. National Grid Providing energy efficiency packs and equipment to the local community. National Lottery - Awards for Springfield Allotment project development for staff time and All materials.
Nisbets Funding towards core costs to develop strategic and business planning and also towards developing our online presence and e- commerce, as well as managing our shop to boost profitability. Portishead Nautical Trust Funding towards the running costs of Re:store. Quartet Community Funding towards the running costs of Re:store. Foundation (QCF) - Restore QCF - Restore training To help people learn and share their skills and compact isolation and loneliness. Upskilling staff to help signpost people for advice and support. QCF - Springfield To set up an independent power supply using renewables at Springfield allotment.
22
Re:Work Ltd
Notes to the financial statements
For the year ended 31 March 2024
14. Movements in funds (continued) Purposes of restricted funds (continued)
Springfield Allotment
Small pots of funding (£1,000 or less) towards the cost of developing the Springfield Allotment site and related activities.
Unite Students
Fundraising and volunteering by Treasury Staff to build fencing, raised beds and polytunnel at Springfield Allotment.
Transfers between funds
Transfers between funds represent the purchase of capital items.
Prior period comparatives
| Restricted funds Ambition Lawrence Weston CHEESE - BIF funding Clear Channel - Springfield D'Oyly Carte Energy Redress Scheme Fareshare Foundation for Children - Workshop Other restricted donations Total restricted funds Unrestricted funds General funds Total funds Ambition Lawrence Weston - Emergency Giving Fund Knowle West Alliance - Springfield Knowle West Alliance - Welcome Spaces Quartet Community Foundation - Megawatts Total unrestricted funds Foundation for Children - Fundraiser Quartet Community Foundation - Restore training Quartet Community Foundation - Springfield School for Social Entrepreneurs |
At 1 April 2022 £ 113 - 2,475 - 1,879 - 2,421 753 - - - - - - 3,000 - 10,641 56,108 56,108 66,749 |
Income £ - 4,000 - 10,000 - 13,070 - - 6,000 3,000 2,047 4,000 2,900 5,000 - 487 50,504 219,631 219,631 270,135 |
£ (113) (4,000) (2,475) (10,000) (1,879) (13,070) (2,421) (753) (6,000) (3,000) (1,749) (4,000) (2,640) - (3,000) (487) (55,587) (236,463) (236,463) (292,050) Expenditure |
£ - - - - - - - - - - 298 - 260 5,000 - - At 31 March 2023 |
|---|---|---|---|---|
| 5,558 | ||||
| 39,276 | ||||
| 39,276 | ||||
| 44,834 |
23
Re:Work Ltd
Notes to the financial statements
For the year ended 31 March 2024
15. Conduit funding
| Conduit funding | ||
|---|---|---|
| Balance at start of year Funding received during year Funding distributed during year Balance at end of year |
2024 £ 8 8,160 (5,638) 2,530 |
2023 £ 162 - (154) |
| 8 |
Conduit funds are monies received for third parties and do not belong to the charity. The charity passes them through the accounts under a unique project code as a service to other charities to help their charitable purposes, but does not claim gift aid nor has control over their use. The receipts and payments referred to above have been excluded from the Statement of Financial Activities. Conduit funding is held on behalf of We are More Afterschool Club and Filwood Community Gardening Group.
16. Related party transactions
During the year, Re:Work Ltd received unrestricted donations totalling £6,000 from one trustee (2023: £19,038).
24