Ch•rlty Reglstration Number: 1104903 (England & Vlal*s) Company R•glstratSon Nurnr= 05114575 TOOLS WITH A MISSION (A Company Limited by Guarantee) ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
TOOLS WITH A MISSION CONTENTS Pagè Legal and Administrative Information The Report of the Trustees Statement of Trustee Responsibilities Independent Auditorfs Report 10-12 Statement of Financlal Activitiès Balance Shgel Statement of cash flows Notes to the Financial Statements 16-27
TOOLS WITH A MISSION LEGAL AND ADMINISTRATIVE INFORMATION L•gal structurn The Charity is a company lirniled by guarantee incorporated In England and Wales. TrusteeslDlr•ctors Mr S Danks Mr K Holbum Rev C Mukanga (resigned 10 Junè 20231 Mr B Orchard (Company Secretary) Mrs P Parker Mr D Williams (appointed 9, January 20241 Mrs H M Potts18PPOlllted 20th February 20241 CEO Mrm Griffin Company reglstratlon number 05114575 Charity re9lstration nUmr 1104903 (England & Walesl Registernd offie• Unit 2 Bailey Close Hadleigh Road Industria5 Esiale Ipswich Svffolk IP2 OUD Independent Audltor Helen Rumsey FCA Ensors Accountants LLP Connexions 159 Princes Street Ipswich Suffolk IP1 1QJ Bankers Barelays 1 Princes Street Ipswich Suffolk IP1 1PB
TOOLS WITH A MISSION THE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023 Tha Tnjstees. who are also directors of the charity for th purposes ol the Companiés Act 2006, present their report with the financial statements ol the charity lor the yeBr ènded 31 October 2023. Th&se hav8 been prepared in accordance with the provisions of the Charities SORP IFRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 and the Companies Act 2006. When setting objectives. d8v81oping strategies and undertaking activities, the Trustees have given careful consideration lo the guidance on public benefit provided by the Charity Commission for England and Wales. The infomiation on page 1 fonns part of this report. Throughout thls report, the temi"TnJstees" is used to denots the directors of the eompany. Obje¢tiv¢s Aims and objectives of the charlty Tha principal activity of Tools with a Mission ITWAMI is tts givo Pfdcts'cal expression to thè Christian faith by the provision ol tools and equipment to community-based projects, training workshops and trainees. Thè Charity collects donated usable tods, fUrf0bsheS them. sorts into trade knts and send5 them to the developing worfd ft)r livelihood creation. In this way, it aims to alleviate povety within communities affected by lack of education and employment. We work wth churches, comrnunity groups and NGO'S to develop skills training centre5 providing vulnerable peoplo of 811 ag85 with practs'cal $kill$ th8t18ad to employrnent and the alleviats'on of the effects of poverty. 1.2 The 2020-2025 Strategic Plan During 2023 the CEO and Board of Trustees continued the implementation of the 2020-2025 Strategic Plan. The In8in objective met was the start of operations in Malawi and Tanz8ni8. In-country partners were appointed. UK based volunteer Country Coordinators appointed and both countries opgn8d for application in 2022. 8 result, the first container lo Malawi was despatched in January 2024 with the Tanzania contsin8r to follow later in th& y88r. In 2024 Burundi has been added to the list of supported countries and the application pn>cess opened in January 2024. The Rugby Refurbishrnent Centr8 which opened in August 2022 is continuing to increase capacity with six ntainers d95patchèd in 2023 and eight planned for 2024. As a fesult. TWAM i¥ on t8rggt to reach i¢s objeth.ve of doubling output by the end of the Strategic Plan. Volunteer Open Days in Rugby have been very successfvl and have increased the volunteer wotdorce to around 80. This is the number required to Teach the intended output of one 20ft container every four weèks. Ip5wi¢h also benefitted from Volunteei Open Days and targeted Facebook campaigns have recruited dnvers and volunteers across England 8nd Wales. In summary TWAM continued to méet the objectives of the 2020-2025 Str81egic Plan. Revlew ot the Year The cornmitment of OUT wonderful paid and unpaid staff throughout th8 UK r8mains our greatest asset and we are most gr8telul to them for undertaking the multitude of tasks nee(Jed to prepare a cont8in8r ready for shipment and to comply wlth the 8v8r-incr828ing compliance requirements being imposed upon us. Without thern, a charity of our 3r£e could not operate. Contaln•rs and toolklts dospatehed The period 1 November 2022- 31 October 2023 saw fourtèen 20ft containets and th¥e8 40ft wntainers despatched to Afri¢a. Six 20ft containèrs were dèspatched to Uganda, one 20ft to Zimbabwe and seven 20ft and thr8 40rt despatth8d to Zarnbia.
TOOLS WITH A MISSION THE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023 These containars Included 14,748 toolkits and machines, up from 12,500 in 2021-2022. The key items refurbished and daspatched wèrè= 2022-2023 2021-2022 3,465 216 784 278 325 637 3,000 250 680 185 240 800 800 100 250 350 100 180 250 Sewing Machines. Knitting Machines, Carpentry Trade Kits, Cèrpentry Workshop Kits. Boxes of Drills and Power Tools, Computer5 BuildeF5 Kit5, Groundworkers Kits, Agricultural Kits. Motor Mechanics Kits. Mechanics Workshop lfjls. PILJmbers Kits, Electricians Kits 145 273 472 176 244 329 The demand for Mèchanic's. Electrician'3 and Plumber's Kits has significantly incre858d. renecb'ng the eledrificalion of Africa, ifflprovements in sanitation and the ineieasing number of people owning vehicles. The fv40 largest increases were in Carpentry and Mèchanies Workshop kits which are designed to provide all the essential tools for a training centre and workshop. This reflects the increasing d8mand from new groups se8king sat up t<K)Is from TWAM and this 13 exp8nding the reach of our impact across 811 tho countries we serve. TWAM 5UPPOrted 487 skills centres. community training groups and schools. Th858 groups betsveen them mel the foll¢)wing needs (many groups met more than one needl.. 2022-2023 2021.2022 334 319 70 64 46 260 220 76 40 66 23 supported Women's Gr¢)ups and Widows worked wilh Young People and school ¢Jrop outs supported Vulnerablg Peopl8 supported Schools WOTked in Cornmunity Development Worked in devèloping sustainable agriculture supported Orphans worked with Men suffering long tem unemployment supported Street Children sèt up Disability support groups supported those affected by HIVIAlds worked to free Sex-work8r5 supported the Elderfy supported Ex-offender3 supported Refugees worked to alleviate Environmental Issues 237 121 55 99 80 19 16 30 16 99 13 49 35 13 20 A challenge f8c8d by TWAM at the end of 2023 and continuing into 2024 is the Rgd S88 Crisi5. This has delayed our containers but m05t importantly increased our Shipping costs by approx. $2,500 pereontainer. Careful budgeting and a targeted appeal have helped mitigate these costs.
TOOLS WITH A MISSION THE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023 TWAM Volunteer team TWAM has an amazing voluntegr t98m supporting what we do. Many are retired, b¢Jt we also work with long term unemployed, ex-military personnèl in rèhabilitslion pro9rammes, èx-offenders and young peoplè with Support Workefs. In total we have approx. 80 In our Ipswich Refurbishmenl Centre team. 8 in our Head office tèam. 80 in our Rugt*y Refurbishment Centre team, 13 in our Halstead Relurbishrnent C6ntr8 t8arn. 24 in our Chastèrfèld. Chichester, Somerset and Sutton Coldfield local volunteer 9roups. 40 in our Van driving learns operal'ng S vans, 240 Volunteer Tool Collectors, 18 UK based volunteer CoLJnlry Coordinators and 6 Board of Trustee volunteer5. They are supported by 200 Volunteer8 in Africa. In total TWAM h88 around 520 vo1unt6ers across England and Wales. In 2022-2023 TWAM introduced a new volunteer support pa¢k8gg called Assemble. This will process volunteer applications and be the database for all volunteer infomafjon And docurnentslion. 11 has had an 80% take up rate. In 2023 TWAM was put forward for the King's Award for Volunteering by Sufft)Ik County Council and the Lord Lieutenant of Suffolk. Support of Ind•pond•nt workshops In addition, there a 7 independent volunteer-led wothshops based a¢ros8 England and Wales with around 100 volunteers between thern. They are Tool Aid Ringwood. Sheffield Tools4Afriea, Medway Volunteer Group, Tendring Tool Ki15 for Africa. Tools4Africa Soulhminster, St John's Kabin in Kenilworth and Men's Shed Christchurch in 8ebington. TWAM is 8150 developing links with Men's Shed across England and Walgs with staitng tool collection. refurbishment and kit assembling in 2022-2023. Envlronm•ntal Impact TWAM has always had its green credentials and sustainability at its heart. We b8li8ve a hammer should rern8in hammer. so we charnpion reusing tools rather than reryding them. It lakes far lass rèsources to refurbish a trx)I raiher than recycling it and tuming it into something else. Therefore. WE' proud thht we have been able-. To save around 280 tonnes of tools from potentially going to landfill and shipplng them to Africa. To save over 110 tonnes of tools not suitable for Africa from potentially going to landfill by selling them for recycling or reuse. To save nearfy £1,500,000 by refvrbishing and reusing tools, Talher than buying them new. This all amounts to 1,367.173kg of C02 8mis$ions $8ved evgry yè8T. Wè believe this all adds up to B superb life-tfansfomin9 achièv8mènt. In 2022 TWAM won the BBC Radio Suffolk'make a Difference. Environmental Award. Natlonal Trainlng Programme In response lo the decision not to pursue the opening of 8 Training and Distribution Cen¢re in Zambi8. TWAM has embarked on an ambitious plan to Introduce an online and in-person training programme within all the countries we support. A team of three volunteers and one member of staff have been recruited in the UK to develop the programme. A survey was sent to all reCients of TWAM tools over the past thrèè yèars asking.. What tools they would like training in maintenance, repair and safe use Whether they would prefer online or in-per50n training Where they could travel to for in-person training and what costs they could incur Ovèr 200 groups responded and this data was bèing analysed at the of 2023. The intentson 18 the 'train the trainers, by inviting one person from each recipient group to attend training and then retum home lo train everyone in their group. This wll indude all trainees who have already graduated and who are contsctable. The cours85 will also teach bookkeeping, entrepreneurship and strategic planning. During 2023-2024 training videos will b8 produced in Uganda with pilot in-person training courses taknng 8ce in Uganda, Zambia and Zimbabwe In 2025. Thè èntire 8mbitious progr8mrne including the recruitment of in-country National Training Officers and a team of qualified trainers will start in 2026.
TOOLS WITH A MISSION THE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023 Tool Application Programm? TWAM introduced a brand-n8w programme to procgss assessments in 2022-2023 and wlll extend this to cover the entire procèss from tool application through lo container export documentation in 2023-2024. This is a major software package that will revolulionisè the whole application process. This has baèn developed by a volunteer. Annual Gengral Meeting Th8 AGM wa5 held in June in-person and via Zoom in Famham, SuThey. Those membgrs who could not attend were offered a postal vote. We conducted all the formal business. The Trustee5 have agreed to a full asjdit and are p188sed that Ensors have found OLÈr acixjunls to be in good order. Gov•manea and Flnance The Charity 1$ coristitkjted 8s a Company Limited by Guarantee and is adrninistered by the Trustees under the tem8 and condition5 of its Mernorandum and Articles of Association. It is registered with the Charity Commlssion for England and Wales and with Companies House. 3.1 Governancg The Charity is 8drninisteréd by the Trustees at their regular meetings. The Trustees me8t via Zoom and in-person. Personn81 with sp8cialist knowle¢Jge are recruited lo or consulted by the Board, as the n8ed arises, to ensu the srnootty running and development ol the Charity New Trustees land those standing for re-election on a three-yeady basi51 ar8 elected by the membe¥s of the Charity at its AGM. Th8 Secretary maintains an 8ccurato and up to ¢Jale regisier of 8bers. The Chief Executiv8 Officer, who Is appointed by the Tru$te85 and is directly respoTTrsible lo the Chairperson. manages the day-to-day affairs ofthe Charity The Trustees h8ve th• responsibility ofover8eeing the fin8nces ol the Charity. 3.2 Flnance The accounts for the year ended 31 October 2023 show net outgoing resourc8s lor the year of £94,285 12022.. Incoming resources of £98,887). Total fund b818nces amounted to £816.34312022.. 910,6281. The Finanoial R8serve was reviewed during the year and it was decided to leave it at £100,000 total funds on hand at any one tlrn8. This is considered to adequately cover all running costs for six months. After some years of surplus, which allowed the Charity to buiSd healthy financial reserves due lo the gen8roslty of our donors, 2023 saw a deficit of £94,285. A deficit forthe financial year was budgeted for, costs associated with the new cgntre in Rugby showing their iTnp8ct for the full financial year (both operational and setup inveslmentl, along with th9 Cost-of-living increases that the country in general 15 experiencing. 3.3 Inve$tmgnt Policy The trustees are mindful of the effèct of Inflation in deplebng purchasing power and therefore seek to diversify away from cash. The totsl valuè of invèstments in CCLA Funds al the end of the financi81 y88r w8s £102,506 comp8r8d to a historical cost of £90,000. 3.4 ThVAM Policl•s During the year, the Board agreed a schédule wh8réby policies are subject to regular revisw. Such policies include those relating to ov8rall Financial Controls, Mon9y Laundering, Discrimination. Social M8di8. Health and Safety, Safeguarding. Data Protection and Complaints and Grievances. TWAM has engaged Cilalion lo r8view Its Human ResouTces PKJlicie5 and to provida legal and personnel advicè when quIred.
TOOLS WITH A MISSION THE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023 The Charity has prepared a Risk Register to identify risks and to enable an assessmont of the likelihood of their occurrence and their potential irnpacl. The Trustees have spènt wnsiderable time during 2023 reviewing and updating the Risk Asse55m8nt Registsr. This and the accompanw'ng Disaster Manag8ment plan are regularfy monitored and reviewed by the Board. 3.5 Golng Cone•rn At the time of approving the financial statemants. the trust88s have a roasonab18 expectation that thtr charity has adequate resource5 to continue in operational existenep for the foreseeable future. Thus the trustees conOnu8 to adopt the going concern ba818 of accounting in preparing the financial statements. Oporatlons 4.1 Staff TWAM has eight paid stÈff in the UK.. a Chief Executive Officer ICEOI. a Fundrdisiry and Communication Officer. an Office Manag8r, a Volunteering Coordinator, two Refvrbishmenl cent Manager5 Ilpswch and Rugby) and two Refurbishment C8ntre Apprents'ces IIp5wich and Rugby). All other staff associated with the Charity, including the Trustges, are volunteers, We are constantly aware ol the need for training for our staff. paid and unpaid. with much of it providèd on the job, alongside those currently engaged in the task. Some specialist trainlng is carri8d out by outside training providers. Training requirements are Identled by the Management Team under the leadership ol the CEO, which th8n en$uS that the appropriat& action is taken. Senior Management remuntsration is agreèd as part of the annual pay revi8w by the Board of Truste6s. Their decision is based on the recommèndation ol th9 Chairperson and on the r8Vi8w of the perfomance and meeting ol measurable objectives set in the annual appraisal. A periodic rèview of data sources such as Charity Jobs Supports this deu510n-making process. 4.2 Transport Containers begin their joumey to Africa from the Ipswich and Rugby Refurbishment Centras. Tho distribution of 3hipments. once they reach their destination is supervised by our in-country partners. TWAM operates a fleet of five vans based in Ipswich, Rugby. Maidstone, Famham and R8dcar. All are staffed by volunteer driv8rs who cary out collections of donated tools and equipment. 4.3 Cooperatlon wlth other organlsatlons Wè consider it vttal to cotspèrat& with othèrorg8nis8tions and to support people with leaming difficulties and thg long tem unemployed through Pfovlsion of volunteering opportunities. TWAM remains In discussion with Nvo UK based charities, one supplying IT equipment and thè other gducalional books. It is hoped that they will provide equipment to applicants TWAM can no longer supply following the decision to stop S8nding books and reduce the number of computers we send to each group to a MaXmu of Iwo. 4.4 Fundraising Activitles Tools with a Mission relies predominantly on individual donor and church support. Our fundraising activities refflect this with our magazine TWAM News sent quarterly to approximately 3,500 peDp18 and groups. In addition, we make 4 appeals per year, usually to support specific financial needs within the charity. Trust and corporate support is becoming incr&asingly important to TWAM. In p8rticular. this year we would like to acknowledge once again the generous And long-tgrm support of thg Laing Farnily Trusts and The Aall Foundation. We do a legacy appeal annually and recaivè many'in-mamorf gifts. Atemalwe gifts are available all year and provè vèry popular at Christmas. and a rang• of lèaflets prtsmot8s our work across the UK.
TOOLS WITH A MISSION THE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023 Online and sociBI rnedia is an incrèasingly irnportant communication tool and we send a supporter e-news monthly to appmx. 4000 people up from 3500 in 2021-2022. Our social rnedia presence has seen significant developrnent and growth with the appointment ol our Fundraising and Communication Officer. Facebook has seen growth of 55 / and the overall r88ch on Facebook increased to 180%. Our cornplaints procedure is available on our website and during 2022-23 we received no cornplaints. We PT8cti¢e Inspirational fundraising, segking SUPPOrt through the recognition of the v81u8 for money, environtnental responsibility and su5t8inab¢lity of the projects we support. We are compliant with the requirements of the General Data Protection ReqU1ments and individuals can opt out from receiving frjndraising communications from us. 4.5 Prfnclpal Rlsks and Uncertaintie As a charity which derives th8 most significant part of its incorn8 from donations by the gèn8r81 public. the 8oard can never be certain abtrut the level of income to be recewed and has therefore lo manage expenses and overhead costs accordingly. To guafd against an unfores99n shortfall in incorne. the charity maintains a reserve of £100.000 which the Board has judged adequalg for the purposè. The Board recognise5that in sending tools overseas, it cannot have direct contml overtheir distribution lo applicants. To mitig8t8 this risk. the charity works with local pariner organi5ations or NGOS in each COLJlltry, who ovars8è distribution on its behaw. The risk is further reduced through regular visits to recipients 8nd partners by Boarfl mernbefs. staff and volunteers from the UK. 2022 saw a rigorous in.covntry impact assessment procedu Smplemented with the appointment of UK bas8d impact assessrnent Country Coordinators for Uganda and Zambia and two lrnpact Assessment Managers in Zambia and one in Uganda. In other countries the UK based Country Coordinator and in-county partnar work tog8th•r to cary 04Jt the a55essments. The charity is h88vily dependent upon the willingness and conb'nued av8i18bility of volunteers to support its work. Aw)rdingly. the ongoing availability and anlicipaled future need for volunteers is closely monitored lo ansure $uffi¢ient numbers are available to permit its obj8ctive8 to be rèalised. 4.6 Conclusion During 2022-2023 TWAM continued to fulfil the ambitious objectives of the 2020-2025 Strategic Plan. TWAM 8150 ntinued thè implemèntation of the Africa Impact Assessment Pro9ramma and began to develop the National Training Plan. It saw two new countries join those supported and one begin the process of jiining those we serve. Within Ihg UK TWAM recruited nearfy a hundred new volunteers across all volunteer roles. It is fair to say that TWAM has had anolh8r rernarkable year. The Tru5tè8s acknowl8dg& that Blthough the Charity incurred 8 d8ficit in 2022-23, 8$ was budgeted for, TWAM'S 3UPPOrter remains extrgmely generous Wlth donations. and this is allied to ijisciplined and effective controls on expenditure. The Board wshes to recognise the work of the CEO, staff and volunteers in 8chieving all of this. They would also like to acknovAedge the faithfijlness of God in leading TWAM so cleaTIy. This report shows that TWAM has at its h88rt an ènomious group of loyal people. who ar8 811 prgpared to get involved. We are deepty grateful lo them all for thout such a level of enthusiasm and supwrt. TWAM would not exi51. In bringing this report to a close th9r$ Is onè othèr itern to detstl. This port is written once the new financial year IS underway. and this November brought the news Ihat our Chlef Executive Officgr, Mike Griffjn, has derided to188V$ Tools With A Mission. Mike joined TWAM in May 2015 and in the intervening 9 years he has lèd a significant Iransfomiation ol th8 charity. In this lime, the charity has become significantly mor8 robust with a vast improvement to its pollcies and procedures, a more professional image and, as a r8sult. a foundation has begn laid that allows th• growth that is starting to come through the WO ol the Strategic Plan.
TOOLS WITH A MISSION THE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023 One of Mike's significant deasions early on in his tenure was to reduce the number of countries to which we sand tools. At the time this felt like a backward step but without it the charity would not be in the position it now finds itseK, well on the way to doubling our oulpul, and now opening up to more counlries again, but frorn a much more Sustainable base. Mike's leadership also saw u$ through the pandemic period. exiting the multiple lockdowns In a much slrongeT position than many charities. We Tnust 8150 acknowledge Linda Gnffin'5 rolg, not only has she supported Mikg but, as Importantly, sme has held significant voluntary role5 across the organisation that have made a differenea to the life of the charity. Our thanks and prayers go with thern as they search for their naxt challenge. Stat•m•nt as to dlsclosur• to our auditOfS In so far as the Trustees are aware at the time of approving our Trustees, annual pOrt.. there is no relevant infomiats'on, being infomiation neede(J by the auditor in connection with pr9paring their report, of which the Charity's auditor is unaware,. and the Trustees, having made enquiries of fellow trustees and the Charity's auditor that they ought to have Individually madè. have 88ch taken all steps th8t they are obliged lo lake as a trustee in order to makè themselves aware ol any relevant audit inlomiation and lo e5tsblish that the auditor is aware of that infonnation. ON BEHALF OF THE 80ARD Mr S Danks Tru$tè& and Ch8irpgrson
TOOLS WITH A MISSION STATEMENT OF TRUSTEE RESPONSIBILITIES FOR THE YEAR ENDED 31 OCTOBER 2023 The Trustee5. who are also the directors of Tools with a Mission for purpose of company law, are responsble for preparing the Trustees. Report and the accounts in accordanc8 Wlth applicable law and United Kingdom Accounting Stsndard5 (United Kingdom Generally Accepted Accounting Pr3cticg1. Company Law r8quires the Trustee5 to Prepare accounts for each financial year which give a Iruo and fair view of the State of affairs of th6 eharity and the incoming $oUrCeS and application of sourCes. including the income and expenditure. of the charitable company for that year. In preparing these accounts. the Trust8ès aT8 required to.. Select suitable accountin9 polieias and then apply Ihern consistently.. Observè the mèthods and principles in the Charities SORP.. Make judgemenis and estimates that 8r8 rèasonable and prudent,. an Prepare the accounts on the going concem basis unless il is inappropriate to presume that the charity will continue in operation. Thè Trustees a responsible for keeping adequate accounting records that disclose wth r88son8bl& 8ecuracy at any lirnè thè financial position of ihe charity and enable them to ensure that the a¢¢ounts etstllply with th8 CoFnp8ni8s Act 2006. They are also responsible for safeguarding the assets of the charity 8n¢J hen for taking rg8son8bl$ stèps for the pventIOn and detection of fraud and othèr irrègularities.
TOOLS WITH A MISSION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TOOLS WITH A MISSION Oplnlon W8 have audited the financial statèments of Tools with a Mission (the 'Charilable Company'l for the year ended 31 October 2023, which comprise the Statement of Financial Activitiès, the Balance Sheet, Staternenl of Cash Flows and the notes to the financial statgrn8nts. including a summary of significant accounting policies. The financial reporting ffamework that has been applied in their preparation 15 applicable law and United lfjngdom Accounting Standards, including Financial Reporting Stsndard 102 The Financial Reporting Standard applic8ble in the UK and the Republic of Ireland (United Kingdorn Generally Accepted Accounting Practice}. In our opinion, thè financial statemants.. givè a truè and fairvièw ofthé state of the charitable company's affairs as at 31 October2023 and of its incoming resources and application of resources, for the year then ended., have been property prepared in accordance with Uniteij Kingdom Generally Accepted Accounting Practice,. and have been prepared in acco¥dance with th8 rèquirements of the Companies Act 2006 Basls for oplnlon We conducted our audit in accordanc8 with Internationa1 Standards on Audth"ng IUKI IISAS IUKII and applicable law. Our r8sponsibilities undèr thtssé standards 8r8 fvrther described in the Auditor's r85ponsibilities for th8 audit of the financial statèments s8thon of our r8POrt. We are independent of the charitable company in accordancè with the 8trical requiremenis that 8r8 relevant to our audit of the financial statements In the UK, including the FRC'S Ethical Stsndard, and we havg fvlfilled our other ethical responsibilities in accordance with th8se requirements. We be118Vg that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Concluslons r•latlng to golng conc•rn In auditing the financial ststemènts, we havè concluded that the trustees, use of the wng conc9m basis of accounting in th8 preparation ol th8 financial 8181ernen15 18 8ppropri81e. Based on the work we have performed, we have not identified any material uncertainties relating lo events or condib'ons that, individually or ¢ollectlV8ly. may cast significant doubt on the charitable company's ability to continue as a going ncgrn for 8 p8riod of at1983t hvelve rnonths from when the financial statements are auth0ri58d for i55ue. Our re$ponsibilib85 and the respon8ibilities of the trustee5 Wlth respect to going concern are described in the relevant 8eclions ofthis report. Other Information The tnJstees are responsible for the other infomation. The othgr Infomiation compri8es the infomiab'on included the annual report, other than the financial statements and our 8uditorfs report thereon. Our opinion on the financia statements does not cover the other Infomation Ènd, except lo the exlenl otherwise explicitly stated in our report, we do not express any form of assurance eonclusion theraon. In connection with our audit of the financial statem8nls, our responsibility is to read the other infomation and. in doing so, consider whether the other inform8tion is m8t8ri8lly inconsistent with the finanaal statements or our knowledge obtained in the audit or othemise app88TS lo be materially misstated. If we identify such materi81 inconsistencies or apparent material misstatements, we are required to determine whelherthere is a material rnisstatement in the financial gtat8mènts or a material mi&%tatèrn8nt of the olher information. If, based on the work w6 have perft)rrned, we condudè th81 there is a matèriAI misstslemenl of this other information, we are required to report that fact. We have nothing lo report in this regard. 10
TOOLS WITH A MISSION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TOOLS WITH A MISSION Oplnions on other mattgrs pr¢$crib•d by thg CompanSes Aet 2006 In our opinion, based on the work undertaken in the course of our audit.. the infomation given in the TTUSt8es' Report. which includes the directors, port Prepared for the purwse$ of company law. forlhe financial yearlorwhich the financial statements are prepared is consistentwith the financi81 statemènts,. and th8 director5, report included within the Trustees, Report has been prepad in accordancè wth applicable legal requiremenis. Matt•rs on whieh we ar• requlred to report by exception In the light of the knowledge and undefstanding ol the charitable company and its nrOnment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the Trustees, Report. W8 have nothing to report in r85pect of the following mattgrs in relation to which the Cornp8ni8s Act 2006 require us to r8POrt to YOLJ if. in our opinion.. adequate and proper accounting CordS have not been kept." or retums adequa18 for our audit have not been received from branches not visited by us., or the financial statements a not in agreement with the accounting COrdS and Telums,. or certain disclosures ol truste6s' remuneration specified by law are not matse", or we have not received all the information and explanation5 we require for our audit", or the trustees were notenliued lo preparè the financial statements in accordance with tho small compantes regime and take advantage of the small Companies. exempts'ons in preparing the Trustees, Rèport and from the requirement to prepare a strategic report. Responslbllltlos of Trustees As &xplained more fully in the stalerrent of trust885' responsibilit18S, the trustees. who are al89 the diredots ftsr tha purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they givÈ a true and fair view, and for such internal control as the trustee5 detemine is necessary to enable th8 preparation of financial statèmants that are free from rnaterial rnisslatern8nt, whather duè to fraud or error. In preparing the financial statements, the trustees a responsible for assessing th8 charity's ability to conts'nue as a going concern. disclosing, as applicable, matters related to going concern and using the going corscem basis of accounting unless the twst88s either intend to Ilquidale the charitable wmpany or to cease operations. or have no realistic alternats've but to do so. Audltoes responsibilltles for tho audit ot the financial stat•m•nts Our objectives are to obtain reasonable assurance about whether the financial slalemenls as a whole are free from rnalerial misslalemenl, whether due to fraud or error. and to Issue an auditor's ptsrt that includes our opinion. Reasonable assurance is a high level of assurancè. but is not a guarantee that an audit conducted in accordan¢8 wth ISAS IUKI wll always detect a material misstslement wh8n it exists. Misstatements can arise from fraud OT erTor and are considered rnatèrial il. individually or in aggregate, they oould reasonably be expected to influence the economic dacisions of users tsken on lh8 basis of these financAal statements. Irregularities. including fraud, are instances of non-compliance with laws 8nd ragulations. We d8sign procedures In Ilne with our SpOnsibl11(1es, oudined abovè, t(> detect material misstatements in rèspect of irr8gulariti8s, including fraud. Thtr 9ngagement partner has ensured that the audit team collectively had the required exp8rfgncs. knowledge and ompetgnce to perfom the planned work and identify any relevant irregu18ritias. The extent to which our procedures aTe capable of detecting irregularities, including fraud. is detailed bdow. In planning our audit, we identify and assess the risk of material misstatement within the financial statements, whether due to fraud orerror. In assessing the risk8, consideration is given to the eontrol environfflent linduding Trustees. and management's own processes for idenlificats'on and risk a55essmentl as well as thg nature of the ents'ty, th9 Industry in which it operates and the underfying performance. Consideration is also given to the attitudes and incentives of management to commit fraud, with specific procedures planned and perforrned to respond lo the risk of inappropriate managemènt override of controls.
TOOLS WITH A MISSION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TOOLS WITH A MISSION W8 also obtAin an understanding of the applicable laws and regulations to which the charity must 8dh8re, through discussions with rn8nagement and those charged with governance, as well as commercial knowledge of the sector anrt statutory legislation, in order to determine the key laws and regulations applicable to the charlt8ble ojmpany. Our audit woik included.. Auditing the risk of anagern9nt override of controls, including through tg51ing joumal entrigs and other adjustments for approprialene55. and evaluating the rationale behind significant transactions outside the nomal ¢ours8 of business Assessrnenl of key accounting estimates wilhin the financial stalèrn9nts in orderto ass$ss their reasonablènèss to detemiine whether there is any bias in Ihg estimates. Review of meeting minutgs. Enquiring of man8gemenl and trustees as to whèth8r they are aware of any alleged. suspect8d or 8clual fraud during the year. Performing procedu$ to satisfy oursslvas règarding the charitable company's compliance with applicable laws and regulations, Enquiry of trusteès and managomonl around actual and pc*tentlal litigation and claims R9Vl8wing correspondence with relevant legal authoritsès All audit team members were made awa of the applicbble laws and regulations, as well as potential fraud nsks during the planning stage ol the audit and this was discussed at th8 audit team pl8nning meeting. It wa8 therefore determined that team members all had the relevant awareness and competence lo identify any instanc8s of non-compliance or fraud. There are, however, inhefent limitations to our abov9 audit procedure5. Auditing standards only require us lo enquire of the trustees and management regarding non-complianc8 with laws and regulations. as w8118s VIeW regulatory and legal correspondence lif there is any). It is th8refore possible that instances of non-compliance could be missed, particularfy where thè law in itself is lar removed from any financial transactions. A lurther d95¢riPtion of our responsibili.e5 for the audit of the financ181 stat8ments is located on thè Flnancial Reporting Council's website 8t.. http'.ll¥1.frc.0rg.uk1our-w0rkIAudluAudlt-ad-aS$Ur8nceAstanardS-an-guIdanc81Standard$- and-guidance-for-auditorslAud1iors-$pOft9ib1IIb'es-fOr-audIVDs¢ription-of-8udlt0rS-re$P0n$ib1I1ties-lor-8udlt.aspx. This description forms part ol our auditorfs report. Use of our report This report is made solely to thè charitable cornp8ny'8 members, as a body, in accorilBnc8 with Chapter 3 01 part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stat8 lo the charitable comp8riy's members and trustees those Fnatter5 we are required lo state to them In an auditorfs report and for no other PLJfp05e. To thè fullest extent ptrmittèd by law. we do not accept or assume rasponsibility to anyone other than th8 charitable Company. thè charitablo WTllp8ny's members as a body and the charitable ¢ompany's trustees as a body, for our audit work. for thi5 report, or for the opinions we have fomied. H•lon Rums•y FCA IS•nior Statutory Audltor) For and on behalf of Ensors A¢¢ounlarsts LLP Connexion5 159 Princes Street Ipswich IP1 1QJ Dat8d". W J 2u z 12
TOOLS WITH A MISSION STATEMENT OF FINANCIAL ACTMTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2023 Unrestricted funds Restrlcted funds Total 2023 Total 2022 As r•stat•d Not•s Incom8 and end¢>wmènts from.. Donations and legacies Charitable activities Investrnents Other trading incorne 436,394 5,669 156,781 442,063 156.781 1.097 119.948 469,198 111.520 1,097 119,948 122.499 Total income and •ndowm•nts 557,439 162,450 719.889 703 217 Expenditure on: R8i3ing lunds Ch8ritsb19 8Ctivitigs 42,985 558.734 42,985 39.165 215,219 773,953 556,416 Total resources expended 601.719 215,219 816,938 595,581 Nèt galnslllossesl on investrnenls 2,764 2,764 18.7491 Net Incomlnglloutgoing) re$our¢¢$ before transfers 41.516 52,769 94.285 Transfers betsyeen funds 111,899 1111,8991 N•l Ineomlngl(oulgolngl resources 70,383 1164,6681 {94,2851 98,887 Fund balancas at 1 Novamber 2022 745,960 164,668 910,628 811,741 Fund b41anc•s at 31 Octob•r 2023 816,343 816,343 910,628 The siaternent of financial activities includès all gains and losses recognised In the year. All income and expenditure derive from continuing activilies. The statement of financial aclivib'es also ¢omplie5 Wlth the requirernents for an income and Èxpenfliture 8ccount under the Companies Act 2006. The notes on p4gè$ 16 19 27 fomi part of these financi81 statèments. 13
TOOLS WITH A MISSION BALANCE SHEET AS AT 31 OCTOBER 2023 2023 2022 NotOS Flx•d assets Tangible assets Investments 13 14 360,211 102,506 462.717 368,773 99,742 468,515 Currènt assèts Debtors Cash at bank and in hand ts 54.876 385,958 55,826 446,782 440.834 502,608 Creditors.. arnounts falling due withln one year 16 187,2081 160,4951 Net currènt Assèts 353,626 442,113 Total assèts lèss eurr•nt IlabllStles 816,343 910,626 Incomg funds Rastricted funds UnstCted funds 18 18 164,668 745,960 816.343 816,343 910,628 The financial $181emgnts have been prepared in accordance with the provisions applicable to companies subject to the small cornpanies regimé. Th$ accounts were approved by the Boafd ol Trustees on loly and were signed on its behalf by.. Mrs Danks Trusteg Chairman Th9 notes on pages 16 to 27 fomi part of these financial statements. Company Registration No. 05114575 14
TOOLS WITH A MISSION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2023 2023 2022 Notès Ca$h flows from operatSng a¢tivitl•s Cash generated Irom operations 24 123,4261 89,935 Cash flows from irtvtsting aetlvltles Purchase ol tsngiblè fixed a5S•ts 167,9951 1115,2661 Proceeds on disposal ol tangible fixed assets 29,500 9,170 Purchase of investments {10,0001 Interest Teceived 1,097 137,3981 1116.0961 N•t Incroas8lldecrease) In ¢ash and ea8h èqulval•nts 160,8241 126.1611 Cash and cash equivalents Ht th8 beglnning of the year 446,782 472.943 Cash an(t cash equivalents at th• •nd of thè y•ar 365.958 446.782 15
TOOLS WITH A MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Ac¢ountSng pollcies Charlty Informatlon Tools with a Mission is 3 privat8 company 1irniled by guarantéé incorporated in England and Wales. The registered office is Unit 2 Bailey Close, Hadl8igh Road Industrial Estat8, Ipswich, Suffolk. IP2 OUD. 1.1 Aceountlng eonvèntlon The financial statements havé b8en prepared in accordancè with UK Generally Accepted Accounting Practice. the Cornpanies Act 2006 and 'Aceounting and Reporting by Charitie5' Statement of RecomTnended Practice applicable lo Charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable In the UK and Rapublic of Ireland IFRS 1021.. The account$ have been prepared under the historical cost convention, modified to Include the revaluation of certain financial investments at fair valua. The comparativè incomè d*sclosuros have been reslaled to correclly reflect certain incorne streams as income from other trading activities. The chartty Is a Public Benefit Entity as defined by FRS 102. Thè accounts arè pr$parèd in st8rflng, which is the fvjnclional currency ofthe charity. Monetsry arnounts in these rinancial statements are rounded to the nearest £1. 1.2 Golng conc•m In approving the account5 for the year end8d 31 Oclobgr 2023, the Trustees have a reason8ble expectatlon that the charity has adequate resources to continue in operation for the foreseeable luture. Accordingly, the Trustees continue to adopt ihe going concem basis of accounting in preparing the accounts. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their chafit8ble objectiv88 unless the funds have been designated for other purposes. Restricted funds are subjeci to specific conditions imposed by donors as to how they may be used. Th8 purposes and uses of the restricted funds are set out in the notes to the accounts. 1.4 Incoming resources Income is recognised when Ihe charity is legally entided to rt after any p8rformanc8 conditions have been rn8t, thè amounts can b8 mèasured reliably. and it is probable that income will be received. Cash donats"on5 8re recognised on receipt. Other grants and donaiions are recognised once the charity has been notified of the income, unless perforrnance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deed5 of covenant is recognised at the timè of the donation. Leg8cigs are recognised on receipL or if the charity has been notified of an impending distribution, the amount is known and receipt is expectad. Trf the arnount 15 not known the legacy is treated as a conts"ngent 835eL Income from charitable aCtiti&S is recognis811 on de8palch of goods. Othar trading incomè compri58s rnonies ceiVed in respect of small Christmas gift and card sales. sales of scrap tools (donated but no longer fit for usel and sales of surplus tools lin good working condition but not in d8Thand. thereforè sold lo generate further funds for charitable use). 16
TOOLS WITH A MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Aecounting polici•s Icontlnued) 1.5 Resoure•s •xpÈnded Expenditure is reoognised once there is a leg81 or construclive obligation to transfer economic benefrt lo a third party. it is probable that a transfer of economic benefits will be rÈquid in setuemenl. and the amount of the obligation be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total ol direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to Ihat activity. Shared Costs which ¢ontribLJte to more than one activity and support costs which are nol attributable to 8 single activity are apportioned beeen thosè activities on a basis consistent with the usa of rèsourcas. Cèntral staff costs arg allocated on the basis of time spent, and depreciation chargès are allocated on the portion of Ihtr ass8t's use. Charitable activities includes all costs incurred by the Charity in the delivery of it5 activities and services for its beneficiaries. It includes both costs that can b8 allocated direcuy to 5u¢h activlties and those costs of an indiréct nature necessary lo support them. Fundraising costs include expenditure r8latlng to raising the profile of the charity via their social medi8, regular rnailings. advertising and th wages of staff m8rnb8rs associated wth these activitias. 1.6 Tanyible Itxèd assots Tangible fixed assets are initially measured at st and subsequenuy m985ur•d at cost or valuation. net of depreciation and any ifflpaimient losses. Fixed assets are c8pitslised where initial cost èxceeds £1.000. Depreciation is recognisgd $0 as lo write off the cost or valuation of assets less their residual v81ues over their expected useful lives on the following ba5es- Land and buildings Fixtures, fittings & 8quipmenl Motor vehides & plant 50 yèars 5 years 5 years The gain or loss arising on the disposal of an asset is detemined as the difference behve8n the sale proceeds and the carying value of the asset, and is recognised in ngt incomellexpenditurel for the year. 1.7 Impairrnènt Of fixed assets At each reporting end date, the charity reviews the carylng amounts of its tangible asset$ to determine whetheT there is any indication that those assets have suffered an irnpaimienl 1055. If any such indication exists. the r8coverable amount of the 8sset is estimaled in order to dètamine the extent of the impairment loss lif any). 1.8 Cash and cash èquivalents Cash and cash èquivalenls include cash in hand, deposits h•ld at call wth banks. other short-term liquid investmènts with original maluritles of three months or less, and bank overdrafts. Bank overdrafts are shown thin borrowings in current liabilities. 1.9 Foreign ¢urrèney Monetary a55èts and liabilities denominated in foreign currenci8s are tTanslat8d into sterfing at the ratgs of exchange ruling at the balance sheet date. Transactions in foreign curr8nci85 are recoriled 8t the rate ruling at the dale of th8 Iransath'on. All differences are taken lo the Statement ol Financi81 Activities. 1.10 Pensions The charity pays into a defined Gontribution pension scherne. The contributions payable 8r8 charged to the Statement of Financial Artivities in the year that th8y a payable. 17
TOOLS WITH A MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Aecountlng policl•s (Continued) 1.11 Operatlng leas•s Rentals payable under operating 16ase$, including any lèasa incentives rec&ivad. are charged to income on a straight line basis over the tem? of the relevant188se. 1.12 Taxation The charity is exempt from corporation tax on charitabl8 activities. 1.13 Financial instruments The charity has elected to apply the provisions of Section 11 '8asic Financial InstNments' and Section 12 '0ther Financial Issues, of FRS 102 to all ol its finan¢ial instruments. Financial instruments are recognised in the charity's balancè sheet when the charity becomes party to the conlraclual provisions of the instrument. Financial assets and liabilits'es are offset, with the nel amounts presented in the financial stalements, when there is a legally enforceable right lo sel off the recognised amounts and there is an intention to setde on a nel basis or to realise the asset and settle the liability simultaneously. 8asle finan¢ll 8Ssets Basic financial assets, which include debtors Ènd ¢8sh and bank balances, ar$ inify'ally measured at transaction price including transaction Costs and are subsequently earri8d at amortised cost using the effective intr95t method unless the arrangement constitutes a financing transaction, Whe thè transaction 15 measured 8t the prèsent valug of the future receipts discounted at a markèt rat8 of interest. Financi818ssets classified 85 receivable within one y8ar are not arnortised. 8•5ic financial liabilities Basic financial liabilities, including creditors an¢J bank loar15 are initially recognised at transaction price unless the arrangement constitutes a financing Iransaclion, where the debt instrum8nt is rneasured at the present value of the future receipts discounted at a mark81 rat8 of interest. Financial liabilities classrfjed as payable within one year are not amortised. Dobl instruments are subsequently carried at amortlS8d cost. using the effedve intèr8st rale method. Trad8 creditors are obligations to pay for goods or services that have been acquired in the ordinary cour3e ol operations from suppliers. Arnounts payable are classified as current liabilities if payment is du8 Wlthin one year or less. If not, they are presented as non-currenl liabilities. Trade CdItBr5 are recognised initially at transaction price and subsequently measUd at amortised cost using the effective interest mathod. Dor•cognitlon of finaftcial Ilabililios Financial liabilities are dèr8cognised when the charity's contractual obligations expire or arè discharged or c8nc811ed. 1.14 Flxed asset Inveslm•nts Fixed asset investments ar• iTriti8lly measured at transaction pcO excluding transaction costs, and are subsequently ffleasur8d 8t fair value at each reporting datg. Changes in fair value are recognised in net incomellexpenditurel for the yèar. Transaction costs are expensed as incurred. 18
TOOLS WITH A MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 AceoLrnting policies Icontlnuedl 1.15 Employee benefits The cost of any unused holiday entlemont is r6cognised in the p8riod In which the ernployee's sèrvices arè received. Termination ben8fits are iecogni58d imm8diately as an expens8 when the charity is demonstrably committed to terminate th8 èmploymènt of an amployeè or to provide terniinètion benefits. Critieal accounting èstlmates and jud9ements ID the application of the charity's accounting policies, thg trustèes ar& required lo maka judgements. estimates and assumptions about th8 carrying amount of assets and liabilitie5 that are not readily apparent from other sources. Th8 gstim8tèS 8nd associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estirnates and underfying assumptions are miewed on an ongolng basis. Revi3ion5 to 8ccounting estimates are recognis8d in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where th8 rèvision affects both current and luture periods. Donatlons and legacles Unr•slrlct•d funds R•strfet•d funds Total 2023 Total 2022 Donations and grfts Legacies receivable 409,838 26.556 5.669 415,507 26.556 458.053 11,145 436,394 5,669 442.063 469,198 For the year ended 31 Oetobèr 2022 411,398 57.800 469,198 4 Charltabl• actlvltl•s Unre5trict8d funds Restrlcted funds Total 2023 Total 2022 rgstatsd S8les within charitable aclivilie 156781 156,781 111 520 Restated for the year èndod 31 October 2022 111.520 111,52LI Inv8stments Unmstrfcted funds Re$trlct•d funds Total 2023 Total 2022 Interest CeIvable 1,097 1,097 For th• year ènded 31 Octobpr 2022 19
TOOLS WITH A MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Other trading Income Unrestrfct•d funds Rgstrfct•d funds Totsl 2023 Total 2022 As r•statèd Gift and Christmas card sales Scrap sales Tool sales 6,736 23,206 90,006 119.948 122.499 6.736 23.206 1.338 25,182 95,979 90,006 119,948 122,499 122.499 Restated for the year ended 31 Octobèr 2022 Gift and Christmas card sales. scrap sales and tool 8ale3 have been reclassified as olheT trading income frorn Income from charitable activities. 7 Ralsing funds Unrestrlct•d funds Restricted funds Total 2023 Total 2022 Publicity and fund raising Regular mailings 41.902 1.083 41,902 1.083 30,271 8,894 42,985 42,985 39.165 For th• y•ar ènd•d 31 Oetobèr 2022 39,165 39.165 20
TOOLS WITH A MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Charltablè actlvities Unrestrlcted funds Rèstrlcted funds Total 2023 Total 2022 Staff costs (seè note 111 Rent and rates Insurance Light and heat Postage and telephone Printing and ststionery Sundriés Tools. *aberda5hery purchases & refurbishment Carriage and packaging Vehidè fual and servicing Premises rèpairs and renewals Cleaning and trade rafuse Ov8rseas fr9ight Travelling Legal and professional charges Audit and accountsncy fge Heglth and safety D8preu8tion Profit or loss on disposal Bank charges In country development costs 230,938 54.202 19.471 16,507 16,848 4.399 9,079 20,207 6,767 34,670 5,315 8.316 18.706 249,644 54,202 19,471 16,507 16,848 4,399 9,079 20,207 6.767 34.870 5,315 8,316 169,827 10,456 9,530 10,240 5,426 59,059 112.0041 3.513 72,281 206,356 15,344 11,906 14,948 6,143 3.1S1 7.906 11,204 8.849 38.615 6.734 5,299 98.474 6,805 11.120 8,850 6,110 48,811 19,1701 3,735 45,226 169,827 10,456 9,530 10,240 5,426 32,373 112,0041 3,513 72,281 26,fj86 558.734 215,219 773,953 556.416 For the year ended 31 October 2022 419,108 137,308 556,416 Net gains on investm•nts Unr•strfcted funds Re$trictod fvnds Total 2023 Total 2022 Gainl{lossl on listed investments 2,764 2,764 18,7491 For tho y•ar ended 31 Octobèr 2022 18,7491 18.7491 21
TOOLS WITH A MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Unrestrlcted funds Restrlcted funds Total 2023 Total 2022 10 Net Incomlnglloutgolngl resourc•s Thls Is statèd after charglng". Depreciation Fees payable to the Charitys auditors for the audit of the Charity's financial staternents Profil on disposal of fixed assets 32,373 26.686 59,059 48,811 10,24 10.240 8,850 112,004) 112.004) 19.1701 11 staff costs Unrg¥tri¢ted funds Rèstrlel•d furbd$ Total 2023 Total 2022 Wages and salaries 203,628 16.963 220.591 184,067 Social se¢urity costs 13.953 13,953 11,178 Pension costs 10,006 1.743 11.749 9,212 Staff recruitmgnt costs 1,470 1,881 1,470 so Staff training 1,881 1,849 230.938 18.706 249,644 206,356 Thg average number ol staff during the year was 812022". 71. No employo85 have emoluments over £60,OIX). The remuneration ol key management personnel was £53,99312022= £53,638). 12 Trustees, emolum•nts Trustee5 received no remuneration during 2023 or2022. Thère were payments rnade to fv40 {2022.. three) Trustees during the year for reirnbursement of out of pocket exp8ns8s of £5612022.. £5621. Premiums of £33312022.. £nill have been paid in rèspect of Trustee Indemnity Insurance.
TOOLS WITH A MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 13 Tanglble fixed a¥$ets Land and buildings Motor vghi¢les & plant Flxtur•s, rittings & gquipm•nt Total Cost At 1 November 2022 331,111 124,901 106,326 562.338 Additions Disposals 54,977 137,fj68} 13.018 67.995 {37,6681 At 31 Oclob8r 2023 331,111 142,211 119,344 592,665 Depreciation and impalm)ent At 1 November 2022 Depreciation charged in the y8ar Eliminated on disposals 101,694 39.343 52,528 193,565 6.622 31,698 120,1701 20,739 59.059 120,1701 At 31 October 2023 108,316 50.871 73,267 232.454 Carrylng amount At 31 Octobèr 2023 222,795 91,339 46.077 360.211 At 31 October 2022 229,417 85,558 53,798 368.773 14 Inv•stments 2023 2022 Mark•t Valu• cc Ethical Investment Fund 50.664 50.071 CCLA Global Equity Income Fun¢J 51,842 49,671 102.506 99,742 Hl8torleal Cost CCLA Pooled Investment Fund$ 90,000 90.000 23
TOOLS WITH A MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 14 Inv•stm•nts Icontlnuodl Value #& at 1 Novèmb•r 2022 99,742 Change in market value 2,764 Valu• as at 31 October 2023 102.506 15 Debtors.. amounts falling due within one y•ar 2023 2022 Gfft aid 14,792 7,717 Rental deposit 13,500 Prepayments and accfued incorne 26.584 48,109 54.876 55,826 16 Cr•dltors: amounts falllng du• wlthln ono yéar 2023 2022 Taxation and social security Other creditots 3.209 467 9.214 15.090 Accruals 35.797 11.095 Deferred freight income 38.988 33.843 87.208 60.495 17 Deferred Income Balance at 1 Nov 2022 Deposlts recolved Rel•as•d to Ineom• Balance at 31 Oct 2023 Freight Income 33,843 144.633 139,488 38.988 Relates to freight income received for the shipment of goods to Africa which were not shipped at the year end. This income has been deferred in order to be recognised in the year ol shiprnenl of the goods. 24
TOOLS WITH A MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 18 Movem•nt in funds At1 November 2022 Incoming r•sourc•s Outgolng resoufc•s TTan$t•rs At31 October 2023 Unrèstricted funds Designated funds General fund loo,000 11,899 111,899 loo,000 716,343 816,343 745,960 745,960 460.203 560.203 601719 1601.7191 R•strlcted funds Overseas freight Forklift appeal Refurbishrnent appeal Van appeal Boiler 13,046 44,274 156,781 1169.8271 13.8501 140,4241 3,200 18001 12,4001 91,085 1,334 11,729 164,668 120,7021 11,3341 18.706 1215,2191 170,383} Apprentsce appeal 5,669 162,450 1,308 1111,8991 Total funds 910,628 722.653 1816,9381 816,343 At1 November 2021 Incomlng r•sourc88 Outgolng resources Transf•rs At31 October 2022 Unrestrictèd funds Gen8ral fund 679,085 525,148 458,273 745,960 Restricted funds Ov8rseas freight Forklift appeal Refurbishment appeal Van appeal Boilèr 111,290 48,124 4,000 198,4741 13,850} 18001 13.046 44.274 3.200 111,290 2,669 120,2051 11,3351 112,6441 91,085 1,334 11,729 Apprenb"ce apptr81 18,697 5,676 132,656 169,320 1137,3081 164,668 Totsl Fund$ 811,741 694.468 1595,581) 910,628 The van, rurb1shMent and forklift fund represent funds raised in order lo replace a number of the charity's fixed assets. Historically. depr8ci8tion was charged through these funds such that they We reduced in line with tha useful economic 5ive5 of thè assets. 25
TOOLS WITH A MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 18 Movement in funds Icontlnuèdl This presentation was reviewed by the trustees. who concluded that this treatment eoLtld be misleading as TWAM has spent this Stricted cash and satisfied the restriction imposed by thè d()nors. A decision wa$ therefore made to transter th*s8 ba19nc out of restricted funds. The appnti appeal was used to COV8r the costs of a full-lime warehouse appr9nlice employeè. All brought fOard and additional incoming reslrtcled funds in relation to this We spent during the year. Futur8 funds relating to the apprentice appeal will be unrestricted in nature. Going forward, thg only rgslricled funds anticipated ar9 those related to ov8rsea3 freight, which are received in advance to fund thè transport costs of tool containers. £100,000 has been assigned to a dèsignated fund as a resèrvè to cover 6 months of running costs rf th8 charity is lo encounter financial difficulty. 19 Analysis gf net assets belwe•n fund$ Unrestrlcted Restrlcted Total Fund balance8 al 31 Octobei 2023 are represented by.. Tangible fix8d ass8ts Fixed asset invèstments Current ass8tsllliabilitl8s1 360,211 360,211 102,506 353,626 816.343 102,506 353,626 816,343 Fund b8lances al 31 October 2022 are rèprè58nted by: Tangible fixed assets Fixed asset investments Current assetsllliabilit1851 278,684 99.742 367,534 745,960 90,089 368,773 99,742 442,113 910.628 74,579 164,668 20 R•latèd party tr•nsa¢tlons Donations receiv8d frotn Trustees and their immediat8 family rngmbers lotalled £700 in 202312022.. £1.0891. 21 Commltments At the reporting date the charity has cornmilments IOT future minimurn lease payments undèr non-cancellabl• operating leases, which 1811 due 88 follows: 2023 2022 Within one year 88en 2- 5 years 45,000 127.500 172.500 At the rèporting date the charity had capital commilrnenls lotalling £nil12022'. £nill. 26
TOOLS WITH A MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 22 Guarant8 The charity is a company limited by guarantee., in the 8vent of the charity being wound up, the liability in respecl of the guarantee is limited lo £1 per rnember of the charity. 23 Retirement benefit schemes The charity oper3te8 a defined contribution pension sch8m8 for all qualifying employtr85. Thè assgts of the schemg ar8 held separately frorn those ol the charity in 8n independently adrninistered fund. 24 Cash generated from operations 2023 2022 SurplusllDeficitl for the year Ad'ustments for". 194,2851 98,887 Investment income recognised in statemenl of financial activlt18S Falr value galns and11055esl on invgslrnenls Depreciation and irnpaimenl of tangible fixed assets Gain on disposal of tangible fixed assets vèm8nts 11.0971 {2,7641 59.059 8,749 48,811 112,0041 9,1701 ca Ilncreasel I deCaSe in debtors Increase I Idecreasel in creditors 950 {41,4231 115.9191 26,715 Cash generated from oporatlons {23.4261 89,935 27