Ch•rlty Reglstration Number: 1104903 (England & Vlal*s) Company R•glstratSon Nurn￿r= 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 nUm￿r 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 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-a￿d-aS$Ur8nceAstan￿ardS-an￿-guIdanc81Standard$- and-guidance-for-auditorslAud1iors-￿$pOft9ib1IIb'es-fOr-audIVD￿s¢ription-of-8udlt0rS-re$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 Un￿st￿Cted 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 aCti￿ti&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 rÈqui￿d 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 be￿een 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 w*th 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$, including any lèasa incentives rec&ivad. are charged to income on a straight line basis over the tem? of the relevant188se. 1.12 Taxation The charity is exempt from corporation tax on charitabl8 activities. 1.13 Financial instruments The charity has elected to apply the provisions of Section 11 '8asic Financial InstNments' and Section 12 '0ther Financial Issues, of FRS 102 to all ol its finan¢ial instruments. Financial instruments are recognised in the charity's balancè sheet when the charity becomes party to the conlraclual provisions of the instrument. Financial assets and liabilits'es are offset, with the nel amounts presented in the financial stalements, when there is a legally enforceable right lo sel off the recognised amounts and there is an intention to setde on a nel basis or to realise the asset and settle the liability simultaneously. 8asle finan¢l*l 8Ssets Basic financial assets, which include debtors Ènd ¢8sh and bank balances, ar$ inify'ally measured at transaction price including transaction Costs and are subsequently earri8d at amortised cost using the effective int*r95t 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 C￿dItBr5 are recognised initially at transaction price and subsequently measU￿d 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 p￿cO 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 entl￿emont 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 app￿nti￿ appeal was used to COV8r the costs of a full-lime warehouse appr9nlice employeè. All brought fO￿ard 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 88￿en 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 deC￿aSe in debtors Increase I Idecreasel in creditors 950 {41,4231 115.9191 26,715 Cash generated from oporatlons {23.4261 89,935 27