Smart Works (Greater Manchester)
Charity Registration No 1163594 Company Registration No 09425123 Annual Report and Financial Statements For the Year Ended 31 March 2024
| CONTENTS | |
|---|---|
| Report of the Trustees | 1 |
| Independent Examiner's Report | � |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Accounts | 10 |
| Reference and Administrative Details of the Charity | 22 |
Annual Report of the Board of Trustees for the Year Ended 31 March 2024
The Trustees, who are also the directors of the charity for the purposes of the Companies Act, present their annual report together with the accounts of Smart Works (Greater Manchester) in the year ended 31 March 2024.
The accounts have been prepared in accordance with the accounting policies set out on pages 1 0 to 1 1 and comply with the charity's governing document, applicable laws and the requirements of Statement of Recommended Practice on 'Accounting and Reporting by Charities' issued in 2019.
1. Objectives and Activities
Smart Works (Greater Manchester) provides high quality interview clothes, styling advice and interview training to women in need. We give women the confidence, self-belief and practical tools they require to succeed at interview and start a new chapter of their life.
The charity's objectives are the relief of financial hardship and the relief of unemployment for the public benefit through the promotion of economic independence among women in Greater Manchester and the surrounding area. To deliver this, Smart Works (Greater Manchester) was incorporated in 2015 with a clear mission and vision to help more women back into the workplace by giving them the clothes and the confidence they need to succeed at job interview. Smart Works (Greater Manchester) is part of a network of seven charities that deliver the Smart Works Charity service in their area.
At the core of our service is a two-hour Interview Dressing and Preparation appointment, during which each woman receives a complete outfit of high-quality clothes and accessories (theirs to keep) and tailored one-to-one interview training. This deceptively simple, short intervention has a significant impact as our clients start believing in their own ability to succeed. Once they get the job, we offer clients a Second Dressing for more clothing, to provide a working wardrobe to see them through to their first pay cheque.
As part of the Smart Works Group, our strategic focus is to deliver our core dressing and interview coaching service to the best possible standard across the UK and to take it to more locations so that any woman who needs our support can come to Smart Works. In the face of the cost-of-living crisis, the value of securing a job has never been greater. Our support is needed now more than ever, and our Three-Year Plan will ensure we reach 10,000 women by 2025. Our key performance indicators are the number of women that we help, and the proportion of those women who secure employment after their visit to a Smart Works centre.
2. Achievements and Performance
Overall, Smart Works (Greater Manchester) has:
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Helped 883 unique beneficiaries on their journey to employment; and delivered 1,110 total appointments.
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Delivered 599 Interview Dressing & Preparation appointments to unemployed women with secured job interviews.
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63% of the women we helped before a job interview secured employment within a month of their visit.
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Delivered 306 Career Coaching appointments to help clients identify tangible next steps to secure an interview.
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Continued to reach women who face significant barriers to securing employment. Smart Works clients are mostly long-term unemployed and have experienced repeated rejections from multiple jobs:
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41% have been rejected from over 20 jobs,
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21% have been rejected from over 50 jobs,
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38% have been unemployed for over a year and 12% have been unemployed for over 5 years.
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The majority are from communities facing intersectional barriers to gaining employment:
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34% are lone parents,
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18% have a disability and
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47% are from an ethnic minority.
On 26 April 2023, Smart Works (Greater Manchester) opened a second centre in the city of Manchester to better enable potential clients living in the socially deprived communities of north and east Manchester, and in the Greater Manchester boroughs of Bolton, Bury, Oldham, Rochdale and Wigan, to gain access to our services. In its first 11 months this new centre has supported 242 women with Interview and Dressing Appointments and 152 with career coaching appointments.
The initial costs for the new centre were fully funded by grants from The Clothworkers Foundation, Peter Kershaw Trust, Manchester Guardian Society Charitable Trust, Ford Britain Trust and Smart Works Charity together with funds raised during The Big Give Christmas Challenge 2022.
Raising the additional ������� required to run our two centres in Stockport and Manchester was successful with particular highlights being:
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Our partnership with the AJ Bell Futures Foundation providing donations and over 70 volunteering ������� s in the year.
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£60,000 raised via The Big Give Christmas and The Big Give Women and Girls Fund Campaigns which included donations from our supporters which was doubled through matched funding from our key supporter AJ Bell Futures Foundation, The Big Give Fund and the Women and Girls Fund.
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Another successful Pop-Up Sale in Stockport town centre which not only contributed to £40k in total raised from fundraising events in the year but also enabled us to promote our services to local residents.
Our outreach activities were particularly successful throughout the year including running our own Jobs Fairs in Manchester Central Library and Stockport Library where employers showcased available jobs to over 200 local candidates resulting in multiple offers of employment, and we signed up more than 82 new referral partners during the year.
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3. Financial Review Results for the year
Results for the year
Income for the year is £288,347 (2023 £270,106) and total expenditure £327,812, (2023 £201,814) as the funds raised in 2023 towards the initial costs of the new Manchester Centre were spent. There was a reduction in overall funds of £39,465 (2023 an increase of £68,292) and an increase of £5,254 (2023 £2,044) in unrestricted funds.
Income includes donated dressing stock of £24,136 (2023 £27,918).
Our sources of income are a mix of donations, grants and money raised from fundraising activities. Grants and donations provide 65% (2023 57%) of our total income and fundraising events and fashion sales raised 24% (32%). We appreciate the support of many individuals, companies and grant providers throughout the year.
----- Start of picture text -----
SOURCES OF INCOME
2024 2023
GR A NT S FU NDR A IS IN G A CT I V I T IE S C O R PO R A T E A N D IN TER E ST
I N D IV ID U A L D O N A T I ON S
£101.850
£90.938 £86.010 £87.763
£70.573
£63.908
£4.025 £1.332
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Total expenditure of £327,812 (2021 £201,814) includes the value of clothing donated to clients of £24,120 (2022 £21,240). Our cash costs have increased by 60% to £303,692 from £180,574 as a result of operating 2 centres throughout most of the year and the additional costs of our equipping our new Manchester centre.
Staff and premises costs are our main costs and together make up 73% (2023 69%) of our overall expenditure.
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EXPENDITURE
2024 2023
S T A F F A N D P RE MIS E S OT H E R D I R E C T S U P PO R T CO S T S M A N CH E S T E R FU NDRAISIN G
V O L U N T E E R S S E T UP
£161,370
£115,896
£78,254
£23,024 £10,483 £15,442 £15,667 £15,032 £19,836 £15,667 £11,180
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At 31 March 2024 our free reserves are £142,227 (2023 85,973). The increase arises partly from the unrestricted surplus in the year of £5,254 and also from the release of £51,000 of reserves which were designated for our growth plan to double the number of clients supported over 3 years to 31 March 2025. We retain reserves of £52,000 designated for our growth plan for use during the year commencing 1 April 2024.
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At 31 March 2024 the Charity has available cash of £195,427. The Charity’s bank balances of £225,427 includes £30,000 which was received at the end of the accounting period but was a donation for the benefit of Smart Works Charity and was paid to Smart Works Charity early in April 2024.
Investment Policy
The Trustees, having regard to the liquidity requirements of operating the Charity and to the reserves policy, have operated a policy keeping available funds in interest-bearing deposit accounts.
Reserves Policy
The Trustees have considered the requirement for free reserves, i.e. those unrestricted funds not designated for specific purpose or otherwise committed. It has been determined that, given the nature of the charity's work, the level of free reserves should be equivalent to 3 to 6 months of annual expenditure. This provides sufficient flexibility to cover any temporary shortfall in income and will allow the charity to cope and respond immediately to a reasonable range of unforeseen adverse circumstances prior to specific remedial plans being implemented. The free reserves of £142,227 meets this requirement.
4. Structure, Governance and Management Governance
Smart Works (Greater Manchester) and its Trustees are bound by the Memorandum and Articles of Association. The names of the Trustees who served during the period are set out in the reference and administrative section on page 2 � .
Smart Works Charity is the sole member of Smart Works (Greater Manchester). Smart Works (Greater Manchester) has been granted a license to operate by Smart Works Charity and has the same objectives and similar activities as the parent company.
Recruitment and Appointment of new Trustees
Regular reviews are undertaken to assess the skills of the current Trustees and identify any areas for strengthening. New Trustees are appointed by the existing Trustees and their appointment is approved by the Smart Works Charity Board.
Induction and Training of new Trustees
New Trustees are provided with an induction to familiarise themselves with the charity and the not-forprofit sector. They are briefed on their responsibilities by the existing Trustees. New Trustees are also referred to the Charity Commission's guide 'The Essential Trustee'. Smart Works Charity shares a Trustee Welcome Pack with all Smart Works Trustees when they join the charity, setting out roles, responsibilities and the structure of Smart Works both locally and nationally. These resources are available under the dedicated Trustee section of our internal portal for tools and resources along with other useful guides and videos. Trustees also undertake training as part of their role, including on Equity Diversity and Inclusion.
Organisational Structure and Decision-Making
The Trustees review and approve all policies, and follow a strategy set in the business plan, in line with the wider strategy set by Smart Works Charity. The Trustees meet at least quarterly throughout the year and will have an annual session to update and revise the strategy.
Management
The day-to-day management of Smart Works (Greater Manchester) is undertaken by the Head of Smart Works (Greater Manchester) and overseen by the Chair and Board of Trustees. Resources, infrastructure and support is provided by Smart Works Charity on finance, people, partnerships, operations and communications.
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Pay Policy for Key Management Personnel
All Trustees give their time freely and no Trustee received remuneration in the year.
The pay of staff is reviewed annually. The Trustees benchmark pay against pay levels in other similarly sized charities and other Smart Works centres.
Risk Management
The Trustees regularly review the major risks the charity is exposed to, particularly those relating to governance, operations, finance, HR, compliance and external factors.
Relationships with Related Parties
Smart Works Charity is the sole member of Smart Works (Greater Manchester).
Policies
Policies for all relevant areas are maintained by Smart Works Charity, including Safeguarding Vulnerable Adults, Safeguarding Children, Anti-Bribery and Fraud, Anti-Harassment & Bullying, Compassionate Leave, Complaints, Conflict of Interest, Data Protection, Disciplinary, Environmental, Equality, Eye Care, Flexible Working, Grievance, Health & Safety, Lone Working, Maternity, Paternity, Parental Leave, Privacy, Redundancy, Risk Management, Shared Parental Leave, Sickness Absence & Capability, Time off for Dependents, Travel & Expenses and Whistleblowing. A Staff Handbook is made available to staff and includes a summary of all these policies.
Volunteers
The Trustees are grateful for the invaluable contribution of those who give their time voluntarily to deliver the dressing and interview preparation for our clients. We have over 50 active volunteers with a very high retention rate and an ongoing recruitment process to bolster numbers. Our volunteers are one of our greatest assets, they are all totally dedicated and play an enormous role in delivering our dressing and coaching services.
Public Benefit
The Trustees have read and complied with the guidance contained in the Charity Commission's general guidance on public benefits when reviewing our aims and objectives and in planning our future activities. Our achievements above demonstrate how we have fulfilled this requirement during the year. In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
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514ART WORKS S. Fulure Plam D•llv•Ang ourThr••YearPlan by 21nS On the 1N April 2022, Smart Works IGr&ts M8n¢h•st•r) tn the first year of an amb0U$ Three- Yaar Plan as part ofthe Smart Group in reSpSe to 8 signlfi¢anl increase in need forthè strrvice provbJet1 in our area. The 51-016ng crlsis ha6 had a dev••tin9 the we swv• and the expanSn ofour 8ervK• has boon Urgent. By the end oftho Ihree yoars, Sfflart Work8 {Gre8tsr mah&star) aiT% hng over l.Cts) women auoss Greater Mahst0r •)) th& swroJThryd wThYJ ttwtat least 85% trg 98tth&job. To a¢hlo¥8 these in tyJr #w. 7AVa lhll.. Expand our oulffjach to lyjild new refeff81 partner OnShIpS to 8UPPQrt diènts Ilvlng In the north and ¥a$l of Manchester and auos$ th& Greater ManLester bmghs ol 8oMon. Bury, Rochdale, Oldham and Wgan, prO¥ing appolntrntS to thtrso WOtr In our Manchostor conlrn. whll8 mdntsbnlng eXlIent servTh de&very Hi StckF4)rt. RocNIt, traln and retsin volunt••r pacty and ski18 to make oplknium use of the new (3padty In Manchester lIe supporting the exssling in St¢¢kF4)rt to malntsln tt¥ hlgh L¥l of app)Intfflents. Se¢ur• corporate partnershlps k) Greater M8nthe8ter Contin1 Strong fijndraising from Cyd8 for Smart Work8. 38 and Onts to prow'de the necwary fijnds lo as818t this through the finontyal y•ar. Equlty. fMv•rth & InelLMlon In Jun• 2023, Smart Wtyks 18unched 8 new wpwlde Equty, Dfversmy & Indu8h)n 8lr8legy. Th• stralegy set oul a froM•Wck for how all Smart Work$ cenlres will nurturts a Cumurg of dfversty and kncaJ$Nty. Overthe Lgst year. Smgrtwbths has delNered imwjrtsnl Inltlalfvas to prwe88 thls Thi$ kndude8 trainlng tr stsff, Iru6tee8 and YOnte¥rS, derrwraph dats ¢ollecon a¢yoss our intemal COnUn, 8nd the latrth of a C8nt charn.0n pm9ram whorn forner client8 bxome ambaB8adors tsth• Lwlty. We want Smart W0S to be 8 F4a¢e wWe everyone fe81& accepted, v•lugd and able to thrfve vthether they are $18ff, volunteers. trustees, p8thers, SuPper$, orour dients. Smartworks l¢>ev Is c4Jnwnrtt&Y on im&mentIng Ihis 5trale9y lo¢afy and creatiThJ a rn inth$N• and •quit8ble ftrture for every mmber olthe SmartWort8 corNnunty. reportwas appTo¥•J ty the80grl 18C•kn¥Wand on rfs teh41ty'. Jan Chatr
SMART WORKS (GREATER MANCHESTER)
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF SMART WORKS (GREATER MANCHESTER)
I report to the trustees on my examination of the financial statements of Smart Works (Greater Manchester) (the Charity) for the year ended 31 March 2024.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of CIPFA and ACA, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Hannah Ormston CIPFA ACA Critchleys Audit LLP
Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP
11.11.2024
Dated: .......................................................................
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SMART WORKS (GREATER MANCHESTER)
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted Restricted funds funds 2024 2024 Notes £ £ |
Unrestricted Restricted funds funds 2024 2024 Notes £ £ |
Unrestricted Restricted funds funds 2024 2024 Notes £ £ |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ |
Total |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2024 | 2024 | 2023 | 2023 | 2023 | ||
| £ | £ | £ | £ | £ | ||
| Income and endowments from: | ||||||
| Donations and legacies 3 |
74,753 | 138,996 | 213,749 70,573 4,025 288,347 12,039 315,773 327,812 (39,465) |
51,170 | 131,594 | 182,764 |
| Other trading activities 4 |
70,573 | - | 86,010 | - | 86,010 | |
| Other income 5 |
4,025 | - | 1,332 | - | 1,332 | |
| Total income Expenditure on: |
||||||
| 149,351 | 138,996 | 138,512 | 131,594 | 270,106 | ||
| Raising funds 6 |
12,039 | - | 11,180 | - | 11,180 | |
| Charitable activities 7 |
132,058 | 183,715 | 125,288 | 65,346 | 190,634 | |
| Total expenditure | 144,097 | 183,715 | 136,468 | 65,346 | 201,814 | |
| Net income/(expenditure) and movement in funds |
5,254 | |||||
| (44,719) | 2,044 | 66,248 | 68,292 | |||
| Reconciliation of funds: | ||||||
| Fund balances at 1 April 2023 | 188,973 | 88,678 | 277,651 238,186 |
186,929 | 22,430 | 209,359 |
| Fund balances at 31 March 2024 |
||||||
| 194,227 | 43,959 | 188,973 | 88,678 | 277,651 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 10 to �1 form part of these financial statements.
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SMART WORKS SMART WORKS (GREATER MANCHESTER) BALANCE SHEET AS AT31 MARCH 2024 2024 2023 FSx•d as•ets Tangible assets 13 18,586 Current a•i•ts stock8 Debtors Cash al bank and in hand 14 16 21.624 20.5 225,427 21,808 25,181 238,689 267.647 285.478 Cmdltor¥: •mounts f•lllng du• wlthln on• y•ar 16 148.047) 17.82n Net 0fjts 219.8C#) 277,651 Total aM•ts IM• ¢urr•nt Ilabllltl•¥ 238,186 277.651 In¢om• fund• ReslTicled ftJnd$ ed fun De$ignat8d lund8 Ggmral unreslrlctsd fvnd8 18 43.959 88,878 lo3.0 85,973 142,227 194,227 188,973 238,188 277,851 The Company Is entilled lo exemptlon frryn the requirement contained in 6•Xlon 477 of tho Companios Aot 20C6, lor the yeac gnd8d 31 March 2024. direct acknowledgg th8ir r8sponsitrflitie8 for c¥)mptying wilh ts wuirgmonb of thè Compani88 Act 20C6 with respect io accounllng reo)rds and thè preparation of financèal $t*gfflgnls. The memt4r$ not requlred company lo obloln an audit of ils financaal st8lements for tha year questlon In accorilance with sgGtion 476. These financial $tat•m8rts teen pTepar&Y in Ndanc4 wilh the ar¢)licable to companies subject to the sma15 Compan regime. The finanaal statements were approved by th8 Trustees on ......................... Jan Ite Icelon All$ Lever Company rnglstratlon number 09425123
SMART WORKS (GREATER MANCHESTER)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Charity information
Smart Works (Greater Manchester) is a charitable company by guarantee and incorporated in England and Wales. The registered office is Mellor House, 65-81 St Petersgate, Stockport, SK1 1DH.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention for certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Donated stock for dressing clients is recognised in the financial statements when the goods are received by the charity and their value can be measured with reasonable accuracy. The value placed on these resources is their value to the charity. The trustees consider it impractical to measure the value of volunteer help and consequently, as permitted by the SORP, their value is not recognised in the financial statements but is described in the trustees' annual report.
10
SMART WORKS (GREATER MANCHESTER)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
1.6 Tangible fixed assets
Assets are capitalised if they can be used for more than one year and cost at least £1,000. Tangible fixed assets are stated at cost less depreciation.
Depreciation has been provided at the following rates in order to write off the assets, less their estimated residual value, over their estimated useful economic lives:
Leasehold improvements 5 year Straight Line Basis Office Equipment 30% on a Straight Line Basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Stocks
The cost of donated dressing stock for distribution to beneficiaries is valued at fair value, which has been estimated by the trustees.
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
11
SMART WORKS (GREATER MANCHESTER)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There are no estimates that the trustees consider significant for the accounts.
3 Donations
| Unrestricted Restricted funds funds 2024 2024 £ £ |
Unrestricted Restricted funds funds 2024 2024 £ £ |
Unrestricted Restricted funds funds 2024 2024 £ £ |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 87,763 37,308 26,600 101,850 13,862 77,076 24,136 - 27,918 213,749 51,170 131,594 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 87,763 37,308 26,600 101,850 13,862 77,076 24,136 - 27,918 213,749 51,170 131,594 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 87,763 37,308 26,600 101,850 13,862 77,076 24,136 - 27,918 213,749 51,170 131,594 |
Total |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2024 | 2024 | 2023 | 2023 | 2023 | ||
| £ | £ | £ | £ | £ | ||
| Donations and gifts | 58,863 | 28,900 | 37,308 | 26,600 | 63,908 | |
| Grants | 15,890 | 85,960 | 13,862 | 77,076 | 90,938 | |
| Donated goods and services |
||||||
| - | 24,136 | - | 27,918 | 27,918 | ||
| 74,753 | 138,996 | 51,170 | 131,594 | 182,764 |
- 4 Income from other trading activities
| Unrestricted Unrestricted funds funds 2024 2023 £ £ Fundraising events 40,670 42,044 Community Fundraising 29,903 43,966 Other trading activities 70,573 86,010 |
Unrestricted Unrestricted funds funds 2024 2023 £ £ Fundraising events 40,670 42,044 Community Fundraising 29,903 43,966 Other trading activities 70,573 86,010 |
|---|---|
| funds | |
| 2023 | |
| £ | |
| Fundraising events | 42,044 |
| Community Fundraising | 43,966 |
| Other trading activities | 86,010 |
- 5 Other income
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Interest Received | 4,025 | 1,332 |
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SMART WORKS (GREATER MANCHESTER)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6 Raising funds
| Unrestricted Unrestricted funds funds 2024 2023 £ £ Fundraising and publicity |
Unrestricted Unrestricted funds funds 2024 2023 £ £ Fundraising and publicity |
Unrestricted Unrestricted funds funds 2024 2023 £ £ Fundraising and publicity |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Fundraising costs | 12,039 | 9,603 |
| Marketing costs | - | 1,577 |
| 12,039 | 11,180 |
7 Charitable activities
| Charitable Expenditure Charitable Expenditure 2024 2023 £ £ |
Charitable Expenditure Charitable Expenditure 2024 2023 £ £ |
Charitable Expenditure Charitable Expenditure 2024 2023 £ £ |
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Staff costs | 159,453 | 115,896 |
| Depreciation and impairment | 4,646 | - |
| Premises related direct expenditure | 73,606 | 23,024 |
| Other direct expenditure | 34,599 | 36,682 |
| Administrative costs | 7,966 | 3,099 |
| Manchester centre set-up costs | 19,837 | - |
| 300,107 | 178,701 | |
| Share of support costs (see note 8) | 14,818 | 10,933 |
| Share of governance costs (see note 8) | 848 | 1,000 |
| Analysis by fund | ||
| 315,773 | 190,634 | |
| Unrestricted funds | 132,058 | 125,288 |
| Restricted funds | 183,715 | 65,346 |
| 315,773 | 190,634 |
13
SMART WORKS (GREATER MANCHESTER)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
8 Support costs allocated to activities
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Staff costs | 13,209 | 7,600 |
| Premises related support costs | 1,291 | 2,558 |
| Administrative support costs | 318 | 775 |
| Governance costs | 848 | 1,000 |
| 15,666 | 11,933 | |
| Analysed between: | ||
| Charitable activities | 15,666 | 11,933 |
Governance costs includes payments to the independent examiners of £650 + VAT (2023: £605) for Independent Examination fees.
The fee for the accounts preparation of £1,600 + VAT due to the independent examiners is being paid for by the parent charity.
| 9 | Net movement in funds | 2024 | 2023 |
|---|---|---|---|
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Depreciation of owned tangible fixed assets | 4,646 | - |
10 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2023: Nil).
11 Employees
The average monthly number of employees during the year was:
| The average monthly number of employees during the year was: | ||
|---|---|---|
| 2024 | 2023 | |
| Number | Number | |
| 6 | 6 | |
| Employment costs | 2024 | 2023 |
| £ | £ | |
| Wages and salaries | 159,651 | 116,313 |
| Social security costs | 9,615 | 5,110 |
| Other pension costs | 3,396 | 2,073 |
| 172,662 | 123,496 |
14
SMART WORKS (GREATER MANCHESTER)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
11 Employees (Continued)
There were no employees whose annual remuneration was more than £60,000 (2023: none).
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
| Remuneration of key management personnel The remuneration of key management personnel was as follows: |
||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Aggregate compensation | 48,645 | 40,374 |
Under the terms of the Charities SORP, the trustees and the Head of Smart Works (Greater Manchester) are recognised as key management personnel. The aggregate employee benefits (including employer pension and National Insurance contributions) received by the key management personnel are shown above.
12 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
13 Tangible fixed assets
| 13 Tangible fixed assets |
13 Tangible fixed assets |
13 Tangible fixed assets |
|
|---|---|---|---|
| Leasehold improvements Office Equipment £ £ Cost At 1 April 2023 - 1,805 Additions 23,232 - At 31 March 2024 23,232 1,805 Depreciation and impairment At 1 April 2023 - 1,805 Depreciation charged in the year 4,646 - At 31 March 2024 4,646 1,805 Carrying amount At 31 March 2024 18,586 - 14 Stocks |
Total | ||
| £ | £ | £ | |
| - | 1,805 | 1,805 | |
| 23,232 | - | 23,232 | |
| 23,232 | 1,805 | 25,037 | |
| - | 1,805 | 1,805 | |
| 4,646 | - | 4,646 | |
| 4,646 | 1,805 | 6,451 | |
| 18,586 | - | 18,586 | |
| 14 Stocks |
|||
| Dressing stock | 2024 | 2023 | |
| £ | £ | ||
| 21,624 | 21,608 |
15
SMART WORKS (GREATER MANCHESTER)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
| 15 Debtors Amounts falling due within one year: Prepayments and accrued income 16 Creditors: amounts falling due within one year |
||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| 20,596 | 25,181 | |
| Other taxation and social security Amounts due to parent charity Other creditors Accruals and deferred income |
2024 | 2023 |
| £ | £ | |
| 3,787 | 2,735 | |
| 30,000 | - | |
| 5,096 | 1,047 | |
| 9,164 | 4,045 | |
| 48,047 | 7,827 |
The amount owed to Smart Works Charity is an amount which was paid into the bank account of Smart Works (Greater Manchester) at the end of the accounting period but was a donation for the benefit of Smart Work Charity and was paid to Smart Works Charity early in April 2024.
| 17 | Retirement benefit schemes | ||
|---|---|---|---|
| 2024 | 2023 | ||
| Defined contribution schemes | £ | £ | |
| Charge to profit or loss in respect of defined contribution schemes | 3,396 | 2,073 |
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £3,396 (2023: £2,073).
16
SMART WORKS (GREATER MANCHESTER)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
18 Restricted Funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Current Year Restricted Funds Dressing Stock Stockport Spend Well Live Well Equans Community Fund Great Places Community Fund The Big Group Social Prescribing Fund Smart Works Charity (Bank of America) Smart Works Charity (National Lottery) The Big Give Christmas Challenge The Clothworkers Foundation Peter Kershaw Trust Manchester Guardian Society Charitable Trust Ford Britain Trust Smart Works Charity New Centre Fund |
1 April 2023 £ 21,608 - - - - - - 56,070 - - 1,000 - 10,000 88,678 |
31 March Income Expenditure 2024 £ £ £ 24,136 (24,120 ) 21,624 5,000 (5,000 ) - 2,000 (2,000 ) - 5,000 (1,250 ) 3,750 3,000 (3,000 ) - 14,020 (14,020 ) - 8,640 (8,640 ) - 50,000 (106,070 ) - 23,700 (5,115 ) 18,585 2,000 (2,000 ) - - (1,000 ) - 1,500 (1,500 ) - -- (10,000 ) - 138,996 (183,715) 43,959 |
31 March Income Expenditure 2024 £ £ £ 24,136 (24,120 ) 21,624 5,000 (5,000 ) - 2,000 (2,000 ) - 5,000 (1,250 ) 3,750 3,000 (3,000 ) - 14,020 (14,020 ) - 8,640 (8,640 ) - 50,000 (106,070 ) - 23,700 (5,115 ) 18,585 2,000 (2,000 ) - - (1,000 ) - 1,500 (1,500 ) - -- (10,000 ) - 138,996 (183,715) 43,959 |
|---|---|---|---|
| 43,959 |
The Dressing Stock fund represents donations received for the specific purpose of providing beneficiaries with clothing for interview.
The Stockport Spend Well Live Well Fund, Equans Community Fund, Great Places Community Fund and The Big Group Social Prescribing Fund all provided funding for core costs for outreach work.
Smart Works Charity (Bank of America) and Smart Works Charity (National Lottery Fund) grants are funding towards core costs.
The Big Give Christmas Challenge Fund, The Clothworkers Foundation fund, the Manchester Guardian Society Charitable Trust Fund, the Peter Kershaw Trust, The Ford Britain and the Smart Works Charity New Centre Funds are funding towards preparing, furnishing and running the new Manchester centre.
.
17
SMART WORKS (GREATER MANCHESTER)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
| Prior Year Restricted Funds Dressing Stock Stockport Local Fund Places for People Community Fund Assura Community Fund Smart Works Charity (Bank of America) Smart Works Charity (National Lottery) Kickstart Scheme The Big Give Manchester Guardian Society Charitable Trust Smart Works Charity New Centre Fund |
1 April 2022 Income Expenditure £ £ £ 14,930 27,918 (21,240) - 4,750 (4,750) 2,500 - (2,500) 5,000 - (5,000) - 15,450 (15,450) - 8,640 (8,640) - 7,766 (7,766) - 56,070 - - 1,000 - - 10,000 - 22,430 131,594 (65,346) |
31 March 2023 £ 21,608 - - - - - - 56,070 1,000 10,000 88,678 |
|---|---|---|
The Dressing Stock fund represents donations received for the specific purpose of providing beneficiaries with clothing for interview.
The Stockport Local Fund, Places for People Community Fund and Assura Community Fund all provided funding for core costs for outreach work.
Smart Works Charity (Bank of America) and Smart Works Charity (National Lottery Fund) grants are funding towards core costs.
The Kickstart scheme is funding towards staff costs.
The Big Give Fund, The Manchester Guardian Society Charitable Trust Fund and the Smart Works Charity New Centre Fund are grants towards preparing, furnishing and running the new Manchester centre from April 2023. These funds will be spent early in the year commencing 1 April 2023.
The balance on restricted funds represents the unexpended portion of funding received which will be returnable to the funder if not used for the relevant project.
18
SMART WORKS (GREATER MANCHESTER)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
19 Designated funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| Balance at 1 April 2023 £ Designated Funds for 3 year plan to support more women across Greater Manchester 103,000 103,000 |
Balance at 1 April 2023 £ Designated Funds for 3 year plan to support more women across Greater Manchester 103,000 103,000 |
Transfers Balance at 31 March 2024 |
Transfers Balance at 31 March 2024 |
|---|---|---|---|
| £ | £ | £ | |
| 103,000 103,000 |
|||
| (51,000) | 52,000 | ||
| (51,000) | 52,000 |
During the year the Charity completed the second year of its 3 year plan to support more women across Greater Manchester and has transferred some of the designated funds which had been set aside to support some of the associated additional expenditure.
19
SMART WORKS (GREATER MANCHESTER)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
20 Analysis of net assets between funds
| Current Year Fixed assets Current assets Prior Year Current assets |
General Funds Designated Funds 2024 2024 £ £ - - 142,227 52,000 142,227 52,000 General Funds Designated Funds 2023 2023 £ £ 83,973 103,000 83,973 103,000 |
Restricted Funds 2024 £ 18,586 25,373 43,959 Restricted Funds 2023 £ 88,678 88,678 |
Total 2024 £ 18,586 219,600 |
|---|---|---|---|
| 238,186 | |||
| Total 2032 £ 277,651 277,651 |
20
SMART WORKS (GREATER MANCHESTER)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
21 Members' Liabilities
The company is limited by guarantee. The member of the company undertakes to contribute to the assets of the company, in the event of the same being wound up while they are a member, or within one year after they cease to be a member, for payment of the debts and liabilities of the company contracted before they ceased to be a member, and of the costs, charges and expenses of winding up such amount as may be required not exceeding £1. At the balance sheet date there was 1 member, Smart Works Charity.
22 Operating lease commitments
Lessee
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Within one year | 61,068 | 20,003 |
| Between two and five years | 46,088 | 14,981 |
| 107,156 | 34,984 |
23 Related party transactions
During the year the charity received donations of £32,660 (2023: £46,932) from Smart Works Charity, its immediate parent which are included within the results for the year.
The charity received donations of £1,650 (2023: £2,055) from Trustees. There are no other related party transactions.
24 Control
The parent of the largest group in which these financial statements are consolidated is Smart Works Charity (Company number 03870671 and Charity Number 1080609) who is the sole member of this charity. Smart Works Charity has the same principal activity as this charity.
The address for Smart Works Charity is: Unit 1, Canonbury Yard 202-208 New North Road, Islington, London, England, N1 7BJ.
21
SMART WORKS (GREATER MANCHESTER)
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Janette �ceton Alison Lever Susan Weighell Sarah Bateman (nee Martin) Kay Truelove-Barrat Samantha Reed Elsa Zekeng Helen Rendle Natasha Gada Emma Pickering
(Resigned 16 July 2024) (Resigned 16 July 2024) (Appointed 8 May 2024) (Appointed 24 July 2024) (Appointed 24 July 2024)
Charity number 1163594
Company number 09425123 Registered office
Mellor House 65-81 St Petersgate Stockport United Kingdom SK1 1DH
Independent examiner Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP
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