SMART WORKS DING Smart Works Reading Charity Registration No. 1164723 Company Registered No. 09626510 Annual Report and Financial Statements For the Year Ended 31 March 2024
SMART WORKS DING CONTENTS Report of the Trustees Independent Examine¢s Report Statement of Financial Activities Balance Sheet Notes to the Accounts 10 Reference and Administrative Detsils of the Charity 22
SMART WORKS DING Annual Reportof the Board of Trustees for theyear 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 Reading In the year ended 31 March 2024. The accounts have been prepared in accordance with the accounting policies set out on pages 10 to 11 and comply with the charity's governing document, applicable laws and the requirements of Statement of Recommended Practice on 'Ac¢ounting and Reporting by Charities. issued in 2019. 1. ObjectNes and Activities Smart Works Reading 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 lo succeed al 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 Berkshire and the surrounding area. To deliver this, Smart Works Reading 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 al job interview. Smart Works Reading 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 Iwo-hour Interview Dressing and Preparation appointment, during which each woman receives a complete outfit of high-quality clothes and accessories {Iheirs 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 lo 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 lo deliver our core dressing and interview coaching service lo the best possible standard across the UK and lo take il 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 ntre. 2. Achievements and Perfomiance Highlights Smart Works Reading is incredibly proud of what has been achieved in its eighth year continuing lo grow and provide our service to more women in our area. Overall, Smart Works Reading has.. Helped 558 143 5 i n the previous yearl unique beneficiaries on their journey to employment., and delivered 6 8 6 total appoinlmenls. This represents a year on year growth of Delivered 273 Interview Dressing & Preparation appointments lo unemployed women with secured job interviews.
69% of the women we helped before a job interview secured employment within a month of their visit.
Delivered 294 Career Coaching appointments to help clients identify tangible next steps to secure an interview.
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:
39% have been rejected from over 20 jobs, 22% have been rejected from over 50 jobs, 32% have been unemployed for over a year and 12% have been unemployed for over 5 years.
The majority are from communities facing multiple barriers to gaining employment:
40% are lone parents,
17% have a disability and
42% are from an ethnic minority.
During the year ending March 2024, Smart Works Reading has continued to adapt and embrace changes.
In response to staff departures, we strategically restructured our small team, promoting from within to fill key positions. Our Centre Manager role is now a job-share arrangement between two individuals who overlap one day per week. We also increased our headcount by hiring an Outreach Lead, resulting in 19 new referral partnerships. Additionally, we strengthened our board of trustees, adding a member to support the fundraising events team and expand our network of supporters in Berkshire.
Our team has achieved significant milestones in Slough, a key target area with diverse needs for working partnerships with Slough Borough Council, The Curve, and WWE, collaborating on workshops to address these needs. In the coming year, we plan to pilot a 'Pop-up Smart Works' service for women in Slough, deigned to overcome travel barriers for women unable to visit our Reading centre.
We've expanded our presence to seven Job Centres across Berkshire and surrounding areas, offering a regular on-site service to job-seeking women. As we enter the next year, we will strengthen our collaboration with our primary referral partner, the DWP, supporting women's employment activities throughout Berkshire. Following the success of previous events, we'll host another Job Fair in the coming year.
Our corporate partnerships continue to flourish, with a new partner selecting us as their Charity of the Year. We'll leverage our EDI strategy and expertise in women's unemployment to engage more Berkshire-based companies. The addition of a full-time fundraising manager next year will help us expand our corporate offerings, secure new partnerships, and maintain existing connections to provide the necessary funding to grow our service to those women in need.
Volunteers remain crucial to Smart Works' success. We've recruited and structured volunteer teams based on their expertise to maximise impact. This year we have recruited eight (4x teams of 2) new Wardrobe Volunteers to ensure our stock is high-quality and meets our diverse clients' needs. In addition we continue to recruit volunteers for the core elements of our service i.e. dressers and interview coaches which enables us to maximize the number of women we can assist.
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3. Financial Review
Results for the year
Total income for the period was £160,596 made up substantially from grants/trust and events/community fundraising and total expenditure was £192,473 resulting in a deficit of £31,877.
There is a 29.1% increase in overall income which includes unrestricted income of £103,672 and restricted income of £56,924.
Grants and donations provide around 54% of our total income and fundraising events and fashion sales raised 35% of our income.
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Total expenditure for the period was £192,473 which is a 10.2% increase from last year. Our costs are mainly for staff, premises and direct client service costs which together make up 94% of our overall costs.
Our costs have remained relatively static apart from an increase in insurance premiums due to previously being under-insured in some areas. Premises costs remain a challenge so we will therefore be looking for alternative options in the coming year. A few staff changes during the year have impacted our ability to create momentum around a strategy for applying for grants.
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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 £73,583 meets this requirement.
4. Structure, Governance and Management
Governance
Smart Works Reading 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
Smart Works Charity is the sole member of Smart Works Reading. Smart Works Reading has been granted a license to operate by Smart Works Charity and it 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 familiarize themselves with the charity and the not-forprofit sector. They are briefed on their responsibilities by the existing Trustees. New Trustees are also
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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 Reading is undertaken by Centre Manager 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.
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 to which the charity is exposed, in particular 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 Reading
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 95 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
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preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
5. Future Plans
Delivering our Three Year Plan by 2025
On the 1[st] April 2022, Smart Works Reading began the first year of an ambitious Three- Year Plan as part of the Smart Works Group in response to a significant increase in need for the service provided in our area.
The cost-of-living crisis has had a devastating impact on the women we serve, and the expansion of our service has never been more urgent.
By the end of the three years, Smart Works Reading aims to be helping over 1,000 women across Berkshire and the surrounding area and ensuring that at least 65% go on to get the job.
To achieve these aims in our area, we will:
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Plan to increase headcount to 4.5 FTE to support growth and achieve targets for the final year of
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our 3 year plan.
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Actively work with new and existing referral partners to reach more women across Berkshire. specifically for the women in Slough unable to travel.
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Increase our supporter network specifically in West and East Berkshire through partnerships with community social groups.
Look at the feasibility of moving premises to drive down costs.
Equity, Diversity & Inclusion
In June 2023, Smart Works launched a new group-wide Equity, Diversity & Inclusion strategy. The strategy set-out a framework for how all Smart Works centres will nurture a culture of diversity and inclusivity. Over the last year, Smart Works has delivered important initiatives to progress this work. This includes training for staff, trustees and volunteers, demographic data collection across our internal community, and the launch of a Client Champion programme where former clients become ambassadors for the charity.
We want Smart Works to be a place where everyone feels accepted, valued and able to thrive - whether they are staff, volunteers, trustees, partners, supporters, or our clients. Smart Works Reading is committed on implementing this strategy locally and creating a more inclusive and equitable future for every member of the Smart Works community.
This report was approved by the Board on
.and signed on its behalf by:
Helen Francis Chair
Melanie Prater Treasurer
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SMART WORKS READING
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SMART WORKS READING
I report to the trustees on my examination of the financial statements of Smart Works Reading (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 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
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
13.11.2024 Dated: .........................
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SMART WORKS READING
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income from: Donations and legacies 3 48,172 56,924 Other trading activities 4 55,500 - Total income 103,672 56,924 Expenditure on: Raising funds 5 4,972 - Charitable activities 6 138,877 48,624 Total expenditure 143,849 48,624 Net income/(expenditure) and movement in funds (40,177) 8,300 Reconciliation of funds: Fund balances at 1 April 2023 128,653 16,829 Fund balances at 31 March 2024 88,476 25,129 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 105,096 41,855 29,874 55,500 52,675 - 160,596 94,530 29,874 4,972 7,347 - 187,501 99,063 68,186 192,473 106,410 68,186 (31,877) (11,880) (38,312) 145,482 140,533 55,141 113,605 128,653 16,829 |
Total 2023 £ 71,729 52,675 124,404 7,347 167,249 174,596 (50,192) 195,674 145,482 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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SMART WORKS READING SMART WORKS DING BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Flxed assets Tangible assets 12 14,336 20,480 Current a$$ets Stocks Debtors Cash at bank and in hand 13 14 20,863 32,813 49,893 16,830 14,096 94,673 103,369 125,599 Credltors: amounts falllng due wlthln one year 16 14,1001 15971 Nel current assets 99,269 125,002 Total assets less current liabilities 113,605 145,482 Income funds Restricted funds Unreslricled funds Designated funds General unrestricted funds 17 25,129 16,829 18 14,893 73.583 54,893 73,760 88,476 128.653 113,605 145,482 The company is enlilled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 rith respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of ils financial statements for the year in question in accordan ¥Mth section 476. These financial ststemenls have been prepared in accordance with the provisions applicable to companies subject lo the small companies regime. The financlal 8tal&mèn le..l.li.(..Q + were approve(I by the Trustees on...... Helen Francis Chair Company registration number 9628510 Melanie Prater Treasurer
SMART WORKS READING
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Charity information
Smart Works Reading is a charitable company limited by guarantee incorporated in England and Wales. The registered office is 94 London Street, Reading, Berkshire, RG1 4SJ.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charity's governing document, the 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. 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.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes.
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 Goods and Services
Donated stock for dressing clients is recognsied 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.
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SMART WORKS READING
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
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the remaining period of the lease on the 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 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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SMART WORKS READING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
2 Critical accounting estimates and 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.
The trustees consider depreciation to be the main accounting estimate.
3 Income from donations and legacies
| Unrestricted Restricted funds funds 2024 2024 £ £ Donations and gifts 28,122 3,000 Grants 20,050 36,171 Dressing stock donations - 17,753 48,172 56,924 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 31,122 21,149 - 56,221 20,706 29,850 17,753 - 24 105,096 41,855 29,874 |
Total 2023 £ 21,149 50,556 24 |
|---|---|---|
| 71,729 |
4 Income from other trading activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Sustainable Fashion Sales | 21,197 | 14,032 |
| Fundraising events | 19,939 | 28,315 |
| Shop income | 669 | 1,280 |
| Cycle for Smart Works | 13,695 | 9,048 |
| Other fundraising activities | 55,500 | 52,675 |
5 Raising funds
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Fundraising and publicity | ||
| Staging fundraising events | 4,128 | 7,347 |
| Marketing Costs | 844 | - |
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SMART WORKS READING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
5 Raising funds
(Continued)
| 4,972 | 7,347 | ||
|---|---|---|---|
| 6 | Expenditure on charitable activities | ||
| Charitable | Charitable | ||
| activities | activities | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Staff costs | 83,619 | 73,779 | |
| Depreciation and impairment | 6,144 | 6,144 | |
| Premises related direct expenditure | 66,953 | 62,476 | |
| Other direct expenditure | 17,753 | 13,195 | |
| General and office expenditure | 6,754 | 3,220 | |
| 181,223 | 158,814 | ||
| Share of support and governance costs (see note 7) | |||
| Support | 5,329 | 7,580 | |
| Governance | 949 | 855 | |
| 187,501 | 167,249 | ||
| Analysis by fund | |||
| Unrestricted funds | 138,877 | 99,063 | |
| Restricted funds | 48,624 | 68,186 | |
| 187,501 | 167,249 | ||
| 7 | Support costs allocated to activities | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Legal and professional fees | 2,160 | 95 | |
| Stationery, printing and postage | 922 | 3,723 | |
| Sundry expensiture | 745 | 2,621 | |
| Bank charges | 322 | 85 | |
| Staff related costs | 1,180 | 1,056 | |
| Governance costs | 949 | 855 | |
| 6,278 | 8,435 | ||
| Analysed between: | |||
| Charitable activities | 6,278 | 8,435 |
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SMART WORKS READING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
7 Support costs allocated to activities
(Continued)
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.
| 8 | Net movement in funds | 2024 | 2023 |
|---|---|---|---|
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Depreciation of owned tangible fixed assets | 6,144 | 6,144 |
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year (2023: Nil).
10 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 | |
| 5 | 4 | |
| Employment costs | 2024 | 2023 |
| £ | £ | |
| Wages and salaries | 77,581 | 72,414 |
| Social security costs | 4,546 | 184 |
| Other pension costs | 1,492 | 1,181 |
| 83,619 | 73,779 | |
| There were no employees whose annual remuneration was more than £60,000. | ||
| Remuneration of key management personnel | ||
| The remuneration of key management personnel was as follows: | ||
| 2024 | 2023 | |
| £ | £ | |
| Aggregate compensation | 44,907 | 30,468 |
Under the terms of the charity SORP, the Centre Managers 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.
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SMART WORKS READING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
11 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.
12 Tangible fixed assets
| Cost At 1 April 2023 At 31 March 2024 Depreciation and impairment At 1 April 2023 Depreciation charged in the year At 31 March 2024 Carrying amount At 31 March 2024 At 31 March 2023 13 Stocks Dressing Stock 14 Debtors Amounts falling due within one year: Trade debtors Prepayments and accrued income |
Leasehold improvements £ 29,696 29,696 9,216 6,144 15,360 14,336 20,480 2024 2023 £ £ 20,863 16,830 2024 2023 £ £ 1,859 - 30,754 14,096 32,613 14,096 |
Leasehold improvements £ 29,696 29,696 9,216 6,144 15,360 14,336 20,480 2024 2023 £ £ 20,863 16,830 2024 2023 £ £ 1,859 - 30,754 14,096 32,613 14,096 |
|---|---|---|
| 29,696 | ||
| 9,216 6,144 |
||
| 15,360 | ||
| 14,336 | ||
| 20,480 | ||
| 2023 £ 16,830 |
||
| 2023 £ - 14,096 |
||
| 14,096 |
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SMART WORKS READING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
| 15 Creditors: amounts falling due within one year Trade creditors Other creditors Accruals and deferred income 16 Retirement benefit schemes Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes |
2024 £ 110 1,214 2,776 4,100 2024 £ 1,492 |
2023 £ - - 597 |
|---|---|---|
| 597 | ||
| 2023 £ 1,181 |
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.
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SMART WORKS READING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
18 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 | Incoming | Balance at | Transfers | Balance at | ||||
|---|---|---|---|---|---|---|---|---|
| 1 | April 2022 | resources | 1 April 2023 | 31 | March 2024 | |||
| £ | £ | £ | £ | £ | ||||
| Designated | 2025 | Fund | 54,893 | - | 54,893 | (40,000) | 14,893 | |
| 54,893 | - | 54,893 | (40,000) | 14,893 |
During the year the Charity completed the second year of its 3 year plan to support more women across Reading and has transferred some of the designated funds which had been set aside to support some of the associated additional expenditure.
19
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SMART WORKS READING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
20 Members' Liabilities
The company is limited by guarantee. Every member of the company undertakes to contribute to the assets of the company, in the event of the same being wound up while 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 one member, Smart Works Charity.
21 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:
| Within one year Between two and five years |
2024 £ 56,383 75,178 131,561 |
2023 £ 56,383 131,561 |
|---|---|---|
| 187,944 |
22 Related party transactions
During the year the charity received net payments of £24,460 (2023: £9,048) from Smart Works Charity, its immediate parent.
Smart Works Reading also received £39 of donations from trustees (2023: £nil) and reimbursed £608 of expenses to trustees (2023: £nil).
23 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.as this charity.
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SMART WORKS READING
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Alexandra Jones Helen Francis Padmavathi Knowles Melanie Prater Sarah Terry Rachel Bradley Susana Gupta Charity number 1164723 Company number 9626510 Registered office 94 London Street Reading Berkshire RG1 4SJ Independent examiner Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP Bankers HSBC Plc 1 Corn Market High Wycombe HP11 2AY Santander Plc 100 Broad Street Reading RG1 2AX
(Appointed 10 May 2023) (Appointed 10 May 2023) (Appointed 15 May 2024) (Appointed 2 August 2023)
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