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.
2
## **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.
**----- Start of picture text -----**
�����������������
�������
�������� ��������
��������
��������
�������
�������
��������
������� ����
�������� ����
������� ��������
�������
����
��
������ ������������� ������������������ ������������������
��������������������
**----- End of picture text -----**
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.
3
**----- Start of picture text -----**
�����������
��������
�������
�������
�������
�������
�������
�������
�������
�������
������� ����
����
�������
�������
�������
�������
�������
������
������� ������ ������
������
��
����� �������� ������������ ������� �����������
**----- End of picture text -----**
## **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
4
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
5
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:
- Plan to increase headcount to 4.5 FTE to support growth and achieve targets for the final year of
- our 3 year plan.
- Actively work with new and existing referral partners to reach more women across Berkshire. specifically for the women in Slough unable to travel.
- 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
6
## **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:
- 1 accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 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
- 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: .........................
7
## **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.
8
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.
10
## **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.
11
## **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|-|
12
## **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|
13
## **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.
14
## **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|
15
## **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.
16
## **��������������������**
## **��������������������������������������������** _**������������������������������**_
## **��� �����������������**
����������������������������������������������������������������������������������������������������������������������������������������������������������������������� ���������
|||**���������**|**������**||**���������**|**������**||
|---|---|---|---|---|---|---|---|
||**���������**|**��������**|**���������**|**���������**|**��������**|**���������**|**���������**|
||**����������**|**���������**|**��������**|**����������**|**���������**|**����������**|**���������**|
||�|�|�|�|�|�|�|
|�������������������������
��������������������������������
��������������������������|�
�
�|�
������
�����|�
��������
�������|�
�
�|�����
������
�����|��������
�������|�����|
|�������������
������������������
������������������������������
�������������������������������
�������������
������������
���������������������|�
�
������
�
������
�
�|����
�
�����
��
�
�|������
��������
�������
���������
�|�
�
������
�
�|�����
�����
������
�����
�����|�������
�������
���������
�������
�������|������
�����|
||�|��|��|��|��|��||
||������|������|��������|������|������|���������|������|
���
## **��������������������**
## **��������������������������������������������**
## _**������������������������������**_
## **��� �����������������**
## **������������**
�����������������������������������������������������������������������
�����������������������������������������������������������������
- �����������������������������������������������������������������������������������������������������������������
�������������������������������������������������������������������������������
���������������������������������������������������������
���������������������������������������������������������������������
������������������������������������������������������������������
- ���������������������������������������������������������������������������������������������������������������������������������������
�������������������������������������������������������������
���������������������������������������������������������������
## **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
## **��������������������**
## **��������������������������������������������**
## _**�����������������������������**_
## **��� �������������������������������������**
||**�������������**|**���������**|**����������**|**�������**|**�����������**|**���������**|**����������**|**�����**|
|---|---|---|---|---|---|---|---|---|
||**�����**|**�����**|**�����**||**�����**|**�����**|**�����**||
||**����**|**����**|**����**|**����**|**����**|**����**|**����**|**����**|
||**�**|**�**|**�**|**�**|**�**|**�**|**�**|**�**|
|���������������������������������������
���|||||||||
|��������������
������
�������������
������||�
������
������||������
������
������
������||������|������|������
�������|
||��||||||||
||������
������||������|�������
������||������|������|�������|
���
## **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.
21
## **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)
22