Melinek Fine LLP Chartered Accountants Statutory Auditors First Floor, Winston House 349 Regents Park Road London N3 1DH
WORKAVENUE. THE WORK AVENUE FOUNDATION CONTENTS OFTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2022 Page Report of the Tru8tees Report of the Independent Auditors 8 to 10 Statement of Financial Activities Balance Sheet Cash Flow Statement Note8 to the Cash Flow Staternent Notes to the Financial Statements 15 to 21
WORKAVENUE. THE WORKAVENUE FOUNDATION (REGISTERED NUMBER= 095958531 REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER2022 The trustees who are also directors of the charity for the purposes of the Cornpanies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommende(J Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191. OBJECTIVES AND ACTIVITIES Objectives and aim8 WORK AVENUE OVERVIEW The Work Avenue Foundation provides people with essential lifelong skills to support themselves and their families through helping people into work and with building sustainable businesses. The Work Avenue Foundation can help everyone, at any life stage. The Work Avenue Foundation aims to provide people with essential lifelong skills to support themselves and their families by.. Providing support to get people into or back into work. Assisting individuals in finding jgbs. Training people for the workplace. Enabling people to make inforrned career choices. Increasing the success rate and long-term sustainability of new and existing businesses. The Work Avenue Foundation comprises the following key areas.. il Support into Employment. 21 Business Support Services. 31 WAGE 80cial enterprise. Page I
WORKAVENUE. THE WORKAVENUE FOUNDATION (REGISTERED NUMBER= 095958531 REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER2022 OBJECTIVES AND ACTIVITIES Significant activities The Work Avenue Foundation Vision.. A strengthened community where individuals have the ability to be able to SUPPOrt themselves and their families with dignity. A community where each individual feels responsible to donate time, money and resources to ensuring the financial stsbility of their fellow man or woman. -The ability to leverage the human capital within the community creating a robust infrastructure and net-work giving people the best chance of sUPPOrting thern5elves and their families. A community that embraces what Maimonides refers to as the highest form of charity 'helping strengthen a person to become self-suff icient and financially secure so that he or She need not rely on others" The Work Avenue Foundation Mission The Work Avenue Foundation's mission isto build an infrastructure and offer service5 that will ernpower individuals prirnarily within the Jewish community to rraximise their earning potential enabling them to secure gainful employrnent or build 5U8tainable businesses. Core Principles The Work Avenue Foundation delivers Its services in accordance with the following prin¢iples= Treat each person as an in(Jividual with dignity and respect. Think'out of the box. and go the extra mile for all service users. Strive for excellence and profe55ionalism in all activities. 8uild open and honest relatlonships with comrnunication. Be passionate and deterrnined. Strategies To provide practical help and solutions for those looking to earn a sustainable living through running a business or seeking employment. To ensure that WE Hub continues to be a central hub for business and employment across the entire Spectrum of the cornrnunity. To harne88 the human capital in the comrrunity and use it to create business and employment opportunities across the community. - To ensure that The Work Avenue Foundation and WE Hub become household names when referring to business and employrnent support. Maintain an impeccable reputation as the cornmunity'8 provider for business and employrnent SUPPOrt. WORK AVENUE ACTIVITIES Overview of The Work Avenue Foundation The Work Avenue Foundation, a non-profit organisation, is the community's lea(Jing employment and business support charity asslsting people in creating long term sustainable income8 either through creating employment or building businesses. The Work Avenue Foundation creates opportunities for everyone, at any life stage, in any situation. Work Avenue ha5 been operational for 17 years and provides people with essential lifelong skills, enabling them to become financially independent so they can support themselves and their families with dignity. The Work Avenue Foundation enables and empowers people to be able to stand on their own two feet, which is fundamental to reducing poverty and hardship in parts of our cornmunity. The ability to financially support oneself and one's farnily with dignity an(J pride is Vltal in leading a productive and fulfilling life. Work Avenue is one of the core charitable pillars of our cornmunity, providing vital services to those requiring assistance to ensure long terrn financial stability. Work Avenue offers SUPPOrt through our two divisions, ernployment and business, and also run8 a social enterprise alled WAGE, which aims to create ernployment and grow businesse8 by training a workforce to support businesses in key areas so they can grow and develop. Ernployment Support.. Training people in workplace skills. Providing support to get people into or back into work. Assist client5 by placing them in work. Enabling people to make inforrned career choice8. Page 2
WORKAVENUE. THE WORKAVENUE FOUNDATION (REGISTERED NUMBER= 095958531 REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER2022 OBJECTIVES AND ACTIVITIES Business Support.. Supporting businesses thereby increasing their success rate and long-term sustainability with one to one advice and guidance. Signposting an(J start-up loans. Networking and expert intervention8. Shared workspace. Providing mentoring support to established bu8ines8-owner8. WAGE Social Enterprise Training in essential new workplace skills to rnernbers looking to train or retrain for today's job market Essential work experience to newly trained members so they can con801idate their learning Tirneiy and affordable project support to Small businesse5 to help their business grow and thrive Quality control to ensure con518tency and standards In 2022- 1,434 clients were supported so they have the vital skills needed for today's workplace 534 people have found new jobs with our intervention 618 young businesses are thriving with our input and encouragement 204 school student5 received career advice 1,61 O ernployment advice meetings took place The Work Avenue Foundation ha8 successfully met and exceeded all previous goals set- Continued to innovate based on the need in the rnarket, while still maintaining a person centred approach. Created alliances With other organi5atlOns and bu5ine55es. Increased the breadth of its funding base through foundations, donations and harnessing the power of technology using crowdfunding. Met the huge increase in the demand for its Services, whilst maximi8ing the professional team and core cost8 eff iciently. Penetrated the Jewi8h community and beyond. WORK AVENUE SERVICES The Employment Division Service8 Job readiness skills and training Work Avenue offers a range of workshop5 covering key areas of employability including CV writing, confidence building, interview skills, transferable skills and networking. Job seeker5 are invited to attend these sessions where they learn how to rnaximise their employment potential and increase their chance8 of securing work. One to one bespoke support Individual careers guidance, mo¢k inteNiews and employment support consultations. Job Placement Work Avenue reaches out into the community and beyond to seek work opportunities that will populate our web based jobs board. Clients are able select opportunitie5 to pursue, and at the same tirne we will select clients to put forward. Events and programme8 Work Avenue runs a range of dedicated programmes to meet the dernands of a specific client cohort. Recent examples include the New Year, New Career Conference, the Wellbeing at Work Conference, a Recruitment and Retention webinar and regularjobs fairs. Networking Work Avenue broadens its networking reach with a suite of dedicated networking events. The airn is to bring together professionals in a field with clients who work or seek to work in a given sector. thus promoting both the clients, employment chances and Work Avenue's profile at the same time. School8 programme Page 3
WORKAVENUE. THE WORKAVENUE FOUNDATION (REGISTERED NUMBER= 095958531 REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER2022 OBJECTIVES AND ACTIVITIES Work Avenue runs a suite of bespoke careers workshops for students frorll years 8 to 13 and also offers dedicated one to one careers guidance to sixth form students. The organisation has Matrix accreditation, the UK kiternark standard for organisations offering inforrnation, advice and guidance. and therefore conforrns to the Government's Gatsby Benchmarks for schools, careers guidance. Support for training Work Avenue run5 a bursary fund to enable clients who need to train or r*train to earn their living and cannot afford to do so. Grant5 are made subject to conditions, and clients have the benefit of Work Avenue's dedicated professional ernployment and busine88 advisers to support them as they retrain. For those that need, we can ai80 offer short terrn loans of laptops so clients can carry out a job search. WAGE Social Enterprise Service8 WAGE Members Members train in a new field and gain vital work experience. Once upskilled, we offer essential real and practical project work with small businesse8 to gain practical hands on experience to get their career off to a great start. WAGE Training Wage skills include graphic design. web design, social media, IT and admin. WAGE Businesses WAGE offers key service5 to small businesses by utilising the bank of fully trained rnembers to complete these projects in a timely and affordable way. Projects can be short or longer term, full or part time. The Busine88 Divison Services One to One Business Advice On-going one-to one advice 8e88ions for new and existing entrepreneurs. Business Workshops and Webinar8 Regular workshop5 and webinars to our network of entrepreneurs and 8rnall businesses on a range of topics to support the growth and developrnent of their bu8ines8. Business Network Outreach of business professionals to enhance business network and support start-up entrepreneurs in areas where they seek expertise and provide rnentoring support for established business owners. Professional Business Services Partner with professionals to provide affordable packages for start-ups. following referral policy. Include8 finaricial, legal, IT and marketing. The Work Avenue Ecosystem Develop a one-ec05yStem community culture, maximising synergies across the businesses, departments and network8 at The Work Avenue. Networking Event8 Series of networking event5 Wlth engaging and relevant keynote speakers for new and existing businesses. WE Hub shared workspace Work Avenue run WE Hub, the community's first business and employrnent hub. WE Hub is a dynamic environment for businesses to grow and become self-sustaining. The layout and mix of facilities at WE Hub have been designed to encourage interaction between entrepreneurs and industry experts, building a network, creating opportunities in all areas of employment and self-employrnent. Offering our services from this state of the art facility has enabled us to expand our provision and help many more people each year to support themselves and their families. putting the importance of helping people into jobs and sustainable erllployment firmly on the map and at the forefront of our mind5 as a community. Page 4
WORKAVENUE. THE WORKAVENUE FOUNDATION (REGISTERED NUMBER= 095958531 REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER2022 OBJECTIVES AND ACTIVITIES Public benefit The Trustees confirrn that they have referred to the guidance contained in the Charity Cornmis8ion's general guidance on public benefit when reviewing the Charity's airns and objectives and in planning activities and provision of services to the public by ensuring that it does not place undue restrictions on members of the public seeking to make use of the charity's services and facilities. ACHIEVEMENT AND PERFORMANCE Charitable activities The following table shows the number of service u8ers of The Work Avenue Foundation by departrnent for the year ending 31 December 2022.. Service 2022 2021 Employment division- Ernployability training Careers guidance and mock interviews Job placement via Work Avenue job board Job placement 1,060 1,610 89 390 1,550 1,464 116 326 Busines8- One-to-one busine85 advice and serninar attendee8 Event attendees 665 526 663 701 FINANCIAL REVIEW Principal f unding sources Since the pandemic the charity ha5 relie(J heavily upon its generous and philanthTOPiC donors for continue(J support, together with harnessing the power of crowdfunding. The charity ran its first crowdfunding campaign in September 2019 and raised over £1 M. A second crowdfunding carnpaign was delivered in January 2021 and raised £1.1 M and third carnpaign in Novernber 2022 raised over £1 M. Crowdfunding ha5 allowed the charity to extend its reach to much wider pool of donors both rnajor and minor, and specifically has allowed clients and former clients to recognise the value of the support they have re¢eived from the organisation as they get their working lives ba¢k on track. Reseryes policy As at December 2022 the charity'5 unrestricted funds were £573.473 12021.. £531,941) and restricted funds were £38,00512021.. £142,359). The trustees are satisfied that the charity is able to raise suff icient funds to meet the harity's objectives, and is working towards a strategy to place 6 months reserves on deposit. The accounts have therefore been prepared on a going concern basis. The Work Avenue Foundation's reserve8 policy is to maintain Sufficient level of reserve5 to enable operating activities to be maintained for the foreseeable future, taking account of potential risks and contingencies that may arise frorn time to tirne. The policy is reviewed annually by the trustee5. Arrounts are set aside to meet financial risks associated with potential contingencies and uncertainties relating to the charity'5 operating activitie5. These include.. The funding of unforeseen rnajor projects that have not been provided for in the normal financial planning process. The setting aside of an appropriate sum for enabling the continuation of The Work Avenue Foundation's operations and grant-making prograrn. STRUCTURE, GOVERNANCEAND MANAGEMENT Governing document The charity is governed by it8 Mernorandum and Articles of Association and is a company limited by guarantee. Recruitment and appointment of new tru8tees Trustees are appointed according to the Articles of A88ociation. Page 5
WORKAVENUE. THE WORKAVENUE FOUNDATION (REGISTERED NUMBER= 095958531 REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER2022 STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational Structure The board of trustee5 administers the charity. They appoint a CEO, together with a staff team, that oversees the day-to-day affairs. During the accounting period Mr Davi(J Arden resigned as CEO as Mrs Debbie Lebrett was appointed. Induction and training of new trustees New trustees undergo a briefing on their legal obligations un(Jer company and charity law. REFERENCEANDADMINISTRATIVE DETAILS Registered Company number 09595853 (England and Walesl Registered Charity number 1164762 Registered office First Floor, Winston House 349 Regents Park Road London N31DH Trustees Mrs L S Jacobs (resigned 20.3.231 MrPJMann MrMZMorris MrSJH Pack Mrs S Kintish MrsP Mintz Mrs N Sandler (appointed 2.5.231 Auditors Melinek Fine LLP Chartered Accountant8 Statutory Au(Jitors First Floor, Winston House 349 Regents Park Road London N3 1 DH Website theworkavenue.org.uk Banker8 Barclays Bank UK PLC I Churchill Place, London E145HP STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees Iwho are a150 the directors of The Work Avenue Foundation for the purposes of company lawl are responsible for preparing the Report of the Trustees and the financial statement8 in accordance with applicable law and United Kingdorn Accounting Standards (United Kingdorn Generally Accepted Accounting Practice). Corvpany law requires the trustee8 to prepare financial staternents for each financial year which give a true and fair view of the state of affair5 of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements. the trustee5 are required to.. select 5Ultable accounting policies and then apply them consi8tently- observe the methods and principle5 in the Charity SORP.. make judgements and estirnates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it 18 inappropriate to presume that the charitable company will continue in busine85. Page 6
WORKAVENUE. THE WORKAVENUE FOUNDATION (REGISTERED NUMBER= 095958531 REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER2022 STATEMENT OF TRUSTEES, RESPONSIBILITIES- continued The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities. In 80 far as the trustees are aware.. there is no relevant audit information of which the charitable cornpany's auditors are unaware., and the trustee5 have taken all steps that they ought to have taken to rnake thernselves aware of any relevant audit information and to establish that the auditors are aware of that information. AUDITORS The au(Jitors, Melinek Fine LLP, will be proposed for re-appointment at the forthcorning Annual General Meeting. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board gf trustees on 27 September 2023 and signed on its behalf by.. Mr M Z Morri8- Trustee Page 7
WORKAVENUE. REPORT OFTHE INDEPENDENT AUDITORS TOTHE MEMBERS OF THE WORKAVENUE FOUNDATION Opinion We have audited the financial statement8 of The Work Avenue Foundation (the 'charitable company'l for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement an(J notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial staternents.. give a true and fair view of the state of the charitable company's affairs a8 at 31 Oecember 2022 and of its incoming resources and application of resources, including it5 incorne and expenditure, for theyear then ended.. have been properly prepared in accordance with Unite(J Kingdorn Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Cornpanie5 Act 2006. Basis for opinion We conducted our audit in accordance with International Standard5 on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilities under those standards are further describe(J in the Auditors, responsibilities for the audit of the financial staternents section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirement5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have conclude(J that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charitable cornpany'5 ability to continue as a going concern for a period of at least twelve months from when the financial staternent8 are authorised for issue. Our responsibilitie8 and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information cornprises the inforrnation included in the Annual Report. other than the financial statements and our Report of the Independent Auditors thereon. Our opinion cn the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial staterllents, our responsibility is to read the other information and. in doing so. consider whether the other information is materially inconsistent with the financial statement5 or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material incon51Stencies or apparent material misstatements, we are required to determine whether this gives rise to material misstatement in the financial statements thernselves. If, based on the work we have performed. we conclude that there is a material misstaternent of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companie8 Act 2006 In our opinion, based on the work undertaken in the course of the audit-. the information given in the Report of the Trustees for the financial year for which the financial staternents are prepared is consistent with the financial statements., an(J the Report of the Trustees has been prepared in a¢cordan¢e with appli¢able legal requirements. Page 8
WORKAVENUE. REPORT OFTHE INDEPENDENT AUDITORS TOTHE MEMBERS OF THE WORK AVENUE FOUNDATION Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatement8 in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires US to report to you if. in our opinion.. adequate accounting records have not been kept gr returns adequate for our audit have not been received from branches not visited by us-, or the financial statements are not in agreement with the accounting records and returns.. or certain disclosures of trustees, rernuneration specified by law are not made,. or we have not received all the inforrnation and explanations we require for our audit.. or the trustees were not entitled to take advantage of the small companies exernption frorll the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responsibilities of trustee8 As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the director8 of the charitable cornpany for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee5 determine is necessary to enable the preparation of financial statements that are free from material rnisstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible fu assessing the charitable company's ability to ontinue a5 a going concern, di5cIosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial staternents as a whole are free from material misstatement, whether due to fraud or error. and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an au(Jit onducted in accordance with ISAS IUKI will always detect a material rnisstatement when it exists. Mi55tatements an arise from fraud or error and are considered rnaterial if, individually or in the aggregate, they could reasonably be expected to influence the economic decislOn5 of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Audit procedures undertaken in response to the potential risks relating to irregularitie5 Iwhich include fraud and non-compliance with laws and regulations) comprised of.. inquiries of rnanagement and those charged with governance a5 to whether the entity complies with such laws and regulations,. enquiries with the same concerning any actual or potential litigation or claims,. inspection of relevant legal correspondence- review of board rninutes- testing the appropriatene58 of entries in the norninal ledger, including journal entries., reviewing transactlOnS around the end of the reporting period,. and the perforrnance of analytical procedures to identify unexpected movements in account balance5 which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities. including fraud. 15 limited by the inherent diff iculty in detecting irregularities, the effectiveness of the entity's contro15, and the nature, timing and extent of the audit procedures performed. Irregularities that result frorn fraud might be inherently rnore difficult to detect than irregularities that result from error. AS explained above, there is an unavoidable risk that material rni55tatements may not be detected, even though the audit has been planned and performed in accordance with ISAS IUKI. A further description of our re5ponsbilities for the audit of the financial 8taternentS 15 located on the Financial Reporting Council's website at www.fr¢.org.uk/auditorsresponsibilities. This des¢ription forms part of our Report of the Independent Auditors. Page 9
WORKAVENUE. REPORT OFTHE INDEPENDENT AUDITORS TOTHE MEMBERS OF THE WORK AVENUE FOUNDATION Use of our report This report 15 made solely to the charitable company's members, a5 a body. in accordance with Chapter 3 of Part 16 of the Cornpanies Act 2006. Our au(Jit work has been undertaken 80 that we rnight State to the charitable company, members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable cornpany's mernbers as a body, for our audit work. for this report. or for the opinions we have formed. Mr Daniel Fine, FCA (Senior StatutoryAuditorl for and on behalf of Melinek Fine LLP Chartered Accountants Statutory Auditors First Floor, Winston House 349 Regents Park Road London N31DH Oate.. 27 September 2023 Page 10
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WORKAVENUE. THE WORK AVENUE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2022 ACCOUNTING POLICIES Basis of preparing the financial ststements The financial staternents of the charitable company. which is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021 '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 IFRS 1021 (effective l January 20191., Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Income All incorne is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it Is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlernent and the arnount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resource5. Grant5 offered subject to conditions which have not been met at the year end date are noted as a corrrnitment but not accrued a8 expenditure. Tangible fixed a88ets Depreciation 15 provided at the following annual rates in or(Jer to write off each asset over its estirnated useful life. Fixtures and fitting8 Corllputer equiprnent 15% on reducing balance 33% on reducing balance Taxation The charity 18 exemptfrom corporation tax on it8 charitable activities. Fund accounting Funds held by the charity are.. Unrestricted funds- These are general fund8 for use by the charity in furtherance of the charitable objects at the discretion of the Trustees. Restricted funds These are funds donated to the charity to spend on a specific area of expenditure. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund. Leasing commitments Rentals payable under operating leases are charged to profit or1088 on a straight line basi8 over the period of the lease. Incentive5 received and receivable to sign an operating lease are recognised on a straight line basis over the lease term Pension costs and other p08t-retirement benefit8 The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable cornpany's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Page 15 continued...
WORKAVENUE. THE WORK AVENUE FOUNDATION NOTES TOTHE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER2022 DONATIONSAND LEGACIES 2022 2021 Donations Gift aid 886.641 19,400 1,012.009 33,113 906.041 1,045,122 OTHER TFIADING ACTIVITIES 2022 2021 Business and office Services Training and work placement 194.126 17.760 159,134 29,505 211,886 188,639 Included wrfchin training and work placernent is £5,10012021.. £15,659) of incorne received from participants in training courses. INVESTMENT INCOME 2022 2021 Oeposit account interest 37 RAISING FUNDS Rai8ing donation8 and legacies 2022 2021 Fundraising 38.006 21,799 CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note 71 Support osts15ee note 81 Direct Costs Totals Charitable activities Other 830.489 63.156 225.141 23.968 1,118.786 23.968 830.489 63,156 249.109 1,142,754 Page 16 continued...
WORKAVENUE. THE WORK AVENUE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER2022 GRANTS PAYABLE 2022 2021 Charitable activities 63.156 87,479 SUPPORT COSTS Governance cost8 Finance Other Totals Charitable activities Other 225.141 5.880 225.141 23,968 3,255 14,833 3.255 231.021 14,833 249,109 NE[ INCOME/IEXPENDITUR@ Net incomellexpenditurel is stated after chargingllcrediting)= 2022 2021 Depreciation- owned assets Other operating lea8es 5.880 126.988 7,808 105,600 10. AUDITORS. REMUNEFIATION 2022 2021 Fees payable to the charity's auditors for the audit of the charity's financial statements Other non-audit services 3.600 3.300 3,600 3,300 TRUSTEES, REMUNERATION AND BENEFITS There were no tru5tees' rernuneration or other benefits for the year ended 310ecember 2022 nor for the year ended 31 December 2021. Trustees, expenses There were no trustees, expenses paid for the year en(Jed 31 December 2022 nor for the year ended 31 December 2021. 12. STAFF COSTS 2022 2021 Wage8 and salaries Social security costs Other pension costs 539.526 59,241 10,501 477,563 45,448 9.827 609.268 532,838 The average monthly number of employees during the year was as follows.. 2022 15 2021 14 Staff member8 Page 17 continued...
WORKAVENUE. THE WORK AVENUE FOUNDATION NOTES TOTHE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER2022 12. STAFF COSTS- continued The nurnber of employees whose employee benefits (excluding employer pension costsl exceeded £60,000 was.. 2022 2021 £60,001- £70,000 £80,001 - £90,000 Both of the above mentioned erllployees were key managernent personnel. 13. TANGIBLE FIXED ASSETS Fixtures and fittings Computer equipment Totals COST At l January 2022 and 31 Oecember 2022 42.849 39.772 82.621 DEPRECIATION At l January 2022 Charge foryear 21.989 3.129 31.519 2.751 53.508 5.880 At 31 Oecember 2022 25.118 34.270 59.388 NET BOOKVALUE At 31 December 2022 17.731 5,502 23,233 At 31 December 2021 20,860 8,253 29,113 14. OEBTORS". AMOUNTS FALLING DUE WITHIN ONEYEAR 2022 2021 Trade debtors Other debtors Prepayments and accrued income 24,729 798.500 2,506 21,983 821.940 13,542 825,735 857,465 Page 18 continued...
WORKAVENUE. THE WORK AVENUE FOUNDATION NOTES TOTHE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER2022 15. CREDITORS- AMOUNTS FALLING DUEWITHIN ONEYEAR 2022 2021 Trade creditors Pension Net wages Accruals and deferred incorne 212.158 3.298 243 6.900 4.025 3.983 6,900 222.599 14,908 16. CREDITORS: AMOUNTS FALLING DUEAFTER MORETHAN ONEYEAR 2022 2021 Accruals and deferred incorne 490.163 590,548 17. LEASING AGREEMENTS Minimum lease payrnents under non-cancellable operating leases fall due a8 follow8- 2022 2021 Within one year 8etween one and five years In more than five years 105.269 421.077 2,149,837 66,000 264.000 2.295.912 2,676,183 2,625,912 In April 2018 The charity entered into a 25 years operating lease agreement expiring in April 2041. Total future minirnum payment under non-can¢ellable operating lease is £2,544,183. 18. MOVEMENT IN FUNDS Net movement in funds At 31.12.22 Atl.1.22 Unrestricted fund8 General fund 531.941 41.532 573.473 Restricted funds Restricted funds WAGEfund 8ur5ary fund 9,753 90.518 42.088 6.749 181.415) 129.688) 16.502 9.103 12.400 142.359 1104.3541 38.005 TOTAL FUNDS 674,300 162.8221 611,478 Page 19 continued...
WORKAVENUE. THE WORK AVENUE FOUNDATION NOTES TOTHE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER2022 18. MOVEMENT IN FUNDS- continued Net movement in funds, included in the above are as follow8- Incorning resources Resources expended Movement in funds Unrestricted fund8 General fund 1,022.781 1981.249) 41.532 Restricted funds Restricted funds WAGEfund 8ur5ary fund 7,500 54.087 33.570 1751) 1135.502) 163.258) 6.749 181.4151 129.6881 95.157 1199.511) 1104.3541 TOTAL FUNDS 1,117,938 11,180,760) 162.8221 Comparative8 for movement in fund8 Net movement in funds At 31.12.21 At1.1.21 Unrestricted fund8 General fund 276,065 255,876 531,941 Restricted funds Restricted funds WAGEfund 8ur5ary fund 3.379 125.000 59,123 6,374 134.4821 117.0351 9,753 90,518 42,088 187,502 145,1431 142,359 TOTAL FUNDS 463,567 210,733 674,300 Corllparative net movement in funds, included in the above are as follows.. Incorning resources Resources expended Movement infunds Unrestricted fund8 General fund 1,100,908 1845,0321 255,876 Restricted funds Restricted funds WAGEfund 8ur5ary fund 7.500 57,818 67,572 11,1261 192.3001 184.6071 6.374 134.4821 117.0351 132,890 1178,0331 145.1431 TOTAL FUNDS 1,233,798 11,023,065) 210,733 Page 20 continued...
WORKAVENUE. THE WORK AVENUE FOUNDATION NOTES TOTHE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER2022 19. RELATED PARTY DISCLOSURES Included in other debtors is an amount of e790,32512021-. £790,325) owed by We Hub Building, a charity with Common trustees. In April 2016 the charity entered into a 25 years commercial operating lease agreernent with an LLP. a trustee of the charity 15 a designated rnernber of the LLP with significant influence. During the year the charity was charged a total of £132,000 12021..£111,2691 for the lease of the building. At the year end the balance outstanding was el 99,874 12021.. 74,4781. The total amount payable un(Jer the operating lease have been disclosed in note 16 above. Page 21