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2023-12-31-accounts

REGISTERED COMPANY NUMBER: 09595853 (England and Wales) REGISTERED CHARITY NUMBER: 1164762

Report of the Trustees and

Unaudited Financial Statements FOR THE YEAR ENDED 31 December 2023

for

THE WORK AVENUE FOUNDATION

N3 1DH

Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London

THE WORK AVENUE FOUNDATION

Contents of the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2023

Page
Report of the Trustees 1 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Cash Flow Statement 10
Notes to the Cash Flow Statement 11
Notes to the Financial Statements 12 to 18

THE WORK AVENUE FOUNDATION (REGISTERED NUMBER: 09595853)

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES Objectives and aims

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:

The Work Avenue Foundation comprises the following key areas:

1) Support into Employment.

Page 1

THE WORK AVENUE FOUNDATION (REGISTERED NUMBER: 09595853)

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2023

OBJECTIVES AND ACTIVITIES Significant activities

The Work Avenue Foundation Vision:

-The ability to leverage the human capital within the community creating a robust infrastructure and net-work giving people the best chance of supporting themselves and their families.

The Work Avenue Foundation Mission:

The Work Avenue Foundation's mission is to build an infrastructure and offer services that will empower individuals primarily within the Jewish community to maximise their earning potential enabling them to secure gainful employment or build sustainable businesses.

Core Principles

The Work Avenue Foundation delivers its services in accordance with the following principles:

Strategies

WORK AVENUE ACTIVITIES

Overview of The Work Avenue Foundation:

The Work Avenue Foundation, a non-profit organisation, is the community's leading employment and business support charity assisting people in creating long term sustainable incomes either through creating employment or building businesses. The Work Avenue Foundation creates opportunities for everyone, at any life stage, in any situation.

Work Avenue has been operational for 18 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 community.

The ability to financially support oneself and one's family with dignity and pride is vital in leading a productive and fulfilling life. Work Avenue is one of the core charitable pillars of our community, providing vital services to those requiring assistance to ensure long term financial stability.

Work Avenue offers support through our two divisions, employment and business, and also runs a social enterprise called WAGE, which aims to create employment and grow businesses by training a workforce to support businesses in key areas so they can grow and develop.

Employment Support:

Page 2

THE WORK AVENUE FOUNDATION (REGISTERED NUMBER: 09595853)

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2023

OBJECTIVES AND ACTIVITIES

Business Support:

WAGE Social Enterprise

In 2023:

The Work Avenue Foundation has successfully met and exceeded all previous goals set:

efficiently.

WORK AVENUE SERVICES

The Employment Division Services:

Job readiness skills and training

Work Avenue offers a range of workshops covering key areas of employability including CV writing, confidence building, interview skills, transferable skills and networking. Job seekers are invited to attend these sessions where they learn how to maximise their employment potential and increase their chances of securing work.

One to one bespoke support

Individual careers guidance, mock interviews 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 opportunities to pursue, and at the same time we will select clients to put forward.

Events and programmes

Work Avenue runs a range of dedicated programmes to meet the demands 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 regular jobs fairs.

Networking

Work Avenue broadens its networking reach with a suite of dedicated networking events. The aim 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.

Page 3

THE WORK AVENUE FOUNDATION (REGISTERED NUMBER: 09595853)

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2023

OBJECTIVES AND ACTIVITIES

Schools programme

Work Avenue runs a suite of bespoke careers workshops for students from years 8 to 13 and also offers dedicated one to one careers guidance to sixth form students. The organisation has Matrix accreditation, the UK kitemark standard for organisations offering information, advice and guidance, and therefore conforms to the Government's Gatsby Benchmarks for schools' careers guidance.

WAGE Social Enterprise Services

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 businesses 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, prompt engineering, website coding and Microsoft courses.

WAGE Businesses

WAGE offers key services to small businesses by utilising the bank of fully trained members to complete these projects in a timely and affordable way. Projects can be short or longer term, full or part time.

The Business Division Services

One to One Business Advice

On-going one-to one advice sessions for new and existing entrepreneurs.

Business Workshops and Webinars

Regular workshops and webinars to our network of entrepreneurs and small businesses on a range of topics to support the growth and development of their business.

Business Network

Outreach of business professionals to enhance business network and support start-up entrepreneurs in areas where they seek expertise and provide mentoring support for established business owners.

Professional Business Services

Partner with professionals to provide affordable packages for start-ups, following referral policy. Includes financial, legal, IT and marketing.

The Work Avenue Ecosystem

Develop a one-ecosystem community culture, maximising synergies across the businesses, departments and networks at The Work Avenue.

Networking Events

Series of networking events with 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 employment 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-employment. 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 employment firmly on the map and at the forefront of our minds as a community.

Page 4

THE WORK AVENUE FOUNDATION (REGISTERED NUMBER: 09595853)

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2023

OBJECTIVES AND ACTIVITIES

Public benefit

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims 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 users of The Work Avenue Foundation by department for the year ending 31 December 2023:

Service 2023 2022 2021
Employment division:
Employability training 1,121 1,060 1,550
Careers guidance and mock interviews 1,749 1,610 1,464
Job placements 535 479 442
Business:
One-to-one business advice and seminar attendees 766 665 663
Event attendees 715 526 701

FINANCIAL REVIEW

Principal funding sources

Since the pandemic the charity has relied heavily upon its generous and philanthropic donors for continued support, together with harnessing the power of crowdfunding. The charity ran its first crowdfunding campaign in September 2019 and raised over £1M. A second crowdfunding campaign was delivered in January 2021 and raised £1.1M, a third campaign in November 2022 raised over £1M and a fourth campaign in March 2024 also raised over £1M. Crowdfunding has allowed the charity to extend its reach to a much wider pool of donors both major and minor, and specifically has allowed clients and former clients to recognise the value of the support they have received from the organisation as they get their working lives back on track.

Reserves policy

As at December 2023 the charity's unrestricted funds were £286,731 (2022: £573,473) and restricted funds were £111,725 (2022: £38,005). The trustees are satisfied that the charity is able to raise sufficient funds to meet the charity'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 reserves policy is to maintain sufficient level of reserves to enable operating activities to be maintained for the foreseeable future, taking account of potential risks and contingencies that may arise from time to time. The policy is reviewed annually by the trustees.

Amounts are set aside to meet financial risks associated with potential contingencies and uncertainties relating to the charity's operating activities. These include:

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is governed by its Memorandum and Articles of Association and is a company limited by guarantee.

Recruitment and appointment of new trustees

Trustees are appointed according to the Articles of Association.

Page 5

THE WORK AVENUE FOUNDATION (REGISTERED NUMBER: 09595853)

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure

The board of trustees administers the charity. They appoint a CEO, together with a staff team, that oversees the day-to-day affairs. During the accounting period Mr David Arden resigned as CEO and Mrs Debbie Lebrett was appointed.

Induction and training of new trustees

New trustees undergo a briefing on their legal obligations under company and charity law.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 09595853 (England and Wales)

Registered Charity number

1164762

Registered office

First Floor, Winston House 349 Regents Park Road London N3 1DH

Trustees

Mrs L S Jacobs (resigned 20.3.23) Mr P J Mann Mr M Z Morris Mr S J H Pack Mrs S Kintish Mrs P Mintz Mrs N Sandler (appointed 2.5.23) Mr S S Zaltzman (appointed 8.1.24) Mr A Bard (appointed 8.1.24)

Independent Examiner

Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH

Website

theworkavenue.org.uk

Bankers

Barclays Bank UK PLC 1 Churchill Place, London E14 5HP

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 of trustees on 30 October 2024 and signed on its behalf by:

Mr M Z Morris - Trustee

Page 6

Independent Examiner's Report to the Trustees of The Work Avenue Foundation

Independent examiner's report to the trustees of The Work Avenue Foundation ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts 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

  3. the accounts 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 accounts to be reached.

Mr Daniel Fine, FCA

Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH

Date: 30 October 2024

Page 7

THE WORK AVENUE FOUNDATION

Statement of Financial Activities (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Other trading activities
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Charitable activities
Other
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
434,007
195,570
16
629,593
30,948
865,550
19,837
916,335
(286,742)
573,473
286,731		 Restricted
funds
£
267,474
-
-
267,474
-
193,152
602
193,754
73,720
38,005
111,725		 2023
Total
funds
£
701,481
195,570
16
897,067
30,948
1,058,702
20,439
1,110,089
(213,022)
611,478
398,456		 2022
Total
funds
£
906,041
211,886
11
1,117,938
38,006
1,118,786
23,968
1,180,760
(62,822)
674,300
611,478

The notes form part of these financial statements

Page 8

THE WORK AVENUE FOUNDATION (REGISTERED NUMBER: 09595853)

Balance Sheet 31 DECEMBER 2023

Notes
FIXED ASSETS
Tangible assets
13
CURRENT ASSETS
Debtors
14
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
16
NET ASSETS
FUNDS
18
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
fund
£
17,738
850,362
236,782
1,087,144
(354,719)
732,425
750,163
(463,432)
286,731		 Restricted
funds
£
1,001
-
110,724
110,724
-
110,724
111,725
-
111,725		 2023
Total
funds
£
18,739
850,362
347,506
1,197,868
(354,719)
843,149
861,888
(463,432)
398,456
286,731
111,725
398,456		 2022
Total
funds
£
23,233
825,735
475,272
1,301,007
(222,599)
1,078,408
1,101,641
(490,163)
611,478
573,473
38,005
611,478

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 30 October 2024 and were signed on its behalf by:

Mr M Z Morris - Trustee

The notes form part of these financial statements

Page 9

THE WORK AVENUE FOUNDATION

Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Interest received
Net cash provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2023
£
(127,782)
(127,782)
16
16
(127,766)
475,272
347,506		 2022
£
82,083
82,083
11
11
82,094
393,178
475,272

The notes form part of these financial statements

Page 10

THE WORK AVENUE FOUNDATION

Notes to the Cash Flow Statement

FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES OPERATING ACTIVITIES
2023 2022
£ £
Net expenditure for the reporting period (as per the Statement of
Financial Activities) (213,022) (62,822)
Adjustments for:
Depreciation charges 4,494 5,880
Interest received (16) (11)
(Increase)/decrease in debtors (24,627) 31,730
Increase in creditors 105,389 107,306
Net cash (used in)/provided by operations (127,782) 82,083
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1.1.23 Cash flow At 31.12.23
£ £ £
Net cash
Cash at bank and in hand 475,272
(127,766)		 347,506
475,272 (127,766) 347,506
Total 475,272 (127,766) 347,506

The notes form part of these financial statements

Page 11

THE WORK AVENUE FOUNDATION

Notes to the Financial Statements

FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', 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 income 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 settlement and the amount 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 resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on reducing balance

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Funds held by the charity are:

Unrestricted funds - These are general funds 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 or loss on a straight line basis over the period of the lease. Incentives received and receivable to sign an operating lease are recognised on a straight line basis over the lease term

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company'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.

continued...

Page 12

THE WORK AVENUE FOUNDATION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2023

2.
DONATIONS AND LEGACIES
Donations
Gift aid
3.
OTHER TRADING ACTIVITIES
Business and office services
Training and work placement		 2023
£
699,986
1,495
701,481
2023
£
184,641
10,929
195,570		 2022
£
886,641
19,400
906,041
2022
£
194,126
17,760
211,886

Included within training and work placement is £5,179 (2022: £5,100) of income received from participants in training courses. 4. INVESTMENT INCOME

Deposit account interest
5.
RAISING FUNDS
Raising donations and legacies
Fundraising
6.
CHARITABLE ACTIVITIES COSTS
Charitable activities
Other		 Direct
Costs
£
844,036
-
844,036		 Grant
funding of
activities
(see note
7)
£
48,408
-
48,408		 2023
£
16
2023
£
30,948
Support
costs (see
note 8)
£
166,258
20,439
186,697		 2022
£
11
2022
£
38,006
Totals
£
1,058,702
20,439
1,079,141

continued...

Page 13

THE WORK AVENUE FOUNDATION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2023

7. GRANTS PAYABLE

2023
£
Charitable activities
48,408
8.
SUPPORT COSTS
Governance
Finance
Other
costs
£
£
£
Charitable activities
3,240
163,018
-
Other
2,135
6,539
11,765
5,375
169,557
11,765
9.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
2023
£
Depreciation - owned assets
4,494
Other operating leases
105,269
10.
AUDITORS' REMUNERATION
2023
£
Fees payable to the charity's auditors for the audit of the charity's financial
statements
-
Other non-audit services
3,300		 2022
£
63,156
Totals
£
166,258
20,439
186,697
2022
£
5,880
126,988
2022
£
3,600
3,300

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.

12. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Staff members		 2023
£
550,157
56,812
11,899
618,868
2023
16		 2022
£
539,526
59,241
10,501
609,268
2022
15

continued...

Page 14

THE WORK AVENUE FOUNDATION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2023

12. STAFF COSTS - continued

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

£60,001 - £70,000
£80,001 - £90,000
Both of the above mentioned employees were key management personnel.
13.
TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
At 1 January 2023 and 31 December 2023
42,849
DEPRECIATION
At 1 January 2023
25,118
Charge for year
2,660
At 31 December 2023
27,778
NET BOOK VALUE
At 31 December 2023
15,071
At 31 December 2022
17,731
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income		 2023
1
1
2
Computer
equipment
£
39,772
34,270
1,834
36,104
3,668
5,502
2023
£
47,091
798,260
5,011
850,362		 2022
1
1
2
Totals
£
82,621
59,388
4,494
63,882
18,739
23,233
2022
£
24,729
798,500
2,506
825,735

continued...

Page 15

THE WORK AVENUE FOUNDATION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2023

15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Pension
Net wages
Accruals and deferred income
16.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Accruals and deferred income
17.
LEASING AGREEMENTS		 2023
£
348,401
23
2,189
243
3,863
354,719
2023
£
463,432		 2022
£
212,158
-
3,298
243
6,900
222,599
2022
£
490,163

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years
In more than five years		 2023
£
105,269
421,077
2,044,568
2,570,914		 2022
£
105,269
421,077
2,149,837
2,676,183

In April 2016 The charity entered into a 25 years operating lease agreement expiring in April 2041. Total future minimum payment under non-cancellable operating lease is £2,438,913.

18. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Restricted funds
WAGE fund
Bursary fund
TOTAL FUNDS		 At 1.1.23
£
573,473
16,502
9,103
12,400
38,005
611,478		 Net
movement
in funds
£
(286,742)
6,999
59,464
7,257
73,720
(213,022)		 At
31.12.23
£
286,731
23,501
68,567
19,657
111,725
398,456

continued...

Page 16

THE WORK AVENUE FOUNDATION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2023

18. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming
resources
£
Unrestricted funds
General fund
629,593
Restricted funds
Restricted funds
7,499
WAGE fund
207,805
Bursary fund
52,170
267,474
TOTAL FUNDS
897,067
Comparatives for movement in funds
At 1.1.22
£
Unrestricted funds
General fund
531,941
Restricted funds
Restricted funds
9,753
WAGE fund
90,518
Bursary fund
42,088
142,359
TOTAL FUNDS
674,300
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
1,022,781
Restricted funds
Restricted funds
7,500
WAGE fund
54,087
Bursary fund
33,570
95,157
TOTAL FUNDS
1,117,938		 Resources
expended
£
(916,335)
(500)
(148,341)
(44,913)
(193,754)
(1,110,089)
Net
movement
in funds
£
41,532
6,749
(81,415)
(29,688)
(104,354)
(62,822)
Resources
expended
£
(981,249)
(751)
(135,502)
(63,258)
(199,511)
(1,180,760)		 Movement
in funds
£
(286,742)
6,999
59,464
7,257
73,720
(213,022)
At
31.12.22
£
573,473
16,502
9,103
12,400
38,005
611,478
Movement
in funds
£
41,532
6,749
(81,415)
(29,688)
(104,354)
(62,822)

continued...

Page 17

THE WORK AVENUE FOUNDATION

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2023

19. RELATED PARTY DISCLOSURES

Included in other debtors is an amount of £790,325 (2022: £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 agreement with an LLP, a trustee of the charity is a designated member of the LLP with significant influence. During the year the charity was charged a total of £132,000 (2022:£111,269) for the lease of the building. At the year end the balance outstanding was £331,874 (2022: £199,874). The total amount payable under the operating lease have been disclosed in note 17 above.

20. COMPANY LIMITED BY GUARANTEE

The charity company is limited by guarantee and does not have share capital. The articles of association of the company preclude the distribution of assets to the members of the company and accordingly a reconciliation of shareholders' funds is inappropriate. The liability of each member in the event of a winding up is limited to £10.

Page 18