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2024-12-31-accounts

WORK AVENUE. Cfeating ETDployrnent Growing Business WORK AVENUE FOUNDATION TRUSTEE REPORT & FINANCIAL STATEMENTS FOR YEAR ENDING 31 DECEMBER 2024 &J. (I REGISTERED COMPANY NUMBER: 09595853 (England & Wale8) REGISTERED CHARITY NUMBER: 1164762

Contents

Page
Report of the trustees 3to 40
Report of the Independent Auditors 41 to 45
Statement of Financial Activities 46
Balance Sheet 47
Cash Flow Statement 48
Notes to the Cash Flow Statement 49
Notes to the financial statements 50 to 56

2

WORK AVENUE. Creating Employment. Growing BuSine5S 11 WOKK AVENUE IS THE COMMUNITI S LEADING EMPLOYMENT & BUSINESS SUPPOKT CHAKITY, ASSISTING PEOPLE IN OBTAINING IONG TEKM SUSTAINABLE INCOMES THKOUGH CKEATING EMPLOYMENT AND BUILDING BUSINESSES

The Trustees

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 ending 31 December 2024. 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

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:

4

Objectives and Aims

The Work Avenue Foundation Vision:

5

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

6

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 19 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 three divisions: employment, business, and our brand new initiative, The Freelance Agency, which aims to create employment and grow businesses by creating a workforce of freelancers to support businesses in key areas so they can grow and develop.

7

Employment Support

Business Support

The Freelance Agency, Training & Recruitment

8

IN 2024 …

CLIENTS SUPPORTED 3,942

ONE-TO-ONE SUPPORT 2,757

WORKSHOP 1,393 ATTENDEES

800 SCHOOL STUDENTS RECEIVED CAREER ADVICE

170 FREELANCE PROJECTS

9

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

10

WORK AVENUE. Ci¢ÈtingEmployment. GIOwingBu$ine$# Our Employment Department

Employment Core 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.

12

Saul Meet our employment client:

CHALLENGE

Saul left a senior role to launch a fund. Due to the economy the business was untenable. Saul found himself looking for a job in the midst of a "very difficult time".

JOURNEY

Saul had an outdated CV. Through workshops and one-to-one meetings, he rewrote his CV that better demonstrates his achievements. “Work Avenue connected me with my current employer.”

IMPACT

Saul is now employed & developing a new business. Work Avenue has helped him increase his confidence, learn new skills and improved his financial position.

“For me, Work Avenue provided some really valuable

guidance at a time when I needed it most.”

13

Avi Meet our employment client:

CHALLENGE

After 10 years in the construction industry, Avi was looking for a complete career change. He also had a very practical problem - he had no access to a computer.

JOURNEY

Avi received one-to-one guidance for his job search from Sara and Yael helped him to apply for suitable jobs. We lent him a laptop, which enabled him to search for jobs online and to take part in training courses.

IMPACT

Avi’s laptop loan has enabled him to progress towards securing a job. He calls it a “gamechanger.”

“I am now applying for jobs with confidence & focus! I feel so much better and it’s all thanks to Work Avenue.”

14

Increased Confidence

96% of Clients reported increased confidence following one-to-one advice.

95% of Clients increased their confidence following their engagement with employment advice, events & workshops.

93% of Freelancers working on projects via Work Avenue felt the experience boosted their confidence.

100% of EmpowerHer participants reported increased confidence at the end of the programme.

Increased Employment Skills

95% of Clients improved their skills & had learnt new skills following employment events and workshops.

96% of Clients increased their skills or knowledge following one-to-one employment support.

100% of Businesses hiring freelancers via Work Avenue said that the work was of a high quality.

100% of Businesses recommend our Freelancer service to others.

15

IN 2024…

443 JOBS HAVE BEEN SECURED BY OUR CLIENTS

275 BUSINESSES ADVERTISED ON OUR JOBS BOARD

16

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.

17

WORK AVENUE. Ci¢ÈtingEmployment. GIOwingBu$ine$# Our Business Department

Business Core 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.

19

Meet our business client: Esther

CHALLENGE

After 20 years in teaching, Esther wanted to start her own business. Esther knew there was a market for services including decluttering. Esther needed support to turn her idea into a business.

JOURNEY

Esther attended a number of business workshops and received ‘amazing’ one-to-one support from Sara. This helped her to replace her ‘worry and stress’ about her new venture with confidence.

IMPACT

Her business is up and running! Esther now has the business she had always dreamed of.

“Thanks to Work Avenue, I am much more confident and know where to focus to build my business.”

20

Meet our business client: Sasha

CHALLENGE

An interior designer for the last 18 years, Sasha had a successful business. Three years ago, she accepted an offer to work exclusively for one client. “Then, when that work came to an end, my business was in bad way. I had no clients; everyone thought I had stopped working.”

JOURNEY

Sasha attended workshops and one-to-one sessions with Jo Sadie. “Jo instilled me with so much confidence”.

“The one thing I took away, that has been a total game-changer, is that, whenever I am networking, always have a specific ask.”

IMPACT

From her networking and putting herself in front of new people, she is now working with a number of clients at a time and is rebuilding her business.

“It’s all falling into place, I don’t think I would have got to this point, at this speed, without Work Avenue.”

21

Increased Business Skills

96% of Clients who attended business events or workshops felt the session increased their business knowledge.

100% of Clients who received one-to-one business advice said that this gave them increased business skills.

100% of WE Hub Members engage in our wider services, including one-to-ones & workshops.

22

WORK AVENUE. Ci¢ÈtingEmployment. GIOwingBu$ine$# Training 23

Business Core Services

TRAINING COURSES ACROSS 6 PATHWAYS

Opportunities for paid freelance projects.

Job placement assistance.

Bespoke training for businesses & charities.

24

Rebecca Meet our training client:

CHALLENGE

Rebecca had no job, no money and no idea what to do next. Craving a career change from teaching, Rebecca had put down a deposit for a graphic design course which was going to cost her £10,000 in total – a huge amount of money that left her feeling scared.

JOURNEY

Instead of spending £10,000, she signed up to our graphic design course, which she says, “was simply fantastic”.

She then enrolled in our other courses and workshops. These, along with regular one-on-one support and advice, really helped her.

IMPACT

Rebecca’s eventual goal is a job in design, and she is working on building a portfolio. In the meantime, she used our training courses to find a well-paid job as a project manager for a Jewish communal organisation.

“Work Avenue showed me I had options and a place to go in my career. I tell everyone to go and see them.”

25

Isaac Meet our training client:

CHALLENGE

After spending his career in education, Isaac needed a change. He wanted to enter the world of IT. However, the training required was expensive and he had nowhere to gain the vital real-world experience that potential employers and clients require.

JOURNEY

Isaac trained in WordPress & Web Design. He was also given a mentor. Creating websites for various clients via our freelance project allowed Isaac to pick up lots of skills you do not learn in class. Work Experience and the mentoring was transformative for Isaac.

IMPACT

Continuing to design websites for clients, Isaac is now also learning JavaScript to take his IT skills to the next level. The 40-year-old has recommended Work Avenue to so many people.

“Work Avenue have been so helpful and supportive in helping me begin this new career.”

26

Increased Confidence & Skills

96% of Clients said the training course they completed boosted their confidence.

98% of Clients said the training course they completed broadened their skills and knowledge.

27

WORK AVENUE. Ci¢ÈtingEmployment. GIOwingBu$ine$# THE FREELANCE AGENCY 28

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

Meet The Team

29

WORK AVENUE. Ci¢ÈtingEmployment. GIOwingBu$ine$# WE Hub WOHL ENTERPRISE SHARED WORKSPACE Wohl Enterprise Hub 30

Networking Events

Series of networking events with engaging and relevant keynote speakers for new and existing businesses.

WOHL ENTERPRISE HUB shared workspace

Work Avenue run The Wohl Enterprise Hub, the community's first business and employment hub. WE Hub is a dynamic environment for businesses to grow and become selfsustaining.

In December 2024, we opened Manchester’s first dedicated Community Shared Workspace - The Wohl Enterprise Hub Manchester – expanding our reach and support to entrepreneurs and job seekers in the North West.

The layout and mix of facilities at both hubs have been designed to encourage interaction between entrepreneurs and industry experts, building a network, creating opportunities in all areas of employment and selfemployment.

Offering our services from these state-of-the-art facilities 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.

31

How Our Members Describe Wohl Enterprise Hub…

FRIENDLY CONNECTION FRIENDSHIP FAMILY SOCIAL UNITY COMMUNITY SUPPORTIVE

32

Meet our Wohl Enterprise Hub member: Stephen

CHALLENGE

Stephen was a management consultant with a great business idea but no idea how to turn it into a reality.

Stephen had the technical expertise but didn’t know where to start when it came to creating and growing a fully functioning business.

JOURNEY

Stephen greatly benefited from workshops and business advice meetings, allowing him to set up Zenplans and base it out of WE Hub. He said, “The network that exists at WE Hub has really helped, including copywriters through to future investors!”

IMPACT

Five years on, Stephen’s business now has a team of eight people – five in the UK and three in Israel – working with some of the top companies in its target market.

“Zenplans has grown so much that it was named Business of the Year at Work Avenue’s Business Awards.”

33

Meet our Wohl Enterprise Hub member: Sassie

CHALLENGE

Sassie had run a business out of his home, acting as client agent and project managing developments, for more than 14 years. However, Sassie was experiencing a slow pace of growth – especially as every attempt he made to hire a personal assistant had failed.

JOURNEY

Meeting a contact at WE Hub, Sassie immediately fell in love with the space and signed up that same day. Through the support of Work Avenue and other Wohl Enterprise Hub members, Sassie started to grow his business and, within four weeks, had hired that elusive assistant.

IMPACT

Work Avenue has helped Sassie to develop his business skills, grow the company and, crucially, now provide opportunities to others in the community.

“Work Avenue offers so much and the team are very helpful and eager to help.”

34

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 2024:

35

SERVICE 2024 2023 2022
EMPLOYMENT DIVISION
EMPLOYABILITY
TRAINING		 1,683 1,121 1,060
CAREERS GUIDANCE
& MOCK INTERVIEWS		 2,191 1,749 1,610
JOB PLACEMENTS 540 535 479
SERVICE 2024 2023 2022
BUSINESS DIVISION
ONE-TO-ONE
BUSINESS ADVICE &
SEMINAR ATTENDEES		 753 766 665
EVENT ATTENDEES 790 715 526

36

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 of December 2024 the charity's unrestricted funds were £431,126 (2023: £286,731) and restricted funds were £259,241 (2023: £111,725). 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.

37

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.

38

Organisational structure

The board of trustees administers the charity. They appoint a CEO, together with a staff team, that oversees the day-today affairs.

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

39

Trustees

Mr A Bard (appointed 8.1.24)

Mrs S Kintish

Mr P J Mann

Mrs P Mintz

Mr M Z Morris

Mr S J H Pack

Mrs N Sandler

Mr S S Zaltzman (appointed 8.1.24)

40

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE WORK AVENUE FOUNDATION

Opinion

We have audited the financial statements of The Work Avenue Foundation (the 'charitable company') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and 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 statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements 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 requirements. 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 concluded 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities 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 comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on 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 statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement 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 Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 42

REPORT OF THE INDEPENDENT AUDITORS TO THE 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 misstatements 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:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, 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.

Page 43

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE WORK AVENUE FOUNDATION

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements 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 audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions 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 irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigation. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; trade legislation; data protection legislation; anti-bribery and corruption legislation.

International Standards on Auditing (UK) (ISAs (UK)) limit the required procedures to identify non-compliance with these laws and regulations, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

Challenging assumptions made by management in its significant accounting estimates.

Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account, journal entries posted by senior management.

Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

Ensuring that testing undertaken on both the performance statements and the Balance Sheet includes a number of items selected on a random basis.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Page 44

29 October 2025

THE WORK AVENUE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

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
£
884,293
228,130
11
1,112,434
34,689
901,141
32,209
968,039
144,395
286,731
431,126		 Restricted
funds
£
125,870
124,556
-
250,426
1,659
100,713
538
102,910
147,516
111,725
259,241		 2024

Total
funds
£
1,010,163
352,686
11
1,362,860
36,348
1,001,854
32,747
1,070,949
291,911
398,456
690,367		 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

The notes form part of these financial statements

Page 46

THE WORKAVEMJE FOUPIDATION (REGisfERED NUMBEL. 09595853) 31 DKSVMR 2024 2024 2023 Total fvnd5 TaThJible as*ts 29W3 667 18,739 14 9W917 J56 94973 637 253 261 ￿53 850,362 Cash at bank in h￿d 25.109 259A17 &584h26 1,197A68 An￿ntS falry (kne wnttmn 15 {484928) (743) {487,671} 1354,719) 867,754 2YJ.241 ¥124995 861W8 ArTrJunts fvlliry <kn th rrfft Ihn (Te 16 (43fy628) (44628) 1463,432) 690 259 241 a7 398 456 FUNDS Unre5triLtsJ fur 18 434126 286,731 111 725 TOTAL FUNDS 690 subFrt tt) the small c￿L￿rUe5 29 October20?5 arKI ty.. MrMZM s-Trus 47

THE WORK AVENUE FOUNDATION

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash (used in)/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		 2024
£
306,586
306,586
(16,650)
11
(16,639)
289,947
347,506
637,453		 2023
£
(127,782)
(127,782)
-
16
16
(127,766)
475,272
347,506

The notes form part of these financial statements

Page 48

THE WORK AVENUE FOUNDATION

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

1.
RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW
ACTIVITIES
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Increase in debtors
Increase in creditors
Net cash provided by/(used in) operations
2.
ANALYSIS OF CHANGES IN NET FUNDS		 FROM OPERATING
2024
2023
£
£
291,911
(213,022)
5,149
4,494
(11)
(16)
(96,611)
(24,627)
106,148
105,389
306,586
(127,782)
Net cash
Cash at bank and in hand
Total		 At 1.1.24
£
347,506
347,506
347,506		 Cash flow
At 31.12.24
£
£
289,947
637,453
289,947
637,453
289,947
637,453

The notes form part of these financial statements

Page 49

THE WORK AVENUE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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.

Long leasehold - 10% on cost 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 50

THE WORK AVENUE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

2.
DONATIONS AND LEGACIES
Donations
Gift aid
3.
OTHER TRADING ACTIVITIES
Business and office services
Training and work placement
Included within training and work placement is £7,435 (2023:
training courses.
4.
INVESTMENT INCOME
Deposit account interest
5.
RAISING FUNDS
Raising donations and legacies
Fundraising
6.
CHARITABLE ACTIVITIES COSTS
Direct
Costs
£
Charitable activities
852,393
Other
-
852,393		 2024
£
1,009,984
179
1,010,163
2024
£
221,007
131,679
352,686
£5,179) of income received from
2024
£
11
2024
£
36,348
Grant
funding of
activities
Support
(see note
costs (see
7)
note 8)
£
£
9,265
140,196
-
32,747
9,265
172,943		 2024
£
1,009,984
179
1,010,163
2024
£
221,007
131,679
352,686
£5,179) of income received from
2024
£
11
2024
£
36,348
Grant
funding of
activities
Support
(see note
costs (see
7)
note 8)
£
£
9,265
140,196
-
32,747
9,265
172,943

continued...

Page 51

THE WORK AVENUE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

7. GRANTS PAYABLE

Charitable activities
8.
SUPPORT COSTS
Finance
Other
£
£
Charitable activities
4,491
135,705
Other
2,219
5,148
6,710
140,853
9.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Other operating leases
10.
AUDITORS' REMUNERATION
Fees payable to the charity's auditors for the audit of the charity's financial
statements
Other non-audit services		 2024
2023
£
£
9,265
48,408
Governance
costs
Totals
£
£
-
140,196
25,380
32,747
25,380
172,943
2024
2023
£
£
5,149
4,494
105,196
105,269
2024
2023
£
£
4,200
-
6,180
-

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

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		 2024
£
548,090
49,677
11,492
609,259
2024
17		 2023
£
550,157
56,812
11,899
618,868
2023
16

continued...

Page 52

THE WORK AVENUE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

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
More than £100,000		 2024
1
-
1
2		 2023
1
1
-
2

Both of the above mentioned employees were key management personnel.

13. TANGIBLE FIXED ASSETS

Long
leasehold
£
COST
At 1 January 2024
-
Additions
16,650
At 31 December 2024
16,650
DEPRECIATION
At 1 January 2024
-
Charge for year
1,665
At 31 December 2024
1,665
NET BOOK VALUE
At 31 December 2024
14,985
At 31 December 2023
-
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income		 Fixtures
and
fittings
£
42,849
-
42,849
27,778
2,261
30,039
12,810
15,071		 Computer
equipment
£
39,772
-
39,772
36,104
1,223
37,327
2,445
3,668
2024
£
137,175
804,787
5,011
946,973		 Totals
£
82,621
16,650
99,271
63,882
5,149
69,031
30,240
18,739
2023
£
47,091
798,260
5,011
850,362

continued...

Page 53

THE WORK AVENUE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Social security and other taxes
Pension
Net wages
Accruals and deferred income
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Accruals and deferred income		 2024
£
476,162
-
1,884
122
9,503
487,671
2024
£
436,628		 2023
£
348,401
23
2,189
243
3,863
354,719
2023
£
463,432

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

17. LEASING AGREEMENTS

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		 2024
£
105,196
420,783
1,939,372
2,465,351		 2023
£
105,269
421,077
2,044,568
2,570,914

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 £2,465,351.

18. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Restricted funds
WAGE fund
Bursary fund
TOTAL FUNDS		 At 1.1.24
£
286,731
23,501
68,567
19,657
111,725
398,456		 Net
movement
in funds
£
144,395
127,167
30,272
(9,923)
147,516
291,911		 At
31.12.24
£
431,126
150,668
98,839
9,734
259,241
690,367

continued...

Page 54

THE WORK AVENUE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

18. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
Restricted funds
Restricted funds
WAGE fund
Bursary fund
TOTAL FUNDS		 Incoming
resources
£
1,112,434
127,501
122,325
600
250,426
1,362,860
Resources

expended
£
(968,039)
(334)
(92,053)
(10,523)
(102,910)
**(1,070,949) **
Movement

in funds
£
144,395
127,167
30,272
(9,923)
147,516
291,911

Comparatives for movement in funds

At 1.1.23
£
Unrestricted funds
General fund
573,473
Restricted funds
Restricted funds
16,502
WAGE fund
9,103
Bursary fund
12,400
38,005
TOTAL FUNDS
611,478
Comparative 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

continued...

Page 55

THE WORK AVENUE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

19. RELATED PARTY DISCLOSURES

Included in other debtors is an amount of £800,852 (2023: £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 £105,196 (2023: £105,269) for the lease of the building. 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 56