2024-03-31-accounts

Smart Works Birmingham

Charity Registration No. 1168264 Company Registered No. 10098116

Annual Report and Financial Statements For the Year Ended 31 March 2024

CONTENTS

CONTENTS
Report of the Trustees	1
Independent Examiner's Report	7
Statement of Financial Activities	8
Balance Sheet	9
Notes to the Accounts	10
Reference and Administrative Details of the Charity	20

Annual Report of the Board of Trustees for the Year Ended 31 March 2024

The Trustees, who are also the directors of the charity for the purposes of the Companies Act, present their annual report together with the accounts of Smart Works Birmingham in the year ended 31 March 2024.

The accounts have been prepared in accordance with the accounting policies set out on pages 10 to 11 and comply with the charity's governing document, applicable laws and the requirements of Statement of Recommended Practice on 'Accounting and Reporting by Charities' issued in 2019.

1. Objectives and Activities

Smart Works Birmingham provides high quality interview clothes, styling advice and interview training to women in need. We give women the confidence, self-belief and practical tools they require to succeed at interview and start a new chapter of their life.

The charity's objectives are the relief of financial hardship and the relief of unemployment for the public benefit through the promotion of economic independence among women in Birmingham and the surrounding area. To deliver this, Smart Works Birmingham was incorporated in 2016 with a clear mission and vision to help more women back into the workplace by giving them the clothes and the confidence they need to succeed at job interview. Smart Works Birmingham is part of a network of seven charities that deliver the Smart Works Charity service in their area.

At the core of our service is a two-hour Interview Dressing and Preparation appointment, during which each woman receives a complete outfit of high-quality clothes and accessories {theirs to keep) and tailored one-to-one interview training. This deceptively simple, short intervention has a significant impact as our clients start believing in their own ability to succeed. Once they get the job, we offer clients a Second Dressing for more clothing, to provide a working wardrobe to see them through to their first pay cheque.

As part of the Smart Works Group, our strategic focus is to deliver our core dressing and interview coaching service to the best possible standard across the UK and to take it to more locations so that any woman who needs our support can come to Smart Works. In the face of the cost-of-living crisis, the value of securing a job has never been greater. Our support is needed now more than ever, and our Three-Year Plan will ensure we reach 10,000 women by 2025. Our key performance indicators are the number of women that we help, and the proportion of those women who secure employment after their visit to a Smart Works centre.

2. Achievements and Performance

Highlights

Smart Works Birmingham is incredibly proud of what has been achieved in its 8[th ] year.

Overall, Smart Works Birmingham has:

• Helped 723 unique beneficiaries on their journey to employment; and delivered 844 total appointments.

• Delivered 577 Interview Dressing & Preparation appointments to unemployed women with secured job interviews.

• 72% of the women we helped before a job interview secured employment within a month of their visit.

• Delivered 115 Career Coaching appointments to help clients identify tangible next steps to

1

secure an interview.

• Continued to reach women who face significant barriers to securing employment. Smart Works clients are mostly long-term unemployed and have experienced repeated rejections from multiple jobs: 41% have been rejected from over 20 jobs, 21% have been rejected from over 50 jobs, 47% have been unemployed for over a year and 23% have been unemployed for over 5 years.

• The majority are from communities facing multiple barriers to gaining employment: 33% are lone parents, 12% have a disability and 70% are from an ethnic minority.

In the fundraising and operational sides of our charity, we had other significant highlights which included:

• This year we were delighted to welcome our first Smart Works Birmingham Ambassador, Scarlett Allen-Horton. Scarlett is a highly accomplished recruitment leader, BBC Apprentice Finalist, innovative entrepreneur and founder of the multi-award winning Harper Fox Partners. Scarlett is also a keynote speaker, business coach, business partner to Lord Sugar, RFC board advisor and voluntary ambassador for numerous charitable and purpose driven organisations.

• We said farewell to our Chair, Philippa Pickavance, and welcomed an existing Trustee, Alison Armstrong, into the role. Fay Ashwell also took over as Treasurer, as Sue Noyes stepped down.

• Our fundraising events continue to be well received and supported by the local community. We are working hard to ensure we bring variety and interest to the events we run and are trying to attract a wider audience through our new Ambassador’s social media reach.

• We have seen great success in our grant applications this year, which have been driven by our new Fundraising & Partnership Manager. This is the first time we’ve had someone in this role full time and the charity has benefited greatly from the experience she brings.

Corporate partnerships

• This year we worked with 74 unique referral partners across the West Midlands. These partners support clients of all ages, with multiple challenges and barriers to employment such as domestic violence, youth violence, housing and homeless, ex-offenders and refugees. Due to focused outreach we were able to widen our engagement with clients beyond Birmingham, also reaching Dudley, Solihull, Coventry and Wolverhampton. We continue to offer interview coaching online as well as face to face, supporting our growing geographical reach across the West Midlands Combined Authority area.

3. Financial Review

Results for the year

Total income for the period was £185,884 (2023: £142,939), made up substantially from grants and individual donations (73%), and total expenditure was £154,165 (2023: £123,223) resulting in net income of £31,719 (2023: £19,716).

There is a 30% increase in overall income which includes unrestricted income of £138.4k and restricted income of £47.4k.

Grants and donations provide 74% (2023:63%) of our total income and fundraising events and fashion sales raised 11% (2023:16%) of our income.

2

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----- Start of picture text -----
Sources of Income
£160,000
£136,275
£140,000
£120,000
£100,000 £90,640
£80,000
£60,000
£40,000 £28,126 £29,386
£20,919 £22,385
£20,000
£0
Grants and Individual donations Fundraising events Clothing donations
2024 2023
----- End of picture text -----

This net surplus was due to 50% increase in the grants and individual donations. Total expenditure for the period was £154,165 representing an increase of 25% from last year, primarily as a result of the increase in staff costs.

Our costs are mainly for staff, premises and direct client service costs which together make up 74% (2023:65%) of our overall costs. As mentioned above, this year we welcomed a new, full-time Fundraising & Partnership Manager. We also recruited a Full-Time Service Delivery Assistant to the team to bolster our administrative resource in line with the growth of the charity.

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----- Start of picture text -----
Expenditure
£80,000
£70,914
£70,000
£60,000
£50,000 £45,707
£37,554
£40,000
£30,000 £26,378
£21,279 £20,767 £20,797
£17,029
£20,000
£13,312
£10,000
£3,651
£0
Staff Premises Other direct Support Fundraising
2024 2023
----- End of picture text -----

3

Investment Policy

The Trustees, having regard to the liquidity requirements of operating the Charity and to the reserves policy, have operated a policy keeping available funds in interest-bearing deposit accounts.

Reserves Policy

The Trustees have considered the requirement for free reserves, i.e. those unrestricted funds not designated for specific purpose or otherwise committed. It has been determined that, given the nature of the charity's work, the level of free reserves should be equivalent to 3 to 6 months of annual expenditure. This provides sufficient flexibility to cover any temporary shortfall in income and will allow the charity to cope and respond immediately to a reasonable range of unforeseen adverse circumstances prior to specific remedial plans being implemented. The free reserves of £67,018 (£2023: £79,769) meets this requirement.

4. Structure, Governance and Management Governance

Smart Works Birmingham and its Trustees are bound by the Memorandum and Articles of Association. The names of the Trustees who served during the period are set out in the reference and administrative section on page 20.

Smart Works Charity is the sole member of Smart Works Birmingham. Smart Works Birmingham has been granted a license to operate by Smart Works Charity and it has the same objectives and similar activities as the parent company.

Recruitment and Appointment of new Trustees

Regular reviews are undertaken to assess the skills of the current Trustees and identify any areas for strengthening. New Trustees are appointed by the existing Trustees and their appointment is approved by the Smart Works Charity Board.

Induction and Training of new Trustees

New Trustees are provided with an induction to familiarise themselves with the charity and the not-forprofit sector. They are briefed on their responsibilities by the existing Trustees. New Trustees are also referred to the Charity Commission's guide 'The Essential Trustee'. Smart Works Charity shares a Trustee Welcome Pack with all Smart Works Trustees when they join the charity, setting out roles, responsibilities and the structure of Smart Works both locally and nationally. These resources are available under the dedicated Trustee section of our internal portal for tools and resources along with other useful guides and videos. Trustees also undertake training as part of their role, including on Equity Diversity and Inclusion.

Organisational Structure and Decision-Making

The Trustees review and approve all policies, and follow a strategy set in the business plan, in line with the wider strategy set by Smart Works Charity. The Trustees meet at least quarterly throughout the year and will have an annual session to update and revise the strategy.

Management

The day-to-day management of Smart Works Birmingham is undertaken by the Centre Manager and overseen by the Chair and Board of Trustees. Resources, infrastructure and support is provided by Smart Works Charity on finance, people, partnerships, operations and communications.

Pay Policy for Key Management Personnel

All Trustees give their time freely and no Trustee receives remuneration in the year.

The pay of staff is reviewed annually. The Trustees benchmark pay against pay levels in other similarly sized charities and other Smart Works centres.

4

Risk Management

The Trustees regularly review the major risks to which the charity is exposed, in particular those relating to governance, operations, finance, HR, compliance and external factors.

Relationships with Related Parties

Smart Works Charity is the sole member of Smart Works Birmingham.

Policies

Policies for all relevant areas are maintained by Smart Works Charity, including Safeguarding Vulnerable Adults, Safeguarding Children, Anti-Bribery and Fraud, Anti-Harassment & Bullying, Compassionate Leave, Complaints, Conflict of Interest, Data Protection, Disciplinary, Environmental, Equality, Eye Care, Flexible Working, Grievance, Health & Safety, Lone Working, Maternity, Paternity, Parental Leave, Privacy, Redundancy, Risk Management, Shared Parental Leave, Sickness Absence & Capability, Time off for Dependents, Travel & Expenses and Whistleblowing. A Staff Handbook is made available to staff and includes a summary of all these policies.

Volunteers

The Trustees are grateful for the invaluable contribution of those who give their time voluntarily to deliver the dressing and interview preparation for our clients. We have over 55 active volunteers with a very high retention rate and an ongoing recruitment process to bolster numbers. Our volunteers are one of our greatest assets, they are all totally dedicated and play an enormous role in delivering our dressing and coaching services.

Public Benefit

The Trustees have read and complied with the guidance contained in the Charity Commission's general guidance on public benefits when reviewing our aims and objectives and in planning our future activities. Our achievements above demonstrate how we have fulfilled this requirement during the year. In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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5. Future Plans

Delivering our Three Year Plan by 2025

On the 1[st ] April 2022, Smart Works Birmingham began the first year of an ambitious Three-Year Plan as part of the Smart Works Group in response to a significant increase in need for the service provided in our area.

The cost-of-living crisis has had a devastating impact on the women we serve and the expansion of our service has never been more urgent. As we enter the final year of our three year plan, our longer term plan remains to be helping over 1,000 women across Birmingham, the wider West Midlands Combined Authority and surrounding area and ensuring that at least 70% go on to get the job.

To meet this goal, we will:

• Continue to strengthen our group of amazing volunteers;

• Embed our first Ambassador into the team and work with her to continue to raise the profile of Smart Works Birmingham locally;

• Broaden the range of referral partners we engage and work with, as well as deepening the relationship with existing referrers and prioritising our work with the strongest referrers;

• Move into larger premises to provide more capacity to see clients;

• Strengthen our fundraising activities to help grow our income to meet additional costs of servicing 1,000 clients;

• Continue to offer a virtual service, meaning we can support more women across the area served

• Ensure we have appropriate resource in place to meet the needs of our community.

Equity, Diversity & Inclusion

In June 2023, Smart Works launched a new group-wide Equity, Diversity & Inclusion strategy. The strategy sets out a framework for how all Smart Works centres will nurture a culture of diversity and inclusivity. Over the last year, Smart Works has delivered important initiatives to progress this work. This includes training for staff, trustees and volunteers, demographic data collection across our internal community, and the launch of a Client Champion programme where former clients become ambassadors for the charity.

We want Smart Works to be a place where everyone feels accepted, valued and able to thrive - whether they are staff, volunteers, trustees, partners, supporters, or our clients. Smart Works Birmingham is committed on implementing this strategy locally and creating a more inclusive and equitable future for every member of the Smart Works community.

This report was approved by the Board on 21st October 2024 and signed on its behalf by:

……………… _—* Alison Armstrong Chair

…………. CW Fay Ashwell Treasurer

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SMART WORKS BIRMINGHAM

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF SMART WORKS BIRMINGHAM

I report to the Trustees on my examination of the financial statements of Smart Works Birmingham (the Charity) for the year ended 31 March 2024.

Responsibilities and basis of report

As the Trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

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

• 1 accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or

• 2 the financial statements do not accord with those records; or

• 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

• 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Hannah Ormston CIPFA ACA Critchleys Audit LLP

Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP

11.11.2024 Dated: .........................

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SMART WORKS BIRMINGHAM

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
		funds	funds		funds	funds
		2024	2024	2024	2023	2023	2023
	Notes	£	£	£	£	£	£
Income from:
Donations and legacies	3	116,976	47,425	164,401	66,567	53,909	120,476
Other trading activities	4	20,919	-	20,919	22,385	-	22,385
Investments	5	564	-	564	78	-	78
Total income		138,459	47,425	185,884	89,030	53,909	142,939
Expenditure on:
Raising funds	6	3,651	-	3,651	17,029	-	17,029
Charitable activities	7	117,559	32,955	150,514	59,066	47,128	106,194
Total expenditure		121,210	32,955	154,165	76,095	47,128	123,223
Net income and movement in
funds		17,249	14,470	31,719	12,935	6,781	19,716
Reconciliation of funds:
Fund balances at 1 April 2023	Fund balances at 1 April 2023	79,769	23,472	103,241	66,834	16,691	83,525
Fund balances at 31 March
2024		97,018	37,942	134,960	79,769	23,472	103,241

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

8

SMART WORKS BIRMINGHAM

BALANCE SHEET

AS AT 31 MARCH 2024

		2024			2023
	Notes	£	£	£		£
Current assets
Stocks	13	17,942		23,472	23,472
Debtors	14	4,244		1,766	1,766
Cash at bank and in hand		140,759		85,372	85,372
		162,945		110,610
Creditors: amounts falling due within	15
one year		(27,985)		(7,369)
Net current assets			134,960			103,241
Net assets excluding pension liability			134,960			103,241
The funds of the Charity
Restricted income funds	17		37,942			23,472
Unrestricted funds
Designated funds	18	30,000		-
General unrestricted funds		67,018		79,769	79,769
			97,018			79,769
			134,960			103,241

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the Trustees on 21st October 2024.

.............................. Fay Ashwell Alison Armstrong Trustee Trustee

Company registration number 10098116 (England and Wales)

9

SMART WORKS BIRMINGHAM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Smart Works Birmingham is a charitable company incorporated in England and Wales. The registered office is 321 Bradford St, Digbeth, Birmingham, B5 6ET.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Donated stock for dressing clients is recognised in the financial statements when the goods and services are received by the charity and their value can be measured with reasonable accuracy. The value placed on these resources is their value to the charity. The trustees consider it impractical to measure the value volunteer help and consequently, as permitted by the SORP, their value is not recognised in the financial statements but is described in the trustees' annual report.

10

SMART WORKS BIRMINGHAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 20% on a Straight Line Basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Stocks

The cost of donated dressing stock for distribution to beneficiaries is valued at fair value, which has been estimated by the trustees.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The Trustees consider depreciation to be the main accounting estimate.

11

SMART WORKS BIRMINGHAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

3 Donations

	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	funds	funds		funds	funds
	general			general
	2024	2024	2024	2023	2023	2023
	£	£	£	£	£	£
Dressing stock
donations	-	16,340	16,340	-	29,836	29,836
Grants and individual
donations	116,976	31,085	148,061	66,567	24,073	90,640
	116,976	47,425	164,401	66,567	53,909	120,476

4 Income from other trading activities

		Unrestricted	Unrestricted
		funds	funds
		2024	2023
		£	£
	Sales income	2,240	5,486
	Fundraising events	13,423	10,486
	Cycle for Smart Works	5,256	6,413
	Other trading activities	20,919	22,385
5	Income from investments
		Unrestricted	Unrestricted
		funds	funds
		2024	2023
		£	£
	Interest receivable	564	78
6	Raising funds
		Unrestricted Unrestricted	Unrestricted Unrestricted
		funds	funds
		general	general
		2024	2023
		£	£
	Fundraising and publicity
	Staging fundraising events	427	4,739
	Fundraising costs	3,224	12,290
		3,651	17,029

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SMART WORKS BIRMINGHAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

7 Expenditure on charitable activities

		Charitable	Charitable
		activities	activities
		2024	2023
		£	£
	Direct costs
	Staff costs	66,948	44,303
	Travel and subsistence costs	3,767	1,329
	Premises related direct expenditure	21,279	13,312
	Other direct expenditure	20,767	20,797
	Staff training and welfare	199	75
	Office and General Costs	1,663	1,472
		114,623	81,288
	Share of support and governance costs (see note 8)
	Support	34,967	24,386
	Governance	924	520
		150,514	106,194
	Analysis by fund
	Unrestricted funds - general	117,559	59,066
	Restricted funds	32,955	47,128
		150,514	106,194
8	Support costs allocated to activities
		2024	2023
		£	£
	Staff costs	28,697	18,988
	Recruitment, staff training and welfare	86	32
	Premises related support costs	2,364	1,479
	Adminitrative support costs	3,820	3,887
	Governance costs	924	520
		35,891	24,906
	Analysed between:
	Charitable activities	35,891	24,906

Governance costs includes payments to the independent examiners of £650 + VAT (2023: £605) for Independent Examination fees.

The fee for the accounts preparation of £1,600 + VAT due to the independent examiners is being paid for by the parent charity.

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SMART WORKS BIRMINGHAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year (2023: £nil).

10 Employees

The average monthly number of employees during the year was:

	2024	2023
	Number	Number
	3	4
Employment costs	2024	2023
	£	£
Wages and salaries	87,293	61,988
Social security costs	6,799	66
Other pension costs	1,553	1,237
	95,645	63,291

There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

Remuneration of key management personnel The remuneration of key management personnel was as follows:	The remuneration of key management personnel was as follows:
	2024	2023
	£	£
Aggregate compensation	68,904	33,306

Under the terms of the Charities SORP, the trustees, the Centre Manager and the Fundraising Partnerships Manager are recognised as key management personnel. The aggregate employee benefits (including employer pension and National Insurance contributions) received by the key management personnel are shown above.

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

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SMART WORKS BIRMINGHAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

12 Tangible fixed assets

12	Tangible fixed assets
			Fixtures and
			fittings
			£
	Cost
	At 1 April 2023		1,280
	At 31 March 2024		1,280
	Depreciation and impairment
	At 1 April 2023		1,280
	At 31 March 2024		1,280
	Carrying amount
	At 31 March 2024		-
	At 31 March 2023		-
13	Stocks
		2024	2023
		£	£
	Dressing Stock	17,942	23,472
14	Debtors
		2024	2023
	Amounts falling due within one year:	£	£
	Prepayments and accrued income	4,244	1,766
15	Creditors: amounts falling due within one year
		2024	2023
		£	£
	Trade creditors	55	420
	PAYE & NI	2,987	959
	Accruals and deferred income	24,943	5,990
		27,985	7,369
16	Retirement benefit schemes
		2024	2023
	Defined contribution schemes	£	£
	Charge to profit or loss in respect of defined contribution schemes	1,553	1,237

15

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

SMART WORKS BIRMINGHAM

16 Retirement benefit schemes

(Continued)

The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.

17 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

		Movement in funds	Movement in funds		Movement in funds	Movement in funds
	Balance at	Incoming	Resources	Balance at	Incoming	Resources	Balance at
	1 April 2022	resources	expended	1 April 2023	resources	expended	31 March 2024
	£	£	£	£	£	£	£
Dressing Stock	13,256	29,836	(19,620)	(19,620) 23,472	16,340	(21,870)	(21,870) 17,942
Career Coaching (National
Lottery)	-	8,160	(8,160)	(8,160) -	8,280	(8,280)	(8,280) -
Career Coaching (Bank of
America)	-	1,650	(1,650)	(1,650) -	2,805	(2,805)	(2,805) -
Kickstart	3,435	14,263	(17,698)	(17,698) -	-	-	-
National Lottery	-	-	-	-	20,000	-	20,000
	16,691	53,909	(47,128)	(47,128) 23,472	47,425	(32,955)	(32,955) 37,942

The dressing stock fund represents donations received for the specific purpose of providing beneficiaries with clothing for interview.

National Lottery Community Fund (collected via Smart Works Charity) is a grant for core costs.

Career Coaching (Bank of America) is a grant for core costs (collected via Smart Works Charity).

Kickstart is a grant from DWP to help provide employment for young people.

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

	At 1 April	Incoming	Resources	Transfers	At 31 March	At 31 March
	2023	resources	expended			2024
	£	£	£	£		£
Birmingham Centre
(Designated)	-	-	-	30,000		30,000
General funds	79,769	138,459	(121,210)	(30,000)		67,018
	79,769	138,459	(121,210)	-		97,018

16

SMART WORKS BIRMINGHAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

18	Unrestricted funds					(Continued)
	Previous year:	At 1 April	Incoming	Resources	Transfers	At 31 March
		2022	resources	expended		2023
		£	£	£	£	£
	General funds	66,834	89,030	(76,095)	-	79,769

During the year the Charity completed the second year of its 3 year plan to support more women across Birmingham and has transferred some of the designated funds which had been set aside to support some of the associated additional expenditure.

17

SMART WORKS BIRMINGHAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

19 Analysis of net assets between funds

Analysis of net assets between funds
	Unrestricted	Designated	Restricted	**Total **	Unrestricted	Designated	Restricted	Total
	funds	funds	funds		funds	funds	funds
	2024	2024	2024	2024	2023	2023	2023	2023
	£	£	£	£	£	£	£	£
Fund balances at 31 March 2024 are represented
by:
Current assets	67,018	30,000	37,942	134,960	79,769	-	23,472	103,241
	67,018	30,000	37,942	134,960	79,769	-	23,472	103,241

18

SMART WORKS BIRMINGHAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

20 Members' Liability

The company is limited by guarantee. The member of the company undertakes to contribute to the assets of the company, in the event of the same being wound up while they are a member, or within one year after they cease to be a member, for payment of the debts and liabilities of the company contracted before they ceased to be a member, and of the costs, charges and expenses of winding up such amount as may be required not exceeding £1. At the balance sheet date there was 1 member, Smart Works Charity.

21 Operating lease commitments

At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

	2024	2023
	£	£
Within one year (including a 3 month rolling
break clause)	5,000	5,230

Operating lease payments in the year were £20,000 (2023: £11,667).

22 Related party transactions

During the year the charity received aggregate donations of £28,710 (2023: £21,516) from Smart Works Charity, its immediate parent which are included within the results for the year. Additionally, the charity received £2,095 as reimbursements from Smart Works Charity, and paid £44,914 in reimbursements to Smart Works Charity.

The charity received aggregate donations of £250 (2023: £50) from two Trustees during the year, and reimbursed expenses of £57 (2023: £nil) to one Trustee during the year.

23 Control

The parent of the largest group in which these financial statements are consolidated is Smart Works Charity (Company number 03870671 and Charity Number 1080609) who is the sole member of this charity. Smart Works Charity has the same principal activity as this charity.

The address for Smart Works Charity is: Unit 1, Canonbury Yard 202-208 New North Road, Islington, London, England, N1 7BJ.

2109

SMART WORKS BIRMINGHAM

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Alison Armstrong Jilly Cosgrove (Resigned 10 May 2023) Bernadette Coughlan Victoria Davidson (Resigned 10 May 2023) Susan Noyes (Resigned 30 August 2023) Philippa Pickavance (Resigned 6 February 2024) Fay Ashwell (Appointed 10 May 2023) Schnel Hansen (Appointed 10 May 2023) Kerry Postlewhite (Appointed 10 May 2023 and resigned 3 May 2024) Danielle Owens (Appointed 10 May 2023) Holly Rankin (Appointed 10 May 2023) Raynee De Zoysa (Appointed 4 February 2024) Charity number 1168264 Company number 10098116 Registered office 321 Bradford Street Birmingham Birmingham Independent examiner Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP

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