SMART WORI<S SMART WORKS NEWCASTLE REGISTERED NUMBER 11115960 ANNUAL REPORT AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 202Z
SMART WORKS NEWCASTLE TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 SMART WORI<S CONTENTS Report of the Trustee5 Independent Examinerfs Report io Statement of Financial Activities li Balance Sheet 12 Notes to the Accounts 13 Reference and Administrative Detai15 of the Charity 22
SMART WORKS NEWCASTLE Annual Report of the Board of Trustees for the Yettr Ending 31 Morch 2022 SMART WORKS 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 Newcastle for the year ended 31 March 2022. The accounts have been prepared in accordance with the accounting policies set out on page 14 and comply with the charity's governing document, applicable laws and the requirements of Statement of Recommended Practice on 'Ac¢ounting and Reporting by Charities, issued in 2019. l. Oblectives and activities Smart Works Newcastle provides high quality interview clothes, styling advice and interview training to women in need. We give women the confidence, the self-belief and the 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 across Tyneside and it5 surrounding areas. To deliver this, Smart Works Newcastle was incorpc>rated on 18 December 2017 and registered as a charity on 5 january 2018 with a clear mi55ion and vision to help more women back into the workplace by giving them the clothes and the confidence they need to succeed atjob interview. Smart Works Newcastle is part Of a network with 55X Other regional charities that deliverthe Smart Works Charity service in their area. At the core of our service is a two-hour appointment, dLJring which time each woman receives a complete outfit of high-qLJality clothes and accessories (theirs to keep) and dedicated one-to-one interview training. This short intervention has a significant impact as our clients start believing in their (>wn ability to succeed. Once they get the job, we offer clients a second dressing for more clothing, 50 that they have a working wardrobe to see them through to their first payday. 2. Achievements and performance NighlSghts Smart Works Newcastle is incredibly proud of what it has achieved in its fourth year. The year started with the challenge of the pandemic which remained a back drop for much of the year. Our highlights for the year can be summarized a5.. Increasing our reach on the previous year- we helped 414 women,. 290 with our core service, plus a further 111 for our career coaching. Developing our career ¢oa¢hing we built on our new career coaching service, which was developed online during the first year of the pandemic, to help women prepare for intetview. This need was identified during the pandemic and expanded our core service beyond only helping those women who already had secured an interview. Developed our relationships with referral partners by recruiting a Referral & Outreach Lead who aims to raise our profile with potential referral partners, builds on current relationships and expands our geographical reach across the North East including Northumberland. Durham and Teesside. Created volunteer experience days where group5 of women can Come into the Smart Works Newcastle Service and spend a day volunteering, gaining skills and experience and have a l..1 Career coaching session, so far we have supported 60 women.
SMART WORKS NEWCASTLE Annual Report of the Boord of Trusteesfor the Year Ending 31 M(Jrch 2022 SMART WORI<S Increased our staff team to four. The ro1e5 we now have are cent Manager, Fundraising & Partnership Lead, Referral & Outreach Lead and Service Delivery Coordinator. Achieving a 70% success rate in our clients getting their job within a month of their appointment with Smart Works Newcastle. This percentage was up from 68% the previous year. Welcoming new trustees we were delighted to welcome four new Trustees, Lisa Eaton, supporting with Marketing and Deputy Chair, Sarah Pavlou supporting on retail partnerships, Susan Fulton in the HR function and Julie Cuthbertson supporting with outreach and strategv. Delivered several volunteer training events and 8 Volunteer Thank You Afternoon Tea event at 813ckfriars restaurant. Engaged with local business and corporate5 to raise the profile of the organisation and encourage participation through corporate sponsorship and volunteering opportunities. Recruited 19 new volunteers, 10 dressers and 9 coaches. Ran our first ever Smart Works Newcastle women only jobs fair, Women into Work with over 100 jobseekers attending and almost half going on get either career coaching or the Interview Dressing & Preparation appointments. Continued with the effective revised financial planning to end the year in a strong financial PDSition including securing a number of grants and donations of £108k throughout the year and £24k fmm fundraising activities and fashion $8les. Our Fundraising Cycle Challenge- We raised nearly E7k this year. Recruited our own loca1 Ambassador, Sara Davies MBE and ran a successful profile and fundraising event at Jesmond Dene House in Newcastle. We reviewed the skills of our Trustees and undertook a wider recruitment plan. We intrOdUd a new advi50r role to support the subcommittees and inducted new job coaches and dressing volunteer5. Our first ambassador, Sara Davies MBE joined us and helped to raise our profile as well as taking part in a fundraising event. Despite the Continuing uncertainty surrounding the pandemic, we were successful in securing a number of grants and the fundraising events and fashion sales were popular. This leaves us in a healthy financial position. We have been through a significant period of change but find ourselve5 in a much stronger position going into the coming year with optimism and enthusiasm. Operational achÈevements and performance Smart Works Newcastle has welcomed 290 first dressing and interview training appointments and $12 total appointments, giving an average of 24 first dressings per month. This is an increase year on year numbers. 70% of those we were able to contact Succeeded at their job interview.
SMART WORKS NEWCASTLE Annual Report of the Bourd of Trustees for the Yeor Ending 31 March 2022 SMART WORIIS 3. Financial revlew Results for the year Total income for the period was £132,55612021.' £118,824), rllade up substantially from grants awarded, and total expenditure for the year was £112,19112021.. £64,933) resulting in net income of £20,36512021.. £53,891). There is 3 12% increase on overall income which include5 unrestricted income of £104k12021 '.£77kl and restricted income of £28k12021 £42kl. Restricted income includes donated dressing stock of £14k12021 .'Nill which is IO% of our total income. Grants alld donations provide 71% of our total income and fundraising events and fashion sales raised 19% of our income. Income Analysis DressinE Stock donations io% Events including Qcle 11% Restricted grants 11% 8% Unrestr4cted Erants and donation5 Total expenditure of £112k12021 £65kl is 72% increase and inclLJdes the value of clothing donated to clients of £12k 12021 £4kl. Our costs are mainly for staff, premises and direct client service costs which together make up 76% of our overall costs. The increase in the year of £47k is largely due to additional staff costs arising from increasing our team to facilitate further outreach with referral partners and potential client5 both in person and remotely. FTE of staff has increased to 3.4 from 2 and head count to 4 from 3. Property costs in 2021 had benefited from a rent reduction due to the pandemic but this year had full rental costs.
SMART WORKS NEWCASTLE Annual Report of the Board of Trusteesfor the Yeor Ending 31 Murch 2022 SMART WORKS Expenditure Analysis Other 18% staff 59% Propert¥ 17% Investment polt¢Y The Trustees, having regard to the liquidity requirements of operating the charity and to the reseNes policy, have Dperated a policy OF keeping available funds in suitable deposit accounts. These are currently held with HSBC. Reserves policy The Trustee5 have considered the requirement for free reserves, i.e. those unrestricted funds not designated for specific purpose or Dtherwise committed. It has been determined that. given the nature of the charity's work, the level of free reserves should be equivalent to three to six 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 total reserves of £172,690 includes general funds of £154,854 and restricted funds of £17,836. Of these restricted lund5, £14,573 relate to dressing stock kindly provided by our supporters. Smart Works Newcastle forecast to be in excess of their reserves policy for the coming financial year 2022-23. The trustees will be reviewing the policy for the next fin3n¢ial period to ensure that it SUPPDrts the Charity's strategic goals by designating funding initiatives towards the Three Years Strategy to ensure that we continue to help as mally women as possible. 4. Plans for the future On the l April 2022, Smart Works Newcastle began the first year of an ambitious Three Year Plan across the Smart Works Network, which aims to double the number of women helped in each of our centres, including Smart Works Newcastle. After the pandemic, and with a sever cost of living crisis, the need for our service has never been more urgent. and by the end of the three years, we aim to be helping over 1000 women from across Tyneside. and ensuring that at least 65% go on to get the job.
SMART WORK5 NEWCASTLE
Annuol Report of the Boord of Tru5teesfor the Year Ending 31 March 2022
SMART
WORIn the local economy and employabilitv.
Continue to offer a virtual service (clothing parcels delivered to the client and virtual coaching)
meaning we can support more women acr055 the North East region.
Fundraising
We will continue to maximise fundraising via trusts and foundations.
It is expected that the Great North Run will provide at least £4500.
We continue to run our fashion Sales Wlth at least three to be held during the next financial year.
Other activities generating incorne include an event with our ambassador, our birthday raffle and
ourjobs fairs.
Outreach
As part of our aim to support double the number of women across the region we have recruited a
dedicated Referal and Outreach lead this year.
Introduction of Women into Work. our women only jobs fair.
Targeted plan for accessing all are35 of the region.
Profile raising with referrèl agencies.
Expand our volunteer day offering
Governance
We have regularly undertake 3 skills aLJdit of our Board of Trustees and look to ensure we recruit into any
gaps we may have in expertise. recognising the need for a greater level of diversity across our organi5ation.
5. Structure, governance and management
Governance
SMART WORKS NEWCASTLE Annual Report of the Boord of Tru5teesfor the Year Ending 31 Murch 2022 SMART WORKS Smart Works Newcastle 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 information on page 21. Smart Works Charity is the sole rllember of Smart Works Newcastle. Smart Works Newcastle has been granted a license to operate by Smart Works Charity and it has the same objectives and Similar activities as the parent companv. Recruitment and appolntment of new Trustees Regular reviews are undertaken to assess the skills of the current Trustee5 and identify any areas for strengthening. New Trustees are appointed by the existing Trustees and their appointment is approved by Smart Works Charity. Induction and tralnSng of new Trustees New Trustees are provided with an induction to familiarise themselves with the charity and the not for profit 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.. A Trustee Welcome P8¢k is shared with all Smart Works Trustees when they join the charity, setting our roles. respDnsibilitie5 and the structure of Smart Works both regionally and nationally. Organisational structure and decision making The Trustees review and approve all policies, and follow a strategy set in the busine55 plan. The Trustees meet at least quarterly throughout the year and have an annual session to update and revise the strategy. Management The day to day rnanagement of Smart Works Newcastle is undertaken by the Centre Manager, and her team and overseen by the Chair and board of Trustees. Operational and brand infrastructure is provided by Smart Works Charity. Pay policy for key management personnel All Trustees give their time freely and no Trustee received remuneration in the year. The pay of staff will be reviewed annually. The Trustee5 benchmark pay against pay levels in other similarlv sized charities. 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. In 2021, we recruited a Trustee with specific responsibility for risk and gcivernance, strengthening our position in this area. Relationships with related parties Smart Works Charity is the sole member of Smart Works Newcastle. Policies Policies for all relevant areas are maintained, including Safeguarding. Data Protection, Health and Safety, 8ribery, Conflict of Interest, Complaints Handling and Privacy Policy lor Clients, Donors and Diver51ty. A staff handbook is made available to staff and include5 8 summary of all these policies.
SMART WORKS NEWCASTLE Annuul Report of the 80(Jrd of Trusteesfor the Ye(Jr Ending 31 March 2022 SMART WORKS Volunteers The Trustees are grateful for the invaluable contribution of those who give theirtime voluntarily to deliver the dressing and interview preparation for our clients. The number of active volunteers during the year has averaged around 34 with a high retention rate. Arguably, one of the greatest assets Smart Works Newcastle has is the enormous role played by it5 dedicated volunteers. 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 activitie5. The achievements above detail how Smart Works Newcastle has complied with the public benefit requirements. In preparing this report, the Tru5tee5 have taken advantage of the Small companies exernptions provided by sertion 415A of the Companies Act 2006. This report was approved by the Board on 11 July 2022 and signed on its behalf by.. Sophie Milliken Chair Trustee
SMART WORKS NEWCASTLE Annual Report of the Board of Trusteesfor the Yeor Ending 31 March 2022 SMART WORI<S Trustees. responsibilities statement The Trustees (who are also directors of Smart Works Newcastle for the purposes of company lawl are responsible for preparing the Trustees, Annual Report and the financial statements in ac¢c)rdance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under Company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the State of affairs of the Charitable company and of the incoming resources and application of resources, including the income and expenditure, of the Charitable company for that period. In preparing the financial statements the Trustees are required to.. select suitable accounting policies and then apply them consistently.. observe the methods and principles in the Charities SORP 2019 IFRS 1021., make judgements and estimates that are reasonable and prudent,. state whether applicable UK Accounting Standard5 have been followed, subject to any materi81 departures disclosed and explained in the financial statements- prepare the financial Statements on the going concern basis unle55 It is inappropriate to presume that the charitable company will continue in operation. The Trustee5 are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets ol the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
SMART WORKS NEWCASTLE
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE
FOR THE YEAR ENDED 31 MARCH 2022
SMART
WORI 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.
Signed-
1,14.
Name of examiner.. Hannah Ormston
Name of firm.. Critchleys Audit LLP
Relevant professional body.. Chartered Institute of Public Finance and Accountancv
Address.. Beaver House, 23-38 Hythe Bridge Street, Oxford, OXI 2EP
Date..
16 August 2022
io
SMART WORKS NEWCASTLE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 MARCH 2022 SMART WORI<S Notes General Fund Restrlcted Funds 2022 Total 2021 Total Income from.. Don8tions 79,S06 24,392 103,898 28.658 108,164 24,392 132,556 107,604 11,220 118.824 Other trading activities Total Income 28,658 Expenditure on: Raising funds 3,911 71,389 75,300 695 4,606 107,585 112,191 377 64,556 64,933 36,196 36,891 Total expendlture Net income/lexpendlturel for the year 28,598 18,2331 20.365 53,891 Net movement In funds 28,598 18,2331 20,365 53,891 Reconciliation of funds Total funds brought forw3rd Total funds carried forward 126,256 154,854 26,069 17,836 152,325 172,690 98,434 152,325 All of the companvs activitie5 are Classified as continuing. The company had no gains or1055e5 Other than those shown above. The notes on pages 13-20 form part of these accounts. li
SMART WORKS NEWCASTLE
BALANCE SHEET
REGISTERED NUMBER 11115960
ASA T31 MARCH 2022
SMART
WORImp3nies regime.
Sophie Milliken
Chair
Trustee
Approved by the Board on xxxxxx.
The notes on pages 13-20 form part of these account5.
12
SMART WORKS NEWCASTLE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
SMART
WORIunting Folicy notes.
The financial statements have been prepared on a goinB concern basis. Our services continue to be
provided to clients both in-person and virtually and financial support has been provided by grant
funders and fundraising activities. There are no material uncertainties in respect of the charitrfs
ability to continue as a going concern for the foreseeable future,based on the latest strategic plans,
financial budgets and level of reserves.
The charity was incorporated in December 2017 and registered as a charity in January 2018. Service
provision commenced in April 2018.
The charity's presentational and functional currency is Pounds Sterling.
Income
Income is included in the period in which the charity becomes entitled to the resources, the Trustees
have sufficient rtaintY that they will receive the resources and the monetary value can be
measured with sufficient reliability. The main income sources are corporate and individual donations,
grants, fundraising income and sales of surplus of donated stock.
Tax reclaims on donations and gifts
Income from tax reclaims are included in the 50FA at the same time as the gift to which they late.
Donated goods and services
Donated goods and services are recognised in the financial statements when the good5 and services
are received by the charity and their value can be measured with reasonable accuracy. The valLJe
placed on these resour$ is their value the charity. The Trustee5 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 15 described in the Trustees, annual report. Donated goods and
services all relate to the provision of dressing stock used to deliver the service.
Expenditure
Expenditure is included in the statement of financial activities when incurred and includes
attributable VAT which cannot be re¢overed. All expenditure is allocated to the particvlar activity
where the mst relates directly to that activity. Indirect costs and overhead expenses are
apportioned on a judgemental basis in proportion to floor Spa Ljsed.
13
SMART WORKS NEWCASTLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 fvIARCH 2022 SMART WORI<S Tangible fixed assets Assets are capitalised if they can be used for more than one year and cost at least £l,LKIO. Tangible fixed assets are stated at Cost less depreciation. Depreciation Depreciation has been provided at the following rates in order to write off the assets, less their estimated residual value. over their estimated useful economic lives.. Computer equipment Office fixtures and fitting5 30% on the straight line basis 20% on the straight line basis Stocks The cost of donated stock for distribution to beneficiaries is valued at fair value. which has been estimated by the Trustees. Investment income This is included in the accounts when ceivable. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date. Financial instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic finan¢i31 instruments are initially recognised at transartion value and subsequently measured at their settlement value. Fixed a55ets are recorded at depreciated historical cost and all other as5et5 and liabilities are recorded at cost, which is their fair value. Stocks Stocks are valued at the lower of cost and net realisable value. Donated dressing stock for distribution to clients is valued at fair value. Stocks of donated clothing held for resale are not valued until sold. Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or le55 from the date of acquisition or opening of the deposit or similar account. Creditors Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. Fund accountlng The General Fund is an unrestricted fund which 15 available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for specific purpDses. 14
SMART WORKS NEWCASTLE NOTES TO THE FINANCSAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 SMART WORKS The Designated Funds are unrestricted funds which have been set up by the Trustees to hold funds for specific purposes. The aim and use of each designated fund is set out in the notes to the accounts. Restricted Funds are funds which are to be used in accordance with specific restriction5 imposed by the donors. The aim and use of each Restricted Fund is Set out in the notes to the accounts. Income and expenditure are allocated to the Funds Dn a direct or time apportioned basis as appropriate. Taxation The company is Considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part Ilof the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that svch income or gains are applied exclLJsively to charitable purposes. Penslon costs The charity operates a defined wntributicin pension scheme for employees. These assets of the scheme are held separately from those of the ¢harity. The annual contributions P3yable are charged to the statement of financial activities. The charity also makes contributions into individual's own personal pension arrangements. Oper*lng lease agreements Renta15 applicable to operating leases where substantially all of the benefit5 and risks of ownership remain with the lessorare charged against profits on a straight line basis overthe period of the lease. Significant accountlng estimates The Trustees make estimates and assumptions concerning the futLJre. The resulting accounting estimates will. by definition, seldom equal the related actual results. There are no estimate5 and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilitie5 W1thin the next financial year. 2. DONATIONS CURRENf PERIOD General Deslgnated Restricted Fund Funds Funds 2022 Total 2021 Total Dressing stock donations Grants and individual donation5 13,685 14,973 28,658 13,685 94,479 108,164 79,506 79.506 107,604 107,604 PRIOR YEAR General Designated Restricted 2021 Fund Funds Funds Total Dressing stock donations Grants and individual donations 65,420 65,420 42,187 42,187 107,604 107,604 15
SMART WORKS NEWCASTLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 SMART WORI<S 3. OTHER TRADING ACTIVITIES CURRENT PERIOD General Deslgnated Restricted Fund Fund5 Funds 2022 Total 2021 Total Cycle for Smart Works S3les 6,576 9,725 8,091 24,392 6,576 9,725 8,091 24,392 6,084 3,769 1,367 11,220 Events PRIOR YEAR General DeslEnated Fund Funds Restricted Funds 2021 Total Cycle lor Smart Works Sales 6,084 3,769 1,367 11,220 6.084 3,769 Event5 1,367 11,220 4. COSTS OF RAISING FUNDS CURRENT PERIOD General De5ignatEd Restricted Fund Funds Funds 2022 Total 2021 Total Events- COStS Fundr3i5ing Marketing materials 3.911 695 4,606 13 40 324 377 3,911 695 4,606 PRIOR YEAR General Deslgnated Restricted Fund Funds Fund5 2020 Total Events- costs Fundraising M3rketing materials 13 40 324 13 40 324 377 377 16
SMART WORKS NEWCASTLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 SMART WORKS 5. CHARITABLE ACTIVITIES CURRENT PERIOD General Oe5ignated Restrl¢ted Fund Funds Funds 2022 Total 2021 Total Staff related direct expenditure Premises related direct expenditure Other direct expenditure Administrative expenditure Support cost5 Inote 61 36.813 19,930 56,743 36,960 12,104 3,447 15,551 12,859 1,263 1,263 12,030 21,998 107,585 718 3,360 10,659 64.SS6 12,030 789 21,209 71,389 36,196 PRIOR YEAR General Designated Reslrlcted Fund Funds Funds 2021 Total Staff related direct expenditure Premises related direct expenditure Other direct expenditvre Administrative expenditure Support costs (note Gl 5,231 31,729 36,960 5,879 6.980 12,859 718 3,360 2,409 45,196 718 3.360 10,659 64,556 8,250 19,360 6. SUPPORT COSts 2022 Total 2021 Total Staff related Premi5e5 related Administrative expenditu Governance costs 9,203 4.035 8,160 600 5,217 1,960 2,852 630 21,998 10,659 The fee for independent examination of theses financial statements was £60012021.. £6301. 7. NET INCOME AFTER CHARGINGIICREDITINGI 2022 Total 2021 Total Operating lease payments Wage5 and salaries Employers, National Insurance Indeperident Examiner's remuneration Employers Pension Contributions 14,795 61,031 5,546 41.336 600 4,916 600 842 Average number of employees during the period No member of staff was paid more than £60,000 in the period. 17
SMART WORKS NEWCASTLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 SMART WORI<S The key management personnel of the Charity are the Trustee5, directing the activities of the Centre Manager. No remuneration was received by the trustee5 for providing key management team services to the Charity during the year12021.. £Nill. 8. TRUSTEE REMUNERATION AND EXPENSES No Trustee received any remuneration or expenses from the charity in relation to the performance of their duties as Trustee5 in the year.12021.. Trustees received expenses of £1171 9. STOCK 2022 2021 Ore551ng Stock 14.572 12,918 As detailed in note I, the charity's donated stock for beneficiaries is valued at fair value. 10. DEBTORS ZOZ2 2021 Prepayments and accrued income 5,073 6,994 11. CREDITORS 2022 2021 Accruz15 and deferred income Other creditors 1,307 776 600 379 2,083 979 18
SMART WORKS NEWCASTLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 SMART WORI<S 12. RESTRICTED FUNDS At l April 2021 At31 March 2022 Income Empendlture Analysis of lund balance by project Dressing stock William Leech Charity Tampon Tax Wellbank frust BOA vi3 SWHQ National Lottery Community Fund via SWHQ Community Foundation INewcastle Building Society) Coronviru5 Job Recovery Scherne 12,918 695 9,768 13,685 112,0301 16951 19.7681 16.0801 12,1601 13,1001 12,6881 13701 136,8911 14,573 6,080 2,160 3,100 3,263 370 2.688- 3,263 26,069 28,658 17,836 The dressing stock fund represents donations received for the specific purpose of providing beneficiaries With clothing for interview. William Leech funding was provided for both core costs and and events package. This has now been fully utilised. Tampon Tax funding is to go towards the Service Delivery Co-ordinator'5 salary and associated project costs on a specific project targeting younger women. which has been fully Wellbank provided funding to cover core costs for the period from July 2021 up to September 2021. The National Lottery Comrnunity Fund represents funding from the Coronavirus Community Support Fund and was collected via Smart Works Charitv. BOA fund was collected via Smart Works Charity, is a grant towards core costs. Community Foundation INewca5tle Building Societyl provided funding for 3 months, salary costs for Service Delivery Lead to develop and deliver of our virtual employment service. This has now been fully utili5ed. Coronavirus lob Recovery Scheme was the UK Governmenvs scheme to provide a5515tance for employers who needed support whilst staff were placed on furlough. RESTRICTED FUNDS- PRIOR YEAR At l April 2020 At 31 March 2021 Income Expendiiure Analy515 of fund balance by project OrÈssing stock Proctor and Gamble William Leech Charity 16.495 500 695 13,5771 15001 12,918 695 19
SMART WORKS NEWCASTLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 SMART WORKS Hadrian Trust Community Foundation (Akzo Nobell Tampon fax 1,000 1,000 9,768 11,0001 11,0001 9,768 Charities Aid Foundation 10,312 110.3121 LGA Coutts 1,334 11.3341 Smallwood Trust 10,312 110,3121 National Lottery Community Fund Community Foundation INewca5tle 8uilding Societvl 1,900 11,9001 2,688 2,688 Coronvirus Job Recovery Scheme 15,638 115,6381 29,458 42,184 145,5731 26,069 13. ANALYSIS OF NAsSETs BETWEEN FUND5 Restrlded Funds 2022 Unrestrlrted Funds 2022 Total 2022 Tangible fixed assets Current assets Creditors due withln one year 17,836 156,937 12,0831 154,854 174,773 12.0831 172,690 17,836 Rèstricted Funds 2021 Unrestrlcted Funds 2021 Total 2021 rangible fixed assets Current assets Creditors due within one year 26,069 127,235 19791 126,256 153,304 19791 152,325 26,069 20
SMART WORKS NEWCASTLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 SMART WORI<S 14. OTHER FINANCIAL COMMITMENTS At the period end the company had annual commitments under cancellable operating leases as set out below.. 2022 2021 Operating Leases within one year within two to five years 16,140 45,730 61,870 14.795 61,870- 76,665 15. MEMBERS, LIABILITIES The company is limited by guarantee. The membef of the company undertakes to contribute to the assets of the company, in the event of the same being wound up while they are a member, or within one year after they cease to be a member, for payment of the debts and liabilities of the company contracted before they ceased to be a member, and of the costs, charges and expenses of winding up such amount as may be required not exceeding £1. At the balance sheet date there was one member, Smart Works Charity. 16. RELATED PARTY TRANSACTIONS During the year the charity received several grants via Smart Works Charity, its immediate parent. These totalled £21,86912021'. £21,900). There were no other related party transactions. 17. CONTROL The charity is controlled by Smart Works Charity who is the sole member of this charity. Smart Works Charity has the same principal activity as this charity. The accounts of Smart Works Charitv are consolidated and available from Companies House. Smart Works Charity has company number 3870671 and charity number 1080609. 21
SMART WORKS NEWCASTLE REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2021 SMART WORI<S Registered name Smart Works Newcastle Charity registration number 1176547 Company registration number 11115960 Corporate status The Company 15 limited by guarantee Registered offlce MEA House Ellison Place Newcastle upon Tyne NEI 8XS Telephone 0191255 1906 Webslte www.smartworks.org.uk Trustees Sophie Milliken Ichairl Katie Machin (resigned 17 May 20211 Jane Hartley (resigned 20 September 20211 Helen Sinclair (resigned 4 April 20221 Alison Alden (Treasurer- resigned 18 January 20221 Laura Bell Iresigned 20 September 20211 Danielle Brown lappointed 29 April 2021, resigned 22 June 20221 Helena Clennell Amy Davies (resigned 4 April 20221 Sam Hook (resigned 20 September 20211 Carol Meredith Lisa Eaton (appointed 28 Oct 20211 Lynsey Todd (appointed 28 October 2021, resigned 18 January 20221 Sarah Pavlou (appointed 28 Oct 20211 Julie Maughan (appointed 28 October 2021, resigned 18 January 20221 Kate Richardson (appointed 28 October 2021, resigned 18 January 20221 Susan Fulton lappointed 01 March 20221 Leanne Welford lappointed 16 December 2021, resigned 17 June 20221 Julie Cuthbertson (appointed 29 April 20221 Independent Examiner Hannah Ormston CIPFA Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OXI 2EP Bankers HSBC 22