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2023-03-31-accounts

Smart Works Newcastle Registered No. 11115960

Annual Report and Financial Statements For the Year Ended 31 March 2023

CONTENTS
Report of the Trustees 1
Independent Examiner’s Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Accounts 9
Reference and Administrative Details of the Charity 21

Annual Report of the Board of Trustees for the Year Ended 31 March 2023

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 in the year ended 31 March 2023.

The accounts have been prepared in accordance with the accounting policies set out on pages 9-10 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 Newcastle 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 Tyne and Wear and the surrounding areas. To deliver this, Smart Works Newcastle was incorporated on 18 December 2017 and registered as a charity on 5 January 2018 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 Newcastle 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 oneto-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 Smart Works Charity Three-Year Plan will ensure we reach 10,000 women across the UK 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 Newcastle is incredibly proud of what has been achieved in its fifth year.

Overall, Smart Works Newcastle has:

1

Smart Works Newcastle is incredibly proud of the performance in the year, with consistently positive feedback received to remind us of our purpose. Our first year of our Three-Year Plan saw remarkable increase in service delivery, with over 85% growth in interview dressing appointments, and over 70% growth in career coaching appointments. This has set us up in a strong position to build on the momentum as we continue with year two of our Three-Year Plan.

3. Financial Review

Results for the year

Total income for the period was £154,652 (2022: £132,556), made up substantially from grants awarded and fundraising events. Total expenditure was £175,051 (2022: £112,191) resulting in a deficit of £20,399 (2022: net income of £20,365).

To support the delivery of the Three-Year Plan, the Trustees approved to designate £68.2k from unrestricted funds during the year, of which £25k was allocated to year ending 31 March 2023. As a result of this we end the financial year with the designated funds of £43.2k and free reserves of £93.8k.

There is a 17% increase in overall income which includes unrestricted income of £113.7k and restricted income of £41k.

Grants and donations provide 52% of our total income and fundraising events and fashion sales raised 33% of our income. We hugely appreciate the support of many individuals, companies and grant providers throughout the year.

Income also includes donated dressing stock of £23,487 (2022: £13,685) which has increased from the previous year to support growth in dressing appointments and has been aided by the increase in donation stations throughout the region.

----- Start of picture text -----
INCOME ANALYSIS
2023 2022
G R ANTS & DO NATIO NS FUNDR AISING EV ENTS C L O TH ING DO NATIO NS
£94,479
£80,293
£50,872
£24,392 £23,487
£13,685
----- End of picture text -----

Total expenditure for the period was £175,051 which is a 56% increase from last year. Our costs are mainly for staff, premises and direct client service costs which together make up 73% of our overall costs (2022: 76%). The increase of £62.9k in the costs was expected and related mainly to staff costs to enable us to start to deliver on our Three-Year Plan. This year saw a full year of a staff team of 3.6 FTE (headcount 4). This is expected to increase in the next year due to an increase in headcount to 5 in line with anticipated growth.

2

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EXPENDITURE ANALYSIS
#REF! #REF!
0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
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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. At the year end, we have £138k cash reserves.

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 general unrestricted reserves of £93.8k meets this requirement.

4. Structure, Governance and Management

Governance

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 section on page 21.

Smart Works Charity is the sole member 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 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-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 Pack is shared with all Smart Works Trustees by Smart Works Charity when they join the charity, setting out roles, responsibilities, and the structure of Smart Works both locally and across the Group. 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.

3

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 Newcastle 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 received 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.

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 Newcastle.

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 by Smart Works Charity 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 46 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.

5. Future Plans

Delivering our Three Year Plan by 2025

On the 1[st] April 2022, Smart Works Newcastle 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.

By the end of the three years, Smart Works Newcastle aims to be helping over 1000 women across Tyne and Wear and the surrounding area and ensuring that at least 65% go on to get the job.

To achieve these aims in our area, we will:

4

Equity, Diversity & Inclusion

In June 2023, Smart Works Charity launched a new group-wide Equity, Diversity & Inclusion strategy. The strategy set-out a framework for how all Smart Works centres will nurture a culture of diversity and inclusivity.

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 Newcastle is committed to 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 01/11/23 and signed on its behalf by:

Sophie Milliken Lisa Bell Chair Treasurer

5

Charity registration number 1176547

Company registration number 11115960 (England and Wales)

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SMART WORKS NEWCASTLE

I report to the Trustees on my examination of the financial statements of Smart Works Newcastle (the Charity) for the year ended 31 March 2023.

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:

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

Critchleys Audit LLP

Beaver House 23-38 Hythe Bridge Street Oxford OX12EP

Dated: ....14 November 2023.....................

6

SMART WORKS NEWCASTLE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Current financial year

Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
Notes
£
£
£
Income from:
Donations
3
62,803
40,977
103,780
Other trading activities
4
50,872
-
50,872
Total income
113,675
40,977
154,652
Expenditure on:
Raising funds
5
10,029
2,202
12,231
Charitable activities
6
121,529
41,291
162,820
Total expenditure
131,558
43,493
175,051
Net (expenditure)/income for the year/
Net movement in funds
(17,883)
(2,516)
(20,399)
Fund balances at 1 April 2022
154,854
17,836
172,690
Fund balances at 31 March 2023
136,971
15,320
152,291		 Total
2022
£
108,164
24,392
132,556
4,606
107,585
112,191
20,365
152,325
172,690

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

7

SMART WORKS NEWCASTLE

BALANCE SHEET

AS AT 31 MARCH 2023

Notes
Current assets
Stocks
11
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Income funds
Restricted funds
15
Unrestricted funds
Designated funds
16
General unrestricted funds		 2023
£
15,320
133
138,291
153,744
(1,453)
43,200
93,771		 £
152,291
15,320
136,971
152,291		 2022
£
14,572
5,073
155,128
174,773
(2,083)
-
154,854		 £
172,690
17,836
154,854
172,690

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 2023.

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 01/11/2023.

Sophie Milliken Lisa Bell Trustee Trustee

Company registration number 11115960

8

SMART WORKS NEWCASTLE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

Charity information

Smart Works Newcastle is a charitable company limited by guarantee incorporated in England and Wales. The registered office is MEA House, Ellison Place, Newcastle upon Tyne, NE1 8XS, United Kingdom.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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 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 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 of 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.

9

SMART WORKS NEWCASTLE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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 Stocks

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

1.7 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.

1.8 Employee benefits

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

1.9 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.

There are no estimates that the trustees consider significant for the accounts.

10

SMART WORKS NEWCASTLE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

3 Donations

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donated goods and
services
-
23,487
Grants and individual
donations
62,803
17,490
62,803
40,977		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
23,487
-
13,685
80,293
79,506
14,973
103,780
79,506
28,658		 Total
2022
£
13,685
94,479
108,164

4 Other trading activities

Unrestricted Unrestricted
funds
funds
2023
2022
£
£
Sales 15,545
9,725
Fundraising events 23,885
8,091
Cycle for Smart Works 11,442
6,576
Other trading activities 50,872
24,392

11

SMART WORKS NEWCASTLE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

5 Raising funds.

Current Year
General
Funds
2023
Restricted
Funds
2023
£
£
Staging fundraising events
7,265
2,202
Fundraising costs
2,764
-
10,029
2,202
Prior Year
General
Funds
2022
Restricted
Funds
2022
£
£
Staging fundraising events
3,911
695
Fundraising costs
-
-
3,911
695		 Total
2023
£
9,467
2,764
12,231
Total
2022
£
4,606
-
4,606

12

SMART WORKS NEWCASTLE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

6 Charitable activities

Staff costs
Premises related direct expenditure
Other direct expenditure
Administrative direct expenditure
Share of support costs(seenote 7)
Share of governance costs(seenote 7)
Analysis by fund
Unrestricted funds
Restricted funds		 2023
£
86,941
18,030
151
22,740
127,862
34,298
660
162,820
121,529
41,291
162,820		 2022
£
56,744
15,551
1,262
12,030
85,587
21,398
600
107,585
71,389
36,196
107,585

7 Support costs

Staff costs
Premises related support
costs
Administrative
expenditure
Governance costs
Analysed between
Charitable activities		 Support Governance
costs
costs
£
£
18,806
-
4,961
-
10,531
-
-
660
34,298
660
34,298
660		 2023
£
18,806
4,961
10,531
660
34,958
34,958		 Support Governance
2022
costs
costs
£
£
£
9,203
-
9,203
4,035
-
4,035
8,160
-
8,160
-
600
600
21,398
600
21,998
21,398
600
21,998

Governance costs includes payments to the independent examiners of £605 + VAT (2022- £600) for independent examination fees.

The fee for the accounts preparation of £1,500 + VAT due to the independent examiners is being paid for by the parent charity.

13

SMART WORKS NEWCASTLE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year (2022: £nil).

9 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number

4
2023
£
98,680
4,047
3,020
105,747		 2022
Number
3
2022
£
61,031
-
4,916
65,947

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

10 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.

11 Stocks

11 Stocks
2023 2022
£ £
Dressing Stock 15,320 14,572
12 Debtors
2023 2022
Amounts falling due within one year: £ £
Donations Receivable 75 -
Prepayments and accrued income 58 5,073
133 5,073

14

SMART WORKS NEWCASTLE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Trade creditors
Wages and pensions control accounts
Accruals and deferred income		 2023
£
1,428
(575)
600
1,453		 2022
£
-
776
1,307
2,083

14 Retirement benefit schemes

Defined contribution schemes

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.

The charge to profit or loss in respect of defined contribution schemes was £3,020 (2022 - £4,916).

15

SMART WORKS NEWCASTLE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

15 Restricted Funds

The income funds of the charity include restricted funds comprising the following unexpected balances of donations and grants held on trust for specific purposes:

Balance Balance
1 April 31 March
2022 Income Expenditure 2023
Current Year Restricted Funds £ £ £ £
Dressing Stock 14,573 23,487 (22,740) 15,320
National Lottery Community Found via SWHQ - - - -
Community Foundation (Newcastle Building 3,263 - (3,263) -
Society)
Career Coaching (Bank of America) - 8,850 (8,850) -
Career Coaching (National Lottery) - 8,640 (8,640) -
17,836 40,977 (43,493) 15,320

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

The National Lottery Community Fund represents funding from the Coronavirus Community Support Fund and was collected via Smart Works Charity.

BOA fund was collected via Smart Works Charity, and is a grant towards core costs.

Community Foundation (Newcastle Building Society) provided funding for 3 months' salary costs for Service Delivery Lead to develop and deliver our virtual employment service. This has now been fully utilised.

16

SMART WORKS NEWCASTLE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Balance
1 April
2021
Prior Year Restricted Funds
£
Dressing Stock
12,918
William Leech Charity
695
Tampon Tax
9,768
Wellbank Trust
-
BOA via SWHQ
-
National Lottery Community Found via SWQH
-
Community Foundation (Newcastle Building
Society)
2,688
Coronavirus Job Recovery Scheme
-
26,069		 Income
Expenditure
Balance
31 March
2022
£
£
£
13,685
(12,030)
14,573
-
(695)
-
-
(9,768)
-
6,080
(6,080)
-
2,160
(2,160)
-
3,100
(3,100)
-
3,263
(2,688)
3,263
370
(370)
-
28,658
(36,891)
17,836		 Income
Expenditure
Balance
31 March
2022
£
£
£
13,685
(12,030)
14,573
-
(695)
-
-
(9,768)
-
6,080
(6,080)
-
2,160
(2,160)
-
3,100
(3,100)
-
3,263
(2,688)
3,263
370
(370)
-
28,658
(36,891)
17,836
17,836

William Leech funding was provided for both core costs and events package. This has now been fully utilised.

Tampon Tax funding is to go towards the Service Delivery Co-ordinator's salary and associated project costs on a specific project targeting younger women, which has been fully utilised.

Wellbank provided funding to cover core costs for the period from July 2021 up to September 2021.

Coronavirus Job Recovery Scheme was the UK Government's scheme to provide assistance for employers who needed support whilst staff were placed on furlough.

17

SMART WORKS NEWCASTLE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

16 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Designated Funds for 3 year plan to support more women across Newcastle

Movements in funds
Balance at Transfers Balance at
1 April 2022 31 March
2023
£ £ £
- 43,200 43,200
- 43,200 43,200
17 Analysis of net assets between funds
Current Year General Designated Restricted
Funds Funds Funds Total
2023 2023 2023 2023
£ £ £ £
Current assets 93,771 43,200 15,320 152,291
93,771 43,200 15,320 152,291
Prior Year General Designated Restricted
Funds Funds Funds Total
2022 2022 2022 2022
£ £ £ £
Current assets 154,854 - 17,836 172,690
154,854 - 17,836 172,690

18

SMART WORKS NEWCASTLE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

18 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.

19 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:

Within one year
Between two and five
years		 2023
£
16,140
36,315
52,455		 2022
£
16,140
45,730
61,870

Operating lease payments in the year were £20,257 (2022: £14,795).

20 Related party transactions

During the year the charity received donations of £29,764 (2022: £21,869) from Smart Works Charity, its immediate parent which are included within the results for the year.

The charity received donations of £59 (2022: £0) from Trustees. There are no other related party transactions.

21 Control

The charity is controlled by 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.

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SMART WORKS NEWCASTLE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

22 Prior financial year

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations
3
79,506
28,658
Other trading activities
4
24,392
-
Total income
103,898
28,658
Expenditure on:
Raising funds
5
3,911
695
Charitable activities
6
71,389
36,196
Total expenditure
75,300
36,891
Net (expenditure)/income for the year/
Net movement in funds
28,598
(8,233)
Fund balances at 1 April 2021
126,256
26,069
Fund balances at 31 March 2022
154,854
17,836		 Total
2022
£
108,164
24,392
132,556
4,606
107,585
112,191
20,365
152,325
172,690

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LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Danielle Brown (Resigned 22 June 2022) Helena Clennell Lisa Eaton (Resigned 25 November 2022) Susan Fulton Carol Meredith Sophie Milliken Leanne Welford (Resigned 17 June 2022) Sarah Pavlou (Resigned 10 May 2023) Helen Sinclair (Resigned 4 April 2022) Amy Davies (Resigned 4 April 2022) Lisa Bell (Appointed 7 November 2022) Julie Cuthbertson (Appointed 29 April 2022) Lisa Graveling (Appointed 7 February 2023) Nicola Hands (Appointed 10 May 2023)

Charity number 1176547

Company number 11115960

Registered office MEA House Ellison Place Newcastle upon Tyne United Kingdom NE1 8XS

Independent examiner Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OX12EP

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