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2024-03-31-accounts

Smart Works Newcastle

Charity Registration No. 1176547 Company Registered No. 11115960

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

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 19

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 Newcastle 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 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 area. 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 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 Smart Works Group 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 Newcastle is incredibly proud of what has been achieved in its sixth year. Overall, Smart Works Newcastle has:

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Smart Works Newcastle is incredibly proud of the performance in the year, with consistently positive feedback received to remind us of our purpose. Our second year of our Three-Year Plan saw steady service delivery, retaining a strong position to continue with year three of our Three-Year Plan.

3. Financial Review

Results for the year

Total income for the period was £205,889 (2023: £154,652), made up substantially from grants awarded, corporate donations, and fundraising events. Total expenditure was £188,477 (2023: £175,051) resulting in net income of £17,412 (2023: net deficit of £20,399).

To support the delivery of the Three-Year Plan, in 2023 the Trustees approved to designate £68.2k from unrestricted funds, of which £20k was allocated to the year ending 31 March 2024 (2023: £25k). As a result of this, we end the financial year with the designated funds of £23.2k and free reserves of £128.1k.

There is a 33% increase in overall income which includes unrestricted income of £170.1k and restricted income of £35.8k.

Grants and donations provide 54% (2023: 52%) of our total income and fundraising events and fashion sales raised 36% (2023: 33%) of our income. We hugely appreciate the support of many individuals,

2

companies and grant providers throughout the year.

Income also includes donated dressing stock of £19.2k (2023: £23.5k) which helps continue to support the high-quality clothing for our service. Amongst a backdrop of the rising popularity of second-hand market places, we have increased to 14 donation stations throughout the region now, and look forward to developing retail partnerships.

Total expenditure for the period was £188,477 (2023: £175,051) which is an 8% increase, representing a more efficient cost base given the increase in income over the same period. Our costs are mainly for staff, premises and direct client service costs which together make up 81% of our overall costs (2023: 73%). The increase in costs was expected and related mainly to staff costs to sustain our delivery of the Three-Year Plan. This has seen an increase in headcount to 5 (2023: headcount 4) in line with continued delivery. Expenditure relating to premises is expected to increase in the next year due to moving to our new home at Hadrian House, which is significantly larger in size than our previous centre.

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

3

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 £128,140 meets this requirement.

4. Structure, Governance an 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 19.

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-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 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

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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 40�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 continues to remain crucial to individuals and communities.

By the end of the three years, Smart Works Newcastle aims to be helping over 1,000 women across Tyne and Wear and the surrounding areas and ensuring that at least 65% go on to get the job.

To achieve these aims in the north east, we will:

Equity, Diversity & Inclusion

In June 2023, Smart Works launched a new group-wide Equity, Diversity & Inclusion strategy. The

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strategy set-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 Newcastle 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 ……….and signed on its behalf by: 29/10/24

……………… ………………. Sophie Milliken Lisa Bell Chair Treasurer

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SMART WORKS NEWCASTLE

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 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:

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 NEWCASTLE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
3
95,627
35,758
Other trading activities
4
74,504
-
Total income
170,131
35,758
Expenditure on:
Raising funds
5
9,943
-
Charitable activities
6
145,819
32,715
Total expenditure
155,762
32,715
Net income/(expenditure) and
movement in funds
14,369
3,043
Reconciliation of funds:
Fund balances at 1 April 2023
136,971
15,320
Fund balances at 31 March
2024
151,340
18,363		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
131,385
62,803
40,977
74,504
50,872
-
205,889
113,675
40,977
9,943
10,029
2,202
178,534
121,529
41,291
188,477
131,558
43,493
17,412
(17,883)
(2,516)
152,291
154,854
17,836
169,703
136,971
15,320		 Total
2023
£
103,780
50,872
154,652
12,231
162,820
175,051
(20,399)
172,690
152,291

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

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SMART WORKS NEWCASTLE

BALANCE SHEET

AS AT 31 MARCH 2024

Notes
Current assets
Stocks
11
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Net assets excluding pension liability
The funds of the Charity
Restricted income funds
15
Unrestricted funds
Designated funds
16
General unrestricted funds		 2024
£
18,363
13,850
142,759
174,972
(5,269)
23,200
128,140		 £
169,703
169,703
18,363
151,340
169,703		 2023
£
15,320
133
138,291
153,744
(1,453)
43,200
93,771		 £
152,291
152,291
15,320
136,971
152,291

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.

29/10/24

The financial statements were approved by the Trustees on .........................

.............................. .............................. Sophie Milliken Lisa Bell Trustee Trustee

Company registration number 11115960 (England and Wales)

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SMART WORKS NEWCASTLE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Smart Works Newcastle is a charitable company limited by guarantee incorporated in England and Wales. The registered office is 3rd Floor, Hadrian House, Higham Place, NE1 8AF.

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 for 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 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 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.

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SMART WORKS NEWCASTLE

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 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.

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SMART WORKS NEWCASTLE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

3 Donations

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donated Goods and
Services
-
19,243
Grants and individual
donations
95,627
16,515
95,627
35,758		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
19,243
-
23,487
112,142
62,803
17,490
131,385
62,803
40,977		 Total
2023
£
23,487
80,293
103,780

4 Other trading activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Sales 17,010 15,545
Fundraising events 48,225 23,885
Cycle for Smart Works 9,269 11,442
Other trading activities 74,504 50,872

5 Raising funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Fundraising and publicity
Staging fundraising events
6,735
-
Fundraising costs
3,208
-
9,943
-		 Total
2024
£
6,735
3,208
9,943		 Total
2023
£
9,467
2,764
12,231

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SMART WORKS NEWCASTLE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

6 Expenditure on charitable activities

Charitable Charitable
activities activities
2024 2023
£ £
Direct costs
Staff costs 107,455 86,941
Premises related direct expenditure 16,859 18,030
Other direct expenditure 139 151
Administrative direct expenditure 16,200 22,740
140,653 127,862
Share of support and governance costs (see note 7)
Support 36,897 34,298
Governance 984 660
178,534 162,820
Analysis by fund
Unrestricted funds 145,819 121,529
Restricted funds 32,715 41,291
178,534 162,820

7 Support costs

Support costs
Staff costs
Premises related support
costs
Administrative
expenditure
Governance costs
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
24,097
-
4,629
-
8,171
-
-
984
36,897
984
36,897
984		 2024
£
24,097
4,629
8,171
984
37,881
37,881		 Support
costs
Governance
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

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 NEWCASTLE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

8 Trustees

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

9 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
5
2024
£
121,722
6,352
3,478
131,552		 2023
Number
4
2023
£
98,680
4,047
3,020
105,747

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:

2024 2023
£ £
Aggregate compensation 39,597 35,110

Under the terms of the Charities SORP, the trustees and the Centre 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.

10 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

11 Stocks

Stocks
2024 2023
£ £
Dressing Stock 18,363 15,320

14

SMART WORKS NEWCASTLE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

12
Debtors
Amounts falling due within one year:
Donations Receivable
Prepayments and accrued income
13
Creditors: amounts falling due within one year
Trade creditors
Wages and pensions control accounts
Accruals and deferred income
14
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2024
£
3,100
10,750
13,850
2024
£
226
3,275
1,768
5,269
2024
£
3,478		 2023
£
75
58
133
2023
£
1,428
(575)
600
1,453
2023
£
3,020

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.

15

SMART WORKS NEWCASTLE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

15 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
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 14,573 23,487 (22,740) 15,320 19,243 (16,200) 18,363
Community
Foundation
(Newcastle Building
Society) 3,263 - (3,263) - - - -
Career Coaching
(Bank of America) - 8,850 (8,850) - 7,875 (7,875) -
Career Coaching
(National Lottery) - 8,640 (8,640) - 8,640 (8,640) -
17,836 40,977 (43,493) 15,320 35,758 (32,715) 18,363

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

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.

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

The National Lottery Fund collected via Smart Works Charity is a grant for core costs.

16 Designated 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.

Movement in funds Movement in funds
Balance at Transfers Balance at Transfers Balance at
1 April 2022 1 April 2023 31 March 2024
£ £ £ £ £
Designated Funds for 3 year plan to
support more women across Newcastle - 43,200 43,200 (20,000) 23,200
- 43,200 43,200 (20,000) 23,200

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

16

SMART WORKS NEWCASTLE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

17
Analysis of net assets between funds
Unrestricted
funds
Designated
funds
Restricted
funds
2024
2024
2024
£
£
£
Fund
balances at
31 March
2024 are
represented
by:
Current assets
128,140
23,200
18,363
128,140
23,200
18,363		 Total Unrestricted
funds
Designated
funds
Restricted
funds
2024
2023
2023
2023
£
£
£
£
169,703
93,771
43,200
15,320
169,703
93,771
43,200
15,320

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

Lessee

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		 2024
£
16,140
20,175
36,315		 2023
£
16,140
36,315
52,455

Operating lease payments in the year were £17,399 (2023: £20,257).

20 Related party transactions

During the year the charity received donations of £31,515 (2023: £29,764) and cost reimbursements of £1,800 (2023: £nil) from Smart Works Charity, its immediate parent which are included within the results for the year.

The charity received donations of £571 (2023: £59) from seven Trustees. There are no other related party transactions.

17

SMART WORKS NEWCASTLE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

21 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.

18

SMART WORKS NEWCASTLE

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Helena Clennell (Resigned 5 April 2024)
Susan Fulton
Carol Meredith
Sophie Milliken
Sarah Pavlou (Resigned 10 May 2023)
Lisa Bell
Julie Cuthbertson
Lisa Graveling
Nicola Hands (Appointed 10 May 2023)
Maxine Fox (Appointed 12 September
2023)
Charity number 1176547
Company number 11115960
Registered office 3rd Floor
Hadrian House
Higham Place
NE1 8AF
Independent examiner Critchleys Audit LLP
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP

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