**REGISTERED COMPANY NUMBER: CE016375 REGISTERED CHARITY NUMBER: 1181832**
## **REPORT OF THE TRUSTEES AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023**
## **FOR**
## **THE OLD NEEDLE WORKS FOUNDATION**
SAS Accountant Ltd t/as OJW Associates
16 Hennals Avenue Webheath Redditch Worcestershire B97 5RX
**THE OLD NEEDLE WORKS FOUNDATION**
**CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31st March 2023**
**----- Start of picture text -----**
Page
Chairman's Report 1
Report of the Trustees 2 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7 to 8
Notes to the Financial Statements 9 to 15
Detailed Statement of Financial Activities 16 to 17
**----- End of picture text -----**
**THE OLD NEEDLE WORKS FOUNDATION**
**CHAIRMAN'S REPORT for the Year Ended 31st March 2023**
Mental health issues are now the leading cause of disability in the UK. One in four people above the age of 10 (Office of National Statistics) has a mental health issue, and many refuse to seek treatment due to stigma and limited resources. The largest concern in children being Social Anxiety. Although several factors such as parenting style and past trauma contribute to this, the greatest influence is social media.
A quarter of 11-16 year olds, and nearly half of 17-19 year olds (46.8%), with a mental disorder reported that they have self-harmed or attempted suicide at some point in their lives. For 11-16 year olds, this represents a greater than eightfold risk compared to those without a mental health problem.
## **Change your mind, change your life**
The spirit of our culture, change your mind, change your life, precisely sums up our objective.
At this point a year ago, I reported on the development the Foundation had achieved throughout 2021/22. This year has again evidenced our successful ethos with an even greater increase in the number of service users. We continue to be dedicated to improving the quality of life of young people and families. Great advances are in motion which will offer the Foundation wider scope across its activities. The coming year will be exciting!
## **Our Foundations People**
On a personal note, I have said this many times, one extremely crucial point is to recognise the astonishing dedication and determination of our staff, our volunteers and my fellow trustees. without whom, we would fail! The service we provide does not just happen. The support is down to everyone's dedication going way beyond the call of duty. It's incredible! I have seen how much the Foundation means to people and the lengths people will go to help us achieve it.
It has been a privilege to be Chairman.
Thank you.
Page 1
**THE OLD NEEDLE WORKS FOUNDATION**
**REPORT OF THE TRUSTEES for the Year Ended 31st March 2023**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The Old Needle Works is a community learning and support hub proving skills courses and groups to help local people with their wellbeing and mental health. We support people to make lasting positive changes to improve life quality and chances. Our premises are shared and act as an incubator for other charities and social enterprise.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The Trustees are appointed at the AGM, after going through an induction and training process. Their appointment is recorded in the minutes of the meeting and no signatures of acceptance are required. The Trustees have the power to co-opt other members.
Page 2
**THE OLD NEEDLE WORKS FOUNDATION**
**REPORT OF THE TRUSTEES for the Year Ended 31st March 2023**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Treasurers comments**
Our robust risk management procedures and the exceptional work of the management team has alowed us o maintain a strong financial position over the course of the year. We have built strong relationships with funding bodies and increased the number of suppliers that we are able to use ensuring te charity is sustainable going forward. As detailed in the formal accounts.
Our firm financial position and space available at the Old Needleworks Foundation has allowed us to expand our services, building our strategy of becoming a family centre.
## **Governance**
The Old Needleworks Foundation has now established since June 2019. During this time the trustees have established the protocols needed to fulfil their overseeing duties. This includes reviewing a financial report at the monthly trustees meeting that includes:
- The monthly cash and financial position
- Forward forecast of both profit and loss and cash position
- Financial risks and opportunities
- Grant project specific constraints
To ensure costs and value is fully captured we use the Xero financial software package. Xero contains a dashboard showing, at a glance, unpaid invoices, YTD profit and cash in cash out. Xero also contains an extensive suite of reporting tools allowing interrogation of every element of financial performance. The Xero software is being tailored to allow a project by project (grant by grant) cost capture to ease governance processes further.
Our robust financial governance procedures include a review of profit and loss and cash positions at different scenarios using a cash flow forecast spreadsheet so the trustees can understand the potential financial impact of major decisions, or the impact of significant risks or opportunities.
Our accountant to a local company OJW Associates who is significantly more supportive.
We have reduced our reserves policy from three to two months operating costs held in cash at bank.
## **Commercial risks and opportunities and mitigations**
Risks, opportunities, and mitigations are discussed on an individual basis at the trustees meeting held on the first Friday of each calendar month. In exceptional circumstances additional meeting can be held to agree an operational approach and identify potential risks and mitigation measure.
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|||
|---|---|
|Significant Risks & Opportunities|Mitigation measures|
|Loss of income from lost paid for services|Access to increased supply chain|
|Loss of income from services not delivered where grant|Agree relaxation of spend requirements from donor|
|monies already paid|bodies|
|Active members of VCSE Alliance with influencing role.|
|Development of The Old Needleworks Network as an|
|Restructure of mntal health services to include VCSE|exemplar of hw servics can be delivered|
**----- End of picture text -----**
Page 3
**THE OLD NEEDLE WORKS FOUNDATION**
**REPORT OF THE TRUSTEES for the Year Ended 31st March 2023**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
Increased costs due to enrgy increases
Increased income from new or increased scope of services
Cash surplus
Value chain
Ratches in place in tenantes sub leases to allow recovery of increased utilities costs The increased space available allows us to deliver a wider range of services, becoming more resilient and less reliant on rental income An increasing cash surplus will allow us to deliver, non-funded services to support a limited amount of individuals that would not otherwise have access to mental health support Ther is an opportunity to progress to an assessment centre, we should monitor risks of lack of engagement from schools should we be refering students
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** CE016375 (Not specified/Other)
## **Registered Charity number**
1181832
## **Registered office**
The Old Needlworks Cedar House Britten Street Redditch B97 6HD
## **Trustees**
G Scragg Treasurer J R Williamson Chairman N J Ordish P Salnicki L Lostitch
## **Independent Examiner**
SAS Accountant Ltd t/as OJW Associates 16 Hennals Avenue Webheath Redditch Worcestershire B97 5RX
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ J R Williamson - Trustee
Page 4
**INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE OLD NEEDLE WORKS FOUNDATION**
## **Independent examiner's report to the trustees of The Old Needle Works Foundation ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2023.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the 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:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Gareth Wood MAAT
SAS Accountant Ltd t/as OJW Associates 16 Hennals Avenue Webheath Redditch Worcestershire B97 5RX
Date: .............................................
Page 5
**THE OLD NEEDLE WORKS FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31st March 2023**
|**Unrestricted**
**fund**
**Notes**
**£**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
23,963
Other trading activities
2
4,381
Investment income
3
84,096
**Total**
112,440
**EXPENDITURE ON**
Raising funds
38,037
**Charitable activities**
Support and management costs
24,691
Charity expenditure
55,904
Other
7,934
**Total**
126,566
**NET INCOME/(EXPENDITURE)**
(14,126)
**RECONCILIATION OF FUNDS**
Total funds brought forward
44,726
**TOTAL FUNDS CARRIED FORWARD**
30,600|**Restricted**
**funds**
**£**
118,431
-
1
118,432
43,432
11,098
23,351
-
77,881
40,551
33,455
74,006|**2023**
**Total**
**funds**
**£**
142,394
4,381
84,097
230,872
81,469
35,789
79,255
7,934
204,447
26,425
78,181
104,606|**2022**
**Total**
**funds**
**£**
148,909
9,656
62,265
220,830
103,765
37,238
80,404
13,729
235,136
(14,306)
92,487
78,181|
|---|---|---|---|
The notes form part of these financial statements
Page 6
**THE OLD NEEDLE WORKS FOUNDATION**
## **BALANCE SHEET 31st March 2023**
|**Unrestricted**
**fund**
**Notes**
**£**
**FIXED ASSETS**
Tangible assets
7
407
**CURRENT ASSETS**
Debtors
8
11,734
Cash at bank
25,692
37,426
**CREDITORS**
Amounts falling due within one year
9
(7,233)
**NET CURRENT ASSETS**
30,193
**TOTAL ASSETS LESS CURRENT LIABILITIES**
30,600
**NET ASSETS**
30,600
**FUNDS**
10
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|**Restricted**
**funds**
**£**
-
-
74,006
74,006
-
74,006
74,006
74,006|**2023**
**Total**
**funds**
**£**
407
11,734
99,698
111,432
(7,233)
104,199
104,606
104,606
30,600
74,006
104,606|**2022**
**Total**
**funds**
**£**
1,594
2,003
82,227
84,230
(7,643)
76,587
78,181
78,181
44,726
33,455
78,181|
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 7
**THE OLD NEEDLE WORKS FOUNDATION**
**BALANCE SHEET - continued 31st March 2023**
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. J R Williamson - Trustee
............................................. G Scragg - Trustee
The notes form part of these financial statements
Page 8
**THE OLD NEEDLE WORKS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31st March 2023**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings
- 20% on cost
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Hire purchase and leasing commitments**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
## **Pension costs and other post-retirement benefits**
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
Page 9
**THE OLD NEEDLE WORKS FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st March 2023**
## **2. OTHER TRADING ACTIVITIES**
**----- Start of picture text -----**
||||
|---|---|---|
|2023|2022|
|£|£|
|Shop income|4,381|9,656|
|3.|INVESTMENT INCOME|
|2023|2022|
|£|£|
|Rents received|84,007|62,258|
|Deposit account interest|90|7|
|84,097|62,265|
**----- End of picture text -----**
## **4. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
**----- Start of picture text -----**
||||
|---|---|---|
|2023|2022|
|£|£|
|Depreciation - owned assets|1,187|1,280|
|Other operating leases|49,100|47,030|
**----- End of picture text -----**
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31st March 2023 nor for the year ended 31st March 2022.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31st March 2023 nor for the year ended 31st March 2022.
## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
**----- Start of picture text -----**
|||||
|---|---|---|---|
|Unrestricted|Restricted|Total|
|fund|funds|funds|
|£|£|£|
|INCOME AND ENDOWMENTS FROM|
|Donations and legacies|11,569|137,340|148,909|
|-|
|Other trading activities|9,656|9,656|
|Investment income|62,265|-|62,265|
|Total|83,490|137,340|220,830|
|EXPENDITURE ON|
|Raising funds|11,311|92,454|103,765|
|Charitable activities|
|Support and management costs|20,554|16,684|37,238|
**----- End of picture text -----**
continued...
Page 10
**THE OLD NEEDLE WORKS FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st March 2023**
**----- Start of picture text -----**
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
fund funds funds
£ £ £
Charity expenditure 54,604 25,800 80,404
Other 13,729 - 13,729
Total 100,198 134,938 235,136
NET INCOME/(EXPENDITURE) (16,708) 2,402 (14,306)
RECONCILIATION OF FUNDS
Total funds brought forward 61,434 31,053 92,487
TOTAL FUNDS CARRIED FORWARD 44,726 33,455 78,181
7. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
At 1st April 2022 and 31st March 2023 6,407
DEPRECIATION
At 1st April 2022 4,813
Charge for year 1,187
At 31st March 2023 6,000
NET BOOK VALUE
At 31st March 2023 407
At 31st March 2022 1,594
**----- End of picture text -----**
continued...
Page 11
**THE OLD NEEDLE WORKS FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st March 2023**
## **8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|**8.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||
|---|---|---|---|
|Trade debtors
Prepayments||**2023**
**£**
9,832
1,902|**2022**
**£**
643
1,360|
|||11,734|2,003|
|**9.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Social security and other taxes
Accruals and deferred income||**2023**
**£**
6,433
-
800|**2022**
**£**
5,635
1,208
800|
|||7,233|7,643|
|**10.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**Restricted funds**
Children in Need
Reaching Communities
Awards For All
Council Discetional Grant
Severn Trent
Primary Care Network|**At 1/4/22**
**£**
44,726
3,576
14,615
2,235
12,609
420
-|**Net**
**movement**
**in funds**
**£**
(14,126)
224
13,499
6,388
(8,626)
17,943
11,123|**At**
**31/3/23**
**£**
30,600
3,800
28,114
8,623
3,983
18,363
11,123|
||33,455|40,551|74,006|
|**TOTAL FUNDS**|78,181|26,425|104,606|
continued...
Page 12
**THE OLD NEEDLE WORKS FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st March 2023**
## **10. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Children in Need
Reaching Communities
Awards For All
Council Discetional Grant
Severn Trent
Primary Care Network
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
112,440
15,808
51,271
9,343
9,381
21,506
11,123
118,432
230,872|**Resources**
**Movement**
**expended**
**in funds**
**£**
**£**
(126,566)
(14,126)
(15,584)
224
(37,772)
13,499
(2,955)
6,388
(18,007)
(8,626)
(3,563)
17,943
-
11,123
(77,881)
40,551
(204,447)
26,425|
|---|---|---|
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**Restricted funds**
Children in Need
Reaching Communities
Awards For All
Council Discetional Grant
Severn Trent|**At 1/4/21**
**£**
61,434
2,186
18,637
-
4,559
5,671|**Net**
**movement**
**At**
**in funds**
**31/3/22**
**£**
**£**
(16,708)
44,726
1,390
3,576
(4,022)
14,615
2,235
2,235
8,050
12,609
(5,251)
420|
|---|---|---|
||31,053|2,402
33,455|
|**TOTAL FUNDS**|92,487|(14,306)
78,181|
continued...
Page 13
**THE OLD NEEDLE WORKS FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st March 2023**
## **10. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Children in Need
Reaching Communities
People Health Trust
Awards For All
Council Discetional Grant
Severn Trent
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
83,490
31,302
51,959
24,999
9,949
17,314
1,817
137,340
220,830|**Resources**
**Movement**
**expended**
**in funds**
**£**
**£**
(100,198)
(16,708)
(29,912)
1,390
(55,981)
(4,022)
(24,999)
-
(7,714)
2,235
(9,264)
8,050
(7,068)
(5,251)
(134,938)
2,402
(235,136)
(14,306)|
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Children in Need
Reaching Communities
Awards For All
Council Discetional Grant
Severn Trent
Primary Care Network|**At 1/4/21**
**£**
61,434
2,186
18,637
-
4,559
5,671
-|**Net**
**movement**
**At**
**in funds**
**31/3/23**
**£**
**£**
(30,834)
30,600
1,614
3,800
9,477
28,114
8,623
8,623
(576)
3,983
12,692
18,363
11,123
11,123|
|---|---|---|
||31,053|42,953
74,006|
|**TOTAL FUNDS**|92,487|12,119
104,606|
continued...
Page 14
**THE OLD NEEDLE WORKS FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st March 2023**
## **10. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Children in Need
Reaching Communities
People Health Trust
Awards For All
Council Discetional Grant
Severn Trent
Primary Care Network
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
195,930
47,110
103,230
24,999
19,292
26,695
23,323
11,123
255,772
451,702|**Resources**
**Movement**
**expended**
**in funds**
**£**
**£**
(226,764)
(30,834)
(45,496)
1,614
(93,753)
9,477
(24,999)
-
(10,669)
8,623
(27,271)
(576)
(10,631)
12,692
-
11,123
(212,819)
42,953
(439,583)
12,119|
|---|---|---|
## **11. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31st March 2023.
Page 15
**THE OLD NEEDLE WORKS FOUNDATION**
**DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31st March 2023**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Grants
**Other trading activities**
Shop income
**Investment income**
Rents received
Deposit account interest
**Total incoming resources**
**EXPENDITURE**
**Other trading activities**
Purchases
**Support costs**
**Management**
Wages
Pensions
Rent
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Advertising
Professional fees
**Finance**
Sundries
Depreciation of tangible fixed assets
**Information technology**
Repairs and renewals|**2023**
**£**
142,394
4,381
84,007
90
84,097
230,872
81,469
26,429
845
49,100
-
3,268
11,986
680
2,647
1,471
12,423
108,849
592
1,187
1,779
9,854|**2022**
**£**
148,909
9,656
62,258
7
62,265
220,830
103,765
28,133
791
47,030
3,292
3,850
9,935
817
2,247
1,307
9,771
107,173
747
1,280
2,027
19,826|
|---|---|---|
This page does not form part of the statutory financial statements
Page 16
**THE OLD NEEDLE WORKS FOUNDATION**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31st March 2023**
|**Information technology**
**Governance costs**
Accountancy and legal fees
Total resources expended
**Net income/(expenditure)**|**2023**
**£**
2,496
204,447
26,425|**2022**
**£**
2,345
235,136
(14,306)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 17