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2024-03-31-accounts

REGISTERED COMPANY NUMBER: CE016375 REGISTERED CHARITY NUMBER: 1181832

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024

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 2024

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 16
Detailed Statement of Financial Activities 17 to 18

THE OLD NEEDLE WORKS FOUNDATION

CHAIRMAN'S REPORT for the Year Ended 31st March 2024

At the end of my report last year, I expressed the heart felt thanks that the trustees and staff owe to our volunteers. This time, here, at the very beginning, again on behalf of the trustees and staff, I would like to say WOW! What an awesome group of wonderful, hard‐working volunteers we are so lucky to have.

Thank You.

Even so, we cannot rest easily as the demands on our time increase. For 2025 we have started a new training programme to bring on board five new service providers. This will double the number of appointments we are able to offer new service users.

2023/24 saw 21.8 million people in contact with mental hath services, an increase of 9.4% compared to 2022/23. Combined with reducing availability in the public sector and the increasing awareness of mental health issues, has resulted in the demand for services being substantially higher than pre‐pandemic levels. In fact, 40% higher than 2019/20.

So, I come back again with a big, big thank you to everyone involved with The Old Needleworks Foundation. Great people make great business. And we have some truly great people. Change your mind. Change your life.

Jon Williamson FRSA Chairman

Page 1

THE OLD NEEDLE WORKS FOUNDATION

REPORT OF THE TRUSTEES for the Year Ended 31st March 2024

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 2024. 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 2024

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:

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.

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

Page 3

THE OLD NEEDLE WORKS FOUNDATION

REPORT OF THE TRUSTEES for the Year Ended 31st March 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Ratches in place in tenantes sub leases to allow Increased costs due to enrgy increases recovery of increased utilities costs The increased space available allows us to deliver a Increased income from new or increased scope of wider range of services, becoming more resilient and services 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 Cash surplus mental health support Ther is an opportunity to progress to an assessment centre, we should monitor risks of lack of engagement Value chain 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 24th January 2025 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 2024.

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

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Accounting Technicians, which is one of the listed bodies.

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

24th January 2025

Page 5

THE OLD NEEDLE WORKS FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31st March 2024

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
153,810
Other trading activities
2
14,050
Investment income
3
82,508
Total
250,368
EXPENDITURE ON
Raising funds
130,933
Charitable activities
Support and management costs
‐
Charity expenditure
‐
Other
117,325
Total
248,258
NET INCOME/(EXPENDITURE)
2,110
RECONCILIATION OF FUNDS
Total funds brought forward
30,600
TOTAL FUNDS CARRIED FORWARD
32,710		 Restricted
funds
£
26,045
‐
‐
26,045
47,182
‐
‐
‐
47,182
(21,137)
74,006
52,869		 2024
Total
funds
£
179,855
14,050
82,508
276,413
178,115
‐
‐
117,325
295,440
(19,027)
104,606
85,579		 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

The notes form part of these financial statements

Page 6

THE OLD NEEDLE WORKS FOUNDATION

BALANCE SHEET 31st March 2024

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
7
239
CURRENT ASSETS
Debtors
8
4,519
Cash at bank
65,376
69,895
CREDITORS
Amounts falling due within one year
9
(37,424)
NET CURRENT ASSETS
32,471
TOTAL ASSETS LESS CURRENT LIABILITIES
32,710
NET ASSETS
32,710
FUNDS
11
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
‐
‐
52,869
52,869
‐
52,869
52,869
52,869		 2024
Total
funds
£
239
4,519
118,245
122,764
(37,424)
85,340
85,579
85,579
32,710
52,869
85,579		 2023
Total
funds
£
407
11,734
99,698
111,432
(7,233)
104,199
104,606
104,606
30,600
74,006
104,606

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 7

THE OLD NEEDLE WORKS FOUNDATION

BALANCE SHEET ‐ continued 31st March 2024

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 24th January 2025 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 2024

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 2024

2. OTHER TRADING ACTIVITIES

Shop income
INVESTMENT INCOME
Rents received
Deposit account interest		 2024
£
14,050
2024
£
81,788
720
82,508		 2023
£
4,381
2023
£
84,007
90
84,097

3. INVESTMENT INCOME

4. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£ £
Depreciation ‐ owned assets 168 1,187
Other operating leases 40,518 49,100

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st March 2024 nor for the year ended 31st March 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st March 2024 nor for the year ended 31st March 2023.

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
23,963
Other trading activities
4,381
Investment income
84,096
Total
112,440
EXPENDITURE ON
Raising funds
38,037
Charitable activities
Support and management costs
24,691		 Restricted
funds
£
118,431
‐
1
118,432
43,432
11,098		 Total
funds
£
142,394
4,381
84,097
230,872
81,469
35,789

continued...

Page 10

THE OLD NEEDLE WORKS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS ‐ continued for the Year Ended 31st March 2024

6.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES ‐ continued
Unrestricted
fund
£
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
7.
TANGIBLE FIXED ASSETS
COST
At 1st April 2023 and 31st March 2024
DEPRECIATION
At 1st April 2023
Charge for year
At 31st March 2024
NET BOOK VALUE
At 31st March 2024
At 31st March 2023		 Restricted
Total
funds
funds
£
£
23,351
79,255
‐
7,934
77,881
204,447
40,551
26,425
33,455
78,181
74,006
104,606
Fixtures
and
fittings
£
6,407
6,000
168
6,168
239
407		 Total
funds
£
79,255
7,934
204,447
26,425
78,181
104,606

continued...

Page 11

THE OLD NEEDLE WORKS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS ‐ continued for the Year Ended 31st March 2024

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Prepayments
9.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 10)
Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income
10.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank overdrafts		 2024
£
2,678
1,841
4,519
2024
£
25,383
5,911
4,732
598
800
37,424
2024
£
25,383		 2023
£
9,832
1,902
11,734
2023
£
‐
6,433
‐
‐
800
7,233
2023
£
‐

continued...

Page 12

THE OLD NEEDLE WORKS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS ‐ continued for the Year Ended 31st March 2024

11. 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
MEGS
Family Well Being
Mens Mental Health
Youth Innovation
Inclusive Communities
Warm Hub Food
TOTAL FUNDS
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
MEGS
Family Well Being
Mens Mental Health
Youth Innovation
Inclusive Communities
Warm Hub Food
TOTAL FUNDS		 Net
movement
At
At 1/4/23
in funds
31/3/24
£
£
£
30,600
2,110
32,710
3,800
(3,800)
‐
28,114
(3,690)
24,424
8,623
(8,623)
‐
3,983
(3,983)
‐
18,363
(18,363)
‐
11,123
(7,535)
3,588
‐
2,951
2,951
‐
4,765
4,765
‐
881
881
‐
3,000
3,000
‐
11,010
11,010
‐
2,250
2,250
74,006
(21,137)
52,869
104,606
(19,027)
85,579
Incoming
Resources
Movement
resources
expended
in funds
£
£
£
250,368
(248,258)
2,110
‐
(3,800)
(3,800)
‐
(3,690)
(3,690)
‐
(8,623)
(8,623)
1,188
(5,171)
(3,983)
‐
(18,363)
(18,363)
‐
(7,535)
(7,535)
2,951
‐
2,951
4,765
‐
4,765
881
‐
881
3,000
‐
3,000
11,010
‐
11,010
2,250
‐
2,250
26,045
(47,182)
(21,137)
276,413
(295,440)
(19,027)

continued...

Page 13

THE OLD NEEDLE WORKS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS ‐ continued for the Year Ended 31st March 2024

11. MOVEMENT IN FUNDS ‐ continued

Comparatives for movement in funds

Net
movement At
At 1/4/22 in funds 31/3/23
£ £ £
Unrestricted funds
General fund 44,726 (14,126) 30,600
Restricted funds
Children in Need 3,576 224 3,800
Reaching Communities 14,615 13,499 28,114
Awards For All 2,235 6,388 8,623
Council Discetional Grant 12,609 (8,626) 3,983
Severn Trent 420 17,943 18,363
Primary Care Network ‐ 11,123 11,123
33,455 40,551 74,006
TOTAL FUNDS 78,181 26,425 104,606

Comparative 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

continued...

Page 14

THE OLD NEEDLE WORKS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS ‐ continued for the Year Ended 31st March 2024

11. MOVEMENT IN FUNDS ‐ continued

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
MEGS
Family Well Being
Mens Mental Health
Youth Innovation
Inclusive Communities
Warm Hub Food
TOTAL FUNDS		 Net
movement
At 1/4/22
in funds
£
£
44,726
(12,016)
3,576
(3,576)
14,615
9,809
2,235
(2,235)
12,609
(12,609)
420
(420)
‐
3,588
‐
2,951
‐
4,765
‐
881
‐
3,000
‐
11,010
‐
2,250
33,455
19,414
78,181
7,398		 At
31/3/24
£
32,710
‐
24,424
‐
‐
‐
3,588
2,951
4,765
881
3,000
11,010
2,250
52,869
85,579

continued...

Page 15

THE OLD NEEDLE WORKS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS ‐ continued for the Year Ended 31st March 2024

11. 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
Awards For All
Council Discetional Grant
Severn Trent
Primary Care Network
MEGS
Family Well Being
Mens Mental Health
Youth Innovation
Inclusive Communities
Warm Hub Food
TOTAL FUNDS		 Incoming
resources
£
362,808
15,808
51,271
9,343
10,569
21,506
11,123
2,951
4,765
881
3,000
11,010
2,250
144,477
507,285		 Resources
Movement
expended
in funds
£
£
(374,824)
(12,016)
(19,384)
(3,576)
(41,462)
9,809
(11,578)
(2,235)
(23,178)
(12,609)
(21,926)
(420)
(7,535)
3,588
‐
2,951
‐
4,765
‐
881
‐
3,000
‐
11,010
‐
2,250
(125,063)
19,414
(499,887)
7,398

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st March 2024.

Page 16

THE OLD NEEDLE WORKS FOUNDATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31st March 2024

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
Insurance
Light and heat
Telephone
Postage and stationery
Advertising
Professional fees
Finance
Sundries
Depreciation of tangible fixed assets
Information technology
Repairs and renewals		 2024
£
179,855
14,050
81,788
720
82,508
276,413
178,078
41,657
1,499
40,518
3,312
10,204
933
1,489
842
1,369
101,823
1,780
169
1,949
11,286		 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

This page does not form part of the statutory financial statements

Page 17

THE OLD NEEDLE WORKS FOUNDATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31st March 2024

Information technology
Governance costs
Accountancy and legal fees
Total resources expended
Net (expenditure)/income		 2024
£
2,304
295,440
(19,027)		 2023
£
2,496
204,447
26,425

This page does not form part of the statutory financial statements

Page 18