## **Smart Works Leeds** **Charity Registration No. 1184676 Company Registered No. 12059540 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|21| ## **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 Leeds in the year ended 31 March 2024. The accounts have been prepared in accordance with the accounting policies set out on pages 4 to 14 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 Leeds 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 Leeds and the surrounding area. To deliver this, Smart Works Leeds was incorporated in 2019 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 Leeds 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 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 Leeds is incredibly proud of what has been achieved in its 5th year. Overall, Smart Works Leeds has: Helped 8 4 5 unique beneficiaries on their journey to employment; and delivered 1 0 4 7 total appointments. Delivered 545 Interview Dressing & Preparation appointments to unemployed women with secured job interviews. 1 68% of the women we helped before a job interview secured employment within a month of their visit. Delivered 344 Career Coaching appointments to help clients identify tangible next steps to secure an interview. Continued to reach women who face significant barriers to securing employment. Smart Works clients are mostly long-term unemployed and have experienced repeated rejections from multiple jobs: 40% have been rejected from over 20 jobs, 19% have been rejected from over 50 jobs, 44% have been unemployed for over a year and 17% have been unemployed for over 5 years. The majority are from communities facing multiple barriers to gaining employment: 27% are lone parents, 17% have a disability and 56% are from an ethnic minority. We are extremely proud of everything we have achieved in our 5[th] year, including exceeding our client targets, securing more corporate partners and holding our inaugural Fashion as a Force for Good Ball. Throughout the year we have embedded our relationships with our key referral partners, in particular the Job Centres, Askham Grange prison and Blue Apple. We have worked tirelessly to develop new relationships throughout Leeds and the surrounding areas and are delighted that we now have over 200 referrers to our service. In February we held our first local Jobs Fair, at Leeds Beckett University. We had 20 employers attend and 360 women. 51% of attendees rated the event excellent and a further 43% good. In 2022 we were privileged to receive funding to employ 2 additional staff members on a 12-month fixed term basis. Our current stable financial position, and additional funding secured has enabled us to make these 2 additional positions permanent, giving the team the stability and support needed to build on last year's results. community. All 270 tickets were sold with several sponsorship opportunities secured. The evening was hosted by our ambassador Natalie Anderson as well as journalist and presenter Christine Talbot. We had amazing press coverage both before and after the event, and we already have this years event in the diary for November. ## **3. Financial Review** ## **Results for the year** Total income for the period was £249, 274, made up substantially from Grants and Corporates, and total expenditure was £254, 262 resulting in net deficit of £4,988. There is a 48% increase in overall income which includes unrestricted income of £135,809 and restricted income of £113,465 Grants and donations provide 74% of our total income and fundraising events and fashion sales raised 2 26% of our income. **----- Start of picture text -----**
Sources of Income
£100,000
£91,245
£89,962
£90,000
£80,000 £75,342
£70,000
£63,667
£60,000
£50,000 2024
2023
£40,000
£33,483
£30,000
£23,278
£20,303 £20,066
£20,000
£10,000
£0
Grants Corporate Fundraising Events Clothing Donations
**----- End of picture text -----**
We have continued to develop great relationships with local trusts and foundations, and we are extremely grateful, not only to Leeds Building Society for their generous grant of £55k in total over 2 years, but also Leeds Community Foundation, Charles & Elsie Sykes, Leathersellers, Scurrah Wainwright, Brelms, and Dulverton Trusts that have also contributed to our income. Other highlights include a £10k profit from our 1[st] We are very proud of the corporate relationships we have nurtured over the financial year, which is reflected in donations totaling £44k from circa 30 organisations. Our Collective initiative continues to be well received, and we are very appreciative of the generous donation from Ricoh of £18k. Total expenditure for the period was £254,262 which is a 66% increase from last year. Our costs are mainly for staff, premises and direct client service costs which together make up 88% of our overall costs. We acknowledge that our staff costs have increased by 74%, the majority of this is due to employing 2 additional members of staff as a result of securing funding from The Leeds Building Society. We have also reviewed our salary structure, bringing all entry level salaries in line with living wage criteria and ensuring all our staff are paid fairly for the roles they undertake. 3 **----- Start of picture text -----**
Expenditure
£180,000
£155,070
£160,000
£140,000
£120,000
£100,000 £94,652
2024
£80,000 2023
£60,000
£36,002
£40,000
£27,894
£24,685
£21,090
£17,490
£20,000 £17,415
£9,041
£4,125
£0
Staff Premises Other Direct Support Fundraising
**----- End of picture text -----**
## **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 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 £81,824 meets this requirement. ## **4. Structure, Governance and Management** ## **Governance** Smart Works (Leeds) 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 . Smart Works Charity is the sole member of Smart Works Leeds. Smart Works Leeds 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. 4 ## **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 Leeds 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 Leeds. ## **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 140 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. 5 ## **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 Leeds 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 Leeds aims to be helping over 1,000 women across Leeds 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: Increase our outreach into Bradford, starting with a Bradford Jobs Fair in September and aiming to significantly expand our reach and visibility in key areas of Bradford that need us most. Continue to develop our relationship with the Retail team at Victoriagate, focusing on delivering at least - Recruit additional Trustees with wider skills and experience to support our ambitious plans to help more women across our region. Included in this is representation from the 18-24 year old age group. Continue to identify and develop relationships with referral partners and community groups throughout the region, focusing on the communities that need us the most. ## **Equity, Diversity & Inclusion** In June 2023, Smart Works 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. 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 Leeds 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 7th November 2024 and signed on its behalf by: Tracy Fletcher Amanda Clarke Tracy Fletcher Chair Amanda Clarke Trustee 6 ## **SMART WORKS LEEDS** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF SMART WORKS LEEDS** I report to the Trustees on my examination of the financial statements of Smart Works Leeds (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 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: - 1 accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements 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 financial statements 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 financial statements to be reached. Hannah Ormston CIPFA ACA **Critchleys Audit LLP** Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP 26 November 2024 Dated: ......................... 7 ## **SMART WORKS LEEDS** ## **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**
72,142
113,465
Other trading activities
**4**
63,667
-
**Total income**
135,809
113,465
**Expenditure on:**
Raising funds
**5**
17,415
-
Charitable activities
**6**
120,444
116,403
**Total expenditure**
137,859
116,403
**Net income/(expenditure) and**
**movement in funds**
(2,050)
(2,938)
**Reconciliation of funds:**
Fund balances at 1 April 2023
83,874
21,016
**Fund balances at 31 March**
**2024**
81,824
18,078|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
185,607
70,809
63,780
63,667
33,483
-
249,274
104,292
63,780
17,415
4,125
-
236,847
84,929
64,148
254,262
89,054
64,148
(4,988)
15,238
(368)
104,890
68,636
21,384
99,902
83,874
21,016|**Total**
**2023**
**£**
134,589
33,483| |---|---|---| |||168,072| |||4,125
149,077| |||153,202| |||14,870
90,020| |||104,890| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 8 ## **SMART WORKS LEEDS** ## **BALANCE SHEET** ## _**AS AT 31 MARCH 2024**_ |**Notes**
**Fixed assets**
Tangible assets
**11**
**Current assets**
Stocks
**12**
Debtors
**13**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**14**
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension liability**
**The funds of the Charity**
Restricted income funds
**16**
Unrestricted funds|**2024**
**£**
16,447
19,762
66,575
102,784
(7,431)|**£**
4,549
95,353
99,902
99,902
18,078
81,824
99,902|**2023**
**£**
17,234
4,767
129,731
151,732
(55,546)|**£**
8,704
96,186| |---|---|---|---|---| |||||104,890| |||||104,890| |||||21,016
83,874| |||||104,890| 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. The financial statements were approved by the Trustees on 7th November 2024. |Tracy Fletcher|Tracy Fletcher|Amanda Clarke| |---|---|---| |..............................||| |||Amanda Clarke| |||Trustee| Company registration number 12059540 (England and Wales) 9 ## **SMART WORKS LEEDS** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2024**_ ## **1 Accounting policies** ## **Charity information** Smart Works Leeds is a private company limited by guarantee incorporated in England and Wales. The registered office is Mabgate Mills Mill 5, First Floor, Mabgate, Leeds, Yorkshire, LS9 7DZ, United Kingdom. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the Charity's governing document, the 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. 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. Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 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. 10 ## **SMART WORKS LEEDS** ## **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 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Computer Equipment 30% on the straight line basis The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ## **1.7 Impairment of fixed assets** At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **1.8 Stocks** - The cost of donated dressing stock for distribution to beneficiaries is valued at fair value, which has been estimated by the trustees. ## **1.9 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. ## **1.10 Employee benefits** The cost of any unused holiday entitlement is recognised in the received. ## **1.11 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 11 ## **SMART WORKS LEEDS** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ ## **2 Critical accounting estimates and 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. The trustees consider depreciation to be the main accounting estimate. The trustees consider depreciation to be a significant estimate in the accounts. ## **3 Donations** |**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
Corporate and dressing
stock donations
26,142
84,123
Grants and individual
donations
46,000
29,342
72,142
113,465|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
110,265
23,278
20,066
75,342
47,531
43,714
185,607
70,809
63,780|**Total**
**2023**
**£**
43,344
91,245| |---|---|---| |||134,589| ## **4 Income from other trading activities** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2024**|**2023**| ||**£**|**£**| |Fundraising events|37,089|11,048| |Cycle for Smart Works|26,578|22,435| |Other trading activities|63,667|33,483| 12 ## **SMART WORKS LEEDS** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ ## **5 Raising funds** ||**Unrestricted **|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2024**|**2023**| ||**£**|**£**| |**Fundraising and publicity**||| |Staging fundraising events|5,776|1,350| |Fundraising and Marketing|11,639|2,775| |Fundraising and publicity|17,415|4,125| ||17,415|4,125| ## **6 Charitable activities** |Staff costs
Staff related direct expenditure
Premises related direct expenditure
Other direct expenditure
Administrative expenditure
Staff training
Share of support costs (see note 7)
Share of governance costs (see note 7)
**Analysis by fund**
Unrestricted funds
Restricted funds|**2024**
**£**
152,375
2,221
36,002
21,090
17,613
474
229,775
6,139
933
236,847
120,444
116,403
236,847|**2023**
**£**
92,800
1,852
27,894
17,490
2,133
-| |---|---|---| |||142,169
5,770
1,138| |||149,077| |||84,929
64,148| |||149,077| 13 ## **SMART WORKS LEEDS** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ ## **7 Support costs allocated to activities** |**Support costs allocated to activities**||| |---|---|---| |Staff related support costs
Premises related support costs
Administrative expenditure
Governance costs
**Analysed between:**
Charitable activities|**2024**
**£**
1,139
2,877
2,123
933
7,072
7,072|**2023**
**£**
1,039
2,273
2,458
1,138| |||6,908| |||6,908| 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. ## **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: |**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2024**
**Number**
7
**2024**
**£**
138,809
10,748
2,818
152,375|**2023**
**Number**
5| |---|---|---| |||**2023**
**£**
94,559
(3,117)
1,358| |||92,800| There were no employees whose annual remuneration was more than £60,000. 14 ## **SMART WORKS LEEDS** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ |**Employees**||**(Continued)**| |---|---|---| |**Remuneration of key management personnel**||| |The remuneration of key management personnel was as follows:||| ||**2024**|**2023**| ||**£**|**£**| |Aggregate compensation|42,904|34,256| ## **9 Employees** Under the terms of the Charities SORP, the trustees and the Centre Managers 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 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 Tangible fixed assets** |**11**|**Tangible fixed assets**||| |---|---|---|---| ||||**Computer**| ||||**Equipment**| ||||**£**| ||**Cost**||| ||At 1 April 2023||19,005| ||At 31 March 2024||19,005| ||**Depreciation and impairment**||| ||At 1 April 2023||10,301| ||Depreciation charged in the year||4,155| ||At 31 March 2024||14,456| ||**Carrying amount**||| ||At 31 March 2024||4,549| ||At 31 March 2023||8,704| |**12**|**Stocks**||| |||**2024**|**2023**| |||**£**|**£**| ||Dressing Stock|16,447|17,234| 15 ## **SMART WORKS LEEDS** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2024**_ |**13**
**Debtors**
**Amounts falling due within one year:**
Other debtors
Prepayments and accrued income|**2024**
**£**
5,206
14,556
19,762|**2023**
**£**
4,767
-| |---|---|---| |||4,767| **14 Creditors: amounts falling due within one year** |Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
**15**
**Retirement benefit schemes**
**Defined contribution schemes**
Charge to profit or loss in respect of defined contribution schemes|**2024**
**£**
935
908
4,267
1,321
7,431
**2024**
**£**
2,818|**2023**
**£**
1,149
263
4,674
49,460| |---|---|---| |||55,546| |||**2023**
**£**
1,358| 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. 16 ## **SMART WORKS LEEDS** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ ## **16 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**||**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|14,658|20,066|(17,490)|17,234|20,303|(21,090)|16,447| |Community Foundation (Leeds)|2,076||(2,076)||||| |Fixed assets|4,650||(1,776)|2,874||(1,776)|1,098| |Leeds Community Foundation (Digital Inclusion)||5,833|(4,925)|908||(908)|| |Leeds Community Foundation (Ukraine)||3,116|(3,116)||||| |Leeds Building Society Grant||11,000|(11,000)||5,000|(5,000)|| |KFC||2,000|(2,000)||||| |Career Coaching (National Lottery)||8,640|(8,640)||8,640|(8,640)|| |Career Coaching (Bank of America)||13,125|(13,125)||16,180|(16,180)|| |Leeds Building Society|||||39,000|(39,000)|| |Leeds Community Fund|||||6,233|(6,233)|| |Leeds Community Digital Inclusion Fund|||||4,167|(4,167)|| |Scurrah Wainwright|||||4,562|(4,562)|| |Dulveron Trust Fund|||||3,380|(2,847)|533| |Brelms Trust - Year 1 Grant of 3 years|||||6,000|(6,000)|| ||21,384|63,780|(64,148)|21,016|113,465|(116,403)|18,078| 17 ## **SMART WORKS LEEDS** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ ## **16 Restricted funds** **(Continued)** The dressing stock fund represents donations received for the specific purpose of providing beneficiaries with clothing for interview. During FY23, we were successfully awarded grants from the following organisations: - National Lottery Community Fund - Coronavirus Community Support Fund (collected via Smart Works Charity) is a grant for core costs. - SWC Career Coaching Bank of America is a grant for core costs. - Leeds Community Foundation (Digital Inclusion), is a grant to support staff costs and IT costs. - Leeds Community Foundation (Ukraine), is a grant restricted for support provided to Ukrainian refugees. - KFC is a grant to support staff costs. - Leeds Building Society Grant is a grant to support staff costs. - Leeds Community Fund is a grant for staff costs and translation services. - Scurrah Wainwright is a grant towards rent. - Dulverton Trust Fund is a grant to support staff costs. - Brelms Trust is a grant towards rent. 18 ## **SMART WORKS LEEDS** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ ## **17 Unrestricted 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. ||||**At**|**1 April**|**Incoming**||**Resources**|**At 31 March**| |---|---|---|---|---|---|---|---|---| |||||**2023**|**resources**||**expended**|**2024**| |||||**£**|**£**||**£**|**£**| ||General funds|||83,874|135,809||(137,859)|81,824| ||**Previous year:**||**At**|**1 April**|**Incoming**||**Resources**|**At 31 March**| |||||**2022**|**resources**||**expended**|**2023**| |||||**£**|**£**||**£**|**£**| ||General funds|||68,636|104,292||(89,054)|83,874| |**18**|**Analysis of net assets**|**between funds**||||||| |||**Unrestricted**|**Restricted**|**Total **|**Unrestricted**||
**Restricted**|**Total**| |||**funds**|**funds**||**funds**||**funds**|| |||**2024**|**2024**|**2024**|**2023**||**2023**|**2023**| |||**£**|**£**|**£**||**£**|**£**|**£**| ||Fund balances at 31|||||||| ||March 2024 are|||||||| ||represented by:|||||||| ||Tangible assets|3,451|1,098|4,549|5,830||2,874|8,704| ||Current assets|78,373|16,980|95,353|78,044||18,142|96,186| |||81,824|18,078|99,902|83,874||21,016|104,890| ## **19 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 if 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 ## **SMART WORKS LEEDS** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ ## **20** 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**
**£**
18,250
9,125
27,375|**2023**
**£**
18,250
27,375| |---|---|---| |||45,625| Operating lease payments in the year were £25,529 (2023: £20,691). ## **21 Related party transactions** During the year Smart Works Charity made net payments of £26,675 (2023: £49,770) to Smart Works Leeds. One trustee donated £800 to Smart Works Leeds (2023: £100), and one trustee's other directorship bought a table for the charity's corporate ball for £720 (2023: £nil). Total expenditure reimbursements to trustees were £1,642 (2023: £nil) including tickets for the corporate ball which were offered to trustees at a discounted price. ## **22 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. 20 ## **SMART WORKS LEEDS** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Trustees** Ruth Cherry Helen Oldham Tracy Fletcher Stephanie Smith Emma Illingworth Juliette Fitzmaurice Amanda Clarke **Charity number** 1184676 **Company number** 12059540 **Registered office** Mabgate Mills Mill 5 First Floor Mabgate Leeds Yorkshire United Kingdom LS9 7DZ **Independent examiner** Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP T E Fletcher **Signature:** T E Fletcher (Nov 20, 2024 15:54 GMT) **Email:** tracy.fletcher@smartworks.org.uk **Signature:** A J Clarke A J Clarke (Nov 21, 2024 17:08 GMT) **Email:** amanda.clarke@smartworks.org.uk 21