Charity registration number: 1186435
GEARS OF GOODWILL TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
MAAT
Gears of Goodwill Contents
| Page | |
|---|---|
| Trustees' Report | 1—3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Statement of Financial Position | 6 |
| Notes to the Financial Statements | 7—12 |
Gears of Goodwill Trustees' Report For The Year Ended 31 October 2024
The trustees present their report and the financial statements for the year ended 31 October 2024.
Objectives and Activities
Aims and Objectives
The main aim of the charity is to relieve the needs of homeless persons, or those at risk of homelessness, particularly but not exclusively, in Derbyshire by the provision of food, drink, replacement clothing, sleeping bags, companionship, advice, signposting and practical and emotional support,. More widely to offer mental health support, through self-help groups for those that need it.
Public Benefit
In 2015 Gears of Goodwill was formed, starting with a Facebook group and meeting in a local pub a group of bikers wanted to do something to help others. Gears of Goodwill started feeding the homeless by taking sandwiches to those who we came across. Pretty soon Gears of Goodwill recognised we needed a static base so we agreed with a local business to use their car park to set up stoves etc. to provide hot fresh food to anyone who needs it.
This has been a year of change for Gears of Goodwill. Due to a change in personal circumstances of Mark and Nicola, the Chief Executive and trustee they have had to make the decision to cease the street kitchen activities. Options were explored with the volunteers to see if anyone felt that they could manage the kitchen themselves but no one felt able to take on the responsibility. Therefore the activities have changed. The street kitchen in its old form ceased at the end of summer 2024. More focus is now being given to the mental health self help groups which are now running for women and in two locations.
The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.
Financial Review
Financial Position
The accounts for the period 01/11/2023 – 31/10/2024 were presented and compared with the previous year. Income has decreased from the previous year, clothing costs and motoring have decreased. The overall deficit was higher than the previous year. I declare, in my capacity of charity trustee, that the trustees have approved the report above and that they have authorised me to sign it on their behalf.
Structure, Governance and Management
Governing Document
The charity is operated under the rules of its constitution.
Reference and Administrative Details
Trustees
Mrs Nicola Smith - Trustee Mr Mark Smith - Chief Executive Mr Martin Bruce - Trustee
Charity Number
1186435
Page 1
Gears of Goodwill Trustees' Report (continued) For The Year Ended 31 October 2024
Principal Address
46 South Street South Normanton Alfreton Derbyshire DE55 2DA
Independent Examiner
Andrew Brealey FMAAT Brealey and Newbury Accountants MAAT 8 High Street Mansfield Woodhouse Mansfield Nottinghamshire NG19 8AN
Page 2
Gears of Goodwill Trustees' Report (continued) For The Year Ended 31 October 2024
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgments and accounting estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytime the financial position of the charity and to enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The trustees' report was approved by the board of trustees and signed on its behalf by:
Mr Mark Smith
Trustee 27/08/2025
Page 3
Gears of Goodwill Independent Examiner's Report to the Trustees of Gears of Goodwill For The Year Ended 31 October 2024
I report to the trustees on my examination of the accounts of Gears of Goodwill (the Trust) for the year ended 31 October 2024.
Responsibilities and Basis of Report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and contents of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Andrew Brealey FMAAT 27/08/2025 8 High Street Mansfield Woodhouse Mansfield Nottinghamshire NG19 8AN
Page 4
Gears of Goodwill Statement of Financial Activities For The Year Ended 31 October 2024
| Notes INCOME AND ENDOWMENTS FROM: Donations and legacies 3 Other trading activities 4 EXPENDITURE ON: Raising funds 5 Separate material item of expenditure NET EXPENDITURE NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward TOTAL FUNDS CARRIED FORWARD 10 |
2024 2023 Unrestricted funds Unrestricted funds £ £ 6,755 10,001 - 240 |
|---|---|
| 6,755 10,241 |
|
| (8,150) (8,010) (42) (2,997) |
|
| (8,192) (11,007) |
|
| (1,437) (766) |
|
| (1,437) (766) 2,891 3,657 |
|
| 1,454 2,891 |
The notes on pages 7 to 12 form part of these financial statements.
Page 5
Gears of Goodwill Statement of Financial Position As At 31 October 2024
| Notes CURRENT ASSETS Cash at bank and in hand Creditors: Amounts Falling Due Within One Year 9 NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS OF THE CHARITY Unrestricted Funds TOTAL FUNDS 10 On behalf of the board |
2024 2023 Unrestricted funds Total funds £ £ 1,772 3,191 |
|---|---|
| 1,772 3,191 (318) (300) |
|
| 1,454 2,891 |
|
| 1,454 2,891 |
|
| 1,454 2,891 |
|
| 1,454 2,891 |
|
| 1,454 2,891 |
|
Mr Mark Smith
Trustee 27/08/2025
The notes on pages 7 to 12 form part of these financial statements.
Page 6
Gears of Goodwill Notes to the Financial Statements For The Year Ended 31 October 2024
1. General Information
Gears of Goodwill is a charitable incorporated organisation registered with the Charity Commission, registered charity number 1186435. The principal address is 46 South Street, South Normanton, Alfreton, Derbyshire, DE55 2DA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements 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 Charities Act 2011.
The charity is a Public Benefit Entity as defined by FRS 102.
2.2. Incoming Resources
1. Purpose
This policy sets out how Gears of Goodwill will manage and account for income received from all sources, including donations, grants, fundraising activities, trading, and investment income. It ensures that income is handled responsibly, recorded accurately, and used in accordance with our charitable objectives and legal obligations.
2. Scope
This policy applies to trustees, staff, and volunteers who are involved in receiving, processing, recording, or managing income on behalf of the charity.
3. Principles
All incoming resources must be used only to further the aims and objectives of the charity.
The charity will comply with relevant laws, regulations, and Charity Commission guidance.
Income will be managed transparently, responsibly, and in line with good financial practice.
4. Sources of Income
The charity may receive income from the following sources:
Donations and legacies – gifts of money, property, or other assets.
Grants – from public bodies, trusts, or foundations.
Fundraising – events, campaigns, or sponsorships.
Trading activities – where permitted by law and the charity’s governing document.
Investments – interest, dividends, or other returns from responsibly managed funds.
5. Acceptance of Income
The charity will not accept income that is inconsistent with its values, compromises its independence, or could damage its reputation.
Donations with conditions will only be accepted if they are compatible with the charity’s purposes.
...CONTINUED
Page 7
Gears of Goodwill Notes to the Financial Statements (continued) For The Year Ended 31 October 2024
2.2. Incoming Resources - continued
All offers of income over £1000 will be reviewed by the trustees if conditions are attached.
6. Processing of Income
All income will be promptly recorded in the accounting system and banked in the charity’s account.
Cash handling will follow the charity’s Cash Handling Procedure (if applicable), ensuring at least two people are involved in counting.
Receipts will be issued where appropriate.
Restricted income (donations or grants for a specific purpose) will be recorded separately and used only for the designated purpose.
7. Monitoring and Reporting
The Treasurer (or designated officer) will oversee recording of income and ensure monthly reconciliation of bank statements.
Income reports will be presented to trustees at regular board meetings.
Annual accounts will clearly disclose sources of income in line with charity law and accounting standards.
8. Ethical Considerations
The charity will avoid dependence on a single donor or funding stream where possible.
The charity will not knowingly accept income from activities or organisations that conflict with its charitable aims (e.g., sources linked to exploitation, illegal activity, or reputational harm).
9. Review of Policy
This policy will be reviewed by the trustees every 3 years, or sooner if required by changes in law, regulation, or best practice.
Approved by the Board of Trustees on: 27/08/2025 Next Review Date: 27/08/2028
2.3. Resources Expended
Gears of Goodwill
Resources Expended Policy
1. Purpose
This policy sets out how Gears of Goodwill will manage and record the use of its financial and non-financial resources. It aims to ensure that resources are used efficiently, transparently, and in line with the charity’s objectives to support the needs of the homeless in Derbysire.
2. Scope
This policy applies to all trustees, staff, and volunteers who are responsible for authorising, committing, or monitoring expenditure on behalf of the charity.
3. Principles
Charitable purpose: All expenditure must further the charitable objectives of Gears of Goodwill.
...CONTINUED
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Gears of Goodwill Notes to the Financial Statements (continued) For The Year Ended 31 October 2024
2.3. Resources Expended - continued
Accountability: The charity will maintain accurate records of all resources expended.
Value for money: Purchases and commitments should demonstrate prudent use of charitable funds.
Transparency: Decisions on significant expenditure should be documented and approved according to delegated authority.
Compliance: The charity will comply with relevant charity law, accounting standards, and funder requirements.
4. Categories of Resources Expended
Expenditure will be recorded under the following headings:
Charitable Activities
Costs directly related to delivering projects, programmes, and services.
Includes equipment, materials, volunteer support costs, direct staff time, and project-specific overheads.
Raising Funds
Costs of fundraising events, campaigns, and donor engagement.
Includes publicity, marketing, and staff time spent on fundraising.
Governance Costs
Expenditure on statutory requirements and trustee activities.
Includes audit/independent examination, trustee meetings, and compliance-related costs.
Support Costs
Expenditure necessary for the running of the organisation but not directly attributable to charitable activities.
Includes office expenses, utilities, IT, insurance, and general staff costs.
- Authorisation and Approval
Expenditure under £250 may be approved by project leads or designated volunteers.
Expenditure between £250–£1,000 requires approval by a trustee.
Expenditure over £1,000 must be approved by the full Board of Trustees.
All payments will be authorised by two signatories in line with the charity’s banking mandate.
6. Recording and Reporting
All expenditure will be recorded in the charity’s accounts system on a timely basis.
Expenditure will be allocated to the appropriate category (see Section 4).
Trustees will review expenditure reports at least quarterly.
Annual accounts will be prepared in line with the Charities SORP (if applicable).
...CONTINUED
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Gears of Goodwill Notes to the Financial Statements (continued) For The Year Ended 31 October 2024
2.3. Resources Expended - continued
7. Use of Restricted Funds
Restricted income will be tracked separately.
Resources from restricted funds will only be used for the purposes specified by the donor/funder.
The Treasurer will monitor compliance and report to the Trustees.
8. Review
This policy will be reviewed annually by the Trustees to ensure it remains fit for purpose and compliant with charity law and accounting standards.
Approved by the Trustees of Gears of Goodwill Date: 27/08/2025
2.4. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3. Income from Donations and Legacies
| Donations and gifts Grants |
2024 2023 Unrestricted Unrestricted funds funds £ £ 4,255 10,001 2,500 - |
|---|---|
| 6,755 10,001 |
4. Income from Other Trading Activities
| 2024 | 2023 | |
|---|---|---|
| Unrestricted | Unrestricted | |
| funds | funds | |
| £ | £ | |
| Income from other trading activities | - | 240 |
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5. Analysis of Expenditure
2024
| 2024 | ||||
|---|---|---|---|---|
| Raising funds Raising funds 6.Support Costs Premises expenses General administration Premises expenses General administration 7.Independent Examiner's Remuneration Independent examination of the financial statements 8.Average Number of Employees |
Activities undertaken directly £ 2,597 |
Support costs (see note 6) £ 5,553 |
Total £ 8,150 |
|
| Activities undertaken directly £ 1,727 |
Support costs (see note 6) £ 6,283 |
2023 Total £ 8,010 |
||
| 2024 £ 318 |
2024 Raising funds £ 48 5,505 |
|||
| 5,553 | ||||
| 2023 Raising funds £ 143 6,140 |
||||
| 6,283 | ||||
| 2023 £ 300 |
||||
Average number of employees during the year was: 3 (2023: 3)
Page 11
9. Creditors: Amounts Falling Due Within One Year
| .Creditors: Amounts Falling Due Within One Year | ||
|---|---|---|
| Other creditors 0.Movement in Funds Unrestricted funds General: General unrestricted fund Total funds Unrestricted funds General: General unrestricted fund Total funds |
2024 £ 318 As at 1 November 2023 Income Expenditure £ £ £ 2,891 6,755 (8,192) 2,891 6,755 (8,192) As at 1 November 2022 Income Expenditure £ £ £ 3,657 10,241 (11,007) 3,657 10,241 (11,007) |
2023 £ 300 |
As at 31 October 2024 £ 1,454 |
||
| 1,454 | ||
As at 31 October 2023 £ 2,891 |
||
| 2,891 |
10. Movement in Funds
11. Transactions with Trustees
During the year the expenses reimbursed to the trustees or paid directly to third parties were as follows:
| 2024 | 2023 |
|---|---|
| £ | £ |
12. Related Party Disclosures
Page 12
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Brealey + Newbury Accountants
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