REGISTERED CHARITY NUMBER: 1195291
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
FOR
MOXIE FOUNDATION
HLS Accounting Limited 59 Llwyn Y Pia Road Lisvane Cardiff CF14 0SX
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
MOXIE FOUNDATION
| Page | |
|---|---|
| Report of the trustees | 1 to 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 to 12 |
| Detailed statement of financial activities | 13 to 14 |
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
MOXIE FOUNDATION
The trustees present their report with the financial statements of the charity for the year ended 31 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 foundation's purpose is to help individuals across Wales overcome barriers on their journey into employment. By distributing grants and workwear, we enable better access to opportunities that support the goals and ambitions of people living in social housing, as well as individuals within the wider communities of Wales, including those supported by employment services, charities and social housing associations.
Moxie Foundation is the overarching Charity which is funded solely by the profits from Moxie People Recruitment.
Under the banner of the Foundation, Working Wardrobe is the flagship project which provides free work attire to assist people into work and out of clothing poverty.
The foundation provides grant funding to support individuals’ needs for equipment, qualifications, training courses and any other necessary items for an individual to gain employment. Alongside the distribution of grants, the Moxie Foundation also offers a service for individuals to obtain free interview attire through its Working Wardrobe programme, to alleviate some of the costs associated with seeking work and entering the job market.
Significant activities
The charity's main objective is to provide individuals with the means to enable them to enter the workforce or secure training.
Public benefit
The Trustees are aware of the Charity Commission guidance regarding public benefit and confirm that they have complied with the duty in section 4 of the charities act 2011 to have due regard to it. They consider that the information included in this annual report, about the organization's aims, activities and achievements demonstrates public benefit in relation to the delivery of the objects of the foundation.
Achievement and performance
Fundraising activities
The Foundation undertook fundraising activities during the year ended 31 March 2024, which included being the ‘Charity of the Year’ for the Wales CIPD awards in March. This increased the funds for Working Wardrobe activities by £1,500.00 and also raised the profile of the Charity and its activities.
The Working Wardrobe has been able to secure several high-level grants, including one from the Wates Family Enterprise Trust for £40,000, which enabled the Charity to secure the permanent employment of the projects’ Operations Director. As well as this grant, Working Wardrobe secured grants for operational costs and purchases.
Our achievements this year have been numerous, but our partnerships with both Moss (formally Moss Bros) and InterHaul have been able to put us in a strong position to move forward with opening hubs in Wales.
The charity also benefited from Moxie People Ltd - a company in which the trustees have direct significant control pledging to donate 5% of their annual profit after tax and dividends to the charity at the company's discretion for the foreseeable future.
Expansion :
-
Key Hubs Launched:
-
A new hub was successfully launched in partnership with The King's Trust (formerly Prince's Trust).
-
The foundation built key partnerships with further education providers, including Cardiff and Vale College, where a hub is now operated by students and staff.
1
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
MOXIE FOUNDATION
- Future Aspirations: Talks are ongoing with training providers, Local Authorities and education providers to expand the Working Wardrobe’s reach across South and North Wales. The foundation aspires to collaborate with employability specialists, local authorities, businesses, housing associations, and charities across Wales, ensuring the service is accessible to the public and individuals entering or leaving education systems.
Permanent Appointment :
The foundation appointed its first permanent member of staff, an Operations Director , who is key to driving further growth and developing strategic partnerships that will strengthen and expand the foundation's impact.
Volunteering Opportunities Created:
Over 300 corporate volunteering hours were created through collaborations with prominent Welsh businesses, including Admiral and Principality Building Society.
Financial review
Financial position
The charity raised a total of £192,577 (2023: £265,848) during the year to 31 March 2024.
The foundation spent a total of £68,362 (2023: £11,772) during the period on services and salaries which allow the charity to fulfil its function. Included within these figures is a donation of goods to service users totalling £15,000 and provided a grant to The Wallich - Wales' leading homelessness and rough sleeping charity - for £5,000. At the year end, the foundation held stock at a fair value of £289,550 (2023: £224,550).
Reserves policy
The Trustees have examined the charity's requirement for reserves in light of the main risks to the organisation. The intention in the future is to hold reasonable levels of reserves in the organisation to protect against unforeseen circumstances and potential risks without over retention, which would be contrary to the charitable delivery. A reserves policy is available upon request.
Going concern
After making reasonable enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue it's operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Structure, governance and management
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. The foundations' governing document is publicly available on the Charity register which sets out the purpose of the foundation and how the foundation will be operated.
Organisational structure
The organisational structure comprises that of the two trustees, along with an employee who assists with the day to day running of the charity.
Decision making
Decision making is under the sole control of the trustees, who remain to have full operational control.
Key management remuneration
The trustees consider that the board of trustees comprise the key management personnel of the charity in charge of controlling, running and operating the charity. The trustees give their time freely and no trustee received any remuneration during the period.
The pay of senior staff who are not trustees is set at industry approved levels, reviewed annually and benchmarked against comparable organisations.
2
MOXIE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
Related parties
The trustees have significant control over a creditor to the charity, details of which have been disclosed in the notes to the financial statements. All transactions are operated on an arms length basis at market rates.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Reference and administrative details
Registered Charity number
1195291
Principal address
Moxie People Ltd 22 Cathedral Road Cardiff CF11 9LJ
Trustees
The trustees who served during the period and up to the date of signature were: Mr Sam Cooper-Woolley
Mr Richard Thomas
Independent Examiner
Hannah Simpson FCCA HLS Accounting Ltd 59 Llwyn Y Pia Road Lisvane Cardiff CF14 0SX
Public benefit
The Trustees are aware of the Charity Commission guidance regarding public benefit, and confirm that they have complied with the duty in section 4 of the charities act 2011 to have due regard to it. They consider that the information included in this annual report, about the organization's aims, activities and achievements demonstrates public benefit in relation to the delivery of the objects of the foundation.
24/12/2024
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
Sam Cooper-Woolley (Dec 24, 2024 10:37 GMT)
......................................................................
S Cooper-Woolley - Trustee
3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MOXIE FOUNDATION
Independent examiner's report to the trustees of Moxie Foundation
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity's trustees 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 charity's accounts carried our under section 145 of the Act and in carrying out my examination I have followed all 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 matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:-
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of the 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.
Your attention is to drawn to the fact that the charity has prepared the accounts (financial statements) in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.
We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have no other 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.
Hannah Simpson FCCA HLS Accounting Ltd 59 Llwyn Y Pia Road Lisvane Cardiff CF14 0SX
27/12/2024
Date: .............................................
4
MOXIE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted Restricted Income and endowments from Notes fund £ fund £ Donations and legacies 112,577 80,000 Expenditure on Raising funds 2 40,466 - Charitable activities Employment services 12,895 15,000 Total 53,361 15,000 NET INCOME 59,216 65,000 Reconciliation of funds Total funds brought forward 36,158 224,550 Total funds carried forward 95,374 289,550 |
2024 Total funds £ as 192,577 40,466 27,895 68,361 124,216 260,708 384,924 |
2023 Total funds restated £ 265,848 |
|---|---|---|
| 11,272 450 |
||
| 11,722 | ||
| 254,126 6,582 |
||
| 260,708 |
The notes form part of these financial statements
5
MOXIE FOUNDATION
BALANCE SHEET 31 MARCH 2024
| Unrestricted Restricted Fixed assets Notes fund £ fund £ Tangible assets 8 989 - Current assets Stocks 9 - 289,550 Debtors 10 5,562 - Cash at bank 92,996 - 98,558 289,550 Creditors Amounts falling due within one year 11 (4,173) - Net current assets 94,385 289,550 Total assets less current liabilities 95,374 289,550 NET ASSETS 95,374 289,550 Funds Unrestricted funds 12 Restricted funds Total funds |
2024 Total funds £ as 989 289,550 5,562 92,996 388,108 (4,173) 383,935 384,924 384,924 95,374 289,550 384,924 |
2023 Total funds restated £ - 224,550 1,573 36,085 262,208 (1,500) 260,708 260,708 260,708 36,158 224,550 260,708 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on
24/12/2024
. ........................................... and were signed on its behalf by:
Sam Cooper-Woolley (Dec 24, 2024 10:37 GMT)
............................................. S Cooper-Woolley - Trustee
The notes form part of these financial statements
6
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
MOXIE FOUNDATION
1. Accounting policies
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. 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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost Computer equipment - 20% on cost
Stocks and donated goods
In line with the requirements of FRS 102, upon which Charities SORP 2015 is based, there is a requirement to recognise the income from receipts of resources from non-exchange transactions (including donated goods) at the fair value of the donated goods received. The charity has adopted this method when valuing any stock donated in the period and at the balance sheet date.
Taxation
The charity is exempt from 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.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
7
MOXIE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
2. Raising funds
Raising donations and legacies
| Staff costs Support costs Grants payable Employment services The total grants paid to institutions during the year was as follows: Wallich |
2024 as £ 30,554 6,071 36,625 2024 as £ 5,000 2024 as £ 5,000 |
2023 restated £ 4,971 1,619 6,590 2023 restated £ - 2023 restated £ - |
|---|---|---|
3. Grants payable
4. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
During the year, mileage expenses totalling £152 (2023: £NIL) were paid to one of the trustees, Mr Thomas.
5. Staff costs
The average monthly number of employees during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| as restated | ||
| Support staff | 1 | 1 |
No employees received emoluments in excess of £60,000.
continued...
8
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
MOXIE FOUNDATION
6. Comparatives for the statement of financial activities
| Comparatives for the statement of financial activities | |
|---|---|
| Unrestricted Restricted Income and endowments from fund £ fund £ as Donations and legacies 40,848 225,000 Expenditure on Raising funds 11,272 - Charitable activities Employment services - 450 Total 11,272 450 NET INCOME 29,576 224,550 Reconciliation of funds Total funds brought forward 6,582 - Total funds carried forward 36,158 224,550 |
Total funds restated £ 265,848 |
| 11,272 450 |
|
| 11,722 | |
| 254,126 6,582 |
|
| 260,708 |
7. Prior year adjustment
Stock has been restated as restricted upon reflection of the terms of donations received.
8. Tangible fixed assets
| Tangible fixed assets | |||
|---|---|---|---|
| Plant and | Computer | ||
| machinery | equipment | Totals | |
| £ | £ | £ | |
| Cost | |||
| Additions | 550 | 580 | 1,130 |
| Depreciation | |||
| Charge for year | 35 | 106 | 141 |
| Net book value | |||
| At 31 March 2024 | 515 | 474 | 989 |
| At 31 March 2023 | - | - | - |
continued...
9
MOXIE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
| 9. Stocks Stocks 10. Debtors: amounts falling due within one year Amounts due from Moxie People 11. Creditors: amounts falling due within one year Trade creditors Taxation and social security Other creditors 12. Movement in funds Unrestricted funds General fund Restricted funds Restricted funds TOTAL FUNDS |
2024 £ a 289,550 2024 £ a 5,562 2024 £ a 460 1,942 1,771 4,173 Net movement At 1.4.23 £ in funds £ 36,158 59,216 224,550 65,000 260,708 124,216 |
2023 s restated £ 224,550 |
|---|---|---|
| 2023 s restated £ 1,573 2023 s restated £ - - 1,500 1,500 At 31.3.24 £ 95,374 289,550 |
||
| 384,924 |
continued...
10
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
MOXIE FOUNDATION
12. Movement in funds - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement |
|---|---|---|
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund 112,577 |
(53,361) | 59,216 |
| Restricted funds | ||
| Restricted funds 80,000 |
(15,000) | 65,000 |
| TOTAL FUNDS 192,577 |
(68,361) | 124,216 |
| Comparatives for movement in funds | ||
| Net | ||
| movement | At | |
| At 1.4.22 | in funds | 31.3.23 |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund 6,582 |
29,576 | 36,158 |
| Restricted funds | ||
| Restricted funds - |
224,550 | 224,550 |
| TOTAL FUNDS 6,582 |
254,126 | 260,708 |
| Comparative net movement in funds, included in the above are as follows: | ||
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund 40,848 |
(11,272) | 29,576 |
| Restricted funds | ||
| Restricted funds 225,000 |
(450) | 224,550 |
| TOTAL FUNDS ~~265,848~~ |
~~(11,722~~) | ~~254,126~~ |
continued...
11
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
MOXIE FOUNDATION
12. 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 Restricted funds TOTAL FUNDS |
Net movement At At 1.4.22 in funds 31.3.24 £ £ £ 6,582 88,792 95,374 - 289,550 289,550 6,582 378,342 384,924 |
|---|---|
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 Restricted funds TOTAL FUNDS |
Incoming resources Resources expended Movement in funds £ £ £ 153,425 (64,633) 88,792 305,000 (15,450) 289,550 458,425 (80,083) 378,342 |
|---|---|
13. Related party disclosures
Included in other debtors is an amount owing from Moxie People Ltd, a company in which the Trustees' have direct significant control, for £5,562 (2023: £1,573).
During the year, Moxie People Ltd covered 25% of an employee's salary up to 6 August 2023, in lieu of a donation to the charity, totalling £2,813.
In addition, Moxie Foundation received £5,261 (2023: £5,301) from Moxie People Ltd in relation to their December 2023 year end, in line with their profit share arrangement.
12
MOXIE FOUNDATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Income and endowments Donations and legacies Donations Grants Total incoming resources Expenditure Raising donations and legacies Wages Social security Pensions Other trading activities Storage costs Charitable activities Clothing purchased/donated Grants to institutions Support costs Management Telephone Postage and stationery Advertising Repairs and maintenance Subscriptions Motor and travel expenses Depn of tangible fixed assets Governance costs Independent examiners' fees Carried forward |
2024 £ as 88,578 103,999 192,577 192,577 27,540 2,440 574 30,554 2,761 15,295 5,000 20,295 15 1,267 2,340 4,681 526 2,252 141 11,222 1,575 1,575 |
2023 restated £ 241,348 24,500 |
|---|---|---|
| 265,848 | ||
| 265,848 4,570 401 - |
||
| 4,971 3,182 450 - |
||
| 450 - - 1,619 - - - - |
||
| 1,619 1,500 1,500 |
This page does not form part of the statutory financial statements
13
MOXIE FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Governance costs Brought forward Insurance Legal fees Total resources expended Net income |
2024 £ as 1,575 874 1,080 3,529 68,361 124,216 |
2023 restated £ 1,500 - - |
|---|---|---|
| 1,500 | ||
| 11,722 | ||
| 254,126 |
This page does not form part of the statutory financial statements
14
Moxie Foundation Accounts 31.03.2024
Final Audit Report
2024-12-27
Created: 2024-12-23 By: Hannah Simpson (hannah@hlsaccounting.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAQJIkATLHU0ysDccKCnmXM-bc9xWemW-y
"Moxie Foundation Accounts 31.03.2024" History
Document created by Hannah Simpson (hannah@hlsaccounting.co.uk)
2024-12-23 - 5:48:26 PM GMT
Document emailed to sam@moxiepeople.com for signature
2024-12-23 - 5:48:31 PM GMT
Email viewed by sam@moxiepeople.com
2024-12-24 - 10:37:01 AM GMT
Signer sam@moxiepeople.com entered name at signing as Sam Cooper-Woolley 2024-12-24 - 10:37:38 AM GMT
Document e-signed by Sam Cooper-Woolley (sam@moxiepeople.com) Signature Date: 2024-12-24 - 10:37:40 AM GMT - Time Source: server
Document emailed to Hannah Simpson (hannah@hlsaccounting.co.uk) for signature 2024-12-24 - 10:37:41 AM GMT
Email viewed by Hannah Simpson (hannah@hlsaccounting.co.uk) 2024-12-27 - 9:05:44 AM GMT
Document e-signed by Hannah Simpson (hannah@hlsaccounting.co.uk) Signature Date: 2024-12-27 - 9:05:59 AM GMT - Time Source: server
Agreement completed.
2024-12-27 - 9:05:59 AM GMT