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2024-12-31-accounts

Digitally Signed Document Document ID: EBEFEB59EE6FDC

Document Details

Filename: Discover U YE 31-12-2024 - Accounts.PDF
Client of: Lewis Smith & Co.

Signature Details

Name: Steve Smith
Email: steve@discoveru2015.org
Date & Time: 02/07/2025 12:02:00 PM (BST)
IP Address: 92.207.12.236
Signing Statement: The Trustees approve the financial statements.

Digital Certificate

The approved PDF file has been digitally certified.Please check the Digital Certificate information in your PDF viewer to verify the Digital Certificate authenticity and the PDF has not been tampered with.

On behalf of: Lewis Smith & Co.
PDF digital certificate: IRIS Software Group Limited
Digital certificate issued by: GlobalSign

Please keep a copy of this document for your records.

REGISTERED COMPANY NUMBER: CE027569 (England and Wales) REGISTERED CHARITY NUMBER: 1197061

Report of the Trustees and

Financial Statements for the Year Ended 31 December 2024

for

Discover U

Lewis Smith & Co. Chartered Certified Accountants The Old Doctor's House 74 Grange Road Dudley West Midlands DY1 2AW

Discover U

Contents of the Financial Statements for the Year Ended 31 December 2024

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6 to 7
Notes to the Financial Statements 8 to 15
Detailed Statement of Financial Activities 16 to 17

Discover U

Reference and Administrative Details for the Year Ended 31 December 2024

TRUSTEES

REGISTERED OFFICE

Mr D Reynolds Ms K Jenkins Mr S Mills Mr S Smith 72 Bridgnorth Road Wollaston West Midlands DY8 3PA

REGISTERED COMPANY CE027569 (England and Wales) NUMBER

REGISTERED CHARITY NUMBER 1197061

INDEPENDENT EXAMINER

Lewis Smith & Co. Chartered Certified Accountants The Old Doctor's House 74 Grange Road Dudley West Midlands DY1 2AW

Page 1

Discover U

for the Year Ended 31 December 2024

Report of the Trustees

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 31 December 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 objects of the CIO are to provide work related experience to adults with some level of learning disability or others similarly disadvantaged because of physical disability.

The charity aims to relieve the needs of disabled people by:

1) providing education, training and support for people with a learning disabilities.

2) by helping to find work placements and where possible paid work for said people.

Significant activities

The charity runs a tearoom, workshop and retail shop to impart social, emotional and employability skills for those with a learning disability.

Charity Commission guidance on public benefit

Trustees have been advised of their responsibilities regarding their roles and have read the Charity Commission guidance.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The charity has further increased the number of members accessing the service compared to last year by virtue of opening DU2 in Stourbridge and also adding members in Wollaston. The member numbers at the end of December were 97, which translates to approximately 1,250 hours of support per week.

The charity has acquired the lease on an additional property at 68 Bridgnorth Road, Wollaston to serve as a life skills centre for a 10-year period from May 2024. Funding opportunities are continuing to be looked at, although the project has been delayed due to reductions in funding availability with economic uncertainty. The charity is comfortable to hold onto the building and only develop the project once it is financially viable to do so.

We are hoping to return to finding further grant opportunities for the new financial year in April as funders closed out their opportunities and will be reopening them in the spring.

Achievements against objectives set

DU2 continues to develop. It has successfully increased the number of members and will be starting a transition service with a local SEN school to support those leaving FT education. This will run on Fridays during term time and will enable students to become familiar with adult services prior to leaving.

The agreement of new lease at 68 Bridgnorth Road, Wollaston as mentioned above.

Performance of fundraising activities against objectives set

The final TNLCF (Lottery) payment was received in January 2024 along with final payments for capital costs that were claimed as the project developed.

The project with TNLCF has finished and all end of grant monitoring and reporting has been successfully completed.

Page 2

Discover U

for the Year Ended 31 December 2024

Report of the Trustees

FINANCIAL REVIEW

Financial position

During the year ended 31st December 2024 the charity received income amounting to £458,192 (2023 - £445,232) and had expenditure incurred in pursuit of the charity's objects of £496,735 (2023 - £439,293)..

Therefore, the charity's net expenditure for the year was £38,543 (2023 net income £5,939) and at the year end date the carried forward funds of the charity were £96,832 (2023 - £135,375).

Further increases in costs are expected due to increases in NI rates, NMW and the lowering of the thresholds to start paying NI. As we have a number of part time members of staff this will increase the burden on the Charity significantly for next year. Anticipated increases in staffing costs are expected to be in the region of £36,000 for the year. We will be adjusting our daily rates to account for this while keeping the rate as low as possible.

Increasing costs in utility bills will be a further issue and we will aim to offset these by swapping suppliers when contracts end in March/April 2025.

Principal funding sources

The charity's principal sources of funding come from member income, tearoom income, craft income, donations and grants.

Reserves policy

We ideally look to hold three months of reserves for the charity to cover bills and salaries. At the year end the reserves of the charity were equal to around two months of expenses due to the rise in overall costs. To combat this we have adjusted our rates for 2025 and will not take on any unnecessary costs until we have built this reserve back up to the targeted level..

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 charity is a Charitable Incorporated Organisation (CIO) and was registered on 13 December 2021.

Trustees Information

The names of the trustees are listed on page one within Reference and Administrative Details.

Induction and training of new trustees

Typically, we would recruit from people who are known to DiscoverU and have some experience relative to our cause. As per our governing document when selecting individuals for appointment any new charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.

Key management

The charity is mainly run by its Chief Officer Jennifer Bradley, who is not a trustee of the charity.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

.......................................................................... Mr S Smith - Trustee

Page 3

Independent Examiner's Report to the Trustees of Discover U

Independent examiner's report to the trustees of Discover U ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 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 Chartered Certified Accountants, 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

  2. 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

  3. 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.

Mr Craig Alan Beale FCCA

Lewis Smith & Co. Chartered Certified Accountants The Old Doctor's House 74 Grange Road Dudley West Midlands DY1 2AW

Date: .............................................

Page 4

Discover U

Statement of Financial Activities

for the Year Ended 31 December 2024

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
7,827
Other trading activities
3
422,729
Other income
3,045
Total
433,601
EXPENDITURE ON
Trading activities
283,550
Charitable activities
Other expenses
169,492
Total
453,042
NET INCOME/(EXPENDITURE)
(19,441)
RECONCILIATION OF FUNDS
Total funds brought forward
109,500
TOTAL FUNDS CARRIED FORWARD
90,059		 Restricted
funds
£
24,592
-
-
24,592
40,842
1,806
42,648
(18,056)
25,875
7,819		 31.12.24
31.12.23
Total
Total
funds
funds
£
£
32,419
82,167
422,729
361,614
3,045
1,451
458,193
445,232
324,392
287,481
171,298
151,812
495,690
439,293
(37,497)
5,939
135,375
129,436
97,878
135,375		 31.12.24
31.12.23
Total
Total
funds
funds
£
£
32,419
82,167
422,729
361,614
3,045
1,451
458,193
445,232
324,392
287,481
171,298
151,812
495,690
439,293
(37,497)
5,939
135,375
129,436
97,878
135,375
445,232
287,481
151,812
439,293
5,939
129,436
135,375

The notes form part of these financial statements

Page 5

Discover U

Balance Sheet

31 December 2024

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
8
31,904
CURRENT ASSETS
Stocks
9
850
Debtors
10
50,205
Cash at bank and in hand
21,182
72,237
CREDITORS
Amounts falling due within one year
11
(14,082)
NET CURRENT ASSETS
58,155
TOTAL ASSETS LESS CURRENT
LIABILITIES
90,059
NET ASSETS
90,059
FUNDS
13
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
7,819
-
-
-
-
-
-
7,819
7,819		 31.12.24
Total
funds
£
39,723
850
50,205
21,182
72,237
(14,082)
58,155
97,878
97,878
90,059
7,819
97,878		 31.12.23
Total
funds
£
52,464
800
43,003
46,061
89,864
(6,953)
82,911
135,375
135,375
109,500
25,875
135,375

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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

Page 6

continued...

Discover U

Balance Sheet - continued

31 December 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 ............................................. and were signed on its behalf by:

............................................. Mr S Smith - Trustee

The notes form part of these financial statements

Page 7

Discover U

Notes to the Financial Statements for the Year Ended 31 December 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.

The presentation currency of the accounts is the GBP (£) and the figures are rounded to the nearest whole one pound.

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.

Grants are credited to the Statement of Financial Activates when received. Grants not yet received for expenditure already incurred are recognised as accrued income to match the related expenditure in the Statement of Financial Activates.

Craft and tea room sales income is credited to the Statement of Financial Activates when received.

Members fees income received through the provision of the charity's services are credited to the Statement of Financial Activates in the period to which it relates.

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.

Improvements to property - Straight line over the period of lease
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 30% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities. The small trading exemption applies to the charity's trading 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.

continued...

Page 8

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Notes to the Financial Statements - continued for the Year Ended 31 December 2024

1. ACCOUNTING POLICIES - continued

Fund accounting

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at their transaction price.

Bank balances, cash balances and any loans or borrowings are recognised at their transaction price including transaction costs.

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.

Donated services

Due to the charity's size, volunteer services are not valued in the financial statements as it is considered that the cost of doing so would be out of proportion to the benefit derived.

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
31.12.24 31.12.23
£ £
Donations 7,827 9,525
Grants 24,592 72,642
32,419 82,167
Grants received, included in the above, are as follows:
31.12.24 31.12.23
£ £
National Lottery Community Fund 24,592 44,142
DPD Community Fund - 2,500
Evesson Trust - 25,000
Christmas Fund - 1,000
24,592 72,642

continued...

Page 9

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Notes to the Financial Statements - continued for the Year Ended 31 December 2024

3. OTHER TRADING ACTIVITIES

Craft sales
Tea room sales
Member fees		 31.12.24
£
12,128
46,884
363,717
422,729		 31.12.23
£
13,725
45,464
302,425
361,614

4. NET INCOME/(EXPENDITURE)

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

31.12.24 31.12.23
£ £
Depreciation - owned assets 16,741 17,482
Independent examination fees 2,634 3,206

5. TRUSTEES' REMUNERATION AND BENEFITS

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

Trustees' expenses

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

6. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Average number of employees		 31.12.24
£
331,165
15,825
4,263
351,253
31.12.24
22		 31.12.23
£
284,263
11,674
3,875
299,812
31.12.23
20

No employees received emoluments in excess of £60,000.

Key Management Personnel

In the year, the total aggregate costs relating to key management personnel (which is considered to be the charity's Chief Officer) were £43,956 (2023 - £34,329). This cost includes gross salary and employers national insurance (no pension contributions made). The Chief Officer is not a trustee of the charity.

continued...

Page 10

Discover U

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

7.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
fund
funds
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
9,525
72,642
Other trading activities
361,614
-
Other income
1,451
-
Total
372,590
72,642
EXPENDITURE ON
Trading activities
238,589
48,892
Charitable activities
Other expenses
146,437
5,375
Total
385,026
54,267
NET INCOME/(EXPENDITURE)
(12,436)
18,375
RECONCILIATION OF FUNDS
Total funds brought forward
121,936
7,500
TOTAL FUNDS CARRIED FORWARD
109,500
25,875
8.
TANGIBLE FIXED ASSETS
Improvements

to
Plant and
property
machinery
£
£
COST
At 1 January 2024
60,232
4,428
Additions
4,000
-
At 31 December 2024
64,232
4,428
DEPRECIATION
At 1 January 2024
22,277
3,967
Charge for year
12,446
116
At 31 December 2024
34,723
4,083
NET BOOK VALUE
At 31 December 2024
29,509
345
At 31 December 2023
37,955
461		 Total
funds
£
82,167
361,614
1,451
445,232
287,481
151,812
439,293
5,939
129,436
135,375
Fixtures
and
fittings
£
9,077
-
9,077
5,929
788
6,717
2,360
3,148

continued...

Page 11

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Notes to the Financial Statements - continued for the Year Ended 31 December 2024

8. TANGIBLE FIXED ASSETS - continued

COST
At 1 January 2024
Additions
At 31 December 2024
DEPRECIATION
At 1 January 2024
Charge for year
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023
9.
STOCKS
Stocks
10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Accrued income
Prepayments		 Motor
Computer
vehicles
equipment
Totals
£
£
£
14,280
5,532
93,549
-
-
4,000
14,280
5,532
97,549
6,248
2,664
41,085
2,008
1,383
16,741
8,256
4,047
57,826
6,024
1,485
39,723
8,032
2,868
52,464
31.12.24
31.12.23
£
£
850
800
31.12.24
31.12.23
£
£
14,759
12,823
23,324
19,138
12,122
11,042
50,205
43,003		 Totals
£
93,549
4,000
97,549
41,085
16,741
57,826
39,723
52,464
43,003

continued...

Page 12

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Notes to the Financial Statements - continued for the Year Ended 31 December 2024

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Social security and other taxes
Pension creditor
Accrued expenses
12.
LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
Within one year
Between one and five years
In more than five years
13.
MOVEMENT IN FUNDS
At 1.1.24
£
Unrestricted funds
General Fund
109,500
Restricted funds
National Lottery Community Fund
1,500
Restricted Donations Fund
5,625
Evesson Trust Fund
18,750
25,875
TOTAL FUNDS
135,375		 31.12.24
£
5,243
4,973
977
2,889
14,082
31.12.24
£
46,000
73,000
39,000
158,000
Net
movement
in funds
£
(19,441)
2,100
(1,406)
(18,750)
(18,056)
(37,497)		 31.12.23
£
87
3,585
761
2,520
6,953
31.12.23
£
37,750
74,000
-
111,750
At
31.12.24
£
90,059
3,600
4,219
-
7,819
97,878

continued...

Page 13

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Notes to the Financial Statements - continued for the Year Ended 31 December 2024

13. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General Fund
Restricted funds
National Lottery Community Fund
Restricted Donations Fund
Evesson Trust Fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General Fund
Restricted funds
National Lottery Community Fund
Restricted Donations Fund
Evesson Trust Fund
TOTAL FUNDS		 Incoming
resources
£
433,601
24,592
-
-
24,592
458,193
At 1.1.23
£
121,936
-
7,500
-
7,500
129,436		 Resources
Movement
expended
in funds
£
£
(453,042)
(19,441)
(22,492)
2,100
(1,406)
(1,406)
(18,750)
(18,750)
(42,648)
(18,056)
(495,690)
(37,497)
Net
movement
At
in funds
31.12.23
£
£
(12,436)
109,500
1,500
1,500
(1,875)
5,625
18,750
18,750
18,375
25,875
5,939
135,375

continued...

Page 14

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Notes to the Financial Statements - continued for the Year Ended 31 December 2024

13. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General Fund
Restricted funds
National Lottery Community Fund
Restricted Donations Fund
DPD Community Fund
Evesson Trust Fund
Christmas Fund
TOTAL FUNDS		 Incoming
resources
£
372,590
44,142
-
2,500
25,000
1,000
72,642
445,232		 Resources
Movement
expended
in funds
£
£
(385,026)
(12,436)
(42,642)
1,500
(1,875)
(1,875)
(2,500)
-
(6,250)
18,750
(1,000)
-
(54,267)
18,375
(439,293)
5,939

14. RELATED PARTY DISCLOSURES

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

Page 15

Discover U

Detailed Statement of Financial Activities
for the Year Ended 31 December 2024
31.12.24 31.12.23
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 7,827 9,525
Grants 24,592 72,642
32,419 82,167
Other trading activities
Craft sales 12,128 13,725
Tea room sales 46,884 45,464
Member fees 363,717 302,425
422,729 361,614
Other income
Other income 3,045 1,451
Total incoming resources 458,193 445,232
EXPENDITURE
Other trading activities
Craft purchases 4,785 6,017
Tea room purchases 16,091 16,195
Wages 286,648 248,505
Social security 12,605 9,598
Pensions 4,263 3,875
Member costs - 3,291
324,392 287,481
Support costs
Other
Wages 44,517 35,758
Social security 3,220 2,076
Rent 44,461 39,807
Rates and water 3,797 2,959
Heat and light 8,180 11,009
Telephone and internet costs 2,031 1,858
Postage and stationery 808 660
Insurance 8,770 7,001
Repairs and maintenance 3,377 6,982
Carried forward 119,161 108,110

This page does not form part of the statutory financial statements

Page 16

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Detailed Statement of Financial Activities for the Year Ended 31 December 2024

Detailed Statement of Financial Activities
for the Year Ended 31 December 2024
31.12.24 31.12.23
£ £
Other
Brought forward 119,161 108,110
Motor expenses 1,048 848
Travelling expenses 1,398 1,869
Computer and IT expenses 1,541 1,091
Equipment hire 770 346
Cleaning 4,625 5,298
Clothing 2,332 -
Training 62 228
Refreshments 5,505 4,881
Bank charges and interest 2,845 2,833
Subscriptions 114 96
Accountancy 2,634 3,206
Legal and professional fees 7,930 534
Bad debts 1,694 2,069
Sundry expenses 2,898 2,921
Improvements to property 12,446 12,046
Plant and machinery 116 154
Fixtures and fittings 788 944
Motor vehicles 2,008 2,678
Computer equipment 1,383 1,660
171,298 151,812
Total resources expended 495,690 439,293
Net (expenditure)/income (37,497) 5,939

This page does not form part of the statutory financial statements

Page 17