REGISTERED COMPANY NUMBER: CE031529 (England and Wales)
REGISTERED CHARITY NUMBER: 1202112
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 August 2023
for
Innov8 Workshops CIO
Knights Lowe Chartered Accountants
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR
Innov8 Workshops CIO
Contents of the Financial Statements
for the Year Ended 31 August 2023
|
Page |
Report of the Trustees |
1 to 6 |
Independent Examiner's Report |
7 |
Statement of Financial Activities |
8 |
Balance Sheet |
9 |
Notes to the Financial Statements |
10 to 15 |
Detailed Statement of Financial Activities |
16 to 17 |
Innov8 Workshops CIO
Report of the Trustees for the Year Ended 31 August 2023
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheir report
withthefinancialstatementsofthecharityfortheyearended31August2023.Thetrusteeshaveadopted the
provisionsofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicableto charities
preparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublic of
Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The number of young people with Education,Health and Care Plans in Suffolk had risen from 2,960 to 6,951 by January
2023(ONS2023).The numberof new EHCPsapprovedin Suffolkin 2022alonewas 676(ONS2023).The pressure on
schoolsto find alternativeprovisionsfor disruptivestudentscontinuesto increaseand the impactof Covid on student
behaviourisalsoafactor.In2022,therewere2,700placesinSpecialSchools,PRUsandSpecialistUnits(SCC SEND
Sufficiencyplan2022-2025).Thisnumberhasincreased,althoughourcurrentwaitinglistof42youngpeople looking
for sessions is an indication of the degree of under-supply and the inability to keep pace with demand across Suffolk.
It is also of note that ages 9 and 10 have the highest number of EHCPs of all age groups.The percentageof pupils who
haveSENsupportincreaseswithage,reachinga peakof 15.7%of pupilsatages9 and10.Thisthensteadily declines
throughsecondaryages,to 12.4%atage 15.The percentageof pupilswithanEHCplanalsoincreaseswithage, from
3.3% at age 5, up to a later peak of 5.3% at age 11, before slowly declining to 4.7% at age 15.
The Suffolk SEND SufficiencyPlan 2022-2025identified the rapid growth in demand for specialist education placements
and, despite much planned investment and work, also identifiedthat there would not be enough provision to meet the
expectedneed.Suffolkisthereforeexpectedtocontinuetorelyheavilyonindependent,non-maintained special
schools.
Theirdemandprojectionsuntil2025suggestedtheneedforafurther550newspecialisteducationplacesfor school
agechildren.Demandfornewplacesisparticularlystrongforchildrenwithautism,severelearning difficulties,
moderate learning difficulties, SEMH and speech, language and communication needs.
In Suffolk in 2022 there were 2,109 childrenwith AutisticSpectrumDisorder,2,025 with moderatelearning difficulties,
757 with SEN, 3,058 with SEMH, 2,567 with Specific Learning Difficulty(e.g. Dyslexia, Dyspraxia)and 3,245 with Speech,
Language or Communication Needs.
There has been an unprecedentedrise in requests for specialist placements.There has also been a significantrise in the
numberof childrenwithinmainstreamschoolsrequiringhigh needs top-upfundingto supporttheir education. "There
will always be a need for some childrenand young people to access independentprovision,particularlythose with the
highest level of need." (SCC)
-
" Suffolk is predicting a 23.7% increase in SEND by 2025
-
" The increase in ASD and SEMH is highly significant
-
" Suffolk will need to generate at least 550 additional specialist places by 2025
-
" The existing post-16 offer needs to be developed to meet the growing need
-
" Only 22% of EHCP requests in Suffolk were approved within the 22-week deadline.
There is a similar picturenationally,with stretchedresourcesunableto manage the very significantincreasesin young
people who do not fit School.
The need is clear across all ages from 4 to 25, and it is growing significantly beyond existing provision.
Page 1
Innov8 Workshops CIO
Report of the Trustees for the Year Ended 31 August 2023
OBJECTIVES AND ACTIVITIES
Significant activities
Innov8 workshopshas seen a dramaticchange in its activitiesin the last 12 months with a change in name, a change in
location, approval to become a Charity and approval from Suffolk County Council as an approved provision.
The yearstartedwith threefull-timestaff,with justtwo workshops:in bikerepairandwoodwork.However,the need
from local schools in the Bury St Edmunds area and the results we had been able to achieve, supported our expansion.
DaniellaSymonsjoinedusinSeptember2022asOfficeManagertofocusonstudentpathwaystocreatea strong
cultureofsupervision,safeguardingandchilddevelopment.Daniella'sexperienceandknowledgeofthe challenges
facedbyyoungpeople,aswellasherlinkstothelocaleducationalcommunity,assistedusinreachingoutto new
schools and provisions which ensured we filled any new workshops as fast as we could create them.
Attheturnof2022,weincreasedourteamtosix,withtheadditionofmentorsinhorticulture,artandmusic. All
educational streams were well-supported, and our children were able to access a broad variety of learning experiences.
Originallyincorporatedas a CIC andnamedMonkeyWorkshopsCIC,we convertedto a CIO on 28thFebruary2023 to
ensure appropriate governance and structure to allow us to manage our continued fast growth in provision.
The pace of growth and the clear demandfor much greatersupportmeant that a new, much larger and more modern
premiseswasneeded.InJune2023we movedintoIntegHouse,Roughamandsecuredanexcellentmodern building
which was more suited to our needs. The increased space allowed us to further develop our offer, so that by the end of
August2023we were able to deliveran additionalthree workshops:functionalskills,cookingand salon.This took our
learningstreamstoeight,withourhorticultureprogrammeofferedinconjunctionwithStEdmundsbury Cathedral
College Gardens.
TheCharitychangeditsnametoinnov8Workshopsinthesummerof 2023toreflectthenatureof itsactivities more
accurately.
ThishardworktodeliverchangewasrewardedwhenwewereappointedasanApprovedAlternativeProvider by
SuffolkCountyCouncilinthesummerof2023.Thiswasatestamenttothequalityofourofferingandour brilliant
mentors,andthefocuswehaveonsafeguardingandothercontrolswithinwhichweoperate.Wehave invested
heavilyin the personaldevelopmentand trainingof our staffand mentorsto ensurethattheyare best able to deliver
theservicesthatourchildrenneed.Thesignificantchangeandfastpaceofgrowthhavemeantthatcontrols and
governance have needed constant reinforcement.
WeweresadtoseeourCEO,KeithColley,leavethecharityinMay2023,ashehadbeentheinspirationbehind our
innovativeapproachtohelpingyoungpeople.Thetrusteesaregratefulforhiscontributionandwishhimwellin the
future.
To triplethe scaleof the charityin 12 monthsis an incredibleachievementandI wouldliketo thankDaniellaand the
mentoring team for their dedication and commitment to offering such wonderful provision.
Additionalthanksgotoourmanysupporters,includingTheSuffolkCommunityFoundation,WestSuffolk District
Council,theNationalLottery,thePoliceandCrimeCommissionerandtomanyverygenerousindividuals.We would
nothavebeenabletoachievewhatwehavewithoutthehugeencouragementandsupportfromschools, Suffolk
County Council and the number of schools who trust us.
Page 2
Innov8 Workshops CIO
Report of the Trustees for the Year Ended 31 August 2023
OBJECTIVES AND ACTIVITIES
Public benefit
Ourambitionatinnov8Workshopsistosupportanyyoungpersonsotheycanenjoytheirchildhood,achieve good
outcomes and are well-prepared for adulthood and employment. We want them to fulfil their potential.
Todothatwehavedevelopedanapproachofone-to-onementoringcombinedwithvocationaltraining,using the
Theory of Self Determination as our guide to helping our young people address the issues they face.
We have developed our own capabilitiesover the year by training our mentors in Trauma and psychologically-informed
practice, and the practical application of Self Determination.
In short, we have focused on getting better and better at helping the young people who have come to us.
We are very focused on reintegratingyoung people who come to innov8 back into mainstreameducation,or college or
employment.Eachyoungpersonisverydifferentandsoourabilitytoreintegratethem,andhowquickly, varies
dramatically.Over this year over 70 differentchildrenhave attendedInnov8workshops,of which 20 have returned to
school, 5 have gained apprenticeships and 5 have gained entry into college.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Themainachievementinthisfinancialyearhasbeenoursignificantexpansionincapacity,whilstcontinuing to
improvethequalityof whatwe do.We haveinvestedheavilyin ensuringhighqualityworkshopsthatcanstretch our
young people. To move location, transition to being a charity and change our name was a remarkable achievement.
Perhapsmost importantly,the youngpeople who attendhave made great strides.Our attendancelevels are very high
atover90%,andwecontinuetomonitorwellbeingforeachstudentaftereachsession.Scoresfor behaviour,
engagement and manners have remained very high throughout the year.
Andwehavesuccessfullymanagedtogetsomestudentsbackintoschool,someintocollegeandsome into
apprenticeships.Thesenumbersaresmalltoday,butaswegrowandasmorestudentsreach16,ourgoalis to
continue to help more young people fulfil their potential.
FINANCIAL REVIEW
Financial position
Income for the year rose by 300% from the previous trading period.
Donationsandgrantsrose doubledto £95,635.Innov8incurredsignificantcapitalexpenditurecostsin the movement
ofthetradinglocationtoIntegHouse-thenewsiterequiredafit-outoftheworkshopsincludinganew kitchen.
Innov8 wrote off all capital expenditure associated with its old site.
StaffcostsandgeneralexpenditureroseinlinewithnewrevenuesandInnov8investedheavilyinimproved IT
platforms,businesssoftwareandstafftraining.Allthesecostswereinlinewiththerequirementstosecure approval
from Suffolk County Council as an approved provision.
OverallInnov8producedatradinglossintheperiodwhichisconsistentwithitsrapidgrowthandinvestmentin staff
and premises.
Innov8 commenced a new trading year with its workshops at capacity and strong positive cashflow.
Page 3
Innov8 Workshops CIO
Report of the Trustees for the Year Ended 31 August 2023
FINANCIAL REVIEW
Reserves policy
The Trustees have examined the charity'srequirementsfor reserves in light of the main risks to the organisation. Given
the improvingfinancialrobustnessof the Charity'sfinancialmodel,the key challengeis to maintainsufficient reserves
to managetheimplicationsof significantchange.We areassistedin thisbythegrowingneedfor ourprovision which
cushions any unexpected customer changes.
Theincreasednumberofemployeesandcomplexityoftheorganisationdoescreateotherriskswhichrequire a
meaningful buffer to be in place at all times.
TheTrusteeshaveestablishedareservespolicythatisreviewedannuallytoensurethattheappropriatelevels of
reserves are maintained.The size of this reserve policy also reflects the wide range of individualsupport we are able to
draw on whilst we remain at this size.
We aim to hold £50,000in reserves,althoughour recent locationmove made that an unrealisticambitionin the short
term. This figure gives us approximately six months of our current key running costs.
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate
resourcestocontinueinoperationalexistencefortheforeseeablefuture.Therearenomaterialuncertainties about
thecharity'sabilitytocontinueoperating.Forthisreason,theTrusteescontinuetoadoptthegoingconcernbasis in
preparingthefinancialstatements.Furtherdetailsregardingtheadoptionofthegoingconcernbasiscanbefound in
the accounting policies.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrust,andconstitutesalimitedcompany,limited by
guarantee, as defined by the Companies Act 2006.
The organisationis a CharitablyIncorporatedOrganisation(CIO), registeredas a charityon 28th February2023, having
previouslybeen incorporatedas a CommunityInterestCompanyin August2021. The charityoperatesand is governed
under a Charitable Constitution which has established the objects and powers of the charity.
AllTrusteesgivetheirtimevoluntarilyandreceivenobenefitsfromthecharity.TheTrusteesreviewthe aims,
objectivesand activitiesof the charityeach year and hold bi-monthlyTrusteemeetingsto review currentactivity. This
reportlooksatwhatthecharityhasachievedandtheoutcomesofitsworkfortheyearending31August2023. The
Trustees report the success of our workshopsand the benefitsthe charityhas broughtto those young people that it is
set up to help.
ThisreviewalsohelpstheTrusteesensurethecharity'saims,objectivesandactivitiesremainfocusedonits stated
purposes. Trustees will usually serve for a term of three years and may be re-appointed for a second term.
Post year end, trustee recruitment was considered, and this recruitment commenced in April 2024.
Thefinancialstatementshavebeenpreparedinaccordancewiththeaccountingpoliciessetouthereinand comply
with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP 2015).
Organisational structure
The Board of Trustees administer the CIO. The Board meets at least four times a year for a full Board meeting.
TheTrusteesmanagetheday-to-dayoperationsoftheCIO.Tofacilitateeffectiveoperations,theCIOhas delegated
authority for operational matters including finance, employment and day to day management of the organisation.
Page 4
Innov8 Workshops CIO
Report of the Trustees for the Year Ended 31 August 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Decision making
The Boardof Trusteesis theprincipaldecisionmakingbodyof thecharity.AnydecisionstakenbytheTrusteesin the
running of the charity are done so in accordance with the constitution.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
CE031529 (England and Wales)
Registered Charity number
1202112
Registered office
Integ Yard
Woodlands Business Park
Rougham Industrial Estate
Bury St Edmunds
Suffolk
IP30 9NP
Trustees
P Shelley (appointed 28.2.23)
N C G Gambier (appointed 28.2.23)
M Walton (appointed 28.2.23)
Ms T Selvey (appointed 28.2.23)
Company Secretary
Independent Examiner
J Knights ACA, BSc
Knights Lowe Chartered Accountants
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Innov8 Workshops CIO for the purposes of company law) are responsible for
preparingtheReportoftheTrusteesandthefinancialstatementsinaccordancewithapplicablelawand United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Companylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyearwhichgiveatrueand fair
viewofthestateofaffairsofthecharitablecompanyandoftheincomingresourcesandapplicationof resources,
includingtheincomeandexpenditure,ofthecharitablecompanyforthatperiod.Inpreparingthose financial
statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
Page 5
Innov8 Workshops CIO
Report of the Trustees for the Year Ended 31 August 2023
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyat any
timethefinancialpositionofthecharitablecompanyandtoenablethemtoensurethatthefinancial statements
complywith the CompaniesAct 2006. They are also responsiblefor safeguardingthe assets of the charitable company
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
TheTrusteesareresponsibleforpreparingtheTrustees'AnnualReportandtheFinancialStatementsin accordance
withapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAccepted Accounting
Practice).Companylaw requiresthe Trusteesto preparefinancialstatementsfor eachfinancialyearwhichgive a true
andfairviewofthestateofaffairsofthecharitablecompanyandoftheincomingresourcesandapplication of
resources, including the income and expenditureof the charitablecompany for that period. In preparing these financial
statements, the Trustees are required to:
-
Select suitable accounting policies and then apply them consistently.
-
Observe the methods and principles in the Charities SORP.
-
Make judgements and estimates that are reasonable and prudent.
-
State whether applicable UK Accounting Standards and statements of recommended practice have been followed,
-
subject to any material departures disclosed and explained in the financial statements.
-Prepare the financialstatementson the going concern basis unless it is inappropriateto presume that the charity will
continue in operation.
The Trustees are responsiblefor keeping proper accountingrecords that disclose with reasonableaccuracyat any time
the financialpositionof the charitablecompanyand enablethem to ensure thatthe financialstatementscomply with
theCompaniesAct2006.Theyarealsoresponsibleforsafeguardingtheassetsofthecharitablecompanyand hence
fortakingreasonablestepsforthepreventionanddetectionoffraudandotherirregularities.TheTrustees are
responsibleforthemaintenanceandintegrityofthecorporateandfinancialinformationincludedonthe charitable
company'swebsite.LegislationintheUnitedKingdomgoverningthepreparationanddisseminationof financial
statements may differ from legislation in other jurisdictions.
The trustees have no beneficial interest in the charity.
Approved by order of the board of trustees on 29 July 2024 and signed on its behalf by:
P Shelley - Trustee
Page 6
Independent Examiner's Report to the Trustees of
Innov8 Workshops CIO
Independent examiner's report to the trustees of Innov8 Workshops CIO ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2023.
Responsibilities and basis of report
As the charity'strusteesof the Company(andalsoits directorsfor the purposesof companylaw)youare 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 accountsof the Company are not required to be audited under Part 16 of the 2006 Act
andareeligibleforindependentexamination,Ireportinrespectofmyexaminationofyourcharity'saccounts as
carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examinationI 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'sgross income exceeded£250,000your examinermust be a member of a listedbody.I can confirm
thatI am qualifiedto undertakethe examinationbecauseI am a member of the Instituteof CharteredAccountants in
England and Wales, which is one of the listed bodies.
Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentioninconnectionwith the
examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhich attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
J Knights ACA, BSc
The Institute of Chartered Accountants in England and Wales
Knights Lowe Chartered Accountants
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR
29 July 2024
Page 7
Innov8 Workshops CIO
Statement of Financial Activities
for the Year Ended 31 August 2023
2023
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
95,733
Other trading activities
3
247,401
Total
343,134
EXPENDITURE ON
Raising funds
4
339,937
Other
61,198
Total
401,135
NET INCOME/(EXPENDITURE)
(58,001)
RECONCILIATION OF FUNDS
Total funds brought forward
23,512
TOTAL FUNDS CARRIED FORWARD
(34,489) |
2022
Total
funds
£
48,484
82,349 |
|
130,833 |
|
107,321
- |
|
107,321 |
|
23,512
- |
|
23,512 |
The notes form part of these financial statements
Page 8
Innov8 Workshops CIO
Balance Sheet
31 August 2023
2023
Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
10
36,165
CURRENT ASSETS
Cash at bank
23,565
CREDITORS
Amounts falling due within one year
11
(94,219)
NET CURRENT ASSETS/(LIABILITIES)
(70,654)
TOTAL ASSETS LESS CURRENT LIABILITIES
(34,489)
NET ASSETS
(34,489)
FUNDS
12
Unrestricted funds
(34,489)
TOTAL FUNDS
(34,489) |
2022
Total
funds
£
32,428
40,380
(49,296)
(8,916)
23,512
23,512
23,512
23,512 |
|
|
The charitablecompanyis entitledto exemptionfrom audit under Section 477 of the CompaniesAct 2006 for the year
ended 31 August 2023.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended
31 August 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon29July2024and were
signed on its behalf by:
P Shelley - Trustee
The notes form part of these financial statements
Page 9
Innov8 Workshops CIO
Notes to the Financial Statements for the Year Ended 31 August 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financialstatementsof the charitablecompany,whichis a publicbenefitentityunderFRS 102,have been
prepared in accordancewith the Charities SORP (FRS 102) 'Accountingand Reportingby Charities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statementof FinancialActivitiesonce the charityhas entitlementto the funds, it
is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccruals basis
andhasbeenclassifiedunderheadingsthataggregateallcostrelatedto thecategory.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
use of resources.
Tangible fixed assets
Depreciationis providedat the followingannualratesin order to write off each assetover its estimated useful
life.
Fixtures and fittings- 25% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentalspaidunderoperatingleases are chargedto the Statementof FinancialActivitieson a straightline basis
over the period of the lease.
Pension costs and other post-retirement benefits
Thecharitablecompanyoperatesadefinedcontributionpensionscheme.Contributionspayableto the
charitablecompany'spensionschemearechargedtotheStatementofFinancialActivitiesintheperiod to
which they relate.
continued...
Page 10
Innov8 Workshops CIO
Notes to the Financial Statements - continued
for the Year Ended 31 August 2023
2. DONATIONS AND LEGACIES
2023
£
Donations
95,733
3.
OTHER TRADING ACTIVITIES
2023
£
Workshop income
247,401
4.
RAISING FUNDS
Raising donations and legacies
2023
£
Staff costs
179,343
Insurance
1,760
Rent and rates
21,000
Subcontractors
6,526
Light and heat
8,129
Telephone
1,968
Sundries
967
Training
1,598
Consumables
15,015
Support costs
56,266
292,572
5.
SUPPORT COSTS
Information
Governance
Management
Finance
technology
costs
£
£
£
£
Raising donations and
legacies
27,279
21,718
2,779
4,490
6.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
2023
£
Depreciation - owned assets
8,143
Insurance
1,760
Deficit on disposal of fixed assets
42,430 |
|
2022
£
48,484 |
|
|
2022
£
82,349 |
|
|
2022
£
61,030
-
6,800
-
330
479
1,534
107
10,673
26,586 |
|
107,539 |
|
|
|
Totals
£
56,266 |
|
|
2022
£
107
-
- |
continued...
Page 11
Innov8 Workshops CIO
Notes to the Financial Statements - continued
for the Year Ended 31 August 2023
7. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31August2023norforthe year
ended 31 August 2022.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31August2023norfortheyear ended
31 August 2022.
8.
STAFF COSTS
Wages and salaries
Social security costs
Other pension costs |
2023
£
168,033
8,113
3,197
179,343 |
2022
£
60,497
-
533 |
|
|
61,030 |
The average monthly number of employees during the year was as follows:
20232022
No employees received emoluments in excess of £60,000.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
|
|
Unrestricted |
|
fund |
|
£ |
INCOME AND ENDOWMENTS FROM |
|
Donations and legacies |
48,484 |
Other trading activities |
82,349 |
Total |
130,833 |
EXPENDITURE ON |
|
Raising funds |
107,321 |
NET INCOME |
23,512 |
TOTAL FUNDS CARRIED FORWARD |
23,512 |
continued...
Page 12
Innov8 Workshops CIO
Notes to the Financial Statements - continued
for the Year Ended 31 August 2023
10. TANGIBLE FIXED ASSETS
10. |
TANGIBLE FIXED ASSETS |
|
|
|
|
|
|
|
|
Fixtures |
|
|
|
Short |
|
and |
|
|
|
leasehold |
|
fittings |
Totals |
|
|
£ |
|
£ |
£ |
|
COST |
|
|
|
|
|
At 1 September 2022 |
32,107 |
|
428 |
32,535 |
|
Additions |
45,844 |
|
8,466 |
54,310 |
|
Disposals |
(42,430) |
|
- |
(42,430) |
|
At 31 August 2023 |
35,521 |
|
8,894 |
44,415 |
|
DEPRECIATION |
|
|
|
|
|
At 1 September 2022 |
|
- |
107 |
107 |
|
Charge for year |
5,920 |
|
2,223 |
8,143 |
|
At 31 August 2023 |
5,920 |
|
2,330 |
8,250 |
|
NET BOOK VALUE |
|
|
|
|
|
At 31 August 2023 |
29,601 |
|
6,564 |
36,165 |
|
At 31 August 2022 |
32,107 |
|
321 |
32,428 |
11. |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
|
|
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
Payments on account |
|
|
- |
12,320 |
|
Trade creditors |
|
|
2,949 |
2,239 |
|
Tax |
|
|
5,875 |
5,480 |
|
Social security and other taxes |
|
|
10,700 |
4,090 |
|
Other creditors |
|
|
4,443 |
256 |
|
P Shelley loan |
|
|
10,000 |
20,000 |
|
N Gambier loan |
|
|
10,000 |
- |
|
Accrued expenses |
|
|
50,252 |
4,911 |
|
|
|
|
94,219 |
49,296 |
12. |
MOVEMENT IN FUNDS |
|
|
|
|
|
|
|
|
Net |
|
|
|
|
|
movement |
At |
|
|
At 1.9.22 |
|
in funds |
31.8.23 |
|
|
£ |
|
£ |
£ |
|
Unrestricted funds |
|
|
|
|
|
General fund |
23,512 |
|
(58,001) |
(34,489) |
|
TOTAL FUNDS |
23,512 |
|
(58,001) |
(34,489) |
continued...
Page 13
Innov8 Workshops CIO
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
12. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
343,134
343,134 |
Resources
Movement
expended
in funds
£
£
(401,135)
(58,001)
(401,135)
(58,001) |
|
|
|
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
130,833
TOTAL FUNDS
130,833 |
Net
movement
At
in funds
31.8.22
£
£
23,512
23,512
23,512
23,512
Resources
Movement
expended
in funds
£
£
(107,321)
23,512
(107,321)
23,512 |
|
|
A current year 12 months and prior year 12 months combined position is as follows:
|
|
Net |
|
|
|
movement |
At |
|
At 1.9.21 |
in funds |
31.8.23 |
|
£ |
£ |
£ |
Unrestricted funds |
|
|
|
General fund |
- |
(34,489) |
(34,489) |
TOTAL FUNDS |
- |
(34,489) |
(34,489) |
continued...
Page 14
Innov8 Workshops CIO
Notes to the Financial Statements - continued
for the Year Ended 31 August 2023
12. MOVEMENT IN FUNDS - continued
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above
are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
473,967
473,967 |
Resources
Movement
expended
in funds
£
£
(508,456)
(34,489)
(508,456)
(34,489) |
|
|
|
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2023.
14. MERGER ACCOUNTING
Innov8Workshopsbecameregisteredasa CharitableIncorporatedOrganisation(CIO)from28February 2023.
Previously, this was a Community Interest Company (CIC).
InaccordancewiththeCharitiesSORP,mergeraccountinghasbeenadoptedtotreattheentityasifitwas a
CIO for the whole of the financial year.
Page 15
Innov8 Workshops CIO
Detailed Statement of Financial Activities
for the Year Ended 31 August 2023
INCOME AND ENDOWMENTS
Donations and legacies
Donations
Other trading activities
Workshop income
Total incoming resources
EXPENDITURE
Raising donations and legacies
Wages
Social security
Pensions
Insurance
Rent and rates
Subcontractors
Light and heat
Telephone
Sundries
Training
Consumables
Other trading activities
Loss on sale of assets
Exceptional items
Other
Legal fees
Support costs
Management
Postage and stationery
Advertising
IT costs
No description
Improvements to property
Fixtures and fittings |
2023
£
95,733
247,401
343,134
168,033
8,113
3,197
1,760
21,000
6,526
8,129
1,968
967
1,598
15,015
236,306
42,430
4,935
47,365
61,198
5,326
8,191
5,619
-
5,920
2,223
27,279 |
2022
£
48,484
82,349
130,833
60,497
-
533
-
6,800
-
330
479
1,534
107
10,673
80,953
-
(218)
(218)
-
500
2,075
2,102
5,480
-
107
10,264 |
|
|
|
This page does not form part of the statutory financial statements
Page 16
Innov8 Workshops CIO
Management
Finance
Recruitment costs
Professional fees
Information technology
Repairs and maintenance
Governance costs
Accountancy and payroll fees
Total resources expended
Net (expenditure)/income |
Detailed Statement of Financial Activities
for the Year Ended 31 August 2023 |
2023
£
12,881
8,837
21,718
2,779
4,490
401,135
(58,001) |
2022
£
-
220 |
|
|
|
|
|
|
|
220
10,062
6,040 |
|
|
|
107,321 |
|
|
|
23,512 |
This page does not form part of the statutory financial statements
Page 17
Virtual Cabinet Portal Digital Signatures
Digital Signature Verification
You can verify that this is a genuine Virtual Cabinet Document Portal signed document by uploading it to the following secure web page:
https://www.virtualcabinetportal.com/VerifySignedDocument
Signature Dates and Times
All dates and times shown in the signatures below are expressed in Coordinated Universal Time (UTC), which is generally equivalent to GMT. You can find out more about UTC at the following web page:
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Signature 1
Signed by Michael Walton using authentication code KjE3PnA3dXJHS3JT at IP address 31.48.86.13, on 2024/07/29 10:48:38 Z.
Michael Walton's e-mail address is: michael@innov8workshops.com.