``` 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: http://www.virtualcabinetportal.com/WhatIsUTC ## **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.