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Charity Registration No. 1203798
Company Registration No. CE032834 (England and Wales)
WELL KNEADED FOUNDATION
Trustees’ Report and Financial Statements
for the Year Ended 30 June 2024
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WELL KNEADED FOUNDATION CONTENTS
| Page | |
|---|---|
| Cover | 1 |
| Contents | 2 |
| Reference and Administrative Details | 3 |
| Trustees’ Report | 4 - 7 |
| Statement of Trustees’ Responsibilities | 8 |
| Independent Examiners’ Report | 9 - 10 |
| End of Year Financial Statements | 11 - 17 |
| Financial Report and Notes | 18 - 19 |
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WELL KNEADED FOUNDATION Reference and Administrative Details
Chairperson A M Stephens Trustees A M Stephens B K Lewis M P Fry (resigned 7 November 2024) A E Lois (resigned 17 September 2024) A Z Chan (appointed 17 September 2024) Secretary A Z Chan Charity number 1203798 Company number CE032834 Registered office 414 Garratt Lane Earlsfield London SW18 4HW
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WELL KNEADED FOUNDATION
Trustees’ Report
The Trustees present their annual report together with the financial statements of the charity for the year ended 30 June 2024.
Objectives and Activities
Objects and aims
The WK Foundation serves the following charitable aim:
- To advance in life and relieve the needs of young people by providing practical support and activities which develop their skills, capacities and capabilities to enable them to participate in society as responsible individuals; and
This is accomplished by:
Establishing a training initiative designed for individuals from marginalised backgrounds aged 17–29, with a focus on those aged 18-25, who face barriers to employment. The initiative will aim to:
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Provide participants with workplace training and mentorship, equipping them with the essential skills and confidence needed to achieve sustained employment and long-term personal growth.
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Equip participants by fostering a secure sense of identity and purpose, thereby supporting their personal and professional development to help them thrive in all aspects of life;
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Provide meaningful guidance and referrals to trainees, connecting them with external services and support networks to help them develop the skills and resilience needed to become well-adjusted and contributing members of society; and
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Support participants in securing meaningful employment following the completion of the training initiative by leveraging its networks and collaborating with existing support organizations.
Adopting sustainable practices which demonstrate commitment to the environment for current and future generations.
Public benefit
The trustees confirm that they have compiled with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Use of volunteers
The charity is run by a very active and committed group of volunteers as well as the employees and directors of Well Kneaded Ltd.
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Achievements and Performance
Between June 2023-June 2024, the WK Foundation focused its first year on the three main activities:
- The primary focus of WK Foundation this year has been the development and creation of the pilot for the ‘NOURISH’ training programme, set to launch in October 2024. This holistic, hospitality-focused training programme will support up to 20 young adults from marginalised backgrounds in its first year.
Harnessing a strengths-based, trauma-informed approach, NOURISH provides a pathway to sustained employment within the hospitality industry. The training is designed to develop industry-specific skills, with a focus on sustainable food sourcing, customer service, and pizza cheffing. In addition to technical expertise, the programme aims to equip participants with essential life skills, including professional behaviour, prioritisation, organisation, financial management, and relationship-building.
To establish a best-practice framework for the programme’s development, the trustees of WKF collaborated with impact consultants Resurgo to create a high-impact Theory of Change, which has guided all activities.
- The second focus was on recruiting and training a small team to deliver the launch of the ‘NOURISH’ training programme. This included developing partnerships to leverage the expertise of external training partners within our community.
To support best practices, we provided training to teams within our partner organisations, Well Kneaded and WK Events, ensuring that all trainers were equipped with traumainformed practices and familiar with relevant safeguarding protocols. This preparation enabled all teams to work safely and effectively with young adults from marginalised backgrounds who face barriers to employment.
- The third key focus was on fundraising to ensure that the WK Foundation began with sufficient funds to support the development and launch of the pilot ‘NOURISH’ training programme. Funders include:
Wandsworth Grant Fund Wimbledon Foundation (allocated through the London Community Fund) The Jerusalem Trust The Leathersellers Foundation The Woodward Charitable Trust Landaid – allocated via Street Smart Well Kneaded Ltd WK Events Ltd
- In the final months of the year, we focused on strengthening existing relationships with referral and work experience partners, including:
SPEAR Achieving for Children Love to Learn Carney’s Community CARAS
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Providence House Regenerate/ Feel Good Bakery The Job Centre Home Community Café Sutton Community Farm Paradise Cooperative KERB+
Financial Review
Income for the year was £40,572.38. This was the first year of the Foundation’s operations and this exceeded our budget forecast and put us in an excellent position to launch our first training programme. Expenditure was £19,376.32 which is in line with the budget. This net income was £21,196 which well exceeded our break-even budget – a large proportion of these funds were restricted for delivering the first Nourish programme in October 2024.
The Foundation’s funds are held in interest bearing accounts with Unity bank.
Under the charity’s governing document, the charity has the power to make any investments which the trustees see fit.
The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risk.
The charity has a reserves policy to cover 3 months of operational costs and is building towards that.
At the date of approving the report and accounts, there are no uncertainties about the charity’s ability to continue as a going concern.
There are no funds or subsidiary undertakings that are materially in deficit.
Plans for Future Periods
Aims and key objectives for future periods
Looking ahead, the WK Foundation is committed to launching and delivering NOURISH, a year-long training programme structured in three phases. The first phase consists of six weeks of foundational skills training, followed by applied skills training, including work experience, in the second phase. The third phase focuses on employment and progression.
In its first year, the programme will run two pilot cohorts to evaluate and refine activities and processes. Each of the first two cohorts will accommodate 6–8 participants. In the second year, we aim to expand the programme to support 6–10 trainees per cohort, running at least two cohorts annually.
One of the key objectives of running two pilot cohorts is to further streamline the training programme, enhancing the development of practical and professional skills among trainees while ensuring it remains impactful and responsive to their needs.
A major focus will be improving the Foundation’s capacity to connect trainees with existing support services, ensuring each participant has access to the resources they need to thrive. Additionally, we
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plan to expand and strengthen our network of mentors, providing trainees with guidance and support from experienced professionals.
As part of our mission to holistically support trainees, we aim to explore ways to incorporate discussions around spiritual health and faith, particularly within a Christian context, in a manner that is sensitive and respectful of individual beliefs. By fostering an environment of open dialogue, we seek to nurture a sense of identity and purpose among participants.
Our primary impact indicator is the sustained employment of our trainees, measured 12 months after graduation from Phase 2 of the programme. With this in mind, the Foundation recognises the importance of building relationships with organisations and companies interested in hiring entrylevel employees, creating pathways for young adults to transition into meaningful employment.
Finally, we remain committed to identifying and pursuing additional fundraising opportunities to sustain and expand our work, ensuring we continue to make a lasting difference in the lives of marginalised young people.
Structure, Governance, and Management
Nature of governing document
The Foundation is a Charitable Incorporated Organisation governed by a constitution adopted on 29 June 2023.
Organisational structure
The trustees who served during the year up to the date of signature of the financial statements are included on page 2.
Trustees are appointed by the board of trustees and announced at the AGM. No external body or any other person is entitled to appoint a trustee.
No governance and management details are exempt from disclosure.
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Statement of Directors' and Trustees' Responsibilities
The trustees are responsible for preparing the trustees’ report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2019 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are also responsible for the contents of the trustees' report, and the responsibility of the independent examiner in relation to the trustees' report is limited to examining the report and ensuring that, on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements.
This report was approved by the trustees of the charity on 10 February 2025 and signed on its behalf by:
…………………………………………………… A M Stephens Chair of Trustees
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WK Foundation
End of Year Financial Statements 30th June 2024
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WK Foundation Statement of Financial Activities (Income & Expense) June 1, 2023 to June 30, 2024
| Income Income and Endowments Income from Donations and Legacies Donation- One off Donation- Regular Gift Aid Claimed Investment Income Interest Received Other Incoming Resources Grant Received Total Income Expenses Expenditure Charitable Activities Charity Management & Administration Accounting Fees Bank Charges IT & Computer NI & Pension Contribution Payroll Cost Software Cost Subscription Team Development & Training Nourish Training Programme Programme Delivery Programme Development & Evaluation Staff Expenses CEO Expenses Meeting Website, Communications & Design Expenditure on Raising Funds Fundraising Fundraising- Communications Fundraising-Admin work |
Unrestricted 19,269.92 400.00 1,692.24 101.22 7,500.00 |
Restricted 11,609.00 |
Endowment | Total 19,269.92 400.00 1,692.24 101.22 19,109.00 |
|---|---|---|---|---|
| 28,963.38 249.84 54.17 327.34 1,005.48 48.00 37.08 45.00 2,063.00 6.05 792.07 792.06 6,032.72 |
11,609.00 963.24 927.55 6,032.72 |
0.00 | 40,572.38 249.84 54.17 327.34 1,968.72 48.00 37.08 45.00 2,063.00 927.55 6,032.72 6.05 792.07 792.06 6,032.72 |
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WK Foundation
Statement of Financial Activities (Income & Expense)
June 1, 2023 to June 30, 2024
| Total Expenses Net Resource Movement Net Movement in Funds Total Funds Brought Forward Total Funds Carried Forward |
Unrestricted | Restricted | Endowment | Total |
|---|---|---|---|---|
| 11,452.81 | 7,923.51 | 0.00 | 19,376.32 | |
| 17,510.57 | 3,685.49 | 0.00 | 21,196.06 | |
| 17,510.57 | 3,685.49 | 0.00 | 21,196.06 | |
| 0.00 | 0.00 | 0.00 | 0.00 | |
| 17,510.57 | 3,685.49 | 0.00 | 21,196.06 |
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WK Foundation
Charity Commission for England and Wales, No. 1203798
Balance Sheet - Detail As at June 30, 2024
| Current Assets | |
|---|---|
| Other Current Assets | |
| Prepayments | 1,092 |
| Cash At Bank And In Hand | |
| Unity Trust-Current | 13,808 |
| Unity Trust-Reserves | 7,600 |
| Creditors | |
| Trading Creditors | |
| Supplier Accounts Payable | |
| Well Kneaded Ltd | -249 |
| Other Creditors | |
| Account Payable | -1,056 |
| Net Assets | 21,196 |
| Funds & Reserves | |
| Restricted Funds | |
| Nourish Training Programme | 3,685 |
| Unrestricted General Funds | |
| General Fund | 17,511 |
| Funds Provided | 21,196 |
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WK Foundation
Fund Balances
| Fund | Brought Forward Transfers Income Expenses Balance |
|---|---|
| General Fund (U) Unrestricted total Nourish Training Programme (R) Restricted Total Total |
- 28 963 -11 453 17 511 |
| 28 963 -11 453 17 511 |
|
| 11 609 -7 924 3 685 |
|
| 11 609 -7 924 3 685 |
|
| - 40 572 -19 376 21 196 |
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WK Foundation Income & Expense - Detail June 1, 2023 to June 30, 2024
Income
| Income and Endowments Income from Donations and Legacies Donation- One off Donation- Regular Gift Aid Claimed Investment Income Interest Received Other Incoming Resources Grant Received Total Income Expenses Expenditure Charitable Activities Charity Management & Administration Accounting Fees Bank Charges IT & Computer NI & Pension Contribution Payroll Cost Software Cost Subscription Team Development & Training Nourish Training Programme Programme Delivery Programme Development & Evaluation Staff Expenses CEO Expenses Meeting Website, Communications & Design Expenditure on Raising Funds Fundraising Fundraising- Communications Fundraising-Admin work Total Expenses |
19,270 400 1,692 101 19,109 |
|---|---|
| 40,572 250 54 327 1,969 48 37 45 2,063 928 6,033 6 792 792 6,033 |
|
| 19,376 |
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WK Foundation Income & Expense - Detail June 1, 2023 to June 30, 2024
| Operating Profit/(Loss) Total Other Income/(Expenses) Net Profit/(Loss) |
21,196 21,196 0 |
|---|---|
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Financial Report for WK Foundation– Year Ended 30 June 2024
In our first year, WK Foundation laid a strong financial foundation to empower young adults in their journey toward employment. This report reflects setup activities and highlights our efficient resource use and the inspiring support we received from donors and grantors, enabling us to launch and prepare impactful programmes.
Income Overview
With total income of £40,572, we relied on diverse sources:
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Donations (49% of total income): £19,670, including both regular donations and
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one-time contributions.
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Gift Aid claims (4%): £1,692.
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Interest earned (0.2%): £101 from reserve holdings.
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Grants (47%): £19,109 to support our programme development and charitable
operations.
Expenditure Overview
Our total expenditure of £19,379 was divided into two primary categories: charitable activities of £12,555 (65% of total expenditure) and fundraising expenses of £6,825 (35% of total expenditure). This breakdown reflects our focus on impactful programme delivery while also building resources for future growth.
The charitable activities include costs essential to our mission, such as:
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Charity management and administration: Ensuring smooth operations.
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Nourish programme: Initial expenses to prepare for the launch of our training
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programme. The “Nourish” programme development accounted for 36% of our total expenditure.
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Staff expenses
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website, communication, and design for outreach and partnership work.
To secure ongoing support, and clarify expenditure within this this area, our fundraising expenditure will be divided as follows:
• Fundraising communications: Grant applications, reporting, outreach to engage new donors, impact sharing with donors.
• Fundraising administration: Covering essential administrative tasks related to fundraising activities such as setting up new accounts, clarifying details, due diligence checks.
With net assets of £21,193, our charity is well-positioned to build on the momentum of year 1. These funds will support further programme expansion and deepen our impact in helping young adults achieve our three target outcome areas of employment, healthier management of their life and relationships, and increasing in their knowledge & understanding of sustainable food systems.
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Looking Ahead
With this strong start, WK Foundation has successfully launched a pilot of Nourish in October 2024 and will evaluate and further develop this first pilot programme in order to launch properly in Spring 2025. We have successfully leveraged our network, as well as forged partnerships with key local funds including Wandsworth Council and The Wimbledon Foundation. The work achieved by the team this year, show results our commitment to the vision, and in making every pound count, focusing on real outcomes and strong donor stewardship. We extend our deepest gratitude to our supporters who make this work possible and look forward to another year of growth and impact.
Sosy Cholakian
Notes
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Gift Aid Contributions : The Gift Aid amount received this year appears lower compared to total donations. This is because a significant portion of the donations came from incorporated businesses, which are not eligible for Gift Aid claims.
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National Insurance and Pension Contribution : The National Insurance and pension contributions reflected in the report relate to the payroll expenses for Bridget Callaghan and Laurence Callaghan. These costs are split into three categories within the accounts: Programme Delivery, Programme Development & Evaluation and Fundraising-Admin Work.
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Salary Allocation : Bridget Callaghan’s salary has been divided equally between two accounts: 50% under Programme Development & Evaluation and 50% under Fundraising-Admin Work. This reflects her role supporting both areas of our operation.
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Restricted Fund: The restricted fund in this report is designated solely for the Nourish training programme and the grant received were used only for training purpose.
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Compliance: This financial report has been prepared with the assistant of Sosy Cholakian/Finance Controller and has been reviewed and independently examined by John Mullaly.