Registered number- 926759 Charity number." 255074 THE WAYS AND MEANS TRUST LIMITED (A company limitsd by guarantee) UNAUDITED COMMIThEE OF MANAGEMENTS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
THE WAYS AND MEANS TRUST LIMITED {A company limited by guarantee) CONTENTS Page Ref8rence and administrative detail$ of the charlty, its trustees and advlsers Fojward by the Chairman of the Trustees Committee of Management's report Independent examinerfs report 10-11 statement of financial activities 12 Balance sheet 13 Notes to the financial statements 14-24
THE WAYS AND MEANS TRUST LIMITED (A company Ilmlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2024 Cornmlttee of Management John Beville Christopher Fuller Frederick Mccrindle Frederick Nickson (resigned 20 November 2023) Gary Pugh Eleftheria Spencer Andrew Villars Company registered number 926759 Charity registered number 255074 Registered offi¢e Greenshoots Manor Fami Peppard Common Henley-on-Thames Oxfordshire RG9 SLA Company secretary Frances Woolaway Chief executive officer Frances Woolaway Accountants Feltons Chartered Accountants 1 The Green Richmond Surrey TW9 IPL Bankers Barclals Bank PIC POBox27 Reading Berkshire RG12HD Page 1
THE WAYS AND MEANS TRUST LIMITED (A company limited by guarantee) FORWARD BY THE CHAIRMAN OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2024 The chaiman presents his statement for the period. The Ways & Means Trust Charity like many others in the voluntary sector, has continued to face commercial and operational issues due to the costwof-living crisis and cuts in adult health-care support. As a result of cost pressures and reduction in donations, the Charity has experienced a deficiL Despite these challenges the Management Team, ably supported by a small number of dedicated staff and volunteers, have provided welfare, purpose and an extended family to 41 vulnerable adults with ment81. physical or learning disabilities. The Charity would like to thank Reading, Wokingham, Oxfordshire. West Berkshire and Bracknell County Councils who continue to acknowledge the support provided by the Charity. Highlights resulting from this yearfs activities include.. Decking by the new kitchen provided by the Rotary Club of Reading Abbey. Growing some of the plants for Lynne Lamboume's entry to the Chelsea Flower Show. Growing the chillis for Johnny Hot Stuff5 hot sauces Our fundraising programme ofr Festive Fundraising in November at Sonning Common which has now become a fixture in the local calendar. Canine Capers, a fun dog show at Caversham Court Gardens. Bean Pole Day, also at Caversham Court Gardens. Our volunteers remain an integral part of the Charity and generously provide their skills, expertence and time. We have been assisted this year by 285 team day volunteers, who have been allowad to give us nearly 1710 hours away from their regular work places, and we conb'nue to be indebted to a team of thirty volunteers. who donate over 2.000 hours of their lime lo regularly volunteer with us. We would also like to acknowledge grateful support lo our warehouse customers provide in p2rticular - John George, Fair to Trade, Spinal Research, Richfield Labels and SRUK who help us to provide work experience activities for the trainees. We were chosen once again to be involved with the Look Draw Build project, a creative learning programme that uses the transport terminal of Reading Station to inform, and inspire, some 500 primary school students every year. Our fvtltre outlook remains positive, although our physicxl Infrastructu at Greenshoots le.g. classrooms, meeting rooms, poly-tunnelsl continue lo present the Charity with challenges, however a number of dtfferent options are currently being addressed with OLEr supportive landlord. including consolidation on lo one site, whi¢h would benefit U5 considerably. We would like lo thank Mr Fred Nickson, one of our dirertors who resigned during the year. for his tireless work for the Ch8rity and we are delighted that he has become a Friend of the Charity. I would like to personally thank the management tearn, staff and volunteers for their continued support, dedication and hard work in addition to my fellow Tiustees who continue to provide their time, substantial skills and expertence to enable the Charty to fulfil our remit, providing our Trainees with the support they might not olhenNise enjoy or be able to personally develop and flourish. We are again indebted to the following for their SUPPDrt, which has allowed us to develop and complete projects for the benefit of all throughout the Charity". Page 2
THE WAYS AND MEANS TRUST LIMITED {A company lirnited by guarantee) FORWARD BY THE CHAIRMAN OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2024 Mr & Mrs P Aport D4Dogs St Pelefs Church, Caversham Graham & Maggie Payne The Bell Bookshop, Henley Round & About Henley Agricultural Association The Moderation, Caversham Beville Estate Agents Caversham Arts Trail Women's Institutes - Sonning Common and Stoke Row The Garden Design Company Springwaler Church, Peppard Common St Peterfs and St Paul'5, Checkendon The Peppard News The Rotary Club of Reading Abbey Miss V Abel The Veterinary Centre. Henleywon-Thames Stoke Row Molorsports Mr P D Evans Janet Oftord Chiltern Edge Community Association Boyes Turner Charity Inner Wheel Club of Gaversham Bunty Anna Phillims Pugh Caversham Tangent Club Blylh Watson Harmony Choir AB Walker Sue Clayton Gardena Peppard Building Supplies S&R Gardening Chance to Dance for Charity The Cherry Tree Margaret Notton The Biscuit Factory Child Beale Trust Sue Brennan Invesco Laithwaite Name Andrew ars Chai an of the Trustees Date 11 October 2024 Page 3
THE WAYS AND MEANS TRUST LIMITED {A Company Ilmhed by guarantee) COMMITTEE OF MANAGEMENT'S REPORT FOR THE YEAR ENDED 31 JANUARY 2024 The Committee of Management present their annual report together wth the financial statements for the period from the 1 February 2023 to 31 January 2024. The Committee of Management confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's goveming document and the provisions of the Statement of Recommended Practice ISORPI, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20151 as amended by Update Bulletin 1 leffeclive 1 January 20151. Since the Company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 Islralegic Report and Director's Report} Regulalitsns 2013 is not required. CHARITY ACTIVITIES AND OBJECTIVES a. AIMS AND 08JECTIVES The Charity works with adults who have learning, physical or mental health disabilities to provide training socialisalion and work experience opportunities in a friendly, person-centred setting to help them to leaci rewarding lives, realise their potential and to build their confidence. 11 engages wrth community groups and employers to educate on disability and to value inclusion and independence. The 2023124 Business Objectives are.. 1. To provide a high-quality training environment, work based. to the groups we setve. 2. To provide a range of services to engage the groups we accommodate. 3. To provide commercial income streams 8nd to sustain a range of initiatives. 4. To create a surplus wthin the financial plan from developed income slreams, which provides the Charity with a future. 5. To provide 8 safe working environment for all our groups. 6. To provide a welcoming and safe environment for all our volunteers providing them with rewarding activities. In setting objectives and planning for activities, the Committee of Management have given due consideration to general guidanoe published by the Charity Commission relating to public benefit and in particular to ils supplementary public benefit guidance. b. STRATEGIES FOR ACHIEVING OBJECTIVES To provide a balanced activity programme for all our beneficiaries ltraineesl in all areas of the Charity. To provide a range of activities to stimulate their education and aspiration, training and social skills by providing them with supervised activities. To provide a safe, supportive and caring environment. To provide opportunities for carers, supporters and families lo be irivolved with day104ay aclivilies. To provide an open and transparent policy of accepting all individuals, which celebrates their diversity, culture, age, disability, etc_ Page 4
THE WAYS AND MEANS TRUST LIMITED IA company Ilmited by guarantee) COMMIThEE OF MANAGEMENT'S REPORT (contlnued) FOR THE YEAR ENDED 31 JANUARY 2024 c. ACTIVITIES FOR ACHIEVING OBJECTIVES In the year the Charity provided three WDrk areas where these objectivgs may be met.. Packaging and warehousing- Unit 26 workshop Gardening and horbculture- Greenshoots Socialisalion and core skill training - Busy Bees Social Club In these areas the Charity provided work experience, job tasters, training and job coaching, designed to support the individual to realise their polenlial. In addition to adhere to Health and Safely and other statutory obligations, the major policies adoptsd by the company in pursuit of its charitable objectives are.. To ensure that the services provided are both relevant and 8¢¢essible to all groups within the community., To ensure the above is reflected in our publicity and literature., To eliminate all discrimination, cultural bias, provocative phraseology and stereotyping from all parts of our charity., and To translate the activities into action, the Charity commits both its staff and reSoue$ 1000/0 to the benefit of itsAims. Page 5
THE WAYS AND MEANS TRUST LIMITED IA company limited by guarantee} COMMIThEE OF kfjANAGEMENT'S REPORT (continued) FOR THE YEAR ENDED 31 JANUARY 2024 ACHIEVEMENTS AND PERFORMANCE . REVIEW OF ACTIVITIES The Charity continues to be supported by grants and donations and it is our objective to continue these streams of funding in order to provide a balanced and year-end surplus. Outlined below is the result for year-end 2023. The Company has drawn up a risk register, which is reviewed regularly by the Committee of Management This includes a section on the financial status of the company. b. FINANCIAL REVIEW The Trust had a deficit for 2023r24 of £20,031_ The principal fvnding sourees for the Trust are.. Trainees Ibeneficiariesl £221,479 Donations £27,836 Workshop activity £22,838 Canteen £9,808 Greenshoots £13,478 The financial performance of the Charity is achieved with the support of the Tnjsvs partners. volunteers, stskeholders and supporters, who are essential to the day-lo-day organisation and long-term growth of the Charity. The Trust continues to cope with the exlemal pressure, in parttcular bekneen local authorities, funding rates for the same seNices for the trainees. Much of the fundraising and aehieving site improvements relies on willing volunteers, which, even during the pandemic, and in spite of these exceptional circumstances, we still had around 50 volunteers who have helped us enoirnously. GOING CONCERN AND RESERVES POLICY a. GOING CONCERN After making appropriate enquiries. the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. b. RESERVES POLICY Each year the Cornmittee of Management reviews the financlal position and allocates as appropriate to surplus funds, reserves in accordan wth the Resee5 Policy. ReseNes are needed to bridge the gap bètween the spending and receiving of income and to cover unplaAned emergency repairs and other expenditure. Thè Committee of Management considers that the Ideal level Of reservès would be botween and three month's expend(lure. All the assets of the Company are attributable to unrestricted funds. These assets are sufficient to meet the Charity's obligations under these funds. Page 6
THE WAYS AND MEANS TRUST LIMrrED IA company limited by guarante¢l COMMirrEE OF MANAGEMENT'S REPORT (Continued) FOR THE YEAR ENDED 31 JANUARY 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT a. CONSTITUTION The comparsy is registered as a Charitable company. limited by guarantee, registered in England and Wales under company number 00926759. It was sel up by a Tiust deed. The company is reglstered as a charity with Charity Commission, number 255074. b. mHoD OF APPOINTMENT OR ELECTION OF COMMITTEE OF MANAGEMENT Trustee recruitment is overseen by the Committee of ManagemenL None of the Trustees receive remuneration or other benefit from their work with the Charity. c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF COMMITTEE OF WINAGEMENT New Iruslees undergo an orientation period to brief them on.. Their legal obligaty'ons under charity and company law, The Charity Commission guidance on public benefi( The content5 of the Memorandum and Articles of Asso¢iation', The Committee of Management and the decision-making protssses., The business plan and recent financial performance of the Charity., Meetings with the other Trustees, stsff, trainees and volunteers. Trustees are encouraged to attend appropriate extemal tralnlng events, where these will facilitate the undertaking of their role. d. ORGANISATIONAL STRUCTURE AND DECISION MAKING The Charity is controlled by the involvernent of an elected Committee of ManagemenL The Chief Executive of the Charity, Frances Woolaway, is accountable lo the Committee of Management, whilst the departmental managers report, on a day-to-day basis, lo the Chief Exe¢ulive. The Committee of Management annLtally review the performance and remuneration of the key management personnel, who a the Chief Executive and the FinanGial Officer. The Company's Memorandum of Association enforGe5 the following restrictions in the way that the company can operate.. al Any propety subject to the jurisdiction of the Charity Commissioners or the Ministry of Education shall not fom the se¢urily given on borrowings wthout the prior approval, consent or authority required by law.. and bl All income and propety of the charitable company shall be applied towards the charitable objectives and no proportion should be transferred either directly or indirecuy to the members of the charitable company. Page 7
THE WAYS AND MEANS TRUST LIMrrED IA company limited by guaranteo) COMMITTEE OF MANAGEMENT'S REPORT (continued) FOR THE YEAR ENDED 31 JANUARY 2024 The Committee of Management are responsible for reviewing the potential investrnents of the charitsble company. The Committee do not have any specific investment powers. . RELATED PARTY RELATIONSHIPS The Charity has no related paty relationships. f. RISK MANAGEMENT The Committee of Managemer¢l have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are sab"sfied that systems and procedures are in place to mitigate our exposu to the major iisks. Risks have been identified and a programme of mitigation is in place., the key identified risks are.. Maintaining financial stsbility due to high dependency on income sourcès to support trainee programmes and welfare. Govemance and management risk of ensuring appropriate levels of skills of Trustees. Potential loss of kèy stsff and the regults.ng impact on projects and priorities. Maintsining high levels of customer satisfaction (trainees and their fundernl. Lack of compliance in legislation with particular referen to health and safety and vulnerable adults. Maintsining the security and storage of confidential data. PLANS FOR FUTURE PERIODS . FUTURE DEVELOPMENTS The TrusY5 Strategic plan over the next three years includes.. To improve trainee a¢¢essibility, in particular within Groenshoots. To Continue to diversify activities al both sites to improve funding opportunities. To deliver innovative and profitable workshop activities to underpin the programmes available to trainees. To increase beneficiary numbers and explore new activities for funding to support programme delivery. To ensure continued financial viability by securing external grant opportunities. To fLJrther strengthen links with the local communities in which the Trust operates. especially around Henley, Reading, Wokingham and the South Oxfordshire areas. To explore the financial viability of operating on one site. Page 8
THE WAYS AND MEANS TRUST LIMITED IA company Ilmlted by guarantee) COMMirrEE OF MANAGEMENTS REPORT {conts'nued} FOR THE YEAR ENDED 31 JANUARY 2024 COMMITTEE OF MANAGEMENT RESPONSIBILITIES STATEMENT The Committee of Management (who are also directors of The Ways and Mèans Trust Limited for the purposes of company lawl are responsible for preparing the Committee of Management's report and the financial statements in accordance wtlh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Committee of Management lo prepare financial statements for each financial year. Under company law the Committee of Management must not approve the financial statements unless they 8re satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incorning resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial ststemenls, the Committee of Management are required to.. select suitable accounting policies and then apply them consistently., obseNe the methods and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate to presume thst the charitable company will continue in operation. The Committee of Management are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charitable cornpany's transactions and disclose with reasonable accuracy at any time the Inancial position of the charitablè Company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report as approved by the Committee of Management, on 11 October 2024 and signed on their behalf by: Andrew Vll Chairman of the Trustees Page 9
THE WAYS AND MEANS TRUST LIMITED {A Cornpany limited by guarantee} INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2024 INDEPENDENT EXAMINER'S REPORT TO THE COMMITTEE OF MANAGEMENT OF THE WAYS AND MEANS TRUST LIMITED Ithe'company'l I report lo the charity Committee of Management on my examination of the accounts of the company for the year ended 31 January 2024. This report is made solely to the company's Committee of Managemenl, as a body, in accordance with Part 4 ot the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Committee of Management those matters l am required to stale lo them in an Independent examiners report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibilty to anyone other than the company and the company's Committee of Management as a body, for my work Dr for this report. RESPONSIBILITIES AND BASIS OF REPORT As the Committee of Management of the company (and its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 I'lhe 2006 Acl'l. Having satisfied myself that the accounts of the company are not required to be audlted under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of rny examination of the company's accounts carried out under section 145 of the Charities Act 2011 I'the 2011 ACVI. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5llb) of the 2011 Act. Page 10
THE WAYS AND MEANS TRUST LIMITED {A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT Icontinuedl FOR THE YEAR ENDED 31 JANUARY 2024 INDEPENDENT EXAMINER'S STATEMENT Since the company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. l ¢onfimi that l am qualified lo undertake the examination because l am a member of Institute of Chartered Accountants in England in Wales, which is one of the listed bodies. I have wmpletecj my examination. I can confirm that no matters have Come to my attention in connects.on with the examination giving mg cause to believe.. accounting records wero not kept in respect of the company as required by se¢tion 386 of the 2006 Act., or the accounts do not accord with those records,. or the am)unts do not comply wth 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 the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Pracb"ce for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 102}1. 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. Dated.. 11 October 2024 David Aesbury FCA Feltons Chartered Accountants 1 The Green Richmond Surrey TW9 1PL Page 11
THE WAYS AND MEANS TRUST LIMITED IA company lilnited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2024 Unrèstricted funds 2024 Totsl funds 2024 Total furFds 2023 Note INCOME FROM: Donations and legacies Charitable activities Other income 27.836 276,197 374 27,836 276,197 374 41.687 279,193 57 TOTAL INCOME 304.407 304,407 320, 937 EXPENDITURE ON.. Other charitsble activities 324,438 324.438 318,949 TOTAL EXPENDITURE 324,438 324,438 318,949 NET INCOME I (EXPENDITURE) BEFORE OTHER RECOGNISED GAINS AND LOSSES NET MOVEMENT IN FUNDS 120.0311 (20,0311 120.031) {20,031) 1,988 1,988 RECONCILIATEON OF FUNDS: Total funds brought forward 100.349 100,349 98.361 TOTAL FUNDS CARRIED FORWARD 80.318 80,318 100,349 The notes on pages 14 to 24 form part of these financial slatemenls. Page 12
THE WAYS AND MEANS TRUST LIMITED IA company limited by guarantee) REGISTERED NUMBER: 926759 BALANCE SHEET AS AT 31 JANUARY 2024 2024 2023 Note FIXED ASSETS Tangible assets CURRENT ASSETS stocks Debtors Cash at bank and in hand 12 32.040 27.g78 13 14 4.718 42.271 32.315 4,250 43,100 42,080 79A04 69,430 CREDITORS: amounts falling due within one year 15 {31,026) (17,059) NET CURRENT ASSETS 48,278 72,3TI NET ASSETS 80,318 100,349 CHARITY FUNDS Unreslricled fijnds 17 80.318 tOO,349 TOTAL FUNDS 80,318 100,349 The company's finsncial statements have been prepared in accordan¢e wth the provlsions applicable to mpanies subject to the small companies regime. The Committee of Management consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 1.the Acfl and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. The Committee of Management acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial stalements. The financial statements were approved and authorised for issue by the Committee of Management on 11 October 2024 and signed on their behalf, by.. Andrew Villa Chairnian of the Trustees The notes on page$ 14 to 24 forrn part of these financial statements. Page 13
THE WAYS AND MEANS TRUST LIMITED IA company1Smlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 ACCOUNTING POLICIES The principal accounting policies, which were adopted in the preparation of the financial statements, are set out below. 1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared in accordance with Accounting and Reporting by Charities-. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporbng Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20151- (Charities SORP IFRS 102}I, the Financial Reporting Standard appli¢able in the UK and Republic of Ireland {FRS 102} and the Companies Act 2006. The Ways and Means Trust Limited meets the definition of a public benefit entty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value Ltnless otherwise stated in the relevant accounting policy. 1.2 COMPANY STATUS The company is a company limited by guarantee. The members of the company are the Committee of Management named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company. 1.3 FUND ACCOUNTING General funds are unrestricted funds which are available for use al the discretion of the Committee of Management in furtherance of the general objectives of the company and which have not been designated ft>r other purposes. 1.4 INCOME All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donated *rvices or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In awordar¢ce with the Charities SORP IFRS 1021, the general volunteer time of the Friend5 15 not recognised and refer to the Committee of Management's report for more infomiation about their contribution. On receipt, donated professional servi$ and donated facilities a recognised on the basis of the value of the gift lo the company which is the amount the company would have been willing to pay to obtain setvices or facilities of equivalent economic benefit on the open market., a corresponding amount is then recognised in expenditure in the period of reIpl. Page 14
THE WAYS AND MEANS TRusf LIMITED IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 ACCOUNTING POLICIES {continuedl 1.5 EXPENDITURE Expenditure is recognised once there is a legal or Constructive obligation to transfer econornic benefit to a third party, it is probable that a transfer of economic benefits will be requlred in Settlement and the amount of the obligabon can be measured reliably. Expenditure is classified by activity. The Gosts of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs allributable to a single acb.vity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are ftot attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges sllocated on the portion of the asset's use. Support costs a those costs incuryed directly in support of expenditure on the objects of the company. Charitable activities and Govemance costs are cost5 incurred on the company's educational operations, including support costs and costs relating to the governance of the company apportioned lo charitable a¢livities. 1.6 GOING CONCERN The financial statements are prepared on a going concerFI basis. 1.7 TANGIBLE FIXED ASSETS AND DEPRECIATION A review for impairment of a fixed asset is carried out if events or changes in circumstances indi¢ate th8t the carrying value of any fixed asset may not be recoverable. Shortfalls belween the carrying value of fixed assets and their recover8ble amounts are recognised as impairments. Impairment losses are recognised in the Stst¢ment of financial activities incorporating income and expenditure account. Tangible rtxed assets are carried al cost, net of depreciabon and any provision for impairment. Depreciation is provided al rates calculated to write off the cost of fixed assets, less their eslimaled residual value, over their expected useful lives on the following bases.. Freehold propety Plant and machinery Motor vehicles 12.50/0 or 15 /tr on a straight line basis 150/0 on a reducing balance basis 15010 on a reducing balance basis 1.8 STOCKS Stocks are valued at the lower of cost and nel realisable value after making due allowan for obsolete and slow-moving stocks. Cost includes all direct Costs and an appropriate proportion of fixed and vari8ble overheads. 1.9 INTEREST RECEIVABLE Interèst on funds held on deposit is included when receivable and the amount can be measured reliably by the company., this is normally upon notification of the interest paid or payable by the Bank. Page 15
THE WAYS AND MEANS TRUST LIMITED IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 ACCOUNTING POLICIES (continued) 1.10 DEBTORS Trade and other debtors are recognised at the settlement amount after any trade dis¢ounl offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.11 CASH AT BANKAND IN HAND Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.12 LIABILrriES AND PROVISIONS Liabilities are recognised when there is an obligation at the Balan Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the selllement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates il will pay to settle the debt or the amount it has received as advanced payments for the goods or services il must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is basecl on the present value of those amounts. discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount IS recognised within interest payable and similar charges. 1.13 FINANCIAL INSTRUMENTS The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value wtlh the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 1.14 PENSIONS The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the ¢ompany to the fund in respect of the year. 1.15 BASIS OF COST APPORTIONMENT Costs which are not dire¢Uy allributable to a specific charitable activity are allocated lo the charilsble activib'es on the basis of the income of the individual charitable activities as a proportion of the total income from charitable activities. Page 16
THE WAYS AND MEANS TRUST LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 ACCOUNTING POLICIES {continuedl 1.16 GRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT Estimates and judgments are continually evaluated and are based on historical experience and other factors. including expectations of future events that are believed to be reasonable under the circLFmstances. Critical accounting estimates and assumptions.. The Charity makes estimates and assumptions conceming the future. Thè resulting accoLJnling estimates and assumptions will, by definition, seldom equal the related actual results. The estimates an¢J assumptions that have a significant risk of causing a material adjustment lo the Carrying amounts of assets and liabilities within the next financial year are discussed below. Critical area5 of judgment.. (il Assessing indicators of impairment In assessing whether there have been any indicators of impaiment of assets, the Trustees have considered both external and internal sources of information such as market conditions, counlerpatty credit ratings and experience of recoverability. There have been no indicators of impairment identified during the current financial year. INCOME FROM DONATIONS AND LEGACIES Unrestri¢ted funds Total funds Tot81 funds 2023 2024 2024 Donation 27,836 27,836 41,687 Total 2023 41,687 41,687 INCOME FROM CHARITABLE ACTIVITIES Unrestricted funds 2024 Total funds 2024 Total .fund5 2023 Greenshoots Commerci81 Catering 189,183 77,206 9,808 189.183 77,206 9,808 181,920 89, 786 7,487 276.197 276,197 279, 193 Total 2023 279, 193 279. 193 Page 17
THE WAYS AND MEANS TRUST LIMITED IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 OTHER INCOMING RESOURCES Unrestricted funds 2024 Total tunds 2024 Tot81 funds 2023 Bank Interest 374 374 57 374 374 57 Total 2023 57 57 GOVERNANCE COSTS Unrestricted funds 2024 Totsl funds 2023 Independent Examinels fees Bank charges Lal 8nd professional fees Depreciation - tangible fixed assets 2,500 513 173 3.780 2,538 502 416 5, 776 6.966 9,232 DIRECT COSTS General ov*rheads Total 2024 Total 2023 GrÈenshoots Commercial Catsring Other Wages and salaries Pension cost 39,519 49,727 11,686 100.932 108,545 58,338 1,006 36,411 70.184 3,058 164,933 4,709 164,877 4,599 98,863 86,783 11.686 73,242 270,574 278,021 Total 2023 lQ4,185 94,858 7,382 71,596 278.021 Page 18
THE WAYS AND MEANS TRUST LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 SUPPORT COSTS General Overheads Total 2024 Tot81 2023 Premises costs Insurance Communications Motor & travel Other 1,314 6,407 6,508 3,516 29,153 1.314 6.407 6,508 3,516 29,153 1,472 5,618 8, 696 4,404 11,506 46,898 46.898 31,696 Totsl 2023 31,696 31,696 Page 19
THE WAYS AND MEANS TRUST LIMITED IA company Ilmlted by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 ANALYSIS OF EXPENDITURE BY ACTIVITIES Activities undertaken directly Support costs 2024 Total 2024 Total 2023 2024 Greenshoots Commercial Catering Genetal overheads 98,863 86,783 11,686 73,242 98,863 86,783 11,686 120,140 f04,185 94, 857 7,382 103,292 46.898 Total 2024 270,574 46,898 317,472 309, 716 Totsl 2923 278,020 31,696 309, 776 NET INCOMEI{EXPENDITUREI This 1$ Staled after charging. 2024 2023 Depreciatiori of tangible fixed assets-. - owned by the charity Pension costs Independent examineff s fee 3,780 4,709 2,500 5.775 4,599 2.500 During the year, no rnember of the Committee of Managemer3t received any remuneralion12023 - £NIL}. During the year, no Committee of Management received any reirnbursement of expenses12023 - £NIL}. 10. INDEPENDENT EXAMINER'S FEE The Independent Examiner's remuneration amounts to an Independent Examination fee of £2,SOO (2023 - £2,50QI. Page 20
THE WAYS AND MEANS TRUST LIMITED {A company limited by guarantfre) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 11. STAFF COSTS Stsff costs were as follows-. 2024 2023 Wages and salaries Other pension costs 164,933 4,709 164,877 4,599 169,642 169,47$ The average number of persons employed by the Company during the year was as follows: 2024 2023 Direct charitable activities Management 2nd administration of charity No employee received remuneration amounting to more than £60,000 in either year. The aggregate remuneration of key management personnel is £40,10312023.' £38,078). 12. TANGIBLE FIXED ASSETS Leasehold propèrty Plant and ma¢hinery Motor vehicles Building Work Totsl COST At 1 February 2023 Additions 61.092 1.824 270,432 1,476 10.000 3,141 4,542 344,665 7,842 At 31 January 2024 62,916 271.908 10,000 7,683 352,507 DEPRECIATION Al 1 February 2023 Charge for the year 45.961 2.214 262.826 1.251 7,900 315 316,687 3.780 At 31 January 2024 48.175 264,077 8,215 320.467 NET BOOK VALUE At 31 January 2024 14.741 7,831 1,785 7.683 32,040 At 31 January 2023 15, 131 7,606 2, 100 3, 141 27,978 Page 21
THE WAYS AND MEANS TRUST LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 13. STOCKS 2024 2023 Raw materials Finished goods and goods for resale 3.709 1.009 3, 750 500 4.718 4,250 14. DEBTORS 2024 2023 Trade debtors Other debtors Prepayments and accrued income 23,074 16.415 2.782 27,436 11,985 3,679 42,271 43,100 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Other taxation and social securrty Other creditors Attruals and deferred income 22.631 2.510 1,967 3.918 4,417 5, 669 2,394 4,579 31,026 17,059 16. FINANCIAL INSTRUMENTS 2024 2023 Financial assets measured al amortised cost 74.586 85, 180 Financial liabilities measured at amortised cost 31,026 17,059 Financial assets measured at amortised cost comprise bank balans, trade debtors and other debtors. Financial liabilities measured at amortised cost comprise trade creditors, other creditors and accruals. Page 22
THE WAYS AND MEANS TRUST LIMITED IA company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 17. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 1 Fèbruary 2023 Balance at 31 January 2024 In¢ome Expenditure UNRESTRICTED FUNDS General Funds - all funds 100,349 304A07 {324A38} 80.318 STATEMENT OF FUNDS- PRIOR YEAR Balance al l February 2021 Balan at 31 January 2023 Inme Expenditu UNRESTRICTED FUNDS General Funds - all funds 98,361 320,937 (318,949) 100,349 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT YEAR Unrestricted funds 2024 Tangible fixecl assets Current assets Creditors due within one year 32.040 79,304 131.0261 80,318 ANALYSIS OF NET ASSETS BEfwEEN FUNDS - PRIOR YEAR Unrestricted funds 2023 Tangible fixed assets Current assets Creditors due within one year 27,978 89,430 (17,059) 100.349 Page 23
THE WAYS AND MEANS TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 19. PENSION COMMITMENTS The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently sdministered fund. Contributions tolalling £1,96712023 - £2,026) were payable to the fund at the Balance Sheet dale and are included in creditors. 20. RELATED PARTY TRANSACTIONS There have been no related paty transactions Ih8t have taken place during the year. Page 24