Charity reglstratlon number SC044520 (Scotland) Company registration number CS001342 SMART WORKS SCOTLAND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 SMART WORKS SCOTLAND LEGAL AND ADMINISTRATIVE INFORMATION Trustg.e8 Gharity number (Scotland! V.'*4i2J Registered offi'ce Sccl atr3rk ￿QUEe e &"uti CYaNot.e Street Edi->L"gh Scc,Ilard Inuependent examiner Gr¢ lilc ALdil Oxford LLP FITI FIGor. Park wenlral L(W1 Park End Sireel OAf= r4 OX" 1JD 8aikers I lat,*ie5t Ban/. C￿21￿¢￿ Cuslorner Sepji-e wer.tre I'le=lerp A jeri JE Ch￿.￿¢T1 I farilirne I.IE4 4RT SMART WORKS SCOTLAND CONTENTS Pag• TrUst￿S. reFort Independont examiner's report 10 S131emenl ol financial actiwlies 11 12 I stalements 13-24 SMART WORKS SCOTLAND TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The T"u¢:ees. Ivho are 3180 th- d -p.clnrq p,1 tha rYA,-ty for Ihp p.Irpo¢es of the C.ornpanip% Acl prgsenl their annlial 'epot1 locelher wil.y ttr,e accounts 04 Smart kVo'k< ScJlland f&" the year er,deJ 31 Ktiarc.l1 202.fj. Tlie cliLL'unls ￿ave beei. prepared in acLO"Ja'.ILe willi ',ie accounliDg roliLies sel out ori F)aoeb 13 10 14 and comply '.vilh lie ch31i15's goveiiiir.g docJrrenl. appliuGDle Id'.vs ai'd Ilie re4uiieirier..s ol Jlalemenl of Recommended pra￿li￿e Jii '4c-ounlirg arie. Repo"ling by Charilies. Issuee in 2019. Objectives and activitie5 irr.art I￿￿1[h> SGO'.laiid -rovides bolh careers coachirg and in'.eTh'Ie￿, ojaching. as well ai ￿19h quality Intewiew clotnei s1)'linq adVI￿e :o unemp'ol'ed kvcmen. We gi¥/e %ve.mei he C￿11¢-nce, 5elf-belief and pracl cal tools the! reqLire to SLJccetsd al iylevieiv anc $13rt .4 new ch2pI?r of their life. The ciar iy's oJieclives are Ihe -elief of financial hardsb.ip and the reliel of Lnemploymenl "or ttte public benefit liroucn lle pronic.ioi or ocanomic indepeidcnce ai)ong bV077en t￿rOug￿ )u'. Scollane. To deliver this, Sniart IVofk8 Scotland ivcs incorporalad n 2014 v. th a clc¢f Nission ald s'ision :o -olp fflore wJmen Jack into the workplace by iving them Ihe cloihes and the confidence they iieed tJ S.-CCLee at iotr irtcTh levi. Smart Ivo-kq Scollaiid Is part Oi a r,etkvork cf eight chan.ies th41 delii'er the Syart V.lorrfs Charit!. servi=e in their area. Al Ihg core of niir sepjice is a trNo*hour Interview DrÈse lo see them through lo their firsl pay cheque. In addilien to the core service: for ur,employeJ M oTren who h3ve not b'et secured a job iiterview. we deliver career Coach lg s8<8icn¢ lo offer sup*or4 and skil's t- gain interviews Thi= may cie around CV Drep.Ir.Ilion, lot application and lor qe-..Icrlrc.leo Ih-t nalc.h ".heir skills. Thit aspect c- OJr sÈTh'ieÈ ha< seen h'gh irowlh ir r8c&nl yÈars as the job marke: h85 becorre more d,fficull As par. o,, th￿ Sma￿. Illo'rfs Group, wr slra-.egic focus Is tc deliv?r our core aressing and Interview cc.aching service lo ttre be>l -oEsikle slaydard 3cr.jss UK and li tske il tj more ljcaliws so that any wcman i.,ho needs our SUF,Jo1 can come to Smart Wcrks. Ir ltre facE of Ihe ccsl-Jl-I virg c"1sis. Ihe '% alJe ol £ecuring a job has neLJer been c'ealer Our suJpo", Ils n-eded nc'N mo"e Ilar, ever. Ttrils -ar we cornpleled our three-year plan, 'Nhich se,, a largel of reaching 10.000 W￿Mern Der yéar, as WEII GS enhcncing other asjecls of our seTrice celiiorN,. Key impac: dal3 is "0,633 women sUP?ortied in 2024125 alo.-e . 2 cen'.res delivaring sen'ices across '.he UK 6701• o, clien15 secure a job ivilkiin ?ne montn of their appoinlrrienl Q4°1.3 rppnrl inL.rpa%e.d ￿￿[711denrè afip.r p.noaoinq ￿'ith Snart ￿'Ork5 Eti o. our clierts are Iroin ali e.thpic niironiv backgroui7d of OL.r Llieii'.S ciie P<1-L)iil O, Olir c ien:s .gre age. 24-49 Our kev Jerforma?ce in=Ic310"> are :he nuniJer ol ¥Ci)en lial we help. ard the propcrlion ol liose wop.)en wlio ecJre Lll"IplJyi7ioi'l after 11)iif k Isil tc a imart Vcrk¢ cenlre. SMART WORKS SCOTLAND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and Perfomiance Highliglils Sii)ai: W ork> Sce laiid ig iniredibly kiroud of wlial has been achieved In Ils 11 th year. ove.rall. Smart Work8 gcolland Helped .546 12024 1.0021 unique beneficiaries on their iourney lo eMFloyment', delivered 1,973 12C.?4.. 1 ?9" } lola appoiitnents. Delivered 8Q6 12024 6491 Interview Dr￿sing & Preparation apFointmenls lo unemployed women with sewreci .ab interviewi. De'kie'co 7i7 12024.. 4301 career coachiTig apponlmenls lo unemployod women lo help them make argible q'.ek)s l_yards secu.'Iiig ali InlLiivie4V Been grateful for the surport of oi'cr 100 vclunteers In delik'cring Ihe scNice. 4, ? of the ivorren we helped beforè a job i*tÈrview secured emplovmenl within 3 month of their visit. ontinued lo reacl v4.orven who face S￿n1'iCant barrieis to securing employment. Smart Wot1(s clients arp. MO￿tI} long-lèrn" uriemployed and have experienced repealed rc eclions from multiple jobs". 41 C'o have been rejected frMI over 20 jobs. 21•/. have been rejected froni over SO job5 40, o have beer, uriemploved for over a yp.ar and 160th havp. been unemploye(i for oiler 5 y8ars. Thè majorili. are frorn ccmmuritie¥ facing rnul-iplp. barriers to qaining employment.. 77Co are lone parents. have a disability." ar,d '.5 are Iror) ai ethnir minoritv. Srriart ivorks Scollanj Pad a trugtsly su:cessful yea". tt)nc uc ng the final year of our Three Year Plan by supportinq Jver 1 .5C.O K'ionep, a iO-"c increase on 20£3124. We grew not only In ltye -umber of women we SL'JPOrted but also in our reach across Scotland. working with clients Irom cities iYclJdiig Ed nbLJrgh, Glasgow, Abereeen. anc S'.irling, as well as Iron) towns and comniunilies ivithin roij nr.il a"p.3> siich af Fi'e, 'Ne5t Lotiiai. Lanark5hire, the Lolhian5. Avrshire, Renf.ewshirc. and Inverclyde. We are able Ic reach tha iVOTnen who "eed our sepdices most by Vdorkin9 r.IDsely iwth oi,r refe."ral partner ne￿OrK. This year '.ve had -. 9C' active rafer'al ager=iei in cJr netiNork. Ivilh Ihe lop five types of partners being.. Jobcenlre Plus-, employmenl charities. training prcviders,. local COLJncils- and cornThunity groups. In October 4J24. lye moved to a ie%v City cenire ocalion in Edinburgh. This larger space doubled our capacity and ryl*rked G Pl￿.0131 slep in our mission lo support more kvonien in Scoiiand at the crucial momenl of a job interview. Th s rrileslcne ivould not hai'e beery aossiblc ivilhoul the nc'ecible support of our funders.. Tho Clolhworkers FoLJndalion", Tke R2£ fLnd as administered by FoLndaticn Scolland- Screwrix Foundation," Big Givo,. and Sigma Capi121 CroLP. are also grr.lef..I for the h¢Jlp exportise ane SLPPgrt of our partners. including Broughion Remo lals, LOFT. vulner Cgoke. McLaughlin & Harvey. Holmes Millor ard Avison Young. all of whnm have played a kuy role in makiDg the ".raisl3rrnalion of our service F.ossiblts 811o*ving us lo sbpporl more women oi their journey into empl)ymenl. SMART WORKS SCOTLAND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Wliile we celp.brale. our succ9.88 and remain arrbitiou% for Ihp liilure giowlh of Smir rt Works Scotland, a very chdllenqing economic dimalp. in Ihg. first and gprnnd qLlarterq nf the Finanrial Ypar 25126 has n&cessilated Ihe board taking sleps to reslruclure Smart Works Scotland to ensure d SUStainAhlg. pnsl b¢4be for the fulufe, This lias led io Ihe closure ol oui Glasgow sile and some reduction In our planned aclivilies. We ren)ain coiiiii)Illed lo providing our vital services and to Increasing our Impacl in Ihe ommunity while ensuring long lerm financial 51abilily. Some additional highlights for Ihe year lo 31 Klarch 2025 include". Hosting our first Women into Work Jobs Fair. atlended by more Ihan 3JO women, 10 employers, and 9 service providers. We were horbored to welcome Richard Lochhead. Minister for Business and ErnplOYTh￿nl, whosc presence highlighted Ihe Imporlanco ol inclusive employment pathways for women. RecognilK)n in a parfiamenlary motion raised by Kussell Findlay MSP al Ihe Scollish Parliament, celebrating Ihe impact ol Smart Works Scotland an(J Ilie pivolal role playcd by Maggie Dadiiig, a founding Truste&. in 8xpanding our reach and impoct. Held an exclusive celebratory supper al BarnbougSe Castle to mark Ihe 10 years served by M3ggie Darling as Chair of Smart Works Scotland. This engaging event included a fireside chat with Kirsly Wark and raised over £17.000. N1aggie Darling has since been appoinle(i as Honorary President of Srllart Works Scotland. Delivering our Neurodiversily Project funded by the University of Edinburgh. enabliw us to train volunteers and improve the support we offer our neur￿1vCrgeftt clienls. Our findii9s and additional Iralning were 8hared nationally and Influenced UK wide recruilmenl practices end adaplalions lo our service al Smart Work5. Selected a5 a Charity Partner of the Year by both Alholl Eslates (Blair Castle) and Sl Andr8ws Univ8rsity. Slu(Jenl fundraising activits.es throughout the year raised £21.000 for our charity. Held ali engaging Internales lol o. our lola, in-ome. We are gral*fL,' Ic IF)ose wno sup?t.rted our EdinbLrgn ccnire Tok'e 10 niaKe i: hapFen. SMART WORKS SCOTLAND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ReseKVei poIIc/ Sources of Income 2025 Sources of Ineome 2024 Dondrl¢ni y•r•lS • ev￿1$ Tcial STrcome £480,044 Total Inccffte 4189.738 Tola. exoeYdi'.ure for the s'ear was £488.591 12024.. £401.9821 wliich was a 22 /0 11)Lrease on the prior year. T liis rellecl> the increase in Siaff and adrp.inislration costs Ic support our growing number ol unique benefici3rie> across >olh of our -entre>. asKell as 11)e aiidilional costs for cur Ediiibiirgh contre move. Cur co¢ls are mainls, for st.aff. premises and airect client service costs. Total Expermliture &￿.￿j0 £150.￿)0 £1￿.&30 {￿￿)0 11 IQ25- £48S.541 2C24.' É401.982 Investmenl Policy The T"us'.ees, hal Ing re Jard lo lie IqLiJily requiremenls of operating the Ch3riti' and lo the reserves policy. have operated a poli￿Y *eeping available lunds 111 inleresl-bearing dep0511 accounts. Reserves Policy '.eos Pave congidered the -. eqiiireiiieiil for freè rebgrvès. i e. Ihobe ui)re%lrii ted ftJi)db iiol de%ig')aled for specific PLirpo4e or olherw'.se ￿0￿mitted. 11 h3s been determined '.ha". given the nature of ltre charity s IkDrk', the level ol free reserves should equivalent lo 3 lo 6 monltrs of annual experditure This provides suficienl flexibility a co4Jer anv lerrpo"ar¥' srortal ir ircome apd piill allow Ihe cha.ily to cope and respoid immediately lo reas01a￿le 'arge of un-areseen adverse circurstances prior lo specific rernedial plans beir.g implomenleo. Tho 'ree reserie> 0,. £154 9a0 ￿ee..$ '.ijo re]uireTrenl. SMART WORKS SCOTLAND TRUSTEES, REPORT {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Structure. governance and management Goveman¢e rr ?r. V-rk4 <=?I'anc c id .5 TrL4lees are beJnc b: the I,'er. io-anduri aiid 4rt =les c, A¢sc-iaiion. Tre name of the TrL=".f as lit ? ￿- -9:. 9n= IÉ a S¢=.Ili>y un¢-Ilèble Ir-?r?0-3ti jfj ?rcanis14'ior 'SCIO'I This anrual report and accounts th Iht- S-)t_ SF Cka--./ Q>cul¢ or "QSCR'I gb d¢nce for Snlos co-. arl tras le￿￿ -rciled ¢ licen-e".) tsl- t. qmGrt •tra-ks Ctrarr.¥' lodhich s a liTited-omp?ny a ¢lC 3r- l al&s .5 ilk, reJi<'.er m>e- ? ?7fb67' 2nd a c*aily i'iili registered iumber - 0806IJ91. "eci¢l¥'e: ir Recruilrnent and Appointment of new Trustees e)Jla" a"e L1c artakEn li 3>SÉSS I'e Ils JI rie cu""c-l Tru51eES and Ideilfy any areas for slrenglhoning. 'le., Ti¢leES Gre a?- i-te- b ÉXi¢T no T-.Js-!e> and the r a-pcinlmeil is aDproved by -.tte Smar. Works Charity Ind uctioi and Training of ne'* Trustees Ne., ¢."e J'c Iced ill"M c. l -0'.-Ii"n 10 rarrili3- se ltram 'e ex151iig TrLslees New Truslae< are alsc referred lo the Charity o-Irr ￿71. j S.-1' 31 T'u>lee'. rr.4rt IN,i.k> Chaily sha.ei G Tr.Isl&.p. I,Velcon)e Pack willi all Smarl 'Ic"%< Tr.i. -egg Jiisiliililies ciiid Ilie IructLre Df Sn)art kvorks bol Qa'k ari ral iy Tk?- ry a. ai ab 2 L idar -.ie de4.c.41ed Tr￿jg=e￿ seclTDr of CLir inte.rnAI pDrtl£ I for cn# rts- r= V& It- Jt-er _safui .JL'ae> and i'ieao>. Twslees a sc undert3Ke training aJ part of 1hp.ir role. I'clJsi:n. Organisational Structure and Decision-making ',ic Ès and fJllew _4 s:. ra:egN' set i? IPe business plan. In line with the wider I he Tr.,51!èE mee- al least quarterly Ih,-trLghout tho yEar ar,d will have an V >e ".he )trgte2y t inar. Vio.:. 47fJ¢ se)s-n-.3.JcalE Management ne d3.. a L I'l oiks Sc:tIGid > Lida￿Ken b% Ilie Head 31 Sinart 'JVo'k< Scouand and Ihe 4e£d -:1 oF,'e. palnership- c)erali)n< zr4d t.ommLnicalions Pay Policy'or Key Management Personnel 411 rL-1e-s=I￿a l-C*ii-Irra -ee y --c ic TrJslae receivad -eTrdrerclioi In Ih >n-Ud 5,. The "U5'.e-s oe7￿￿ m2'k Ja ' againsl P&y evels ili Uttr￿r siinilarly sized mar. IA Jrk- con-.'es. li=s anc ol-e. Risk Ilanacement ',al/ "el ￿v, l-ie T£ or ris£s lo +vtrI-F IFe -hcil)" is exposeé, 11 Farticu ar those relating lo a Ji arr ir-.-e. aFaftiil￿-5. fin31i-e. q*. C-.r-1101￿ 3"Id ex".ernal 'ac-or< The ccnli¥ rr.airlains 3 psk 'eaislcr Ilial is - d •v ;le wYQ4.-c on 3 "eo.i or b?si= Relations hips wilh Related Parties n- 4ffl .,Vi rk. <-.i an.- tr35 "e-i =ra-IE= a I Cen￿ts '.0 c?erale b.. ¢ T31 I'JorKs bbari..! ('.I'hich is a limited company -eg >lE re: i r =r Jloid aTh= V. alrs ',4 Ilk reiis:erLe r arbe- 337Cri71 3r,d a ciar ly'A'it' regislered numbuir 108,J609). Policie5 r .?11 -&lÉ b'¢.Il &l"E.7q 1fE rrairiaiied b!. Smat I'jorks Cbari-y. ncllidi-g SafegiJ.Irdirg VLilnerable Adums. a'tig_ arjir.! ChilYrEi 4n-_ -B"Ibory anJ F"a 'd. Ar".i-FarèssTent & Eull iina. owpass onate LÈ8vÈ. CDmp13inls. c" l-iev#S".. Eaté F"Jtart =n D iciJlirar,, Eiv for￿ental. Equali lexib e I lorkirg. Grievanc• Wealth & '.1?:•rn 15 F3ternr.i. J¢ror'.al Leaii Rer'Jr,aaic)', Risk Klanagement. Sharpd a-ai-.al _gc.'e S-kr•<- A?%rYC• & C>P¢bili"i. Tr¢ el & -.XFenJes ard Vh""sllablJw'ng. A Slay Handbook is made ".J-ia- a-a ic_d-s # sJmna-i o, a I IfJse ?,J Icies SMART WORKS SCOTLAND TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Volunteer5 The Trustees are grateful for the invaluable contribution of tho.£p wTro give Ihpir lime volLTnlarily to deliver across roles in dressing. coaching. war¢robe managerrenl and administration. We have over 100 active vclLJnleers with a very high retention rale and an ongoing recruilmeiil process ro bolsler numbers. Our volur.leers are one of our greatesl assels, they are all lolally dedicaled and play an eno'mous role in iJelivering our dressing and coaching services. Public Benefit The Trus".ees havts read and complEd with the guidance contained In Ike Charity Commission's general 9uidance on public benefits when reviewing Our aims 2nd objectives and in planning our fulure aclivilies. Our achievements above demonslrale hDW we have fulfilled Ihis reqLiremeil during the yeai. In preparir,g this report, Ihe Trustees have taken ad%'anlage of the small companies exemplicins provideé by section 415A ol the Conpanics Act 2006. Future Plans Delivèring our Three Year Plan by 202S On 1 April 2022, Smart Works Scoll3nd began the first year of an arrbitious T￿ree Year Plan as part of Ihc Smart INork5 Group in response to a signilicdnl increase in need for the service provided In rtur area This plan is now coryplele and exlonsive consultation has supported Ihe development of Ihe new three year plan, which will be launchec In 2025, bu,IdirTg on Ihe success of our Impaclful model. The cost-of-liviig cri%is has had a devaslaling impaGI on I,ie wome-I serve and the expansion of our service has n&iJer been more urgent. The job market is worsening for Ihe women we serve. who are applying for an average of 38 role.8 '11ilhout sur.cess. up from 22 in 2022. The new strategic plan for the Smart Works network is for.Jsed on the following five ambFtions'. Strategic Prionfy. Aim Reacl) iiioie e a5Pllf lo en<￿e e'*'eD' iyho could be￿er11 Itoii) SITIJII 411LILL Cdll (i-Les.- our service .A l¥usl@d 'go lo sp.rvirp We am lo be recofjnited as the leading Jer￿¢? 1(K iinemploypd v4omen Foi evory Yffjiiian. al any Stage recognise Ihal Yiomen neetj diffeienl knnds ot >uppoII al Llitlerenl poinls In Ilieii %iioiTrJiig hve5. IRaise Ou( Voice Ve Nyil use cur voice lo Irlluence wblic Iiscour5e and poli￿ 81.Jund i'/o(nen 5 unefflployillenl strenglheTr Ouf IF0Lindal￿nS 'vVe wil build Ihp inliaslruclure, TrJRure and f[￿￿ng model neètted for suslainable giolirth. orounced In equitable praclices and continucu5 Improve￿en, Due lo Ihe nprTr.ssity lo reslruclure our operations and the fact M'e are now operating from a single c@nlr@ we have significantly reduced our cost base. Qur plans for the irrmeoiale future nclud8'. Continued close control over. and ma ntenance of, a rpdurpd c￿￿. base. Buikx bp OLif >laff complerTTenl to resume in person service deliv&ry lo our clients. Build on plar.s to secure 5UStainable Income btreams irbcluding securing goverTinient fuiidii)g arid mulli ycar grantq and trust ine.nme. Dpv?Inp slraleg,c par.nersh,ps to assi81 with sp.rvice delivery taigels and aédibonal sustainable income 50urce5. Establish a Fundraising Commillee of voluiteprs to rjevelup. wurking ivilh Ihe board varied an ambilious plan5 Ic Increase Smart Works Scot13nd visibility, In the communtty and business sector and to increase botli the nutnber and diieisily of incorne sources Ilirougl) evtrnls and lundraisirKJ initiatives. SMART WORKS SCOTLAND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Equlty. Dlversity & Inclusion In June 2023, Sn)Jrt Works launched a nebv groiip-lvide EqLJity. Diversity & IiicluslDn strategy. The strategy sei-out framework lor all Smart Works centrcs will nllrture a culivre ol diversity and inclusivity. Over the last year, Smart Works h* dolivored important initiatives to Jogress this work. This includes training lor 51aff. Iruslees and volunleer5, demgraphic data cotlection across our intfsrnal Community, and the launch of a Client Champion programme where former clienls ?ecorMe ambassadors for the ttority. We want Smart Works lo be a Dlace where everyone feèls accopled, valued and able lo thrive - whetsr they are staff, volunteers, Irusle&s. partngrs, qupporters, or Dur clients. Smart w￿kS Scoland is committed on implementing thls slrat&gy lo¢zlly and crealin9 a more inclustve arKJ &4Uttsble future fcy every member of t1￿ Smarl Works ommunrty. SMART WORKS SCOTLAND STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Iruslees a."e re¢ioiqiJle for preparina ltre TrL'slees' Rep¢rt a,ie tke linancial Slat8men1s ir accordayce with arplicable law a-d United SJRP. rr.ak* IL ￿9￿￿ent4 and eslima'.e% tha: ere rea30naE ts and Dr. Idenl.. stale ￿￿eller appli-at.e accounbng slandards ha,'e iollowed. subieci i) aiy m¢ierial depaniJres OisclosDd and ex?1¢ n*d l-e "In¢Tcial stalemenls". arKI p-eFare I,ie financial s'.3temEits or Ik,e S04Dg con=. ern basi5 L,Ile5s I Is Inappro?riale ',0 presum8 that the charity '.vil continue in opJrai o Th- IrJbltheg aTe -eSFilllbibl- fcr keeping suffiL ien: a=ccJn:Ine "ei orjs Ihat disclose with reasor¢able ar.curacy At anv Iiiiie tye fiiidl)Li31 'i0< Iicn ol -hcril'. and -Tll Ic eniu-e Li-a-. lie financial stalemenls COTnpty with th.e Ch.Iril,8s .IiiJ Ti LINiee Iiii e£liii!iil IS.'Jl Illi-.) Ail 'dL'i. '.he bl".4r,:ie- A."K.C'..Jii:s {Scot12ntJl Regulations 2006 ard the rci'is ?,n.= cf ltre '.riisl dèod Thck are .il of Rpgulation 8 Gf tle Chariknes Ac￿OUnt8 IS.J)tJandl ?egula Llois 2006- Dr 3. the a¢coJnls do rol comp y Y¥itb the I￿￿OUntIng rÈqLirome*ts of ser-ticry 396 of thè 2006 Act other than any reoi iir<&mGnl that lie accounts 9ivf* a 'tnJe and fair vievi whirth is not a m8iiFr rons dprp.d as part ¢f an indpppndp.nt 0xaM￿na- on or the ar=ounls kiawts not been prppared in a,-cord8YCr Vllth the mel-o¢s and prTncipl￿s of the Slalement of Re=Orrrr￿nCed Pr8cI ce or acJp Junling anr reportin J chaTilieJ Id)plicable to Trh4ribes ?reparing their accounts in accjrdarce wilh tke -inGicial Re*orting Sianaara aJplikna=,le in tie UK aDd ReFublic ol Irel¢gd IFRS 10211 I have no concerns aid h3I'8 coye ac'oss no cther mallers in conne¥tion 'with the examiration to Nhich allentioil rl i order to erable a p.oper unQets-.anding of the.acc)unis lo be reach￿. Gravita Audit Oxford LLP Fir.-l Flocr, Par< Cen:"al 404 1 P￿.r￿ -rie, 5-_￿Et (Ixl(Ji-d 1CI- SMART WORKS SCOTLAND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Restricted funds funds 2025 2025 Total Unreslrieted RestrlctGd funds funds 2024 2024 Total 2D25 2024 Note5 Income from-. Donaiions and legacies Olhei trading activities Inveslmenls 208.793 104,155 2,38 164.710 373.503 104.155 266,461 78.027 139.253 405.714 78,027 5,997 Total income 315.334 164,710 480.C44 350,485 139.25.? 489.738 Expenditure on- Raising funds chari.able activities 5.534 358,621 4.958 119.478 10.492 478,099 4.764 271.992 4.764 397.218 125,226 Tolal expendlture 364.155 124,436 488,591 276,756 12S.226 401,982 Net incomellexpenditurel and movement in funds (48.8211 40.274 (8.5471 73.729 14,027 87,756 Reconciliation ol funds.. Fund balance5 al l April 2024 204.811 63.278 268,089 131,082 49.251 180,333 Fund balances at 31 March 2025 155.9 103.552 259.542 204.811 63.278 268.089 The slalemenl of financial activities indudes all gains and losses recognised in the year. All income and expenditure 11 SMART WORKS SCOTLAND BALANCE SHEET ASAT31 MARCH 2025 2025 2024 No:es Fixed assets T¢n) JIE a= 12 44.1ti8 CJrrenl a55ets 13 14 33.294 70.107 13LI 204 Debl-.s al ba-k anc In-,ar 34.315 64.187 205,109 25&,5',5 Cred lors.. amDunts falling due withln one y&ar 303.611 15 13Q 1411 134 .59?) -cil -ssel 215.374 68.089 Tclal 3SS0ts less current liabilities ?.4Q .542 ty68.089 In¥ome funds q¥-l.-.-leJ'Jic¥ Urre<"r c'.ec 'Jii#- 18 63.278 204.811 15i.990 259.542 268,089 Th& c?Fn-ar v l? eilit-d -c rhe examJtic.n fr.)m the aJdTI fe.]Liiremenl ￿￿tained in section 477 of tho C.omp8nies Acl lor '.htr s'ear Jijec i" D.13r#7 2,? 15. Thé c rec'.or 2ckno¢iI￿dCeJ he- "e>EKnsibil lie< fcr complyi-g '.viltr the requ.rements Jl the Companies Act 2006 with -e.een prepared i accordince ivilh the provisions applicable lo Companies subject e 4rr.Ill -o-. Peiie> 'egiiie . I"L' 3 ?kirc'. ed Dy the TrJslees on Company registration vumber CS001342 SMART WORKS SCOTLAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity infoimation 15 recognised in rhe financial slalemenls wtren Ihp q??ds are received by the pharity and their value Gan be measured 't￿th reasonable accuravi. The value placed or these resources is their value tc the charity. Tkie Irubiees ior-bjdtsr It iripractical lo measure Ihe i'alLe of vglunteer help and -onsequenlli. as permilled by the SORP. their ue is •cl re¢Ggnsed in the financial -ta".ements bul is described in Ihc. trustecs, annual report. SMART WORKS SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) 1.5 Expenditiire Fxpendillirp 1% recogni%e.d onett thr.re Is 2 leg.11 or cnn8lnir.tivc obl￿allOn lo b dJisIL'I c'iunomic beiiL.lil lo a third party. il is probAhle th?18 IrAn*fg.r of economic benefits will be required in settlemcnl, and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each aclivily are made up of the lot81 of direct costs and slpred costs. including support ￿StS involved in iindert3king each activity. Dir8Ct costs JltribLrt8ble lo a single adivlty are alloc3ied diroeriy to that &tivity. Shared costs which contritxrte to more than one aGtiYity and swport costs which arÈ not attributable to a singlé xtiwty are apportioned between those activitie5 On a basis cmsistent with thè use of resources. 1.6 Tangible flxèd assets Tangible fixed assp.lg are initially mp.asiJred al cost and subsequently mea8ured at rosl or valuation. nei of deprecia'.ion ard any impairment osses. Depreciation is recognised 50 as lo writè nff the cosl or valualion of ass8ls less their residual value.s over their useful lives on Ihe followtbq bases". Leasehokj improvements Fixtures and fith.ngs 3 years on a straighl line basis 2090 on a straight line basis The gain or loss arisinq on the disposal of an asset is determinee as the d.fferp.ncp. hp.twp.pn the .%3le proceeds and the G3rrying value ol the asset. and is recognised in the sldlement of financial activities. 1.7 Impairment of fixed asset5 At each reporting ond dale. the charity reviews the car.rying amounts of its tangible assp.ts to determine whether there is 2ny Indication that those assels kave suffered an impaim)enl loss. If any such Indication exists, the recoverable amount of the asset is estimaied in order lo determine the extenl of the impaimenl 105s (if anyl- 1.8 Stocks Tl)e cost of donaled dressing stock for dislribulion lo beneficiwies Is valued al lair value, which has been estimated by th8 Injstees. 1.9 Cash and cash equivalents Cash and cask equii'alent5 include cash in hand, deposits hekl dl call with bÉinks. other short-leim liqui(J nvestmenls wilh original maturitie8 of three rnonlhs or less. and bank overdrafls. Bank overdrafts are Shown within borroviings in curtenl liabilities. 1.10 Employee beneflis The cost of 3n5" unused holiday entivemenl is recognised in Ihe perio(J in which the employee's services are received. Termination benefits are recogniseo immediately as an expense when the charity is demonstrably committed lo terminate the employment ol an employee cf lo provide termination benefits. 1.11 Retirement benefits Payments lo defined wntribution relirernenl benelil schemes are charged as an expense as they fall du& 14- SMART WORKS SCOTLAND NOTES TO THE FINANCIAL STATEMENT5 (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Critical accounting estimates and judgoments In '.hE appli-ali!n ol the =harilo'S accounling F.olicies the I'uslees a"e retwired lo waka judgements, estimates ar: essum"Iicns al￿￿1 '.he COr￿n9 amount of 3s%et¢ and liabilities Ihai are not readily 3pp2ienl from other sc Jrces. TFA esiirya'r&S and aaS-rial*d asiumolions are based on hi#lori""al experience and other factors Ih(Il ar> consi E-8c lo ie 'e￿vani ilc*Ja' "eiuI".s ras diffor iTOlI Inesu Estimaies. The estlmates and underf.,Ing assumptions are reviewed on an onooing basi5. Revi5K)ns lo accounting eslimates are recognised 1,1 the pericd in bghich tke e51imale revised Nthere Ihe revision affects only that period. or Sn the penod of :)e reViS￿n a￿1 fuiure peiiods where the reviS￿n affects both curr2nl and fulure periods. Tt-gre ar? n J e?liratAs -.a". ".ha trustees ccnsiger 5iani(cail for tre accou?ts. Income from donations and lega¢ie5 U nreslrided Restricted funds funds 2025 2025 Total Unrestrictpd Restrictod funds fiinds 202d 2024 2025 2024 11>.370 151.091 144.88 ??O.R41 1&.628 79,7.50 -a.￿d JJJd- ar.d ei. IC 40,939 2LI.993 1ti4.-. 10 i7i.503 139.250 405.714 Income from other trading activities Unreslricted Unrestricted funds funds 2025 2024 Ll"dr3 Sl-9 Jvent Jlhe. •cJni 103,99ti 159 77.891 136 Jlb&er aciic ac'.Iv". ie: 104,155 78.027 Income from investments Unrestricted Unrestricted funds funds 2025 2024 Yl¢"e<: re,￿'la￿le 2,386 5,997 15 SMART WORKS SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on raising funds Unrestricted Restricted funds funds Total Unrestricted funds 2025 202S 2025 2024 Fundralsihg and publicity unaraisin9 -osIs 5.534 4.9i8 10.492 4.7Éi4 5.j34 .958 10,492 4.764 Expendlture on charitable activities Charitable activltias 2025 CharStablè activities 2024 Direct costs ¢'.aY CJ>l> Deprec131ion Clo-.Ics donated Rerl and Lilil lie? Offi.-è pxpen¥ec .dnin slra'.icn cost Q4aff re ated =oslq Rel.JCGlioJ Costs ClieTI-"avel 214,517 6.690 37.050 95,703 10,072 20.202 7.105 22,132 715 232.827 28,830 106,383 10,960 7,442 7,936 474,246 394.378 Share of support and governance costs (see note 81 Go¥ emari-e 3,853 2,840 478,099 397,218 Aiialysis by fund LliirJbl-ILled fuiiJs ReU'3nco Foll-y I￿￿ludeS ruslee InJe-.nily InsuraY- IV35 paid to Ihe '.ru%leas -e for al. Il< trustees N? olner r6muneration r la aiiy c.orne=.led ￿rSon￿ durino the yea". The IrLslpes indemnitv ipsuranc6 £nil in t￿p. ve.a"12024. £nil': 10 Employees -, hp ai'•reJe monthly number of emp oyee< dLrinJ the yeav ws.. 2025 Number 2024 Number Employrnont cgsts 2025 2024 lJaqe< ar,d ecuribi costs nih>r r,p.nsie,• r•ql< 244 735 208,796 17,9L7 6.064 232.827 -hpre '.vprg ril gmp.11 PP￿ V4 YLI¢P 3np1.al rp*'iiner.alior7 i1".i< m.Irp :hin f DO OCO Remiiner3tion of ke.y manaqemont personnel lit. rp.iiiii.e.1.41io.i ol kei. ni2'iariplli*iif +Tre￿.7￿￿e1 '.i'a< 8< f￿10￿.¢. 9025 20: Aqn'ecalp comp?n, management pe1 ioiinel arc shoiwn abive. 11 Taxation The charity is cxenpl frcm lax On income and gains ialling I￿.hIn section 505 of the Taxes A-t ". 988 or scction ?S- of the Taxation ol Ghargeable Gains Act 1992 to the extent Ihal these are ar?lied -.o ils charilaDle obiecls. 12 Tangible fixed assets Leasehold Fixtvr•s and Improvements littings Total Cost .4dciliois 44.131 53,857 Al ?1 Klarch 2025 44,131 6.726 50,857 Depreciation and impairmènt Deprecialior ctr3raed 'n ihe year 6.1?9 tio 6,689 Al ? 1 1.larc.h 2025 6.129 6,689 Carrylng amount At ?1 F.4arch 2025 38,1)02 6.166 44,168 13 Stocks 2025 2024 )ressirg slock 34.315 14 Debtors 2025 2024 Amoijnts falllng duè within one year: TriidD dfyblor 1fi1 64.0.6 7F.107 7f.107 64,187 SMART WORKS SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Creditors.. amounts falling dLie wilhin one year 2025 2024 Notes Other laxaticn 3ne se-i31 security Dclerred Incorr -redil3rs Other creditors Accruals 4.123 16 1,5QO 16,9?7 16 Deferred in¢om8 2025 2024 4riSinG from grants 22.5CO Defe'rad ic?m2 is inc.uce¢ in the financial slA".@merls as"Jllo￿.' 2025 2024 3elerred Incoma is incluced %vi'.iir'. CurrenL1.'3bililie> 22,5UU l.io'iemen:s li the '/ear'. Deftsrred ,nccma a-. 1 Apnl 2.)24 RelJased rrom pre'iious rer ods Rpsourres dgfeTee ir th> year 22.500 12£.5CIOI 78,500 178.500 Defarred ",come a,. 31 March 2C25 22,50Q 17 Retirement benefit schemes 2025 2024 Defi ned contribution schemes C.lic'ge lo prlifil or iO¥S In respE -firec cortlr bu-.ion scheiiie> 6,084 riie charit5 opier.ilts _4 cel'iied =cr",Ir Julion pension schenie for all qu31ihJing eniplJJee>. The as>els of ltre ¢ilieiiia are helc sepi2-31ts1s "roi-ii I')oge el the rha-lly Iri ali idepeiidJiit'¥' ddiTinig'.ered fund. 19 SMART WORKS SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Restricted funds The restricted funds of the charily comprise ihe unexpended balan￿S of donations and giants held un trust subject lo specific condiliorks b￿. donors as to how Ihey may be used. At 1 Aprll 2024 Incoming resources Resources At 31 March expended 2025 One City Trust Endrick Trust Nancie Massey Charilab]e Trust Gordon Fraser Trust Anderson AABIE Scollish Power Gapricorn Energy PIC Nalional Lollery Awards lor Ail Slafford Trusl sCre￿IX Foundation Foundation Scotland Clolhworkers Foundation Blackrock (Tidps Foundation) Meikle Foundation Falkirk Soroplomists Souler Foundation Volant Trust (Fcundation Scotland} Career Coaching IBank ofAmerica) Dressing Slor.k 1,250 2.000 500 (1,2501 12.0001 {5051 11.0001 14.0?01 {2,9581 (3,000) (10.000) 15,OQM)I (8821 (15,7941 12,6471 (1,8491 (6251 (1.960) (750) 1.000 2.000 2,958 3.000 20,000 10,000 5.000 5.000 40.01)0 15.000 7.396 2.500 1.960 3.000 5.000 33.165 40.969 4,118 24,206 5,547 1,875 2,250 5,000 {31.1651 {37.0501 34.315 38,234 63.278 164.770 1124.4361 103.552 -20- SMART WORKS SCOTLAND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 .18 Restricted fuiids Iconlinued) Previous year.. At l April 2023 Incoming resources Resoiirces At 31 March expended 2024 N.Ilional loxery, T.ie Co."ra FcJnaalion -q ￿￿￿OI,.￿ra Coniic fie iel .500 {1.5001 20,0th) D.911 The Nanp 2 Nlassei. C.-arlab'e. TrLlSt Banc o, S=atand Cap" ccrn =narci Pl C Cap•cJm Grant CDn.nc"ur. Cyarilaoie TrJsl Career Coaching iBari i of America) D"es>irg Stobx (1.4Q5) 16.0751 14.500) (2.08.?) 124.5101 128.R3ni 13.7501 6,075 7.500 3.000 2.083 25.51f) 28.993 34,152 A TILIL?i >¥l1I 4ACIlE 2,000 500 2.000 35,OQO 5,OQJ 2.Ul)11 C-iif(tiln Ir.i>e- Trus1 oll.'bli P iwer 15001 (1.0001 132.042) {J,000) 1.ooo 2.9>8 49.-51 139,-'53 1125,226} 63.278 21 SMART WORKS SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Restricted funds (Continued) One City Trust awarded lurds n Auousl 2C23 toivards staff salary costs for our Edinburgh centre. cndrick Trusi aNardel fLnds in April 2024 lovlards the Glasgow property costs only. The Nanc.'e ,Il8ssey knharilable Trusi provided a grant in the prior year to lJnd new IT equipment and in the cur.eri year lo kelo recrbil and suppart oulre¢iBlI volanteers in Edinburgh. The Gorcon Frase" Charitable TrLSt awarded a g.ant in December 2023 towards slaff salary costs. An¢er>or. Anderson & Brown Charitable Ir.itiative provided funds lo support OLJlreach presentation reSoUr￿S cos:s. liqaTch 2023. bve receib'ed £42.5k from ScollishPower Foundation for our project Supporting Black Minority Elknic ieiAEI V+omen into Sustainatle Employment lo fund the salary of an OulreaLh Warker and associdled IranslaliDn a•d interprpler wsls. Iii Noi enit)er 2C2 1 we. re'-e ved £1 Ok frori) The National Lollery Awards for All lowar(is rent and iilililies lor the iem. C-laq:ioii' centre for the 2023 ca'endar ye.ar - 9 months deferreid lo FY 23124 In Mi41C'.I1 2024 we re.ceived t20k frrym National Ljllery commun.ty Fiind A,Nards for All Grant tnwards oulrEach support in Glasgow for ".he ne.xt 2 years. rei The S vfix Foundation awarded fJr)cs in October 2024 for the painting and dec￿al￿g cosls for Ihc new Ediibur9i cent*. Bla=kRock ITidos Foundation) am'arded funds in September 2024 for salary and volunteer costs, to be spenl in lie Jan Dec 25. Shepherc & 'Nedd•rburn Meikle Foundation awarded funds in December 2024 fur salary and volunteer costs CO￿ering per Dds J2n - Dec 25. Falmart Wc"ks Cnarity Career Coaching {8apk ofAmerica} is grant funding towards core costs. The D.e￿Ing Sto￿ Ibnd represenls don31ions re￿iVed fc* the specific purpose of providing beneficiaries with clolning for inle-iiew. 19 Unrestricted funds The urreslriciec fLnds o. the chanty cotrpnse the unexpended balances of donats'ons and grants which are ol suble-t 10 specific condi.iors by donors and grantors a> lo hoiv they may be used. These include designa.eé fancs which hai e been sel aside cul of Lnrestr ￿ed funds by the trustees for 5peGific purposes. At 1 April 2024 Incoming resources Resource5 At 31 March expended 2025 General funds 204,811 315.334 1364,1551 155,990 -22- SMART WORKS SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Unrestricted fiinds (Continued) Previous year". At 1 Aprll 2023 Incoming resources Resources At 31 March expcndod 2024 General fund8 131.082 350.485 {276.7561 04,811 20 Analysis of net assets betweèn funds Unrestricted funds 2025 Restrlcted lunds 202S Total 2025 At 31 March 2025: Tangible assets Current a5setSJ'lliabililip.s) 44,168 44,168 215,374 155,990 155,990 103.5JP2 259.542 Unrestricted funds 2024 Rcstricted funds 2024 Total 2024 At 31 March 2024: Current asset8llliabililies 204,811 63.278 268,089 204,811 63,278 268.089 21 Operating lease commitments Al the reporbng end dale the charity hae outstanding commitments Tor future minimum lease payments under nOr-Can￿lIable operating leases, which fall (Jue as folli)ws'. 2025 2024 Vluiin one year Elglween two aiid hve years 52 390 173,609 23,173 225,999 23.773 Operating lease payments In the year were £30,604 12024.. £16,000). Operaling comtTbilmenls iiiclude the scrvice charge consideration where the use of annual RPI of 3.6Yo was used to calculate the p8yable and the actuals would be d.fferenl once luture RPI'S are published. SMART WORKS SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 22 Members. Liability The company Is limi1g.d hy qirarante(>._ Thp. membAr ol Ihp_ ffifflpany iindertakes to cOn1￿butP li) Ilii. ) A£8P.l% of the company, in the evenl of the same being wouirj up while they are a member. or within one year after they cca¥e to be a member. for pAyirwanl of th8 debts liabiliitgg of the company c4)nlr8Cted before they Geasr to be a member, and of the wsls. charges an(J expgnsos of wtnding up such amounl as may be ieijuiied not exceeding £1. Al the balanco sh88t date Ihere was 1 member. Smarl Work5 Charily. 23 Events after the reporting date During 2025. ￿1th a view lo achieving a long lerm sustayiable operat￿nal rnodel in a challenging fundraising clitnale. a decision was taken by Ihe Tiuslees lu restructure &nartWorks Scolland resulting in the closure of the Glasgow sile. redLlC.iig sldff nutn)ers and a consequent maleiidl iedutilion in cosls. 24 Related party transactions During the year the Charity reteivp.d don31ion% of f76.712 12024.. £128.783} from Smart Works Charity. ils immediate parent which are included in the results F)r the ygar. The Charity received £nil 12024.. £1,470) in donatTrons and reinbursed £88 12024. £330) of expenses to 1 Iruslee. 25 Control Tho parenl DI the largest group in which these financial gt2temenls are consolidated is Smart Works Chaiily {Company nun*)er 03870671 and Charity Number 1 t18CE09) who Is Ihe sole member of this charity. Smarl Works Charity has the same pnncipal activrty as this d)arity. The address for Smart Works Charily is.. Unil . Canonbury Yard 202-208 New North Road, Islington, London. England, N17BJ. -24-