The Work Avenue Foundation - Charities report - 22.2

REGISTERED COMPANY NUMBER: 09595853 (England and Wales)

REGISTERED CHARITY NUMBER: 1164762

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

THE WORK AVENUE FOUNDATION

Page

Report of the Trustees

1

to

7

Report of the Independent Auditors

8

to

10

Statement of Financial Activities

11

Balance Sheet

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

to

21

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

WORK AVENUE OVERVIEW

The Work Avenue Foundation provides people with essential lifelong skills to support themselves and their families through helping people into work and with building sustainable businesses.

The Work Avenue Foundation can help everyone, at any life stage. The Work Avenue Foundation aims to provide people with essential lifelong skills to support themselves and their families by:

- Providing support to get people into or back into work.

- Assisting individuals in finding jobs.

- Training people for the workplace.

- Enabling people to make informed career choices.

- Increasing the success rate and long-term sustainability of new and existing businesses.

The Work Avenue Foundation comprises the following key areas:

1) Support into Employment.

2) Business Support Services.

3) WAGE social enterprise.

Significant activities

The Work Avenue Foundation Vision:

- A strengthened community where individuals have the ability to be able to support themselves and their families with dignity.

- A community where each individual feels responsible to donate time, money and resources to ensuring the financial stability of their fellow man or woman.

-The ability to leverage the human capital within the community creating a robust infrastructure and net­work giving people the best chance of supporting themselves and their families.

- A community that embraces what Maimonides refers to as the highest form of charity "helping strengthen a person to become self-sufficient and financially secure so that he or she need not rely on others".

The Work Avenue Foundation Mission

The Work Avenue Foundation's mission is to build an infrastructure and offer services that will empower individuals primarily within the Jewish community to maximise their earning potential enabling them to secure gainful employment or build sustainable businesses.

Core Principles

The Work Avenue Foundation delivers its services in accordance with the following principles:

- Treat each person as an individual with dignity and respect.

- Think "out of the box" and go the extra mile for all service users.

- Strive for excellence and professionalism in all activities.

- Build open and honest relationships with communication.

- Be passionate and determined.

Strategies

- To provide practical help and solutions for those looking to earn a sustainable living through running a business or seeking employment.

- To ensure that WE Hub continues to be a central hub for business and employment across the entire spectrum of the community.

- To harness the human capital in the community and use it to create business and employment opportunities across the community.

- To ensure that The Work Avenue Foundation and WE Hub become household names when referring to business and employment support.

- Maintain an impeccable reputation as the community's provider for business and employment support.

WORK AVENUE ACTIVITIES

Overview of The Work Avenue Foundation

The Work Avenue Foundation, a non-profit organisation, is the community's leading employment and business support charity assisting people in creating long term sustainable incomes either through creating employment or building businesses. The Work Avenue Foundation creates opportunities for everyone, at any life stage, in any situation.

Work Avenue has been operational for 17 years and provides people with essential lifelong skills, enabling them to become financially independent so they can support themselves and their families with dignity.

The Work Avenue Foundation enables and empowers people to be able to stand on their own two feet, which is fundamental to reducing poverty and hardship in parts of our community.

The ability to financially support oneself and one's family with dignity and pride is vital in leading a productive and fulfilling life. Work Avenue is one of the core charitable pillars of our community, providing vital services to those requiring assistance to ensure long term financial stability.

Work Avenue offers support through our two divisions, employment and business, and also runs a social enterprise called WAGE, which aims to create employment and grow businesses by training a workforce to support businesses in key areas so they can grow and develop.

Employment Support:

- Training people in workplace skills.

- Providing support to get people into or back into work.

- Assist clients by placing them in work.

- Enabling people to make informed career choices.

Business Support:

- Supporting businesses thereby increasing their success rate and long-term sustainability with one to one advice and guidance.

- Signposting and start-Up loans.

- Networking and expert interventions.

- Shared workspace.

- Providing mentoring support to established business-owners.

WAGE Social Enterprise

- Training in essential new workplace skills to members looking to train or retrain for today's job market

- Essential work experience to newly trained members so they can consolidate their learning

- Timely and affordable project support to small businesses to help their business grow and thrive

- Quality control to ensure consistency and standards

In 2022:

- 1,434 clients were supported so they have the vital skills needed for today's workplace

- 534 people have found new jobs with our intervention

- 618 young businesses are thriving with our input and encouragement

- 204 school students received career advice

- 1,610 employment advice meetings took place

The Work Avenue Foundation has successfully met and exceeded all previous goals set:

- Continued to innovate based on the need in the market, while still maintaining a person centred approach.

- Created alliances with other organisations and businesses.

- Increased the breadth of its funding base through foundations, donations and harnessing the power of technology using crowdfunding.

- Met the huge increase in the demand for its services, whilst maximising the professional team and core costs efficiently.

- Penetrated the Jewish community and beyond.

WORK AVENUE SERVICES

The Employment Division Services

Job readiness skills and training

Work Avenue offers a range of workshops covering key areas of employability including CV writing, confidence building, interview skills, transferable skills and networking. Job seekers are invited to attend these sessions where they learn how to maximise their employment potential and increase their chances of securing work.

One to one bespoke support

Individual careers guidance, mock interviews and employment support consultations.

Job Placement

Work Avenue reaches out into the community and beyond to seek work opportunities that will populate our web based jobs board. Clients are able select opportunities to pursue, and at the same time we will select clients to put forward.

Events and programmes

Work Avenue runs a range of dedicated programmes to meet the demands of a specific client cohort. Recent examples include the New Year, New Career Conference, the Wellbeing at Work Conference, a Recruitment and Retention webinar and regular jobs fairs.

Networking

Work Avenue broadens its networking reach with a suite of dedicated networking events. The aim is to bring together professionals in a field with clients who work or seek to work in a given sector, thus promoting both the clients' employment chances and Work Avenue's profile at the same time.

Schools programme

Work Avenue runs a suite of bespoke careers workshops for students from years 8 to 13 and also offers dedicated one to one careers guidance to sixth form students. The organisation has Matrix accreditation, the UK kitemark standard for organisations offering information, advice and guidance, and therefore conforms to the Government's Gatsby Benchmarks for schools' careers guidance.

Support for training

Work Avenue runs a bursary fund to enable clients who need to train or re-train to earn their living and cannot afford to do so. Grants are made subject to conditions, and clients have the benefit of Work Avenue's dedicated professional employment and business advisers to support them as they retrain. For those that need, we can also offer short term loans of laptops so clients can carry out a job search.

WAGE Social Enterprise Services

WAGE Members

Members train in a new field and gain vital work experience. Once upskilled, we offer essential real and practical project work with small businesses to gain practical hands on experience to get their career off to a great start.

WAGE Training

Wage skills include graphic design, web design, social media, IT and admin.

WAGE Businesses

WAGE offers key services to small businesses by utilising the bank of fully trained members to complete these projects in a timely and affordable way. Projects can be short or longer term, full or part time.

The Business Division Services

One to One Business Advice

On-going one-to one advice sessions for new and existing entrepreneurs.

Business Workshops and Webinars

Regular workshops and webinars to our network of entrepreneurs and small businesses on a range of topics to support the growth and development of their business.

Business Network

Outreach of business professionals to enhance business network and support start-up entrepreneurs in areas where they seek expertise and provide mentoring support for established business owners.

Professional Business Services

Partner with professionals to provide affordable packages for start-ups, following referral policy. Includes financial, legal, IT and marketing.

The Work Avenue Ecosystem

Develop a one-ecosystem community culture, maximising synergies across the businesses, departments and networks at The Work Avenue.

Networking Events

Series of networking events with engaging and relevant keynote speakers for new and existing businesses.

WE Hub shared workspace

Work Avenue run WE Hub, the community's first business and employment hub. WE Hub is a dynamic environment for businesses to grow and become self-sustaining. The layout and mix of facilities at WE Hub have been designed to encourage interaction between entrepreneurs and industry experts, building a network, creating opportunities in all areas of employment and self-employment. Offering our services from this state of the art facility has enabled us to expand our provision and help many more people each year to support themselves and their families, putting the importance of helping people into jobs and sustainable employment firmly on the map and at the forefront of our minds as a community.

Public benefit

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning activities and provision of services to the public by ensuring that it does not place undue restrictions on members of the public seeking to make use of the charity's services and facilities.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The following table shows the number of service users of The Work Avenue Foundation by department for the year ending 31 December 2022:

Service

2022

2021

Employment division:

Employability training

1,060

1,550

Careers guidance and mock interviews

1,610

1,464

Job placement via Work Avenue job board

89

116

Job placement

390

326

Business:

One-to-one business advice and seminar attendees

665

663

Event attendees

526

701

FINANCIAL REVIEW

Principal funding sources

Since the pandemic the charity has relied heavily upon its generous and philanthropic donors for continued support, together with harnessing the power of crowdfunding. The charity ran its first crowdfunding campaign in September 2019 and raised over £1M. A second crowdfunding campaign was delivered in January 2021 and raised £1.1M and a third campaign in November 2022 raised over £1M. Crowdfunding has allowed the charity to extend its reach to a much wider pool of donors both major and minor, and specifically has allowed clients and former clients to recognise the value of the support they have received from the organisation as they get their working lives back on track.

Reserves policy

As at December 2022 the charity's unrestricted funds were £573,473 (2021: £531,941) and restricted funds were £38,005 (2021: £142,359). The trustees are satisfied that the charity is able to raise sufficient funds to meet the charity's objectives, and is working towards a strategy to place 6 months reserves on deposit. The accounts have therefore been prepared on a going concern basis.

The Work Avenue Foundation's reserves policy is to maintain sufficient level of reserves to enable operating activities to be maintained for the foreseeable future, taking account of potential risks and contingencies that may arise from time to time. The policy is reviewed annually by the trustees.

Amounts are set aside to meet financial risks associated with potential contingencies and uncertainties relating to the charity's operating activities. These include:

- The funding of unforeseen major projects that have not been provided for in the normal financial planning process.

- The setting aside of an appropriate sum for enabling the continuation of The Work Avenue Foundation's operations and grant-making program.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is governed by its Memorandum and Articles of Association and is a company limited by guarantee.

Recruitment and appointment of new trustees

Trustees are appointed according to the Articles of Association.

Organisational structure

The board of trustees administers the charity. They appoint a CEO, together with a staff team, that oversees the day-to-day affairs. During the accounting period Mr David Arden resigned as CEO as Mrs Debbie Lebrett was appointed.

Induction and training of new trustees

New trustees undergo a briefing on their legal obligations under company and charity law.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

09595853 (England and Wales)

Registered Charity number

1164762

Registered office

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

Trustees

Mrs L S Jacobs (resigned 20.3.23)

Mr P J Mann

Mr M Z Morris

Mr S J H Pack

Mrs S Kintish

Mrs P Mintz

Mrs N Sandler (appointed 2.5.23)

Auditors

Melinek Fine LLP

Chartered Accountants

Statutory Auditors

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

Website

theworkavenue.org.uk

Bankers

Barclays Bank UK PLC

1 Churchill Place,

London E14 5HP

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Work Avenue Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-	select suitable accounting policies and then apply them consistently;

-	observe the methods and principles in the Charity SORP;

-	make judgements and estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

-	there is no relevant audit information of which the charitable company's auditors are unaware; and

-	the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, Melinek Fine LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 27 September 2023 and signed on its behalf by:

Mr M Z Morris - Trustee

Opinion

We have audited the financial statements of The Work Avenue Foundation (the 'charitable company') for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the charitable company's affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of trustees' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Daniel Fine, FCA (Senior Statutory Auditor)

for and on behalf of Melinek Fine LLP

Chartered Accountants

Statutory Auditors

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

27 September 2023

2022

2021

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

810,884

95,157

906,041

1,045,122

Other trading activities

3

211,886

-

211,886

188,639

Investment income

4

11

-

11

37

Total

1,022,781

95,157

1,117,938

1,233,798

EXPENDITURE ON

Raising funds

5

38,006

-

38,006

21,799

Charitable activities

6

Charitable activities

920,128

198,658

1,118,786

978,469

Other

23,115

853

23,968

22,797

Total

981,249

199,511

1,180,760

1,023,065

NET INCOME/(EXPENDITURE)

41,532

(104,354

)

(62,822

)

210,733

RECONCILIATION OF FUNDS

Total funds brought forward

531,941

142,359

674,300

463,567

TOTAL FUNDS CARRIED FORWARD

573,473

38,005

611,478

674,300

2022

2021

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

13

21,732

1,501

23,233

29,113

CURRENT ASSETS

Debtors

14

825,735

-

825,735

857,465

Cash at bank and in hand

434,978

40,294

475,272

393,178

1,260,713

40,294

1,301,007

1,250,643

CREDITORS

Amounts falling due within one year

15

(218,809

)

(3,790

)

(222,599

)

(14,908

)

NET CURRENT ASSETS

1,041,904

36,504

1,078,408

1,235,735

TOTAL ASSETS LESS CURRENT LIABILITIES

1,063,636

38,005

1,101,641

1,264,848

CREDITORS

Amounts falling due after more than one year

16

(490,163

)

-

(490,163

)

(590,548

)

NET ASSETS

573,473

38,005

611,478

674,300

FUNDS

18

Unrestricted funds

573,473

531,941

Restricted funds

38,005

142,359

TOTAL FUNDS

611,478

674,300

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 27 September 2023 and were signed on its behalf by:

Mr M Z Morris - Trustee

Cash flows from operating activities

Cash generated from operations

1

82,083

(471,207

)

Net cash provided by/(used in) operating activities

82,083

(471,207

)

Cash flows from investing activities

Interest received

11

37

Net cash provided by investing activities

11

37

Change in cash and cash equivalents in the reporting period

82,094

(471,170

)

Cash and cash equivalents at the beginning of the reporting period

393,178

864,348

Cash and cash equivalents at the end of the reporting period

475,272

393,178

1.	RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

2022

2021

£

£

Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities)

(62,822

)

210,733

Adjustments for:

Depreciation charges

5,880

7,808

Interest received

(11

)

(37

)

Decrease/(increase) in debtors

31,730

(771,604

)

Increase in creditors

107,306

81,893

Net cash provided by/(used in) operations

82,083

(471,207

)

2.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.22

Cash flow

At 31.12.22

£

£

£

Net cash

Cash at bank and in hand

393,178

82,094

475,272

393,178

82,094

475,272

Total

393,178

82,094

475,272

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on reducing balance

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Funds held by the charity are:

Unrestricted funds - These are general funds for use by the charity in furtherance of the charitable objects at the discretion of the Trustees.

Restricted funds - These are funds donated to the charity to spend on a specific area of expenditure. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund.

Leasing commitments

Rentals payable under operating leases are charged to profit or loss on a straight line basis over the period of the lease. Incentives received and receivable to sign an operating lease are recognised on a straight line basis over the lease term

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments

The charity 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.

2.	DONATIONS AND LEGACIES

2022

2021

£

£

Donations

886,641

1,012,009

Gift aid

19,400

33,113

906,041

1,045,122

3.	OTHER TRADING ACTIVITIES

2022

2021

£

£

Business and office services

194,126

159,134

Training and work placement

17,760

29,505

211,886

188,639

Included within training and work placement is £5,100 (2021: £15,659) of income received from participants in training courses.

4.	INVESTMENT INCOME

2022

2021

£

£

Deposit account interest

11

37

5.	RAISING FUNDS

Raising donations and legacies

2022

2021

£

£

Fundraising

38,006

21,799

6.	CHARITABLE ACTIVITIES COSTS

Grant

funding of

activities

Support

Direct

(see note

costs (see

Costs

7)

note 8)

Totals

£

£

£

£

Charitable activities

830,489

63,156

225,141

1,118,786

Other

-

-

23,968

23,968

830,489

63,156

249,109

1,142,754

7.	GRANTS PAYABLE

2022

2021

£

£

Charitable activities

63,156

87,479

8.	SUPPORT COSTS

Governance

Finance

Other

costs

Totals

£

£

£

£

Charitable activities

-

225,141

-

225,141

Other

3,255

5,880

14,833

23,968

3,255

231,021

14,833

249,109

9.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2022

2021

£

£

Depreciation - owned assets

5,880

7,808

Other operating leases

126,988

105,600

10.	AUDITORS' REMUNERATION

2022

2021

£

£

Fees payable to the charity's auditors for the audit of the charity's financial statements

3,600

3,600

Other non-audit services

3,300

3,300

11.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.

12.	STAFF COSTS

2022

2021

£

£

Wages and salaries

539,526

477,563

Social security costs

59,241

45,448

Other pension costs

10,501

9,827

609,268

532,838

The average monthly number of employees during the year was as follows:

2022

2021

Staff members

15

14