Still reeling slightly from the shock of reading the Work Foundation's recent accounts, I decided to take a look at an older set, just to get a feel for how long this has been going on.
The earliest year available from the Charity Commission is 2003. Willie Hutton was still in charge back then, and the pattern in the Foundation's activities was rather similar too. For instance, Willie H was identified as the top-paid director by name back then, taking £140k per annum. Nice work if you can get it. Back in 2002 (i.e. the comparative year) the Foundation had over 200 employees, so the salary is slightly more justifiable than the rather larger sum he gets paid for overseeing the Foundation's current 60 staff. It still strikes me as an amazing amount for the head of a small charity to be paid though.
Looking back to the prior year comparatives, it appears that in 2002 the Foundation sold a training business and its associated publishing operation (to Capita - nice to keep these things in the family), making a cool £20m gain in the process. Just as well with a £14m deficit on the pension scheme, I suppose.
It's interesting to compare the balance sheet total for 2002 to the most recent date. In that time, the assets of the Foundation have shrunk by about £10m, and of course it would have been even worse if it were not for the gain on selling their headquarters.
It looks to me like the Trustees need to get a grip.