REGISTERED CI)MPANY NUMBEIL. 02772914 (England and Wales) REGISTERED CIIARiTY NUMBEIL. 1048090 REN)RT OF THE TRUSTEKS AND FINANCIAL STATEMEiYTS FOR THE YEAR ENDED 31ST MARCH 2024 FOR BUSINKSS EDUCATION PARTNERSHIP LTD Chegwidden & Co ststutory Audito Chartered Accountants Priestley House Priestley Gardens Chadwell Heath Essex RM6 4SN
BUS LTD L STATEMENTS earended 31st Mah 2024 forthe Rert of the Thtee$ Rep)rt of the Indepemlent Athlito Slatement ornancIal Activities Balance Sheet Ca9h Flow Statement io Notss to the Cash Trlow Statement li Noles to the TrIn1#1 Ststsments 12 to 20 Delailed Stalement of TrIDaneial Activities 21 to 22
BUSINLS EDUCATION PAKThEKSHtp LTD REFoI¥f OF THE TRUST ended 31st Mwrh 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, psent their report with the fmancial statements of the charity for the year ended 31st March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charitie5: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finall¢i& Rq)orting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I January 2019). This report has be¢n ppared in accordance with the provisions applicable to wmpanie5 entitled to the small companies ex¢mption. Objectives and aims The primary objectxves of the charity are to bring businesses. education and the wider community together to help young people aged between 14 and 19 to develop their employability skills and help those aged between 18 and 40 to develop skills to secure employment. The charity provide5 these servirxs across a wide area including Barking & I>agenham, Havering, Redbridge. Waltham Forest (in Fast tndon) and Fssex (including Thurrock and Southend-on-Sea}. l*blie Jxnefit quellts We have referred to the guidance contained in the Charity Commission's genera] guidance on public benefit wh¢n reviewing our aims and objectives and in planntng our fjJtur¢ actlvities. The trusfres consider that the charity's prime objective, the advancement of education and employmenL meds the Charity Commission's main principles for public benefiL Significant activities The rharity invests all income, grdnts and donations into providing its service5. Th¢ main projects and activities are: WO exrie The worf( experience service was suspended throughout the Covid-19 Pandemic, restarting in January 2022. Since the restarl the service has continued to grow. with mole and more new schools deciding to fully or part fund work experience placements for their learners. Work Experience is seen as part of a young pe'S education and in the 23r24 academic year around 5,800 young people benefitted from a work eXrience placement vetted and managed by BEP Group (up from just over 3,000 placements in the previous year}. Currently> work experience staff work at still wod(ing from home. A new lease for a c¢ntrdl work experience office in Chelmsford is currently being fmalised to enable the establishment of pernianent base for the work experience team. This is du¢ to open in the sun]mer temi. Alternattve Education BEP Group deliver alternative education via our Independent SchooL BEP Academy. Approximately 40 schools and 5 Local Authorities across Essex and East London refer young people to our school every yeu. We have two sites - Romford and Basildon. with Romford having a slightly larger capacity. Children who, for whatever reason are not succeeding in main-stream schi)oL may be referred to BEP Academy. Sthdents can spend part of the week studying for CO GCSES or Functional Skills (depending on their year group andlor level) in English, Maths and ICT. Personal and Social Development courses and vocational COUTses are also availabl4 together with work experienc¢ (for up to two days-a-week) for those children who would benefit. All young people on the programme are assigned a personal Key Worker who off¢rs m¢ntoring supporL iDfoTmatioo advice and guidance OAG) and signposting to oth¢r support agencieslexperts. Without this provision some students would become disaffected disengaged or NEEf (Not in Education, Employment or Training) and fail to reach their pot¢ntial. In February 2023, BEP academy was subject to our second full Ofsted Inspection. We were, for the second lime, grdded good for all &8sessed are&8, achieved g( overall and it was confmed that BEP Group m¢ets all the Independent School Page I
BUSINESS EDUCATION PARTNERSHIP LTD RElX)Kr OF THE IRUSTEFS forthe earended 31st 2024 NANCIAL REVIEW ResoUe5 expended Resoue$ are allocated to direct ¢haritable expenditure on a specific basis. Where no basis exists, or where costs are attributable to more than one activity, expenditure is apportioned across cost categories b&8ed on resources used on those activities. incl1 funding souwes Funding for Work Related Learning (including pre-16 work experience) was withdrawn by the Government in March 2011. Schoo15 now m¢et th¢ full cost of WO experience provision. Schools also continue to meet the 11 cost of the alternative education provision. Reseryes w•llcy At the 3 1st March 2024 the reserves of BEP equated to approximately 3 months of expenditure. The trustees have agreed a m&ximum level of reserves to be set at a m&ximum of 12 months of expenditure to ensure the charity can meet its contractual obligations to schools and particularfiy young people on prOamm¢S lasting one year. Results forthe year The charity h&s made a modest surplLs for the year. Income from fees charged to provide young people with their education have increased from £1,362k to £1,657k. We have a180 invested heavily in new staff as we Continue to expand. FIJTURE PLANS The overdll aims and objectives of the charity remain the sarn¢. Over the ncxt y¢ar the charity will aim to: - Continue to provide a high-quality service to schools and students. - Engage schools and students in work experience. Governing document Business Education Partnership (UK) Limited is a charitable company contr()Il¢d by its govemitig document limited by guarantee, as defined by the Companies Act 2006. The charity is constithted under a Memorandum of Association dated 12th June 1995 Recrnifment and apy)Intment of new t1¢¢S The management of the charity is the SponsIbl]ty of the trLL8tees, who are elected and COwOPted under the tern]s of the Articles of Association. EanlsAlional slnwtsllE The board trustees meet a minimum of 3 times per year. All resolutions are decided by a show of hands requiring a majority vote to be passed. In the event of a tie, the chairman has the casting vote. The trustees delegate the day to day management of the charity to Kelly Sims, the company secretary. He gives feedback on the charitys activities at board meetings and liaises regularly with the ttvstees to keep them infornied. Induclion and tiaining of new tnLStees Where there is a requirement for new trustees. these would be identified and appointed by the existing trnstees. The chair of the ljustees ensures that new trustees are aware of their responsibilities. the governing documents, the history of the charity and its objects and adiviti¢s. In addition to visiting the charity's offices to meet the employees and oificers of the company, a new trustee will receive a copy of the previous y¢aVs annual report and accounts and a copy of the Charity Conmiission leaflet "The Essential Trustee: What you need to know" Related tArties Where a trustee of the ch&ity holds a senior position with any of its funders. there will be involvement with any discussions but not in the ultimate decision makin& Page 2
BUSINESS EDUCATION PARTNERSHIP LTD RKFf)Kr OF THE TRUSTEFS forthe earended 31st Mah 2024 Risk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable &ssurance against fraud and error. The significant external risk Is the with(trawal or reduction in future funding an4 in view of this, plans have been developed for the divwsification of fimding and a¢tiviÈi¢s. Internal risks are Minim by the implementation of procedures for the authorisation of all transactions and projects to ensure th¢ consistent quality of delivery of all activities. These procedures are regularly reviewed to ensure that they continue to meet the needs of the ckthrity. REVERKNCE AND ADMINJSTRATIVE DETAs Resists1 Company 02772914 (England and Wales) Regislernl ChaAty number 1048090 RegisteTrd office Priestley House Prlstley Gardens Chadwell Heath Romford Essex RM6 4SN ThLstses K A Byford D Lagdon (resigned 81112024) R A Turbefield S J Will<s Company seClary K Sims Audito Chegwidden & Co Statutory Auditors Chartered Accountants Priestl¢y House Priestley Gardens Chadwell Heath Essex RM6 4SN TRUSTELS, RKSIY)NSIBILTfY STATEMENT The tmsfres (who are also the directors of Business Education Partnership (UK) Ltd for the purpos¢s of company law) are responsible for preparing the Report of the Trust¢es and the fmancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Gen¢rnlly A¢c¢pted Accounting Practice). Page 3
BUSINLSS EDUCATION PAi¥fN LTD REK)RT OF IHE TRUSTELS forthe earen d 31st Mwrh 2024 TRUSTEFS, RFSTYJYSIBltllY STATEMENT. continued Company law requires the trustees to pwyare fmancial statements for each financial year which give a true and fair view of the state of affai of the charitable company and of the incoming resources and application of resourc including the income and expenditure. of the charitable company for that perio In preparlng those fu1claI 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 reasonable and prudent. prepare th¢ fmancial statements on the going concern basis unless it is inappropriate to pre5um¢ that the charitable company will continue in business. The trusfres are responsible for keeping prnper accounting records which disclose with reasonable acaracy at any time the financial position of the clwttable company and to enable them to ensure that the financial statements comply with the Companies Act 2(M)6. They are also responsible for safeguarding the &8sets of the chaTitabl¢ company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as thc trustees are aware: there is no relevant audit inforniation of which the charitable compan$ auditors are unaware. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit infomiation and to establish that the auditors are aware of that infonnation. AUDrroRS Each of the persons who is a ttre at the date of approval of this rep)rt cOnfirn that: so far &8 they aware, ther¢ is no relevant audit inforniation of which the charity's auditor is unawaTe' and they have taken all steps that they ought to have thk¢n as a trust¢e to make th¢mselves aware of any relevant audit information and to establish that the ChltyS auditor is aware of that inforniation. The auditOT4 Ch¢gwidden & Co, will be proposed for re-appoit)tment at the forthcoming ADnual G¢n¢ral M¢eting ID accordance with section 487 of the Companies Art 2006. Approved by orderof the boaNI of trustees on....... ...................... ... .......... andsigned on its behalf by." S J Wi]ks- Trustee Page 4
REIY)RT OF THE INDEPENDENT AuDrRs ID THE MEMBEiiS OF BUSINLS KDUCATION PAINERSHIP LTD (*inion We have audited the fmancial statements of Bustness Education Partnership (IJK) Ltd (the 'chaTitable company,) for the year ¢nded 3 1st March 2024 which comprise the Statement of Ftnancial Activities, the Balance SheeL the Cash Flow Statement and notes to the fmancial ststements, including a sumtnary 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 Prartice). In our opinion the fman¢ial statements: give a true and fair view of the state of the charitable company's affairs &s at 31st March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ende(L' have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requiretnents of the Companies Act 2006. Basis foropinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are fiffther described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independ¢nt of the charitable company in accordance witb th¢ ¢thicaI requirements that are relevant to our audit of the fmancial statements in the UK including the FRC'S Ethical Standard. and we have fulfilled our other ethicaI responsibilities in a¢cordance with the requirements. We bclicve that the audit evidenc¢ w¢ have obtained is sufficient and appropriats to provide a basis for our opinion. Conclusio8 latIng tn going concern In auditing the financial statements, we have concluded that the trustees, use of the going Concern basis of accounting in the PrepZtiOn of the fmancial statements is appropriate. Based on the work we have performe(L we have not identified any material uncertainties relating to events or conditions th individualty 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 autbortsed for issue. Our responsibilities and the responsibilities of the truste¢s with respect to going concern are described in the relevant sections of this report. (Mrin[onall0n The trustees are responsible for the other inforniatlon. The other ]nforntiOn comprises the inforniation included in the Annual Report, other than the flnancial statements and our Rep)rt of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other inforniation an¢ except to the extent otherwise explicitly stated in our report, we do not express any forni of assurance conclusion thereon. In connection with our audÈt of the financial statements, our r¢5ponsibility is to read the other inforniation an in doing so. consider whether the other inforniation is mafrrially inconsistent with the fancIal statements OT our knowledge obtained in the audit or otherwtse appewB to be materially misstated If we identify such material inconsistencies or apparent material misstatements, we are required to deteIne whdher this gives ris¢ to a material misstatem¢nt in the financial statements themselves. If, based on the we have perforEne(L we conclude that there is a material misstatement of this other inforntion, we are required to report that facL We have nothing to report in this regard. Opiniotts on otherDthTr pTrserilRd by the Compnies Act2(M)6 In our opinion, based on the work undertaken in the course of the audit: the infomiaÈion given in the Report of the Trustees for the financial year for which the fll)ancial statements are prepared is consistent with the financial statements" and the Report of the Tnte¢S has been prepad in accordance with applicable legal requirements. Page 5
REFf)RT OF THE INDEPENDENT AUDrroiis TO THE IIqEMBEiIS OF BUSINESS EDUCATION PARTNEIiS LTD MAttets on Ivhieh we Nui1 to by exeelOn In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audiL we have not identified material misstst¢m¢nts in the Report of the Trustees. We have nothing to retx)rt in Tesp¢ct of the following matters where the Companies Act 2006 requires us to rewrt to you if, in our opinion: adequat¢ oUnting records have not been kept or retums 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 certatn disclosures of trustees, remuneration specified by law are not made. or we have not received all the infonnation and explanations we require for our audit. or the trustees were not entitled to take advantage of the small companie5 exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Res}nSibl11ti of I¢5 As explained more fully in the Trustees, ResFonsibilities SlatemenL the trnstees (who are also the directors of the chaTitable company for the purposes of company law) ar¢ responsible for the prepw7tion of the fmancial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detemiin¢ is necessary to enable the preparntion of financial statetllents that are free from material misstatement, whether due to fraud or effor. ID preparing the financial statements, tbe trustees are responsible for assessing the charitable company's ability to continue as a going Conce disclosing, as applicable, matters r¢lat¢d to going concern and using th¢ going concern basis of accounting unless the trnstees either intend to liquidate the charitable company or to cease operation4 or have no TlstIC alternative but to do so. Our Kswnsibilllles forthe audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemenL whether due to fraud OT error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of &8surance, 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 ernr and are considered material if, indkvidually or in the aggregate, they could reasonably be expected to infiuence the economic decisions of users taken on the basis of these fmancial statements. The extent to which our procedures ar¢ capable of detecting irregularities, including fraud is detailed below: Enquiry of manag¢ment. those charged with governance and the entity's Solicito (or in-lUSe legal team) around actual and potential litigation and claims. Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations. Reviewing minutes of meetings of those charged with governance. Reviewing fmancia15tatement disclosures and testing to supporting documentstion to 18sess compliance with applÈcable laws and regulations. Auditing the risk of management oveTride of controls, including through testing journal entii¢s and other adjustments for appropriateness, and evaluating the business rationale of $i1ficant transactions outside the nonnal COUTse of business. A fither description of our responsibilities for the audiÈ of the financial statements is located on the Financial Reporting Council's website at wWw.frc.oUk/allditOTsr¢spQnSIbIIItieS. This description fomis part of our Report of the Independent Auditors. Page 6
REIY)IU OF THE INDEPENDENT AUDIMRS 11) THE MEMBERS OF SK5s EDUCAllON PARTNERSH LTD Use of our 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 pose. To the fullest extent perniitted by law, we do not accept or assume responsibility to anyone other than the charitsbl¢ company and the Chlb]e company's members as a body, for our audit work, for tbis repor¢ or for the opinions we have fornie Paul Hwris (Senior Statutory Auditor) for and on behalf of Chegwidden & Co Stathtory Auditors Chartered Accountants Priestley House Priestley Gardens Chadwell Heath Essex RM6 4SN 24th December 2024 Pag¢ 7
BUSJNFSS EDUCATION PARTNEtiSHIP LTD STATEMENT OF FINANCIAL ACTIVTfiES forthe earen(kd 31st M%h 2024 2024 Unrestricted fund 2023 Total funds Notes Work related experiences 1,652,080 1,361,056 tnvestment income 4,628 597 Totsl 1,656,708 1,361,653 Work related experiences 1.276.266 1,081,974 Support costs 264,379 275,793 Total 1,540,645 1,357,767 NETINCOME 116,063 3,886 RECONCILIATION OF FUNDS Total funds brought fOard 275,290 271,404 391,353 275290 The notes forni part of these financial statements Page 8
BUSJNESS EDUCATION PARTNEtiSHIP LTD BAIANCE SHEET 31st Ma 2024 2024 Total fimd8 2023 Total funds Notes IXED ASSEIS Tangible assets 14 31,328 36,713 Debtors Cash at bank and in hand 15 127.994 619.048 277,096 452,175 747,042 729,271 Amounts falling due within one year 16 (371,183) (464,861) NETCURRENT ASSKIS 375,859 264,410 407,187 301,123 Amounts falling due after more tharl one year 17 (15,834) (25,833) NKfASSETS 391,353 275,290 FUNDS Unrestricted fimds: General fund 20 391,353 275,290 T(wfAL FUNDS 391,353 275,290 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the sma]I companies regime. The financial statements We approved by th¢ Board of Trustees and authorised for issue on ............... ......... .................. and were Sied on its behalf by: S J Wilks- Tstee The not¢s form part of these financial ststements Page 9
BUSINESS EDUCATION PAR LTD CASH FIA)W STATEMENT forthe earended 31st Mah 2024 2024 2023 Notes C&qh tlows fmm 0ting activities Cash generated from operations Interest paid 176,302 (785) 155,016 (1,033) Net 8h provided by operating activities 175,517 153,983 C&%h flows investing 1VItieS Purchase of tsngible fed &ssets Interest received (3272} 4,628 (7,032) 597 Net cash provided by1(ed in) investing activities 1,356 (6,435) C&sh floiys fmm finanelng tivItieS Loan r¢paym¢nts in year {io.000) (iO,O(M)) Net cash used in financing activities (lo,0) (10,000) Clwge in casb Ind eash equlvalents in the RttM)rting riod C&sh and c&sh equivatents atthe ilning of the p)rtIng period 166,873 137,548 452,175 314,627 C&sh and Cash equivalents st tr e] of the FM)rting riod 619,048 452,175 The notes forni part of these fmancial statements Page 10
BUSINESS EDUCATION PARTNERSHIP LTD N(yrEs TO THE CASH FtA)W STATEMENT forthe eareNled 31st Mwrh 2024 2024 2023 Net income forthe [ting (&¥ rthe Sllltsment of Trlnancial Activities) AdjuslJn¢nts for. Depreciation charges IA)ss on disposal of fixed &8sets Interest received Interest paid Decreasel(increase) in debtors (Decre&seyincrease in creditors 116,063 3.886 8,514 142 (4,628) 785 149.104 (93,678) iijio 4,057 (597) 1,033 {39,341 } 174,668 Net cash pmvÉded by 0110 176,302 155,016 ANALYSIS OF CHANGLS IN NET TriJNDS At 1.4.23 Cash flow At 31.3.24 Net cash Cash at bank and in hand 452,175 166,873 619,048 452,175 166,873 619,048 Debt Debts falling due within l year Debts falling due after l year (10,000) (25,833) (10,000) (15,834) 9,999 (35,833) 9,999 (25,834) Totsl 416,342 176,872 593,214 The notes forn] part of these financial statements Page 11
BU LTD forthe earended 31st mAh 2024 The charity is a public benefit entity and a private company limited by guardntee. regist¢T¢d in England and Wales and a registered charity in England and Wales. The address of the registered office is Swan House, 9 (eenS Road, Brentwool F3sex, CM14 4HE. These fmancial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Ihe R¢public of Ireland,, the 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) (Charities SORP (FRS 102)) and th¢ Companies Act 2006. B&sis of pwmring the fiDanci81 3tstennts 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 charlties pr¢paring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republkc of Ireland (FRS 102) (effectiv¢ l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of treland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Going concern There are no material unccrtainties about the charity's ability to continue. Incoming $Oue5 All incoming resources are included in the statement of financial activities when entitlement has passed to the charity. it is probable that the economic benefits associated with the transaction will flow to the charity and tbe amount can be reliably me&sured. The following specific policies applied to particular categories of income.. income from donations or grdnts is recognised when there is evidence of entitlement to the gilL receipt is probable and its amount can be measured r¢liably. legacy income is recognised when receipt is probable and entitlement is establishe income from donated goods is measured at the fair value of the goods unless this is impractical to me&sU reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the valu¢ can be r¢liably measured. No amounts are included for the contribution of general volunteers. Income from contrdcts for the supply of services is gnIsed with the delivery of the contracted service.This is ¢1&8sifRed as unrestricted funds unless there is a contractual requiTement for it to be spent on a partEcular purpose and returned if unspenL in whith ¢&s¢ it may be regarded &8 restricted. ResOUe$ expended Expenditure is accounted for on an accrnals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings th¢y have be¢n allocated to activities on a basis consistsnt with the use of resources. Expenditure includes any VAT which cam]ot Ix recovered and is reported as part of the expenditure to which it relates. Charitable eXpenditte comprises those costs incukTed by the chatity in the delivery of its activities. It includes both costs that can be allo¢at¢d dir¢ctly to such activities and those costs of an inthect nature ne¢¢ssary to support them. Support costs are those costs incutred directly in support of expenditwe on the objects of the charity and include project management undertaken at head office. Governanc¢ costs comprise those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strat¢gic management of the charity. Page 12 continued...
BUSINESS EDUCATION PAi¥fNERSHIP LTD N(WTES TD THE FINANCIAL STATEMENTS. continued d31s Mah 2024 ACU)UNTINC IY)LiCIKS. eontinued Covemment grnnts Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there ts reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Where the grdnt does not impose specified future perfonnaThce-related conditions on the recipienL it is r¢cognised in income when the grant procee(Ls are received or receivable. Where the grant does impose specified future perforniance-related conditions on the recipient, it is recognised in income only when the perfomiance-related onditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability. ulgements and key sOue8 of estim81ion ertaInty The preparation of th¢ fmancial stat¢m¢nts requires management to make judgements, estimates and assumptions that affect the amounts rery)rted. These estimates and judgements are continually reviewed and are based on experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. In the case of the Charity, the only key judgement is the consideration given to the useful life of Lingible fixed assets andrelated rates of depreciation. Implnnentof rued ets A review for indicator5 of impairment is canied out at each rerting date, with the recoverable amount being estimated where such indicators exist. Where th¢ canying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impaimients are also reviewed for possible reveal at each reporting date. For the purposes of impainnent testin& when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of th¢ recoverdble amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from oth¢r assets or 8UpS of assets. For impairnient testing of goodwill, the goodwill qUIred in a business combination is, from the quiSItion date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, iirespective of whether other assets or liabilities of the charity ar¢ assigned to those units. Tangible fixed ets Tangible fixed assets are stated at Cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairnient losses. Cost includes costs directly attributable to making the asset Capable of operatlng as intended by managemenL Depreciation is provided at the following annual rdtes in order to write off each asset over its estimated useful life. Plant and machinery - 15°/0 on r¢du¢ing balan¢¢ Comput¢r equipment. 33 % on reducing balance All red assets are initially recorded at cost. Items wsting less than £500 are not capitalised. Taxation Th¢ Charity is exempt from corporation tax on its charitable activities. Trlmd aeeounti Unrestricted fimds Can be used in accordanLY with the thitsble objectives at the discretion of the iwstees. Restricted fimds can only be used for particular restricted purposes within the objeds of the charity. Restrictions arise when specifi¢d by the donor or when funds are rdised for particular restrirted purposes. Furtber explan8tion of the nature and purpose of each fund is included in the notes to the financial statements. Page 13 continued...
EDU ATION PAKINERSH]P LTD NOTLS TD THE FINANCIAL STATEMENIS. cOntind rorthe earended 31st Mah 2024 ACEt)UNTING IXILtClFS. conllnued Flmncial iDslnll A fmancial &sset or a fmancial liability is r¢¢ognised only when the entity becorn a paty to the wntractual provisions of the instrument. Basic financial instruments are initialty recognised at th¢ amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transactio wher¢ it is recOlSed at the present value of the future payments discounted at a Ma¢t Tate of interest for a similar debt instrument. Current &8sets and current liabilities are subsequently me&8ured at the cash or other consideration exp¢rted to be paid or r¢ceived and not discounted. Defined eontslbution pla Contributions to defined contribution plans are recognised &$ an expense in the peri(xl in which the related Servi is provided. Prepaid contributions are recogt)ised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash r¢fimd. When contributions are not ¢xpect¢d to be s¢ttled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discowited pres¢nt value bls. The unwinding of the discount is recognised as an expense in th¢ period in which it tamited by guajant Every member of BEP undertakes to contribut¢ an amount not exeeeding £1 to the &ssets of the company if it is wound up during the time that he is a mernber, or within one year afterwards, for debts and liabilities of BEP contracted before the time at which he or she ce&ses to be a member and of the costs. Charges and ¢xpen8es of winding up, and for the adjusthient of the rights of the contributories among then)selves. 2024 2023 Work related ¢xperiences Grants 1,643,866 8,214 1,351667 8,389 1.652,080 1,361,056 Grants Te1Ve& included in the abov< are as follows: 2024 2023 Other grants 8,214 8,389 Page 14 continued...
BUS]NLSS EDUCATION PARTNEiiSHIP LTD f rthe earended 31st Mah 2024 2024 2023 Deposit accoiint interest 4.628 597 (Jhertswling xlivities 2024 2023 61,614 847,424 42,357 677,435 1,980 8298 214,688 137,216 Staff costs Bad debts Travel & subsistence Consultancy fees Staff re¢nLit. & 8gency costs 6,507 254,894 105,818 1,276,266 1,081,974 Governance costs Management Finance Totals Other resources expended 254,631 1,129 8,619 264,379 Net incomel(expenditUTe) is stated after Charn{creditIng). 2024 2023 Depreciation - owned assets Deficit on disposal of red assets ,515 142 11,311 4,057 2024 223 Fees payable to the charity's audito forth¢ audit ofthe charity's fmancial statements 6,320 6.989 Page 15 continued...
BUSINLSS EDUCATION LTD STA earended 31st Mwrh 2024 forthe There were no trustee5' remunerntion or other benefits for the year ended 3 1st March 2024 nor for the year ended 31st March 2023. Ther¢ were no trustee5' ¢xpeDses paid for the year end 31st March 2024 nor for th¢ year ended 31st Marth 2023. No truste¢ expenses have been incutted. io. STAFFCi)S15 2024 2023 Wages and salaries Social security costs Other pension costs 776,209 56,477 14,738 621.161 44,661 11,613 847,424 677,435 The average monthly numiw of employees during the year was &8 follows: 2024 21 io 2023 22 Charitable activitles Administrative Health & Safety li 34 36 No employees received emolum¢nts in excess of £60,(K)O. ii. Income is defeffed according to the terni in which the placement occurs. Monies received in March 24 relate to the following Summer Terni.. £316270 (2023: £392,023), 11 DEFINED CX)NfRIBUTION PIANS The amount recognised in inwme or expenditure as an expense in relation to defined contribution plans w&s £14,738 (2023: £11,613). Page 16 Continu..
BUSINESS EDUCATION PARTNERSHIP LID NOTES TOTHE FINANCIAL STATEMEM3. forthe earended 31st Mah 2024 ntin 13. The governm¢nt grants of £8214 (2023: £8,389) received in the year related to the National Tutoring Pro]¢ (NTP), which provides primary and secondary hOOlS with fimding to spend on targeted academic support, and the recovery premium grant (RPG), the government's package of fundll to support education r¢cov¢ry following the impact of th¢ coronavinL8 (COVID-19) pandemic. i&L TANGIBLE FIXED ASSE15 Plant and machinery Computer equipment Totals At 1st April 2023 Additions Disposals 46271 53,981 3,272 (6,310) 100,252 3,272 (6,310) At 3 1st Marth 2024 46271 50,943 97,214 DEPRECIATION At 1st April 2023 Charge for year Eliminated on disposal 20,272 3,900 43267 4,615 (6,168) 63,539 8,515 (6,168) At 3 1st March 2024 24,172 41.714 65,886 NET B(X)K VALUE At 3 1st March 2024 22,099 9,229 31,328 At 31st March 2023 25,999 10,714 36,713 I& DEBTORS: AMOUNIS FAtLING DUE (AYE YEAR 2024 2023 Trade debtors Amounts owed by participating interests Other debtors Prepayments al accnKd income 86,522 313 24,170 16,989 229264 15,070 32.762 127,994 277,096 Page 17 continued..
BUSINESS EDUCATION PARTNERSlItp N(yfFS TO THE W4ANCIAL STAIEMENI5. forthe earended 31st M%h 2024 I& CREDIfoRS: AMOUNT5 FALLING DUE WH1N ONE YEAR 2024 2023 Bat& loans and overdrafts (see note 18) Trdde credito Social security and other taxes Accrued expenses 10,000 21,884 3,279 336,020 10,000 32,117 3,288 419,456 371.183 464.861 17. 2024 2023 Bank l(wns (see note 18) 15,834 25,833 i& )ANS An analysis of the ntilty of loans is given below: 2024 2023 Amounts falling due within one year on demand: Bank loans 10,000 10,000 Amounts falling between one and two years: Bank loans - 1-2 years 10.000 10,000 Amounts falling due tween two and five years: Bat)k loans- 2-5 year6 5,834 15,833 19. Minimum lease payments der non-cancellable operating le&8es fall due as follows: 2024 2023 Within one year Between one and five years tn moTe than five years 89,433 210,000 104,(4JO 240,000 30,0(M) 299,433 374,600 The operating leases refers to the following properties: 62-64 Western Road, Romford- The lease period is 10 years from the 1st October 2018. 10 Bridge Close, Romford - The original lease term has expired and is now on a yearly rolling contract from the I lth August. The lease has since expired in the 2024-2025 accounting period. 4 Repton Court, B&sildon - The original lease temi h&s expired and is now on a yearly rolling contract from the 24th November. Page 18 continued...
BuSKs EDUCATION PARTNERSHtp LTD iyrLS TOTHE FINANCIALSTATE forthe earended 31st Mah 2024 20. N¢t movement in fund8 At 31.3.24 At 1.4.23 Unrnstiieted funds General fimd 275290 116,063 391,353 275,290 116,063 391,353 Net movement in funds, included in the above are as follows: Incoming resources Movement in fLmds expended UnTEstiicted fun(b General fund 1,656,708 (1,540,645) 116.063 T(yfAL FUNDS 1,656,708 (1,540,645) 116.063 CompHrntives formovement in fun(ts Net movement in funds At 31.3,23 At 1.4.22 Unffstiicted funds General fund 271,404 3,886 275,290 271,404 3,886 275290 Comparative net movement in fund4 included in the alK)v¢ or¢ as follows: Incoming resources Resouwes expended Movement in fimds Unlutiictsd fun(L8 General fund 1,361,653 (1,357,767) 3,886 T(yfAL 1,361,653 {1,357,767) 3,886 Page 19 continued...
BUSINFSS EDUCATIOIY PAI[ LTD forthe earended 31st mh 2 21. ANALYSIS OF IYET ASSK13 BThEN FUIYDS Unmtiieted Funds 2024 Totsl Funds 2024 Tangible fixed assets CuTrent assets Creditors less than l year Creditors greater than l year 31,328 747,042 (371.183) 31J28 747,042 (371,183) Net Assets 391 1353 53 UnStile1ed Totsl Fwi(Ls 2023 2023 Tangible red assets Current assets Creditors less than l year Creditors than l year 36.713 729271 (464,861) 25 3fi713 729,271 (464861) Net Assets 275 75 21 REIATED PARTY DJSCithURKS Mr Kelly Sims, the company secretary. has operational managerial control of the charity. He is involv¢d in a partnership, National Link Foundatio which has dealings with BEP whereby NLF provides managemenL consultancy and support services, together with &sswiated costs, to the C11ty. The total value of such services during the year was £217,135 (2023: £187,755). Included within debtors are outstanding amounts due from BEP Appointments of £313 (2023: £Nil) to BEP (UK) Ltd at the ststement of financial position date. Mr Kelly Sims and Mrs Jo Green, Principal of BEP (UK) Ltd, are joint directors in BEP Appointments. ManagemenL consultancy and support services, togeth¢r with associated costs are provided to the charity. The total valu¢ of services from BEP Appointhlents during the year amounted to: £28,565 (2023: £64,259). Page 20
BUSINFSS ED CA N PARTNERSHJP LTD DEfAILED STATEMENT OF FJNANC]AL A forthe eare ed 31st TV12h 2024 2024 2023 WO Trlaled exFrfenees Work related experiences Grants 1,643,866 8,214 1,352.667 8,389 1,652,080 1,361,056 Investment income Deposit account interest 4,628 597 Total Ineoming 1.656,708 1,361.653 (Xhertrnling activities Purchases Wages Social security Pensions Bad debts Travel & subsistence Consultancy fees Staff recruiL & agency sts 61,614 776209 56,477 14,738 42.357 621,161 44,661 11,613 1,980 8,298 214,688 137,216 6,507 254,894 105,818 1276266 1,081,974 SupN)rt tosts Management Rent & rates Insurance Light and heat Telephone Postage and stationery Rcpairs and maintenance Cleaning Staff training & welfare Donations Plant and machinery Computer equipment Loss on sale of tangible fixed assets 109,922 6,595 6,455 11224 40.635 10,114 29,328 26,752 4,950 3,900 4,614 142 108,342 6,564 14,959 16,079 29,532 14,624 29,706 31,449 4.949 6,361 4,057 254,631 266,622 In¢ Bank charges Carried forward 344 344 285 285 This page does not form part ofthe statutory financial statem¢nts Page 21
EDUCATION PA LTD forthe earended 31st Mwrh 2024 2024 2023 Brought forward Bank l(Tran interest 344 785 285 1,033 1,129 1,318 Governance eosts Auditors, remuneration Legal and other prof. fees 6,320 2,299 6,989 864 8,619 7,853 Totsl resources expended 1,540,645 1,357,767 Net income 116,063 3,886 This page does not fonn part of the statutory fir1claI statements Page 22