Charity Number= 1061605 Company Number: 03163754 Tralnlng and Developmenl Resource Ltd (a company limlted by guarantee) Report of tho Trustees and Flnanclal Statements For the year ended 31 July 2024
Trainlng and Development Resource Llmlted Contents Paga Board of Trustee5 Report Independent Audltors Report to the Members and Trustees of the Charitable Company Consolldaled Statement of Financial Activltles 14 Consolldated Balance Sheet 15 Charity Balance Sheet 16 Cash Flow Statement 17 Notes to th8 Consolldaled Flnanclal Statemenls 18-34
Training and Development Resource Llmlted Board of Trustees Reportlng For the year ended 31 July 2024 Company Reglstratlon Number: 03163754 Registered in England and Wales Charlty Regl$tratlon Number: 1061605 Reg15tered Offlco: Q1 Quorum Business Park Benton Lane Newcaslle upon Tyne NE12 8EX Board ol Trustees: M O Grant OBE DL R Dodd MBE l Young D Kilkenny J Smllh M Colllns K O'Brlen D Heaney C Buckley J Lamb J Riddell Chair R8signed 19 December 2023 Appointed 22 Aprll 2024 Appointed 22 April 2024 Appointed 22 Aprll 2024 Company secretary: Ll Xue Bankers; Lloyds Bank PIC 102 Grey Streel Newcastle upon Tyne NE99 1SL Audltors; CLA Evelyn Partners Llmited 17 Queens Lane Newcastle upon Tyn8 NE11RN
Training and Development Resource Llmlted Board of Trustees Report (Contlnued) For the year ended 31 July 2024 The trustees are pleased to present their annual report together with the consolidated financial statements of Ihe charitable company for the year ended 31 July 2024. The flnancial statements comply wilh the Memorandum and Articles of Association and thg requirements of the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charilie5.' Statemenl of Recommended Praclice, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appliGable In the UK IFRS102) (effective 1 January 2015). PUBLIC BENEFIT STATEMENT The Trustees have referred to the guidelines contained in th8 Charity Commission's general guidance on publlc b8neflt when reviewing the year's aims and objectives and in planning future aclivities. The charity's aims and objectives above are reported clearly below to provide clear and demonstrable public benefit. GOVERNING DOCUMENT Training and Development Resource Limlted Is a registered charlty (No. 1061605). It is governed by Articles of Assoclalion that were last revised on 21 February 2018. TRUSTEE INDUCTION AND TRAINING On appointment, each Trustee receives a full briefing and induction on the extensive activities of the Charily and subsidiary. Thls includes strategy, finance, organisatlon and systems. In addltion, meetings are arranged wSth all key staff executing th8 day-to-day activities of Training and Development Resource Limited and ils subsidiary company TDR Tralning Ltd. There Is a particular focus on.. Obllgallons of Trustees, The governing documents, The operational framework, Reserves and currenl financial posltion, Future plans and objeclives. ACHIEVEMENTS & PERFORMANCE In 2023124 TDR'S training intake exceeded the financial budget. In order to help support the future growth plans by maximlslng operatlonal efficlencies, further developlng tralning facilities in ils head quarter on Quorum Business Park. TDR has become the only Independent training org8nisation In the region to dellver all aspecis of englneerlng apprenllceship from Levels 2 4. This is a huge selling point for the business.
Tralnlng and Development Resource Llmlted Board of Trustees Report (Contlnued) For the year ended 31 July 2024 AIMS AND OBJECTIVES TDR was originally set up by the business sector in the North Easl of England and was Incorporated in 1998. The Initial imperative was to resolve a major shortfall in young people considering a career as an apprentlC8 in the regional englneering sector. TDR has evolved progressively into an independent, regional. not-for-profil charity that connects learn&rs, their parents and education staff with the busines5 marketplace. TDR Training Limited, Ihe subsidiary company, provides high quality apprenticeships while promoting science and engineerlng technology as potential career options for young people. TDR continuously strives for excellence and to act in the bèst interests of leamers by provlding opportunily for all to learn new ski118 and to develop marketable expertise. TDR recognlses, promotes and benefits from incluslon and seeks to expand the skills development and progression of individuals to ensure sufficient resource of operators, technicians, engineers and scientists who are adequately equipped to keep pace with the latest technologies and standards. In parallel with this approach, TDR is totally committed to safeguardlng ils clients. its procedures and outcomes are formally reviewed and updated at Trustee meetings, where dlrectors are fully briefed and Involved with the pollcy development and execution of this Important issue. TDR Is commltted lo increaslng Its Impact, influence and public benefit along with Its scope and scale. The servlces provided by TDR are underpinned by core values that mandate professionalism, continuous Improvement, a focus on excellence and progre5slon, TDR aim lo provide employers wlth imaginative. enthusiastic, ambitious, able and employable people who ar8 ready to enter the technology-sector workforce and add valu8 to thelr employers. TDR'S 'Objects' as set out in the Articles of Assodation are to'.- Promote and provlde learning, vocational educalion and trainlng to 8mployees and individuals In pursuit of employment. Speciallse In the fields of science. engineerlng, manufacturing, commerce. enterprlse and professional seNices in Industry. ENSURING TDR DELIVERS THE OBJECTIVES The Truslees meet quarterly as a Board and revlew outcomes, strategy and plans. The revlew looks at what was achleved along wlth outcomes compared lo the plan. The overall slrateglc direction Is therefore consldered and amend8d in the light of current and expecled circumstances. TDR have referred to the suggestions contained In the Charltles Commission guldanc8 on Public Benefil when reviewing the aims and objectlv8S.
Tralning and Development Resource Limlted Board of Trustees Report (Contlnued) For the year ended 31 July 2024 FINANCIAL REVIEW The financlal position for the year shows a group surplus of£534,503 {2023- £203.5901- The oulturn was largely as a result of increased apprenticeship and Iraining revenue. At the year end the overall fund balance of the group stood at £2,422.496 (2023- £1,887,993) represented In a large part by fixed assets, with net current assets of£54.842 (2023- £87.797). The trustees have prepared income and expenditure, balance Sheet and cash flow forecasts and have a reasonable expectation that the company has sufflcienl resources lo continue in operational existence for a period of at18ast 12 months from the date of approving these financial slatemenls. Further detail is given in the going concern accounting policy on page 18. The charity does not actively fundraise and does not work wlth any ihlrd party fundraisers. TDR cornplies wlth relevant fundraising standards and there have been no fundraising complainls In the year. The financial statements, whlch have been prepared in accordance with the Charity SORP {FRS10212019, conform lo current statutory requirements and comply wilh the Charity's governing documents. RESERVES POLICY The Trustees have revlewed the reseprfes of the Group. Thls review encompassed the nature of the Income and expenditure streams, the needs to match variable income and fixed cornmilmenls and the nature of the reserves to enable the Group to effectively deliver its Iwo key objectives. The Trustees have concluded that the Group requlres a general reserve fund equatlng to approxlmalely three months of unreslrlcled fund expenditure whlch equates lo approx. £600k. Unreslricted funds amount5 to £2,317.295 (2023 - £1.770,3741 for the group at the end of the year. Reslrict&d funds totalled £105,201 (2023 - £117,619). Of the unreslrlcted reserves £2,922.936 Is represented by fixed a55ets and £625,171 is an associated secured bank loan. The free r8serves are in a delicit of £50,359 (2023 £29,822). Forecasts show surpluses for the coming period for the group and the board inlend lo relaln these to strengthen the balance sheet and to Increase the working capltal, bulldin9 the reserve5 UP to the desired level. INVESTMENTS POWERS AND RESTRICTIONS The Trustees can invest any sums or investments received by them In investments In whlch Ihey are by law authorised lo invest money, with power from lime to time lo change to others of a Ilke nature.
Tralnlng and Development Resource Limlted Board of Trustee8 Report (Continued) For the year ended 31 July 2024 PLANS FOR THE FUTURE TDR'S future plans are lo continue to make a differenc8 by creating a world-class skills pool to sustain the people's needs of the Science, Technology. Engineering and Manufacturing {STEM) Industrie5. whilst Strategically enhancing the engagement wilh local schoo15 and authorities and offering advice and guidance on STEM activities. TDR Tralning has continued to improve Its performance. An increased focus on raising lh8 company's profile by utilising soclal media, attending nelworking 8V8nts and engaging with organisation5. all with the vision of engaging wlth new stakeholders in the reglon. TDR contlnues to engage with new and 8XlSting organisations, with negotiatlons ongoing with significant North East employers to set up training parlnerships that will secure TDR'S position as the leading indep8ndent training organisation in lh8 region. The Trustees wlll continue to work on achlevlng Its main objectives to: Engage wlth local School and authorllles to provlde STEM Informatlon, advlce, and guldance to help people make informed Gholc8s about their further education and career progression; Generate a high-callbre pool of capable potential employ88s who are ready willing and able to contrlbute poslllvely to the UK economy; To provlde th8 best independent training facility in the North Easl for Science. Technology. Engineering and Manufacturing (STEM) industries and ensure maximum capitalis8 on future growlh opportunlli8S; Continually expand curriculum design and delivery model to meet employer and learner needs; Dellver TDR Trust Awards Ceremony to recognise 8ppr8ntice achievement and employer contributlon to training and development in the region. TDR will contlnue to actively promote Engineering & Science as a worthwhlle career: develop Englneering & Sclence Apprenticeship opportunlties, Scholarships and diversify the TDR Trust School Programs.
Trainlng and Development Resource Limited Board of Trustees Report (Contlnued) For the year ended 31 July 2024 The Trustees will continue to work on achleving its main objectives to: Engage wth local school and authorities to provide STEM informallon. advice. and guldance lo help people make infarmed choices about their further education and career progr8ssion', Generate a high-calibre pool of capable potenlial employees who are ready willing and able lo contribute P051tively to the UK economy., Combine the two operational sites in order to offer one-stop-shop training facility for Science, Technology, Engineering and Manufacturing (STEM) industries; Beller utilisatlon of the organlsational resource and ensure maximum capitalise on future growth opportunltles; Contlnually expand curriculum deslgn and dellvery model to meet employer and reamer needs.. Deliver TDR Trust Awards Ceremony to recogni5e apprenlice achievement and 8mploy8r contribution to tralning and development in the region. TDR wlll contlnue to acllvely promote Engineering & Sclence as a worthwhlle career; develop Englneering & Sclence Apprenticeship opportunitles, Scholarships and diversify the TDR Twsl School Programs.
Tralnlng and Development Resource Llmited Board of Trustees Report (Contlnued) For the year ended 31 July 2024 REFERENCE AND ADMINISTRATION DETAILS Registered Charily Number Company Number Regislered Office 1061605 03163754 Q1 Quorum Business Park, Benton Lane. Newcastle upon Tyne, NE12 8EX Trustees The trustees who served the charity during the period and up to Ihe date of slgning this report were as follows., M O Grant OBE DL R DcKld MBE l Young D Kilkenny J Smith M Collins K O'Brien D Heaney C Buckley J Lamb J Riddell Chair Reslgned 25 April 2024 Resigned 19 December 2023 Appointed 22 April 2024 Appointed 22 April 2024 Appointed 26 April 2024 Key Management Personnel Lxue Chief Executlve Officer S Atkinson Buslness Development Director Resigned Octobèr 2024 Audltorn In accordance wlth the company's Artlcles, a resolution proposlng that CLA Evelyn Partners Llmlted be reappolnted as auditor of the company will be pul at a General Meetlng.
Tralnlng and Development Resource Limlted Board of Trustees Report (Contlnued) For the year ended 31 July 2024 STRUCTURE, GOVERNANCE & MANAGEMENT Training and Development Resource Llmited (TDR) is governed by a Board of up lo eight Trustees. There are speclflc selection criteria laid down regarding the qualilies required for a person lo be considered sultable. The nominatlon and selection process involves all Trustees and is democratic and transparent. Appointments are made at the quarterly meetings of the Board. TDR Tralning Limited is the wholly owned subsidiary Company of TDR, The TDR Training executive team Is18d by Chief Executive Officer. along with a senior management team. which has delegated operational respon51bility. TDR Training Ltd employees partlclpate in an annual Performance Management process to reinforce Company ethos and culture and set objecllves and targets for the coming year. Detailed operational budgets are eslablished, monitored and formally reviewed by the Trustees and Chief Executive Officer supported by the Senior Management Team. During the y6ar the Chlef Executive Offlcer and senior management team relocated the Training and Development Centre to the Head Quarter Q1 on Quorum Business Park. Training Board meetings were organised 6 times per year. RECRUITMENT AND APPOINTMENT OF TRUSTEES Nomlnated Trustees are appointed at a Trustees meeting. Electlon is by majority vote, includlng any proxy votes tendered. Trustees are appointed for a three-year term. Prior to inviting nominees, the Chair revi8W the experience base of the exlsllng Trustees In order to then attract member5 wllh relevant and complementary skills, along wllh sector knowledge, to the Board.
Training and Development Resource Limited Board of Trustees Report fcontlnued) For the year ended 31 July 2024 PAY AND REMUNERATION OF KEY MANAGEMENT PERSONNEL The Trustees consider that key management comprise the charity's Trustees and Ihe s8nior mana98m8nt team who are in charge of directing and controlling, running and operating the charity on a day to day basis, All Trustees 9ive their lime freely and no Trustee rec8iV8d remuneration in the year in their role as Trustee. Details of Trustees, expenses and related paty transaclions are disclosed In note 12 to the accounts. Salary levels of the senior management team are revIevd annually by the Truslees based on Sector benchmarking. RISK MANAGEMENT As part of the business plannlng process the Trustees consider risk at all quarterly meetings. As a result there Is a conllnued focus on highlightlng any evolving rlsk. clarilylng the key elements lo mitigaie and then taking Ihe necessary steps to maxlmlse the Smpa¢t of the actions agreed. Malntaining a strong financial base is 8 key ongoing factor in minimising risk. The Trustees have assessed the major risks to whlch the Charity Is exposed, in parlicular those relating lo the operatlons and fln8nces of the Charlty and are satlsfied that systems are In place to miligate exposure to major rlsks. The challenges faclng TDR are: The perceptlon that unlversity offers the best career option for 311 high achievlng school leavers. Adapting to changes In fundlng as a result of the apprenilceship levy. Keeping abreast of developments. changes and contenls of apprentlceshlps and cons8quent learnlng r8quirem8nts. Retainlng hlgh callbre staff to ensure the Charity can contlnue to manage Its affairs to meet the levels of support to the learner. The impact of skllls shortage and continuing to deliver training amidsl the challenges of apprentlce recruitment.. Maximislng other Income streams. Effectlve use of fac11511es and space. Trustees are confident from regular revlew that these risks are managed effectively.
Training and Development Resource Llmited Board of Trustees Report (Conllnued) For the year ended 31 July 2024 TRUSTEES, RESPONSIBILITIES STATEMENT The trustees are r6sponsible for preparing the Truslees. annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Unlted Kingdom Generally Accepted Accounting Practlce}. The law applicable to charltles in England & Wales requlres the trustees to prepare financial statements for each financlal year which give a true and fair view of the stale of affairs of the charily and of the incoming resources and application of resources, including the income and expenditure of the charity. In preparlng these financial statements. the Iruslees are required to: select suitable accounting pollcies and Ihen apply them consistently; observe the methods and principles in the Charities SORP 2015 IFRS 102); make judgements and estimates thal are reasonable and prudent. slate whether applicable UK Accounting Standards have been followed, subject to any mat8rfal departures disclosed and explained in the financial slatement5.' prepare the financlal statements on the golng concern basis unless It is Inappropriate to presume that the charlty will continue in operation. The trustees are responsible for keeping adequate accounting records that dlsclose wlth reasonable accuracy at any time the financlal posltion of the charity and enable them lo ensure that the financial statements comply wlth th8 Charitles Act 2011 They are also responslble for safeguarding the assets of the charity and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularities. So far as each of the trustees is aware at the time the report is approved: there is no relevant audit informatlon of which the charities audilors are unaware, and the Iruste6s have taken all steps that they ought to have taken to make themselves aware of any relevant audlt information and lo establish that the audllors are aware of thal Informatlon. Thls report was approved by the truste6s 0 ned on Its behalf. by.. .Llo M O Grant OBE DL Chalr 10
Training and Development Resource Limited (A company Ilmited by guarantee) Independent Auditors, Report to the members of Tralning and Development Resource Limited For the year ended 31 July 2024 Oplnlon We have audited the financlal statements of Tralnlng and Development Resource Limiled (the 'ch8ritable company'l and its subsidiary (Ihe 'group'l for the year ended 31 July 2024 which comprise the Consolidated Statement of Financial Aclivities, Consolidated Balance Sheet. Charity Balance Sheet. the Consolidated 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 thelr preparation is applicable law and United Kingdom Accounting Standards. includlng Financial Reporting Slandard 102 The Flnanclal Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounling Practice}. In our opinion the financial stalements: glve a true and fair vlew of the state of the group'5 and charitable company's affalrs as at 31 July 2024. and of the group's incoming resourGes and application of resources, including its income and expendlture, for the year then ended., have been properly prepared in accordanc8 Wlth United Kingdom Generally Accept8d Accounting Practice; and have been prepared in accordance wlth the requirements of the Companies Act 2006. Bas15 for oplnSon We conducted our audlt In accordance wlth Intemational Slandards on Auditlng (UK) (ISAS (UK)) and applicable law. Our responsibillties under those standards are further described in the Auditorfs responsibilitie5 for the audit of the financial statements sectlon of our report. We are independent of the charitable company in accordance with th8 ethical requlrements that are relevant to our audit of the financial statements in the UK. including the FRC'S EthiGal Standard, and we have fulfilled our other ethlcal responslbilities in accordance with these requirements. We belleve that the audlt evidence we have obtained is sufflclent and appropriate to provlde a basis for our oplnion. Concluslons relatlng to golng concern We havg nothlng lo report In respect of the following matters In relation lo whlch the ISAS (UK) requlre us to report to you where.. the Irustees. use of the golng concem basi5 of accountlng In the weparatlon of the financlal statements Is not approprlate. or the truslees have not disclosed in the financial statements any identlfled material uncertalnties that may cast significant doubt about the group's or charitable company's ability to continue to adopt the going Goncern basis of accounting for a year of at least twelve months from the date when the financial statements are authorised for Issue. other Information The Iruslees are responsible for the other infomiation. The other informatlon comprises the informalion included in the trustees, annual report, other than the financial stalemenls and our auditor's report thereon. Our oplnion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicltly stated in our report, we do not express any form of assurance conclusion thereon.
Tralning and Development Resource Limlted (A company limlted by guarantee) Independent Audltors, Report to the members of Training and Development Resource Llmlted (Continued) For the year ended 31 July 2024 In connection with our audit of the financial statements, our responsibility is to read the other infomiation and, in doing so, consider whether the other information is materially inconsistenl with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mlsstated. If we idenlify such material inconsistencies or apparent material misslat8ments, we are required to determine whether there is a material misslatemenl in the financlal statements or a material misstatement of the olher information. If, based on Ihe work we have p8rformed, we Gonclud8 that Ihere is a materlal misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other malters prescribed by the Companles Act 2006 In our opinlon, based on the work undertaken in the course of the audit.. the Information given In the trustees, report (incorporatlng the directors, report) for the financial year for which the financial statements are prepared is consistent with the financial stalemenls., and the directors. report has been prepared in accordance with applicable legal requirements. Matlars on whlch we are requlred to report by exceptlon In the light of our knowledge and underslanding of the group and parent charitable company and Its envlronment obtained in the course of the audit. we have not identified material misslat8menls In the dir6Ctors' report. We have nothlng lo report In respect of the following matters In relation lo whlch the Companles Act 2006 requires us to report to you if, in our opinion.. adequate accountlng records have not been kept by the parent charitable company, or returns ad8quate for our audit have not been received from branches not vislted by us: or ihe flnanclal slalemenls are nol In agreement wllh the accounting records and returns; or certain disclosures of directors, remuneralion specified by law are not made: or we have not recelved all the informatlon and explanations we require for our audit. or the Iru5tees were not enlilled to prepare Ihe financial slalements in accordance with the small companies, regime and lake advantage of the small Companies, exemptions in preparing the directors, report and from the requlrement to prepare a strategic report. Responslbllities of trustees As explained more fully in the trustees, responsibilities statement set out on page 10, the trustees (who are also the dlrectors of the chartlable company for the purposes of company law) are responsible for the preparation of the financial slalemenls and for being satisfied that they give 8 true and falr view. and for such Internal control as the trustees delermlne is necessary to enable the preparatlon of financlal statements that are free from material mlsslatement, whether due lo fraud or error. In preparing the financial statements, the tTuslees are responsible for assessing the group'5 and parent charltable company's abillty to continue as a going concern, disclosing. as applicable. matters related lo golng concern and using the going concern basis of accounting unless the trustees elther Intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 12
Training and Development Resource Llmited (A company Ilmlted by guarantee) Independenl Auditors, Report to the members of TralnSng and Development Resource Limlted (Contlnued) For the year ended 31 July 2024 Irregularities, including fraud, are instances of non-compllan¢e with laws and regulatlons. We design procedure5 In line wlth our responsibilities, outlined above, lo delect material misstatemen15 in respecl of irregularities, including fraud. The extent to which our procedures are capable of detecling irregularities, including fraud, is delailed below. We obtained an understanding of the legal and regulatory framework applicable lo both the company Itself and th8 indusiry In whlch it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discusslon with the directors and other management. The most significant were identified as the Companies Act 2006, UK GAAP (FRS1021 and relevant tax legislation. We considered Ihe extent of compliance with those laws and regulations a5 part of our procedures on Ihe related financial statements. Our audit procedures included: confirming with the trustees and management whether they have any knowledge or suspiGlon of fraud., oblainlng an understandlng of the internal conlrols established to mitigate risks relaled to fraud or non-compllance with laws and regulatlons- assessing the risk of management override Including Identifying and testlng a sample of journal entries; confirmation recelved from the banks to verity the balance as on the last day of the accounling year; revlewlng mSnutes of meetlngs of those charged with govemance; and Our audlt dld not Identlfy any key audlt malters relallng to the delectlon of irregularities Includlng fraud. However, d8splte the audit being planned and conduct8d in accordance with ISAS (UK) there remains an unavoidable risk that material mlsslatemenls in the financial statements may not be det8Cted owing to inherent Ilmitations of the audll, and that by Ihelr very nature, any such Instances of fraud or irregularity Ilkely involve collu51on, forgery, Intenllonal mlsrepresentations, or the overrlde of Internal controls. A further descrlption of our responslbllities for the audit of the financial statements is located on Ihe Fln8ncial Reportlng Councll's webslte at,. www.frc.org.uklauditorsresponslbillties. Thls descrlption forms part of our auditor's report. Use of thls report This report is made solely lo the charitable company's members, as a body, in accordance with Chapt8r 3 of Part 16 af the Companle5 Acl 2006. Our audit work has been undertaken so that we mlght state to the ¢harltable company's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permllted by law, we do not accepl or assurne responslbility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for Ihis report, or for Ihe oplnlons we have formed. Craig Henderson (Senior Statutory Audllor) For and on behalf of CLA Evelyn Partners Limited 13 KIL& 2oi£ stalutory Audltors & Chartered Accountants 17 Queens Lane Newcastle upon Tyne NE1 1RN 13
Tralning and Development Resource Llmited (A company limlted by guaranteel Consolidated Slatement of Financlal Activltles For the year ended 31 July 2024 Unrestrlcted General Restrlcted Fund Funds Total 2024 Total 2023 Notes Income from: Donations and legacles Charitable activities Other income Investment income 104.800 2.791,025 3,420 8.779 104,800 2,791,025 3.420 8,779 2.268,608 2,658 661 Total income 2,908,024 2,908,024 2,271,927 Expendlture on: Charitable activltles 2,373,521 2,373,521 2,068,337 Total expendlture 2,373,521 2,373,521 2,068,337 Net movement In funds before transfer8 534,503 534,503 203,590 Transfers 12,418 (12.418) Nat movement In funds 546,921 (12,418) 534,503 203.590 Reconclllatlon of lunds: Total funds brought loard 1.770.374 117,619 1.887,993 1,684,403 Total funds carrled forward 2.317,295 105,201 2,422,496 1,887.993 There were no unrecognis8d gains or losses other than the surplus for the year. 14
Training and Development Resource Limited
Consolidated Balance Sheet pak As at 31 July 2024 0)
| Consolidated Balance Sheet As at 31 July 2024 pak 0) |
|||||
|---|---|---|---|---|---|
| Notes | 2024 | 2023 | |||
| Fixed assets | |||||
| Tangible assets | 14 | 2,922,936 | 2,394,695 | ||
| 2,922,936 | 2,394,695 | ||||
| Current assets | |||||
| Debtors | 16 | 234,233 | 227,799 | ||
| Cash at bank and in hand | 573,189 | 378,948 | |||
| 807,422 | 606,747 | ||||
| Creditors:amounts falling | |||||
| due within one year | 17 | (752,580 ) | (752,580 ) | ( 518,950 ) | |
| Net current assets | 54,842 | 87,797 | |||
| Total assets less current liabilities | 2,977,778 | 2,482,492 | |||
| Creditors:amounts falling due after | |||||
| more than one year | 18 | (555,282 ) | (555,282 ) | ( 574,499) | |
| Provisions for liabilities | 19 | (20,000) | |||
| Net assets | 2,422,496 | 1,887,993 | |||
| Charity Funds | |||||
| Restricted funds | 21 | 105,201 | 117,619 | ||
| Unrestricted funds | 21 | 2,317,295 | 1,770,374 | ||
| Total funds | 2,422,496 | 1,887,993 |
Chair
The notes on pages 18 to 34 form part of these financial statements.
15
Tralnlng and Development Resource Llmited Charlty Balance Sheet As at 31 July 2024 Notes 2024 2023 Fixed assets Tangible assets Investments 14 15 2,449.413 2,363,532 Current assels Oeblors Cash at bank and In hand 2,449.414 2,363.533 16 25,820 60,633 20,252 9,355 Credltors: amounts falllng due wlthln one year 86.453 29,607 17 { 223.115) (226,102) Net current Ilabllitles (136.662) (196,495) Total a850ts less current Ilabllltl85 2,312,752 2,167,038 Credltor6: amounts falllng due In more than one year 18 (555,282) (574,499) Net assèts 1,757,470 1.592,539 The lund8 of the charlty.. R8Stricled funds Unreslrlcted funds 21 21 105,201 1.652,269 117,619 1,474,920 Total charlty funds 1,757,470 1,592,539 These financial statements were approved by the Board of Trustee are signed on their behalf by: O Grant OBE DL Chair The notes on pages 18 to 34 form part of these financial statements. 16
Tralnlng and Development Resource Limited Consolldaled Cash flow statement For the year ended 31 July 2024 Notes 2024 2023 Cash flows from operatlng activities N8t cash provided by operating activlties 27 834,415 527,612 Cash flows from invesllng actlvltles Purchase of tanglble tixed assets Interest recelved (565,158) 122,3711 8,779 661 Nel cash provlded by Investlng activities { 556.379) (21,709) Cash flows from flnanclng actlvltle8 Interest pald Repayment of borrowlngs (64,578) { 33.609) (19,217) { 47,682) Net cash used In Ilnanclng actlvltles { 83,795) (81,291) Change In cash and cash equlvalents 194.241 424,612 Cash and cash equlvalents at the beglnnlng of the year 378,948 (45.664) Cash and cash equivalents at the end of the year 573,189 378,948 Breakdown of ca8h and cash equlvalents Cash at bank and in hand 573,189 378,948 17
Trainlng and Developmenl Resource Limlted Notes to the financlal staternents for the year ended 31 July 2024 Accountlng policl8s 1.1 Basls of preparation of flnancial statements The financial statements have been prepared in accordance with Accounting and Reporting by Charili6s'. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 issued in Oclober 2019, the Flnancial Reporting Slandard applicable in the United Kingdom and Republlc of Ireland (FRS 102), Ihe Charitles Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. Trainlng and Development Resource Llmited meets the definition of a public benefit und8r FRS 102. The financial statemenls are prepared under the historical cost convention or transaction value unless OtheISe slated in the relevant accounting policy nole{s). The financial statements are prepared In Sterllng which is the functional currency of the charity and rounded to the nearest £. The slgnificant accounting policles applied in the preparation of these financial statements are sel out below. These policies have been consislenlly applied to all yoars presented unless Otherwise stated. 1.2 Golng concern In the y&ar endlng 31 July 2024. a group surplus of £534,503 was achieved. The group has a nel asset poslllon of £2,422,496 (2023 - £1,887,993). This includes nel current assets of £54,842 {2023- £87,797). The financlal statements have been prepared on a going concern basis, whlch means that the group and enllty is 8ble to operate for the loreseeable luture on the basls of known and projected resources. The group has an overdraft faclllty of £100,000 In place wllh Lloyds Bank until July 2026, together with a bank loanlmortgage of £625,171 as at 31 July 2024. Based on dlscussions with the bank. the Directors have a reasonable expectatlon that the overdraft facility will be reviewed on an equivalenl basis al the renewal date. The senlor management team have prepared a case cash glow forecast for the perlod endlng August 2026. This has been used to establlsh and assure the valldity of the bu51ness as a going concern. The senior management team have also prepared a severe downslde scenario forecast as part of Ihls assessmenl. The assumptlons in the downside scenario forecast include the following.. Only contracted commerclal income has been recognised i.e no new commercial income despite the business conlinulng to seek additional source of income. No external renlal income in the period lo July 2025. Under performance in certain aspec15 of other income activities. Cost miligalion savings as a result of Ihe above. Both the base case forecast, and the severe downside forecast show that the group and the company are expected to operate withln the current overdraft facilily and will maintain Sufficient cash funds to contlnue to trade. Consequently, th8 Trustees are confident that the group and the company will have sufficient funds lo continue to meet Ihelr liabilities as they fall due and for at least 12 months from the date of approval of the finanGial Statements and therefore have prepared the financial statemenls on a going concern basis. 1.3 Basls of consolidation The group financlal statements consolidate the financial statements of the charitable company and ils sub51diary undertaking, TDR Training Llmiled, on a line-by-line basis. A separate Slatemenl of Financial Activities for the charity itself is nol presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Acl 2006. 18
Tralnlng and Development Resource Llmlted Notes to the fiDanclal slatements (Continued) for the year ended 31 July 2024 1.4 Charitable funds Unrestricted funds donations and other in¢orning resources recetved or generated for Ihe charltable purposes. Unreslrlcted funds are available lo spend on activities that further any of the general objectives of the charity. Restricted fund5 are to be used for speclllad purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund. 1.5 Flxed assels Tangible fixed assets are initially measured at cost and subsequenlly measured at C05t or valuatlon, net of depreciation and any impairment losse5. Depreciatlon Is recognlsed so as to write off the cost or valuation of assets les5 Iheir residual values over their useful Ilve5 on the following bases: Long leasehold land and buildings Plant and equipment Fixtures & fitlings Compuler equipmenl See Below Straight line over 4 5 years Straight line over 2 - 20 years Straight line over 3 - 4 years The galn or loss on the dlsposal of an asset Is determlned as the difference between the sale proceeds and the carrying value of the asset and Is credited or charged to income or 8xpenditur8. Subsequent costs. including replacement parts, are capitalised only when it 15 probable that such costs will 98n8rate future economlc beneflts. Any replaced parts or remalning carrying amounts are the derecognised. All other costs of r8p8lrs and malntenance are ¢harged to the Statement of Financlal Activities. Properties whose falr value can be measured reliably are held under the revaluation rnod81 and are carried at the revalued amount, being their fair value at the date of valuation less any subsequent accumulated deprecialSon and subsequent Impalrment losses. The fair value of the land and bulldings is usually considered to b8 thelr market valua. Revaluatlon galns and losses are recognised In other comprehensive Income and accumulated equlty, except to the extent that 2 revaluation gain reserves a revaluation loss previously recognised in profit or loss or a revaluallon 1055 exceeds the accumulaled revaluations gains recognised in equlty, such gains and losses are recognised In the Statement of Flnancial AGtivities. 1.6 Impairment of fixed assets Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, th8 estimated future cash flows are discounted to their present value using a pre-tax discount rat8 that reflects current market assessments of the tlme value of money and the risks specillc lo the asset for which the estlmates of future cash flows have not been adjusted. 1.7 Fixed asset investments In the separate accounts of the charity. interests in subsidiarles are Initially measured at COS 8d subsequently measured at cosl less any accumulated impairm8nt losse5. Interests in subsidiaries are assessed for impairment at each reporting date. Any impairment losses are recognised immedlately in expenditure. 1.8 Debtors Trade and other debtor5 are recognised at the setllement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.9 Cash at bank and in hand Cash at bank and in hand Includes cash and short term highly liquid investments with a Short maturity of three months or less from tha date of acquisition or opening of the deposil or similar account. 19
Trainlng and Development Resource Llmited Notes to the flnanclal statement5 (Continued) for the year ended 31 July 2024 1.10 Credltors and provlslons Credltors and provisions are rewgnised where the charity has a present obligation resulting from a past event Ihal will probably result in the transfer of funds lo a third party and the amount due to settle the obligation can be measured or eslimated rellably. Creditors and provisions are nomially recognised at their 58ltlement after allowing lor any trade discounts due. 1.11 Flnanclal Instruments The charitable group only has financial assets and financial liabillties of a kind that qualify as basic flnancial inslruments. Basic financial instruments are initially recognised at transaction valu8 and subsequently m8asured al their selllement value. 1,12 Income Income Is recognlsed when the group has entitlement to the funds. any performance condltlons attached lo the item of income have been met, 11 is probable that the Income will be received and the amount can be measured rellably. Income from charllable activltles is recognised as earned, as the related SeNiS ar8 provided, Income from donallons and legacles Includes core funding and fundlng of a general nature and Is recognlsed where there Is enlitlemenl. receipt Is probable and the amount can be measured with sufflclent rellablllty. Deferred income repr8sents amounts received for luture years and is rel8ased to Incoming r8sources in the year for which It Is entitled. Income from trading acllvllies and Investment income is recognised on a recelvable basls. Government grants are recognised at fair value of the ass8t received or receivablè when there is reasonable assurance that the grant conditlons will be met and the grants wlll be received. A grant that speclfles performance condltlons Is recognlsed in Income when the performance conditlons are mel. Where the grant does not specify performance conditions It is recognised in income when proceeds are recelved or receivable. A grant received before Ihe recognition criteria are satisfied is recognised as a liabilily. 1.16 Expendllure Expenditure Ss recognised once there Is a legal or constructive obligatlon to make a payment to a third party, il is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classifled under the following headings: Resources expended are included in the Statement of Flnanclal Activities on an accrual basis. excluslve of VAT with irrecoverable VAT shown as a separate cosl line. They include- Charitable activities include all the costs relating to activities vthere the primary alm is part of the objects of the charity along with the associated indirect costs. Govemance costs relate to costs incurred in compliance with the constitutional and statutory requirements of the group. 20
Tralnlng and Development Resource Llmited Notes to the financlal statements (Contlnuedj for the year ended 31 July 2a24 1.17 Allocatlon ol support costs Support cost5 are those functlons that assist th8 work of the charity bul do not directly undertake charitable activlties. Support costs include back off costs, personnel. payroll and governance costs which support the charity's land the group's) activities. These cosls. which have not been dlrectly apportioned, have been allocated between cost of raising funds and expenditure on charitable activities. The bases on whlch support costs have been allocated are set out in the support costs note. 1.18 Operating leases An asset and corresponding Ilabillly are recognised for leasing agreements that transfer to the charlly subslantially all of the risk5 and rewards incidenlal to ownership {'Flnance Leases.). All other leases are operating leases. Operaling lease5 - the group as a lessee The group classifies the lease of properties and equlpment as operating leases. Rental charges are charged to the statement of financial activities on a straight line basis over the period of the lease. Rent free perlods or incentives reiVed for enterlng into an operatinglgase are accounted for as a reduction to the expense and are recognised on a straight line basis over the lease term. Operafing18ases- the group as 8 lessor Rental income from operating leases is recognised on a stralght lino basis over Ihe t8rm of th8 lease. 1.19 Crltlcal accountlng estimates and areas of Judgement In Ihe application of the group's accounting policies, the trustees are required to make ludgemenls, estimate5 and assurnpllons about the carrylng amount of assets and liabililies that are not readily apparent from other sources. The eslimates and associated assumptions are based on historlcal experience and other factors thal are consldered to be relevant. Actual results m8y dlffer from these estimates. The estimates and undarlying assumptions are reviewed on an ongoing basis. Revlsions lo accounting esllmates are recognised in the period In whlch the eslimate is revised where the revision affects only that period, or in the period of the revlslon and future periods where the revision affpcts bolh current and future periods. The Trustees consider that the valuatlon of land and bulldings to b8 the princlpal ludgemental areas In these accounts. Long leasehold land and buSldings are carried on the balance sheet at fair value. The Trust888 periodically engage wilh exlernal valuation specialists to ensure that valualions used are up to date and in cases where they consider market factors may indicate material changes in value. 21
Tralning and Development Resource Llmlted Notes to the flnanclal statements fcontinuedj for the year ended 31 July 2024 Company structure The company is limited by guarantee. Every member of the company undertakes to contribute to the assets if the ompany is wound up while helshe is a member or within on8 year of ceasing to be a member, such amounl as may be required not exceeding £1. Comparatlve Statoment of Financlal Actlvltles Unrestricted General Restrlcted Fund Funds Total 2023 Total 2022 Not08 Income from: DonalSons and legacies Charitable ecllvitles Other Income Invéstment income 211,344 1,866,845 13,556 2,268,608 2.658 661 2,268,608 2,658 661 Total Income 2,271,927 2,271,927 2,091.745 Expenditure on: Charitable acllvities 2.068,337 2.068,337 1,748,029 Total expendlture 2,068,337 2.068,337 1,748,029 Net movement In funds bèfore transfers 203.590 203,590 343,716 Transfers Net movement In fund8 203,590 203,590 343,716 Reconclliatlon of fund5: Total funds brought forward 1.566,784 117,619 1,684.403 1,340,687 Total funds carrled forward 1,770,374 117,619 1,887,993 1,684,403 22
Tralning and Development Resource Llmited Notes to the flnancial statements (Contlnuedj for the year ended 31 July 2024 Donatlons Unrestricted funds Restrlcted funds Total 2024 Total 2023 Donations and gifts 104,800 104,800 104.800 104,800 Charitable actlvltlès Income analysls Unrestricted fund5 Restrlcted funds Total 2024 Total 2023 Provlslon of englneerlng and manufacturing tralnlng Government grants 2,625,743 165,282 2,625,743 2,268,608 165,282 2,791.025 2,791,025 2,268,608 other Income Unre8trlcted funds Restrlcted funds Total 2024 Total 2023 Commercial income 3,420 3,420 2,658 3.420 3.420 2,658 Investment Income Unrestrlcted funds R05trlcted funds Total 2024 Total 2023 Bank Interest received 8,779 8,779 661 8.779 8,779 661 23
Training and Development Resource Limlted Notes to the flnanclal statements (Conllnuedj for the year endod 31 July 2024 Net Income from tradlng actlvlty of subsldiary companies and assoclate company The charity has a wholly owned subsidlary which is registered in England and Wales. TDR Trainlng Limited. TDR Trainlng Limited A summary of the trading results is shown below. Audited financial statements will be f(led with the Registrar of Companies. Proflt & loss account 2024 2023 Turnover and other income Cost of sales and admlnistration expenses 3,073,483 2,271,926 (2,616.152 )12,132,511) Net proflt 457,331 139,415 A summary of the Balance Sheet Is shown below: Flxed assets Current assets Current liabilitles 461,282 31,163 838.812 697,640 (647,309)1413.349) Net assets 652,785 315,454 24
Tralnlng and Development Resource Limited Notes to the flnanclal statements (Continuedj for the year ended 31 July 2024 Expendllure on charltablo activltles Dlrect costs Total 2024 Total 2023 staff costs College costs Direct course costs Travel and subsislence Premises costs Office expenses IT costs Marketing Irrecoverable VAT Flnance costs other expenses 1,310,680 1,130,794 307,341 326,139 5,982 12.406 9,352 25,559 69,329 8,026 39.491 4,647 101,297 11,385 12,188 23,958 54.657 18,247 119,906 1,858,362 1,733,022 9.2 Support costs 2024 2023 Depreciation Pr8mises costs Irrecoverable VAT Interest payab18 Taxatlon Governance costs (note 9.3) 36,917 175,226 145,348 64,578 78,000 15,090 48,859 180,016 32,311 33,309 22,644 18.176 515,159 335,315 Total charltable expendlture 2,373,521 2,068.337 Governance 2024 2023 Audit fees Legal & professlonal fees 15,000 90 15,000 3,176 15,090 18.176 25
Training and Development Resource Limited
Notes to the financial statements (Continued) for the year ended 31 July 2024
10. Net income/expenditure for the year
The group surplus/(deficit) is stated after charging/(crediting)
| The group surplus/(deficit) is stated after charging/(crediting) | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Depreciation - owned assets | 36,917 | 48,859 |
11. Auditors remuneration
The auditor's remuneration amounts to an audit fee of £15,000 (2023 - £14,500) and fees for non-audit services of £20,114 (2023 - £18,888).
- Analysis of staff costs, Trustee remuneration and expenses, and the cost of key management personnel
Total salary costs analysed by:
| Total salary costs analysed by: | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Wages and salaries | 1,089,513 | 963,324 |
| National insurance contributions | 107,816 | 96,450 |
| Pension contributions | 113,350 | 92,920 |
| 1,310,679 | 1,152,694 |
The number of employees who received total employee benefits (excluding employer pension costs) of more than £60,000 is as follows:
| The number of employees who received total employee benefits (excluding employer pension costs) of more than £60,000 is as follows: |
The number of employees who received total employee benefits (excluding employer pension costs) of more than £60,000 is as follows: |
The number of employees who received total employee benefits (excluding employer pension costs) of more than | The number of employees who received total employee benefits (excluding employer pension costs) of more than |
|---|---|---|---|
| 2024 | 2023 | ||
| No. | No. | ||
| £60,001 - £70,000 | £60,001 - £70,000 | 1 | 1 |
No trustee received any remuneration or reimbursement of expenses (20223- £nil).
The key management personnel of the parent charity are detailed in the legal and administrative information. The total employee benefits of the key management personnel of the parent charity were £90,102 (2023 - £131,683).
The average headcount of persons employed by the group (including casual and part time) during the year was:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Directors of the Charity or trading subsidiary | 1 | 2 |
| (paid) Directors of the Charity (unpaid) | 9 | 7 |
| Staff | 31 | 36 |
| 41 | 45 |
26
Training and Development Resource Llmited Notes to the flnanclal statements (Contlnued) for the year ended 31 July 2024 13. Intangible flxed assets Group Negatlve goodwlll Cost or valualion Al 1 August 2023 and 31 July 2024 { 39,999) Amortisation and Impalrment Al 1 August 2023 Charge for the year { 39,999 ) At 31 July 2024 (39.999) Net book value At 31 July 2024 At 31 July 2023 The charily had no inlangible assets in the current or prlor year. Amounts recognised net income and expendilure for the year In respect of n8g8tlv8 goodwlll Gomprise the amortlsation charge and are included In support costs. 14. Tangible flxed assets Group Long leasehold Land & Bulldlngs Plant & Equlpment Flxtures & Flttlngs Computer Equlpment Total Cost At 1 Augusl 2023 Additions 2,200,000 245,618 9,250 333,878 319,540 3,720 2,546,848 565,158 At 31 July 2023 2,445.618 9,250 653,418 3,720 3,112,006 Depreclatlon At 1 August 2023 Charge for the year 9,250 139.183 36,917 3,720 152,153 39,917 At 31 July 2024 9,250 176,100 3.720 201,311 Net book value At31 July2024 2,445.618 477.318 2,922,936 At 31 July 2023 2,200.000 194,695 2,394,695 27
Tralnlng and Development Resource Llmited Notes to the financlal statements (Continued) for the year ended 31 July 2024 14. Tangible flxed assets Charlty Long leasehold land and buildings Plant and èqulpment Fixtures & fittings Computers Total Cost At 1 August 2023 Additions 2.200,000 9.250 287,594 110,218 3.720 2,500,564 110,218 At 31 July 2023 2,200.000 9,250 397,812 3,720 2,610,782 Depreclatlon At 1 Augus12022 Charge for the year 9,250 124,062 24.337 3,720 137,032 24,337 At 31 July 2024 9,250 148,399 3.720 161.369 Net book value At 31 July 2024 2,200,000 249,413 2,449,413 At 31 July 2023 2,200,000 163,532 2,363,532 All tangible flxed assets are held for charltable purposes. The long leasehold land and bulldings were fomially valued In January 2023 by Avlson Young al an open market value of £2.200,000. Trustees have assessed at the 31 July 2024 and consldered that thls valuation rernalns appropriate. If the propety was held under hlstodcal cos( it would be Included at a net book value of £1,001,130 (2023 £1.105,130). 28
Tralnlng and Development Resource Llmited Notes to the flnancial statements (Contlnuod) for the year ended 31 July 2024 15. Investments Group 2024 Group 2023 Charlty 2024 Charlty 2023 Investment in wholly owned subsldlary companles TDR Trainlng Limited Total investments 18. Debtor6 Group 2024 Group 2023 Charlty 2024 Charlty 2023 Trade d8btors Prepayments and accrued Income Other debtor5 190,843 22,833 20,557 185,570 26,271 15,958 180 10,081 15,559 8.409 11,843 234,233 227.799 25,820 20,252 17. CredltoY8: amounts falllng due wlthln one year Group 2024 Group 2023 Charlty 2024 Charlty 2023 Bank loans Trade credltors Amounts due to fellow group undertaklngs Corporation lax payable Other taxation and social security Olher creditors Accruals and deferred income 20 69.889 144,471 69,889 84,260 69,889 8,543 117,843 69,889 9,473 120,500 78,000 25.954 74,997 359,269 22,644 29,275 64.764 248,118 26,840 26,240 752,580 518,950 223,115 226,102 18. Credltors: amounts falling due after one year Group 2024 Group 2023 Charlty 2024 Charlty 2023 Bank loans 555,282 574,499 555,282 574,499 555.282 574.499 555,282 574,499 29
Trainlng and Development ResourGe Llmited Notes to the financlal staternents fcontlnued) for the year ended 31 July 2024 19. Provlslons for Ilabllitles A provlsion was In place for Ihe year end8d 31 July 2023 and related to potential amounts owgd back lo HMRC with respect to CJRS amounts received In previous years. As at 31 July 2024 this matter had been resolv8d. 20. Borrowlngs Group 2024 Group 2023 Charity 2024 Charity 2023 Bank108ns 625.171 644.388 625.171 644,388 625.171 644,388 625,171 644.388 Payable withln one year Payable after one year 69,889 555,282 69.889 574,499 69,889 555.282 69,889 574,499 Amounts Included above which fall due after five years: Payablo by instalments 202.847 272,736 202,847 272,736 The bank 108ns are secured by a flrst legal charge on the ¢harSly's long leasehold land and bulldlngs at Q1 Quorum Buslness Park. They are also secured on an unllmited debenture from the charlty and an unllmited debenture and unllmlted guarantee from TDR Training Limited. the charlly's subsidiary undertaklng. The bank loans bear inl8rest al rates 4.19°A and 4.25% and are repayable over 20 years In monthly instalments. 30
Training and Development Resaurcè LSmited Notes to the flnanclal statements (Contlnued) for the year ended 31 July 2Q24 21. Statement of funds ort ear ended 31 Ju 2024 Balance at 1 August 2023 Balance at 31 July 2024 Income Expendlture Transfers Unrestrlcted funds General fund 1,770,374 2,908.024 (2,373.521 ) 12.418 2,317,295 Total unrestrlct8d funds 1,770.374 2.908,024 (2,373,521 ) 12,418 2,317,295 Restrlcted funds The Ron Dodd Scholarshlp Fund Sponsorship Trust Acllvltles 97.919 19,700 97,919 7,282 (12,418) Total restrlcted funds 117,619 (12,418 J 105,201 Total funds 1,887,993 2,908,024 (2,373.521 ) 2,422,496 For ear ende Balance at 1 August 2022 8alance at 31 July 2023 Income Expendlturè Trangfers Unre5trlcled funds General fund 1,566,784 2,271.927 { 2,068,337) 1,770,374 Tolal unrestrlcted funds 1,566,784 2,271,927 (2.068,337) 1,770.374 Restrlcled funds Th8 Ron Dodd Scholarship Fund Sponsorship Trust Activities 97,919 19.700 97,919 19,700 Tofal restricted funds 117,619 117,619 Total funds 1.684,403 2,271,927 (2,068,337) 1,887.993 31
Tralnlng and Development Resource Llmited Notes to the flnanclal statements (Contlnued) for the year ended 31 July 2024 Restrlcted funds The Ron Dodd MBE Scholarship Fund Funds held to provide grants to deserving students faclng barriers to either entry or progression. Sponsored Trust activities - Funds given to support Charities objectives. Transfers The transfers relate to spend on capital assets. r8Strictions Irft once the purchase Is made. 22. Analysls of net assets between funds or the ear ended 31 Jul 2024 Unrestrlcted Restrictèd funds funds Total Fixed assets Nel current assets Creditors; amounls falling du8 after more than one year 2,922,936 (50.359) 105,201 (555,282) 2,922,936 54.842 (555,282) 2.317,295 105,201 2,422,496 the ar ended 1JI 202 Unrestricted Restrlcted funds funds Total Flxed assets Net current assets Credllors: amounts falling due after more than one year Provlslons for liablllties 2,394,695 (29,822 ) 117,619 (574,499) (20,000) 2,394,695 87,797 1574,499) { 20.0001 1,770,374 117,619 1,887,993 32
Tralning and Development Resource Llmited Notes to the financlal statements (Conflnued) for the year ended 31 July 2024 23. Penslon Deflned contributlon scheme The group operates a defined contribution pension plan for its 8mployees. The amount recognised as an expens& in the period was £113,350 (2023 - £92,920). The defined contribution liability Is allocated to unrestricted funds. 24. Related party transactlons The company has taken advantage of the exemptlon under FRS 102 not lo disclose transactlons wlth its 1000 owned subsldiary. R Dodd MBE, a trustee, donaled £nil (2023- £nil) lo the charity during the year. The amount carried forward al 31 July 2024 is £97,919 (2023- £97.919). During the year, E Dodd, brother of Irustee R Dodd MBE donated £97.800. 25. Taxatlon The charity is exempt from tax on income and gains faillng within Section 505 of the Taxes Act 1988 or Sectlon 252 of the Taxation of Chargeable Gains Act 1992 to the exlent thal these are applied lo Its charitable objectlV8S. No tax charges have arisen In the charily. 26. Control The charily Is canlrolled by the Board of Truslees. 33
Tralnlng and Development Resource Llmited Notes to the financial stat&ments (Conllnued) for the year ended 31 July 2024 27. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles 2024 2023 Net Incomel(expendlture) for the roporting perlod Adjustments for.. In18rest payable Interest receivable Depreciatlon Decreasellincrease) In debtors Increasel(Decreasel In credltors 534,503 203,590 64,578 33,609 36.917 (6.435) 213,631 48,859 48,761 193,454 Net cash (used In)Iprovlded by operatlng actlvltles 834.415 527,612 28. Analysis of changes In net debt 1Aug 2023 Cash 31 July flows 2024 Long term cash borrowings 1644,388) 19,217 { 625,171) Total Ilabllllles Cash and cash equlvalents { 644,388) 378.948 19,217 { 625,171) 194,241 573,189 Total net debt (265.440) 213,458 (51,982) 34