Registered number: 03795755 Charity number: 1077935 SHROPSHIRE EDUCATION AND CONFERENCE CENTRE UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 WR Partners Protecting your future. SHROPSHIRE EDUCATION AND CONFERENCE CENTRE (A company limited by guarantee) CONTENTS Page Reference and administrative details of the Charltable Company, Its Trustees and advlsers Trustees. report Independent examinor's report ststement of financial activities 10 Balance sheet Notes to the flnanclal statements 13-22 SHROPSHIRE EDUCATION AND CONFERENCE CENTRE (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Mr T M Parsons, Chair Mr M Bowering Dr J Buttenvorth (appointed 30 November 2023) Mrs J J L Clarke (resigned 30 November 2023) Dr R A Fraser (resigned 26 September 2023) M Holyoake (appointed 30 November 2023) Dr M Jarnes (resigned 6 September 2023) R Jenkins (appointed 30 November 2023) Dr K Jones (appointed 30 November 2023) Dr C McDennott (appointed 30 November 2023) Dr J Rowlands Dr K Srinivasan Company reglstered number 03795755 Charlty reglstered number 1077935 Registered office Shropshire Education and Conf8renc8 C8ntre Royal Shrewsbury Hospital Mytton Oak Road Shrewsbury Shropshire SY3 8XQ Company secretary P Lewis Accountants WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Banke Lloyds TSB 1 Pride Hill Shrewsbury SY1 1DG Sollcltors Hatchers Solicitors Welsh Bridge House Shrewsbury SY3 8LG Page 1 SHROPSHIRE EDUCATION ANDCONFERENCE CENTRE (A company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annu81 report together with the financial statements of the Charitable Company for the peric#J from 1 April 2023 to 31 March 2024. The Annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governiro document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in 8ccordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) {effectlve 1 January 2019). Since the Charitable Company qualifies as small under section 382 of the Companies Act 20(E, the Strategic report required of medium and large companies under the Companies Act 20C6 (Strategrc Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities a. Pollcles and objectlves The objects are the promotion and advancement of education and particularly but not exclusively in the subjects of Scien￿ and medicine and all matters relating to the progr&8s and development of all branches of medicine and surgery. The charity addresses these objectives by providing and maintsining a building which includes appropriate teaching, training and conferencing facilities with supporting AV and IT servI￿s. The charty is based within the grounds of Shr8wsbury Hospital and is used by Shrewsbury and Tetford Hospital Trust (SaTH) and Keele Universty, particularly in providing ServI￿S for the SaTH and Keele medical students. In setting objectives and plannirKJ for activities, the Trustees have given due consider8tion to general guidance published by the Chariiy Commission relating to public benefrt, including the guidance 'Public benefit.. running a charity (PB2)'. b. Actlvltles undertaken to achleve objecllves The Charity is a not for profit organisation and needs only to raise sufficient income to enable the Centre to function on an annual basis. Therefore funds sre used to meet the cost of staff" maintsin the fabric of the Centre- maintain the furniture and fittings in the Centre. meet the cost of the infrastructure providing heat, light and water into the Centre and keep the financial reserves intsct. Where there is surplus the Trustees have authorised the necessary expenditure to invest in upgrading the AV and IT equipment that ensur8S that the Centre is able to provide state of the art educational and conferencing facilitES. Having considered the Charity Commission's revised guidance on public benefit and charging for facilities. the Charity raises funds from NHS grants used for the purpose of training and fees from letting out rooms for training and meeting rooms from both NHS and commercial and professional users. Other income is received from the letting of offi￿8 for NHS staff. An in-house Catering seNice is provided by SaTH's Catering department. Page 2 SHROPSHIRE EDUCATION AND CONFERENCE CENTRE (A company limitod by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfomiance . Review of activities During the 2023 to 2024 financial year, the Charity has managed to maintain a healthy balance sheet despite a slow return of external clients l activities post coronaviws. In regards to SaTH internal clients. occupancy rates have gradually increased to consistent, positive levels. The Charity's major pledge is to facilitate and support Medical Education which is prominent at the Centre and ts a growing Hub for ￿ntraIl$1ng this important aspect. Demand for room hire from SaTH intemal clients is ever increasing and space for education, training and meetings is currently at a premium. As far as income generation opportunities are concemed this is very positive news. Intemal NHS facility usage in SECC is predicated by Hospital department's budget 8llowance and whether it is financially feasible for them. In support of our charitable pledge. this period has seen SECC convert and accommodate the clinical departments of Advantsd Clinical Practitioners and Clinical Skills Facilitators that support Post Graduate Education 2nd training. Employment SECC currently funds one full-time post (37.5 hours), one part time post (22.5 hours) and funds 15 hours tovrdrds a full-time post. Outside SECC'S contribution, the rest of stsff funding is provided by Post Graduate Medical Education. Lettlng Income For this financial period, the Charity's main income generator is via SaTH internal clients who maintain very healthy occupancy levels. Post Coronovirus has seen a decline in extemal client bcM)kings possibty due to faltering economic climate, Brexit and availability of improved digital platforms for remote communications. Income is further raised through the renting out of offices within SECC for certain SaTH departments. Building and land maintenance All general building Maintenan￿ and servicing is up to date and on-going. We address ad hoc requirements through a pro￿$$ of necessity and justific2tbJn. and are financially achievable. b. Investment policy and performance To date funds have been required to provide working capital only and therefore liquidity has taken priority over retum. However. reserves are accumulating and options for achieving a better investment retum have been explored. Due to the low levels of current interest rates available and the requirement for flexibility in accessing funds. the Truste88 have determined that an investment strategy for growth is not appropriate at the current time. Trustees will give consideration in future openiro further bank accounts in order to spread the Charty's funds across different institutions, in order to minimise any losses above the £85,000 guaranteed by the Financial Services Compensation Scheme should a bank fail. Page 3 SHROPSHIRE EDUCATION AND CONFERENCE CENTRE IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnanclal revlew . Going concern After making appropriate enquiries. the Trustees have a strong expectation that the Charitable Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy The Trustees, reserves policy is to ensure that there are sufficient funds to cover the cost of running the Charity for one year without income so that it can continue to provide appropriate services to those using the facilities provided within the Centre. In order to cover any long term risk the Ttuste8s require a yearfs average expendtture to be held in reseNe. The restricted funds are in relation to the construction of the Centre. Free r&8eDies stand at £386.149 (2023.. £336,656), calculated as the unrestricted funds, less the tangible fixed assets. Total funds stand at £2,101,492 (2023: £2,105,050). Structure, governance and management a. Constftutlon Shropshire Education and conferen￿ Centre is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 24 June 1999. The charitable company is registered in England and Wales. Page 4 SHROPSHIRE EDUCATION AND CONFERENCE CENTRE IA company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structuroj governance and management (continued) b. Methods of appointment or election of Trustees The number of Trustees shall be not less than 3 but shall not be subject to any maximum. The provtsions for appointment of Trustees, as set out in the Memorandum and Articles of Asscciation state that no person shall be appointed a Trustee unless either; they are recommended by the Trustees: not less than 14 nor more than 35 clear days before the date of appointment for the general meeting. notice executed by a member qualiFied to vote at the general meeting has been given to the Charity of the intention to propose that person or appointment, together with notice executed by that person of his willingness to be appointed. Procedures have been set up to achieve the above provisions by dIr￿tIng that proposals for new appointments should be by recommendation from existing Board members. The aim is to attract a diversity of skill mix within the Board, particularly ensuring that the main beneficiary groups are represented. The Board should include members with an understanding of health training needs and delivery, together with a knowledge of how health education is delivered and funded in the immediate locality of the Centre. In addition board members from the local and business communities are encouraged to join the Board to widen the skill base of the Board and to extend awareness of the Charity's activities in the localty. Trustees are encouraged to attend the Centre where the staff and manager explain the management and operation of the Charity and to attend ongoing training following their induction. The Board of Trustees compromises a range of professionals from different f￿ldS to ensure that the Charity can fulfil its objectives as effectively as possible. The process of recruiting Trustees is designed to maintsin the range of professional knowledge and skills within the board of Trustees on an ongoing basis. A formal induction pro￿58 is being implemented to assist new Trustees in fully understanding the workings of the Charty. inciuding policies arKI procedures, at a briefing by the Chairman. New Trustees are also provided with training material and attend courses, including specialist courses, appropriste to their role c. Oryanlsatlonal structure and decision-making policies The management of the Charity is ultimately the responsibilty of the Trustees who are Directors for the purpose of company law and Trustees for the purpose of charity law. A list of the Trustees who served during the year and up to the date of this report is shown on page 1. The board of Trustees meets half yearly together with a quarterly financial update from the Facilities Manager and is responsible for the direction of the Charity and its policy making. Extra Trustees, meetings are arranged on an "in case of need. basis. The day to day running of the Charity is the responsibility of the Facilities Manager who works at the direction of the Company Secretary who is also a Trustee with full voting rights. The Secretary and the Facilities Manager meet weekly. Page 5 SHROPSHIRE EDUCATION AND CONFERENCE CENTRE (A company limited by guarantee) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management COPIFEREMCE CENTRE (A company Ilmited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees. responsibilities The Trustees (who are also the directors of the Charitable Company for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordance with appli(xble law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountino Practice).. Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees rn ust not approve the financial staternents unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial ststements. the Trustees are required to: select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102); ake judgments and accounting estimates that are r8ason8b18 and prudent,. stste whether applicable UK Accounting Standards (FRS 102) have been followed. subject to any material de￿artureS disdosed and exp.lained in the financial statements: prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that the Charitable Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are SLfficient to show and explain the Charitable Company's transactions and disclose with reasonable accuracy at any time the financial position of the Charitable comp.any. and enable them to ensure that the financial statements comp.lx with the comp.anies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other ir￿gUIarit4es. Approved by T of the members of the board of Trustees and signed on their behalf by.. T M Parsons (Chair of Trustees) Date: Page 7 SHROPSHIRE EDUCATION AND CONFERENCE CENTRE (A company Ilmited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Indyndont examinerfs report to the Trustses of Shrop$hire Educatlon and Conference Centre <'the Charltable Company.) I report to the charity Trustees on my examination of the accounts of the Charitable Company for the year ended 31 March 2024. Responslbllltles and basls of report As the Trustees of the Charitable Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 ACV). HavirKJ satisfied myself that the accounts of the Charitable Company are not required to be audit8d und8r Part 16 of the 2ChJ6 Act and are eligible for independent examination, I report in respect of my examination of the Charitable Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'}. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5){b) of the 2011 Act. Page 8 SHROPSHIRE EDUCATION AND CONFERENCE CENTRE (A company Ilmlted by guarantee INDEPENDENT EXAMINER'S REPORT {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Independent examiner's statement Since the Charitable Company's gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confimi that l am qUalif￿d to undertake the examination because l am a member of ICAEW, which is one of the listed bodies. I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Charrtable Company as r4uired by section 386 of the 2006 Act; or the accounts do not accord with those records., or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities. I have no concem8 and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Charitable Company's Trustees. as a body. in accordan￿ with Part 4 of the Charities (Accounts and Rep)rts) Regulations 2008. My y￿rk has been undertaken so that I might state to the Charitable Companls Trustees those matters l am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company's Trustees as a body. for my work or for this report. Dated.. S J Tweedle Bsc FCA DChA WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Page 9 SHROPSHIRE EDUCATION AND CONFERENCE CENTRE (A company limlted by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Restrlcted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Charitable activities Investments Other income 289,040 1.079 289,040 1,079 255. 727 129 3, 125 Total income 290,119 290.119 258,981 Expenditure on: Charitable activities 50,732 242,945 293,677 299,555 Total expenditure 50,732 242,945 293.677 299, 555 Net movement In funds 150.732) 47,174 13.558 (40,574) Reconciliation of funds: Totsl fvnds brought forward N8t mov8ment in funds 1,531.157 (50.732) 573.893 47,174 2,105.050 13,558) 2, 145.624 (40, 574) Totsl fund8 carried forward 1,480,425 621,067 2,101,492 2, 105.050 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 13 to 22 fomi part of these financial statements. Page 10 SHROPSHIRE EDUCATION AND CONFERENCE cE￿rRE (A company limited by guarantee) REGISTERED NUMBER.. 03795755 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets 11 1,711.147 1, 764, 198 1,711,147 1, 764. 198 Current assets Debtors Cash at bank and in hand 12 35,685 390,833 36,567 348, 791 426,518 385,358 Creditors: amounts falling due within one year 13 (36,173) (44,506) Net current assets 390,345 340,852 Total assets less current liabilities 2.101,492 2, 105,050 Totsi nèt assets 2,101,492 2. 105,050 P4e 11 SklROPSHIRE EDUCATIOM AND CONF.ERENCE CENTrE IA company limited by guarantee) REGISTERED NUMBER: 03795755 BALANCE SHEET (CO.MTINUEIIJ AS AT 31 MARCH 2024 2024 2023 Note Charlty fund& Restricted funds Unrestricted funds 14 1,480,426 621,067 1,531, 157 573, 893 14 Total funds 2,101,492 2, 105,0 The Charitable Company wa8 8ntitl8d to 8Xomption from audit under section 477 of the Com panies Act 20CE. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Cornpanies Act 2006. The Trustees acknowledge their r88ponsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financisl statements. The financial statements have b88n prepared in accordance with the provisions applicable to entities subject to the small compani88 r8gim8. Tha financial stateFAents wera appFoved and author.ised for issue by the Trustees. and signéd on their behalf by: Mr T M Parsons (Chair of Trustees) Date: li 11 The notes on pages 13 to 22 form part of these financial statements. Paga1.2 SHROPSHIRE EDUCATION AND CONFERENCE CENTRE (A company limiied by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General informatlon Shropshire Education and Conference Centre is a charitable company limited by guarantee, and was set up by a Memorandum of Association on 24 June 1999. Accounting policies 2.1 Basls of preparation of financial statoments The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019), the Financial Reporting Standard applicab18 in th8 UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Shropshir8 Education and Conference Centre meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Golng concern After making enquiries, the rustees have a reasonable expectation that the Charity has ad4uate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements. 2.3 Income All income is recognised once the Charitable Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investrnent income is recognised at the time the investment income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is clasSif￿d by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct C08ts attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned be￿een those activities on a basis consistent with the use of r&sources. Central staff costs are 8llocat8d on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activilies is incurred on directly undertaking the activities which further the Charitable Company's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Page 13 SHROPSHIRE EDUCATION AND CONFERENCE CENTRE (A company Ilmlted by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles {contlnued) 2.6 Tangibl8 fixed as80ts and deprnciation Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over th8ir 8Stimat8d useful liv88, using the straight-line method. Depreciation is provided on the following bases.. Buildings Fixtures and fittings Straight line over 50 years Plant - straight line over 15 years Kitchen equipmet - straight line over 10 years VC equipment- straight line over 5 years Straight line over 3 years Comput8r 8quipm8nt 2.6 Debtors Trade and other debtors are recognised at the settlement amounl after any trade dSscount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.7 Cash at bank and In hand Cash at bank and in hand includes cash and short-tenn highly liquid investments wbth a short maturily of three months or less from the d8te of acquisition or opening of the deposit or similar Sccount. 2.8 Uabllltles and provlslons Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past ev8nt, it is probabl8 that a transfer of economic benefit will be required in settlement, and the 8mount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charitsble Company anticipates it will pay to settle the debt or the amount it has received as adVan￿d payments for the goods or seDiices it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on th8 present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Stat8ment of financial activrties as a finance cost. 2.9 Financial instrum8nts The Charitsble Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instwments are initially recogni8ed at tr8n88Ction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at ar￿rtised cost using the effective interest method. Page 14 SHROPSHIRE EDUCATION AND CONFERENCE CENTRE (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.10 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable Company and which have not been designated for other purposes. Restricted funds 8re funds which are to be used in accordance with Specific r8Strictions imposed by donors or which have been raised by the Charitable Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial ststements. Investment income, gain8 and losses are allocated to the appropriate fund. Income from charitable activitios Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 External Lettings Intemal Lettings OFfice Accomodation Madel Recharge Drugs Rep Income 10,712 206,084 46,844 24,451 1.149 10,712 206,084 46,644 24,451 1,149 11,385 172,355 46,644 24,451 289,040 289,040 255. 727 Total 2023 255, 727 255, 727 Investment income Unrestricted fund8 2024 Total funds 2024 Tot81 funds 2023 Interest received 1,079 1,079 129 Total 2023 129 129 Page15 SHROPSHIRE EDUCATION AND CONFERENCE CENTRE (A company Ilmked by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Other incoming resources Unrestricted funds 2024 Total funds 2024 Total funds 2023 Vacination Hub Reinstatement 3, 125 Total 2023 3. 125 3. q25 Analysls of expendlture on charltable actfvltles Summary by fund type Restrlcted Unrestrlcted funds funds 2024 2024 Total 2024 Total 2023 Cost of activities 50.732 242,945 293,677 299,555 Tot812023 50, 732 248, 823 299.555 Analysls of expenditure by actlvltle8 Activities undertaken dlrectly 2024 Totsl funds 2024 Tot81 funds 2023 Chariiable activities 293,877 293,677 299,555 Tot812023 299, 555 299, 555 Page 16 SHROPSHIRE EDUCATION AND CONFERENCE CENTRE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expendlture by actlvitles {continued) Analysis of direct costs External Lettlngs 2024 Total funds 2024 Total fiinds 2023 Staff costs Depreciation Catering Miscellaneous and general expenses LI￿nseS Gifts & Entertainment Rent, rates and water Equipment hire IT support Insurance Light and heat Printing, stationery, software and telephone Maintenance Cleaning Premises expenses Bank charges Governance costs 61,468 65,859 61 N68 65,859 6N66 2,452 735 1,232 25￿32 410 72 14,008 53,551 6,053 7,609 23,937 15,530 373 9,390 60,057 72,921 4.654 2.174 2,452 735 1,232 25,532 410 72 14,008 53,551 5,053 7,609 23,937 15,530 373 9,390 24,817 14,261 56,545 5.894 6.092 26,252 1&448 438 10,002 293,677 293,677 299,555 Total 2023 299,555 299,555 Independent examlnerfs remuneratlon The independent examinerfs remuneration amounts to an independent examiner f88 of £3.6CQ (2023 - £3,500). Page 17 SHROPSHIRE EDUCATION AND CONFERENCE CENTRE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Staff costs 2024 2023 Wages and salaries 61,468 60,057 61,468 60,057 The average number of persons employed by the Charitable Company during the year was as follows: 2024 No. 2023 No. Employees No employee received remuneration amounting to more than £60.000 in either year. The Charitable Company does not employ any employees directly. The Facilities Manager and Janitor are paid by the NHS and their salaries are recharged monthly to the Charitable Company. Key management personnel received remuneration of £42,648 (2022 £42,353) during the year. No benefts were received. 10. Trustees. remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024. expenses totalling £NIL were reimbursed or paid directly to Trustee (2023 - £13 to l Tmstee). The payment related to Yras reimbursement of Companies House filing fee. Page18 SHROPSHIRE EDUCATION AND CONFERENCE CENTRE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Tangible fixed assets Freehold Fixtures and property fittings Computer equipment Tolal Cost or valuation At 1 April 2023 Additions 2,755A98 9,050 391,389 52,957 3.313 3.199,844 12,808 At 31 March 2024 2.764.548 391,834 56,270 3,212,652 Depreciation At 1 April 2023 Charge for the year 1,040,513 52,169 344,253 10,692 50,880 2,998 1.435.646 65,859 At 31 March 2024 1,092,682 354,945 53,878 1,501,505 Net book value At 31 March 2024 1,671,866 36,889 2,392 1,711,147 At 37 Ma￿h 2023 1,714,985 47, 136 2,077 1. 764, 198 12. Debtors 2024 2023 Due within one year Trade debtors Prepayments 23,889 11,796 25,373 11,194 35,685 36,567 Page 19 SHROPSHIRE EDUCATION AND CONFERENCE CENTRE (A company Ilmfted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Creditors: Amounts falling due within one year 2024 2023 Trade credrtors Other taxation and social security Accruals and deferred Income 15,022 5,875 15,276 28,937 6,458 9,111 36,173 44,506 14. Statement of funds Statement of funds- current year Balance at 31 March 2024 Balance at 1 April 2023 Income Expendlture Unrestricted funds General Funds 573,893 290,119 1242,945) 621,067 Restrlcted funds Restricted building and fixtures and frttings Vaccination Hub Reinstatement 1,526.961 4,196 (50,732) 1,476.229 4,196 1,631,157 (50,732) 1,480,425 Total of funds 2,105,050 290,119 (293,6771 2,101,492 Page 20 SHROPSHIRE EDUCATION AND CONFERENCE CENTRE (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Statsment of funds Icontinued) The restricted funds include the Education and Conference Centre building and some of the related fixtures and fittlngs, and a fund relating to the funds received for reinstatement of the Vaccination Hub fi￿ring. Statement of funds - prior year Balance at 31 March 2023 Balan￿ at 1 Apnl 2022 Income Expenditure Unrestricted funds General Funds 563, 735 258,981 (248, 823) 573,893 Restricted funds Restricted building and fixtur88 and fittings Vaccination Hub Reinstatement 1,577,693 4, 196 (50, 732) 1.526,961 4, 196 1,581,889 (50, 732) 1.531, 157 Total of funds 2, 14&624 258,981 (299, 555) 2, 105,050 15. Analysis of net assets botween funds Anatysis of net assets between fund8 - current period Restrlcted Unrestrict•d funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year 1,476,229 4,196 234,918 422,322 (￿,173) 1,711,147 426,518 (36,173) Total 1,480,425 621,067 2.101,492 Page 21 SHROPSHIRE EDUCATION AND CONFERENCE CENTRE (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Analysis of net assets between funds (contlnued) Analysis of net assets between funds - prior period Endowmenl funds 2023 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year 1.526.961 4. 196 237.237 381.319 (44, 663) 1, 764, 198 385,358 {44.￿6) (157) 157 Totsl 1,531, 157 573, 893 2, 105,050 Related party transactions During the year there were the following related party transactions with Shrewsbury and Telford Hospital Trust {SaTH): expenditure of £75,185 (2023.. £104,058), and income of £273.553 {2023: £287.058). At the end of the financial year. SaTH owed Shropshire Education and Conference Centre £11.918 (2023.. £13.507). The Charity is based within the grounds of Shrewsbury Hospital (part of SaTH) and has a relationship with them whereby some seNies are provided by SaTH and recharged to the Charity. SaTH also pay the Charity for the use of their premises and s8rvic8s. Page 22