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|Reference and administrative
details ofthe charity,|its trustees|and advisers||
|---|---|---|---|
|Trustees'
report||||
|Trustees'
responsibilities
statement|||16|
|Independent
auditors'
report|||17|
|Statement of financial
activities|||21|
|Balance sheet|||22|
|Statement ofcash flows|||23|
|Notes to the financial statements|||24|
##
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##
|Trustees|||||Paul Doddridge|||||
|---|---|---|---|---|---|---|---|---|---|
||||||David Hardman|||||
||||||Nicola Hutchison|||||
||||||Daniel
Locke-Wheaton|||||
||||||Georgina
Kearnery-Bambridge||(Appointed||5 January 2022)|
||||||Anne-Maire
Mason|||||
||||||Jaspal Rohel|||||
||||||Jonathan
Mortimer|||||
|Company|registered|||number|04005034|||||
|Charity registered|||number||1081749|||||
|Registered||office|||75 Harborne
Road|||||
||||||Birmingham|||||
||||||B153DH|||||
|Chief executive officer|||||Carolyn
Chapman-|Lees||||
|Independent||auditors|||UHY Hacker Young|(Birmingham)||LLP||
||||||9-11Vittoria Street|||||
||||||Birmingham|||||
||||||B13ND|||||
|Bankers|||||Lloyds TSBPie|||||
||||||114-116Colmore Row|||||
||||||Birmingham|||||
||||||B32FD|||||
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|||||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|---|---|
|||||Funds|Funds|2022|2021|
||||Note|E|E|E|f|
|income and endownments||from:||||||
|Donations
and legacies|||2|196|26,617|26,813|135,124|
|Charitable
activities|||3|490,469|512,232|1,002,701|954,919|
|Investment
income|||4||87|87|346|
|Transfer
in of LGPS pension||surplus|19||||3,000|
|Total income and endownments||||490,665|538,936|1,029,601|1,093,389|
|Expenditure
on:||||||||
|Charitable
activities|||5|495,262|560,113|1,055,375|1,050,600|
|Total expenditure||||495,262|560,113|1,055,375|1,050,600|
|Net income/(expenditure)||||(4,597)|(21,177)|(25,774)|42,789|
|Transfers between
Funds|||13|||||
|Other recognised
gains and||losses||(4,597)|(21,177)|(25,774)|42,789|
|Net (loss)/gain
on investments
Actuarial
gain on defined
benefit|||10||(15,699)|(15,699)|15,486|
|pension schemes|||19||||6,000|
|Net movement
in funds||||(4,597)|(36,876)|(41,473)|64,275|
|Reconciliation
offunds:||||||||
|Total funds brought
forward|||13|10,793|783,229|794,022|729,747|
|Total funds carried forward|||13|6,196|746,353|752,549|794,022|
##
##
|(A company
limit|ed|by guarantee)||||||
|---|---|---|---|---|---|---|---|
|BALANCE SHEET|AS|AT31JULY 2022||||||
||||||2022||2021|
|Fixed assets|||Note||f||f|
|Tangible assets|||9|||||
|Investments|||10||265,367||281,066|
||||||265,367||281,066|
|Current assets||||||||
|Debtors|||11|35,930||44,655||
|Cash at bank and|in|hand||959,597||851,630||
|||||995,527||896,285||
|Creditors: amounts||falling due within one year|12|(514,345)||(389,329)||
|Net current assets|||||481,182||506,956|
||||||746,549||788,022|
|Defined Benefit|Pension Scheme Asset||19||6,000||6,000|
|Net assets|||||752,549||794,022|
|Charity Funds||||||||
|Restricted
funds|||13||196||4,793|
|Pension reserve|||13||6,000||6,000|
|Unrestricted
funds|||13||746,353||783,229|
|Total funds|||||752,549||794,022|
##
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##
|STATEMENT OF CASH FLOWS
FOR|THE YEAR ENDED 31JULY 2022||||
|---|---|---|---|---|
||||Total|Total|
||||2022|2021|
|||Note|f|f|
|Cash flows from operating
activities|||||
|Net cash provided
by operating
activities||15|107,967|68,729|
|Cash flows from investing
activities:|||||
|Proceeds from sale of investments|||||
|Net cash provided
by investing
activities|||||
|Change
in cash and cash equivalents|in the year||107,967|68,729|
|Cash and cash equivalents
brought forward|||851,630|782,901|
|Cash and cash equivalents
carried forward||16|959,597|851,630|
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||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|
||Funds|Funds|2022|2021|
||E|f|E|E|
|Donations|196|26,617|26,813|135,124|
|||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|
|||Funds|Funds|2022|2021|
|||6|f|f|6|
|Initial teacher|training||232,645|232,645|284,427|
|CPD and training|||8,803|8,803|4,350|
|Funded project income||490,469||490,469|390,583|
|Membership|and services||268,784|268,784|273,562|
|Other Income|||2 000|2 000|1,997|
|||490,469|512,232|1,002,701|954,919|
||||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|---|
||||Funds|Funds|2022|2021|
||||6|E|E|E|
|Bank|interest|receivable||87|87|346|
|||||87|87|346|
##
|5|Analysis ofexpend|iture|by activities|||||
|---|---|---|---|---|---|---|---|
|||||Activities||||
|||||undertaken|Support|||
|||||directly|Costs|Total|Total|
|||||2022|2022|2022|2021|
|||||f|E|E|f|
||Initial teacher training|||34,508|275,169|309,677|244,612|
||CPD and training
Funded projects/grants
costs
Skills, employability
and careers
Membership
and services
Total 2022|||21,161
317,612
373,281|3,264
253,461
32,886
117,314
682,094|24,425
571,073
32,886
117,314
1,055,375|32,002
543,761
50,780
179,445
1,050,600|
||Tota I 2021|||650,724|399,876||1,050,600|
|6|Support costs|||||||
|||||Initial|CPD||Skills,|
|||||teacher|and|Funded|employability|
|||||training
f|training
f|projects
f|and careers
E|
||Office overheads|||19,224|48|2,539|146|
||Office consumables|||22,420|640|33,307|1,921|
||Auditor's
remuneration|||8,425||||
||Wages and salaries
National
insurance|||212,802
38,537|2,220
204|163,431
4,453|27,110
2,248|
||Pension cost|||21,507|152|1,845|1,461|
||Agency suppport
Total 2022|staff||140
323,055|3,264|205,575|32,886|
||Total 2021|||158,131|25,045|27,559|50,780|
|||||Membership||||
|||||and||Total|Total|
|||||services||2022|2021|
|||||E||E|E|
||Office overheads|||928||22,885|12,905|
||Office consumables|||12,153||70,441|85,564|
||Auditor's
remuneration|||||8,425|9,135|
||Wages and salaries
National
insurance|||93,369
4,670||498,932
50,112|156,862
112,508|
||Pension cost|||6,194||31,159|22,902|
||Agency suppport
Total 2022|staff||117,314||140
682,094|399,876|
||Total 2021|||138,361|||399,876|
##
##
##
|Staff costs|||
|---|---|---|
||Total|Total|
|Staff costs were as follows:|2022|2021|
||f|f|
|Wages and salaries|498,932|344,922|
|Social security costs
Pension costs|50,112
31,159|35,370
26,729|
|Agency staff costs|140||
||580,343|407,021|
|llows:||
|---|---|
|Total|Total|
|2022|2021|
|No|No|
|15|11|
|The number of higher|paid employees|was:|
|---|---|---|
|In the band E70,001 -|E80,000||
|In the band 680,001-|E90,000||
##
##
|The pension
contributions
paid
in the|yea|r were f3,928 (2021|r were f3,928 (2021|:E3,713)|.|.|
|---|---|---|---|---|---|---|
|Pension contributions
paid in the year|to|defined contribution||schemes|were f27,231(2021:620,597).||
|Net (income)/expenditure|||||||
|This is stated after charging:|||||Total|Total|
||||||2022|2021|
||||||f|E|
|Auditor's
remuneration
-audit
Auditor's
remuneration
-other services|||||5,450
2,975|5,900
2,095|
|During the year, no Trustees received|any|remuneration|or reimbursed||expenses (2021-fNIL).||
##
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##
|10|Fixed asset in|ve|stments|||
|---|---|---|---|---|---|
||||||Total|
||Market value/cost||||f|
||At 31July 2021||||281,066|
||Amount
written||off|||
||Reva luations||||(15,699)|
||At 31July 2022||||265,367|
|11|Debtors|||||
|||||2022|2021|
|||||f|E|
||Trade debtors|||5,721|26,340|
||Other debtors|||1,077|1127|
||Prepayments|and accrued income||29,132
35,930|17,188
44,655|
##
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##
|||||||||||2022||2021|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||f||f|
|Trade creditors||||||||||15,110||231|
|Other taxation
and||social security||||||||67,&03||56,789|
|Other creditors||||||||||105,040||65,977|
|Accruals and deferred||||income||||||326,392||266,332|
|||||||||||514,345||389,329|
|||||||||||2022||2021|
|Deferred|income|||||||||f||f|
|Deferred|income at||31|July 2021||||||150,291||193,693|
|Resources|deferred||during the||year|||||210,762||150,291|
|Amounts|released|from||previous||years||||(150,291)||(193,693)|
|Deferred|income at||31|July 2022||||||210,762||150,291|
|Statement|offunds||||||||||||
||||||Balance at|||||||Balance at|
||||||1|August||Incoming|Resources|Transfer|Gains/|31July|
||||||||2021
f|Resources
f|Expended
f|in/out
f|(Losses)
f|2022
f|
|Unrestricted
funds|||||||||||||
|General funds|||||783,229|||538,936|(560,113)||(15,699)|746,353|
|Restricted|funds||||||||||||
|European|funding|||||||46,219|(46,219)||||
|Computers|for children|||||||196||||196|
|Developing|Local Provision|||||||87,935|(87,935)||||
|Gangs and|Violence|Fund||||4,793||5,834|(10,627)||||
|3Ms||||||||20,021|(20,021)||||
|YEF - CRC||||||||330,460|(330,460)||||
|Total restricted
funds||||||4,793||490,665|(495,262)|||196|
|Restricted|Pension|Fund|||||||||||
|Pension Reserve||||||6,000||||||6,000|
|Total funds|||||794,022|||1,029,601|(1,055,375)||(15,699)|752,549|
##
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##
##
##
||||Balance at|As Restated|As Restated|||Balance at|
|---|---|---|---|---|---|---|---|---|
||||1August|Incoming|Resources|Transfer|Gains/|31July|
||||2020|Resources|Expended|in/out|(Losses)|2021|
||||f|f|f|f|f|F.|
|Unrestricted
funds|||||||||
|General funds|||690,951|609,012|(531,398)|(822)|15,486|783,229|
|Restricted funds|||||||||
|European
funding|||6,643|14,198|(20,841)||||
|Inclusion
and opportunity||||90,794|(91,616)|822|||
|Independent||||4,456|(4,456)||||
|ITT|||4,793|||||4,793|
|Caring
Ik participating||proje&|4,689|2,000|(6,689)||||
|All kinds of everything||proje|22,671|369,929|(392,600)||||
|STEM careers workshop|||||||||
|Gangs and Violence|Fund||||||||
|3Ms|||||||||
|YEF - CRC|||||||||
|Vinci Foundation|||||||||
|Total restricted
funds|||38,796|481,377|(516,202)|822||4,793|
|Restricted
Pension|Fund||||||||
|Pension Reserve|||||(3,000)|3,000|6,000|6,000|
|Total funds|||729,747|1,090,389|(1,050,600)|3,000|21,486|794,022|
##
##
|Fund balances|at 31|July|2022 are repr|esented|by:||||
|---|---|---|---|---|---|---|---|---|
|||||||Restricted|||
|||||Restricted||Pension|Unrestricted||
||||||Funds|Funds|Funds|Total|
||||||E|E|E|E|
|Fixed asset investments|||||||265,367|265,367|
|Current assets|||||246,033||749,494|995,527|
|Creditors due|within|one year||(245,837)|||(268,508)|(514,345)|
|Defined benefit pension|||scheme|||6,000||6,000|
||||||196|6,000|746,353|752,549|
|Comparative|information||in respect ofthe preceeding|||period is as follows:|||
|Fund balances|at 31|July|2021are represented||by:||||
|||||||Restricted|||
|||||Restricted||Pension|Unrestricted||
||||||Funds|Funds|Funds|Total|
||||||f|E|E|E|
|Fixed asset investments|||||||281,066|281,066|
|Current assets|||||4,793||891,492|896,285|
|Creditors due|within|one|year||||(389,329)|(389,329)|
|Defined benefit pension|||scheme|||6,000||6,000|
||||||4,793|6,000|783,229|794,022|
||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|
||||||||E|E|
||Net (expenditure)/income|||for the year (as per Statement||of|||
||Financial|Activities)|||||(25,774)|42,789|
||Adjustment
for:||||||||
||Decrease|in debtors|||||8,725|48,502|
||Increase/(decrease)||in creditors||||125,016|(22,562)|
||Net cash|provided|by operating||activities||107,967|68,729|
|16|Analysis|ofcash and cash||equivalents|||||
||Cash in hand||||||959,597|851,630|
||Total||||||959,597|851,630|
##
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##
|Principal
Actuarial
Assumptions
at 31|Principal
Actuarial
Assumptions
at 31|Principal
Actuarial
Assumptions
at 31|July 2021|July 2021|||
|---|---|---|---|---|---|---|
|The major assumptions|used|by the actuary were:||||At 31July|
|||||||2021|
|||||||%per|
|||||||annum|
|Discount rate||||||160/|
|Salary increases||||||3.75%|
|Pension increase||||||2 75o/|
|Inflation
Assumption||||||0.00%o|
|Commutation
of Pensions to||lump sum||||0.00%|
|Sensitivity
analysis for|the principal
assumptions|||used to|measure|At 31July|
|||||||2021|
|||||||E'000|
|Discount rate increased|by 0.1%per annum|||||225|
|Adjustment
to pension|increases and deferred|||revaluation|by 0.1%|243|
|Life expectancy at retirement||increased|by 1year|||243|
##
##
##
##
|||||||||At 31July|
|---|---|---|---|---|---|---|---|---|
|||||||||2021|
|Longevity at age
-Men|65 retiring|||today||||years
21.6|
|-Women||||||||24.0|
|Longevity at age|65 retiring|||in 20years|||||
|- Men||||||||23.4|
|-Women||||||||25.8|
|The Academy's|share||ofthe assets in the scheme were:||||Fair value|Fair value|
||||||||At 31July|At 31July|
||||||||2022|2021|
||||||||E'000|E'000|
|Equity instruments|||||||149|145|
|Debt instruments|||||||21|20|
|Property|||||||18|17|
|Cash|||||||9|9|
|Other|||||||50|49|
|Total market value ofassets|||||||247|240|
|Present value of||scheme liabilities|||||||
|-Funded|||||||(247)|(240)|
|-Unfunded
Total liabilities
Surplus
in the scheme|||||||241
(247)
~6|234
(240|
|The actual return||on the scheme assets|||in the year was ENil (2021|631,000).|||
|Amounts
recognised|||in the Statement||of Financial Activities||2022
F.'000|2021
f'000|
|Current service|cost||||||4|7|
|Interest income|||||||(3)|(3)|
|Interest cost||||||||3|
|Administration|costs||||||||
|Total amount
recognised||||In the SOFA|||||
##
##
|PENSION AND SIMILAR OBLIGATIONS|(|cont'd)||||
|---|---|---|---|---|---|
|||||2022|2021|
|Changes
in surplus
during the year||||E'000|f'000|
|Balance at 1August||||(6)||
|Transfer
in of pension
surplus|||||(3)|
|Movement
in year:||||||
|- Employer service cost (net ofemployee||contributions)||4|7|
|- Employer contributions||||(4)|(4)|
|—Expected return
on scheme assets||||(3)|(3)|
|- Interest cost
—Actuarial
gain
Surplus
in the scheme at 31July||||~6|3
(6)
~(6|
|Changes
in the present value ofdefined||benefit obligations|were as|2022|2021|
|follows:||||E'000|E'000|
|Balance at 1August||||234||
|Transfer
in ofpension
liabilities|||||199|
|Current service cost|||||5|
|Past service cost|||||2|
|Interest cost|||||3|
|Contributions
by scheme participants||||||
|Benefits paid||||||
|Actuarial
loss|||||25|
|Scheme liabilities at 31July||||241|234|
|Changes
in the fair value ofacademy's|share ofscheme assets:|||2022|2021|
|||||F.'000|f'000|
|Balance at 1August||||240||
|Transfer
in ofpension assets|||||202|
|Expected return
on scheme assets|||||3|
|Actuarial
gain|||||31|
|Contributions
by employer|||||4|
|Benefits paid||||||
|Administration
expenses||||||
|Contributions
by scheme participants||||||
|Fair value ofscheme assets at 31July||||247|240|