##
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|CONTENTS||||||
|---|---|---|---|---|---|
|Reference and administrative||details ofthe charity,|its trustees|and advisers||
|Trustees'
report||||||
|Trustees'
responsibilities
statement|||||15|
|Independent
auditors'|report||||16|
|Statement offinancial|activities||||20|
|Balance sheet|||||21|
|Statement ofcash flows|||||22|
|Notes to the financial|statements||||23|
##
##
|Trustees|||||Paul Doddridge|||||
|---|---|---|---|---|---|---|---|---|---|
||||||Nicola Hutchison|||||
||||||Daniel Locke-Wheaton|(Chair of||Trustees)||
||||||Georgina
Kearnery-Bambridge|||||
||||||Anne-Maire
Mason|||||
||||||Jaspal Rohel (Resigned|30|November||2023)|
||||||Jonathan
Mortimer|||||
||||||Alex Lofthouse
(Appointed||1September 2023)|||
||||||Joanne Tyler (Appointed|1|September2023)|||
||||||Fiona Atherton
(Appointed||1September 2023)|||
|Company|registered|||number|04005034|||||
|Charity registered|||number||1081749|||||
|Registered||office|||Faraday Wharf|||||
||||||Holt Street|||||
||||||Birmingham|||||
||||||B74BB|||||
|Chief executive officer|||||Carolyn
Chapman —Lees /||Sheila|Sturgeon||
|Independent||auditors|||UHY Hacker Young (Birmingham)|||LLP||
||||||9-11Vittoria Street|||||
||||||Birmingham|||||
||||||B13ND|||||
|Bankers|||||Lloyds TSBPlc|||||
||||||114-116Colmore Row|||||
||||||Birmingham|||||
||||||B32FD|||||
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|||||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|---|---|
|||||Funds|Funds|2023|2022|
||||Note|E|E|E|E|
|Income and endownments||from:||||||
|Donations
and legacies|||||15,659|15,659|26,813|
|Charitable
activities||||213,085|545,298|758,383|1,002,701|
|Investment
income|||||3,235|3,235|87|
|Tota I income and endownments||||213,085|564,192|777,277|1,029,601|
|Expenditure
on:||||||||
|Charitable
activities||||215,293|670,251|885,544|1,055,375|
|Tota I expenditure||||215,293|670,251|885,544|1,055,375|
|Net income/(expenditure)||||(2,208)|(106,059)|(108,267)|(25,774)|
|Transfers between
Funds|||13|2,208|(2,208)|||
||||||(108,267)|(108,267)|(25,774)|
|Other recognised
gains and||losses||||||
|Net gain/(loss)
on investments|||10||2,205|2,205|(15,699)|
|Actuarial
gain on defined|benefit|||||||
|pension schemes|||19|||||
|Net movement
in funds|||||(106,062)|(106,062)|(41,473)|
|Reconciliation
offunds:||||||||
|Total funds brought
forward|||13|6,196|746,353|752,549|794,022|
|Total funds carried forward|||13|6,196|640,291|646,487|752,549|
|BALANCE SHEETAS|AT31JULY 2023||||||
|---|---|---|---|---|---|---|
|||||2023||2022|
|Fixed assets||Note||E||E|
|Tangible assets||9|||||
|Investments||10||267,572||265,367|
|||||267,572||265,367|
|Current assets|||||||
|Debtors||11|78,628||35,930||
|Cash at bank and in|hand||589,583||959,597||
||||||995,527||
||||668,211||||
|Creditors: amounts|falling due within one year|12|(295,296)||(514,345)||
|Net current assets||||372,915||481,182|
|||||640,487||746,549|
|Defined Benefit Pension Scheme Asset||19||6,000||6,000|
|Net assets||||646,487||752,549|
|Charity Funds|||||||
|Restricted
funds||13||196||196|
|Pension reserve||13||6,000||6,000|
|Unrestricted
funds||13||640,291||746,353|
|Total funds||||646,487||752,549|
##
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##
|Cash|flows from operating|activities||
|---|---|---|---|
|Net|cash (used in)/provided|by operating|activities|
||Total|Total|
|---|---|---|
||2023|2022|
|Note|E|E|
|15|(370,014)|107,967|
||(370,014)|107,967|
|---|---|---|
||959,597|851,630|
|16|589,583|959,597|
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||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|
||Funds|Funds|2023|2022|
|||E|E|E|
|Donations||15,659|15,659|26,813|
|||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|
|||Funds|Funds|2023|2022|
||||E|E|E|
|Initial teacher|training||249,347|249,347|232,645|
|CPD and training|||7,032|7,032|8,803|
|Funded project income||213,085||213,085|490,469|
|Membership|and services||286,444|286,444|268,784|
|Other Income|||2,475|2,475|2,000|
|||213,085|545,298|758,383|1,002,701|
||||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|---|
||||Funds|Funds|2023|2022|
||||E|E|E|E|
|Bank|interest|receivable||3,235|3,235|87|
|||||3,235|3,235|87|
|5|Analysis ofexpen|dit|ure|by activities|||||
|---|---|---|---|---|---|---|---|---|
||||||Activities||||
||||||undertaken|Support|||
||||||directly|Costs|Total|Total|
||||||2023|2023|2023|2022|
||||||f|f|f|f|
||Initial teacher training||||37,599|192,597|230,196|309,677|
||CPD and training||||17,674|5,432|23,106|24,425|
||Funded projects/grants|||costs|215,293|164,587|379,880|571,073|
||Skills, employability||and|careers||||32,886|
||Membership
and|services|||14,607|225,660|240,267|117,314|
||Sponsorships|||||12,095|12,095||
||Tota I2023||||285,173|600,371|885,544|1,055,375|
||Tota I2022||||373,281|682,094||1,055,375|
|6|Support costs||||||||
||||||Initial|CPD||Skills,|
||||||teacher|and|Funded|employability|
||||||training|training|projects|and careers|
||||||f|f|f||
||Office overheads||||46,113|1,301|39,406||
||Office consumables||||3,002|85|2,565||
||Auditor's
remuneration||||3,625|102|3,098||
||Wages and salaries||||116,210|3,277|99,310||
||National
insurance||||14,212|401|12,145||
||Pension cost||||8,744|247|7,473||
||Agency suppport|staff|||691|19|590||
||Tota I2023||||192,597|5,432|164,587||
||Tota I2022||||323,055|3,264|205,575|32,886|
||||||Membership||||
||||||and||Total|Total|
||||||services|Sponsorships|2023|2022|
||||||f|f|f|f|
||Office overheads||||54,030|2,896|143,746|22,885|
||Office consumables||||3,517|189|9,358|70,441|
||Auditor's
remuneration||||4,247|228|11,300|8,425|
||Wages and salaries||||136,161|7,298|362,256|498,932|
||National
insurance||||16,651|892|44,301|50,112|
||Pension cost||||10,245|549|27,258|31,159|
||Agency suppport|staff|||809|43|2,152|140|
||Tota I2023||||225,660|12,095|600,371|682,094|
||Tota I2022||||117,314|||682,094|
##
|ES TO THE FINANCIAL STATEMENTS FOR
Staff costs|THE YEAR ENDED 31JULY 2023 (cont'd)||
|---|---|---|
||Total|Total|
|Staff costs were as follows:|2023|2022|
||E|E|
|Wages and salaries|362,256|498,932|
|Social security costs|44,301|50,112|
|Pension costs|27,258|31,159|
|Agency staff costs|2,153|140|
||435,968|580,343|
|The average
number ofpersons employed|by the charity during the year was as follows:||
|llows:||
|---|---|
|Total|Total|
|2023|2022|
|No|No|
|13|15|
|The number of higher
paid employees|was:|
|---|---|
|In the band f60,001-f70,000||
|In the band f70,001-f80,000||
|In the band f80,001-f90,000||
##
|Pension contributions
p|Pension contributions
p|aid in the year to defined contribution|schemes were f23,658(2022:|f27,231).|
|---|---|---|---|---|
|Net (income)/expenditure|||||
|This is stated after charging:|||Total|Total|
||||2023|2022|
||||E|E|
|Auditor's|remuneration|- audit|6,150|5,450|
|Auditor's|remuneration|—other services|1,500|2,975|
##
|NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31JULY 2023 (cont'd)|
|---|
|9
Tangible fixed assets|
|Fixed asset in|ve|stments|||
|---|---|---|---|---|
|||||Total|
|Market value/cost||||E|
|At 1August 2022||||265,367|
|Amount
written||off|||
|Revaluations||||2,205|
|At 31July 2023||||267,572|
|Debtors|||||
||||2023|2022|
||||E|E|
|Trade debtors|||31,515|5,721|
|Other debtors|||11,796|1,077|
|Prepayments|and accrued income||35,317|29,132|
||||78,628|35,930|
|||||||2023|2022|
|---|---|---|---|---|---|---|---|
|||||||f|f|
|Trade creditors||||||14,819|15,110|
|Other taxation
and|social security|||||65,201|67,803|
|Other creditors||||||64,279|105,040|
|Accruals and deferred||income||||150,997|326,392|
|||||||295,296|514,345|
|||||||2023|2022|
|Deferred income||||||E|E|
|Deferred income at 31July 2022||||||210,762|150,291|
|Resources deferred|during the year|||||29,675|210,762|
|Amounts
released from previous years||||||(210,762)|(150,291)|
|Deferred income at 31July 2023||||||29,675|210,762|
|Statement offunds||||||||
||||Balance at||||Balance at|
||||1August|Incoming|Resources|Gains/|31July|
||||2022|Resources|Expended|(Losses)|2023|
|||||E|E|E|E|
|Unrestricted
funds||||||||
|General funds|||746,353|564,192|(670,251)|(3)|640,291|
|Restricted funds||||||||
|European
funding||||(2,208)||2,208||
|Computers
for children|||196||||196|
|Developing
Local Provision||||194,387|(194,387)|||
|Gangs and Violence|Fund|||||||
|3Ms||||19,406|(19,406)|||
|YEF - CRC||||1,500|(1,500)|||
|Tota I restricted
funds|||196|213,085|(215,293)|2,208|196|
|Restricted
Pension|Fund|||||||
|Pension Reserve|||6,000||||6,000|
|Total funds|||752,549|777,277|(885,544)|2,205|646,487|
##
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##
##
|||||Balance at|As Restated|As Restated||Balance at|
|---|---|---|---|---|---|---|---|---|
|||||1August|Incoming|Resources|Gains/|31July|
|||||2021|Resources|Expended|(Losses)|2022|
||||||E|E|E|E|
|Unrestricted
funds|||||||||
|General funds||||783,229|538,936|(560,113)|(15,699)|746,353|
|Restricted|funds||||||||
|European|funding||||46,219|(46,219)|||
|Computeres
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)|||
|Tota I 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|
##
|Fund balances at 31July 2023 are rep|resented
by:||||
|---|---|---|---|---|
|||Restricted|||
||Restricted|Pension|Unrestricted||
||Funds|Funds|Funds|Total|
||E||E|E|
|Fixed asset investments|||267,572|267,572|
|Current assets|10,196||658,015|668,211|
|Creditors due within one year|(10,000)||(285,296)|(295,296)|
|Defined benefit pension scheme||6,000||6,000|
||196|6,000|640,291|646,487|
|Fund balances at 31July 2022 are rep|resented
by:||||
|---|---|---|---|---|
|||Restricted|||
||Restricted|Pension|Unrestricted||
||Funds|Funds|Funds|Total|
||||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|
|||||||2023|2022|
|---|---|---|---|---|---|---|---|
|||||||E|E|
||Net expenditure|for|the year|(as per Statement of Financial||||
||Activities)|||||(108,267)|(25,774)|
||Adjustment
for:|||||||
||(Increase)/decrease||in debtors|||(42,698)|8,725|
||(Decrease)/increase||in creditors|||(219,049)|125,016|
||Net cash (used in)/provided|||by operating|activities|(370,014)|107,967|
|16|Analysis ofcash|and|cash equivalents|||||
||Cash in hand|||||589,583|959,597|
||Total|||||589,583|959,597|
##
##
##
##
|an average contrib|ution|rate 5.87%for|rate 5.87%for|employees.|employees.||||||
|---|---|---|---|---|---|---|---|---|---|---|
|No LGPS valuation|has|been performed||for 31 July 2023||as the valuation||is not material||to the|
|financial statements.
An LGPS valuation||||will be|performed|for year|ending|31July 2024.|||
|Principal Actuarial|Assumptions
at||31July 2023||||||||
|The major assumptions||used by the|actuary were:|||||At 31July
2023|At 31July
2022||
||||||||%|per annum||%per|
|||||||||||annum|
|Discount rate||||||||1.60%||1.60%|
|Salary increases||||||||3.75%||3.75%|
|Pension increase||||||||2.75%||2 75%|
|Sensitivity
analysis|for|the principal|assumptions||used to measure|||At 31July|At 31July||
|||||||||2023f||2022
f|
|Discount rate increased||by 0.1%per|annum|||||225,000||225,000|
|Adjustment
to pension||increases and deferred|||revaluation|by 0.1%||243,000||243,000|
|Life expectancy at|retirement
increased|||by 1year||||243,000||243,000|
##
##
##
|||||||At 31July|At 31July|
|---|---|---|---|---|---|---|---|
|||||||2023|2022|
|Longevity at age 65 retiring|||||today|years|years|
|—Men||||||21.6|21.6|
|-Women||||||24.0|24.0|
|Longevity at age 65 retiring|||||in 20years|||
|- Men||||||23.4|23.4|
|-Women||||||25.8|25.8|
|The Charity's
share ofthe assets in the scheme were:||||||Fair value|Fair value|
|||||||At 31July|At 31July|
|||||||2023|2022|
|||||||E|E|
|Equity instruments||||||153,223|149,000|
|Debt instruments||||||21,595|21,000|
|Property||||||18,510|18,000|
|Cash||||||9,255|9,000|
|Other||||||51,417|50,000|
|Total market value ofassets||||||254,000|247,000|
|Present value|of|scheme||liabilities||||
|- Funded||||||(254,000)|(247,000)|
|- Unfunded||||||248,000|241,000|
|Total liabilities||||||(254,000)|(247,000)|
|Surplus
in the|scheme|||||(6,000)|(6,000)|
|The actual return||on the scheme assets in the year was fNil (2022:fNil).||||||
|Amounts
recognised|||in the||Statement of Financial Activities|2023|2022|
|||||||E|E|
|Current service cost||||||4,000|4,000|
|Interest income||||||(3,000)|(3,000)|
|Interest cost||||||3,000|3,000|
|Administration|costs|||||||
|Total amount|recognised|||in the SOFA||4,000|4,000|
##
##
|Pensions and similar obligations
(cont'd|)|||||
|---|---|---|---|---|---|
|||||2023|2022|
|Changes
in surplus
during the year||||f|E|
|Balance at 1August||||(6,000)|(6,000)|
|Transfer
in of pension
surplus||||||
|Movement
in year:||||||
|—Employer service cost (net ofemployee||contributions)||4,000|4,000|
|- Employer contributions||||(4,000)|(4,000)|
|- Expected return
on scheme assets||||(3,000)|(3,000)|
|—Interest cost||||3,000|3,000|
|-Actuarial
gain||||||
|Surplus
in the scheme at 31July||||(6,000)|(6,000)|
|Changes
in the present value ofdefined||benefit obligations|were as|2023|2022|
|follows:||||||
|Balance at 1August||||241,000|234,000|
|Transfer
in of pension
liabilities||||||
|Current service cost||||4,000|4,000|
|Past service cost||||||
|Interest cost||||3,000|3,000|
|Contributions
by scheme participants||||||
|Benefits paid||||||
|Actuarial
loss||||||
|Scheme liabilities at 31July||||248,000|241,000|
|Changes
in the fair value ofacademy's|share ofscheme assets:|||2023|2022|
|Balance at 1August||||247,000|240,000|
|Transfer
in of pension assets||||||
|Expected return
on scheme assets||||3,000|3,000|
|Actuarial
gain||||||
|Contributions
by employer||||4,000|4,000|
|Benefits paid||||||
|Administration
expenses||||||
|Contributions
by scheme participants||||||
|Fair value ofscheme assets at 31July||||254,000|247,000|