| VLelInusNes{allqaqlepi! L6aming Ltd |
|
|---|---|
| ReferenceandAdministrativeDetails | |
| for thoYear Endod3lstJuly2022 | |
| REGISTERED OFFICE | The Orchard |
| MarketStreet | |
| Launceston | |
| Comwall | |
| PL15 8AU | |
| REGISTERED COMPANYNUl{BER | 04327526(England andWales) |
| REGISTERED CHARITY NUMBER | 1091073 |
| TRUSTEES/DIRECTORS | MsV Bishop |
| MsS Phillips (appointed 15.09.21) | |
| Mr LPrice(appointed01.09.21, resigned16.1'1.22) | |
| Mr CWadsworth | |
| MrMWilliams | |
| MrIMerchanl (resigned01.'10.21) | |
| EXECUTIVE OFFICERS | Mr SHoward (Chief ExecutiveOmcer retiredfrompo$t31.08.22) |
| Ms JKelly(Exec.Direclor ofQualityand Cuniculum from 01.09.22) | |
| Ms KChannon (Exec. Direclor of BusinessServicesfrom0'1.09.22) | |
| ACCOUNTANTS | ATC Advisors |
| l-Jnit2 Dunheved Court | |
| P6nnygillam Way | |
| Launceston | |
| Cornwall | |
| PL15 7ED | |
| AUDITORS | Blackwell BateLtdlncorporatingSimonMurray&Co |
| Chartered Accountants E Slatutory Audilors | |
| Woburn House | |
| Yelverton | |
| Devon | |
| PL2O685 | |
| BANKERS | Lloyds Bank plc |
| ForeStreet | |
| Saltash | |
| Comwall | |
| PL126M |
assessment providedbytheSMT thatsystems areinplace |
to tryto mitigate exposuretothosedsks. |
|---|---|
| Risk | Plantomitigate exposure |
| Reductionofoverall subcontEctingprovisionfrom100o/o | The charityhasalwaysused verycapable |
| to25oloin linewith EducationSkills FundingAgency | subcontractorstodeliveritsobjectives.Anexemption |
| requestand the impacton deliveryoftheassociatsd | applicationwill besubmittedtotheEducationSkills |
| programmes. | FundinqAgencyin February to allowthecharityto |
| subconkactat ahigherlevelthanhasbeen cunently | |
| proposed,Thed€cisionon thisapplicationwillnotbe | |
| communicateduntil the endofMayattheearliest.The | |
| charity will haveJuly2022audited accountsand | |
| extemally audited subcontracting standardsinplaceto | |
| supportthe application. | |
| Deliveryof Element3 localauthorityplacementsnot | Anindep6nd6nt Ofsted monitoring visitisexpectedto |
| meetingOfstedexp€clations | takeplace bylheendof March2023.Thisisto |
| evidencethat improvements have been madssinceth6 | |
| fullOfsted inspection was undertakeninNovember | |
| 2022.This willalso reassurethe local authorityand | |
| allowplacementsoflearners tobeprovisionallymade | |
| foracademicyear2023/2024. | |
| D€liveryof Element1 inlheevent of theproposed | Th€Charitywillneedtoincrease theirdirect training |
| subcontractor reduction exemptionnot beingapproved. | delivery,enablingthiscontracttobespentinfull forthe |
| academicyear2023/2024, thuspreventingfunding | |
| clawbacks.TheCharityisinvesting inlocal social | |
| researchon thelabourmarketand otherkeyareas: | |
| educationandlraining,togainaclearer understanding | |
| ofthetraining needs ofpotential learners and | |
| employers. TheCharitywillcontinuetopromotediBct | |
| provi8ion forleamerstostartinSeptember2023. | |
| RecoverabilityoftheFoundation forworkdebtor | The DepartmentofWork and Pensions (DWP) have |
| statedthe returnsrelatingtothefirstyear ofthe | |
| Foundation forWorkprojectwerenotcompleted | |
| complianuy.Thishasresultedindelayedpaymentson | |
| theproject.ThecharityisworkingwiththeDWPto | |
| rectifytheseissues and isstillawaiting backdated | |
| payments. Thisissue is expectedto be resolvedby end | |
| ofFebruary 2023.The charityisalso seekinglegal | |
| advice on theconuacl. | |
| Availability ofMvanceLeamingLoanforourlearners | The StudentLoanCompany (SLC)hasinformedus |
| thatLevel 4qualific€lionswill b€classed as higher | |
| education, which means ihecharitywillnosd togain | |
| theadditional statusof ahighereducalionproviderwith | |
| theOfficeForStudents(OFs)byacademic year | |
| 202512026to beallol.,r'edto continueofferingthese | |
| programmesthroughthistundingstream. |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| Notes | fund E |
fund € |
tunds c |
funds e |
|
| INCOMEANDENDOW'IIENTS FROM lncoming resources |
2 | 774,504 | 773,309 | 1,547,817 | 2,101,777 |
| lnvestment income | 3 | 18 | 't8 | 16 | |
| Other income | |||||
| Total | 771,526 | 773,309 | 1,547,835 | 2,111,025 | |
| EXPENDITUREON | |||||
| Chariiableactivities | |||||
| Charitable Activities | 690,277 | 782,805 | 'l,473,082 | 1,871,536 | |
| NETINCO[/lE(EXPENDITURE) | 84,249 | (e,4e6) | 74,753 | 239,489 | |
| TransfersbgtrYoenfunds | 14 | 157,077}. | 57,077 | ||
| Netmovementinfunds | 27,172 | 47,541 | 74,753 | 239,489 | |
| RECONCILIATION OF FUI,IDS | |||||
| Total funds brought forward | 440,214 | 440,214 | 200,725 | ||
| TOTALFUNDS CARRIED FORWARD | 467,386 | /17,581 | 514,967 | 440,214 |
| 31stJ | ulv2022 | ||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Unrestricted | Restricted | Total | Total | ||
| Notes | tund E |
fund f |
funds I |
funds f |
|
| FIXEOASSETS Tangible assets |
10 | 16,886 | 16,886 | 2,s67 | |
| CURRENTASSETS | |||||
| Debtors | 11 | 138,722 | 138,722 | 56,570 | |
| Cash at bank andinhand | 458,7lt6 | 458,7/t6 | 456,443 | ||
| 458,78 | 134,722 | 597,468 | 513,013 | ||
| CREDITORS | |||||
| Amounts falling due within oneyear | (8,246) | (9r,141) | (99,387) | (7s,366) | |
| NET CURRENTASSETS | 4s{t,500 | 47,581 | 498,081 | 437,647 | |
| TOTAL ASSETSLESS CURRENTLIABILITIES | 467,386 | 47,581 | 51it,967 | 440,214 | |
| NETASSETS | 467,386 | 47,581 | 514,967 | 440,214 | |
| FUNDS | 14 | ||||
| Unrestricted funds | 467,386 | 440,214 | |||
| Restrictedfunds | 47,58'l | ||||
| TOTALFUNDS | 5t4,967 | 440,214 |
| Notes | 2022 t |
2021I | |
|---|---|---|---|
| Cashflows from operating activities Cash generated lromoperations |
1 | 't9,229 | 262,959 |
| Netcash providedbyoperating activities | 19,229 | 262.959 | |
| Cashflows from inv€sting activities | |||
| Purchaseoftangible fixed assets | (r6,9/t4) | (2,640) | |
| lnterest received | 't8 | 16 | |
| Netcash usedininvesting activities | (16,926) | (2,624',) | |
| Changelncash and cashequivalentsin | |||
| thereporiing period | 2,303 | 260,335 | |
| Cashand cashequlvalentsatthe | |||
| beginningof thereporting period | 456,443 | '196,108 | |
| Cash and cashequivalentsatthe endof | |||
| thereporting period | 458,746 | 456,443 |
| Not€sto the Statement of Cash Flows for the YearEnded 31stJuly2022 |
|||
|---|---|---|---|
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING | ACTIVITIES | |
| 2022 | 2021 | ||
| E | € | ||
| Netincome forths reportingperiod (asp€rthe StatementofFinancial | |||
| Activities) | 74,753 | 239,489 | |
| Adjustmentslor: | |||
| Depreciation charges | 2,625 | 73 | |
| lnterest received | (18) | (16) | |
| lncreaseindebtors | (82,1s21 | (31,490) | |
| lncreaseincreditors | 24,O21 | 54,903 | |
| Netcashprovidedbyoperations | 19,229 | 262,959 |
| 2. | ANALYSISOFCI{ANGESINNET FUNDS | |||
|---|---|---|---|---|
| At1.8.21 | Cashflow | At31.7.22 | ||
| f | t | f, | ||
| Netcash | ||||
| Cashatbank and in hand | 456,443 | 2,303 | 458,746 | |
| 456,443 | 2,303 | 458,746 | ||
| Total | 456,443 | 2,303 | 458,746 |
| 2. | maturity oflessthan three months from the date of a INCOMING RESOURCES |
cquisition. |
||
|---|---|---|---|---|
| 2022 | 2021 | |||
| ESFA Funding Managemenl fee Other projects |
1,320,044 67,094 160,679 |
1,698,186 227,416 176,175 |
||
| 1,547,817 | 2,101,777 | |||
| 3. | INVESTI | IENT INCOME Deposit account interest |
2022 €t18 |
|
| 4. | CHAR]TABLEACTVMESCOSTS | |||
| Charitable Activities | Direct Costs eEe 1,252,999 |
Support costs (see note5) 220,083 |
Totals 1,473,082 |
| SUPPORT COSTS | |||
|---|---|---|---|
| Support | Governance | ||
| costs t |
costs e |
Totals t |
|
| Charitable Activities | 204,534 | 15,549 | 220,083 |
| NET INCOME'{EXPENDITURE) |
| Netincoms/(expenditure)isstated after charging/(crediting): | ||
|---|---|---|
| 2022 | 2021t | |
| Depreciation-owned assets | 2,625 | 73 |
| Other operating leases | 35,765 | 27,146 |
| Auditors remuneration | 6,000 | 6,000 |
| Non-audit servicesprovidedbyauditors | 377 | 10,144 |
| STAFF COSTS | ||
|---|---|---|
| 2022 €s |
2021 | |
| Wages and salaries Social security costs Otherpensioncosts |
221,97 15,013 9,257 |
155,413 7,701 10,517 |
| 245,817 | 173,631 |
| The average monthly numberofemployees during | the year wasasfollows: | |
|---|---|---|
| 2022 | 2021 | |
| Development | 1 | I |
| Prolects | 5 | |
| Administration | 3 | 2 |
| 9 | 6 |
| 9. | COMPARATIVES FOR THESTATEiIENTOFFINAN | CIALACTIV]TIES | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| fund € |
fundt | fundst | ||
| INCOMEAiIDENDOWMEHTS FROM | ||||
| lncoming resources | 2,101,777 | 2,101,777 | ||
| lnvestment income | to | 16 | ||
| Other income | 9,232 | 9,232 | ||
| Total | 2,111,O25 | 2,1'11,025 | ||
| EXPENDITURE ON | ||||
| Charitableacllvities | ||||
| Charitable Activities | 1,871,536 | 1,871,536 | ||
| NETINCOT,IE | 239,489 | 239,489 | ||
| Transfersbetweenfunds | 233,489 | (239,489) | ||
| Net movementintunds | 239,489 | 239,489 | ||
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 200,725 | 200,725 | ||
| TOTALFUNDS CARRIED FORWARD | 440,214 | - | 440,214 | |
| 10. | TANGIBLEFIXED ASSETS | |||
| Fixtures | ||||
| and | Computer | |||
| fittings e |
equipment E |
Totals f |
||
| cosT | ||||
| At1stAugust2021 | 52,612 | 21,4s9 | 14,o71 | |
| Additions | 6,697 | 10,247 | 't6,944 | |
| Disposals | (5,817) | (17,708) | (23,52s) | |
| At 31st July 2022 | 53,492 | 13,998 | 67,/190 | |
| DEPRECIATION | ||||
| At1stAugust2021 | 52,612 | 18,892 | 71,504 | |
| Charge for year | 373 | 2,252 | 2,625 | |
| Eliminated on disposal | (5,817) | (17,708) | (23,52s) | |
| At 31st July 2022 | 47,'t68 | 3,436 | 50,604 | |
| NET BOOKVALUE | ||||
| At 31st July 2022 | 6,324 | 10,562 | 16,886 | |
| At 31st July2021 | 2,567 | 2,567 |
| 11. | DEBTORS:AItiOUNTS FALLINGDUEWITHINoNEYEAR | ||
|---|---|---|---|
| 2022 | 2021 | ||
| E | € | ||
| Trade debtors | 134,722 | 56,570 | |
| 't2. | CREDITORS:AMOUNTS FALLINGDUEWTHINONEYEAR | ||
| 2022 t |
202'lI | ||
| Other creditors | 91,587 | 66,353 | |
| Accrued expenses | 7,800 | 9,013 | |
| 99,387 | 75,366 |
| Minimum lease payments under non-cancellable operating | leasesfalldueasfollows: | |
|---|---|---|
| 2022 | 202', | |
| f | E | |
| Within one year | 6,808 | 13,000 |
| Between one and five years | 3,325 | |
| ln more than five years | 't,108 | |
| 11,241 | '13,000 |
| MOVEMENT IN FUNDS | |||||
|---|---|---|---|---|---|
| Net | Transfers | ||||
| movement | between | At | |||
| Al'1.8.21 I |
intunds e |
funds t |
3't.7.22 € |
||
| Unrestricted,unds | |||||
| General fund | ffi,214 | 84,249 | (57,077 | 467,386 | |
| Restrictedfunds | |||||
| Restricted Fund | (9,496) | 57,077 | 4t,581 | ||
| TOTALFUNDS | 440,214 | 74,753 | 514,967 | ||
| Net movementinfunds, includedinthe above are as follows: | |||||
| lncoming | Resources | Movement | |||
| resources | expended | infunds | |||
| E | e | e | |||
| lJnrestrictedtunds | |||||
| General fund | 774,526 | (690,277) | 84,249 | ||
| Restrictedtunds | |||||
| RestricledFund | 773,309 | (782,805) | (9,496) | ||
| TOTAL FUiIDS | 1,547,835 | (1,473,082) | 74,753 |
| Comparativeatormovement inlun | ds | |||
|---|---|---|---|---|
| Net | Transiers | |||
| movement | belween | At | ||
| At1.8.20 ft |
intunds | funds L |
31.7.21 t |
|
| Unrestricted funds | ||||
| General fund | 200,725 | 239,489 | 440,214 | |
| Restrictedfunds | ||||
| Restricted Fund | 239,489 | (239,489) | ||
| rOTALFUNDS | 200,7?5 | 239,489 | 440,214 |
| Comparativenetmovementinfunds, includ | edinthe above areaslollows: | ||
|---|---|---|---|
| lncoming | Resourc€s | l\rovement | |
| resources € |
expended L |
infunds t |
|
| Restrictedfunds | |||
| Restricted Fund | 2,'t11,O25 | (1,871,536) | 239,489 |
| TOTALFUNDS | 2,111,025 | (1,871,536) | 239,489 |
| A currentyear12months andpriorye | ar12months combinedpositio | nisasfollows: | ||
|---|---|---|---|---|
| Net | Transters | |||
| movement | between | At | ||
| Ar1.8.20 e |
infunds t |
funds e |
31.1.22 I |
|
| Unrestricted tunds | ||||
| General fund | 200,725 | 84,249 | 182,412 | 467,386 |
| Restrictedtunds | ||||
| Restricled Fund | 229,993 | (182,412) | 47,581 | |
| TOTALFUNDS | 200,725 | 314,242 | - | 514,967 |
| A current year12months andprioryear12 asfollows: |
months combined n€t movementinfu | nds, includedi | n theabove | n theabove |
|---|---|---|---|---|
| lncoming | Resources | Movement | ||
| resources € |
expended f |
infunds t |
||
| Unrestricted funds | ||||
| Generalfund | 774,526 | (690,277| | 84,249 | |
| Restrictedfunds | ||||
| RestrictedFund | 2,88r'',334 | (2,654,341) | 229,993 | |
| TOTALFUNDS | 3,658,860 | (3,344,618) | 314,242 |
| Detailed StatementofF forthe YearEnded |
inancialActivities 31stJulv2022 |
|
|---|---|---|
| 2022 E |
2021t | |
| INCOMEANDENDOWMENTS | ||
| lncomingresources | ||
| ESFA Funding | 1,320,044 | 1,698,186 |
| Management fee | 67,0S4 | 227,416 |
| Other projects | 160,679 | 176,175 |
| 1,s47,817 | 2,101,777 | |
| lnvestmentincome | ||
| Deposit account interest | 18 | 16 |
| Other income | ||
| Government grants | ||
| Totalincoming resources | 1,547,835 | 2,111,025 |
| EXPENDITURE | ||
| Charitableactivities | ||
| Wages | 142,137 | 99.708 |
| Social security | 8,801 | 3,658 |
| Pensions | 5,698 | |
| Staff mileage&expenses | 17,510 | 20,809 |
| Subcontractor&project payments | 1,078,853 | 1,568,531 |
| 1,252,999 | 1,700,037 | |
| Supportcosts | ||
| Suppolt costs | ||
| Wages | 79,410 | 55,705 |
| Socialsecurity | 6,212 | 4,043 |
| Pensions | 3,559 | 3,186 |
| Rent | 35,765 | 27,146 |
| Equipmenthire | 4,253 | 6,957 |
| lnsurance | 2,362 | 1,832 |
| Lightand heat | 2,578 | 569 |
| Telephone | 9,327 | 5,944 |
| Postage and stationery | 4,25S | 1,415 |
| Sundries | 2,292 | |
| Subscriptions | 1,251 | 3,219 |
| Depreciation | 2,624 | |
| Advertising | 19,009 | 9,774 |
| Registration fees | 6,719 | 3,597 |
| Computer costs | 19,032 | 23,129 |
| Repairs and renewals | 5,882 | 1,229 |
| 204,534 | 155,355 | |
| Govsrnancecosts | ||
| Accountancy | 1,800 | 2,844 |
| Legal fees | 7,749 | 7,300 |
| Auditors remuneration | 6,000 | 6,000 |
| 15,549 | 16,144 |
| 2022 | ?02'l | |
|---|---|---|
| e | € | |
| 1,17t,O82 | 1 | ,871,536 |
| 71,753 | 239,489 |