||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|
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|
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.|
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|||||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|
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||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|
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|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|2021
16|
|4.|CHAR]TABLEACTVMESCOSTS||||
||Charitable Activities|Direct
Costs
eEe
1,252,999|Support
costs (see
note5)
220,083|Totals
1,473,082|
##
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|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|
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|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|
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|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|
##
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|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|
##
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##
|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|
##
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|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|
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|2022||?02'l|
|---|---|---|
|e||€|
|1,17t,O82|1|,871,536|
|71,753||239,489|