| Page | |
|---|---|
| Reference andAdministrativeDetails | 1 |
| Report of the Trustees | 2lo4 |
| Report of the lndependentAuditors | 5to6 |
| Statement of FinancialActivities | 7 |
| StatementofFinancial Position | I |
| Statement of Cash Flows | I |
| Notestothe Statement of Cash Flows | 10 |
| Notesto the Financial Statements | '11lo17 |
| Detailed Statemeni of FinancialActivities | 18 |
Learninq Ltd |
|
|---|---|
| Reference andAdministrativeDetails | |
| forthe YearEnded 31stJulv2023 | |
| REGISTERED OFFICE | TheOrchard |
| Market Street | |
| Launceston | |
| Cornwall | |
| PL15 8AU | |
| REGISTERED COMPANY NUMBER | 04327526 (England and Wales) |
| REGISTERED CHARITY NUMBER | 1091073 |
| TRUSTEESiDIRECTORS | MsVBishop |
| MsS Phillips (resigned 22.04.23) | |
| MrLPrice (resigned16.11.22) | |
| MrCWadsworth | |
| MrNIWilliams (resigned 12.09.23) | |
| MrIMerchant (appoinled 29.12.22, resigned 11.08.23) | |
| MrEForeman (appoinled28.O2.23) | |
| EXECUTIVE OFFICERS | MrS Howard (Chief Executive Officerretiredfrompost31.08.22) |
| MsKChannon (Exec. Director of Business Services from 01.09.22) | |
| MsJKeliy(Exec. DirectorofQuality and Curriculum01.08.22- | |
| 31t0312023| | |
| ACCOUNTANTS | ATC Advisors |
| Chartered Accountants | |
| Unit2 Dunheved Couri | |
| Pennygillam Way | |
| Launceston | |
| Cornwall | |
| PL15 7ED | |
| AUOITORS | Blackwell BateLtd |
| Charlered Accountants&Statutory Auditors | |
| Brunel Coud | |
| 122ForeStreet | |
| Saltash | |
| Cornwall | |
| PL12 6JW | |
| BANKERS | Lloyds Bankplc |
| Fore Streel | |
| Saltash | |
| Cornwall | |
| PL1264A |
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Notes | ljnrestricted fund I |
Restricted fund E |
Total funds e |
Iotal funds r |
|
| INCOME AND ENDOWMENTS FROM Incoming resources |
2 | 727,462 | 608,498 | 1,335,960 | 1,547,817 |
| lnvestment income | 3 | 769 | 769 | 18 | |
| Total | 728,231 | 608,498 | 1,336,729 | 1,547,835 | |
| EXPENDITUREON | |||||
| Charitableactivities | |||||
| Charitable Activities | 676,197 | 708,469 | 1,384,666 | 1,473.082 | |
| NET INCOMEi(EXPENDITURE) Transfers betweenfunds |
14 | 52,034 (52,390) |
(99,971) 52,390 |
(47,e37 | |
| Nelmovementinfunds | (356) | (47,581) | (47,9371 | 74,753 | |
| RECONCILIATION OF FUNDS | |||||
| Totalfunds broughtfoMard | 467,386 | 47,581 | 514,967 | 440,214 | |
| TOTALFUNDS CARRIED FORWARD | 467,030 | 467,030 | 5'14.967 |
| 31stJ | ulv2023 | ||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Unrestricted | Resfict€d | Total | Total | ||
| Noles | tund e |
tund e |
funds f |
fundst | |
| FTXEDASSETS | |||||
| Tangible assets | t0 | 10,357 | 10,357 | r6,886 | |
| CURRENT ASSETS | |||||
| Debtors | 11 | 35,/85 | 35,185 | 13A,722 | |
| Cashatbank | t[73,593 | 473,s93 | 454,746 | ||
| 509,028 | 50s,028 | 597,468 | |||
| CREOITORS | |||||
| Arnounbfallingduewithin oneysar | {s2,35!r} | (s2,355) | (99,387) | ||
| NET CURRENT ASSETS | 456,673 | it56,673 | 498,081 | ||
| TOTAL ASSETS LESS CURRENTLIABIL]TIES | 467,030 | 467,030 | 514,967 | ||
| NETASSETS | 467,030 | 467,030 | 514,967 | ||
| FUNDS | |||||
| Unrestricted funds | ,[67,030 | 467,386 | |||
| Restricted funds | 47,581 | ||||
| TOTAFUNDS | 467,030 | 514,967 |
| 2023 | |||
|---|---|---|---|
| Notes | f | E | |
| Cashflowsfromoperating activities Cash generated fromoperations |
1 | 14,078 | 19,229 |
| Opening cash and cash equivalents | 456,443 | ||
| Netcash providedbyoperating activities | 14,078 | 475,672 | |
| Cashflows from investing activities Purchaseoftangibleflxedassets lnterestreceived |
769 | (16,944) 18 |
|
| Netcashprovidedbyi(used in) investing activities | (16,926) | ||
| Change in cash and cashequivalentsin | |||
| thereportingperiod | 14,847 | 458,746 | |
| Cashand cash equivalentsatthe | |||
| beginning of thereportingperiod | 4s8,746 | ||
| Cashand cash equivalents ai the endof | |||
| thereportingperiod | 473,593 | 458,746 |
| RECONCILIATION OF NET(EXPENDITURE)/INCOMETO NET CASHFL ACTIVITIES |
OW FROM OPERATING | |
|---|---|---|
| 2023 I |
t | |
| Net(expenditure)/incomeforthereportingperiod(as perthe | ||
| Statement of FinancialActivities) | (47,937) | 74,753 |
| Adjustmentsfor: | ||
| Depreciation charges | 6,529 | z,oza |
| lnterestreceived | (76e) | (18) |
| Decrease/(increase)indebtors | '103,287 | (82,1s2) |
| (Decrease/increaseincreditors | (47,032) | 24,021 |
| Netcashprovidedbyoperations | 14,078 | 19,229 |
| ANALYSISOF CHANGESINNETFUN | OS | ||
|---|---|---|---|
| At1.8.22 € |
Cashflow e€ |
At31.7.23 | |
| Netcash Cashatbank |
458,746 | 14,847 | 473,593 |
| 454,746 | 't4,847 | 473,593 | |
| Total | 454,746 | 14,447 | 473,593 |
| INCOMING RESOURCES | ||
|---|---|---|
| 2023 | 2022 | |
| ESFA Funding l\ranagement fee Othe. projects |
1,141,056 72,329 122,575 |
1,320,044 67,094 160,679 |
| '1,335,960 | 1,547,817 |
| INVESTMENT INCOME | ||
|---|---|---|
| 2023 EE |
2022 | |
| Deposit account interest | 769 | '18 |
| Direct Costs etf 1,083,0S1 |
SuPPort costs(see note5) 301,575 |
Totals r,384,666 |
|---|---|---|
| SUPPORT COSTS | |||
|---|---|---|---|
| Charitable Activities | Support costs I 257,631 |
Governance costs €[ 43,9/t4 |
Totals 301,575 |
| NET INCOME(EXPENDITURE) | |||
| Netincomei(expenditure)isstated after charging/(crediting): | |||
| 2023 | 2022 | ||
| c | € | ||
| Depreciation-owned assets | 6,529 | 2.625 | |
| Other operating leases | 18,159 | 35,76s | |
| Auditors remuneration | 4,500 | 6,000 | |
| Non-audit services providedbyauditors | 377 |
| STAFF COSTS | ||
|---|---|---|
| Wages and salaries Social security costs Otherpensioncosts |
2023 ft 242,778 16,470 7,978 |
2022 221,547 15,013 9,257 |
| ,6r,116 | ,4t!1, |
| The average monthly number of employees during | lhe year wasasfollows: | |
|---|---|---|
| 2023 | 2022 | |
| Development | 1 | 1 |
| Projects | 4 | 5 |
| Administration | 5 | 3 |
| 10 | q |
| L | COMPARATIVES FOR THE STATEMENT OF FINANCIAL | ACTIVITIES | ||
|---|---|---|---|---|
| unrestricted | Restricted | Total | ||
| fund | tund | funds | ||
| € | e | |||
| INCOMEANDENDOWMENTS FROM | ||||
| lncoming resources | 774,508 | 773,309 | 1,547,817 | |
| lnvestment income | 18 | 18 | ||
| Total | 774.526 | 773.309 | 1,547,435 | |
| EXPENDITUREON | ||||
| Charitableactivities | ||||
| CharitiableActivities | 690.277 | 782,805 | 1,473,O82 | |
| NET INCOME/(EXPENDITURE) | 84,249 | (9,496) | 74,753 | |
| Transfers betweenfunds | ls7,077 ) | 57,O77 | ||
| Netmovemenl infunds | 27,172 | 47,541 | 74,753 | |
| RECONCILIATION OF FUNDS | ||||
| TotalIunds brought forward | 440,214 | 440,214 | ||
| TOTALFUNDS CARRIED FORWARD | 467,386 | 47,581 | 514.967 | |
| 10. | TANGIBLEFIXEDASSETS | |||
| Fixtures | ||||
| and | Computer | |||
| fitlings e |
equipment t |
Totals € |
||
| cosT | ||||
| At1stAugust 2022 and31stJuly 2023 | 53,492 | 13,998 | 67,490 | |
| DEPRECIATION | ||||
| At1stAugust 2022 | 47,'t68 | 3,436 | 50,604 | |
| Charge foryear | 2,233 | 4,296 | 6,529 | |
| At31stJuly 2023 | 49,401 | 7,732 | 57,133 | |
| NET BOOKVALUE | ||||
| At31stJuly 2023 | _1{fi | 6,266 | 10,357 | |
| At31stJuly 2022 | 6,324 | 10,562 | 16,886 | |
| II. | OEBTORS:AMOUNTS FALLINGDUEWITHINONEYEAR | |||
| 2023 | 2022 | |||
| € | t | |||
| Trade debtors | 35,435 | 138,722 |
| CREDITORS: AMOUNTSFALLINGDUEWTHINO | NEYEAR | |
|---|---|---|
| 2023 | 2022 | |
| € | € | |
| Other creditors | 44,435 | 91,587 |
| Accrued expenses | 7,920 | 7,800 |
| 52,355 | 99,387 |
| Minimum leasepaymentsunder non-cance | llableoperating leases | falldueasfollow | s: | |
|---|---|---|---|---|
| 2023 | 2022 | |||
| E | r | |||
| Within oneyear | 10,273 | 6,808 | ||
| Between one and flveyears | 3,325 | 3,325 | ||
| lnmore thanfiveyears | 1,'t08 | |||
| rft | 11,241 | |||
| MOVEMENTINFUNDS | ||||
| Net | Transfers | |||
| movement | betlveen | At | ||
| 4t1.8.22 e |
infunds e |
funds E |
31.7.23 t |
|
| LJnrestric{edfunds | ||||
| Generalfund | 467,386 | 52,034 | (52,390) | 467,030 |
| Restrictedfunds | ||||
| Restricted Fund | 47,581 | (99,971) | 52,390 | |
| TOTALFUNDS | 514,967 | (47,937 | ||
| Net movementinfunds, includedinthe above areaslollows: | ||||
| lncoming | Resources | l\4ovement | ||
| resources t |
expended t |
infunds € |
||
| Unrestrictedfunds | ||||
| General fund | 728,231 | (676,197) | s2,034 | |
| Restrictedfunds | ||||
| Restricted Fund | 608,498 | (708,469) | (ee,e7r) | |
| TOTALFUNDS | 1,336,729 | (1,384,666)(47,5371 |
| Comparativesformovementinfu | nds | |||
|---|---|---|---|---|
| Net | Transfers | |||
| movement | between | At | ||
| At1.8.21 E |
infunds l |
tunds € |
3'1.7.22 q |
|
| Unrestrictedfunds | ||||
| General fund | 440,214 | a4,249 | (57,O77) | 467,386 |
| Restrictedfunds | ||||
| Restricted Fund | (9,496) | 57,077 | 47,581 | |
| TOTALFUNDS | 440,214 | 74,753 | 514,967 |
| Comparative net movementinfunds, include | din theaboveare asfollows: | ||
|---|---|---|---|
| lncoming | Resources | l\4ovement | |
| resources | expended | infunds | |
| € | E | € | |
| Unrestrictedfunds | |||
| Generalfund | 774,526 | 1690,277 ) | u,249 |
| Restrictedfunds | |||
| Restricted Fund | 773,309 | (782,805) | (9,496) |
| TOTALFUNDS | 1,s47,835 | (1,473,082) | 74.753 |
| A cunent year12months andprior y | ear'12monthsmmbinedpos | itionisasfollows: | ||
|---|---|---|---|---|
| Net | Transfers | |||
| movement | between | At | ||
| At1.8,21 f |
infunds e |
iunds e |
31.7.23 t |
|
| Unrestrictedtunds | ||||
| Generalfund | 440,214 | 136,283 | (109,467) | 467,030 |
| Restrictsdfunds | ||||
| RestrictedFund | (109,467) | '109,467 | ||
| TOTALFUNDS | 440,214 | _r6f16 | 467.030 |
| andprioryear12 Acurrentyear'12months asfollows: |
months combined netmovement in |
funds,included i |
ntheabove |
|---|---|---|---|
| lncoming | Resources | Movement | |
| resources e |
expended e |
infunds t |
|
| Unrestrictedfunds | |||
| General fund | 1,502,757 | (1,366,474) | 136,283 |
| Restrictedtunds | |||
| Restricted Fund | 1,381,807 | (1,491,274], | (109,467) |
| TOTALFUNDS | 2,484,564 | (2,857,748126,816 |
| 2023I | 2022 | |
|---|---|---|
| INCOMEANDENDOWMENTS | ||
| lncomingresources | ||
| ESFAFunding | 1,141,056 | 1,320,044 |
| Managementiee | 72,329 | 67,094 |
| Other prolects | 122,575 | 160,679 |
| '1,335,960 | 1,547,817 | |
| lnvestment income | ||
| Deposit account interest | 769 | 18 |
| Totalincomingresources | 1,336,729 | 1,547,835 |
| EXPENOITURE | ||
| Charitableactivities | ||
| Wages | '123,885 | 142,137 |
| Social security | 8,526 | 8,801 |
| Pensions | 4,002 | 5,698 |
| Staffmileage&expenses | 7,946 | '17,5'10 |
| Subcontractor&project payments | 938,732 | 1,078,853 |
| 1,083,091 | 1,252,999 | |
| Supportcosts | ||
| Support costs | ||
| Wages Social security |
'118,893 7,94 |
79,410 6,212 |
| Pensions | 3,976 | 3,559 |
| Rent | 18,159 | 35,765 |
| Equipmenthire | 1,505 | 4,253 |
| lnsurance | 3,'128 | 2,362 |
| Lightand heat | 47 | 2,578 |
| Telephone | 11,635 | 9,327 |
| Postageand stationery | 7,071 | 4,259 |
| Sundries | 1,366 | 968 |
| Subscriptions | 2,915 | 1,251 |
| Training | 8,697 | 1,324 |
| Depreciation | 6,529 | 2,624 |
| Advertising | 28,829 | 19,009 |
| Registration fees | 9,613 | 6,719 |
| Computer costs | 21,302 | 19,032 |
| Repairs and renewals | 6,O22 | 5,882 |
| 257,631 | 204,534 | |
| Governancecosts | ||
| Accountancy | 2,580 | 1,800 |
| Professional fees | 36,864 | 7,749 |
| Auditors remuneration | 4,500 | 6,000 |
| 43,9.14 | '15,549 | |
| Total resources expended | r,384,666 | 1,473,082 |
| Net(expenditure)/income | (47,937) | 74,753 |