## **OPEN COLLEGE NETWORK CREDIT4LEARNING**
(A company limited by guarantee) **COMPANY REGISTRATION NUMBER: 04703401 (England and Wales)**
## **REGISTERED CHARITY NUMBER: 1097093**
**Report of the Trustees and Financial Statements For The Year Ending 31[st] July 2021**
**Verdant Accountants Ltd 167 Clarence Avenue New Malden Surrey KT3 3TX**
## **OPEN COLLEGE NETWORK CREDIT4LEARNING**
## **CONTENTS**
## **FOR THE YEAR ENDING 31 JULY 2021**
||**PAGE**|
|---|---|
|**Legal and Administrative Information**|**1**|
|**Report of the Trustees**|**2 – 6**|
|**Report of the Independent Examiner**|**7**|
|**Statement of Financial Activities**|**8**|
|**Balance Sheet**|**9**|
|**Notes to the Financial Statements**|**10-15**|
|**Detailed Statement of Financial Activities**|**16-18**|
## **OPEN COLLEGE NETWORK CREDIT4LEARNING**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
FOR THE YEAR ENDING 31 JULY 2021
The Trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2020. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ issued in March 2005.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Company registration number**
4703401 (England and Wales)
## **Charity registration number**
1097093
## **Registered and operating office**
Regis Centre St Mary’s Court The Broadway Amersham Buckinghamshire HP7 0UT
## **Trustees**
Mr Thomas Richard Fitch (resigned on 15[th] June 2021) Ms Judith Elaine Jackson (resigned 11[th] June 2021) Mr David Holmes (appointed on 22[nd] June 2021) Mr Darin De Klerke Ms Dorothy Coomber-Wood
## **Independent Examiner**
Chaweevan Williams FCCA Verdant Accountants Ltd 167 Clarence Avenue New Malden Surrey KT3 3TX
## **Bankers**
## **Solicitors**
NatWest Bank PLC Geoffrey Leaver & Co Milton Keynes Branch 251 Upper Third Street 501 Silbury Boulevard Bouverie Square Saxon Gate East Central Milton Keynes Milton Keynes Buckinghamshire MK9 3ER MK9 1DR
Page 1
## **OPEN COLLEGE NETWORK CREDIT4LEARNING**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDING 31 JULY 2021**
## **1. STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, incorporated on the 19 March 2003 and limited by guarantee, as defined by the Companies Act 2006. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.
## **Recruitment and appointment of trustees**
The directors of the company which are also charity trustees for the purposes of charity law and under the company's Articles are known as members of the Governing Council. Under the requirements of the Memorandum and Articles of Association, the members of the Governing Council are elected to serve for a period of two years (except for the Chair of the Governing Council who will be elected for three years). Normally one half of the members will be elected annually. A Governing Council member who retires at Annual General Meeting may, if willing to act, be re-appointed.
The Governing Council seeks to ensure that the needs of specific people groups are appropriately reflected through the diversity of the trustee body. Traditional skills are represented on the Governing Council and in an effort to maintain the broad skill mix, or in the event of particular skills being lost due to retirements, individuals are approached by the Chair and CEO to offer themselves for election to the Governing Council.
## **Introduction and training of new trustees**
Trustees are already familiar with the practical work of the charity through their involvement as members of the charity. In addition, new trustees are introduced to familiarise themselves with the charity and its operation. These induction sessions cover:
i) Obligations of Governing Council members.
ii) The main documents which set out the operation framework for the charity, including the Memorandum and Articles.
iii) Resourcing and the current financial position as set out in the latest published accounts. iv) Future plans and objectives.
v) Follow up to the sessions by the way of a question and answer package. Prepared from information regarding the various Charity Commission publications signposted through the Commission's guide ''the Essential Trustee''.
Feedback from new trustees is encouraged and to date this has been positive.
## **Organisational Structure**
A board of trustees, the Governing Council meets at least three times a year to oversee the affairs of the charity. The board through the CEO, agrees the appointment of members to the committees and subcommittees to monitor the charity's policies and practice, including quality assurance membership, development, finance and administration. The Chief Executive is appointed by the board to manage the day to day affairs of the charity and is responsible for ensuring that the charity delivers the services specified, the key performance indicators are met and that the team continues to develop their skills and working practices in line with good practice.
The Governing Council and supporting committees include members who previously served on predecessor Open College Networks and were merged to form Open College Network Oxford, Thames and Chiltern.
Page 2
## **OPEN COLLEGE NETWORK CREDIT4LEARNING**
## **TRUSTEES’ REPORT (Continued…)**
## **FOR THE YEAR ENDING 31 JULY 2021**
## **1. STRUCTURE, GOVERNANCE AND MANAGEMENT (continued...)**
## **Wider network**
The network of the charity is extensive and varied, ranging from Commercial Business, Local Authorities, Offender Institutions and Trade Unions to Community and Voluntary organisations, Further Education Colleges, Higher Educational Institutions and Schools.
## **Related parties**
The representation of further and higher education links alongside the Business sectors within the Governing Council provides value to the charity in establishing improved links and identifying relevant policy developments.
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud or error. The major potential risk to the charity result from a flooded accreditation market with the disbanding of NOCN and any potential loss of QAA (Quality Assurance Agency) licence. Changes in national economy as well as government policy regarding the funding of learning and skills represent a high level of risk which is outside the control of the charity. The trustees have considered the maintenance of liquid resources in view of the risks presented by the changes in government policies.
## **2. OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The main objective of the charity is to advance the education of the public by recognising the achievements of learners, in particular for those who have benefited least or may have been excluded from traditional educational opportunities. It aims to promote access to higher education and credit based training provision, contributing and supporting the wider credit agenda, developing and supporting provisions which remove barriers to entry and which creates a climate in which learners are encouraged to value their own experience in the context of life-long learning. Its objectives are to work with and encourage networking and collaborative partnerships between the widest range of education and training providers in the region. Its aims are to develop accreditation which facilitates and encourages learner progression whilst responding to local, regional and national needs and initiatives. The charity aims to provide a high quality, efficient service to members and learners and to promote equality of opportunity to learners and all other users of the organisation, its products and services.
Page 3
## **OPEN COLLEGE NETWORK CREDIT4LEARNING**
## **TRUSTEES’ REPORT (Continued…)**
## **FOR THE YEAR ENDING 31 JULY 2021**
## **2. OBJECTIVES AND ACTIVITIES (continued...)**
## **Significant activities**
The key undertaking this year has been to continue to provide increased flexibility of operations in a challenging climate. It has been necessary to offer intensive training to staff not on Furlough and to respond to necessary cuts in staffing in response to impact on members activity during pandemic. We have tightened processes and communication to allow for a flexible working environment whilst support to members remains our priority. A primary development has been the management of predominantly remote styles of working. As always, the focus has been paramount to supporting widening participation
and social inclusion. A key focus has been on reviewing and developing further compliancy framework with existing team and training on matters of said compliance with OCNCredit4Learning terms and policies. Further concentration has been given to individual sectors and ensuring that distinction has been made for processes within each sector where necessary and applicable. A number of very different sectors have been focused on again during this year to look at innovative and creative ways of working.
## **3. ACHIEVEMENTS AND PERFORMANCE**
The key achievements this year have been to continue to operate in the manner which retains and strengthens our existing professional relationships and to navigate the complex landscape. We have achieved this within a framework of careful management and decision making processes. Risk Assessment has increased and more regular cross department meetings have been embedded to ensure that clear communication remains a priority both between staff and with our training providers. We are proud of the achievements we have made this year.
For the future, the strategic direction will draw on the strengths of the success of this year combined with continued attention to levels of auditing processes. We have introduced tighter controls of initial acceptance to further ensure that those taking out membership with OCN Credit4Learning genuinely share the values of widening participation and the importance of not for profit activities within teaching and learning whatever the sector.
The charity will continue to review and adapt its policies and procedures with a view to mitigating noncompliance and income will continue to be used to support additional projects which have a genuine intent to provide important social networks for vulnerable groups of the community.
## **Investment performance**
The charity has invested its surplus cash resources in an interest-bearing bank account. With interest rates at all-time low, this has resulted in an insignificant investment income for the year.
## **Internal and external factors**
Internal factors such as determining the structure of organisation and changes to same are those which influence the achievements and performance of the charity. Whereas, external factors are those determined by policy changes in particular government policy changes in regard to funding of education and training.
Page 4
## **OPEN COLLEGE NETWORK CREDIT4LEARNING**
## **TRUSTEES’ REPORT (Continued…)**
## **FOR THE YEAR ENDING 31 JULY 2021**
## **4. FINANCIAL REVIEW**
## **Reserves policy**
The reserves policy is designed to protect the charity and to allow sufficient reserves to fund its commitments. In principle, adequate liquid funds are retained to fund charity's fixed and unavoidable costs including staff salaries and establishment costs for the following financial period. The trustees have considered these and in their opinion are adequate to carry out their operations.
## **Principal funding sources**
The main funding sources are as last year, they remain; Membership fees, Standard registration, Access registration and Recognition registration.
## **5. PUBLIC BENEFITS**
In fulfilment of its objects the OCN Credit4Learning is inextricably bound together in the promotion and advancement of learning.
The OCN Credit4Learning provides a supportive moderation service, built upon trust and high-quality standards, by supporting the whole accreditation process.
The OCN Credit4Learning and its Trustees are committed to the provision of public benefit. Trustees refer and consult the guidance contained in the Charity Commission's general guidance on public benefit when setting annual objectives and ensuring they include actions that realistically will help to achieve the overall purpose.
The OCN Credit4Learning is an Accrediting Organisation which supports providers who deliver training and educational programmes in a wide range of settings. It also offers a bespoke support service to accommodate the needs of eager learners and have widespread relationships with the private and voluntary sectors as well as prisons, care and academic institutions.
## **6. PLANS FOR THE FUTURE**
## **Future developments**
OCN Credit4Learning will continue to build its work in line with the ethos of the charity to widen participation in education. It has a strong and growing reputation in supporting organisations educational and training focus and will continue to build upon its strengths and apply a reflective approach to strengthening any areas in need of improvement as and when they come to light.
Page 5
OPEN COLLEGE NmvoRK CREDIT4LEARNSNG
TRUSTEES. REPORT (Continued...)
FOR THE YEAR ENDING 31 Juty 2021
7. TRUSTEES, RESPONSIBILITIES
The Trustees (who are also the dÉrertors of Open Colle8e Network for tl)e purpose5 of company lawl are
responsible ftir Preparin# the Report of the Tntstees and the financial statements in accordaiice with
applicable law and United Kingdom Generally Accepted Accounb"ng Practtce.
Company law reqijires the Tnjstees to pre.pare financial statements for each financial year whtrch give a
true 3nd fair view of the state of affairs of the charitable company and of the incoming resources and
applicatt'ori resources. iniluding the income ènd expenditure, of the chdritable company for that period. In
Pfeparing those financial statements, the Trustees are required io:
select Suitablc atcounting policies and then appfy them consistentty,.
obseThe the Inethods and prinoples in the Charity SORP,-
make judgments and estimates that are reasonable and prudent,.
prepare the tinancial stalements on the going concern basis unless it is inappropriale to presume
that the charity will continiie in opeiab"on.
The Trustees are responsible for keeplng rjroper accounn8 records thai disclose wlth rea50n3ble accurdcy
at any time rhe flnancial posltion of the charity enable them to ensure thai the findneial staipmerits
coinply with the Con)panies Act 2006. They are also responsible for safeguardlng the assets of ihe charily
and hence lor takiiig reasonable steps for the prevention and deleciion of fraud and other Irregularities.
The trustees, report Is prepared In accordance with the exempts.ons available to coinpanies, sublect to
sniall companies, regime within Part 15 of the Companies Act 2IY)6.
8. INOEPENDENT EXAMINER
Mrs Chaweevai) Williarns Chartered Cern"fied Accountant Was appointed a5 Independent Examiner with
effect from 8th Aprll 2019. Mrs Williams FCQ'I has indicated her willln8ness to corbtinue in offir.e and
resolution concernjng her reappoiniment as Independent Examlner will be proposed at the Annual General
Meets"ng.
This ieport iilas approved by the Trustee5 and s*ned on its behalf, by-
.J /ii
Ms Dorothy Coomber-wood
Trustee
Date..
Page 6
## **INDEPENDENT EXAMINER’S REPORT**
## **Independent Examiner’s Report to the Trustees of Open College Network Credit4Learning Company no: 04703401 and Charity no: 1097093**
I report on the financial statements of the above charity (a company limited by guarantee) for the year ended 31 July 2021, which comprise the statement of Financial Activities, the Balance Sheet and the related notes 1-16.
## **Respective responsibilities of trustees and examiner**
The trustees who are also directors of the company for the purposes of company law, are responsible for the preparation of the accounts in accordance with the Charities Act 2011 (‘the Act’). The Charity’s trustees consider that an audit is not required for this year under section 144 of the Act and that an independent examination is needed. Where the charity’s gross income exceeded £250,000 I am qualified to undertake the examination by being a qualified member of the Chartered Association of Certified Accountants.
It is my responsibility to examine the accounts under section 145 of the Charities Act, follow the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act, and state whether particular matters have come to my attention.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
(1) In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:
- the accounting records were not kept in accordance with section 386 of the Companies Act (2006); or
- the accounts do not accord with the accounting records; or
- the accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in section 396 of the Companies Act 2006 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or
- The accounts have not been prepared in accordance with the Charities SORP (FRS102).
(2) I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
**Chaweevan Williams FCCA** Verdant Accountants 167 Clarence Avenue, New Malden, Surrey KT3 3TX
Date: 27 April 2022
Page 7
## **OPEN COLLEGE NETWORK CREDIT4LEARNING**
## COMPANY REGISTRATION NUMBER: 04703401 (England and Wales)
## **STATEMENT OF FINANCIAL ACTIVITIES**
(Incorporating income and expenditure account) FOR THE YEAR ENDING 31 JULY 2021
|**INCOMING RESOURCES**
**Income from generated funds:**
Activities for generating funds
Coronavirus Job Retention Scheme Grant
Investment Income
Total incoming resources
**RESOURCES EXPENDED**
**Cost of generating funds**
Fundraising (trading): bad debts
**Charitable activities**
Support costs - direct
Costs of generating voluntary income
**Governance costs**
**Total resources expended**
**NET INCOMING/ (EXPENDED)**
**RESOURCES before transfer**
**Gross transfers between funds**
**Net incoming / (expended) resources,**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
_- Balance brought forward_
**TOTAL FUNDS CARRIED FORWARD**
**Other resources expended-**
**subscription**|Notes
2a
2b
3
4
5
6
7
16|**Unrestricted**
**Funds**
**2021**
**£**
**223,313**
**55,648**
**6**
**278,967**
**2,900**
**15,945**
**183,971**
**4,781**
**467**
**208,064**
**70,903**
**0**
**70,903**
**33,274**
**104,177**|Unrestricted
Funds
2020
£
229,492
28,003
18|
|---|---|---|---|
||||257,513|
||||1,500
22,437
230,374
5,478
354|
||||260,143|
||||(2,630)
0|
||||(2,630)
**35,904**|
||||33,274|
## **CONTINUING OPERATIONS**
All incoming resources and resources expended arise from continuing activities. All funds in 2021& 2020 were unrestricted
Notes 1 to 16 form part of these accounts
Page 8
OPEN COLLEGE NETWORK CREDIT4LEARNING
84LANCE SHEET
AS AT31 JULY 2021
31 Jul 2021
31 Jul 2020
FIXED ASSETS
Tanuibl¢ assets
1.338
2.007
CURRENT Ass¥rs
Stocks
Deblor$
Cash ai bank 4nd ili barxj
12
13
88,949
120.1SS
189,104
S7,750
19.765
CREDITORS
Amounts lalling due onè yèar
14
(86.2651
146.2481
NET CVRREHT ASSETS
102.839
31.267
TOTAL ASSETS LESS CURRENT LIAEILITIES
104.177
33,274
NET ASSETS
104,177
33.274
FUNPS
Unrebtricted funds I Ideficiis)
16
104.177
33,274
TOTAL FUNDS
104,177
33.274
The Trustees consider that Ihe charity i* v.{rtIed to 6xfipl.c hijm Ihe requithnènt to have an atsdjt vnd?r the
piovisions ol $8ditsn 477 01 thè compan 2Cth l.thè Acri and mernbgrs have not require# the ¢horlty to
obtsln an audh for Iha yaar in 9[Sts"on In 8ecordant8t•nth a•ctw)n 476 of th8 Act
Th8 TEugtees 8d(nowle(Ige their respon%.1rtIes for complyiw requiramonts ol ts Comp8n&* Act 2(M)6
with respect to accounting records and for kweparing statements.
Thele financial statem•nts h8vè bèen propwsd w) acL*thn¢e wlh prom81$ applicable to compank8S
subio¢1 to tha small companiè6 rrne.
The finaiLiJf bfo'.'flliQltts' fftre approved and auth15• fof Is$ by the Tru$t8è5 and wgned on Iheir behalf by..
Ms Dgrothy Coomber4Vood
Trustse
Dat•..
Notas 1 to I
ofthtsse aOnIS
pe9
## **OPEN COLLEGE NETWORK CREDIT4LEARNING**
## **NOTES TO FINANCIAL STATEMENTS**
FOR THE YEAR ENDING 31 JULY 2021
## **1 ACCOUNTING POLICIES**
## **1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The financial statements have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to extent required to provide a "true and fair" view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Open College Network Credit4Learning meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost of transaction value unless otherwise stated in the relevant accounting policy.
## **1.2 RECONCILIATION WITH PREVIOUSLY GENERALLY ACCEPTED ACCOUNTING PRACTICE**
In preparing these accounts, the Trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was required.
No restatements were required.
## **1.3 COMPANY STATUS**
The charity is a company limited by guarantee. The members of the company are the trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
## **1.4 FUND ACCOUNTING**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
## **1.5 INCOMING RESOURCES**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 10
## **OPEN COLLEGE NETWORK CREDIT4LEARNING**
## **NOTES TO FINANCIAL STATEMENTS**
FOR THE YEAR ENDING 31 JULY 2021
## **1 ACCOUNTING POLICIES (Continued...)**
## **1.6 EXPENDITURE**
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation of activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Direct support costs are those costs incurred directly in support of expenditure on the objects of the charity. Management and administration costs are those incurred in connection with administration of the charity. Governance costs are incurred for compliance with constitutional and statutory requirements.
## **1.7 TANGIBLE FIXED ASSETS AND DEPRECIATION**
All assets costing more than £500 are capitalised.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful life on the following basis:
Short leasehold
- over the term of the new lease - 3 years commencing on 7th December 2016 and expiring on 28th September 2019.
- New lease granted on 7th December 2019 to expire on 28th September 2022 but subject to a "Break Clause" exercisable by either the Landlord or the Tenant.
Fixtures and fittings - 33.33% on reducing balance Computer equipment - 33.33% on reducing balance
**1.8 STOCKS**
Stocks are stated at the lower of cost and net realisable value.
## **1.9 PENSIONS**
The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.
## **1.10 GOING CONCERN**
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
## **1.11 CORONAVIRUS JOB RETENTION SCHEME**
The charity received £28,003 Coronavirus Job Retention Scheme Grant from HMRC for period 01 April 2020 to 31 July 2020.
Page 11
## **OPEN COLLEGE NETWORK CREDIT4LEARNING**
## **NOTES TO FINANCIAL STATEMENTS**
FOR THE YEAR ENDING 31 JULY 2021
|**2.a ACTIVITIES FOR GENERATING FUNDS**
Membership fees
Standard registrations
Recognition
Services
Re-Issue of Certificates
Training, Consultancy, Writing
**2 b** Corona Virus Job Retention Scheme
Fund received from HMRC
**3.**
**INVESTMENT INCOME:**
Deposit account interest
**4.**
**FUNDRAISING OPERATIONS:**
Bad Debts net of recoveries
**5.**
**CHARITABLE ACTIVITIES COSTS - DIRECT:**
Support costs including moderators and
consultant fees|**Unrestricted**
**funds**
**2021**
**£**
**43,925**
**141,375**
**34,050**
**3,013**
**950**
0
**223,313**
**55,648**
**Unrestricted**
**funds**
**2021**
**£**
**6**
**6**
**Unrestricted**
**funds**
**2021**
**£**
**2,900**
**Unrestricted**
**funds**
**2021**
**£**
**15,945**|Unrestricted
funds
**2020**
£
41,400
152,773
23,845
3,899
1,075
6,500|
|---|---|---|
|||229,492|
||||
|||**28,003**|
|||Unrestricted
funds
**2020**
£
18|
|||18|
|||Unrestricted
funds
**2020**
£
1,500|
|||Unrestricted
funds
**2020**
£
**22,437**|
||||
Page 12
## **OPEN COLLEGE NETWORK CREDIT4LEARNING NOTES TO FINANCIAL STATEMENTS**
FOR THE YEAR ENDING 31 JULY 2021
|**Unrestricted**
**funds**
**2021**
**£**
**6.**
**CHARITABLE ACTIVITIES COSTS - NON – DIRECT:**
Management and establishment expenses
**183,374**
Finance - bank charges
**597**
**183,971**
**Unrestricted**
**funds**
**2021**
**7.**
**GOVERNANCE COSTS:**
**£**
Accountancy including payroll & Co House
**1,331**
Legal and professional fees
**0**
**3,450**
**4,781**
**2021**
**8.**
**NET INCOME / (EXPENDITURE):**
**£**
This is stated after charging;-
**3,450**
Depreciation - owned assets
**669**
**2021**
**9.**
**STAFF COSTS**
**£**
**132,985**
Redundancy payments
**0**
Recruitment
**0**
**132,985**
The average number of persons employed by the charity during the year was as follows
**2021**
**No.**
**5**
Average headcount expressed as a full time equivalent
**3**
Accounts, compliance & Independent
examination
Accounting, Compliance & Independent
examination
Wages and salaries, Employer NIC &
Employer Pension Contribution|Unrestricted
funds
**2020**
£
**229,839**
**535**|
|---|---|
||**230,374**|
||Unrestricted
funds
**2020**
£
1,353
675
3,450|
||5,478|
||2020
£
3,450
1,004|
||**2020**
£
161,671
**0**
**0**|
||161,671|
||**2020**
No.
6|
||3|
Page 13
## **OPEN COLLEGE NETWORK CREDIT4LEARNING**
## **NOTES TO FINANCIAL STATEMENTS**
FOR THE YEAR ENDING 31 JULY 2021
## **10. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees remuneration or other benefits for the year ended 31 July 2021nor for the year ended 31 July 2020.
|**11.**
**12. **
**13. **|**TANGIBLE FIXED ASSETS**
**Cost or Valuation**
At 1 August 2020
Additions during year
**Cost at 31 July 2021**
**DEPRECIATION**
At 1 August 2020
Charge for year
At 31 July 2021
**Net Book values**
**At 31 July 2021**
At 31 July 2020
**STOCKS:**
Stocks of certificates
**DEBTORS:**
Amount falling due within one year
Trade Debtors - net of bad debt provisions
Rent Deposit
Prepayments and accrued income|**Short**
**Fixtures &**
**Computer**
**Totals**
**leasehold**
**fittings**
**equipment**
**£**
**£**
**£**
**£**
96,228
44,167
144,078
**284,473**
0
0
0
**0**|**Short**
**Fixtures &**
**Computer**
**Totals**
**leasehold**
**fittings**
**equipment**
**£**
**£**
**£**
**£**
96,228
44,167
144,078
**284,473**
0
0
0
**0**|**Short**
**Fixtures &**
**Computer**
**Totals**
**leasehold**
**fittings**
**equipment**
**£**
**£**
**£**
**£**
96,228
44,167
144,078
**284,473**
0
0
0
**0**|
|---|---|---|---|---|
|||96,228
44,167
144,078
**284,473**|||
|||96,228
44,167
142,071
**282,466**
0
0
669
**669**|||
|||96,228
44,167
142,740
**283,135**|||
|||**0**
**0**
**1,338**
**1,338**|||
|||0
0
2,007
3,011|||
||||**2021**
**£**
**0**
**0**
**2021**
**£**
**36,888**
**24,000**
**8,061**
**68,949**|2020
**£**
**0**|
|||||**0**|
|||||2020
£
28,802
24,000
4,948|
|||||57,750|
Page 14
## **OPEN COLLEGE NETWORK CREDIT4LEARNING**
## **NOTES TO FINANCIAL STATEMENTS**
FOR THE YEAR ENDING 31 JULY 2021
|**CREDITORS:**
Amounts falling due within one year
Trade creditors
Taxation and social security costs
Other Creditors
Accruals and deferred income
**Total - unrestricted**|**2021**
**£**
**-135**
**59,114**
**1,000**
**26,286**
**86,265**|2020
£
-135
19,227
0
27,156|
|---|---|---|
|||46,248|
## **14. CREDITORS:**
## **15. OPERATING LEASE COMMITMENTS**
The following operating lease payments are committed to be paid as follows:
||Other operating leases||
|---|---|---|
||**2021**|2020|
|**Expiring:**|**£**|£|
|In less than five years - office rent|**24,000**|**24,000**|
|In less than five years - office equipment|**1,914**|**1,914**|
## **16. MOVEMENT IN FUNDS**
|**Unrestricted funds**
**General fund - as previously stated**
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**TOTAL FUNDS**|**Movement**
**in funds**
**£**
**£**
**£**
33,274
70,903
104,177
**At**
**01.08.2020**
**At**
**31.07.2021**|
|---|---|
||33,274
70,903
104,177|
||**Incoming**
**Resources**
**Movement**
278,967
(208,064)
70,903|
||278,967
(208,064)
70,903|
Page 15
## **OPEN COLLEGE NETWORK CREDIT4LEARNING**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES**
(Incorporating income and expenditure account)
FOR THE YEAR ENDING 31 JULY 2021
|**INCOMING RESOURCES**
**Income of charitable activities;-**
Membership fees
Standard registrations
Recognition Panel Charges
Services
Re-Issue of Certificates
Training, Consultancy, Writing
Corona Virus Job Retention Scheme Grant
**Investment income**
Deposit account interest
**Total incoming resources**
**RESOURCES EXPENDED**
**Fundraising operations**
Bad debts for the year
Recoveries in respect of prior years
**Charitable activities**
Moderators - fees and expenses
Consultancy fees|**Unrestricted**
**Funds**
**2021**
**£**
**43,925**
**141,375**
**34,050**
**3,013**
**950**
**0**
**223,313**
**55,648**
**6**
**6**
**278,967**
**2,900**
**0**
**2,900**
**7,904**
**8,041**
**15,945**|Unrestricted
Funds
**2020**
£
41,400
152,773
23,845
3,899
1,075
6,500|
|---|---|---|
|||229,492|
|||28,003|
|||18|
|||18|
|||257,513|
|||1,500
0|
|||1,500|
|||3,365
19,072|
|||22,437|
This page does not form part of the statutory financial statements
Page 16
## **OPEN COLLEGE NETWORK CREDIT4LEARNING**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES**
(Incorporating income and expenditure account)
FOR THE YEAR ENDING 31 JULY 2021
## **RESOURCES EXPENDED (Continued...)**
|**RESOURCES EXPENDED (Continued...)**|||
|---|---|---|
|**Support costs - Management**
Wages and salaries
Employers NIC net of employment allowance
Employers Pension Contributions
Staff training
Recruitment
Travelling & Subsistence
Trustees liability insurance & other costs
Staff entertaining & Xmas party
Rent, rates, water and service charges
Light and heat
Telephone and Internet costs
Printing, Postage and Stationery
Office expenses incl Siemens Fin Ser
Computer maintenance
Conference & room hire costs& Courier
Cleaning
Amortisation of leasehold improvements
Depreciation of fixtures and fittings
Depreciation of computer equipment
**Finance**
Bank chargers
Interest payable
**Governance costs**
Accountancy, Bookkeeping & payroll
Legal & Professional fees
Examination, Accounting, Compliance & Company secretarial|**Unrestricted**
**Funds**
**2021**
**£**
**119,100**
**12,540**
**1,345**
**0**
**0**
**847**
**2,815**
**0**
**23,341**
**0**
**4,735**
**6,533**
**6,233**
**5,216**
**0**
**0**
**0**
**0**
**669**
**183,374**
**597**
**0**
**183,971**
**1,331**
**0**
**3,450**
**4,781**|Unrestricted
Funds
2020
£
**141,295**
**15,680**
**4,696**
**0**
**0**
**2,323**
**2,765**
**367**
**35,437**
**67**
**5,848**
**9,909**
**4,008**
**5,952**
**230**
**258**
**0**
**0**
**1,004**|
|||229,839
**535**
0|
|||230,374|
|||**1,353**
**675**
3,450|
|||5,478|
This page does not form part of the statutory financial statements
Page 17
## **OPEN COLLEGE NETWORK CREDIT4LEARNING**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES**
(Incorporating income and expenditure account)
FOR THE YEAR ENDING 31 JULY 2021
|**RESOURCES EXPENDED (Continued...)**
**Other resources expended**
Subscriptions
**Total resources expended**
**Net Income / (expenditure) for the year**|**Unrestricted**
**Funds**
**2021**
**£**
**467**
**467**
**208,064**
**70,903**|Unrestricted
Funds
**2020**
£
**354**|
|---|---|---|
|||354|
|||**260,143**|
|||**(2,630)**|
This page does not form part of the statutory financial statements
Page 18