REGISTERED COMPANY NUMBER: 04609187 (England and Wales) REGISTERED CHARITY NUMBER: 1097945
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FOR
KNOWSLEY ENTERPRISE ACADEMY
Williamson Croft (Liverpool) Limited Chartered Certified Accountants Edward House North Mersey Business Centre Knowsley Industrial Park Liverpool Merseyside L33 7UY
KNOWSLEY ENTERPRISE ACADEMY
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 March 2023
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Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6 to 7
Notes to the Financial Statements 8 to 14
Detailed Statement of Financial Activities 15
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KNOWSLEY ENTERPRISE ACADEMY
REPORT OF THE TRUSTEES for the Year Ended 31 March 2023
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 March 2023. The trustees have adopted the provisions of 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 2019).
ACHIEVEMENT AND PERFORMANCE
The financial turnover for the accounting period (excluding grants and donations) increased on last year due to increased activities at Ormside Education Centre.
Ormside Education Centre
The new building is in the final stages of completion. Promotional material and marketing includes the additional accommodation and bookings have started being taken for the later half of this Academic Year as we envisage full sign off from Building Control by May 2023. We have continued our campaign in highlighting the fact that parents are being offered our residential package at around a third of the cost of alternative provision. Prior to the end of the academic year over 350 children participated in the residential offer which demonstrates a 75% increase in visitors from the previous academic year.
NEET TV
Following a thorough review of NEET TV related activities, work has begun in ensuring that these services are intertwined with activities at Ormside Education Centre, with planned days of filming the education activities provided at the Centre. The initial material created may well be used in future promotional materials/advertising. A partnership with Phase 8 Development Company Ltd is also to be explored in the new financial year.
FINANCIAL REVIEW
Investment policy and objectives
Under the Memorandum and Articles of Association, the charity has the power to make any investment which the trustees see fit. The trustees have considered the most appropriate policy for investing funds and have found that keeping funds in an instant access account provides the most efficient way of running the charity.
Reserves policy
The policy is to ensure that the trust have enough reserves to meet both its commitments to complete Ormside new build and to meet staffing along with the ongoing expense of operating Ormside Education Centre in addition to all other project costs which may be incurred over the next couple of years.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Page 1
KNOWSLEY ENTERPRISE ACADEMY
REPORT OF THE TRUSTEES for the Year Ended 31 March 2023
Knowsley Development Trust established Knowsley Enterprise Academy, whose main objective is to use knowledge and encourage progression by Knowsley's youth regardless of their education or economic status to boost enterprise opportunities and have consistently covenanted monies to enable the charity to develop work around this theme.
Knowsley Enterprise Academy continue to develop projects and programmes with the intention of focusing efforts towards the NEET agenda. Knowsley has one of the highest levels of young people who are "Not in Education, Employment and Training".
Ormside Education Centre is now fully operational and bookings are being taken from Schools across the borough of Knowsley and from other specialist groups including adults with mental health issues etc.
Other activities include the relaunch of NEET TV's film making programme and Knowsley Arts Festival as well as developing a programme in partnership with Phase 8 Development Company Limited aimed at NEET young people to enhance their work experience and provide jobs within the timber-frame construction industry.
Recruitment and appointment of new trustees
Trustees are recruited through recommendation from other trustees and are initially interviewed to identify their suitability based on their skills, prior experience and how these can be utilised by the charity. Should a vacancy arise, the trustees identify key skill areas that the charity would benefit from. This then forms the basis of a recruitment drive to ensure that the right skills are available to the Board.
Organisational structure
All directors of the company are also trustees of the charity, and there are no other trustees. All of the trustees served throughout the year. The Board has the power to appoint additional trustees as it considers fit to do so.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
04609187 (England and Wales)
Registered Charity number
1097945
Registered office
Progress House North Mersey Business Centre Woodward Road Liverpool Merseyside L33 7UY
Trustees
S R Davies Managing Director S R Dumbell Chief Executive D Dumbell Director (appointed 13/4/2022) B J Gilfoyle Project Manager D B Harwood Consultant (resigned 10/7/2023) A Hassan Company Director J Hignett Transport Analyst J F Maddox Director (appointed 13/4/2022) J M Reynolds Insurance Broker
Page 2
KNOWSLEY ENTERPRISE ACADEMY
REPORT OF THE TRUSTEES
for the Year Ended 31 March 2023
REFERENCE AND ADMINISTRATIVE DETAILS Company Secretary J Hignett
Independent Examiner
Williamson Croft (Liverpool) Limited Chartered Certified Accountants Edward House North Mersey Business Centre Knowsley Industrial Park Liverpool Merseyside L33 7UY
Approved by order of the board of trustees on 21 December 2023 and signed on its behalf by:
S R Dumbell - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KNOWSLEY ENTERPRISE ACADEMY
Independent examiner's report to the trustees of Knowsley Enterprise Academy ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
T STRINGFELLOW
Williamson Croft (Liverpool) Limited Chartered Certified Accountants Edward House North Mersey Business Centre Knowsley Industrial Park Liverpool Merseyside L33 7UY
21 December 2023
Page 4
KNOWSLEY ENTERPRISE ACADEMY
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 March 2023
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 177,240 Investment income 2 419 Other income 24,170 Total 201,829 EXPENDITURE ON Raising funds - Charitable activities Charitable activities 84,496 Total 84,496 NET INCOME 117,333 RECONCILIATION OF FUNDS Total funds brought forward 503,781 TOTAL FUNDS CARRIED FORWARD 621,114 |
Restricted fund £ - - - - - - - - 75,000 75,000 |
2023 Total funds £ 177,240 419 24,170 201,829 - 84,496 84,496 117,333 578,781 696,114 |
2022 Total funds £ 261,470 22 3,785 |
|---|---|---|---|
| 265,277 | |||
| 1,500 77,782 |
|||
| 79,282 | |||
| 185,995 392,786 |
|||
| 578,781 |
The notes form part of these financial statements
Page 5
KNOWSLEY ENTERPRISE ACADEMY
BALANCE SHEET
31 March 2023
| Notes FIXED ASSETS Tangible assets 8 CURRENT ASSETS Debtors 9 Cash at bank and in hand CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted funds £ 255,413 10,388 361,054 371,442 (5,741) 365,701 621,114 621,114 |
Restricted fund £ 75,000 - - - - - 75,000 75,000 |
2023 Total funds £ 330,413 10,388 361,054 371,442 (5,741) 365,701 696,114 696,114 621,114 75,000 696,114 |
2022 Total funds £ 132,125 7,836 443,218 451,054 (4,398) 446,656 578,781 578,781 503,781 75,000 578,781 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 6
continued...
KNOWSLEY ENTERPRISE ACADEMY
BALANCE SHEET - continued
31 March 2023
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 21 December 2023 and were signed on its behalf by:
S R Dumbell - Trustee
The notes form part of these financial statements
Page 7
KNOWSLEY ENTERPRISE ACADEMY
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 March 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Freehold property | - 4% on cost |
|---|---|
| Plant and machinery | - 25% on cost |
| Fixtures and fittings | - 25% on cost |
| Computer equipment | - 25% on cost |
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
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KNOWSLEY ENTERPRISE ACADEMY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Other interest receivable | 419 | 22 |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| 2023 | 2022 | |
| £ | £ | |
| Depreciation - owned assets | 1,574 | 2,826 |
3. NET INCOME/(EXPENDITURE)
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Activities undertaken directly No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 186,470 Investment income 22 Other income 3,785 Total 190,277 EXPENDITURE ON Raising funds 1,500 Charitable activities Charitable activities 77,782 |
2023 1 Restricted fund £ 75,000 - - 75,000 - - |
2022 2 Total funds £ 261,470 22 3,785 265,277 1,500 77,782 |
|---|---|---|
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
continued...
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KNOWSLEY ENTERPRISE ACADEMY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023
| 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted funds fund £ £ Total 79,282 - NET INCOME 110,995 75,000 RECONCILIATION OF FUNDS Total funds brought forward 392,786 - TOTAL FUNDS CARRIED FORWARD 503,781 75,000 |
Total funds £ |
|---|---|
| 79,282 | |
| 185,995 392,786 |
|
| 578,781 |
7. FUND ACCOUNTING
Restricted funds relate to donations received by the charity to contribute towards the costs of development of the new building at Ormside.
Designated funds relate to unrestricted income received by the charity which has subsequently been designated for use in the development of the building at Ormside.
8. TANGIBLE FIXED ASSETS
| COST At 1 April 2022 Additions At 31 March 2023 DEPRECIATION At 1 April 2022 Charge for year At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 |
Freehold property £ 135,716 158,076 293,792 6,003 - 6,003 287,789 129,713 |
Plant and machinery £ 4,506 41,786 46,292 3,033 635 3,668 42,624 1,473 |
Fixtures and fittings £ 27,943 - 27,943 27,943 - 27,943 - - |
Computer equipment £ 34,122 - 34,122 33,183 939 34,122 - 939 |
Totals £ 202,287 199,862 |
|---|---|---|---|---|---|
| 402,149 | |||||
| 70,162 1,574 |
|||||
| 71,736 | |||||
| 330,413 | |||||
| 132,125 |
continued...
Page 10
KNOWSLEY ENTERPRISE ACADEMY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023
| 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Accrued expenses 11. MOVEMENT IN FUNDS Unrestricted funds Unrestricted funds Designated funds Restricted funds Restricted funds TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds Unrestricted funds Designated funds TOTAL FUNDS |
At 1/4/22 £ 144,001 359,780 503,781 75,000 578,781 Incoming resources £ 196,153 5,676 201,829 201,829 |
2023 2022 £ £ 90 - 10,033 7,571 265 265 10,388 7,836 2023 2022 £ £ 1,961 1,398 3,780 3,000 5,741 4,398 Net movement At in funds 31/3/23 £ £ 111,657 255,658 5,676 365,456 117,333 621,114 - 75,000 117,333 696,114 Resources Movement expended in funds £ £ (84,496) 111,657 - 5,676 (84,496) 117,333 (84,496) 117,333 |
2022 £ - 7,571 265 7,836 2022 £ 1,398 3,000 4,398 At 31/3/23 £ 255,658 365,456 |
2022 £ - 7,571 265 |
|
|---|---|---|---|---|---|
| 7,836 | |||||
| 2022 £ 1,398 3,000 |
|||||
| 4,398 | |||||
| 621,114 75,000 |
|||||
| 696,114 | |||||
| 117,333 | |||||
| 117,333 |
continued...
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KNOWSLEY ENTERPRISE ACADEMY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1/4/21 £ Unrestricted funds Unrestricted funds 54,006 Designated funds 338,780 392,786 Restricted funds Restricted funds - TOTAL FUNDS 392,786 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds Unrestricted funds 169,277 Designated funds 21,000 190,277 Restricted funds Restricted funds 75,000 TOTAL FUNDS 265,277 |
Net movement At in funds 31/3/22 £ £ 89,995 144,001 21,000 359,780 110,995 503,781 75,000 75,000 185,995 578,781 Resources Movement expended in funds £ £ (79,282) 89,995 - 21,000 (79,282) 110,995 - 75,000 (79,282) 185,995 |
At 31/3/22 £ 144,001 359,780 |
|---|---|---|
| 503,781 75,000 |
||
| 578,781 | ||
| 110,995 75,000 |
||
| 185,995 |
continued...
Page 12
KNOWSLEY ENTERPRISE ACADEMY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds Unrestricted funds Designated funds Restricted funds Restricted funds TOTAL FUNDS |
At 1/4/21 £ 54,006 338,780 392,786 - 392,786 |
Net movement in funds £ 201,652 26,676 228,328 75,000 303,328 |
At 31/3/23 £ 255,658 365,456 |
|---|---|---|---|
| 621,114 75,000 |
|||
| 696,114 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds Unrestricted funds Designated funds Restricted funds Restricted funds TOTAL FUNDS |
Incoming resources £ 365,430 26,676 392,106 75,000 467,106 |
Resources Movement expended in funds £ £ (163,778) 201,652 - 26,676 (163,778) 228,328 - 75,000 (163,778) 303,328 |
Resources Movement expended in funds £ £ (163,778) 201,652 - 26,676 (163,778) 228,328 - 75,000 (163,778) 303,328 |
|---|---|---|---|
| 228,328 75,000 |
|||
| 303,328 |
continued...
Page 13
KNOWSLEY ENTERPRISE ACADEMY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023
12. RELATED PARTY DISCLOSURES
During the year the following transactions took place with companies controlled by multiple Directors:
Income
-
Knowsley Development Trust Ltd - donations received amounting to £154,443 (2022 - £165,471)
-
Your Travel Borough Wide Ltd - donation received of £18,170
Expenditure
-
Phase 8 Development Company Ltd - Construction and repair costs amounting to £152,233 (2022 - £98,200)
-
Supreme Executive Cars Ltd - Transport costs amounting to £5,632
Page 14
KNOWSLEY ENTERPRISE ACADEMY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 March 2023
| INCOME AND ENDOWMENTS Donations and legacies Donations Grants Investment income Other interest receivable Other income Other income Total incoming resources EXPENDITURE Other trading activities Bad debts Charitable activities Wages Pensions Premises costs - Ormside Sundries Travelling expenses NEET TV costs Recharge of governance costs Depreciation of tangible fixed assets Finance Bank charges Governance costs Sundries Accountancy and legal fees Recharge of governance costs Total resources expended Net income |
2023 £ 177,240 - 177,240 419 24,170 201,829 - 41,587 945 21,487 493 12,597 210 5,603 1,574 84,496 108 515 4,980 (5,603) (108) 84,496 117,333 |
2022 £ 240,470 21,000 261,470 22 3,785 265,277 1,500 50,847 1,057 11,703 324 5,471 300 5,254 2,826 77,782 152 1,798 3,304 (5,254) (152) 79,282 185,995 |
|---|---|---|
This page does not form part of the statutory financial statements
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