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2022-07-31-accounts

Charity registration number 1114460

Company registration number 5453363 (England and Wales)

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED

LASER LEARNING AWARDS

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Fiona Morey (Chair from March 2022) Sharon Phillips Eddie Playfair Barbara Stilwell (Appointed 17 October 2022) Sally Kent (Appointed 28 June 2022)

Chief Executive Officer

David Gittins

Secretary David Gittins Charity number 1114460 Company number 5453363 Registered office 4 Marigold Drive Bisley Woking Surrey GU24 9SF Auditor Frances Wilde FCCA DChA Warner Wilde Chartered Certified Accountants 4 Marigold Drive Bisley Surrey GU24 9SF

Solicitors

Knights Innovis House 108 High Street Crawley West Sussex RH10 1AS

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS CONTENTS

Page
Trustees' report 1 - 4
Statement of Trustees' responsibilities 5
Independent auditor's report 6 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 20

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2022

The Trustees, who are also directors present their report and accounts for the year ended 31 July 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006 and "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)".

Objectives and activities

The principal objectives of the Charity, as declared in the Memorandum & Articles of Association, are the advancement of the education of the public in one or more of the following ways:

Achievements and performance

Objectives and activities for 2021-22

The Charity continued to face some challenges as a result of the COVID-19 pandemic despite the gradual easing of Government restrictions during the year. The ability to work remotely for significant numbers of staff via adaptations to working practices enabled the Charity to continue working effectively to meets its business needs in support of its charitable aims. Staff required to work in office accommodation continued to be supported through safe working practices.

The Trustees have continued to follow Charity Commission guidance in focussing on the Charity’s educational objectives. The summary below is focussed on how the Charity continues to pursue its principal charitable aims in a year which saw a gradual transitioning from the worst impact of the pandemic.

General Operations

LASER continued to offer a wide range of courses used by schools, colleges, charities, community groups, local authorities and prisons with the primary aim of supporting learners to progress to further study or to support their transition into employment. Once again, the LASER Quality Team worked closely with providers to support centres within Ofqual guidelines in the transition out of the pandemic. Where the public funding for some LASER qualifications was due to expire in 2022-23, centres were offered alternative provision to meet the needs of their learners wherever possible.

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

Financial review

The budget for 2021-22 was constructed on the basis that learner registrations would return to pre-pandemic levels and the end of year saw a surplus of over £200,000 on a turnover of some £1.7 million. This once again demonstrated the hard work of staff and the demand for some of our key services, especially the demand for trained security operatives. LASER will continue to use the surpluses generated in recent years to invest in further staffing capacity and innovative ways of working whilst providing a financial reserve capable of supporting its continued operation during potentially more turbulent financial, social and political times ahead.

Reserves policy

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Risk management

The Trustees have an ongoing risk management strategy which includes a review at every meeting of the risks the Charity might face, particularly where these relate to regulatory compliance and financial health.

Plans for future periods

The key areas of the Charity’s services will continue to be developed to maximise the number of individuals who can benefit from our qualifications and courses.

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

Structure, governance and management

The Charity is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 16 May 2005; its registered charity number is 1114460.

Open College Network South East Region Ltd is a fully independent awarding organisation and continues to use the 'Laser Learning Awards’ (LASER) trading name and ‘Trident Awards’ brand since February 2012. Open College Network South East Region operates under separate licences from the Quality Assurance Agency for Higher Education (QAA) for its Access to HE work, from Ofqual for its national regulated qualifications work and additionally from the Security Industry Authority (SIA) for its Trident Awards branded work in the security sector.

The Trustees, who are also the directors for the purpose of company law, and who served during the year were:

Malcolm Bell (Chair to March 2022) (Resigned 31 March 2022) Fiona Morey (Chair from March 2022) Paul Phillips (Resigned 21 January 2022) Sharon Phillips Eddie Playfair Professor Simon Thompson (Resigned 10 December 2021) Lauren Anning (Resigned 16 August 2022) Paul Barnard (Resigned 10 November 2022) Barbara Stilwell (Appointed 17 October 2022) Sally Kent (Appointed 28 June 2022)

Trustees

The overall management and governance of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum & Articles of Association. None of the Trustees has any beneficial interest in the company. All of the Trustees are the members of the company and guarantee to contribute £1 in the event of a winding up. Trustees have been appointed in accordance with the Company's governing documents, as established in its Memorandum and Articles of Association and related Rules. These are compliant with Company and Charity law and meet the expectations of the external regulating/licensing bodies. The Board of Trustees had six vacancies out a maximum of twelve at the end of the year.

New Trustees are made aware of, their legal obligations under Charity and company law; the content of the Memorandum & Articles of Association and Rules; the company structure, the committee and decision-making processes; the business plan and the recent financial performance of the Charity.

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

Organisational structure and decision making

The Board of Trustees Board meets a minimum of three times a year and during 2021-22 the Board continued to meet virtually in order to safeguard Board members and staff in light of the COVID-19 pandemic. The Senior Management Team (SMT), which comprises the CEO and Deputy CEO, attend in an ex-officio capacity. The SMT regularly monitors financial, quality, development, and centre approval issues in order to assess and manage risk. Remedial action is initiated if and when required, either by the SMT or Board of Trustees depending on the level of authority required.

Training needs for trustees are identified as part of the initial induction process and then on an annual basis by discussion at meetings of the Board. Informal training for trustees has been built into their meetings during the course of the year whereby they are actively engaged in monitoring and learning about the operational and strategic development of the Charity. For example, this includes active engagement in checking the statements of compliance made to both Ofqual and the QAA in respect of each of these regulatory licences. Furthermore, trustees are provided with news and updates regarding their role throughout the year. The trustees for the Charity are specially chosen for membership of the Board on the basis of their experience in the business of education and training which is the principal focus of the Charity’s work.

There are also two sub-committees of the Board, the Quality Committee and the Access Quality and Development Committee, which have some devolved responsibility relating to each external regulator (Ofqual and QAA respectively). These committees meet a minimum of three times a year and are attended by an appropriate member of the SMT and other officers and each is chaired by a member of the Board.

Auditor

In accordance with the company's articles, a resolution proposing that Warner Wilde Limited be reappointed as auditors of the company will be put to the members.

The Trustees' report was approved by the Board of Trustees.

.............................. Fiona Morey (Chair from March 2022) Trustee

Date: .............................................

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 JULY 2022

The Trustees, who are also the directors of The Open College Network South East Region Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED

Opinion

We have audited the financial statements of The Open College Network South East Region Limited (the ‘Charity’) for the year ended 31 July 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) .

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the accounts section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the s tatement of Trustees' r esponsibilities, the Trustees, who are also the directors of the Charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our knowledge and experience of the charity and faith sector;

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, the Charities Act 2011, taxation legislation, data protection, employment, environmental and health and safety legislation;

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

testing controls with walk through procedures and substantive transaction testing;

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions;

assessed whether judgements and assumptions made in determining any accounting estimates were indicative of potential bias;

investigated the rationale behind significant or unusual transactions; and

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;

reading the minutes of meetings of those charged with governance;

enquiring of management as to actual and potential litigation and claims;

reviewing correspondence with HMRC and relevant regulators such as the Charity Commisison

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED Uso of our roport Thls report18 made 801ely to the charitys trustees. as a bojy, in accordanc writh seclion 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audh wod( has bèen undertaken so that we might Stale lo the charity's trustees those matters we ar8 required to state to them In an audltors, report and for no other purpose. To the full88t extent pem)lttad by law. we do not accept or assumg responsibility to anyone other than the charity and its truslges as a boty. for our audit wor. for th18 rewjrt or for th8 oplnlons we have fom1￿. Frances Wlldo FCCA DChA for and on behalf of Wam•r Wlld• lo J lois Chort•rod C•rtlll•d Accountants Statutory Audltor Wamer Wikle Chartered Cerbfied Accountants 4 Marlgold Drfve Bislay Surmy GU24 9SF Franc88 Imlde FCCA OChA Is 8liglblo for appolntrngnt a5 audltor of the Charfty by vlrtue of Its ellglblllty for appolntrnenl as auditor of a company under sedon 1212 of th6 Companl8s Act 2006.

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2022

Unrestricted Unrestricted
funds
funds
2022
2021
Notes
£
£
Income and endowments from:
Charitable activities 3 1,903,623
1,790,617
Investments 4 349
230
Other income 5 314
4,291
Total income 1,904,286
1,795,138
Expenditure on:
Charitable activities 6 1,701,273
1,551,283
Other 10 1,362
-
Total expenditure 1,702,635
1,551,283
Net income for the year/
Net movement in funds 201,651
243,855
Fund balances at 1 August 2021 1,253,238
1,009,383
Fund balances at 31 July 2022 1,454,889
1,253,238

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS BALANCE SHEET

AS AT 31 JULY 2022

Notes
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2022
£
£
25,724
233,536
1,253,110
1,486,646
(57,481)
1,429,165
1,454,889
1,454,889
1,454,889		 2021
£
£
22,641
188,642
1,100,197
1,288,839
(58,242)
1,230,597
1,253,238
1,253,238
1,253,238		 2021
£
£
22,641
188,642
1,100,197
1,288,839
(58,242)
1,230,597
1,253,238
1,253,238
1,253,238
1,253,238
1,253,238
1,253,238

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 2022, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on .........................

.............................. Fiona Morey (Chair from March 2022) Trustee

Company registration number 5453363

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2022

Notes
Cash flows from operating activities
Cash generated from operations
17
Investing activities
Purchase of tangible fixed assets
Proceeds on disposal of tangible fixed
assets
Interest received
Net cash used in investing activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022
£
£
166,073
(13,509)
-
349
(13,160)
-
152,913
1,100,197
1,253,110		 2021
£
£
217,283
(9,324)
1,485
230
(7,609)
-
209,674
890,521
1,100,197

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

1 Accounting policies

Charity information

The Open College Network South East Region Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 4 Marigold Drive, Bisley, Woking, Surrey, GU24 9SF.

1.1 Accounting convention

The accounts have been prepared in accordance with the Charity's Memorandum and Articles of Association. the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the Charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

1 Accounting policies

(Continued)

1.5 Expenditure

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and Fittings 25% Reducing Balance Office Equipment 25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .

1.7 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity 's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity ’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

The Charity operates a defined contributions pension scheme. Contributions are charged in the accounts as they become payable in accordance with the rules of the scheme. The charity also contributes to a defined benefit scheme, the Teachers Pension Scheme, contributions are also charged in the accounts as they become payable as the share of assets relating to the charity are not seperately identifiable. Any difference between the charge to the Statement of Financial Activities and the contributions paid to either scheme are shown as assets or liabilities in the balance sheet.

1.12 Irrecoverable VAT

Irrecoverable VAT is written off to the SOFA as incurred and is disclosed in the same manner as the expense to which it relates.

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Charitable activities

Consultancy &
project fees
Course
accreditation
2022
2022
£
£
Sales within charitable
activities
390
1,903,233
4
Investments
Interest receivable
5
Other income
Other income		 Total
2022
Consultancy &
project fees
Course
accreditation
Total
2021
2021
2021
£
£
£
£
1,903,623
22,976
1,767,641
1,790,617
UnrestrictedUnrestricted
funds
funds
2022
2021
£
£
349
230
UnrestrictedUnrestricted
funds
funds
2022
2021
£
£
314
4,291

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

6 Charitable activities

Staff costs
Depreciation and impairment
Other costs
Share of support costs (see note 7)
Share of governance costs (see note 7)
Support costs
Support
costs
Governance
costs
£
£
Other support costs
354,236
-
Audit fees
-
10,544
Legal and professional
-
34,497
Meeting costs
-
-
Trustee indemnity
insurance
-
-
354,236
45,041
Analysed between
Charitable activities
354,236
45,041		 2022
£
354,236
10,544
34,497
-
-
399,277
399,277		 2022
£
1,140,256
9,064
152,676
1,301,996
354,236
45,041
1,701,273
Support
costs
Governance
costs
£
£
374,178
-
-
7,734
-
12,469
-
8
-
595
374,178
20,806
374,178
20,806		 2021
£
995,830
7,265
153,204
1,156,299
374,178
20,806
1,551,283
2021
£
374,178
7,734
12,469
8
595
394,984
394,984

7 Support costs

Fees payable to the auditor (including preparation of statutory accounts and irrecoverable VAT ) £ 8,200 (20 21 : £7,734 ) and £1,988 (2021: £2,752) for other services .

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year, but none (20 20 : two ) of them were reimbursed a total of £ nil (20 20 : £ 63 ) travelling expenses.

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

9 Employees

The average monthly number of employees during the year was:

Management
Curriculum Development
Administration & Support
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs
The average number of posts includes 20 part time and 10 full time posts.
The number of employees whose annual remuneration was more than
£60,000 is as follows:
£60,001-£70,000
£70,001-£80,000		 2022
Number
11
2
19
32
2022
£
926,320
84,403
129,533
1,140,256
2022
Number
1
1		 2021
Number
9
5
18
32
2021
£
805,878
71,933
118,019
995,830
2021
Number
1
1

Of the employees whose emoluments exceed £60,000, 2 (2021: 2) had retirement benefits accruing under defined benefit pension schemes.

10 Other

2022 2021
£ £
Net loss on disposal of tangible fixed assets 1,362 -

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

11 Tangible fixed assets

Fixtures and
Fittings
Office
Equipment
£
£
Cost
At 1 August 2021
11,528
61,373
Additions
893
12,616
Disposals
-
(4,612)
At 31 July 2022
12,421
69,377
Depreciation and impairment
At 1 August 2021
11,231
39,030
Depreciation charged in the year
181
8,882
Eliminated in respect of disposals
-
(3,250)
At 31 July 2022
11,412
44,662
Carrying amount
At 31 July 2022
1,009
24,715
At 31 July 2021
297
22,344		 Total
£
72,901
13,509
(4,612)
81,798
50,261
9,063
(3,250)
56,074
25,724
22,641

There is no minimum value for capitalisation of tangible fixed assets. Items are identified on the basis of their enduring benefit.

12
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
13
Creditors: amounts falling due within one year		 12
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
13
Creditors: amounts falling due within one year		 2022
£
190,978
9,355
33,203
233,536		 2021
£
151,776
9,355
27,511
188,642
Trade creditors
Accruals and deferred income		 2022
£
29,866
27,615
57,481		 2021
£
28,916
29,326
58,242
Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 29,866 28,916
Accruals and deferred income 27,615 29,326
57,481 58,242

14 Operating lease commitments

At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

14
Operating lease commitments
Within one year
Between two and five years
15
Related party transactions
Remuneration of key management personnel		 (Continued)
2022
2021
£
£
29,520
29,520
17,220
46,740
46,740
76,260

The remuneration of key management personnel is as follows.

2022
£
Aggregate compensation
177,782
16
Provisions Available to Smaller Entities
In common with many other entities of our size and nature we use our auditors to assist
preparation of the financial statements and to provide regular support to our finance team.
17
Cash generated from operations
2022
£
Surplus for the year
201,651
Adjustments for:
Investment income recognised in statement of financial activities
(349)
Loss on disposal of tangible fixed assets
1,362
Depreciation and impairment of tangible fixed assets
9,064
Movements in working capital:
(Increase) in debtors
(44,894)
(Decrease)/increase in creditors
(761)
Cash generated from operations
166,073
18
Analysis of changes in net funds		 2021
£
164,083
with the
2021
£
243,855
(230)
-
7,265
(44,272)
10,665
217,283

The Charity had no debt during the year.