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2023-07-31-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 2023

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

Trustees Fiona Morey (chair) Eddie Playfair Barbara Stilwell (Appointed 17 October 2022) Sally Kent Sharon Baxter (Appointed 1 December 2022) Dr Rebecca Conway (Appointed 1 December 2022) Drew Richardson-Walsh (Appointed 1 December 2022) Chief Executive Officer David Gittins (to 31 December 2022) Vida Stewart (from 1 January 2023) Secretary David Gittins (to 8 December 2022) Vida Stewart (from 8 December 2022) Charity number 1114460 Company number 5453363 Registered office 4 Marigold Drive Bisley Woking Surrey GU24 9SF Auditor Linda Dunford FCCA CTA 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 - 5
Statement of Trustees' responsibilities 6
Independent auditor's report 7 - 10
Statement of financial activities 11
Balance sheet 12
Statement of cash flows 13
Notes to the financial statements 14 - 21

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 JULY 2023

The Trustees, who are also directors, present their report and accounts for the year ended 31 July 2023.

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)".

Vision, Mission and Values

The Charity’s vision is to transform people’s lives and their communities through the recognition of their learning and achievement.

Its mission is to be a leading international awarding organisation offering excellent products and services with a level of customer service and care which is second to none.

Its values are integrity, inclusion, and excellence.

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 and its Company number is 5453363.

Open College Network South East Region Ltd is a fully independent Awarding Organisation and Access Validating Agency, and has used the trading name Laser Learning Awards (LASER) and the brand Trident Awards in the security sector, since February 2012. Open College Network South East Region Ltd operates under separate licences, from the Quality Assurance Agency for Higher Education (QAA) for its Access to HE Diploma 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 overall governance of the Charity is the responsibility of the Trustees who are elected and coopted 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 relevant external regulating/licensing/approving bodies.

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

Fiona Morey (From November 2014; Chair from March 2022) Eddie Playfair (From December 2018) Sharon Phillips (From March 2016; Retired from Board March 2023) Sally Kent (From June 2022; Chair of Access Quality and Development Committee) Barbara Stilwell (From October 2022) Sharon Baxter (From December 2022; Chair of Quality Committee) Dr Rebecca Conway (From December 2022) Drew Richardson-Walsh (From December 2022) The Company Secretary during the year was: David Gittins (Retired December 2022) Vida Stewart (From December 2022)

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

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 current strategy and business plans, and the recent financial performance of the Charity.

The Board of Trustees meets a minimum of three times a year and during 2022-23 the Board met twice in person and once virtually. The Senior Management Team (SMT), which comprises the Chief Executive Officer (CEO) and Deputy Chief Executive Officer (DCEO), attend Board meetings in an exofficio capacity. The CEO reports to the Chair of the Board, and the DCEO reports to the CEO.

On 31 December 2022 the CEO David Gittins retired, and on 01 January 2023 was succeeded by Vida Stewart, who had formerly been the DCEO, and had been appointed by the Board following an open recruitment process. The DCEO was replaced by Dr Fiona Summers, an experienced senior manager from the awarding sector also appointed following an open recruitment process.

The Trustees for the Charity are specifically chosen for membership of the Board on the basis of their experience and expertise in relevant business areas including education and training which is the principal focus of the Charity’s work.

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

The work of the Charity is broadly divided into two key business areas: provision of the QAA-licensed Access to HE Diploma qualification, and provision of Ofqual-regulated and non-regulated courses plus other associated services such as training and consultancy – this business area also including its work in the security sector under the Trident Awards brand.

Access to HE work is carried out from the Canterbury office under the day to day direction of the Head of Access, and all other work from the Byfleet office under the day to day direction of the DCEO.

Risk Management

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

Risk management on an operational day to day basis is the responsibility of SMT, supported by the Head of Access and other managers as relevant to their roles.

Objectives and Activities for 2022-23

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:

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

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 has continued to pursue its principal charitable aims in 2022-23.

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

Financial Review 2022-23

The budget for 2022-23 was constructed on the basis that learner registrations on Ofqual-regulated and non-regulated provision would return to pre-pandemic levels, whilst learner registrations on Access to HE Diplomas would likely see a reduction due to the uncertainties surrounding the national economic situation, notably with high inflation but low unemployment, which makes it difficult for typical potential Access learners to commit to a change in career direction or re/training including university attendance.

Whilst a drop in Access registrations was anticipated, the reality of the economic situation was such that the drop was considerably greater than anticipated, and this resulted in a small than forecast surplus returned at the end of the year. Nonetheless, a surplus of £47,000 was returned on income of £1.95m. Once again this comes as a result of the hard work of staff and the demand for some of our key products and services, in particular the demand for SIA licensed security operatives who need the licence-linked qualifications offered under LASER’s Trident Awards brand in order to apply for their licence.

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 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.

Plans for the Future

SMT developed a new five year strategy in 2023 which was approved by the Board, to guide its activities through the 2023-2028 period. From this, a detailed set of action plans was identified for the first year of its implementation, 2023-24.

The identified strategic aims during the next five years are:

  1. To grow the business overall by increasing numbers of learners and increasing income, supported where necessary in the short term by using some of the reserves built up in recent years, and whilst maintaining at least six months’ reserves in line with our reserves policy.

  2. To proactively explore opportunities to exploit emerging technologies to support our aims and objectives.

  3. To be open to potential partnerships which may offer the opportunity to diversify our business, and to proactively pursue opportunities for partnerships which grow the existing business.

  4. To look after our team of staff and ensure that LASER is an employer of choice with policies and an ethos which support the wellbeing of team members, and provide staffing stability.

  5. 4 -

THE OPEN COLLEGE NETWORK SOUTH EAST REGION LIMITED LASER LEARNING AWARDS TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) ICONTINUEDI FOR THE YEAR ENDED 31 JUL Y 2023 S. To focus on four key oraas of business. in each of which we will offer outstanding levels of customer support and Care.. a. Ac￿sS to HE b. compliance-rela1￿ qualifi¢alions c. Qualifications in the secufity se¢tOf {under the Trident Award5 brand) d. Progre5$ion and learning support provision Audltor 202>24 In accordance with the company's articlès, a resolution PfOP05ing that Wamer Wilde Limited be reappointed as audrtors of the company for 202>24 was approved by the Board of Trusteès on 27 March 2023. On behalf of the Board of Trustees.. Flona Morey Chair of Board of Trus ee$ Dated.............

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

FOR THE YEAR ENDED 31 JULY 2023

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 2023 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.

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 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 AUDITOR'S REPORT (CONTINUED)

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

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Linda Dunford FCCA CTA For and on behalf of Warner Wilde

08/01/2024

.........................

Chartered Certified Accountants Statutory Auditor

Warner Wilde

Chartered Certified Accountants 4 Marigold Drive Bisley Surrey GU24 9SF

Linda Dunford FCCA CTA is eligible for appointment as auditor of the Charity by virtue of their eligibility for appointment as auditor of a company under section 1212 of the Companies 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 2023

Unrestricted Unrestricted
funds
funds
2023
2022
Notes
£
£
Income and endowments from:
Charitable activities 3 1,946,851
1,903,623
Investments 4 421
349
Other income 5 395
314
Total income 1,947,667
1,904,286
Expenditure on:
Charitable activities 6 1,900,467
1,701,273
Other 10 421
1,362
Total expenditure 1,900,888
1,702,635
Net income for the year/
Net movement in funds 46,779
201,651
Fund balances at 1 August 2022 1,454,889
1,253,238
Fund balances at 31 July 2023 1,501,668
1,454,889

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 JULY2023 2023 2022 Nots8 Flxgd a￿1$ Tangible assets 11 22,923 25.724 Current ass&ts Debtors Cash at bank and in hand 12 295,655 1,238, 198 233,536 1,253,110 1,533,853 Credltor¥: amounts falllng due vlthln one year 1.4e6,646 13 155,1081 157,4811 Nel Gurrent assets 1.478,745 1,429,165 Total a88ets less Current liabilities 1,501,668 1,454,889 Income funds Unrestricted funds 1,501,668 1,454,889 1,501,668 1,454,889 The company is entitled to the exemption from the audit requirement containod in section 477 of the Companie5 Act 2006, for the year ended 31 July 2023, af(hough an audrt has teen carried OLtt under section 144 of the Charities Act 2011. The directors acknowledge their respon8ibiif(ies for cr)myying with the requirements of the Companies Act 20C6 th resped lo accounting records and the preparation of financial statements. The rllembers have not required the company to obtaln an audit of its financial slalements under the fequirements of the Companies Act 2QX, for the year in qusstion in accordance with section 476. These ffinancial statements havè been prep8Ted in accordance with the provisions applicable to companies subjecl to the small companies regime. The finandal sl*emenls were approved by the Trustees on rn . fL. 2DZ3 Fiona More Trustee Company reglstration number 5453363 12

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

FOR THE YEAR ENDED 31 JULY 2023

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
16
Investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
£
(10,047)
(5,286)
421
(4,865)
-
(14,912)
1,253,110
1,238,198		 2022
£
£
166,073
(13,509)
349
(13,160)
-
152,913
1,100,197
1,253,110

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

FOR THE YEAR ENDED 31 JULY 2023

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 2023

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 2023

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 2023

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
2023
2023
£
£
Sales within charitable
activities
1,822
1,945,029
Investments
Interest receivable		 Total
2023
Consultancy &
project fees
Course
accreditation
Total
2022
2022
2022
£
£
£
£
1,946,851
390
1,903,233
1,903,623
UnrestrictedUnrestricted
funds
funds
2023
2022
£
£
421
349

4 Investments

5 Other income

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Other income 395 314

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

FOR THE YEAR ENDED 31 JULY 2023

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
408,162
-
Audit fees
-
11,106
Legal and professional
-
30,320
408,162
41,426
Analysed between
Charitable activities
408,162
41,426		 2023
£
408,162
11,106
30,320
449,588
449,588		 2023
£
1,273,104
7,666
170,109
1,450,879
408,162
41,426
1,900,467
Support
costs
Governance
costs
£
£
354,236
-
-
10,544
-
34,497
354,236
45,041
354,236
45,041		 2022
£
1,140,256
9,064
152,676
1,301,996
354,236
45,041
1,701,273
2022
£
354,236
10,544
34,497
399,277
399,277

7 Support costs

Fees payable to the auditor (including preparation of statutory accounts and irrecoverable VAT ) £ 9,012 (20 22 : £8,200 ) and £2,130 (2022: £1,988) for other services .

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

Three trustees received reimbursement of travel expenses to the value of £411.

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

FOR THE YEAR ENDED 31 JULY 2023

9 Employees

The average monthly number of employees during the year was:

Managers
SMT
Administration & Support
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
9
2
22
33
2023
£
1,028,295
94,889
149,920
1,273,104		 2022
Number
11
2
19
32
2022
£
926,320
84,403
129,533
1,140,256

The average number of posts includes 22 part time and 11 full time posts.

The number of employees whose annual remuneration was more than
£60,000 is as follows:
2023 2022
Number Number
£60,001 - £70,000 - 1
£70,001 - £80,000 - 1
£100,001 - £110,000 1 -

Of the employees whose emoluments exceed £60,000, one (2022: two) had retirement benefits accruing under defined benefit pension schemes.

10 Other

2023 2022
£ £
Net loss on disposal of tangible fixed assets 421 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 2023

11
Tangible fixed assets
Fixtures and
Fittings
Office
Equipment
£
£
Cost
At 1 August 2022
12,421
69,377
Additions
-
5,286
Disposals
-
(6,122)
At 31 July 2023
12,421
68,541
Depreciation and impairment
At 1 August 2022
11,412
44,662
Depreciation charged in the year
271
7,395
Eliminated in respect of disposals
-
(5,701)
At 31 July 2023
11,683
46,356
Carrying amount
At 31 July 2023
738
22,185
At 31 July 2022
1,009
24,715		 Total
£
81,798
5,286
(6,122)
80,962
56,074
7,666
(5,701)
58,039
22,923
25,724

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		 2023
£
236,257
10,861
48,537
295,655		 2022
£
190,978
9,355
33,203
233,536

13 Creditors: amounts falling due within one year

Trade creditors
Accruals and deferred income		 2023
£
16,196
38,912
55,108		 2022
£
29,866
27,615
57,481

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

FOR THE YEAR ENDED 31 JULY 2023

14 Operating lease commitments

At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, including rental of premises and a photocopier under 5-year leases and rental of an additional photocopier under a 3-year lease.

These commitments fall due as follows:

Within one year
Between two and five years		 2023
£
19,184
2,196
21,380		 2022
£
29,520
17,220
46,740

15 Related party transactions

Remuneration of key management personnel

Key management personnel is defined as the CEO and Deputy CEO roles. The remuneration of key management personnel is as follows.

Aggregate compensation
16
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Loss on disposal of tangible fixed assets
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase) in debtors
(Decrease) in creditors
Cash (absorbed by)/generated from operations
17
Analysis of changes in net funds		 2023
£
224,923
2023
£
46,779
(421)
421
7,666
(62,119)
(2,373)
(10,047)		 2022
£
177,782
2022
£
201,651
(349)
1,362
9,064
(44,894)
(761)
166,073

The Charity had no debt during the year.