2021-03-31-accounts - South West Grid For Learning Trust

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Reference and Administrative Details	Reference and Administrative Details
Trustees' Report		2 to 14
Statement ofTrustees'	Responsibilities	15
Independent Auditors'	Report	16to 18
Statement ofFinancial	Activities	19to20
Balance Sheet		21
Statement ofCash Flows		22
Notes ofthe Financial	Statements	23 to44

			South West Grid	South West Grid	South West Grid	South West Grid	for Learning Trust	for Learning Trust	for Learning Trust	for Learning Trust	for Learning Trust
			Reference and		Administrative					Details
Trustees			R Bond
			A C Coghlan
			P Fletcher
			C Mcdonald
			SSmith
			SP Taylor	(resigned				15June 2021)
			S Wainwright			(resigned 31			October 2020)
			A E Brittan
			JBriscombe
			M E Blackman				(appointed		15Apri12021)
Secretary			R Bond
Principal	Office		Belvedere	House
			Woodwater		Park
			Pynes Hill
			Exeter
			EX25WS
			The charity	is		incorporated			in England		and Wales.
Company	Registration	Number	05589479
Charity Registration		Number	1120354
Solicitors			Shoosmiths	LLP
			West One
			114Wellington				Street
			Leeds
			Lsl 1BA
Bankers			Lloyds TSB		Bank Pic
			234 High Street
			Exeter
			Devon
			EX43ZB
Auditor			Thompson	Jenner LLP
			Statutory Auditors
			28 Alexandra		Terrace
			Exmouth
			Devon
			EX8 1BD

					Unrestricted	Restricted	Total
					funds	funds	2021
				Note
Income and Endowments			from:
Charitable activities					3,950,798	325,999	4,276,797
Investment income					2,785		2,785
Total income					3,953,583	325,999	4,279,582
Expenditure on:
Charitable activities					(3,499,125)	(609,855)	(4,108,980)
Total expenditure					(3,499,125)	(609,855)	(4,108,980)
Net income/(expenditure)					454,458	(283,856)	170,602
Transfers between	funds				(283,856)	283,856
Other recognised	gains	and losses
Actuarial gains/(losses)		on	defined benefit
pension schemes					(254,000)		(254,000)
Net movement in funds					(83,398)		(83,398)
Reconciliation of	funds
Total funds brought	forward				1,043,900		1,043,900
Total funds carried	forward			20	960,502		960,502

				Unrestricted	Restricted	Total
				funds	funds	2020
Income and Endowments		from:
Charitable activities				4,545,588	444,321	4,989,909
Investment income				13,191		13,191
Total income				4,558,779	444,321	5,003,100
Expenditure on:
Charitable activities				(4,369,910)	(725,998)	(5,095,908)
Total expenditure				(4,369,910)	(725,998)	(5,095,908)
Net income/(expenditure)				188,869	(281,677)	(92,808)
Transfers between funds				(337,486)	337,486
Other recognised gains	and losses
Actuarial gains/(losses)	on	defined benefit
pension schemes				(14,000)		(14,000)
Net movement in funds				(162,617)	55,809	(106,808)
Reconciliation offunds
Total funds brought forward				1,206,517	(55,809)	1,150,708
Total funds carried forward			20	1,043,900		1,043,900

			Balan	ce Sheet as at	31March 2	021
					Note	2021 f	2020f
Fixed assets
Intangible assets					12	8,949	9,523
Tangible assets					13	8,208	11,713
Investments					14	I	I
						17,158	21,237
Current assets
Stocks					15	106,590	123,078
Debtors					16	1,046,245	926,286
Cash at bank	and in hand					1,783,892	2,526,250
						2,936,727	3,575,614
Creditors: Amounts		falling	due within	one year	17	(622,303)	~(1,445,951
Net current	assets					2,314,344	2,129,663
Net assets excluding		pension	liability			2,331,502	2,150,900
Pension scheme liability					9	~3,373,000	~3,707,000
Net assets including		pension	liability			960,502	1,043,900
Funds ofthe	charity:
Unrestricted	income	funds
Unrestricted						960,502	1,043,900
Total funds					20	960,502	1,043,900

					Note	2021 f.	2020f
Cash flows from operating	activities
Net cash expenditure						(83,398)	(106,808)
Adjustments to cash flows from non-cash			items
Depreciation						6,768	7,159
Amottisation						2,802	2,728
Investment income						(2,785)	(13,191)
						(76,613)	(110,112)
Working capital adjustments
Decrease/(increase) in stocks					15	16,488	(16,065)
(Increase)/decrease in debtors					16	(119,959)	194,911
(Decrease)/increase in creditors					17	(755,303)	738,730
Increase/(decrease) in retirement benefit obligation				net ofactuarial
changes					19	264,000	83,000
Decrease in deferred income						(68,265)	(411,532)
Net cash flows from operating		activities				(739,652)	478,932
Cash flows from investing activities
Interest receivable and similar		income			4	2,785	13,191
Purchase ofintangible fixed assets					12	(2,228)
Purchase oftangible fixed assets					13	(3,263)	(16,210)
Net cash flows I'rom investing	activities					(2,706)	(3,019)
Net (decrease)/increase in cash		and cash equivalents				(742,358)	475,913
Cash and cash equivalents at	I	April				2,526,250	2,050,337
Cash and cash equivalents at	31 March					1,783,892	2,526,250

the amount attrib	utable to each activity.
		2021	2020
E - Safety		40%	36%
UK Safer Internet	Centre	11%	10%
Barefoot		21%	21%
Licencing		5%	5%
Schools Internet	Service	23%	23%
SELMA		0%	5%

Income from charitable activ	ities
	Unrestricted
	funds	Restricted	Total	Total
	General	funds	2021f	2020f
E-Safety	759,730		759,730	565,035
UK Safer Internet Centre		322,717	322,717	378,489
SELMA		3,282	3,282	65,832
Barefoot	380,054		380,054	347,323
Licencing	220,854		220,854	173,854
Schools Internet Service	2,590,160		2,590,160	3,458,786
Operational				590
	3,950,798	325,999	4,276,797	4,989,909

4 Investment in	come
		Unrestricted
		funds	Total
		General	funds
		f
Interest receivable	and similar income;
Interest receivable on bank deposits		2,785	2,785
Total for 2021		2,785	2,785
Total for 2020		13,191	13,191

		Activity
		undertaken	Activity
		directly f	support costs	2021	2020
E-Safety		340,521	148,659	489,180	482,844
UK Safer Internet	Centre	569,917	39,938	609,855	659,678
Barefoot		238,681	77,657	316,338	331,050
Licencing		191,934	18,490	210,424	160,101
Schools Internet	Service	2,376,020	107,163	2,483,183	3,395,915
SELMA					66,320
		3,717,073	391,907	4,108,980	5,095,908

	Unrestricted
	funds	Restricted	Total	Total
	General	funds	2021	2020
E-Safety	489,180		489,180	482,844
UK Safer Internet Centre		609,855	609,855	659,678
SELMA				66,320
Barefoot	316,338		316,338	331,050
Licencing	210,424		210,424	160,101
Schools Internet Service	2,483,183		2,483,183	3,395,915
	3,499,125	609,855	4,108,980	5,095,908

			Unrestricted
			funds
				Restricted	Total	Total
			Geaeral	fuads	2021	2020
Employment		costs	196,475	21,112	217,587	246,813
Establishment		costs	101,174	12,250	113,424	132,703
Legal and	Professional		31,904	3,863	35,767	48,281
Travel and	subsistence		801	97	898	739
Computer	expenses		21,614	2,617	24,231	6,532
Advertising		and promotion				868
			351,968	39,939	391,907	435,936

		Unrestricted
		funds	Total	Total
		General	2021	2020
Audit fees
Audit ofthe financial	statements	11,200	11,200	11,500
Other fees paid to auditors		3,186	3,186	3,004
		14,386	14,386	14,504

			2021	2020
Operating leases		- other assets	71,492	76,297
Audit fees			11,200	11,500
Other non-audit		services	10,817	7,816
Depreciation	of	fixed assets	7,311	7,159
Amortisation	of	software	2,802	2,728

		2021	2020
		8
Staff costs during	the year were:
Wages and salaries		886,351	841,143
Social security costs		86,916	80,811
Pension costs		70,195	140,286
		1,043,462	1,062,240

the year expressed as full time equivalents was	as follows;
	2021		2020
	No		No
Administration		32		32

2021	2020
No	No

						2021	2020
Audit ofthe financial		statements				11,200	11,500
Other fees to auditors
All other non-audit	services					10,817	7,816
11 Taxation
The charity is aregistered			charity	and is therefore	exempt from taxation.
12 Intangible fixed	assets
						Software	Total
Cost
At 1 April 2020						13,640	13,640
Additions						2,228	2,228
At 31March 2021						15,868	15,868
Amortisation
At 1 April 2020						4,117	4,117
Charge for the year						2,802	2,802
At 31March 2021						6,919	6,919
Net book value
At 31 March 2021						8,949	8,949
At 31 March 2020						9,523	9,523

capital are a	s follows:
			Proportioa of	voting
			rights and shares
Undertaking		Holding	held	Principal activity
Subsidiary	undertakings
Edtesa Limited		Ordinary	100%		Dormant
15 Stock
				2021	2020
Stocks				106,590	123,078
16 Debtors
				2021	2020f
Trade debtors				183,886	370,431
Prepayments				360,548	433,904
Accrued income				406,306	37,010
VAT recoverable				85,423	74,258
Other debtors				10,082	10,683
				1,046,245	926,286

17 Credit	ors: amo	unts falling	due within one year
				2021f	2020
Trade creditors				32,513	800,414
Other creditors				150,731	150,639
Accruals				25,180	12,674
Deferred	income			413,959	482,224
				622,383	1,445,951
				2021	2020
Deferred	income at	1 April 2020		482,224	893,756
Resources	deferred	in the period		180,421	235,934
Amounts	released from previous		periods	(248,686)	(647,466)
Deferred	income at	year end		413,959	482,224

		2021f	2020
Land	and buildings
Within	one year	58,900	38,915
Between one and five years		68,717	127,617
		127,617	166,532
Other
Within	one year		14,738

Reconciliation ofschem The amounts recognised	e assets and liabilities to assets and in the statement offinancial position	liabilities recognised are as follows:
		2021	2020
Fair value ofscheme assets		2,736,000	2,352,000
Present value ofdefined	benefit obligation	(4,107,000)	(3,459,000)
Defined benefit pension	scheme deficit	(1,371,000)	(1,107,000)

Changes	in th	e defined benefit obligation are as follows:
			2021
Present	value	at start ofyear	3,459,000
Current	service cost		24,000
Interest	cost		81,000
Actuarial	gains and losses		603,000
Benefits	paid		(67,000)
Contributions		by scheme participants	7,000
Present value		at end ofyear	4,107,000

Fair value ofscheme assets Changes in the fair value ofscheme assets are as follows:
	2021
Fair value at start ofyear	2,352,000
Interest income	56,000
Actuarial gains and losses	349,000
Employer contributions	39,000
Contributions by scheme participants	7,000
Benefits paid	(67,000)
Fair value at end ofyear	2,736,000

The major ca	tegories ofscheme assets are as follows:
		2021	2020
Cash and cash equivalents		79,000	52,000
Equity instruments		1,026,000	1,022,000
Government	bonds	386,000	132,000
Other Bonds		233,000	214,000
Property		197,000	233,000
Other		815,000	699,000
		2,736,000	2,352,000

2021	2020
405,000	(160,000)

The princ	ipal	actuarial assumptions at the statement o	ffinancial position date are as follows:
			2021	2020
				'/o
Discount	rate		2.10	2.40
Future salary		increases	4.20	3.60
Future pension		increases	2.80	2.20
Inflation			2.70	2.10

				2021	2020
				Years	Years
Current	UK pensioners	at retirement	age - male	23.00	23.00
Current	UK pensioners	at retirement	age - female	25.00	25.00
Future	UK pensioners	at retirement	age - male	25.00	25.00
Future	UK pensioners	at retirement	age - female	27.00	27.00

20 Funds
										Other
						Balance at I	Incoming	Resources		recognised	Balance at 31
						April 2020	resources f	expended	Transfers f	gains/(losses) f	March 2021
Unrestricted		funds
General
Unrestricted		income fund				2,150,900	3,953,583	(3,489,125)	(283,856)		2,331,502
Designated Defined benefit			pension		scheme	~),)07,000)		(10,000)		(254,000)	(1,371,000)
Total unrestricted				funds		1,043,900	3,953,583	(3,499,125)	(283,856)	(254,000)	960,502
Restricted	funds
VKSIC							322,717	(609,855)	287,138
SELMA							3,282		(3,282)
Total restricted			funds				325,999	(609,855)	283,856
Total funds						1,043,900	4279582	~44, 308980		~254,000)	900,502

				Note	s to the Financial Statetnen	ts for the Y	ear Ended 31Ma	rch 2021
									Other
					Balance at I	Incoming	Resources		recognised	Balance at 31
					April 2019	resources f	expended	Transfers f	gains/(losses)	March 2020 f
Unrestricted	funds
General
Unrestricted		income fund			2,230,517	4,558,779	(4,300,910)	(337,486)		2,150,900
Design ared
Defined benefit pension				scheme	(1,024,000)		(69,000)		(14,000)	(1,107,000)
Total unrestricted			funds		1,206,517	4,558,779	(4,369,910)	(337,486)	(14,000)	1,043,900
Restricted
UKSIC SELMA					~55,009	378,489 65.832	(659,678) ~(66,320	281,189 56,297
Total restricted		funds			(55,8093	444,32(	~(725,998	337,486
Total funds					1,150,708	5,003,100	(5,095,908)		(14,000)	1,043,900

					Total funds at
		Unrestricted	funds	Restricted	31 March
		General f	Desigaated	funds	2021f
Intangible fixed assets		8,949			8,949
Tangible	fixed assets	8,208			8,208
Fixed asset investments		I			I
Current	assets	2,624,187		312,540	2,936,727
Current	liabilities	(309,843)		(312,540)	(622,383)
Pension	scheme liability		(1,371,000)		(1,371,000)
Total net assets		2,331,502	(1,371,000)		960,502
					Total funds at
		Unrestricted	funds	Restricted	31 March
		General	Designated	funds	2020
					f.
Intangible fixed assets		9,523			9,523
Tangible	fixed assets	11,713			11,713
Fixed asset investments		I			I
Current	assets	3,547, 199		28,415	3,575,614
Current	liabilities	(1,417,536)		(28,415)	(1,445,951)
Pension	scheme liability		(1,107,000)		(I,107,000)
Total net assets		2,150,900	(1,107,000)		1,043,900
22 Analysis ofnet funds

22 Analysis ofnet funds
	At I April	Fiaancing cash	At 31March
	2020	flows	2021f
Cash at bank and in hand	2,526,250	(742,358)	1,783,892
Net debt	2,526,250	(742,358)	1,783,892
	At I April	Financing cash	At 31 March
	2019	flowsf	2020
Cash at bank and in hand	2,050,337	475,913	2,526,250
Net debt	2,050,337	475,913	2,526,250

which is unspent at the year end and included w	ithin deferred income is as follows;
	2021	2020
Devon	112,193	112,193
Glouce ster	110,363	110,363
Plymouth	3,403	3,403
8windon	12,447
Torbay
Wiltshire	7,578	7,578