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2021-03-31-accounts

ontents
Page
Directors, Executive Officers, Advisors and Bankers
Report ofthe Directors 2-8
Independent
Auditor's		 Report 9-11
Statement
of Financial		 Activities 12
Statement of Financial Position
Notes to the Financial Statements 14-24

Directors
Richard Jones CBE(Chair)
Karen Ainsworth (Vice-Chair)
Andrew
Henderson
Anne Coates (resigned 1 March 2021)
Georgina
Nolan (resigned		 6 July 2020)
Grahame
Elliott CBE
Kelly Shaw
Lynn McCracken (resigned 28 April 2021)
Michelle
Pilling (resigned		 1 December 2020)
Mushtaq
Khan
Sharon Livesey
Sallie Bridgen (appointed 23July 2021)
Susan Moore (appointed 23July 2021)
Company Secretary Stephen Aggett
Executive Officers
Group Chief Executive Anthony
Duerden
Executive Director of Group Finance Stephen Aggett
Executive Director of Group Operations Helen Thompson
Executive Director of
Organisational
Development		 Vicki Howard
Company Leads
Head ofSupport Service Stacey Gawin
Head of Skills & Enterprise Samantha
Howarth
Registered Office Centenary
Court
Croft Street
Burnley
BB112ED
Registered Number 06329047
Charity Number 1125312
External Auditor Beever and Struthers
Statutory
Auditor
StGeorge's House
215-219Chester Road
Manchester
M154JE
Solicitor Forbes Solicitors
Rutherford
House
4 Wellington
Street
St.Johns
Blackbum
BB18DD
Bankers National
Westminster		 Bank
6th Floor, 1 Spinningfields Square
Manchester
M3 3AP

Unrestricted Unrestricted
Funds Funds
Note 2021 2020
F'000 F'000
Income from Donations 201
Income from Charitable activities 5382 4590
Total Income 5,382 4,791
Expenditure
Expenditure
on		 Charitable activities 5078 4 571
Total Expenditure 5,078 4,571
Net Income/(Expenditure) for the year 304 220
Initial recognition of multi-employer defined benefits scheme
Actuarial
Gain/(Loss)		 (297) 217
Net movement in funds 437
Reconciliation of Funds
Funds brought forward 31 March 178 (259)
Funds Carried Forward 31 March 2021 185 178

Note 2021 2020
F'000 f'000
Fixed assets
Tangible fixed assets 10 263 268
Intangible
fixed assets		 11 24 72
Total Fixed Assets 287 340
Current assets
Stock 18 21
Debtors 12 660 620
Cash and cash equivalents 251 73
929 714
Creditors: amounts falling due within one year 13 556 663
Net current (liabilities)/assets 373 51
Total assets less current liabilities 660 391
Creditors: amounts falling due after one year
Provision for liabilities: Pension provision (475) (213)
Net (liabilities)/assets 185 178
Unrestricted
funds
General
unrestricted		 funds b/f 178 (259)
Surplus
in Year		 7 437
Total unrestricted funds 14/15 185 178

5.
Net incom		 e I(expe nditure)
2021 2020
This is after charging:- F'000 F'000
Depreciation
ofowned		 assets (Note 9) 40 33
Amortisation
of intangibie assets		 (Note 10) 47 41
Auditors
remuneration		 for audit services (Note 4) 5 2
Operating
Leases —Land & Buildings		 245 39
Operating
Leases - Other		 45 10
6.
Employees
2021 2020
Staff costs consist of: 8'000 F'000
Salaries and wages 2,729 2,625
Social security costs 215 182
Other pension costs 88 149
Redundancy 10 15
3042 2 97'I
The average
number of		 employees during the year, analysed by function was:
2021 2020
Number Number
Support contracts 57 43
Work initiatives 87 97
Overheads 5 5
149 145
Full time equivalents (36.25 —40 hours/week) 127 125

Period from
31 March 2020to
RECONCILIATION
OF OPENING
AND CLOSING BALANCES
OF THE DEFINED BENEFIT OBLIGATION		 31 March 2021
(f000s)
Defined benefit obligation
at start of period		 1,461
Current service cost
Expenses
Interest expense 34
Member contributions
Actuarial losses (gains) due to scheme experience (»)
Actuarial losses (gains) due to changes
in demographic		 assumptions 6
Actuarial losses (gains) due to changes
in financial		 assumptions 403
Benefits paid and expenses (19)
Defined benefit obligation
at end		 of period 1,866
Period from
RECONCILIATION
OF OPENING AND CLOSING BALANCES OF
THE FAIR VALUE OF PLAN ASSETS ~'"":~~~
'"-'-~~itIew'		 ' 31 March 2020to
. 31 March 2021
(f000s)
Fair value of plan assets at start of period 1,248
Interest income 30
Experience on plan assets (excluding
amounts		 included in interest income) - gain (loss) 89
Employer contributions 43
Member contributions
Benefits paid and expenses (19)
Assets acquired
in a business
combination
Assets distributed
on settlements
Exchange rate changes
Fair value of
lan assets at end of
eriod		 1,391
Period from
DEFINED BENEFIT COSTS RECOGNISED
COMPREHENSIVE
INCOME (SOCI)		 IN STATEMENT OF 31 March 2020to
31 March 2021
f000s
Current service cost
Expenses
Net interest expense
Defined benefit costs reco nised in Statement of Com rehensive Income SoCI

Period from
31 March 2020to
DEFINED BENEFIT COSTS RECOGNISED
COMPREHENSIVE
INCOME (OCI)		 IN OTHER 31 March 2021
(R000s)
Experience on plan assets (excluding amounts
included		 in net interest cost) - gain (loss) 89
Experience gains and losses arising on the plan liabilities - gain (loss) 23
Effects ofchanges
in the
defined
benefit obligation		 demographic
- gain (loss)		 assumptions underlying the present value ofthe (6)
Effects ofchanges
in the
defined
benefit obligation		 financial
assumptions
underlying
- gain (loss)		 the present value ofthe (403)
Total actuarial
gains and losses (before restriction
recognisable)
-gain (loss)		 due to some ofthe surplus not being (297)
Effects ofchanges
in the		 amount ofsurplus that is not recoverable
(excluding		 amounts
included
in net interest cost) - gain		 (loss)
Total amount
recognised		 in Other Comprehensive Income - gain (loss) (297)
ASSETS 31 March 2021 31 March 2020
(E000s) (E000s)
Global Equity 222 183
Absolute
Return		 77 65
Distressed
Opportunities		 40 24
Credit Relative Value 34
Alternative
Risk Premia		 52 87
Fund of Hedge Funds 1
Emerging
Markets Debt		 56 38
Risk Sharing 51 42
Insurance-Linked
Securities		 33 38
Property 29 28
Infrastructure 93 93
Private Debt 33 25
Opportunistic
llliquid
Credit		 35 30
High Yield 42
Opportunistic
Credit		 38
Cash
Corporate Bond Fund 82 71
Liquid Credit 17 1
Long Lease Property 27 22
Secured Income 58 47
Over 15Year Gilts
Index Linked
All Stock Gilts
Liability
Driven Investment		 354 414
Net Current Assets 8 5
Total assets 1,391 1,248

31 March 2021 31 March 2020
KEYASSUMPTIONS %per annum %per annum
Discount Rate 2 21% 2 35%
Inflation (RPI) 3.22% 2 55%
Inflation (CPI) 2.87% 1 55%
Salary Growth 387% 2.55%
Allowance
for commutation		 of pension for cash at retirement 75%of maximum
allowance		 75%of maximum
allowance
Life expectancy at age i
65
(Years)
Male retiring in 2021 21.6
Female retiring in 2021 23.5
Male retiring in 2041 22.9
Female retiring in 2041 25.1

2021 2020
F'000 f.'000
The aggregate emoluments
paid to		 or receivable by Directors 38 42
The aggregate emoluments
paid to		 or receivable by executive officers 52 86
The emoluments paid to the highest paid officer excluding
pension		 contributions 51 77
Pension cost for executive officers 1 9
The aggregate amount ofany consideration
payable to /(receivable		 from) third parties (28) (31)
for making
available the services of		 non-executive Directors
Total key management
personnel
remuneration

10.
Property,		 plant and equipm ent
Vehicles Freehold
Property		 Leasehold
Property		 Computer
Hardware		 Fixtures &
Fittings		 Total
E'000 E'000 L'000 E'000 f'000 F'000
Cost or Valuation
As at 31 March 2020 49 70 140 69 107 435
Additions 35 35
As at 31 March 2021 49 70 140 107 470
Depreciation
As at 31 March 2020 29 40 56 37 167
Charge for period 26 40
As at 31 March 2021 36 40 61 63 207
Net Book Value
31 March 2021 13 30 133 43 263
31 March 2020 20 30 135 13 70 266
1.
Intangible		 Fixed Assets
Computer
Software Goodwill Total
F'000 F'000 F'000
Cost or valuation
At 31 March 2020 62 160 222
Additions
At 31 March 2021 62 160 222
Amortisation
At 31 March 2020 22 128 150
Charge for period 15 32 47
At 31 March 2021 38 160 198
Net Book Value
At 31 March 2021 24 24
At 31 March 2020 40 32 72

12.
Debtors		 12.
Debtors
2021 2020
f'000 f'000
Trade Debtors 406 561
Intercompany
Balance		 66 25
Prepayments
&		 Accrued Income 188
660 620
13.
Creditors: amounts		 falling due within one year
2021 2020
f'000 f'000
VAT 69
Trade Creditors 58 176
Salary Control 13
Deferred Income 263 39
Accruals 141 97
Intercompany
Balances		 12 351
556 663
14.
Analysis of net assets between		 funds
Unrestricted Restricted 2021 Total 2020 Total
Funds Funds Funds Funds
f'000 f'000 f'000 f'000
Tangible
Fixed Assets (Note 9)		 263 263 268
Intangible
Fixed		 Assets (Note 10) 24 24 72
Net Current Assets 372 372 51
Long Term Liabilities
Pension
Liability		 (Note 6) (475) (475) (213)
Net movement in funds 184 178
15.
Movements		 in funds
At 31 March Incoming Outgoing At 31 March
2020 Resources resources Transfers 2021
f'000 f'000 f.'000 f'000 f'000
Restricted funds
Unrestricted
funds		 178 5,382 5,375 185
Total funds 178 5,382 5,375 185

Operating leases
The payments
which the company		 is committed to make under operating leases are as follows:
2021 2020
f'000 E'000
Motor vehicle leases expiring:
Less than one year 37
Two to five years 173
Land and Buildings, leases expiring:
Less than one year 235 39
Two to five years 243 21
Equipment:
Less than one year
Two to five years
360 77