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|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|
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|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|||||
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|||||||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|
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|||||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|
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|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|
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|||||||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||
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||||||||||||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|
##
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|||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|||||||
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|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|
##
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|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|
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|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|