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← Preston Vocational Centre Ltd

2024-07-31-accounts

Annual Report and Financial Statements

Year ended 31[st] July 2024

Company Registration Number: 07085396 Charity Registration Number: 1135863

Content Page
Board of Directors, Executives and Advisors 2
Trustees’ Report 3-10
Independent auditors’ report 11-16
Trustees’ responsibilities in relation to the financial statements 17
Statement of Financial Activities 18
Statement of Financial Position 19
Statement of Cashflow 20
Notes to the Financial Statements 21-31

1

Board of Directors, Executives and Advisors

Board of Trustees Advisors M J Higgins (Chair) Independent Auditor R Wakefield Rushtons S Elcomb Chartered Accountants and Business Advisers C Keeney Shorrock House T Hart (Vice Chair) 1 Faraday Court J Smith (appointed 25[th] July 2024) Fulwood K Rudin (appointed 25[th] July 2024) Preston T Kantharia (appointed 25[th] July 2024) PR2 9NB M Boland (resigned 6[th] February 2024) Bankers Barclays Bank PLC Company Secretary 1[st] Floor Craig Garner 3 Hardman Street Spinningfields Manchester M3 3HF

Registration Details

Charity Name: Preston Vocational Centre Ltd

Registered Office & Principal Office:

Preston City Council Services Site, St Paul’s Road, Preston, Lancashire, PR1 1PX.

Charity Registration Number: 1135863 Company Registration Number:

2

Preston Vocational Centre Ltd

Trustees' Report

The Trustees of Preston Vocational Centre (PVC) present their annual report and audited accounts for the year ended 31 July 2024 and confirm they comply with the requirements of the Charities Act 2011, 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 2015).

Structure Governance and Management

PVC (Company No. 07085396) was established in February 2009. PVC converted to a charity in May 2010 and became a subsidiary of Community Gateway Association Ltd (CGA) (Company No. IP29838R) following the signing of an intra-group agreement on 1 August 2013.

The Charity draws its trustees from both the public and private sector, including specialist skills from the education sector. Trustees are appointed on a voluntary basis and do not receive remuneration.

Following best practice governance principles, the PVC Board has a range of knowledge, skills, and expertise, including commercial and educational experience. The PVC Board is continually developed using a system of collective and individual appraisals performed annually. This enables PVC to assess both the strengths and skill gaps so appropriate training can be provided. This process also allows for succession planning to the Board which aims to further strengthen governance. Trustees follow an induction process to prepare them for their role.

PVC has a trading subsidiary, Preston Construction Centre Limited, which is currently dormant.

PVC’s main focus is on establishing a centre of excellence in construction trades and being regarded as a construction specialist training facility in Preston. The principal objective of PVC is to advance the education of children, young people and adults, especially those living within the Preston area. This will be through the provision of vocational training, supporting their personal development and equipping them for further education, employment and training.

PVC is an inclusive learning environment which aims to provide all young people with suitable skills and qualifications to allow them to progress in their future adult working lives.

3

Trustees' Report (continued)

The Centre operates under the strap line of “Building Skills - Building Futures” and delivers its activities under three thematic areas which are:

Our Mission / Values

PVC is committed to delivering the highest quality construction based vocational training and support to enable young people and adults to gain skills, qualifications and confidence to enhance their potential and build a positive future. In order to achieve the mission, we strive to live the following values:

Our Commitment

We strive to be the first choice for schools, learners and other stakeholders who require vocational training provision leading to a progressive and recognised learning route to continue to the world of work. We continually set high standards and go the extra mile to set us apart from any competitors. We are dedicated to bringing those young people at risk of not entering training, employment or education and equipping them with the confidence and skills to move forward. We work with all our learners to achieve a recognised qualification and where this is not appropriate, get them to a level upon where they can build themselves a positive future.

4

Trustees' Report (continued)

We have a proven track record and a well-established good reputation for being committed to providing construction vocational training in painting and decorating; joinery and carpentry; building maintenance; brickwork; and plumbing and plastering.

We provide high quality pastoral support to young people, adults and communities of Lancashire. We offer accredited and non-accredited learning and development opportunities that supports positive steps towards achieving personal economic and social potential within an inclusive learning environment that is focused on the needs of participants.

Operating Review 2023 / 2024

Aims and Objectives

2023/24 was the third year of our 2021-26 Business Plan.

Operating Review

The 2021-26 plan is centred around four key themes:

Each theme has its own suite of Key Performance Indicators (KPIs) that are reported to the Board on a regular basis. The key highlights for 2023/24 are summarised below.

5

Trustees’ Report (continued) Operating Review 2023 / 2024 (continued)

behaviour, emotional and social difficulties; 40% were from mainstream schools; and 15% were from schools with special educational needs or disabilities. The remaining 7% of students were post 18 and adult learners.

6

Trustees’ Report (continued)

Future plans

Looking ahead to year 4 of the 2021–2026 business plan, PVC will continue to follow the aims as set out in the Operating Review above. PVC will continue to deliver specialist vocational training and support its learners to achieve their potential. PVC will continue to seek opportunities to enhance its provision for post 16 learners by obtaining funding for new initiatives alongside its schools provision.

Financial Review

A surplus for the year of £33,232 is reported which represents 6.6% of turnover exceeding the business plan target of 5%. The focus in 2023/24 was on maximising capacity to ensure sufficient income to cover increased costs driven by inflation in the previous year. This was successfully achieved with income of £501,138 secured during the year, exceeding the £479,510 generated the previous year by 4.5%. This strong level of income combined with tight control of costs ensured that we generated a healthy surplus to add to reserves accumulated in previous years, maintaining a strong financial position. A summary of our Statement of Financial Activities for the past four years is shown below.

2020/21
£		 2021/22
£		 2022/23
£		 2023/24
£
Total Income 357,316 404,658 479,510 501,138
Total Expenditure 372,612 393,935 447,857 467,906
Surplus/(Deficit) (15,296) 10,723 31,653 33,232

The 2023/24 surplus of £33,232 shows a steady improvement of £48,528 from 2020/21 and £1,579 from 2022/23.

The majority of our income, £450,252 (89.85%) was received from schools for the delivery of construction courses to 14 to 16-year olds. The remainder of the income £50,886 (10.15%) was received from donations from Patrons who support us combined with successful bids for grants to carry out programmes of work. This included funding received from the UK Shared Prosperity Fund, the European Social Fund ‘More Positive Together’ initiative, and The Wildlife Trust. This funding enables PVC to carry out it’s post16 and community programmes.

7

Trustees’ Report (continued) Financial Review (continued)

Expenditure for the year is £467,906 compared to a budget of £463,812. The increase relates to inflationary increases on employee costs, course costs and premises costs offset by reduced vehicle running costs.

The Statement of Financial Position shows fixed assets with value of £54,039 which is the carrying value of a) a van (£46,588) purchased in 2022/23 to transport students for work experience, attending site visits, participating in careers events and collecting materials from construction sites; b) a CCTV system (£1,792) purchased in April 2023 to enhance health and safety provision at the centre and c) a suite of computer hardware to enhance the IT infrastructure at the centre (£5,659).

As shown in the Statement of Financial Position (SoFP) PVC’s reserves remain substantial at £170,811 as a result of surpluses generated in previous years and the 2023/24 surplus.

The financial position is reviewed monthly by the Management Team and updates are presented to the Board on a bi-monthly basis. Performance is measured against the annual budget, key performance indicators and the business plan. Our Risk Register is also regularly reviewed.

Reserves Policy

As of 31[st] July 2024, reserves were £170,811. All surpluses (when generated) are reinvested back into the business for its further development and to build up adequate reserves. As our financial position continues to improve, we can increase our reserves and assist the company’s growth.

The Trustees will continue to monitor fund values to ensure the timely use of donations in accordance with donors’ wishes.

We aim to hold cash reserves in the region of £40,000 to £80,000 to allow us to cover our operating costs for two to three months should anticipated income not materialise.

The Trustees’ Reserves Policy is to monitor reserve levels on an ongoing basis in light of charitable spending and the level of charitable giving to PVC.

8

Trustees’ Report (continued)

Reserves Policy

We are also supported by volunteer trainers who provide valuable skills and are positive role models for its young people. We concentrate on our young people and therefore do not make any grants to organisations or individuals.

Review of Activities

We look to maximise student numbers wherever possible to achieve our target of a range of income sources.

Risk Analysis

A number of risks have been and continue to be actively considered by the Board. These risks include:

The risks identified and new risks that arise during the year are monitored, reviewed and updated where necessary by the Management Team and Board. Risk Management Action Plans have been developed identifying actions to mitigate the risks. In order to mitigate the financial risks, longer term income streams are being identified. As such, we are looking to spread the financial risk over a number of income sources.

Public Benefit

The trustees confirm that PVC has paid due regard to the Charity guidance on public benefit reporting in deciding what activities the charity should undertake.

This Annual Report explains the charity’s work during the year and how it has been carried out for public benefit.

9

Trustees’ Report (continued)

Approved by the Board on 10[th] December 2024 and signed on its behalf by:

10/02/2025

M Higgins - Chair of the Board of Trustees

10

Independent Auditor’s Report to the Members of Preston Vocational Centre Ltd

Opinion

We have audited the financial statements of Preston Vocational Centre Ltd (the ‘charitable company’) for the year ended 31 July 2024 which comprise the Statement of Financial Activities (incorporating Income & Expenditure Account), Balance Sheet and notes to the financial statements, including a summary of 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 financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements 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.

11

Independent Auditor’s Report to the Members of Preston Vocational Centre Ltd (continued)

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 charitable company'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 trustees 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, except to the extent otherwise explicitly stated in our report, 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.

12

Independent Auditor’s Report to the Members of Preston Vocational Centre Ltd (continued)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement as set out on page 16, the trustees (who are also the directors of the charitable company for the purposes 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 charitable company’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.

13

Independent Auditor’s Report to the Members of Preston Vocational Centre Ltd (continued)

Auditor’s responsibilities for the audit of the financial statements

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.

Irregularities, including fraud are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outline above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

14

Independent Auditor’s Report to the Members of Preston Vocational Centre Ltd (continued)

Audit response to risks identified

As a result of performing the above procedures, we did not identify any key audit matters.

In addition to the above, our procedures to respond to risks identified included the following:

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

15

Independent Auditor’s Report to the Members of Preston Vocational Centre Ltd (continued)

We also communicated relevant identified laws and regulations and potential fraud risks to all of the engagement team and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Adam Calvert ACA (Senior Statutory Auditor)

For and on behalf of Rushtons

Chartered Accountants Statutory Auditors

Shorrock House 1 Faraday Court Fulwood, Preston Lancashire. PR2 9NB

10/02/2025 Date:

16

Statement of Trustees' responsibilities in respect of the trustees’ annual report and the financial statements

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law they have are required to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the excess of expenditure over income for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charitable company and to prevent and detect fraud and other irregularities.

17

Preston Vocational Centre Ltd

Statement of Financial Activities for the Year Ended 31 July 2024

Note
Incoming and endowments from
Donations and legacies
2
Charitable activities
3
Total
Expenditure on
Charitable activities
4
Total
Net movements in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
15		 Unrestricted
Total
Funds
2024
£
8,365
492,772
501,138
467,906
467,906
33,232
137,579
170,811		 Unrestricted
Total
Funds
2023
£
21,451
458,058
479,510
447,857
447,857
31,653
105,926
137,579

The notes on pages 21 to 31 form an integral part of these financial statements.

18

Preston Vocational Centre Ltd (Registration Number: 07085396)

Balance Sheet for the Year Ended 31 July 2024

2024 2023
Note £ £ £ £
Fixed Assets
Tangible assets 13 54,039 53,968
Investments 8 1 1
54,040 53,969
Current assets
Debtors 9 26,723 43,403
Cash at bank and in hand 179,818 141,494
206,541 184,897
Creditors: Amounts
falling due within one
year 10 (89,770) (101,287)
Net current
(liabilities)/assets 116,771 83,610
Net assets 170,811 137,579
The funds of the charity:
Unrestricted funds
Unrestricted income funds 170,811 137,579
Total charity funds 170,811 137,579

The notes on pages 21 to 31 form an integral part of these financial statements.

These financial statements were approved by the Trustees on 10[th] December 2024 and were signed on its behalf by:

==> picture [46 x 8] intentionally omitted <==

----- Start of picture text -----
10/02/2025
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M Higgins – Chair of the Board of Trustees

19

Preston Vocational Centre Ltd (Registration Number: 07085396)

Statement of Cashflow for the Year Ended 31 July 2024

Cash flow from operating activities
Net income/(expenditure) for the year
Depreciation and impairment of tangible fixed assets
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash flow from operating activities
Cash flows from operating activities
Interest paid
Net cash flow from operating activities
Cash flows from investing activities
Payments to acquire tangible fixed assets
Net cash flow from investing activities

Cashflow from financing activities
Interest paid
Net cashflow from financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
2023
33,232
31,653

11,624
57,087
16,680
8,973
(11,517)
(26,024)
50,019
71,689
2024
2023

50,019
71,689
0
0
50,019
71,689

(11,695)
(57,087)
38,324
**14,602 **

0
0
38,324
14,602
38,324
(8,973)
141,494
150,467
179,818
141,494

20

Notes to the Financial Statements for the Year Ended 31 July 2024

1 Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice ‘Accounting and Reporting by Charities SORP (FRS 102)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006.

There are no judgements which have a significant effect on the amounts recognised in the accounts. There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which would have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

The functional and presentational currency is Sterling (£) monetary amounts in these financial statements are rounded to the nearest £. The legal from of the charity is limited by guarantee and a private company.

Going Concern

PVC’s Financial Statements have been prepared on a going concern basis which assumes an ability to continue operating for the foreseeable future. The going concern expectation takes into account the current high inflation environment highlighted as a principal risk and uncertainty above.

Fund accounting policy

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.

21

Preston Vocational Centre Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

1 Accounting policies (continued)

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Fixed assets

Individual fixed assets costing £1,000 or more are initially recorded at cost.

Incoming resources

Donations are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Investment income is recognised on a receivable basis. Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract.

Resources expended

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance

Under the constitution of the subsidiary the parent has the ability to both remove and appoint all Board Members from the Boards of the Subsidiaries. Board members shall be appointed by the board for a fixed term of three years; however, they may be reappointed thereafter for a maximum of two times with a total duration of nine years. The appointment of board members takes place following a selection exercise as a result of board member appraisals to highlight the skills gaps of the current board, which then results in the specific advertisement to fulfil the board’s requirements. These advertisements are placed on free recruitment sites as the role is voluntary. The appointment of a director must not cause the number of directors to exceed the maximum of 10, if the appointment of a director by the Parent causes the number

22

Preston Vocational Centre Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

1 Accounting policies (continued)

Governance (continued)

to exceed said maximum the Parent has the right to remove so that the number does not exceed the maximum.

Governance costs

Governance costs include costs of the preparation and examination of the statutory accounts, the costs of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters.

Depreciation

Depreciation is provided on tangible fixed assets to write-off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount after allowing for any trade discounts due.

23

Preston Vocational Centre Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

1 Accounting policies (continued)

Investments

Fixed asset investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the statement of the financial activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the statement of financial activities based on the market value at the year end.

Operating leases

Rentals payable under operating leases are charged in the statement of financial activities on a straightline basis over the lease term.

Pensions

The charity operates a defined contribution pension scheme. Contributions are charged in the statement of financial activities as they become payable in accordance with the rules of the scheme.

2 Donations and legacies

Patronage Package
Recycling Materials
Other Donations
Donations Total		 Unrestricted
Total
Funds
2024
£
5,000
2,773
593
8,365		 Total
Funds
2023
£
14,500
135
6,816
21,451

24

Preston Vocational Centre Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

3 Charitable activities

Income
Grant Income
Education and Training
Other Income		 Unrestricted
Total
Funds
2024
£
42,521
450,252
8,365
501,138		 Total
Funds
2023
£
59,957
398,101
21,451
479,509

4 Expenditure on Charitable Activities and Governance Costs

Direct costs
Employment costs
Establishment costs
Repairs and maintenance
Office expenses
Printing, posting and stationery
Subscriptions
Sundry and other cost
Cleaning
Travel and subsistence
Depreciation
Recharge from parent company
Audit fees
Bank charges		 Education
and training
£
334,049
59,985
8,811
11,740
1,813
1,172
582
965
135
11,624
-
-
470
431,346		 Governance
£
-
-
-
-
-
-
-
-
-
-
30,000
4,680
-
34,680		 Total
£
334,049
59,985
8,811
11,740
1,813
1,172
582
965
135
11,624
30,000
4,680
470
466,026		 2023
£
319,155
57,174
13,941
10,466
1,421
964
488
2,345
92
8,081
30,000
3,000
547
447,674
Other Expenditure
Community Projects		 Education
and training
£
1,880
1,880		 Governance
£
-
-		 Total
£
1,880
1,880		 2023
£
183
183

25

Preston Vocational Centre Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

5 Employees’ remuneration

The average number of persons employed by the charity (excluding trustees) during the year was as follows:

Charitable activities - employee numbers 2024
13		 2023
13

All employee benefits fall within the banding £10,000 - £60,000. There are no employees who received employee benefits excluding (employer pension costs) of more than £60,000.

The aggregate payroll costs of these persons were as follows:

Wages and salaries
National Insurance
Other pension costs		 2024
£
288,377
26,153
17,987
332,517		 2023
£
283,368
22,298
13,489
319,155

6 Trustee Expenses

During the year none of the trustees have been paid any remuneration or received any other benefits from an employment with their Preston Vocational Centre or a related entity.

7 Taxation

The company is a registered charity and is therefore exempt from taxation.

26

Preston Vocational Centre Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

8 Investments held as fixed assets

Market value
As at 1 August 2023 and 31 July 2024
Net book value
As at 31 July 2024
All investment assets were held in the UK.		 Investments
in
group and
associated
undertakings
£
1
1
1

The charity holds more than 20% of the share capital of the following company:

Country of Principal
incorporation activity Class %
Subsidiary undertakings
Preston Construction Centre Ordinary
Ltd England & Wales Dormant Shares 100
Profit/(loss)
Capital & for the
reserves period
£ £
Subsidiary undertakings
Preston Construction Centre
Ltd 1 -

27

Preston Vocational Centre Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

9 Debtors
Trade debtors
Prepayments and accrued income		 2024
£
21,470
5,253
26,723		 2023
£
38,970
4,433
43,403

10 Creditors: Amounts falling due within one year

Amounts owed to group undertakings
Trade creditors
Accruals and deferred income
Deferred capital grant		 2024
£
33,248
8,158
24,614
23,750
89,770		 2023
£
35,019
9,623
28,728
27,917
101,287

11 Members’ Liability

The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

28

Preston Vocational Centre Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

12 Operating Lease commitments

As at 31 July 2024 the charity had total future minimum lease payments under non-cancellable operating leases as follows:

Due within 1 year
Due 2 – 5 years
Operating lease expenditure
13
Fixed assets		 Land and
2023/24
£
22,200
25,900
48,100
£
23,500
23,500		 Land and
2023/24
£
22,200
25,900
48,100
£
23,500
23,500		 buildings
2022/23
£
3,200
-
3,200
£
19,200
19,200
Cost
At 1 August 2023
Additions
Disposals
At 31 July 2024
Less: Depreciation
At 1 August 2023
Charge for the period
At 31 July 2024
Book Value as at 31 July
2024
Book Value as at 31 July
2023		 Offices
£
13,740
-
-
13,740
13,358
382
13,740
-
382		 Equipment
£
2,389
-
-
2,389
119
478
-
597
1,792
2,270		 IT
£
-
6,367
6,367
-
707
707
5,659
-		 Vehicles
£
54,698
5,328
-
60,026
3,382
10,057
-
13,439
46,587
51,316		 Total
£
70,827
11,695
-
82,522
16,859
11,624
-
28,483
54,039
53,968

29

Preston Vocational Centre Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

14 Analysis of funds

Analysis of funds
At 1
August Incoming Resources At 31 July
2023 resources expended 2024
£ £ £ £
General funds
Unrestricted income
fund 137,579 501,138 (467,906) 170,811

15 Net assets by fund

Tangible assets
Investments
Current assets
Creditors: Amounts falling due within one year
Net assets		 Unrestricted
Total
Funds
2024
£
54,038
1
206,542
(89,770)
170,811		 Unrestricted
Total
Funds
2023
£
53,968
1
184,897
(101,287)
137,579

16 Pension Scheme

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the period represents the contributions payable by the charity to the scheme and amounted to £17,987 (2023 - £13,489).

30

Preston Vocational Centre Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

17 Related parties

Controlling Entity

On 1 August 2013 PVC became a wholly owned Subsidiary of CGA. The Chief Executive of CGA is a Board Member of PVC.

Maureen Boland resigned from the PVC Board on 6[th] February 2024 and is a Director at Conlon Construction, a company that transacts with PVC and CGA.

Chris Keeney is a member of PVC’s board and a Director at JFN Integrated Solutions Limited, a company that transacts with PVC and CGA.

Related Party Transactions

During 2023/24 the following transactions included in the Financial Statements took place between CGA and PVC:

During 2023/24 the following transactions included in the Financial Statements took place between JFN Integrated Solutions and PVC:

31

ITEM 7.1 APPENDIX B Rushtons Owterns ACcount￿S + BU￿nesSA￿sers 5horyock House l Faraday Court PRIVATE & CONFIDEKnAL The Board of Director8 Preston Vocational Centre Ltd Preston City Councll Services Site St Paul's Road Preston Lancashire PR11PX Preston PR2 9NB T: 01772693111 P. 01772 652661 2 Decembw 2024 Dear Sirs Report to Management During the course of our audit for the year ended 31 July 2024 on8 mattel arose that consider should b8 brought to your attenlion. ThÉs matter was in respect of the %usiness Premium. bank accou￿ not having had bank interest posted to the nominal ledger. which would suggest that this account was not reconciled at year end. The main current a￿)Unt is reconciled and Ihere were no other issues identified, therefore Ihls Is a mlnor Issue. This matter came to lighl durlng the cours8 of our normal audit tssts which are designed 10 assist us in forming our opinion on the financial statements. Our tests may not necessarily disclose all errors or irregularities and should not be rel￿d upon to do so. However, rf any irregularty did coma to our attention during our audtt tests, we would, of course, inform you immediately. We have complied with the Ethical siandards for Auditors and all threats io our independence, as idenlified to you, have been property addressed Ihrough appropriaie safeguards. No additional facts or matters have arisen during Ihe course of the audit that we wish to draw your attention to and we confinm that we are independent and able to express an objeciive opinion on the financial statements. This report has been prepared for the sole use of the Directors of Preston Vocational Centr8 Ltd and must not be shown to third parties without our prior consent. No responsibilities are accepted by Rushtons towards any paty acting or rgfralning from action as a result of this report. Finally, we would like to express our thanks to all members of the company's staff who assisted us in carrying out our work, Yours faithfully RUSHTONS Akn kt PAWT..01253 345444 P*yth&Wewb ICAEW CHARTERED ACCOUNTANTS P4sitied N￿￿O71(￿s41 VAT ￿ W.483 2595 21