HOUNSLOW EDUCATION BUSINESS CHARITY Trading as ‘Spark!’ Report of the Trustees and Financial Statements for the Year Ended 31st March 2022
REGISTERED COMPANY NUMBER: 07409565 (England and Wales) REGISTERED CHARITY NUMBER: 1138697
HOUNSLOW EDUCATION BUSINESS CHARITY
Contents of the Financial Statements for the Year Ended 31 March 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 19 |
HOUNSLOW EDUCATION BUSINESS CHARITY
Report of the Trustees for the Year Ended 31 March 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity's objects are to advance the education of the public, in particular but not exclusively young people, pupils and students in the London Borough of Hounslow, by the provision of advice and guidance in relation to careers, training and personal development opportunities with the object of improving their employability and to enable them to reach their full potential so they will be better prepared for adult and working life.
In 2021/22 our vision and mission has been reviewed and updated, to better reflect our targeted and impact led approach.
Our new vision
A society in which all young people are ready, equipped, motivated and able to enter the world of work.
Our new mission
To ensure all young people, particularly those who will most benefit, have access to meaningful employer engagement, work readinesses skills development, and employment opportunities, enabling them to transition into sustained work and rewarding careers'.
Public benefit
The Trustees confirm that they have considered the general guidance issued by the Charity Commission in connection with public benefit in setting the objectives of the charity and in particular they have considered how planned activities further the charity's objects.
The charity benefits the public by providing work experience, employability programmes and careers guidance to young people, as described in the achievements and performance section.
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HOUNSLOW EDUCATION BUSINESS CHARITY
Report of the Trustees for the Year Ended 31 March 2022
ACHIEVEMENT AND PERFORMANCE
2021/22 was a significant year for the charity, as we focused on post-covid recovery and growth, in addition to developing a more targeted approach, in order to prioritise resources where they would be most beneficial.
We went through a robust strategic review process, with staff, Board members, schools, funders, employer partners, and young people inputting to the formulation of a new 2021 - 2025 strategy, which will drive a focus on taking a place-based approach, building collective practice, developing robust and high impact interventions, and targeting services where they are most needed.
We found during 2021/22 that demand on our services grew, as schools worked to catch-up on lost careers curriculum time during the Covid related lockdowns. This was true particularity in regards to demand for high quality work experience opportunities.
We found that while education institutions where very keen to re-engage with employers, both in-school and in the workplace, businesses remained more risk averse and were limited in the activities in which they could offer and participate.
Despite these limitations and challenges we saw significant growth in activities and opportunities. We worked with 3,948 young people from across 40 different schools and colleges, and 9 different London boroughs. These activities included 47 in-school workshops, 18 group workplace insight visits, 2 career fairs, 122 young people matched with a career mentor, 776 young people were placed on a work experience opportunity and we supported 136 young people through their Government Kicktstart placement, in partnership with West London Business and Hounslow Education Partnership.
A number our network of corporate partnerships continued to support and work with us in achieving our mission. These include GSK who continue to host us in their Brentford offices and fund CONNECT mentoring places, Cisco - with whom we work to recruit for and support their work experience programme, and Notting Hill Genesis, who this year we delivered an employability and one-to-one mentoring programme for students from Barnet and Southgate College. We also developed new strategic partnerships with SEGRO, ISG, Jacobs Engineering and Ajar Technology.
In total our work was supported by 371 employer partners and 392 volunteers who gave more than 20,000 hours of their time. A significant growth on the previous year.
Further, trust and foundation funding was gratefully received from Garfield Weston Foundation and Inspire Hounslow, alongside the Charities Aid Foundation whose support allowed us to begin to develop a targeted placebased approach in the London Boroughs of Brent and Ealing.
STAFFING
During the year we recruited a School and Volunteer Manager - Fatimah Saccoh, an Employment Champion - Yvonne Nelson, and a Programme Manager - Noreen Niazi. In addition we hosted two Kickstart placements - Ekroop Kaur and Paniz Juwandoon. We subsequently offered Paniz Juwandoon permanent employment.
Chandni Patel - School Events Coordinator, resigned her position in November.
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HOUNSLOW EDUCATION BUSINESS CHARITY
Report of the Trustees for the Year Ended 31 March 2022
FINANCIAL REVIEW
Financial position
Despite the challenge of working to meet increased demand throughout the year Hounslow Education Business Charity's strong financial position in previous years meant we could maintain staff levels and absorb the expected financial deficit and reduced income from schools, enabling the charity to sustain core projects and keep costs for schools at a stable and reasonable level. However, the recognition of the Charities Aid Foundation grant in this financial year meant that this resulted in a net income for the period of £3,354, compared to net expenditure of (£109,194) in the previous year.
The future of income streams remains uncertain, especially with funding applications being more competitive than ever. The Trustees' approach to reserves therefore reflects the aim of keeping Hounslow Education Business Charity secure for the future by continuing to deliver annual programmes, whilst building its activity, profile and influence.
Reserves policy
The accumulation of reserves has built up from previous years, when funding was uncertain and staffing was minimal and challenging. The reserves had been accrued as a direct result of being under-staffed and cautious with expenditure. However, during the Covid lockdown period and subsequent recovery, these reserves have been utilised to maintain minimum staffing whilst ensuring the charity was able to continue to meet demand for services.
Following the challenges of 2020/21 and the post-covid recovery period of 2021/22, the charity's reserves, being unrestricted funds excluding fixed assets, stand at £207,611 (2021: £202,826). While slightly increased on the previous year, the trustees consider that reserve levels are still sufficient to ensure that the charity is able to enable the delivery of its projects, whilst also keeping costs to schools as low as possible, and if necessary, the trustees would be able to arrange an orderly winding down of the charity's affairs, whereby all its financial responsibility and obligations would be honoured.
FUTURE PLANS
Under the leadership of our Chief Executive - Matt Lent, the 2025 strategy is now embedded within the organisation. We will continue to meet the needs of schools and young people in Hounslow, primarily through the GLA Career Cluster programme, whilst simultaneously seeking to expand our reach, deepen our impact, and establish our services across the west London boroughs of Barnet, Brent, Ealing, Hammersmith and Fulham, Harrow and Hillingdon.
With support from trusts and foundations and local councils, we will further develop our collective action and place-based approach in these boroughs, building partnerships with diverse local employers, engaging and reaching young people who will most benefit from our services and support.
We will also be seeking to further expand our Career Mentoring programme - CONNECT, for young people either currently or at risk of becoming 'Not in Employment Education or Training'. We will develop strategic corporate partnerships and identify grants to enable us to do so.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Hounslow Education Business Charity (trading as 'Spark!') is a company limited by guarantee with no share capital incorporated on 15th October 2010 and governed by its Memorandum and Articles of Association dated 27th August 2010.
Appointment of new trustees
Recruitment of Trustees is carried out through wide reaching advertisement, long-listing of candidates, two rounds of interviews, and subsequent election by the Board of Trustees. In the past year we have focused on diversifying our Board and the recruitment of Trustees under 25 years of age, in order to ensure our Board is representative of the communities we service. We have appointed 4 new Trustees during this period, Joseph Skelton, Margaret Tse, Sadia Rahman, and Kelvin Zhang.
Deborah Guinea resigned her Trusteeship after more than 7 years of service.
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HOUNSLOW EDUCATION BUSINESS CHARITY
Report of the Trustees for the Year Ended 31 March 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure
The Board of Trustees administers the charity. The Board meets on at least a quarterly basis. The day to day operations of the charity are administered by the Charity Executive. To facilitate effective operations, senior staff members have delegated authority, approved by the Trustees, for operational matters including finance. The Board has a Finance sub-committee that reviews the organsations' finances quarterly.
Induction and training of new trustees
New trustees are provided with detailed information on their legal obligations under charity law and what the role will entail. Their training needs will be assessed, and training provided if required. In addition new Trustees will be provided with copies of:
- the Memorandum and Articles of Association of the Charity - Board papers from the last year including the accounts
New trustees are introduced to fellow Board members and to senior staff. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
Risk management
The Trustees have identified the risks to which the Charity might be exposed, including risks to the Charity's financial position and reputation. Systems are being established to address these risks. The Trustees, going forward, will review risk management on an annual basis.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
07409565 (England and Wales)
Registered Charity number
1138697
Registered office
GSK House, Rm D2-48 980 Great West Road Brentford Middlesex TW8 9GS
Trustees
William Tyler (Chair) Deborah Guinea (resigned 14.9.21) Christopher Paterson David Scott Kate Vintiner Joseph Skelton (appointed 17.4.21) Margaret Tse (appointed 1.10.21) Sadia Rahman (appointed 1.10.21) Kelvin Zhang (appointed 1.10.21)
Company Secretary
Matthew Lent
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HOUNSLOW EDUCATION BUSINESS CHARITY
Report of the Trustees for the Year Ended 31 March 2022
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner
Knox Cropper LLP Chartered Accountants Office Suite 1 Haslemere House Lower Street Haslemere Surrey GU27 2PE
Solicitors
Bates Wells and Braithwaite LLP 2-6 Cannon Street London EC4M 6YH
Bankers
Natwest Bank 100 High Street Brentford TW8 8AY
Bookkeepers
Pearl Accountants Limited 31 Cross Lances Road Hounslow TW3 2AD
Other working name which the charity uses Spark!
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 12 December 2022 and signed on its behalf by:
................................................................. William Tyler (Chair) - Trustee
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Independent Examiner's Report to the Trustees of Hounslow Education Business Charity
Independent examiner's report to the trustees of Hounslow Education Business Charity ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.
This report is made to the Trustees, as a body, in accordance with the terms of my engagement. Our work has been undertaken so that we might carry out an Independent Examination of the financial statements in accordance with the General Directions given by the Charity Commissioners. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees, as a body, for our work or for this report.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of ICAEW which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
James Holland-Leader FCA ICAEW Knox Cropper LLP Chartered Accountants Office Suite 1 Haslemere House Lower Street Haslemere Surrey GU27 2PE
Date: 13 December 2022
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HOUNSLOW EDUCATION BUSINESS CHARITY
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2022
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 25 Charitable activities Employability & Enterprise Skills 119,383 Work Experience 43,022 Total 162,430 EXPENDITURE ON Raising funds 4 30,351 Charitable activities 5 Employability & Enterprise Skills 69,267 Work Experience 108,208 Total 207,826 NET INCOME/(EXPENDITURE) (45,396) RECONCILIATION OF FUNDS Total funds brought forward 205,755 TOTAL FUNDS CARRIED FORWARD 160,359 |
Restricted funds £ 67,750 104,250 - 172,000 - 61,437 61,813 123,250 48,750 - 48,750 |
2022 Total funds £ 67,775 223,633 43,022 334,430 30,351 130,704 170,021 331,076 3,354 205,755 209,109 |
2021 Total funds £ 30,808 99,549 29,970 160,327 28,488 122,690 118,343 269,521 (109,194) 314,949 205,755 |
|---|---|---|---|
The notes form part of these financial statements
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HOUNSLOW EDUCATION BUSINESS CHARITY
Balance Sheet 31 March 2022
| Notes FIXED ASSETS Tangible assets 12 CURRENT ASSETS Debtors 13 Cash at bank CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 16 Unrestricted funds Restricted funds TOTAL FUNDS |
2022 £ 1,498 72,601 155,472 228,073 (20,462) 207,611 209,109 209,109 160,359 48,750 209,109 |
2021 £ 2,929 50,133 186,778 236,911 (34,085) 202,826 205,755 205,755 205,755 - 205,755 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on .12 December 2022 and were signed on its behalf by:
............................................. William Tyler (Chair) - Trustee
The notes form part of these financial statements
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HOUNSLOW EDUCATION BUSINESS CHARITY
Notes to the Financial Statements for the Year Ended 31 March 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. They have been prepared in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) Second Edition issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The presentation currency of the financial statements is the Pound Sterling (£). The Charity constitutes a public benefit entity as defined by FRS 102.
The accounts have been prepared to give a 'true and fair view' and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) Second Edition issued in October 2019 rather than the Accounting and Reporting by Charities Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Financial reporting standard 102 - reduced disclosure exemptions
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Critical accounting judgements and key sources of estimation uncertainty
The following are the critical judgements and key sources of estimation uncertainty that the Board has made in the process of applying the charity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements:
Income received for arranging and administering work experience placements to secondary school students: Due to the process for arranging the placements consisting of an indeterminate number of acts over a specified period of time, the charity recognises revenue on a straight-line basis over the specified period. In the absence of evidence that some other method better represents the stage of completion, this is deemed consistent with the recognition criteria of FRS 102.
Going concern
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements. The trustees of the Charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern.
Income
Income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount receivable can be measured reliably. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or the donor has specified that the income has to be spent in a future period.
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HOUNSLOW EDUCATION BUSINESS CHARITY
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
1. ACCOUNTING POLICIES - continued
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Costs that relate directly to charitable activities or fund-raising activities of the Charity are charged to those activities. All other expenses are allocated on the basis of time spent by staff on the various activities.
Governance costs include the costs of administering the Charity as a legal entity and include costs of Trustees meetings, Independent Examination fees, and other statutory costs allocated to support costs.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities. The Charity is also not registered for VAT and accordingly, where applicable, all costs and expenditures incurred are inclusive of VAT.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
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.
Cash at bank and in hand
Cash bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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HOUNSLOW EDUCATION BUSINESS CHARITY
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
1. ACCOUNTING POLICIES - continued
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 settled the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2. DONATIONS AND LEGACIES
| Donations Grants Grants received, included in the above, are as follows: Garfield Weston Foundation JRS Grant CAF 3. INCOME FROM CHARITABLE ACTIVITIES Activity Schools Employability and Enterprise Skills Employability & Enterprise Skills Schools work experience Employability & Enterprise Skills Grants Employability & Enterprise Skills Corporate memberships Employability & Enterprise Skills Schools work experience Work Experience Corporate memberships Work Experience Grants received, included in the above, are as follows: Heathrow Community Fund London Borough of Hounslow Carried forward |
2022 £ 25 67,750 67,775 2022 £ - - 67,750 67,750 2022 £ 75,306 20,210 118,117 10,000 36,605 6,417 266,655 2022 £ - 13,987 13,987 |
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HOUNSLOW EDUCATION BUSINESS CHARITY
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
3. INCOME FROM CHARITABLE ACTIVITIES - continued
| Brought forward Inspire Hounslow Ealing and Hounslow Community Voluntary service South Western Railway Notting Hill Genesis HA Jacobs Engineering Segro UK Ajar Technology Hounslow Heath Golf Centre ISG/Sky RAISING FUNDS Raising donations and legacies Staff costs Sundries |
2022 £ 13,987 10,000 7,600 9,875 10,000 4,975 45,760 2,000 6,000 7,920 118,117 2022 £ 29,496 70 29,566 |
2021 £ 21,795 13,162 2,000 9,875 - - - - - - 46,832 2021 £ 28,139 349 28,488 |
|
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4. RAISING FUNDS
Raising donations and legacies
5. CHARITABLE ACTIVITIES COSTS
| Employability & Enterprise Skills Work Experience |
Direct Costs (see note 6) £ 103,965 147,628 251,593 |
Support costs (see note 7) £ 26,739 22,393 **49,132 ** |
Totals £ 130,704 170,021 300,725 |
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HOUNSLOW EDUCATION BUSINESS CHARITY
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
6. DIRECT COSTS OF CHARITABLE ACTIVITIES
| Staff costs Sundries Core services costs Spark! Annual Awards Travelling Depreciation |
2022 £ 244,316 2,762 350 3,217 948 - 251,593 |
2021 £ 184,851 - 5,775 - - 450 191,076 |
|---|---|---|
7. SUPPORT COSTS
| Governance Management costs £ £ Employability & Enterprise Skills 25,839 900 Work Experience 21,493 900 47,332 1,800 Support costs, included in the above, are as follows: 2022 Employability & Enterprise Work Total Skills Experience activities £ £ £ Accountancy 4,116 4,262 8,378 Insurance 3,486 3,486 6,972 IT support 8,226 7,842 16,068 Telephone 586 587 1,173 Postage and stationery 231 232 463 Marketing - - - Legal, professional & HR 4,901 2,010 6,911 Recruitment & training 3,365 2,117 5,482 Subsistence & entertaining 143 172 315 Bank charges & sundries 69 69 138 Depreciation of tangible and heritage assets 716 716 1,432 Independent examination 900 900 1,800 26,739 22,393 **49,132 ** |
Totals £ 26,739 22,393 49,132 2021 Total activities £ 8,234 7,443 14,622 1,107 44 120 3,834 11,290 103 26 1,422 1,712 49,957 |
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Support costs, included in the above, are as follows:
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HOUNSLOW EDUCATION BUSINESS CHARITY
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
8. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Depreciation - owned assets | 2022 £ **1,431 ** |
2021 £ 1,872 |
|---|---|---|
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
10. STAFF COSTS
| Wages and salaries Social security costs Other pension costs |
2022 £ 246,798 20,785 6,229 273,812 |
2021 £ 190,618 15,293 7,079 |
|---|---|---|
| 212,990 |
Key Management Personnel is defined as the Charity Director and the Trustees. Remuneration and benefits, representing salary, national insurance and pension contributions, payable to Key Management Personnel during the year amounted to £83,437 (2021: £70,257).
The average monthly number of employees during the year was as follows:
| Raising Funds Charitable Activities |
2022 1 7 8 |
2021 1 6 |
|---|---|---|
| 7 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2022 | 2021 | ||
|---|---|---|---|
| £60,001 | - £70,000 | 1 | - |
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HOUNSLOW EDUCATION BUSINESS CHARITY
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
| 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 30,808 Charitable activities Employability & Enterprise Skills 52,717 Work Experience 29,970 Total 113,495 EXPENDITURE ON Raising funds 28,488 Charitable activities Employability & Enterprise Skills 70,003 Work Experience 118,343 Total 216,834 NET INCOME/(EXPENDITURE) (103,339) RECONCILIATION OF FUNDS Total funds brought forward 309,094 TOTAL FUNDS CARRIED FORWARD 205,755 12. TANGIBLE FIXED ASSETS COST At 1 April 2021 and 31 March 2022 DEPRECIATION At 1 April 2021 Charge for year At 31 March 2022 NET BOOK VALUE At 31 March 2022 At 31 March 2021 |
Restricted Total funds funds £ £ - 30,808 46,832 99,549 - 29,970 46,832 160,327 - 28,488 52,687 122,690 - 118,343 52,687 269,521 (5,855) (109,194) 5,855 314,949 - 205,755 Computer equipment £ 19,001 16,072 1,431 17,503 1,498 2,929 |
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HOUNSLOW EDUCATION BUSINESS CHARITY
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
| 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Accruals and deferred income 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted fund funds £ £ Fixed assets 1,498 - Current assets 179,323 48,750 Current liabilities (20,462) - 160,359 48,750 16. MOVEMENT IN FUNDS At 1.4.21 £ Unrestricted funds General fund 205,755 Restricted funds CAF - TOTAL FUNDS 205,755 |
2022 £ 68,429 124 4,048 72,601 2022 £ 6,768 6,468 7,226 20,462 2022 Total funds £ 1,498 228,073 (20,462) 209,109 Net movement in funds £ (45,396) 48,750 **3,354 ** |
2021 £ 42,294 265 7,574 50,133 2021 £ 1,111 27,429 5,545 34,085 2021 Total funds £ 2,929 236,911 (34,085) 205,755 At 31.3.22 £ 160,359 48,750 209,109 |
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HOUNSLOW EDUCATION BUSINESS CHARITY
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
16. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Inspire Hounslow NGHA Ealing and Hounslow Community Voluntary service South Western Railway - Connect Jacobs Engineering Segro UK CAF Ajar Technology Hounslow Heath Golf Centre ISG/Sky TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Heathrow Community Fund TOTAL FUNDS |
Incoming resources £ 162,430 10,000 10,120 7,600 9,875 4,975 45,760 67,750 2,000 6,000 7,920 172,000 334,430 At 1.4.20 £ 309,094 5,855 314,949 |
Resources Movement expended in funds £ £ (207,826) (45,396) (10,000) - (10,120) - (7,600) - (9,875) - (4,975) - (45,760) - (19,000) 48,750 (2,000) - (6,000) - (7,920) - (123,250) 48,750 (331,076) 3,354 Net movement At in funds 31.3.21 £ £ (103,339) 205,755 (5,855) - (109,194) 205,755 |
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HOUNSLOW EDUCATION BUSINESS CHARITY
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
16. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Inspire Hounslow London Borough of Hounslow Heathrow Community Fund Ealing and Hounslow Community Voluntary service South Western Railway - Connect TOTAL FUNDS |
Incoming resources £ 113,495 13,162 21,325 470 2,000 9,875 46,832 160,327 |
Resources Movement expended in funds £ £ (216,834) (103,339) (13,162) - (21,325) - (6,325) (5,855) (2,000) - (9,875) - (52,687) (5,855) (269,521) (109,194) |
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Heathrow Community Fund
This fund consists of grants received to support the costs of delivering the Kickstart programme, together with related work experience. Additionally in the current year a grant was received to fund a project on SEND students, which was ongoing at the year end.
National Lottery Awards for All
This fund comprises a grant received to meet the costs of delivering the Connect mentoring programme during the year.
Inspire Hounslow Fund
This consists of funds received from Inspire Hounslow and has been used to meet the costs of delivering the Connect mentoring programme.
London Borough of Hounslow Fund
This consists of funds received from the London Borough of Hounslow to offer a work experience programme to secondary schools currently not offering such a programme to their students.
Notting Hill Genesis Housing Association Fund
This consists of funds received from NGHA and has been used to meet the costs of delivering the Connect mentoring programme.
Ealing and Hounslow Community Voluntary Service Fund
This consists of funds to set and organise the "My London: Enabling Youth Social Action" project.
Charities Aid Foundation (CAF) Fund
This consists of funds received from CAF and is for charitable purposes only to cover specific project and resilience costs
Other Restricted Funds
This consists of various small grants and donations received for the support of Employability and Enterprise Skills and Work Experience programmes.
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continued...
HOUNSLOW EDUCATION BUSINESS CHARITY
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
17. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2022.
18. VOLUNTEERS
The Charitable Company is dependent on the valuable contribution of its volunteers who give their considerable time and expertise to make the running of the charity a success. During the year, 392 (2021: 371) volunteers gave more than 20,000 of their time. A significant growth on the previous year.
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