| Page | |
|---|---|
| Reference and Administrative Details ofthe Company, its Trustees and Advisers | 1 |
| Foreword | 2-3 |
| Trustees' Report | 4-10 |
| Independent Auditors' Report on the Financial Statements | 11-14 |
| Consolidated Statement of Financial Activities | 15 |
| Consolidated Balance Sheet | 16 |
| Company Balance Sheet | 17 |
| Consolidated Statement ofCash Flows | 18 |
| Notes to the Financial Statements | 19-39 |
| Trustees | J Newman, Chair ofTrustees J Rogers, Chief Executive |
|---|---|
| A Malhotra, Non-Executive Director | |
| D Langton, Non-Executive Director | |
| E Bannerman, Non-Executive Director | |
| KA Fraser, Non-Executive Director | |
| N L McKenna, Non-Executive Director | |
| R Hill, Non-Executive Director | |
| L Winward, Non-Executive Director J Abboud, Non-Executive Director |
|
| S L Munro, Non-Executive Director | |
| J G Restell, Non-Executive Director | |
| Company registered number |
07333911 |
| Charity registered number |
1143246 & SC045901 |
| Registered office | Vertigo Cheese Lane |
| Bristol | |
| BS20JJ | |
| Chiefexecutive officer | J Rogers |
| Independent auditors | Bishop Fleming LLP Chartered Accountants |
| Statutory Auditors 10 Temple Back |
|
| Bristol | |
| BS1 6FL | |
| Bankers | HSBC Bank PLC |
| Cabot Circus | |
| Bristol | |
| BS1 3BA | |
| Solicitors | TLT LLP |
| 1 RedcliffStreet | |
| Bristol | |
| BS16TP |
| Unrestricted funds 2024 |
Restricted funds 2024 |
Continuing operations 2024 |
Discontinued operations 2024 |
Total funds 2024 |
Continuing operations 2023 |
Discontinued operations 2023 |
Total funds 2023 |
||
|---|---|---|---|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | £ | £ | £ | £ | |
| Income from: | |||||||||
| Donations and legacies | 4 | 5,165 | 5,165 | 5,165 | |||||
| Charitable activities | 5 | 5,058,315 | 5,058,315 | 5,058,315 | 5,799,334 | 5,799,334 | |||
| Other trading activities | 6 | 4,442,758 | 4,303,475 | 139,283 | 4,442,758 | 3,572,440 | 781,767 | 4,354,207 | |
| Investments | 7 | 287,204 | 287,204 | 287,204 | 208,865 | 208,865 | |||
| Other income | 8 | 2,302,258 | 2,302,258 | 2,302,258 | |||||
| Total income | 12,090,535 | 5,165 | 9,654,159 | 2,441,541 | 12,095,700 | 9,580,639 | 781,767 | 10,362,406 | |
| Expenditure on: | |||||||||
| Raising funds | 3,453,276 | 3,453,276 | 3,453,276 | 3,990,101 | 3,990,101 | ||||
| Charitable activities | 6,818,169 | 6,590,338 | 227,831 | 6,818,169 | 5,697,998 | 733,281 | 6,331,279 | ||
| Total expenditure | 10,271,445 | 10,043,614 | 227,831 | 10,271,445 | 9,588,099 | 733,281 | 10,321,380 | ||
| Net movement in funds | 1,819,090 | 5,165 | (389,455) | 2,213,710 | 1,824,255 | (7.460) | 48,486 | 41,026 | |
| Reconciliation offunds: | |||||||||
| Total funds brought forward | 9,686,027 | 9,686,027 | 9,686,027 | 9,645,001 | 9,645,001 | ||||
| Net movement in funds | 1,819,090 | 5,165 | (389,455) | 2,213,710 | 1,824,255 | (7,460) | 48,486 | 41,026 | |
| Total funds carried forward | 11,505,117 | 5,165 | 9,296,572 | 2,213,710 | 11,510,282 | 9,637,541 | 48,486 | 9,686,027 |
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Intangible assets | 13 | 158,025 | 330,791 | ||
| Tangible assets | 14 | 1,772,216 | 1,792,666 | ||
| Investments | 16 | 437,500 | |||
| Investment property | 15 | 484,716 | 484,716 | ||
| 2,852,457 | 2,608,173 | ||||
| Current assets | |||||
| Debtors | 17 | 2,676,307 | 1,882,309 | ||
| Cash at bank and in hand | 7,558,013 | 7,350,879 | |||
| 10,234,320 | 9,233,188 | ||||
| Creditors: amounts falling due within one | |||||
| year | 18 | (1,576,495) | (2,155,334) | ||
| Net currentassets | 8,657,825 | 7,077,854 | |||
| Total netassets | 11,510,282 | 9,686,027 | |||
| Charity funds | |||||
| Restricted funds: | |||||
| Restricted funds | 20 | 5,165 | |||
| Unrestricted funds | |||||
| Designated funds | 20 | 300,469 | 667,000 | ||
| General funds | 20 | 11,204,648 | 9,019,027 | ||
| Total unrestricted funds | 20 | 11,505,117 | 9,686,027 | ||
| Total funds | 11,510,282 | 9,686,027 |
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Intangible assets | 13 | 147,982 | 300,661 | ||
| Tangible assets | 14 | 1,764,766 | 1,789,666 | ||
| Investments | 16 | 437,502 | 2 | ||
| Investment property | 15 | 484,716 | 484,716 | ||
| 2,834,966 | 2,575,045 | ||||
| Currentassets | |||||
| Debtors | 17 | 3,927,938 | 3,101,145 | ||
| Cash at bank and in hand | 7,487,044 | 7,233,977 | |||
| 11,414,982 | 10,335,122 | ||||
| Creditors: amounts falling due within one | |||||
| year | 18 | (1,372,369) | (1,829,794) | ||
| Net currentassets | 10,042,613 | 8,505,328 | |||
| Total net assets | 12,877,579 | 11,080,373 | |||
| Charity funds | |||||
| Restricted funds: | |||||
| Restricted funds | 20 | 5,165 | |||
| Unrestricted funds | |||||
| Designated funds | 20 | 300,469 | 667,000 | ||
| General funds | 20 | 12,571,945 | 10,413,373 | ||
| Total unrestricted funds | 20 | 12,872,414 | 11,080,373 | ||
| Total funds | 12,877,579 | 11,080,373 |
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net cash used in operating activities | (725,092) | (425,296) |
| Cashflows from investing activities | ||
| Interest received | 287,204 | 208,865 |
| Proceeds from the sale ofoperations | 839,732 | |
| Purchase of intangible assets | (120,631) | (47,602) |
| Purchase of tangible fixed assets | (74,079) | (24,786) |
| Netcash provided by investing activities | 932,226 | 136,477 |
| Change in cash and cash equivalents in the year | 207,134 | (288,819) |
| Cash and cash equivalents at the beginning ofthe year | 7,350,879 | 7,639,698 |
| Cash and cash equivalents atthe end ofthe year | 7,558,013 | 7,350,879 |
| The notes on pages 19 to 39 form part ofthese financial statements |
| Grants | |||
|---|---|---|---|
| 5. | INCOME | FROM | CHARITABLEACTIVITIES |
| Restricted | Total | Total |
|---|---|---|
| funds | funds | funds |
| 2024 | 2024 | 2023 |
| £ | £ | £ |
| 5,165 | 5,165 |
| Unrestricted | Total | Total |
|---|---|---|
| funds | funds | funds |
| 2024 | 2024 | 2023 |
| £ | £ | £ |
| 5,058,315 | 5,058,315 | 5,789,334 |
| 5,799,334 | 5,799,334 |
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Completion | 1,943,829 | 1,943,829 | 1,207,881 |
| Consultancy | 995,575 | 995,575 | 1,243,104 |
| Registrations | 1,189,353 | 1,189,353 | 1,475,998 |
| Other | 314,001 | 314,001 | 427,224 |
| 4,442,758 | 4,442,758 | 4,354,207 | |
| TOTAL 2023 | 4,354,207 | 4,354,207 |
| Activities | ||||
|---|---|---|---|---|
| undertaken directly 2024 |
Support costs 2024 |
Total funds 2024 |
Total funds 2023 |
|
| £ | £ | £ | ||
| Education and training | 4,594,721 | 2,223,448 | 6,818,169 | 6,331,279 |
| TOTAL 2023 | 4,030,638 | 2,300,641 | 6,331,279 |
| Education | |||
|---|---|---|---|
| and | Total | Total | |
| Training 2024 |
funds 2024 |
funds 2023 |
|
| £ | £ | £ | |
| Staffcosts | 3,275,583 | 3,275,583 | 3,137,043 |
| Depreciation | 173,972 | 173,972 | 398,388 |
| Consultancy | 912,988 | 912,988 | 303,395 |
| Bad debt provision | 12,665 | 12,665 | 7,812 |
| Travel and subsistence | 88,507 | 88,507 | 98,230 |
| Subscriptions | 36,938 | 36,938 | 27,544 |
| Apprenticeships | 95,740 | 95,740 | 55,718 |
| VAT adjustments | (1,346) | (1,346) | 1,530 |
| Difference on foreign exchange | (326) | (326) | 978 |
| 4,594,721 | 4,594,721 | 4,030,638 | |
| TOTAL 2023 | 4,030,638 | 4,030,638 |
| Education | ||||
|---|---|---|---|---|
| and | Total | Total | ||
| Training 2024 |
funds 2024 |
funds 2023 |
||
| £ | £ | £ | ||
| Staffcosts | 931,551 | 931,551 | 1,259,021 | |
| Insurance | 75,919 | 75,919 | 71,817 | |
| Bank charges | 9,380 | 9,380 | 7,683 | |
| Office costs | 28,007 | 28,007 | 38,324 | |
| Staff recruitment | 60,283 | 60,283 | 104,407 | |
| Agency and other staffcosts | 116,507 | 116,507 | 5,710 | |
| Professional fees | 11,787 | 11,787 | 15,578 | |
| Premises costs | 132,984 | 132,984 | 122,606 | |
| Computer costs | 642,824 | 642,824 | 542,981 | |
| Travel and subsistence | 23,545 | 23,545 | 13,745 | |
| Advertising and promotion | 166,422 | 166,422 | 93,269 | |
| Governance costs | 24,238 | 24,239 | 25,500 | |
| 2,223,448 | 2,223,448 | 2,300,641 | ||
| TOTAL 2023 | 2,300,641 | 2,300,641 | ||
| 10. | NET INCOMING RESOURCES/(RESOURCES EXPENDED) | |||
| This is stated after charging: | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Depreciation of tangible fixed assets | 94,529 | 99,878 | ||
| Amortisation of intangible fixed assets | 100,655 | 352,548 | ||
| Auditors remuneration | 26,020 | 23,500 | ||
| Operating lease rentals | 20,750 | 20,750 |
| Group | Group | Company | Company | |
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Wages and salaries | 5,543,398 | 5,475,970 | 3,601,459 | 3,746,379 |
| Social security costs | 404,422 | 419,274 | 404,422 | 419,274 |
| Contribution to defined contribution pension | ||||
| schemes | 220,754 | 236,572 | 220,754 | 236,672 |
| 6,168,574 | 6,131,816 | 4,226,635 | 4,402,225 |
| Group | Group | ||
|---|---|---|---|
| 2024 | 2023 | ||
| No. | No | ||
| Operational | Staff | 103 | 110 |
| Group | Group | ||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| No. | No. | ||||
| In | the | band | £60,001 -£70,000 | 8 | 8 |
| In | the | band | £70,001 -£80,000 | 5 | 3 |
| In | the | band | £80,001 -£90,000 | 2 | 4 |
| In | the | band | £90,001 -£100,000 | 1 | 2 |
| In | the | band | £100,001 -£110,000 | 2 | |
| In | the | band | £140,001 -£150,000 | 1 |
| Develop- ment |
Goodwill | Total | |
|---|---|---|---|
| £ | £ | £ | |
| COST | |||
| At 1 October 2023 |
2,113,323 | 370,883 | 2,484,206 |
| Additions | 67,823 | 52,808 | 120,631 |
| Disposals | (1,403,992) | (1,403,992) | |
| At 30 September 2024 | 777,154 | 423,691 | 1,200,845 |
| AMORTISATION | |||
| At 1 October 2023 | 1,812,662 | 340,753 | 2,153,415 |
| Charge for the year | 47,526 | 20,087 | 67,613 |
| On disposals | (1,178,208) | (1,178,208) | |
| At 30 September 2024 | 681,980 | 360,840 | 1,042,820 |
| NET BOOKVALUE | |||
| At 30 September 2024 | 95,174 | 62,851 | 158,025 |
| At 30 September 2023 | 300,661 | 30,130 | 330,791 |
| Develop- ment |
Goodwill | Total | |
|---|---|---|---|
| £ | £ | ||
| COST | |||
| At 1 October 2023 | 2,095,563 | 2,095,563 | |
| Additions | 67,823 | 52,808 | 120,631 |
| Disposals | (1,403,992) | (1,403,992) | |
| At 30 September 2024 | 759,394 | 52,808 | 812,202 |
| AMORTISATION | |||
| At 1 October2023 |
1,794,902 | 1,794,902 | |
| Charge for the year | 47,526 | 47,526 | |
| On disposals | (1,178,208) | (1,178,208) | |
| At 30 September 2024 | 664,220 | 664,220 | |
| NET BOOKVALUE | |||
| At 30 September 2024 | 95,174 | 52,808 | 147,982 |
| At 30 September 2023 | 300,661 | 300,661 |
| Short-term | ||||||
|---|---|---|---|---|---|---|
| Freehold | leasehold | Fixtures and | Office | |||
| property £ |
property £ |
fittings £ |
equipment £ |
Total £ |
||
| COST OR VALUATION | ||||||
| At | 1 October 2023 | 1,653,469 | 120,057 | 164,703 | 495,306 | 2,433,535 |
| Additions | 26,775 | 16,023 | 31,281 | 74,079 | ||
| At | 30 September 2024 | 1,680,244 | 120,057 | 180,726 | 526,587 | 2,507,614 |
| DEPRECIATION | ||||||
| At | 1 October 2023 | 40,206 | 120,057 | 64,630 | 415,976 | 640,869 |
| Charge for the year | 19,650 | 28,312 | 46,567 | 94,529 | ||
| At | 30 September 2024 | 59,856 | 120,057 | 92,942 | 462,543 | 735,398 |
| NET BOOKVALUE | ||||||
| At | 30 September 2024 | 1,620,388 | 87,784 | 64,044 | 1,772,216 | |
| At | 30 September 2023 | 1,613,263 | 100,073 | 79,330 | 1,792,666 |
| Freehold | |||
|---|---|---|---|
| investment | |||
| property | |||
| £ | |||
| VALUATION | |||
| At 1 October 2023 |
484,716 | ||
| At 30 September 2024 | 484,716 | ||
| FIXEDASSET INVESTMENTS | |||
| Unlisted | |||
| investments | |||
| GROUP | £ | ||
| COST ORVALUATION | |||
| Additions | 437,500 | ||
| AT 30 SEPTEMBER 2024 | 437,500 | ||
| NET BOOKVALUE | |||
| AT 30 SEPTEMBER 2024 | 437,500 | ||
| Shares in | |||
| COMPANY | group undertakings £ |
Unlisted investments £ |
Total £ |
| COST OR VALUATION | |||
| At 1 October 2023 |
2 | 2 | |
| Additions | 437,500 | 437,500 | |
| AT 30 SEPTEMBER 2024 | 2 | 437,500 | 437,502 |
| NET BOOKVALUE | |||
| AT 30 SEPTEMBER 2024 | 2 | 437,500 | 437,502 |
| AT 30 SEPTEMBER 2023 | 2 | 2 |
| Group 2024 |
Group 2023 |
Company 2024 |
Company 2023 |
|
|---|---|---|---|---|
| £ | £ | £ | ||
| DUE WITHIN ONEYEAR | ||||
| Trade debtors | 998,958 | 1,152,601 | 327,811 | 430,189 |
| Amounts owed by group undertakings | 2,033,376 | 2,068,540 | ||
| Other debtors | 1,053,502 | 907 | 1,052,557 | |
| Prepayments and accrued income | 623,847 | 728,801 | 514,194 | 602,416 |
| 2,676,307 | 1,882,309 | 3,927,938 | 3,101,145 |
| Group 2024 |
Group 2023 |
Company 2024 |
Company 2023 |
||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Trade creditors | 223,549 | 346,147 | 110,810 | 215,961 | |
| Amounts owed to group undertakings | 297 | ||||
| Other taxation and social security | 266,898 | 222,589 | 266,898 | 222,589 | |
| Other creditors | 97,961 | 100,636 | 97,961 | 100,636 | |
| Accruals and deferred income | 988,087 | 1,485,962 | 896,403 | 1,290,608 | |
| 1,576,495 | 2,155,334 | 1,372,369 | 1,829,794 | ||
| Group 2024 |
Group 2023 |
Company 2024 |
Company 2023 |
||
| £ | £ | £ | £ | ||
| Deferred income at | 1 October 2023 | 1,315,492 | 1,849,671 | 1,183,212 | 1,701,197 |
| Resources deferred | during the year | 676,579 | 1,315,492 | 636,351 | 1,183,212 |
| Amounts released from previous periods | (1,315,492) | (1,849,671) | (1,183,212) | (1,701,197) | |
| 676,579 | 1,315,492 | 636,351 | 1,183,212 |
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 30 | ||||
| October 2023 £ |
Income £ |
Expenditure £ |
Transfers in/out £ |
September 2024 £ |
|
| UNRESTRICTED FUNDS | |||||
| DESIGNATED FUNDS | |||||
| Future staff liabilities | 667,000 | (366,531) | 300,469 | ||
| GENERAL FUNDS | |||||
| General Funds | 9,019,027 | 12,090,535 | (10,271,445) | 366,531 | 11,204,648 |
| TOTAL UNRESTRICTED | |||||
| FUNDS | 9,686,027 | 12,090,535 | (10,271,445) | 11,505,117 | |
| RESTRICTED FUNDS | |||||
| Solar Panel Grant | 5,165 | 5,165 | |||
| TOTAL OF FUNDS | 9,686,027 | 12,095,700 | (10,271,445) | 11,510,282 |
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at | 30 | ||||
| 1 October | Transfers | September | |||
| 2022 | income | Expenditure | infout | 2023 | |
| £ | £ | £ | £ | £ | |
| UNRESTRICTED FUNDS | |||||
| DESIGNATED FUNDS | |||||
| Future staff liabilities | 617,575 | 49,425 | 667,000 | ||
| GENERAL FUNDS | |||||
| General Funds | 9,027,426 | 10,362,406 | (10,321,380) | (49,425) | 9,019,027 |
| TOTAL UNRESTRICTED | |||||
| FUNDS | 9,645,001 | 10,362,406 | (10,321,380) | 9,686,027 |
| ANALYSIS OF NETASSETS BETWEEN FU | NDS - CURRENT PERIOD | ||
|---|---|---|---|
| Unrestricted | Restricted | Total | |
| funds | funds | funds | |
| 2024 | 2024 | 2024 | |
| £ | £ | £ | |
| Tangible fixed assets | 1,767,051 | 5,165 | 1,772,216 |
| Intangible fixed assets | 158,025 | 158,025 | |
| Fixed asset investments | 437,500 | 437,500 | |
| Investment property | 484,716 | 484,716 | |
| Current assets | 10,234,320 | 10,234,320 | |
| Creditors due within one year | (1,576,495) | (1,576,495 | |
| TOTAL | 11,505,117 | 5,165 | 11,510,282 |
| Unrestricted | Restricted | Total | ||
|---|---|---|---|---|
| funds | funds | funds | ||
| 2023 | 2023 | 2023 | ||
| £ | £ | £ | ||
| Tangible fixed assets | 1,792,666 | 1,792,666 | ||
| Intangible fixed assets | 330,791 | 330,791 | ||
| Investment property | 484,716 | 484,716 | ||
| Current assets | 9,233,188 | 9,233,188 | ||
| Creditors due within one year | (2,155,334) | (2,155,334) | ||
| TOTAL | 9,686,027 | 9.686.027 | ||
| RECONCILIATION OF NET MOVEMENT IN FUNDSTO NET CASH FLOW | FROM OPERATING | |||
| 22. | ACTIVITIES | |||
| Group | Group | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Net income for the period (as per Statement of Financial Activities) | 1,824,255 | 41,026 | ||
| ADJUSTMENTS FOR: | ||||
| Depreciation charges | 94,529 | 99,878 | ||
| Amortisation charges | 133,697 | 352,548 | ||
| Dividends, interests and rents from investments | (287,204) | (208,865) | ||
| Profit from the sale of operations | (2,302,258) | |||
| Decrease in debtors | 118,940 | 20,226 | ||
| Decrease in creditors | (307,051) | (730,392) | ||
| NET CASH USED IN OPERATING ACTIVITIES | (725,092) | (425,579) | ||
| 23. | ANALYSIS OF CASH AND CASH EQUIVALENTS | |||
| Group | Group | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Cash in hand | 7,558,013 | 7,350,879 | ||
| TOTAL CASH AND CASH EQUIVALENTS | 7,558,013 | 7,350,879 |
| At 1 | At 30 | |||||||
|---|---|---|---|---|---|---|---|---|
| October 2023 |
Cash flows | September 2024 |
||||||
| £ | £ | |||||||
| Cash | at | bank | and | in | hand | 7,350,879 | 207,134 | 7,558,013 |
| 7,350,879 | 207,134 | 7,558,013 |
| Group 2024 |
Group 2023 |
Company 2024 |
Company 2023 |
|||
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | |||
| Not laterthan | 1 year | 15,562 | 20,750 | 15,562 | 20,750 | |
| Laterthan | 1 year and not laterthan 5 years | 16,562 | 15,562 | |||
| 15,562 | 36,312 | 15,562 | 36,312 |
| Names | Company number |
Equity shareholding |
Basis ofcontrol | |
|---|---|---|---|---|
| % | ||||
| SFJ Awards Limited | 06926458 | 100% | Fully owned and | controlled |
| People 1st International Limited | 11332207 | 100% | Fully owned and | controlled |
| The financial results ofthe subsidiaries forthe yearwere: | ||||
| Names | Income | Expenditure | Profit/(Loss) | Net |
| £ | £ | fortheyear £ |
assets/(net liabilities) |
|
| £ | ||||
| SFJ Awards Limited | 3,206,934 | (2,973,761) | 233,173 | 1 |
| People 1st International Limited | 1,235,824 | (1,201,075) | 34,749 | (1,367,300) |