OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-07-31-accounts

REGISTERED COMPANY NUMBER: 03352250 (England and Wales) REGISTERED CHARITY NUMBER: 1146880

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

FOR

EBP SOUTH LTD

Gibson Whitter Limited Statutory Auditors Larch House Parklands Business Park Denmead Hampshire PO7 6XP

EBP SOUTH LTD

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

Page
Report of the Trustees 1 to 7
Report of the Independent Auditors 8 to 10
Statement of Financial Activities 11
Balance Sheet 12
Cash Flow Statement 13
Notes to the Cash Flow Statement 14
Notes to the Financial Statements 15 to 26

EBP SOUTH LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

OBJECTIVES AND ACTIVITIES

The objects of EBP South are:

For the public benefit to advance, promote and assist in the effective education and development of young people and adults in order to deliver their individual capabilities, competencies, skills and understanding in subjects of educational value including careers and life skills, together with collaboration with local businesses and business organisations in England and Wales in such ways as the charity trustees think fit.

The Trustee Directors confirm that they have referred to the guidance contained in the Charity Commission's general guidance.

Our Mission is To Inspire and Prepare Young People for the World of Work.

We reviewed our strategic direction in 2020 and set the following strategic goals and objectives:

1. Schools: a. Map programmes to the Gatsby Benchmarks (GB) and use this mapping in marketing to schools.

b. Innovate and change to be able to deliver under the new restrictions caused by Covid 19. c. Create a plan to expand our digital capabilities to create high quality, engaging, virtual encounters with employers.

d. Identify programmes to support SEND and vulnerable young people who have been particularly impacted as a result of Covid 19.

2. Businesses: a. Develop our business engagement and marketing strategy to prioritise business engagement for work experience, volunteering and investment.

b. Develop a partnership / investment strategy for businesses to invest in education business partnerships to secure substantial long- term income stream and align with business needs.

c. Expand our wider network of business volunteers to support all our events.

3. Finance: a. Build new income streams from business with a focus on CSR and Talent Development programmes.

b. Review all programmes against income and costs and revise activities accordingly.

4. Competition and Partnerships: a. Promote our programmes directly through the CEC as an 'approved provider'. b. Show local leadership in the field of careers and building connections between education and business, working with key partners.

c. Emphasise our local connections, flexibility and innovation, our track record and matrix accreditation and our knowledge of local business.

5. Leadership and Governance: a. Strengthen the Board through increased membership and a structure of sub committees. b. Build the skills of the SMT to increase strategic skills, leadership involvement and knowledge of all aspects of EBP South.

c. Review the leadership needs of the organisation for short / medium term.

Page 1

EBP SOUTH LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

ACHIEVEMENT AND PERFORMANCE Impact of our work

During 2021-22, despite the early part of the year being impacted by Covid, EBP South had meaningful interactions with 23,785 young people and well over 4,000 businesses through our programmes.

The table below shows the actual numbers of young people reached in 2021/22 compared to 2020/21 which was impacted by Covid. We saw increased business for careers guidance, working across 27 secondary schools and 1 college. The number of work placements we delivered almost doubled compared to 2020/21 and was the highest in our history, an excellent result after two significantly Covid affected years. Lack of external funding meant that we were not able to deliver any primary school activities.

Numbers of
young people
engaged in the
following Numbersfor Numbersfor
activities 2020/21 2021/22
Careers Guidance
Interviews 5,562 6,228
Mentoring 10 46
Skills Workshops 5,908 7,478
Work Placements 3,470 6,860
(6,860 in-person
placements,
across 4,322
(3,134 virtual, 336 unique
in person) businesses)
Supported Work
Placements 24 22
Careers Inspiration
Events 4,538 3,152
TOTAL 19,512 23,786

Page 2

EBP SOUTH LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

FINANCIAL REVIEW

We are pleased to report that after a very challenging three years dating back to before Covid, the financial situation for EBP South improved significantly in 2021/22.

As mentioned last year, 2018/19 and costs associated with the merger with Basingstoke Consortium had seen a deficit of £74,642. In 2019/20, with the final third of the year impacted by Covid, resulted in a deficit of £63,615. In 2020/21 the whole of the academic year was impacted by Covid and despite use of furlough and other savings we had a deficit of £83,119.

In 2021/22 we saw a significant uplift in income generated, from £708,391 in the previous year, to £906,208. At the same time our expenditure increased at a slower rate, from £791,510 to £869,112. This meant a surplus of £37,096, our first surplus since 2017/18 when this figure was £13,540.

The Trustee Directors consider that the underlying position is in line with budget expectations at the beginning of 2021/22, that the state of finances of EBP South is satisfactory, and that the charitable company's assets are available and adequate to fulfil their obligations.

EBP South has recorded an overall surplus of £37,096 for 2021/22.

Reserves

EBP South's reserves policy is to hold sufficient free reserves to enable the charity to:

The balance of the free reserves at 31 July 2022 is £79,480. This compares to £40,705 12 months previously, so for the first time in four years our reserves grew. Over the future medium term, the priority for the Board is that the company should rebuild its reserves such that it has sufficient to manage a solvent wind-up, should that be required (i.e., £120,000). Longer term the Board aims to hold sufficient reserves valued at three month's operational delivery (i.e., £230,000).

The current level of free reserves is £79,480 which the Trustee Directors consider to be adequate to fulfil their obligations, given the Covid/post-Covid financial context the future plans to rebuild and grow revenue streams. Free reserves represent total unrestricted funds less the net book value of functional fixed assets.

Principal Funding Sources

EBP South secures approximately 70% of income through Service Level Agreements from schools and colleges. The remaining funding is secured through grants, contracts to deliver services within its charitable objectives, and business sponsorship and investment. We would particularly like to acknowledge Basingstoke and Deane Borough Council for their ongoing strategic grant support, CABWI, Garfield Weston and The Hearn Foundation for their grants, and the many businesses who support and sponsor our events and activities.

Material Investments

No material investments are held by EBP South Ltd.

Page 3

EBP SOUTH LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

REVIEW OF OPERATIONS

As already referred to, the financial and strategic context for EBP South's operations has been challenging over recent years. 2021/22 was Richard Kennett's first full year in role as CEO, having succeeded the previous CEO in April 2021.

While Covid still had some impact on the charity's operations, for example having to cancel or postpone in-school events and rearrange out of school events, much of our delivery was unaffected, which was very welcome. Delivery of careers information, advice and guidance occurred with limited impact and it was great to return to face to face careers interviews after virtual delivery during the pandemic.

We saw excellent growth in our work experience (WEX) support, particularly growing our supported extended work experience (EWEX) for young people from particularly disadvantaged backgrounds. This was especially important given the impact of Covid and the demonstrated need for such groups to be provided with additional support. We organised our biggest ever number of WEX placements, which was very pleasing as it showed the amount of demand from schools and colleges, and continued enthusiasm from businesses to host work experience placements.

Continued support from The Hearn Foundation enabled us to grow our Employer Engagement Project (EEP). Engaging with new businesses to deliver in school activities through business volunteers. New support from CABWI enabled us to begin growing our EWEX provision to meet demonstrable and growing demand.

The business development activity that had begun the previous year began to see benefits, with a number of high profile companies supporting EBP South, such as Lenovo. Business income generation was also positive where event exhibition income was concerned. Charges for exhibitors (with some exclusions such as for charities) were introduced and this provided a new income stream.

Over the period covered by this report we also refocused our marketing and communications provision, restructuring and focusing on increasing our profile and reach using social media and other channels. This led to much greater engagement across a range of platforms.

The year also saw us refreshing our Board of Trustees with a number of new members. They came from a range of business and education backgrounds, and ensured that as we came out of Covid the charity was well-supported and advised.

For 2022/23 we are optimistic about future growth in demand for our supported work experience programme. We have reviewed our events provision and merged the Get Inspired careers fairs for Southampton and New Forest, and Basingstoke and Test Valley. We will continue to seek growth opportunities for our services based on our values of diversity and inclusion, working in partnership with businesses and schools/colleges to inspire and prepare young people for the world of work.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

EBP South Ltd was incorporated as Portsmouth & South East Hampshire Education Business Partnership Ltd on 14th April 1997 and became a registered Charity on 13th April 2012. On 21st May 2015 the name was changed to EBP South Ltd. The charitable company's governing document is its memorandum and articles of association adopted on 15th March 2012.

Basingstoke Consortium Ltd was a company limited by guarantee, incorporated on 1st October 1997 (Company Number 3442487). The company registered as a charity on 7th July 2011 (Charity Number 1142775). The company was established under a Memorandum of Association which set the objects and powers of the charitable company and is governed under its Articles of Association. The articles were changed to allow EBP South a preferred member vote on 11th Dec 2017 and new Directors were appointed on 15th January 2018. From 1st February 2019 all assets and liabilities were transferred to EBP South and Basingstoke Consortium Ltd was closed.

Page 4

EBP SOUTH LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment, appointment and training of new trustees

The Board of Trustee Directors includes representation from the business, education, and public sector. The aim of the Board is to ensure good representation of these sectors, whose views are fundamental to the direction and activity of EBP South together with the right blend of skills appropriate for the strategic management of the charitable company. Trustee directors are recruited from organisations that support our key stakeholders including schools, colleges, university, local businesses, and local authorities and represent the geographic coverage of EBP South.

Each new Trustee Director receives an induction pack containing background information on EBP South, our Articles of Association, our five-year strategy and current business plan, financial statements, and information about the expectations of a Trustee Director.

Trustee Directors take lead responsibilities for particular policy areas such as health & safety, safeguarding, etc and support individual members of staff according to their skill area. This year, following a detailed skills analysis, the Board recruited three new Trustee Directors who have expertise in finance and business development.

Organisational structure

Day to day responsibility for running EBP South is delegated to the Chief Executive who is supported by two senior managers.

This year the Board has continued to meet monthly to work through the challenges following the challenges of Covid 19, with additional meetings and 'task and finish' sub-committees as required. Alongside this the Finance Sub-Committee has also met on a monthly basis, timed to report to the Board. In addition, the Board holds occasional strategic planning days with the Management team.

Trustee Directors are responsible for:

Managers report to and attend Board meetings.

Related parties

EBP South has an alliance with Hampshire Chamber of Commerce which involves sharing information about related events, organising jointly branded events and promotion of each other's work.

We align our work with the Careers and Enterprise Company's activity to promote high quality careers programmes in schools, through the Gatsby Benchmarks.

Trustee Directors represent many of the organisations we work with and as such, may buy services from either organisation or be involved in joint activities. A register of interests of Trustee Directors is held and a declaration of interests is taken at each Board meeting.

Risk management

The Board are aware of their responsibilities to mitigate the major risks to which the charity is exposed and to ensure that its aims and objectives are not under threat. An analysis of risk is undertaken and regularly updated through our Risk Register which is reviewed annually by the Board.

Detailed risk assessments are carried out on all aspects of the organisations' activities and the Board receives regular reports on health & safety and safeguarding including a report on 'near misses'. Significant areas of risk are reviewed by the Board at all meetings. Following Covid 19, additional risk assessments have been carried out in line with government guidance and the Covid 19 impact is a thread throughout our risk register.

Page 5

EBP SOUTH LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 03352250 (England and Wales)

Registered Charity number 1146880

Registered office

1000 Lakeside North Harbour Western Road Portsmouth Hampshire PO6 3EN

Trustees

Sarah Kavanagh - Chair Alison Foss - Vice-Chair Chris Anders Elizabeth Clarke Anita James (resigned 19/11/2021) Peter Grant Barry Lamacraft Jane Mulholland (resigned 21/09/2021) Jane Aplin (appointed 03/03/2022) Simon Bittlestone (appointed 31/03/2022) Claire Craigie (appointed 27/01/2022) Matthew Samuel-Camps (appointed 03/03/2022) Terry Buckle (appointed 24/11/2022) Harry Kutty (appointed 24/11/2022) Adam Lupton (appointed 26/01/2023)

Chief Executive

Richard Kennett

Auditors

Gibson Whitter Limited Statutory Auditors Larch House Parklands Business Park Denmead Hampshire PO7 6XP

Solicitors

Belcher Frost 3 West Street Emsworth Hampshire PO10 7DX

Bankers

HSBC 18 London Road North End Portsmouth Hampshire PO2 0LL

Page 6

EBP SOUTH LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of EBP South Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Approved by order of the board of trustees on 16 March 2023 and signed on its behalf by:

Mrs S Kavanagh - Trustee

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF EBP SOUTH LTD

Opinion

We have audited the financial statements of EBP South Ltd (the 'charitable company') for the year ended 31 July 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice).

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 Auditors' 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.

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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF EBP SOUTH LTD

Matters on which we are required to report by exception

In the light of the 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 Report of the Trustees.

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, 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.

Our 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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

Procedures performed by the audit team included:

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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 Report of the Independent Auditors.

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF EBP SOUTH LTD

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 auditors' 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.

Gavin Whitter (Senior Statutory Auditor) for and on behalf of Gibson Whitter Limited Statutory Auditors Larch House Parklands Business Park Denmead Hampshire PO7 6XP

16 March 2023

Page 10

EBP SOUTH LTD

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2022

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
639
Charitable activities
4
Work related learning and careers guidance
810,207
Investment income
3
10
Other income
5
4,220
Total
815,076
EXPENDITURE ON
Charitable activities
6
Work related learning and careers guidance
777,980
NET INCOME/(EXPENDITURE)
37,096
RECONCILIATION OF FUNDS
Total funds brought forward
47,990
TOTAL FUNDS CARRIED FORWARD
85,086		 Restricted
funds
£
-
91,132
-
-
91,132
91,132
-
-
-		 31.7.22
Total
funds
£
639
901,339
10
4,220
906,208
869,112
37,096
47,990
85,086		 31.7.21
Total
funds
£
296
591,420
8
116,667
708,391
791,510
(83,119)
131,109
47,990

The notes form part of these financial statements

Page 11

EBP SOUTH LTD

BALANCE SHEET
31 JULY 2022
Notes
FIXED ASSETS
Tangible assets
14
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
17
NET ASSETS/(LIABILITIES)
FUNDS
22
Unrestricted funds
TOTAL FUNDS		 31.7.22
£
5,606
57,785
303,905
361,690
(251,464)
110,226
115,832
(30,746)
85,086
85,086
85,086		 31.7.21
£
7,285
105,870
381,490
487,360
(446,468)
40,892
48,177
(187)
47,990
47,990
47,990

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 and authorised for issue by the Board of Trustees and authorised for issue on 16 March 2023 and were signed on its behalf by:

Mrs S Kavanagh - Trustee

The notes form part of these financial statements

Page 12

EBP SOUTH LTD

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Interest element of finance lease
payments paid
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Cash flows from financing activities
Loan repayments in year
Capital repayments in year
Net cash used in financing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 31.7.22
£
(60,226)
(1,142)
(1,190)
(62,558)
(4,380)
10
(4,370)
(9,507)
(1,150)
(10,657)
(77,585)
381,490
303,905		 31.7.21
£
79,386
-
(1,642)
77,744
(452)
8
(444)
-
(1,026)
(1,026)
76,274
305,216
381,490

The notes form part of these financial statements

Page 13

EBP SOUTH LTD

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2022

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Interest paid
Interest element of hire purchase and finance lease rental payments
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash (used in)/provided by operations		 31.7.22
£
37,096
6,061
(10)
1,142
1,190
48,083
(153,788)
(60,226)		 31.7.21
£
(83,119)
5,662
(8)
-
1,642
(7,103)
162,312
79,386

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.21 Cash flow At 31.7.22
£ £ £
Net cash
Cash at bank and in hand 381,490 (77,585) 303,905
381,490 (77,585) 303,905
Debt
Finance leases (1,337) 1,150 (187)
Debts falling due within 1 year (50,000) 40,253 (9,747)
Debts falling due after 1 year - (30,746) (30,746)
(51,337) 10,657 (40,680)
Total 330,153 (66,928) 263,225

The notes form part of these financial statements

Page 14

EBP SOUTH LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The current level of free reserves is £79,480 which the Trustee Directors consider to be adequate to fulfil their obligations, given the financial context in 2019/20, 2020/21 and 2021/22 and the future plans grow revenue streams. Free reserves represent total unrestricted funds less the net book value of functional fixed assets.

Projecting forward, the Trustee Directors are optimistic about the financial outcome for 2022/23. At the time of producing this report the budgets prepared for 2022/23 show a further increase of £19K in schools income. The charity also continues to seek growth opportunities, working in partnership with an increased number of businesses and schools to achieve this. Alongside this, staffing budgets have been carefully managed in 2020/21 and 2021/22 with growth in the number of staff since the year end to ensure the charity can service the additional business and school partnerships now in place.

For the reasons above the Trustee Directors consider that it is reasonable to conclude that the charitable company is a going concern for the foreseeable future.

Income

Voluntary income including donations, gifts and legacies and grants that provide core funding or are of a general nature are recognised where there is entitlement, receipt is probably and the amount can be measured with sufficient reliability. Such income is only deferred when:

Investment income is recognised on a receivable basis.

Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific conditions is recognised as earned (as the related goods and services are provided). Grant income included in this category provides funding to support activities and is recognised where there is entitlement, receipt is probable and the amount can be measured with sufficient reliability.

Volunteers and donated services

The value of services provided by volunteers is not incorporated into these financial statements.

Where goods or services are provided to the charity as a donation that would normally be purchased from suppliers, this contribution is included in the financial statements at an estimate based on the value of the contribution to the charity.

Expenditure

Expenditure is recognised when a liability is incurred. Contractual arrangements are recognised as goods or services are supplied.

Page 15

continued...

EBP SOUTH LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022

1. ACCOUNTING POLICIES - continued

Expenditure

Irrecoverable VAT

All resources expended are classified under activity headings that aggregate all costs related to the category. Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property - 20% on cost Fixtures and fittings - 25% on cost and over the period of the lease

Individual fixed assets costing £300 or more are capitalised at cost.

Taxation

The charity is exempt from corporation tax on its charitable activities.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the Balance Sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the Statement of Financial Activities over the relevant period. The capital element of the future payments is treated as a liability.

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.

2. DONATIONS AND LEGACIES

Donations

31.7.22 31.7.21 £ £ 639 296

Page 16

continued...

EBP SOUTH LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022

3.
INVESTMENT INCOME
Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Sponsorships
Subscriptions - membership fee
SLA income
Grants
Contributions to events
Grants received, included in the above, are as follows:
Careers and Enterprise
Basingstoke & Dean Council
The Hearn Foundation
Garfield & Weston
University of Portsmouth
CABWI
Kickstarter grant
Portsmouth City Council
5.
OTHER INCOME
Coronavirus business support funding
Job Retention Scheme grant
Consultancy income		 31.7.22
£
10
31.7.22
Work
related
learning
and
careers
guidance
£
104,700
11,907
637,771
127,798
19,163
901,339
31.7.22
£
-
36,666
66,023
-
-
10,000
10,109
5,000
127,798
31.7.22
£
-
4,220
-
4,220		 31.7.21
£
8
31.7.21
Total
activities
£
37,916
8,953
388,177
117,285
39,089
591,420
31.7.21
£
3,000
37,633
50,052
25,000
1,600
-
-
-
117,285
31.7.21
£
32,891
82,876
900
116,667

Page 17

continued...

EBP SOUTH LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022

6. CHARITABLE ACTIVITIES COSTS

Direct
Support
Costs (see
costs (see
note 7)
note 8)
£
£
Work related learning and careers
guidance
623,046
246,066
7.
DIRECT COSTS OF CHARITABLE ACTIVITIES
31.7.22
£
Staff costs
539,648
Resources
59,483
Administrative expenses
3,899
Meeting, travelling and volunteering costs
35
Consultancy
19,981
623,046
8.
SUPPORT COSTS
Governance
Management
costs
£
£
Work related learning and careers
guidance
242,566
3,500
Support costs, included in the above, are as follows:
Management
31.7.22
Work
related
learning
and
careers
guidance
£
Staff costs
119,921
Rent, rates and service charge
38,631
Insurance
4,882
Telephone
11,658
Postage and stationery
516
Printing, marketing and advertising
11,518
Sundries
665
Travel and allowances
16,029
Equipment maintenance
4,418
Irrecoverable VAT
13,211
Professional fees
1,532
Other staff costs
11,192
Depreciation of tangible fixed assets
6,061
Bank loan interest
1,142
Finance lease interest
125
Equipment hire
1,065
242,566		 Totals
£
869,112
31.7.21
£
525,498
54,723
1,203
-
8,048
589,472
Totals
£
246,066
31.7.21
Total
activities
£
105,100
36,642
4,689
10,158
340
5,306
398
6,864
3,607
10,101
4,136
4,408
5,662
-
249
1,393
199,053

Page 18

continued...

EBP SOUTH LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022

8. SUPPORT COSTS - continued Governance costs

SUPPORT COSTS - continued
Governance costs
31.7.22 31.7.21
Work
related
learning
and
careers Total
guidance activities
£ £
Auditors' remuneration 3,500 2,985

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Depreciation - owned assets
Depreciation - assets on hire purchase contracts and finance leases
AUDITORS' REMUNERATION		 31.7.22
£
5,160
899		 31.7.22
£
5,160
899		 31.7.21
£
4,761
901		 31.7.21
£
4,761
901
31.7.22 31.7.21
£ £
Fees payable to the charity's auditors
For audit services
Audit of the financial statements of the group and company 3,500 2,985
Preparation of VAT returns 300 -
3,800 2,985

10. AUDITORS' REMUNERATION

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2022 nor for the year ended 31 July 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2022 nor for the year ended 31 July 2021.

12. STAFF COSTS

STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 31.7.22
£
598,983
45,042
15,544
659,569		 31.7.21
£
572,120
42,625
15,853
630,598

Page 19

continued...

EBP SOUTH LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022

12. STAFF COSTS - continued

The average monthly number of employees during the year was as follows:

Charitable
Support
No employee received emoluments in excess of £60,000 (31.7.21: One).
13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
296
Charitable activities
Work related learning and careers
guidance
591,420
Investment income
8
Other income
116,667
Total
708,391
EXPENDITURE ON
Charitable activities
Work related learning and careers
guidance
791,510
NET INCOME/(EXPENDITURE)
(83,119)
RECONCILIATION OF FUNDS
Total funds brought forward
131,109
TOTAL FUNDS CARRIED FORWARD
47,990		 31.7.22
27
6
33
Restricted
funds
£
-
-
-
-
-
-
-
-
-		 31.7.21
25
5
30
Total
funds
£
296
591,420
8
116,667
708,391
791,510
(83,119)
131,109
47,990

Page 20

continued...

EBP SOUTH LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022

14. TANGIBLE FIXED ASSETS

Improvements
Fixtures
to
and
property
fittings
£
£
COST
At 1 August 2021
32,736
76,825
Additions
-
4,380
At 31 July 2022
32,736
81,205
DEPRECIATION
At 1 August 2021
32,736
69,540
Charge for year
-
6,059
At 31 July 2022
32,736
75,599
NET BOOK VALUE
At 31 July 2022
-
5,606
At 31 July 2021
-
7,285
Fixed assets, included in the above, which are held under finance leases are as follows:
COST
At 1 August 2021 and 31 July 2022
DEPRECIATION
At 1 August 2021
Charge for year
At 31 July 2022
NET BOOK VALUE
At 31 July 2022
At 31 July 2021
15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.22
£
Trade debtors
40,681
Other debtors
2,055
Prepayments
12,049
Accrued income
3,000
57,785		 Totals
£
109,561
4,380
113,941
102,276
6,059
108,335
5,606
7,285
Fixtures
and
fittings
£
4,504
3,605
899
4,504
-
899
31.7.21
£
82,449
4,461
17,386
1,574		 Totals
£
109,561
4,380
113,941
102,276
6,059
108,335
5,606
7,285
Fixtures
and
fittings
£
4,504
3,605
899
4,504
-
899
31.7.21
£
82,449
4,461
17,386
1,574
5,606
7,285
Fixtures
and
fittings
£
4,504
3,605
899
4,504
-
899
31.7.21
£
82,449
4,461
17,386
1,574
105,870

Page 21

continued...

EBP SOUTH LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 18)
Finance leases (see note 19)
Trade creditors
Social security and other taxes
Other creditors
Accrued expenses
Deferred income		 31.7.22
£
9,747
187
72,753
4,582
122,054
4,932
37,209
251,464		 31.7.21
£
50,000
1,150
51,190
2,043
121,233
5,881
214,971
446,468

Deferred income

Deferred income comprises £Nil (31.7.21: £11,906) for subscription income, £36,609 (31.7.21: £9,171) for grant income and £600 (31.7.21 £193,894) for SLA income received in the year which will be released to income in future financial periods.

Balance brought forward
Amount release to incoming resources
Amount deferred in the year
Balance carried forward
17.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans (see note 18)
Finance leases (see note 19)
18.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Amounts falling due between two and five years:
Bank loans - 2-5 years		 31.7.22 31.7.21 31.7.21
£ £
214,971 42,246
(214,971) (42,246)
37,209 214,971
37,209 214,971
31.7.22
£
30,746
-
30,746
31.7.22
£
9,747
30,746		 31.7.21
£
-
187
187
31.7.21
£
50,000
-

Page 22

continued...

EBP SOUTH LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Net obligations repayable:
Within one year
Between one and five years
Within one year
Between one and five years
SECURED DEBTS
The following secured debts are included within creditors:
Finance leases
Finance leases are secured on the assets being financed.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
fund
£
Fixed assets
5,606
Current assets
361,690
Current liabilities
(251,464)
Long term liabilities
(30,746)
85,086		 Restricted
funds
£
-
-
-
-
-		 Finance leases
31.7.22
31.7.21
£
£
187
1,150
-
187
187
1,337
Non-cancellable
operating leases
31.7.22
31.7.21
£
£
14,706
15,163
5,849
20,817
20,555
35,980
31.7.22
31.7.21
£
£
187
1,337
31.7.22
31.7.21
Total
Total
funds
funds
£
£
5,606
7,285
361,690
487,360
(251,464)
(446,468)
(30,746)
(187)
85,086
47,990

20. SECURED DEBTS

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Page 23

continued...

EBP SOUTH LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022

22. MOVEMENT IN FUNDS

Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
PCC Marketing grant
Kickstarter grant
CABWI grant
Hearn Foundation grant
TOTAL FUNDS		 At 1.8.21
£
47,990
47,990
Incoming
resources
£
815,076
5,000
10,109
10,000
66,023
91,132
906,208		 Net
movement
At
in funds
31.7.22
£
£
37,096
85,086
37,096
85,086
Resources
Movement
expended
in funds
£
£
(777,980)
37,096
(5,000)
-
(10,109)
-
(10,000)
-
(66,023)
-
(91,132)
-
(869,112)
37,096

Comparatives for movement in funds

At 1.8.20
£
Unrestricted funds
General fund
131,109
TOTAL FUNDS
131,109
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
708,391
TOTAL FUNDS
708,391		 Net
movement
At
in funds
31.7.21
£
£
(83,119)
47,990
(83,119)
47,990
Resources
Movement
expended
in funds
£
£
(791,510)
(83,119)
(791,510)
(83,119)

Page 24

continued...

EBP SOUTH LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022

22. MOVEMENT IN FUNDS - continued

PCC Marketing grant

A grant received from PCC to be spent on professional services, including the following:

Kickstarter grant

The Kickstarter scheme is a government initiative which creates jobs for young people at risk of long-term unemployment and help them get their first steps on the jobs ladder.

CABWI grant

CABWI are the awarding body for the water and utilities industry, awarding a grant to support the extended work experience programme which includes the following schemes:

Hearn Foundation grant

The grant has been awarded for the Employer Engagement Programme (EEP). The EEP project aims to assist pupils in understanding how what is learned in the classroom is relevant to the world of work which helps to engage and focus young people in school curriculum.

23. EMPLOYEE BENEFIT OBLIGATIONS

The charitable company operates a defined contribution pension scheme for all salaried employees. Contributions to the scheme are independently administered by Aviva Life Assurance Limited. The pension charge for the period was £15,544 (31.7.21: £15,853). At the balance sheet date the contributions outstanding were £3,689 (31.7.21: £2,867).

24. RELATED PARTY DISCLOSURES

Certain trustee directors were associated with organisations which undertook transactions with the charitable company. All such transactions were undertaken in accordance with the charitable company's normal agreements with suppliers. None of the relevant trustee directors were in a position of material influence within the organisations concerned such that transactions between the charitable company and the organisations require disclosure in the financial statements.

In carrying out its principal activity the charitable company provides support and advice to organisations throughout South Hampshire and from time to time that has included organisations in which trustee directors have an interest. As these transactions were in the normal course of business and their value is not material to either party they have not been disclosed.

Key management

The total remuneration paid to those considered key management during the year was £134,322 (31.7.21: £127,756).

Page 25

continued...

EBP SOUTH LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022

25. ULTIMATE CONTROLLING PARTY

The charitable company is not under the control of another entity or any one individual.

Page 26