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2023-07-31-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 2023

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 2023

Page
Report of the Trustees 1 to 6
Report of the Independent Auditors 7 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 2023

This report covers the work of EBP South for the full year of 1 August 2022 - 31 July 2023.

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 2022/23 and agreed a new Goal-Directed Plan to run to July 2025, setting the following strategic goals:

1. People and Culture: Goal: To have a high performing team that delivers best in class services.

2. Marketing and Business Relationship Development: Goal: To increase our income and volunteer bank by retaining and expanding our customer base. To raise the profile and reach of EBP South.

3. Business Capability and Innovation

4. Growth:

ACHIEVEMENT AND PERFORMANCE

Impact of our work

During 2022-23, the first year since 2018/19 that was not impacted by Covid, EBP South had meaningful interactions with 27,695 young people, compared to 25,078 in 2021/22.

The table below shows the actual numbers of young people reached in 2022/23 compared to 2022/21 which was impacted by Covid. We saw increased business for careers guidance, working across 40 secondary schools and colleges, compared to 27 in 2022/21. The number of work placements we delivered increased by more than one thousand, and this was on top of us doubling the number from 2020/21 to 2021/22, and we carried out 10% more careers interviews on 2022/23.

Numbers of young people
engaged in the following Numbersfor Numbersfor
activities 2021/22 2022/23
Careers Guidance Interviews 6,228 6,833
Mentoring 46 17
Work Related Learning 7,478 7,434
Work Placements 6,860 8,114
Supported Work Placements 22 120
Careers Inspiration Events 3,152 3,305
Employer Engagement Project 1,301 1,872
TOTAL 25,078 27,695

Page 1

EBP SOUTH LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

FINANCIAL REVIEW

We are pleased to report that after a return to surplus in 2021/22 we were able to continue to deliver a positive financial outturn again in 2022/23.

In 2022/23 we continued to deliver a strong financial performance, with another significant uplift in income generated from £906,208 the previous year to £1,045,313 in 2022/23. At the same time, despite growing cost pressures our expenditure grew at a slower rate from £869,112 to £974,109. This meant a surplus of £71,204, an increase of 92% on the previous year.

The Trustee Directors consider that the underlying position exceeds the budget expectations at the beginning of 2022/23, 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 £71,204 for 2022/23.

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 2023 is £151,039. This compares to £79,480 12 months previously, so our reserves have grown in the last two years, and we are in a much more financially resilient position. We now have sufficient reserves to manage a solvent wind-up, should that be required (i.e. £120,000). In the medium term the Board aims to hold sufficient reserves valued at three month's operational delivery (i.e. £250,000).

The current level of free reserves is £151,039 which the Trustee Directors consider to be adequate to fulfil their obligations. Free reserves represent total unrestricted funds less the net book value of functional fixed assets.

Principal Funding Sources

EBP South secures approximately 65% 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 2

EBP SOUTH LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

REVIEW OF OPERATIONS

After a welcome return to financial surplus and the 'new normal' in 2021/22, we had another positive year in 2022/23. It was the first year since 2019/20 to see no impact from Covid, although industrial action meant we worked with schools to mitigate the impact on careers guidance and in-school work-related learning.

We continued to see growth in our work experience (WEX) support, particularly growing our supported work experience programme 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. Support from CABWI enabled us to continue growing our Supported Work Experience provision to meet demonstrable and growing demand.

Our business development activity continued to see benefits, with a number of high profile companies supporting EBP South, such as AWE, Lenovo and Roke. Business income generation was also positive where event exhibition income was concerned, growing 50% on the previous year.

Over the period covered by this report we continued to focus on growing our profile in terms of our marketing and communications provision, increasing our reach on social media and other channels, leading to much greater engagement across a range of platforms.

The year also saw us continuing to refresh our Board of Trustees with new members. They came from a range of business and education backgrounds, and ensured that the charity was well-supported and advised.

For 2023/24 we are optimistic about future growth in demand for our careers information, advice and guidance, while recognising the tight jobs market for these key roles. We continue to see good demand for our work experience provision and are reviewing this and our Support Work Experience. We have reviewed our large-scale events provision, for example our Get Inspired careers events. 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.

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.

Page 3

EBP SOUTH LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

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, given a healthier financial position, the Board met on a bi-monthly basis, although the Finance Sub-Committee continued to meet monthly, reporting to the Board. The Board also 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.

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

Page 4

EBP SOUTH LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

Trustees

Sarah Kavanagh - Chair Alison Foss (resigned 16/03/2023) Chris Anders Elizabeth Clarke Peter Grant Barry Lamacraft Jane Aplin Simon Bittlestone Claire Craigie Matthew Samuel-Camps Terry Buckel (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

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

Page 5

EBP SOUTH LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

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 ............................................. and signed on its behalf by:

................................................................. Mrs S Kavanagh - Trustee

Page 6

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 2023 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 7

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.

Page 8

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

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:

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

Based on our understanding of the charitable company and sector, we identified that the principal risks of non-compliance with laws and regulations related to breaches of employment law, data protection and anti-bribery and corruption legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Charities acts, Companies Act 2006 and UK tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to overstate profit and management bias in accounting estimates. Audit procedures performed by the engagement team included:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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 or intentional misrepresentations, or through collusion.

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

Date: .............................................

Page 10

EBP SOUTH LTD

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Work related learning and careers guidance
Investment income
3
Other income
5
Total
EXPENDITURE ON
Charitable activities
6
Work related learning and careers guidance
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
1,300
944,370
495
-
946,165
874,961
71,204
85,086
156,290		 Restricted
funds
£
-
99,148
-
-
99,148
99,148
-
-
-		 31.7.23
Total
funds
£
1,300
1,043,518
495
-
1,045,313
974,109
71,204
85,086
156,290		 31.7.22
Total
funds
£
639
901,339
10
4,220
906,208
869,112
37,096
47,990
85,086

The notes form part of these financial statements

Page 11

EBP SOUTH LTD

BALANCE SHEET
31 JULY 2023
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
FUNDS
22
Unrestricted funds
TOTAL FUNDS		 31.7.23
£
5,251
108,913
255,468
364,381
(192,588)
171,793
177,044
(20,754)
156,290
156,290
156,290		 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

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 ............................................. 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 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Interest element of finance lease
payments paid
Net cash used in 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		 31.7.23
£
(34,937)
(903)
(25)
(35,865)
(3,134)
495
(2,639)
(9,746)
(187)
(9,933)
(48,437)
303,905
255,468		 31.7.22
£
(61,291)
(1,142)
(125)
(62,558)
(4,380)
10
(4,370)
(9,507)
(1,150)
(10,657)
(77,585)
381,490
303,905

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 2023

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
31.7.23 31.7.22
£ £
Net income for the reporting period (as per the Statement of
Financial Activities) 71,204 37,096
Adjustments for:
Depreciation charges 3,489 6,061
Interest received (495) (10)
Interest paid 903 1,142
Interest element of hire purchase and finance lease rental payments 25 125
(Increase)/decrease in debtors (51,128) 48,083
Decrease in creditors (58,935) (153,788)
Net cash used in operations (34,937) (61,291)
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1.8.22 Cash flow At 31.7.23
£ £ £
Net cash
Cash at bank and in hand 303,905 (48,437) 255,468
303,905 (48,437) 255,468
Debt
Finance leases (187) 187 -
Debts falling due within 1 year (9,747) (246) (9,993)
Debts falling due after 1 year (30,746) 9,992 (20,754)
(40,680) 9,933 (30,747)
Total 263,225 (38,504) 224,721

The notes form part of these financial statements

Page 14

EBP SOUTH LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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.

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.

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.

Page 15

continued...

EBP SOUTH LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023

1. ACCOUNTING POLICIES - continued

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

31.7.23 31.7.22
£ £
Donations 1,300 639
INVESTMENT INCOME
31.7.23 31.7.22
£ £
Deposit account interest 495 10

3. INVESTMENT INCOME

Page 16

continued...

EBP SOUTH LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023

4. INCOME FROM CHARITABLE ACTIVITIES

4. INCOME FROM CHARITABLE ACTIVITIES
31.7.23 31.7.22
Work
related
learning
and
careers Total
guidance activities
£ £
Sponsorships 121,536 104,700
Subscriptions - membership fee - 11,907
SLA income 724,813 637,771
Grants 166,648 127,798
Contributions to events 30,521 19,163
1,043,518 901,339
Grants received, included in the above, are as follows:
31.7.23 31.7.22
£ £
Basingstoke & Dean Council 36,000 36,666
The Hearn Foundation 67,481 66,023
Garfield & Weston 30,000 -
CABWI 31,667 10,000
Kickstarter grant - 10,109
Portsmouth City Council - 5,000
Miller Homes 1,500 -
166,648 127,798
5. OTHER INCOME
31.7.23 31.7.22
£ £
Job Retention Scheme grant - 4,220
6. CHARITABLE ACTIVITIES COSTS
Direct Support
Costs (see costs (see
note 7) note 8) Totals
£ £ £
Work related learning and careers
guidance 719,107 255,002 974,109

Page 17

continued...

EBP SOUTH LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023

7. DIRECT COSTS OF CHARITABLE ACTIVITIES

31.7.23
£
Staff costs
641,692
Resources
63,555
Administrative expenses
4,926
Meeting, travelling and volunteering costs
-
Consultancy
8,934
719,107
SUPPORT COSTS
Governance
Management
costs
£
£
Work related learning and careers
guidance
250,502
4,500
Support costs, included in the above, are as follows:
Management
31.7.23
Work
related
learning
and
careers
guidance
£
Staff costs
124,507
Rent, rates and service charge
41,472
Insurance
5,178
Telephone
6,293
Postage and stationery
799
Printing, marketing and advertising
5,423
Sundries
593
Travel and allowances
23,529
Equipment maintenance
4,819
Irrecoverable VAT
14,956
Professional fees
6,321
Other staff costs
10,994
Depreciation of tangible fixed assets
3,489
Bank loan interest
903
Finance lease interest
25
Equipment hire
1,201
250,502		 31.7.22
£
539,648
59,483
3,899
35
19,981
623,046
Totals
£
255,002
31.7.22
Total
activities
£
119,921
38,631
4,882
11,658
516
11,518
665
16,029
4,418
13,211
1,532
11,192
6,061
1,142
125
1,065
242,566

8. SUPPORT COSTS

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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023

8. SUPPORT COSTS - continued Governance costs

SUPPORT COSTS - continued
Governance costs
31.7.23 31.7.22
Work
related
learning
and
careers Total
guidance activities
£ £
Auditors' remuneration 4,500 3,500

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		 31.7.23
£
3,489
-		 31.7.23
£
3,489
-		 31.7.22
£
5,160
899		 31.7.22
£
5,160
899
31.7.23 31.7.22
£ £
Fees payable to the charity's auditors
For audit services
Audit of the financial statements of the group and company 4,500 3,500
Preparation of VAT returns 610 450
5,110 3,950

10. AUDITORS' REMUNERATION

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2023 nor for the year ended 31 July 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2023 nor for the year ended 31 July 2022.

12. STAFF COSTS

STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 31.7.23
£
702,853
45,110
18,236
766,199		 31.7.22
£
598,983
45,042
15,544
659,569

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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023

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 (31.7.22: None).
13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
639
Charitable activities
Work related learning and careers
guidance
810,207
Investment income
10
Other income
4,220
Total
815,076
EXPENDITURE ON
Charitable activities
Work related learning and careers
guidance
777,980
NET INCOME
37,096
RECONCILIATION OF FUNDS
Total funds brought forward
47,990
TOTAL FUNDS CARRIED FORWARD
85,086		 31.7.23
34
6
40
Restricted
funds
£
-
91,132
-
-
91,132
91,132
-
-
-		 31.7.22
27
6
33
Total
funds
£
639
901,339
10
4,220
906,208
869,112
37,096
47,990
85,086

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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023

14. TANGIBLE FIXED ASSETS

Improvements
Fixtures
to
and
property
fittings
£
£
COST
At 1 August 2022
32,736
81,205
Additions
-
3,134
At 31 July 2023
32,736
84,339
DEPRECIATION
At 1 August 2022
32,736
75,599
Charge for year
-
3,489
At 31 July 2023
32,736
79,088
NET BOOK VALUE
At 31 July 2023
-
5,251
At 31 July 2022
-
5,606
Fixed assets, included in the above, which are held under finance leases are as follows:
COST
At 1 August 2022 and 31 July 2023
DEPRECIATION
At 1 August 2022 and 31 July 2023
NET BOOK VALUE
At 31 July 2023
At 31 July 2022
15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23
£
Trade debtors
89,048
Other debtors
2,055
Prepayments
14,810
Accrued income
3,000
108,913		 Totals
£
113,941
3,134
117,075
108,335
3,489
111,824
5,251
5,606
Fixtures
and
fittings
£
4,504
4,504
-
-
31.7.22
£
40,681
2,055
12,049
3,000		 Totals
£
113,941
3,134
117,075
108,335
3,489
111,824
5,251
5,606
Fixtures
and
fittings
£
4,504
4,504
-
-
31.7.22
£
40,681
2,055
12,049
3,000
5,251
5,606
Fixtures
and
fittings
£
4,504
4,504
-
-
31.7.22
£
40,681
2,055
12,049
3,000
57,785

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EBP SOUTH LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023

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		 31.7.23
£
9,993
-
9,915
17,250
122,271
4,346
28,813
192,588		 31.7.22
£
9,747
187
72,753
4,582
122,054
4,932
37,209
251,464

Deferred income

Deferred income comprises £6,000 (31.7.22: £Nil) for sponsorship income, £5,833 (31.7.22: £36,609) for grant income and £16,980 (31.7.22: £600) 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)
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		 31.7.23 31.7.22 31.7.22
£ £
37,209 214,971
(37,209) (214,971)
28,813 37,209
28,813 37,209
31.7.23
£
20,754
31.7.23
£
9,993
20,754		 31.7.22
£
30,746
31.7.22
£
9,747
30,746

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EBP SOUTH LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Net obligations repayable:
Within one year
Within one year
Between one and five years		 Finance leases
31.7.23
31.7.22
£
£
-
187
Non-cancellable
operating leases
31.7.23
31.7.22
£
£
9,771
18,228
8,963
18,650
18,734
36,878		 Finance leases
31.7.23
31.7.22
£
£
-
187
Non-cancellable
operating leases
31.7.23
31.7.22
£
£
9,771
18,228
8,963
18,650
18,734
36,878
36,878

20. SECURED DEBTS

Finance leases are secured on the assets being financed.

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
fund
£
Fixed assets
5,251
Current assets
364,381
Current liabilities
(192,588)
Long term liabilities
(20,754)
156,290		 Restricted
funds
£
-
-
-
-
-		 31.7.23
Total
funds
£
5,251
364,381
(192,588)
(20,754)
156,290		 31.7.22
Total
funds
£
5,606
361,690
(251,464)
(30,746)
85,086

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EBP SOUTH LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023

22. MOVEMENT IN FUNDS

At 1.8.22
£
Unrestricted funds
General fund
85,086
TOTAL FUNDS
85,086
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
946,165
Restricted funds
CABWI grant
31,667
Hearn Foundation grant
67,481
99,148
TOTAL FUNDS
1,045,313
Comparatives for movement in funds
At 1.8.21
£
Unrestricted funds
General fund
47,990
TOTAL FUNDS
47,990		 Net
movement
in funds
£
71,204
71,204
Resources
expended
£
(874,961)
(31,667)
(67,481)
(99,148)
(974,109)
Net
movement
in funds
£
37,096
37,096		 At
31.7.23
£
156,290
156,290
Movement
in funds
£
71,204
-
-
-
71,204
At
31.7.22
£
85,086
85,086

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EBP SOUTH LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023

22. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 815,076 (777,980) 37,096
Restricted funds
PCC Marketing grant 5,000 (5,000) -
Kickstarter grant 10,109 (10,109) -
CABWI grant 10,000 (10,000) -
Hearn Foundation grant 66,023 (66,023) -
91,132 (91,132) -
TOTAL FUNDS 906,208 (869,112) 37,096

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.

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EBP SOUTH LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023

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 £18,236 (31.7.22: £15,544). At the balance sheet date the contributions outstanding were £3,906 (31.7.22: £3,689).

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 £126,545 (31.7.22: £126,934).

25. ULTIMATE CONTROLLING PARTY

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

Page 26