REGISTERED CHARITY NUMBER: 1157532 Audited Flnanclal Statements for the year anded 31 August 2024 for St. Edmunds Society Haines Watts Statutory Auditor 8 Hopper Way Diss Norfolk IP22 4GT St. Edmunds Society Content5 of the Financial Statements for the year ended 31 August 2024 Page R•port of the Trustees 1 to 4 Report of the Independent Audltors 5 to statement of Financlal Activities Statement of Financlal Position Statement of Cash Flows Notes to the Statemènt of Cash Flows 10 Notes to the Flnan¢ial Statomènts 11 to 24 Detailed Statement of Financlal Activities 25 to 26 St. Edmunds Society Report of the Trustee5 forthe year ended 31 August 2024 The trustees present their report with the financial statements ol the charity ftsr tha year ended 31 August 2024. The trustees have adopted the provisions of Accounting and Reporting by Chgrities.. Statement of Recommended Piactice applicable to charities preparing their accounts in accordanc8 with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 leffgctive 1 January 20191. OBJECTIVES AND ACTIVITIES Oblectlves and aim5 As an alternative provider ol education. the Charity's objectives are to promote social inclusion, vocational training, and potential employment opportunities for the public benefit by working with young p80ple throughout Norfolk and East Anglia aged 11-25 who are struggling with, are excluded from mainstream education, or who have found difficulties in achieving through traditional routes. Th8 past year has cetnented Ihe rel*ionship with East Coast College and the Trustees are pleased with the stability that this relationship has brought tts the organisation. At the same titne the service piovided to local schools has also continued lo dev81op and St Edmunds Society 1st Eds) is developing close working relalionships in order to help those who are not suited to mainstream education. The drive to return to core principles and service offerings has Continued with the continuation of courses in construction industry. as wèll as hair and beauty, mechanics. Gatering, and he8￿h and social care. As part ol this St Eds ran its first taster session as a sumtner school during Au9USt. This was a great success with positive feedback on both the course and the fact that, thanks lo our sponsors, this could b8 provided at no cost to the par￿Cipa￿ts. The site has wntinued to be developed and organised into a more funGtional building that is better able to d81iv8r the courses need8d. Publlc benefit The Trustees confirm that they have had due iegard to the Charity Commission's guidance on public benefit when planning and reviewing the Charity's aims and objectives and in futtjre planning. The Trustees are pleased to report that the new reLqtionship with East C085t College has brought more financial 5tsbility to the Charity. and whilst still struggling with the chronic underfunding lor the alternative education seGtor this has been offset by the help and support ol our backers. Many organisations are seeing the benefit St.Eds brings to society with the nurllber of students continuing onto formal apprenticeships or more formal training continuing to increase. The internal govèmance reviews have continued with th¢ introduction of riew structures and senior management leatn. These changes have allowed the Charity to continue its mod81nisation and improvement. Wrth these changes St.Eds is able to continue the developmenl ol its courses the delivery of which ensures that the young people wg work with have th8 best chance of partlClP8ting in society a$ Tesponsible individuals. ACHIEVEMENT AND PERFORMANCE Charitable activltles We hav6 eonsolidated our relationship with East Coast College and local sGhools to help and support the students. We have developed a more structured fundraising approach and continued lo maintain our services with the help and support of our donors. Fundrai51ng actlyities st Eds runs al a deficit bLrt funds that deficit by applying to other Gharities and specific indwiduals lor funding. The oiganisation does not raise money from the general public but has just rgcently started the Friends of St.Eds scheme where interested parties can support the Gharity through regul81 donations FINANCIAL REVIEW Flnan¢ial review The gap bebfifeen the funds needed to provide the service to our beneficiaries and the income we earned from providing it conti nues to grow. The unwavering support of sponsorg and back8rs allows us lo bridge the gap but this is also Ljnder pressure with the current economic pc>sition. We are managing to continu8 both se￿l¢e and building improvement8 Wlth the project-specrfi¢ support from our backers and wrf(h the development of MO￿ efficient working practises. Flnancial position Within the general fund. income amounted lo £1,453,055 and expenditure amounted to £1,397,356, resulting in net income of £55,699. Al the year end the unrestricted funds were £2,145. Income within the restricted funds totalled £67,389 and expenditure amounted to £122,474. resulting in net expenditure of £54,855. At the year ond, rèstricted funds were £112,490. Total funds of the charity at the year end were £114,635. Principal fundlng sources The principal source of funding during the period was income from East Coast College,. schools and similar educational and training ()rganisations for the provision ol the Centre's services.. donations and grants. Investment pollcy and objectives It is Ihe policy ol the Trustees to place fLJnds on bank deposit where possible. Page I St. Edmunds Society Report of the Trustees for the year ended 31 August 2024 FINANCIAL REVIEW Reserves policy It is the policy ol the Charity to try to maintain free reserves at a level to pr¢)v￿e operations for not less than thre8 month5 and no more than six, currgnlty frotn £200.0(Kl to £400,000. As al 31 August 2024, the Charity had no free res8rves, with unrestricted net current liabilities amounting lo £23,54912023 £33,847). Going ¢onc8rn The income earned from East Coast College, thg local schools and our sponsors and backers underpins the business plan of St.E ds. Th& trustees havè reviewed the information outlined in Note 1 of the Accounting Policies, Going Concem. Based on information identifred in the note and their review the Trustees believe this shows the charity is viable as a going concern but needs to remain vigilant in the way it sperKIs scaree resources and to take every opportunity it has to raise funds. FUTURE PLANS The first stage of the goveinance modernisation is now complete and as a r8sull the Charity is starting to se8 the benefits of having. for the rirst time, a clear funding strategy. The plan is to continue developing strong working relationships with East Coast College and other parts of the educational and training sectors and to strength6n our relationship with local employers to Gonlinue reducing the number of young people not In education, employment. or training. The need lor the services provided by St.Eds continues to grow and the Trustees are starting lo look at the longer term goal of 8xpanding Servi￿ provision in Norwich and the wider community. This can only happen with the continued SUPPCirt of our backers, the development of new sponsors and realistic funding from the statutory sector for alternab've education. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing documènt St Edmunds Society is a foundation registered CIO. regist8red on 18 June 2014, number 1157532. The CIO commenced operations on 1 April 2015 following the transfer c>f assets and activities on that date from the unincorporated entity of the $8rne name. St Edmunds Society, ch8rity number 255461, which was cc>nstituted under a conveyance and daclaration of Trust in December 1970, and was registered with the Charity Commission on 9 April 1968. Recruitment and appointment of new trustees In looking for new Trustees, the Trustees will beal in mind the experience and qualifications of possible candidates. Successful candidates are elected by a meeting of the oxisting Trustees. Now that finance and governallce have been r8viewed it is the Trustees. intention to expand the membership of the Board and consider setting up sub-committees for issues sueh as audit and risk. All Trusteès will b6 provided with.. The Conslilution of the CIO - The latest accounts of the Charty and are encouraged to read Charity CommissK)n guKlance notes CC3 - 'The Essential Trustee - What you need to know, what you need to do.. In addition, Trustees are 8n¢ouraged to read Charity Commission and other newsletters and to attend courses to keep them abreast of their duties and responsibiliti88. Organlsational Stru￿Ure The Trustees meet every two rllonths, with key management in attendance. The Trustees are responsible for th6 strategic direction and policy of the Charity, as well as being accountable for its operational performance and compliance requirements. At present the Trustaes consist of seven members from a variety of professional backgrounds ard experiences of senior management positions in other organisalions. Th8 new corporate governance framework has produoed a clear segregation ol duties with responsibility for the provision of services and day to day activities lying with the CEO and senior management team. The CEO is resFM)nsible for ensuring that the Charity delivers the services specified, raises the necessary donations and that key performance indicators are tnet. The senior managemènt team 15 responsible for the day to day operation81 management of the Charity. the pastoral care of the beneficiaries, fundra15ing actwities, individual supervision of the staff taam, and also ensuring that th8 team continues to develop their skills and working processes in line with good practice. To provKle the Charty and key management wkh the support and control required, the Chair and other Trustees have continued, al a lowfyr 18vel, to Èngage more closely with the Charity, with the Chair focussing on rmanagemenl and future plans, the Treasurer focusing on financial and legal matters and other Trustees focusing on operational perfortnance and control. Key management remuneration Key management consists of the CEO and the Senior Management Team. Key management are remunerated based on the market and the Charity's financial condition. Page 2 St. Edmunds Society Report of the Trustees for the year ended 31 August 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management The Trustees have a duty to identify and review th6 risks to whieh the Charty is exposed and to ensure appropriate oontrols are in place to provide reasonable assurance against fraud and error. The Trustees have established an audit and risk sub-committee with a clearly defined Terms of Reference along with strategic and operational risk registers. Internal control risks have been minimisèd by the implementation of procedures for authorisalion of transactions, the introdLJclion ol a formal and clearly defined scheme of delegation and a formal approach to service developmBnl and opportunities. The Chief Executive, Senior Management Team and the Trustees 8re awar& ofthe Charity's ongoing financial condition. which, whilst improving due to increased effi¢lencies along with beller project, and transactional controls, still nèeds close review like all organisations in the sector. Princrple Risks and Un¢ertaintleS The managem8nt of the Charity and the execution ol its strategy are subj8Ct to a number ol risks and uncertainties. The financial risks ar8 set out in the notes above with the principal business risk being the shorl-term nature of its funding streams, being linked to one acad8mic year, and the need to fund the shortfall between the cost ol providing the services lo the required standard and the fLJnding receiv&d for each placement. This funding gap Is filled by donations and the Charity is managing these risks through a programme of structured fundraising, the appointmènt of a fundraising manager, the use of fundraising professionals and donation requests as well as developing relationships with other educational establishments. The key operational risk specific to ths Charity remains the ability to create a sale working environment for both the students and staff which is able lo delivèr high quality study programmes. The Charity manages these through a s8ries of initiatives and evidence-based decision making which are managed by the senior management team and the Trust8es. The Trustèes remain confident that these and other risks can be mitig8ted via the Ch8rity's historic presence, its ability to change and adapt, the support provided by its sponsors and its commitment to providing the services to the students. Related Partle5 The related parties transaction5 Sre disclosed in the notes to the accounts. REFERENCE AND AOMINISTRATtVE DETAILS Règistered Charrty number 1157532 Principal address Fullman House 114-118 Oak Street Norwich Norfolk NR3 3BP Trusteès D Fullman Chair Ms A Campbell Ms M Prinsley (resigned 7.2.241 D Heywood Ms H Shirley lappoinled 27.9.231 C D Abbott Ms J Brociek-coulton (appointed 27.1.241 Dr K hAaguir¢ (appointed 27.9.231 Chief Executive Officer Joe Crossley Patrons The Countess of Leicester Cllr. D Fullman Auditors Haines Watts Statutory Auditor 8 Hopper Way Diss Norfolk IP22 4GT Page 3 St. Edmunds Society Rep)rt of the Trustees fDr the year ended 31 August 2024 REFERENCE A14DADMINBTRATIVE DETAIL8 8ankers Nationa W0Stminstw p I Surw StsBei NoTwich Morfolk RI 3NW Audrtors The 8uIYI(ors. Hal￿8$ Watts have expresspd th&k￿llI￿OnS5$1O conllrnue in 0￿1￿. STATEMENT QF TrUSTEES' RESPONSJBILITtES The Iruslees re$pDllsible fur prepariry the Report of the TrusteE5 and thÈ f￿￿1￿1 5tatement5 In actardanca ￿rtta gppli￿b￿ law and United Kin9dom Accourkling Standards IUtTited Kingdorn GEn8ralty Acc8pteEtAccounting Practical includlng Flnanoal Repl￿In9star￿¥d 102 Tr Flnancld Repo￿￿ sian¢J8rd applic8￿￿$￿ th8 UK Ropubllc ol Ir61and'. The law 8ppI￿at18 lo ch4rllies In Enoknd gnd Wales. Ihfr Ch8rits88 Act 2Q11. Chafity IAtcouni$ and RewLsl Rpydatiun5 2(￿8 and thp provisHK6 of tt)è trust requirgs tho trustees b weparè finan(¥￿ statemenis for each flnanciil ye£r which give a true and fair Vièwof th8 S￿le of affair5 of the cherily ar￿Of the incoming r8wurce& tyiWJon of re8ource$, i￿￿dIr0 the in￿rne and expeThJilure, ofthÈ Charity for that PBrDd In prEP8tiffj th¢Ee firyancial sthtements, Ihe trustees are reguired to Sekct suitsble ￿OUnt￿9 polides 8nd Ih¢n apfAy consL%lenfjy,' observe the methods and in the Ch8rily SORP-. mak0iudg&￿ents and eS￿n￿leS that ara reason8b￿ 8rvJ txudent.. state wh8lh¥ applicable tC¢C41nting standards have been lollovrtd, suk4.tct to any mat8riJ dÈparture8 diBdtsad and explained In Ihe finéncia StaleN￿￿t5., prepar&th$ fin&ndal 5taternBnl$ mthe golng contom bas￿ u1￿$s51* Is inapproprlaleto presuma that tho ¢h9rfywdl ¢Cnllnuèln bl￿￿98&. Thè tru8tees 8re responslblefor kearing propsr aCc￿j￿￿nQ r￿orL￿wh￿h disdose With re8sonablÈ2¢cura¢y al any time t1￿ financia posib f tha ch8rity 8taitoenablè them to en8ur• IhÉtth8 fin8ncisl stÈtèments cOMp￿￿rth the chaf1t￿A¢t9Qll, the CharilylA¢¢ounts and RepvrtBI ReuulaiioTrs 2008 and th• provi5ion$ ol th8 trtst ¢$6d. They 8r9 *50 r85ponsibla for safoguArdlng thè agsels of thè charrty SM hentte for tHking rea$onable &tOP5 forthe prFventitin and ¢JeteGtion uf frsud and other irregtslgritlgs. proved by of the bo4rd trftrustees on 10 DeeernbAr2024 and signed on il¥ bBhaV by.. D Fulman- TruslÈe Pè8e 4 Report of the Independent Auditors to the Trustees of St. Edmunds Society Opinion Wè have audited the financial stslemenls of St. Edmunds SoGiety (the 'charity'l for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Stalemenl ol Financial Posilion, the Slatem8nt of Cash Flows and notes lo the financial slatemenls, including a summary of significant accounting policies. Th8 financial reporting framework that has been applied in their preparation B applicable law and United Kingdom Accounting Standaids (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our tspinion the financial statements.. give a true and lair view of the state of the charity's affairs as at 31 August 2024 and of its incoming resources and application of resources, for the year then ended., have been properly prepared in a¢¢ordance with United Kingdom Generally Accepted Accounting Practice, including Flnancial Reporting Stsndard 102 'The Financial Reporting Standard applicable in th8 UK and Republic of Ireland, and have be8n prepared in accordance with the reqU1￿ments of the Chaiities Act 2011. Basls for opinion W$ conducted our audit in accordance with Int6rn8tional Slandaids on Auditing IUKI IISAS IUKII and applicgble law. Our responsibilities under those standards are further described in the Auditors, responsibilities lor the audit of the finan¢ial statements section ol our report. We are indeperKlenl of the chgrily in accordanGe with the ethical requirements that are relevant to our audit of the financial statemÈnts in the UK, inclLKling the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requiremenis. We believe that the audit evidence we have obtained is suffici8nt and appropriate to provide a basis for c>ui opinion. Conclusions relatlng to going conc8rn In auditing the financial statements. we have concluded that the trustees, use ol the going conc8rn basis of accounting in th e preparation of the financial stat8ments is appropriate. Based on th8 work we hav8 performed, we have not identified any material uncertainties rel8ting to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least Iwelve months from when the financial statements are authorised lor issue. Our responsibilities and the responsibilities ol the trustees with respe¢t lo going concern are described in the relevant sections of this report. Other informatlon The trustees ale responsible for the other inforrllation. The other information oomprises the information included in the Annual Report, other than the finanGial slalements and our Report of the Independent Audilors theieon. Our opinion on the finanGial statemenis does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not 8xpress any form of assurance conclusion thereon. In conn8¢tion with our audil 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 01 our knowledge obtained in the audit or otherwi8e appears to b¢ materially misstated. If we Klentify such material inconsistencies or apparent material misstatements, we are requirfjd to determine whether this gives rise to a rn8terial misstatement in the financial statements the￿￿elVes. If, based on the work we have performed, we conclude that theré is a material misstatement of this other information. we are required lo report that fact. We have nothing to report in this regard. Mattèrs on which we are required to report by exe•ption We have nothing to report in respect of the following tn*ters where the Charities (Accounts and Reportsl Regulations 2008 req uires us to report to you if. in our opinion.. the Information given in the Report of the Trustees is inconsistent in any material respect with the financial statements., or sufficient accounting records have not b88n kept., or the financial statements are not in agr88ment with the accounting records and returns.. or we hav8 not received all the information and explanttions we require for our audit. Respon$lbilitie5 of trustees A5 explained mole fully in the Statement of Trustees, Responsibilities, the trustees are responsible for the preparation of the financial statements which gNe a true and lair view, and lor suGh internal control as the trLJStees determine is necessary to enable th6 preparation of financial statetnenls that are free from material misstatement, whether due to fraud or error. In preparing the financial slalements, the trustees are responsible for ass8ssing the chartys ability to oonlinue as a going concein, disclosing, as applicable. matters related lo going concern and using the goino concarn basis ol ac¢ounling unless the truslees either intend to liquidaie the charity or to Cease operations, or have no realistic alternative bul lo do so. Page 5 Report of the Independent Audltors to the Trustees of St. Edmunds Society Our re5pon$ibllities for th¢ audlt of Ihe financial slatements We have been appointed as auditors under S8ction 144 of the Charities Act 2011 and report In accordance with the Act and relevant regulations made or having effect thereunder. OLJr objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from m8terial mi8siatement, whether due to fiaud or error, and to issue a Report of the Ind8pendent Auditors that includes our opinion. R&asonable assurance is a hvJh lev810l assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will ahfifays detect a material misstatement when it 6xi8ls. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influenGe the economic decisions of users taken on the basis of these financial statements. The extent to which our procedurès are capable of detecting irregularities, including fraud is detailed below.. We have performed our own ass8ssment of the susceptibility of the finanoial statements to material misstatement, inoluding how fraud rnight occur, and concentratefj our audit work in these areas in order to detect any material misstatements which rnay èxist. We have performed substsntive testing of all material year erKI balances. and also performed substantive testing of 8 sample of oth8r transactions during the year and of other year end balances. Wa have porformed prelimlnary analytical procedures to identify any unusual or unexpected relationships that may indicate an increased risk of material misstatament as a result of fraud. We have performed substantive testing on a sample of joumal entries made in the period in order to address the risk of fraud due to rnanagemenl override of controls. We had 8 planning meeting with ttustees and management prior to performing the audit, to establish the laws and regulations which are stgnfficant to the charty, and to obtain an understanding ol the chanty's ￿liCIeS and procedures to ensurg compliance with these laws arKJ regulations, including documentation of any instances of non-compliance. We had a pl8nning meeting with trustees and management prior to performing the audit. to obtain an understanding of the charity's polic￿$ and procedures on fraud risk. including knowledge of any actual, suspected or alleged fraud, as well as considering manag8ment assessment of the susceptibility of the financi41 statements to fraud. We performed walk-through t6Sts of ineorn&. purchase$. payroll, and bank systems to ensure that systems oper*ed as documented. The 8ngagem8ntteam was selected to ensure that they collectively had the appropriate Competences and oapabilities to identrfy an(1 recognise non-compliance with laws and regulations. We have communiGaled relevant Klentified laws and regLJlalKins and polential fraud risks to all engagement t6am members, and remained alert to any indicatlons of fraud or non-¢omplianctr with laws and regulat￿n5 throughout the audit. Our audit did not identify any matters relating to the detection of iriegularities including fraud. However. becausè of the inherent limitations of an audit there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements oi non-compliance with regulation. This risk incrèases th8 more that compliance with a law or regulation is re￿Ved from the èvents and transactions reflected in the financial statement5, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities QGGurring due to fraud rath6r than error, as fraud involv88 intentional conce8lment, forgery, collusion, tstnission tsr misrepresentation. A further description of our iesponsibilities lor th8 audit of the financial statem8nts rs located on the Financial Reporting Council's website at www.frc.org.uklauditorsrgsponsibilities. Thi5 description forms part ol our Report of the Indèpendent Auditors. Use of our report This rep)rt is made solely to the Gharity's trustees. as a body, in accorrjance wlth Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we tnighl state to the charity's trustees those matters we are required to State to them in an auditors, report and lor no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the chèrty and the oharity's trustees as a btsdy, lor our audit work, for this report, or lor the opinions we have formed. Haines Watts Statutory Auditor 8 Hopper Way Diss Norfolk IP22 4GT Date.. 10 December 2024 Page 6 St. Edmunds Society Statement of Financial Activities for the year ended 31 August 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted funds Not8S INCOME AND ENDOWMENTS FROM Donations and legacies 79,230 67,389 146,619 297,662 Charltabl• activities Skills Centre 1.372.716 1,372,716 1,140.156 Other trading activities Investment income 1,109 1,109 851 Tgtal 1,453.055 67,389 1.438.680 EXPENDITURE ON Raising fvnds 53.955 Charitable activities Skills Centre 1.397,356 122,274 1,519,630 1,375,389 Total 1.397,356 122,274 1,519,630 1,429,344 NET INCOMEIIEXPENDITUREI 55,699 154,885} 814 9.336 RECONCILIATION OF FUNDS Totsl funds brought forward 153,5541 167,375 113,821 104,485 TOTAL FUNDS CARRIED FORWARD 2,145 112,490 114,635 113,821 The notes form part of these financial statements Page 7 5t. Edmund$ SoclEty Statement of financlal Posltlon 31 Au8USt 2024 2024 Total funds Unrestricted fund 2023 Total funds Re5¢ricted funds FIXED ASSETS Tong1b￿ 8sseLs 13 92,774 71.729 164503 145,566 CURRENT AsseTS Stwk8 Debtors Cash at bonk and In hand 14 15 74373 3.862 257 74373 4862 51,T31 73,952 14,522 113.009 51.474 70,492 51,474 129,96 201A83 CRÈDtroRS Ajnounts f&ling djje oroy8ar 16 11Q2.0411 IlQ.7151 11117S61 1142,9281 NET CURRENT A83Ers 17.210 TOTAL ASSETS Less CURRGNT LIABILmE$ CREDrroRS nts faming after morethan onè yaar 69,225 112,485 181.713 204121 17 S7,0781 167.078) 190,3WI NEf ASSETS 2.147 11 FUNDS Unreslricled funds Re$Mcted furwls 20 2,147 153,5541 167.375 TOTAL FUNDS 114635 113821 Tho finan￿¥1 stgtemants werB approved by the Bo* of Tr￿$ and authwwd ￿ i5SU8 10 DpB8mbar 2024 and waro slgned on behalf by.. Li FuNman- Tw$i8e The notesform part of these financial statements Page 8 St. Edmunds Society Statement of Cash Flows for the year ended 31 August 2024 2024 2023 Notes Cash flows from operatlng actlvltl8$ Cash generated from operations Interest paid 17.1541 15.518 47,340 7.663 Net cash (used inllprovided by operating activities 22 6721 Cash flows from investing activities Purchase of tangible fixed assets Sale ol tangible fixed assets Interest received 146,4571 166,3591 13001 851 1,109 Nel Ga5h used in investing activities 45.348 65,8081 Cash flows from financing activities New loans in year Loan repayments in year 83,000 12.430 23,588 Net cash lused inllprovid8d by financing activrtie5 23.5881 70.570 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 191,6081 44,439 101.759 57,320 Cash and cash equlvalents at the end of the reporting period 10,151 101.759 The notes form part of these tinancial statements Page 9 St. Edmund5 Society Notes to the Statement of Cash Flows forthe year ended 31 August 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Ngt income ftir the r¢porting perlod la5 per the Statement of Financial Actlvltlasl Adjustments for.. Depreciation charges Loss on disposal of fixed assets Interest received Interest paid Reversal of impairments Increase in stocks Dècrease in debtors Decrease in creditors 814 9.335 41,621 36,812 300 18511 7,663 11.1091 15,518 {14,01)01 14211 10,660 60,237 16,5871 81,684 81,017 Net cash (used inllprovldèd by operations 47,340 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash in hand Notice deposits11@ss than 3 monthsl Overdrafts included in bank loans and overdrafts falling due within one year 214 51,517 41.5801 123 112.886 11,2501 Total cash and G8sh equivalents 10,151 101,759 ANALYSIS OF CHANGES IN NET DEBT At 1.9.23 Cash flow At 31.8.24 Net cash Cash at bank and in hand Bank overdrafts 113,009 11,250 161.2781 30.330 51.731 41,5801 101,759 91,608 10.151 Dèbt Debts falling due within 1 year Debts falling due after 1 year 123.7301 90,300 265 23.222 123,4651 67,078 114.030 23.487 90.543 Total 12,271 68,121 The notes form part of these tinancial statements Page 10 St. Edmunds Society Notes to the Financial Statements for the year ended 31 August 20Z4 ACCOUNMNG POLICIES Basis of preparing the financlal statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordanc8 with the Charities SORP IFRS 1021 'Accounting and Reporting by Charitiès.. Stalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 102) leffective 1 January 20191,, Financial Reporting Standard 102'The Financi81 Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The f1n8ncial statements have been prepared under the historical cost convention. Going Concern The financial staternents have been prepared on a going ¢oncem basis as the Trustees believe Ihat no rn3teri81 uncertainb.es exists. The Trustees have considered the following factors for the 12 rnonths from aulhorising these financval statements in reaching their ¢onclusion'. We have a positive financial forecast prepared up to 31 August 2026, which is made up of our thre8 income stieams of post 16 provision. under 16 prc)vision and donations. The over 16 contTact provision is provided in partnership with East Coast College, like all providers in the sector the charity has a rolling annual contract for the period September to July each academic year. Whilst this does create an element of uncertainty the Trustees have no reason to believe that the contract will not be renewed for the 2025126 academic year. The Trust8es h8ve also taken comlortfrom the fact they are providing a service in reducing the NEETS within Norfolk and that this t8rget is also a government target. They also take further Gomlort from the experience from the 2023-24 academic year where their provider ceased trading. The Charity received strong politiGal and ESFA support which allowed a new contrad provKJer lo be found. The Trustees theiéfore believe rf the contract with East Coast Collège was lo end they would experience a sitnilar level of support lo allow the service provision lo continue with a different provider. Donations have always been part of the dpiersilied funding sourcè that the Charity has used lo fund its services. Whilst there is no doubt that ¢uirent economic conditions will impact on some donations, the Trustees believe that the charity is now in a financial position to start applyin9 for grants 8nd donations that are not currently available to it. The en9agement of a dedicated fundraising manag8r is also allowing the charity to follow a more pioactive and seroice specif1¢ series ol carnpaigns which underpin the service provision. Cost base, the trustees monitor financial perfomance from the management accounts and forecast and as such are able to adapt their costs to the available income. This flexibility provides the Trustees with confidence that they are able to ¢tsntinue to operate. Strong management team,. The charity has a strong and experienced SMT with a pioven track record ol piloting the chaiity through varioLJS challenges and dev81oprnents. The new operating structure and professnnalisation ol the team allows the charity to flex ccording lo the funding available. Posiuve Public Perception,. Th8 Charity enjoys 8 p0S￿Ve reputation in Ihe comrnunity and with the various eduoational organisations. This is something that has strengthened over the past Iwo years following the Change of contract partners and the Trkjstees are not aware of any reasons why this will change. The Trustees therefore believe that there no matèrial kjncertaint￿s exists and that the Charity will Continue ts operation for the foreseeable future. Income All incomè is recogriised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the in¢ome will be i$¢eived and the amount can be m&asur8d reliably. The following specific policies are applied to particular categories ol income.. Income Irorn grants, donations and gifts is included in full in the Statement of Financial Activiti8s when re¢8ivable. Grants, where entitlemerit is not conditional on the delivery of a specifio performanoe by the Charity, are recognised when the Charity becomes uneondib"onally entitled to the grant. Donated goods. services and facilities are meaSu￿d 8t their fair value. The value of setvices provided by volunteers has not been included in these financial statements. Investment income is includ8d when receivable. Income from grants, wher8 related lo performance and specific deliverables, is accounted for as the Charily earns the right to consideration by its performance. Page 11 continued... St. Edmunds Society Notes to the Financial Statements- continued for the year ended 31 August 2024 ACCOUNTING POLICIES- continuèd Expendlture Liabilities are recognised as expendilure as soon as there is a legal or construGtive obligation cotnmitting the charity to that expenditure. il is probable that 8 transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted lor on an accruals basis and has been classified under headings that aggregate all cost related to the ¢ategory. Where costs cannot be direcdy attributed to partieLJlar headings they have been allocated to a¢tivilies on a basis ctsnsistent with the use of resources. Charitable activities Charitable activities comprise those costs incurred by the Charity in the delwery of its activit￿$ and s8rviGes for its ben8fici8ries. It includes both costs that can be allocated directly to such a¢twities and those costs of an indirect nature necessary to support them. Govarnance ¢o$ts Gov¢rnance costs include those costs associated with meetiro the constitutional and slalulory requirèments of the Charity and include the Independ8nt Examiners fees and costs linked to the strategic management of the Charity. Allocation and apportionment of costs All costs are allocated belween the expenditure categories of the Statement ol FinanGial Actwities on a basis designed to refleol the use of the resourc8. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off ea¢h asset over its estimated useful life. Land and buildings over the peiiod of the leases Motor vehicles 25¢/0 Straight line Fixtures and Fittings 25 /0 Straight line and 1 OYO Straight line Computer equipment 25Q/¢ Straight line Stocks Donat8d stocks are m6asured al their fair value. Purchased stooks are valued at the lower of cost and nel realised value, after making due allowance for obsdete and slow moving items. Taxatlon The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accgrdance wfth the charitable objectives at the discretion of the trustees. Restrict8d funds can only be used for particular r8Stricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explan8tion of the nature and purpose of each fund is included in the notes to the financial state￿*￿15. Operating lease agreements Rentals applicable to operating168ses where substsntially all of the benefits and risk of ownership remain with the lessor are charged against profits on a straight line basis over the perKid of the lease. Penslon costs and other post-retlr8ment beneflts The charity operates a defined contributun pension scheme. Contributlons payable lo tha charity's pension scheme are charg&d to the Statement of Financial Activities in the peiiod to which they relat8. Government grants Grants ale accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recoJnised in other income within profil or loss in the same period as the relatèd expenditure Page 12 continued... st. Edmunds Society Notes to the Financial Statements- continued for the year ended 31 August 2024 DONATIONS AND LEGACIES 2024 2023 146,619 297,662 Donations OTHER TRADING ACTIVITIES 2024 2023 other Income INVESTMENT INCOME 2024 2023 1.109 851 Deposit account interest INCOME FROM CHARITABLE ACTNITIES ActNity Skills Centre Skills Centre Skills Cenlre Skills Centre Skills Cent 2024 2023 1,176,481 29,222 20,177 146,823 13 1,088,700 8,081 43,362 student income Catering incomè Outreach service Hair & beauty Subscriptions received 13 1372 716 1,140,156 RAISING FUNDS Other trading a¢tivitle5 2024 2023 53,955 Bad debts CHARITABLE ACTNITIES COSTS Support costs Isee note 81 Direct Costs Totals 1.466,225 53,405 1 $19.630 Skills C8nlr8 SUPPORT COSTS Governance costs 53,405 Skills Centre Page 13 continued.. St. Edmunds Society Notes to the Financial Statements- ¢ontinued for the year ended 31 Au8USt 2024 AUDIT FEES Fees payable lo the charity's auditors for the audit of thfy charity's financial statements Auditors, remuneration for non audit work 2024 2023 5,760 4,104 3,888 5,540 10. TRUSTEES. REMUNERATION AND BENEFITS Ther8 were no trustees. remuneration or other b&nefits lor the year ended 31 August 2024 nor for the year ended 31 August 2023. Truste85' expenses 11. Thgre were no Iruslees. expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023. STAFF COSTS Wagos and salaries Social security costs Other pension costs 2024 2023 841,865 62.369 17,944 918,435 17,080 4,798 922,178 940,313 The average monthly number of employe&s during the year was as follows.. Skills Centre & admin CEO 2024 37 2023 36 38 37 The number of employees who received Èmoluments in exc8ss of £60,000 in the year was nil12023 -11. 12. Key managerllent personnel remuneration. banefits and Social Security costs amounted lo £121,768 12023 - £139.3351. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 163,763 133,899 Charltable a¢tlvlties Skills Centre 297,662 1.140,156 Other trading actwities Investment income 1,140,156 851 Total 851 1,304.781 133,899 1,438,680 EXPENDITURE ON Raising funds 53,955 Charitable adivlties Skills Gentre 53,955 1.261,018 114,371 1 375 3e9 Total 1.314,973 114,371 1,429,344 Page 14 contrnued... St. Edmunds Society Notes to the Financial Statements- continued forthe year ended 31 August 2024 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - contlnugd Unrestricted fund Restricted funds Total funds NET INCOMEIIEXPENDITUREI Transfers between fund$ 110,1921 167 19,528 1671 9,336 Net mov&ment in fvnds 110,0251 19,361 9,336 RECONCILIATION OF FUNDS Total funds brought fO￿ard As previously reported Prior year adjustment 139,7801 148,015 108,235 As restated 143,5301 148,015 104,485 TOTAL FUNDS CARRIED FORWARD 53,5551 167,376 113.821 13. TANGIBLE FIXED ASSETS Fixtures and fitknngs Leasehold Improvement5 Plant and machinery COST At 1 September 2023 Addthons 227,146 15,463 40.197 5,706 73,320 18,433 At 31 August 2024 242 609 45,903 91.753 DEPRECIATION At 1 Septetnber 2023 Charge for year Reversal ol impairments 155,762 8,581 11,267 10,786 63.685 6,126 At 31 August 2024 164,343 22.053 69,811 NET BOOK VALUE At 31 August 2024 78,266 23.850 21,942 At 31 August 2023 28,930 9.635 Page IS continued... st. Edmunds Society Note5 to the Financial Statements - continued for the year ended 31 August 2024 13. TANGIBLE FIXED ASSETS - contlnued Motor vehicles Computer equipment Totals COST At 1 September 2023 Additions 29.020 49,679 6.855 419,362 46.457 At 31 August 2024 56.534 465,819 DEPRECIATION At 1 Seplember 2023 Gharge for year Reversal of impaiments 23,545 2.661 14,000) 19,537 13,366 273,796 41,520 14,000} At 31 August 2024 12,206 32.903 301,316 NET BOOKVALUE At 31 August 2024 16.814 23.631 164.503 At 31 August 2023 5,475 30,142 145,566 Reversal of impairments relates to a mini-bus which the trustees believe should be included in the accounts at a carrying value ol £14,000. STOCKS 2024 2023 Stocks 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 62,955 153,9551 5,522 Trade debtors Reserve for Bad Debts Prepayments 53,955 153,955) 3,862 3,862 14,522 16. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdiafts (see note 181 Trade creditors Taxation and social security Other creditors 65.045 12.401 15.550 34,980 15,323 51,788 112,756 142,928 Page 16 continued.. St. Edmunds Society Notes to the Financial Statements- continued forthe year ended 31 August 2024 17. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR Bank loans (see note 181 2024 2023 67,078 90.300 18. LOANS An anatysis of the maturity of loans is given telow.. Amounts falling due within one year demand.. Bank overdrafts Bank loans 2024 2023 41,580 23,465 11.250 23,730 65.045 Atnounts falling between one and two years.. Bank loans - 1-2 years 34,980 Amounts falling due tse￿een and five yèars.. Bank loans- 2-5 years 23,983 43,096 Amounts falling due in more than five years.. Repayable by instalments.. Bank loans more 5 yr by instsl LEASING AGREEMENTS 55,942 19. 10,375 Minimum lease paymsnts under non