REGISTERED COMPANY NUMBER: 02419631 (England and Wales) REGISTERED CHARITY NUMBER: 1158859
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2023
for Skills Work and Enterprise Development Agency Ltd
Altus Business Consulting Chartered Accountants 88-89 High Street Wordsley Stourbridge West Midlands DY8 5SB
Skills Work and Enterprise Development Agency Ltd
Contents of the Financial Statements for the Year Ended 31 March 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 to 10 |
| Notes to the Financial Statements | 11 to 17 |
| Detailed Statement of Financial Activities | 18 to 19 |
Skills Work and Enterprise Development Agency Ltd
Report of the Trustees for the Year Ended 31 March 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
SWEDA's primary objective, as stated in the Memorandum of Association, is 'for the relief of unemployment for the public benefit'. It is SWEDA's mission to be an independent and authoritative advocate to support disadvantaged people across Sandwell and the Black Country towards employment and/or self-employment. Our vision is that all deprived communities have access to equal opportunities for employment. SWEDA have a client focused approach and all views, concerns and suggestion of our clients are taken into account to develop future services and ensure our support suits the needs of our community. Our policies and support services take full account of inequalities, including those linked to age, sexuality, disability, religion, ethnicity and social class. The Trustees have also considered Charity Commission guidance on public benefit when planning all activities.
Significant activities
SWEDA actively promotes and supports Sandwell MBC (Vision 2030) and West Midland combined Authority priorities through all its services. SWEDA is committed to delivering diverse services as an independent organisation providing advice, guidance, mentoring and training to support the relief of unemployment, improve digital skills and creation of new Enterprises across Sandwell and the Black Country. We work closely with a range of organisations across these areas, including Sandwell MBC and other key partners from the voluntary, community and statutory sectors. We also work closely to align our services to Sandwell. Councils Vision 2030 which includes the following key themes:
Workforce and young people have the right skills to access jobs in a growing economy High quality education and training opportunities More job opportunities for residents Promoting community economic development Promoting community cohesion and regeneration Support the development of new Businesses including Social Enterprises Supporting diverse range of growing businesses and opportunities for inward investment Improved health and well-being of local residents through partnership working and joined up services. Improved digital skills of local residents
Public benefit
Sandwell has one of the highest rates of unemployment across the UK and is currently the 9th most deprived borough in the UK. It is our aim to provide the following:
The relief of financial hardship by the provision of free advice and assistance The advancement of education, training or retraining Business / Social Enterprise advice, mentoring and training The creation of training and employment opportunities.
SWEDA is based within West Bromwich - one of the six towns within Sandwell. The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Charity Commission. The following activities have been undertaken for the public benefit:
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Skills Work and Enterprise Development Agency Ltd
Report of the Trustees for the Year Ended 31 March 2023
ACHIEVEMENT AND PERFORMANCE Charitable activities Advice, Support, Mentoring and Training
Employability & Life Skills
We support unemployed clients and those on low income (working less than 16 hours per week) or zero-hour contracts and entitled to welfare benefits.
We deliver a set of employment related workshops to build individuals confidence levels as well as their understanding of skills required to successfully enter employment, these include
Effective Communication Skills Self Esteem / Confidence Building Interview Skills/Techniques - Face to face and virtual job interviews CV preparation Effective job searching including searching online Virtual job interview skills Benefits of volunteering Improve Financial Literacy E.g. Personal Budgeting In-work benefits advice ESOL (English for Speakers of Other Languages) Training
Self-employment/Business:
Support for individuals or groups wishing to set up a new Business or a Social Enterprise.
We deliver a Business / Self-employment programme which includes a range of workshops (in person and virtually), for those who wish to pursue self-employment or set up their own Social enterprise. This is followed by individualised support from a qualified Business Advisor. This support includes the following:
1-2-1 Advice and Mentoring Business planning Marketing Bookkeeping & self-assessment Social Media Networking Access to finance information (Loans & Grants) Support for established micro businesses, sole traders, SMEs, Social Enterprises
We work with a wide range of partners across the Black Country to deliver a number of projects. For all Self-employment and social enterprise clients, we provide on-going advice and mentoring to support their business, sustainability and future growth.
Welfare Benefits Advice
We are a part of Sandwell Advice Providers Network (SAPN) and have been providing welfare benefits advice and support to our clients for several years. This has become a growing area especially with the introduction of Universal credit. Majority of these clients require Digital support. All of which compounds the challenges of ensuring that customers are claiming their full entitlement under Universal Credit.
Welfare Benefit Support includes the following:
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Skills Work and Enterprise Development Agency Ltd
Report of the Trustees for the Year Ended 31 March 2023
Universal Credit
Health related Benefits e.g. PIP (Personal Independent Payments) Understanding Tax Credits and Welfare Benefits Better off Welfare Benefits calculations
Welfare Advisory Services:
Information about local Foodbanks and Food pantries Budgeting - Money Savings Tips, information on Social tariffs Apply for rebates e.g. Council Tax, Reduction in water rates, Energy Bills Access support from charitable trusts e.g. for white goods, reduction in Utility Bills (Water Assure)
Information about Warm Spaces in Sandwell – to stay warm and safe, to stay connected with others to reduce loneliness and isolation and get support with mental health and well-being issues.
Digital inclusion/Digital Training
Sandwell and Black Country residents are among the lowest internet users in the Country. This has become more acute with the introduction of Universal Credit and the requirements for the clients to do job search and manage their Universal Credit journal online.
We deliver a range of accredited and unaccredited IT training courses. We are also a UK online approved centre and through this we provide our Clients with basic digital skills and inform our Self- employed Clients about HMRC services.
Digital support includes the following:
A range of Microsoft Office Accredited courses (Beginners to Advanced) A range of courses in Using keyboard & Mouse, Using Email, Using internet safely, Online Banking Identity Protection - using IT safely
Empower client to set up their own Universal Credit and manage their online UC Journals. Access online / offline mainstream services. Training to use a range of Virtual platforms e.g. Zoom and MS Teams Support business clients to develop digital and social media skills for their business e.g. Business Facebook page, LinkedIn profile, Business logos and marketing materials.
Delivery of contracts 2022 - 2023
During the past financial year, SWEDA has delivered on a number of successful contracts supporting unemployed individuals into further education, training, employment or self-employment/social enterprise. These services have been funded through the following:
Employment & Life Skills and Welfare Support
Sandwell MBC - Service level Agreement Building Better Opportunities: (Combination of National Lottery and ESF funding): Bridges: Employment Support 24+ - contract via Sandwell Consortium Family Matters - contract via Sandwell Consortium Community Matters - contract via Heart of England Foundation Sandwell Language Network - ESOL Training Black Country Futures (National Lottery Funding) National Lottery (Reaching Communities) West Midlands Combined Authority – Community Renewal Fund
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Business and Social Enterprise Support
RAISE (Raising Aspirations and Inspiring Self-employment/social enterprise) - European Regional Development Fund (ERDF) through Dept of Housing Communities and Local Government (DHCLG)
Social Enterprise Boost Fund – Dept for Culture, Media and Sport (DCMS)
West Midlands Combined Authority
IT and Digital Skills
UKCRF - Good Things Foundation HMRC - Good Things Foundation / UK Online
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Skills Work and Enterprise Development Agency Ltd
Report of the Trustees for the Year Ended 31 March 2023
Achievements 2022 - 2023
Total number of New Clients supported: 428 Total number of clients supported: 1670 Clients into jobs: 79 Business clients engaged: 106 Existing Businesses supported: 28 New businesses started: 7 Jobs created within businesses: 7 Clients attended Business workshops on: Business Planning, Marketing, Finance, Bookkeeping and Self-Assessment and Social Media: 200 Welfare clients supported 37 with welfare benefits gains of £159,983.95 IT/Digital skills sessions delivered to clients: 613 Delivered IT training: 254 Numbers of Clients supported with ESOL: 43 Volunteers supported with work experience: 8 Volunteers supported to gain employment: 3
FINANCIAL REVIEW
Reserves policy
The trustees have set out a policy to maintain a minimum of 6 months overhead costs in reserves. The total unrestricted reserves at the 31st March 2023 were £320,546 (2022 £260,551). The trustees are satisfied meets their policy.
The trustees have agreed that a further £30,000 of the unrestricted funds should be transferred to the designated fund in order to fund the sourcing of new premises in due course. In addition the trustees have agreed to designate £50,000 of funds for the urgent building repairs that are required.
Therefor as at the year-end £200,000 of the unrestricted reserves are therefore designated for these purposes (2022 £120,000).
FUTURE PLANS
During the next year, SWEDA will continue to diversify our services to deprived communities across Sandwell and the Black Country. SWEDA will also continue to look strategically at funding streams available to complement our current services including the development of consortia and partnership funding applications.
SWEDA will continue to provide employment and self-employment advice, guidance, mentoring and training but will look to expand our Digital/IT services to support the current needs of our clients and the growing need to develop digital skills, e.g. Internet Safety, Social Media. We will also look to continue providing training and advice around financial capability and increasing awareness of National Welfare Benefits changes such as Universal Credit to ensure our clients are resilient to future changes.
Due to Covid-19 pandemic our major focus next year would be to improve and increase our blended/hybrid delivery model. This would enable us to carry on providing both face to face as well as online advice mentoring and training using a variety of virtual platforms such as MS Teams, Zoom, WhatsApp, Video calling and emails.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The organisation is a charitable company limited by guarantee, as defined by the Companies Act 2006, incorporated on 04th September 1989 and registered as a charity on 13th October 2014. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. The Articles of Association were last amended September 2014.
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Skills Work and Enterprise Development Agency Ltd
Report of the Trustees for the Year Ended 31 March 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
The directors of the company are also Charity Trustees for the purposes of charity law and under the company's articles. Under the requirements of the Memorandum and Articles of Association the Directors of the Charity are elected at the Annual General Meeting, though the Board may co-opt potential new directors on to the Board at any time during the year. Efforts are made by the Board and Management to recruit new Trustees with appropriate skills and in particular, increase the number of Trustees, which the Board considers too low at present.
Organisational structure
The Board is comprised of three current Directors. Board meetings are undertaken on a regular basis and further meetings involving individual trustees are held as required. Management responsibility for the organisation rests with the Management Team who deal with operational matters. Strategic focus, along with scrutiny of the Management, is the remit of the Board.
Induction and training of new trustees
Trustees are asked to maintain regular contact with the organisation and are invited to attend public events on behalf of the organisation. All new Trustees are given an induction into the organisation by the Management team and Chair.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
02419631 (England and Wales)
Registered Charity number
1158859
Registered office
The Business Centre Church Street West Bromwich West Midlands B70 8RP
Trustees
I O'Conner P Panesar M Innis Mrs E Syed A Salmon
Independent Examiner
Altus Business Consulting Chartered Accountants 88-89 High Street Wordsley Stourbridge West Midlands DY8 5SB
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Skills Work and Enterprise Development Agency Ltd
Report of the Trustees for the Year Ended 31 March 2022
COMMENCEMENT OF ACTIVITIES
The company which remains a Ltd company by guarantee under the same board of directors registered for charitable status in September 2014.
Approved by order of the board of trustees on 21 March 2024 and signed on its behalf by:
I O'Conner - Trustee
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Independent Examiner's Report to the Trustees of Skills Work and Enterprise Development Agency Ltd
Independent examiner's report to the trustees of Skills Work and Enterprise Development Agency Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Institute of Chartered Accountants which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Richard Ashmore Institute of Chartered Accountants Altus Business Consulting Chartered Accountants 88-89 High Street Wordsley Stourbridge West Midlands DY8 5SB
21 March 2024
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Skills Work and Enterprise Development Agency Ltd
Statement of Financial Activities for the Year Ended 31 March 2023
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies - Charitable activities SMBC SLA/Contracts 187,537 Other Income 7,560 CMF Project - Raise ERDF - BBO Bridges - BBO Community Matters - BBO Family Matters - CRF 50+ Project SPF Project - Good Things Foundation - Black Country Future - SLN – ESOL Training 10,057 CAF Multiply Project - Other trading activities - Investment income 2 128 Total 205,282 EXPENDITURE ON Charitable activities SMBC SLA/Contracts 80,880 Premises Costs 43,316 Administration 21,091 CMF Project - CRF 50+ Porject - Raise - BBO Projects - SPF Project - Multiply Project - Black Country Future - Total 145,287 NET INCOME/(EXPENDITURE) 59,995 RECONCILIATION OF FUNDS Total funds brought forward 260,551 TOTAL FUNDS CARRIED FORWARD 320,546 |
Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies - Charitable activities SMBC SLA/Contracts 187,537 Other Income 7,560 CMF Project - Raise ERDF - BBO Bridges - BBO Community Matters - BBO Family Matters - CRF 50+ Project SPF Project - Good Things Foundation - Black Country Future - SLN – ESOL Training 10,057 CAF Multiply Project - Other trading activities - Investment income 2 128 Total 205,282 EXPENDITURE ON Charitable activities SMBC SLA/Contracts 80,880 Premises Costs 43,316 Administration 21,091 CMF Project - CRF 50+ Porject - Raise - BBO Projects - SPF Project - Multiply Project - Black Country Future - Total 145,287 NET INCOME/(EXPENDITURE) 59,995 RECONCILIATION OF FUNDS Total funds brought forward 260,551 TOTAL FUNDS CARRIED FORWARD 320,546 |
Restricted fund £ - - - 4,963 57,674 32,343 6,836 9,429 25,952 5,524 - - - - 4,696 - - 147,417 - - - 4,963 25,952 57,674 48,608 5,524 4,696 - 147,417 - - |
31.3.23 Total funds £ - 187,537 7,560 4,963 57,674 32,343 6,836 9,429 25,952 5,524 - - 10,057 - 4,696 - 128 352,699 80,880 43,316 21,091 4,963 25,952 57,674 48,608 5,524 4,696 - 292,704 59,995 260,551 |
31.3.22 Total funds £ 12,492 129,028 2,804 - 63,032 15,541 4,500 13,588 - - 6,900 57,773 1,276 15,000 - - 1 321,935 72,888 16,813 44,462 - - 63,032 33,629 - - 64,673 295,497 26,438 234,113 260,551 |
|---|---|---|---|---|
| 320,546 | - | 320,546 |
The notes form part of these financial statements
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Skills Work and Enterprise Development Agency Ltd
Balance Sheet 31 March 2023
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 7 6,155 CURRENT ASSETS Debtors 8 44,468 Cash in hand 288,081 332,549 CREDITORS Amounts falling due within one year 9 (18,158) NET CURRENT ASSETS 311,312 TOTAL ASSETS LESS CURRENT LIABILITIES 320,546 NET ASSETS 320,546 FUNDS 10 Unrestricted funds TOTAL FUNDS |
Restricted fund £ - - - - - - - - |
31.3.23 Total funds £ 6,155 44,468 288,081 332,549 (18,158) 311,312 320,546 320,546 320,546 320,546 |
31.3.22 Total funds £ 7,339 34,060 230,428 264,488 (11,276) 253,212 260,551 260,551 260,551 260,551 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
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Skills Work and Enterprise Development Agency Ltd
Balance Sheet - continued
31 March 2023
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 21 March 2024 and were signed on its behalf by:
I O'Conner - Trustee
The notes form part of these financial statements
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Skills Work and Enterprise Development Agency Ltd
Notes to the Financial Statements for the Year Ended 31 March 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 2019)', 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
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
- Fixtures and fittings - 25% on reducing balance
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.
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.
continued...
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Skills Work and Enterprise Development Agency Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
2. INVESTMENT INCOME
| 2. | INVESTMENT INCOME | ||
|---|---|---|---|
| 31.3.23 | 31.3.22 | ||
| £ | £ | ||
| Deposit account interest | 128 | 1 | |
| 3. | NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| 31.3.23 | 31.3.22 | ||
| £ | £ | ||
| Depreciation - owned assets | 3,076 | 2,193 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31.3.23 | 31.3.22 | |||
|---|---|---|---|---|
| Staff | 14 | 12 | ||
| No employees received emoluments in excess of £60,000. | ||||
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL | ACTIVITIES | |||
| Unrestricted | Restricted | Total | ||
| funds | fund | funds | ||
| £ | £ | £ | ||
| INCOME AND ENDOWMENTS FROM | ||||
| Donations and legacies | 12,492 | - | 20,980 | |
| Charitable activities | ||||
| SMBC SLA/Contracts | 129,028 | - | 129,028 | |
| Other Income | 2,804 | - | 2,804 | |
| CAF | 15,000 | - | 15,000 | |
| Raise ERDF | - | 63,032 | 63,032 | |
| BBO Bridges | - | 15,541 | 15,541 | |
| BBO Community Matters | - | 4,500 | 4,500 | |
| BBO Family Matters | - | 13,588 | 13,588 | |
| NEETs Kick Start | 1,276 | - | 1,276 | |
| Good Things Foundation | - | 6,900 | 6,900 | |
| Black Country Future | - | 57,773 | 57,773 |
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
continued...
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Skills Work and Enterprise Development Agency Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted funds £ Investment income 1 Total 160,602 EXPENDITURE ON Charitable activities SMBC SLA/Contracts 72,888 Premises Costs 16,813 Administration 44,462 Raise ERDF - BBO Projects - Black Country Future - Total 134,163 NET INCOME 26,439 RECONCILIATION OF FUNDS Total funds brought forward 234,113 TOTAL FUNDS CARRIED FORWARD 260,552 |
Restricted fund £ - 161,334 - - - 63,032 33,629 64,673 161,334 (1) - (1) |
Total funds £ 1 321,935 72,888 16,813 44,462 63,032 33,629 64,673 295,497 26,438 234,113 260,551 |
|---|---|---|
continued...
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Skills Work and Enterprise Development Agency Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
| 7. TANGIBLE FIXED ASSETS COST At 1 April 2022 Additions At 31 March 2023 DEPRECIATION At 1 April 2022 Charge for year At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Prepayments 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Other creditors Accrued expenses |
Fixtures and Computer fittings equipment £ £ 30,326 42,011 - 1,892 30,326 43,903 25,320 39,678 1,251 1,825 26,571 41,503 |
|---|---|
continued...
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Skills Work and Enterprise Development Agency Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
10. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as Unrestricted funds General fund Restricted funds Restricted TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Designated Building Fund TOTAL FUNDS |
follows: At 1.4.22 £ 140,551 120,000 260,551 260,551 |
At 1.4.22 £ 260,551 260,551 Incoming resources £ 205,282 147,417 352,699 Net movement in funds £ 59,995 - 59,995 59,995 |
Net movement At in funds 31.3.23 £ £ 59,995 320,546 59,995 320,546 Resources Movement expended in funds £ £ (145,287) 59,995 (147,417) - (292,704) 59,995 Transfers between At funds 31.3.23 £ £ (80,000) 120,546 80,000 200,000 - 320,546 - 320,546 |
|---|---|---|---|
continued...
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Skills Work and Enterprise Development Agency Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted TOTAL FUNDS |
Incoming resources £ 160,602 161,333 321,935 |
Resources Movement expended in funds £ £ (134,164) 26,438 (161,333) - (295,497) 26,438 |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Designated Building Fund TOTAL FUNDS |
At 1.4.21 £ 114,113 120,000 234,113 234,113 |
Net movement in funds £ 86,433 - 86,433 86,433 |
Transfers between At funds 31.3.23 £ £ (80,000) 120,546 80,000 200,000 - 320,546 - 320,546 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted TOTAL FUNDS |
Incoming resources £ 365,884 308,750 753,899 |
Resources Movement expended in funds £ £ (279,450) 86,434 (308,751) - (607,018) 86,434 |
|---|---|---|
continued...
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Skills Work and Enterprise Development Agency Ltd
Notes to the Financial Statements - continued
for the Year Ended 31 March 2023
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
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Skills Work and Enterprise Development Agency Ltd
Detailed Statement of Financial Activities for the Year Ended 31 March 2023
| 31.3.23 31.3.22 £ £ INCOME AND ENDOWMENTS Donations and legacies Grants - 12,492 Investment income Deposit account interest 128 1 Charitable activities Sandwell MBC Funding 187,537 129,028 BBO Projects 48,608 33,629 ERDF Raise Project 57,674 63,032 CMF Project 4,963 - CRF 50+ Project 25,952 - Good Things Foundation SPF Project Multiply Project - 5,524 4,696 6,900 - - Other Income 7,560 2,804 Black Country Future - 57,773 SLN – ESOL Training 10,057 1,276 CAF - 15,000 352,561 309,442 Total incoming resources 352,699 321,935 EXPENDITURE Charitable activities Wages 218,467 217,275 Social security (2,010) 11,843 Pensions 4,981 5,104 Subcontractors 6,689 3,185 Grants to individuals 170 120 228,297 237,527 Support costs Management Rates and water 11,012 81 Insurance 3,600 3,048 Light and heat 6,189 5,581 Telephone & broadband 653 1,163 Advertising 332 7,515 Carried forward 21,786 17,388 |
31.3.23 31.3.22 £ £ INCOME AND ENDOWMENTS Donations and legacies Grants - 12,492 Investment income Deposit account interest 128 1 Charitable activities Sandwell MBC Funding 187,537 129,028 BBO Projects 48,608 33,629 ERDF Raise Project 57,674 63,032 CMF Project 4,963 - CRF 50+ Project 25,952 - Good Things Foundation SPF Project Multiply Project - 5,524 4,696 6,900 - - Other Income 7,560 2,804 Black Country Future - 57,773 SLN – ESOL Training 10,057 1,276 CAF - 15,000 352,561 309,442 Total incoming resources 352,699 321,935 EXPENDITURE Charitable activities Wages 218,467 217,275 Social security (2,010) 11,843 Pensions 4,981 5,104 Subcontractors 6,689 3,185 Grants to individuals 170 120 228,297 237,527 Support costs Management Rates and water 11,012 81 Insurance 3,600 3,048 Light and heat 6,189 5,581 Telephone & broadband 653 1,163 Advertising 332 7,515 Carried forward 21,786 17,388 |
31.3.23 31.3.22 £ £ INCOME AND ENDOWMENTS Donations and legacies Grants - 12,492 Investment income Deposit account interest 128 1 Charitable activities Sandwell MBC Funding 187,537 129,028 BBO Projects 48,608 33,629 ERDF Raise Project 57,674 63,032 CMF Project 4,963 - CRF 50+ Project 25,952 - Good Things Foundation SPF Project Multiply Project - 5,524 4,696 6,900 - - Other Income 7,560 2,804 Black Country Future - 57,773 SLN – ESOL Training 10,057 1,276 CAF - 15,000 352,561 309,442 Total incoming resources 352,699 321,935 EXPENDITURE Charitable activities Wages 218,467 217,275 Social security (2,010) 11,843 Pensions 4,981 5,104 Subcontractors 6,689 3,185 Grants to individuals 170 120 228,297 237,527 Support costs Management Rates and water 11,012 81 Insurance 3,600 3,048 Light and heat 6,189 5,581 Telephone & broadband 653 1,163 Advertising 332 7,515 Carried forward 21,786 17,388 |
|---|---|---|
| 309,442 | ||
| 321,935 217,275 11,843 5,104 3,185 120 |
||
| 228,297 11,012 3,600 6,189 653 332 21,786 |
237,527 81 3,048 5,581 1,163 7,515 17,388 |
This page does not form part of the statutory financial statements
Page 18
Skills Work and Enterprise Development Agency Ltd
Detailed Statement of Financial Activities
for the Year Ended 31 March 2023
| Detailed Statement of Financial Activities for the Year Ended 31 March 2023 |
||
|---|---|---|
| 31.3.23 | 31.3.22 | |
| £ | £ | |
| Management | ||
| Brought forward | 21,786 | 17,388 |
| Sundries | 1,494 | 417 |
| Waste Collection | 946 | 893 |
| Travel Expenses | 1,781 | 1,749 |
| Staff welfare | 1,220 | 4,836 |
| Postage & Stationery | 4,280 | 2,455 |
| IT Costs | 1,964 | 9,929 |
| Accountancy Fees | 1,200 | 1,200 |
| Professional Fees | 5,571 | 3,102 |
| Premises Costs | 17,840 | 10,258 |
| Subscriptions | 1,468 | 1,839 |
| Bookkeeping & Claims | 1,197 | 1,442 |
| Fixtures and fittings | 1,251 | 525 |
| Computer equipment | 1,825 | 1,669 |
| 63,823 | 57,702 | |
| Finance | ||
| Bank charges | 584 | 268 |
| Total resources expended | 292,704 | 295,497 |
| Net income | 59,985 | 26,438 |
This page does not form part of the statutory financial statements
Page 19