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 2024
for Skills Work and Enterprise Development Agency Ltd
Altus Business Consulting Ltd 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 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 6 |
| Independent Examiner's Report | 7 | ||
| Statement of Financial Activities | 8 | to | 9 |
| Balance Sheet | 10 | to | 11 |
| Notes to the Financial Statements | 12 | to | 17 |
| Detailed Statement of Financial Activities | 18 | to | 19 |
Skills Work and Enterprise Development Agency Ltd
for the Year Ended 31 March 2024
Report of the Trustees
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 2024. 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).
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.
OBJECTIVES AND 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 and WMCA (West Midlands Combined Authority) which includes the following key themes:
Sandwell Council's Growth Vision 2023:
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
WMCA West Midlands Growth Plan:
More young people will be in employment or training
More people who are not able to work will be supported to overcome their barriers, stopping them from accessing quality employment
More people will have higher level skills and be equipped for the jobs of the future More people will live longer, healthier lives
Education, health and economic outcomes between the region' ethnic groups will be more equal We will build and deliver an integrated Employment and Skills System A Get West Midlands Working Plan
£30 million for bold, local skills innovation
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Skills Work and Enterprise Development Agency Ltd
for the Year Ended 31 March 2024
Report of the Trustees
OBJECTIVES AND ACTIVITIES
Public benefit
Sandwell has one of the highest rates of unemployment across the UK and is currently the 12th 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. Improve physical and metal health and wellbeing of local residents.
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 2024
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
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:
Support to apply for Pension Credits
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.
Cost of Living advice and support.
Digital inclusion/Digital Training
Sandwell and Black Country residents are among some of 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)
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Skills Work and Enterprise Development Agency Ltd
Report of the Trustees
for the Year Ended 31 March 2024
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 account 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 2023 - 2024
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
Sandwell MBC - Service level Agreement MADE Project - National Lottery Black Country Futures (National Lottery Funding) National Lottery (Reaching Communities) West Midlands Combined Authority (WMCA)- Community Renewal Fund Communities Acting Together - UKSPF (Funding via WMCA/Sandwell Council/Sandwell Consortium) Multiply Project - Funding via WMCA and Sandwell Consortium Hateley Cross Project - Community Development Work
SLN (Sandwell Language Network) ESOL - Funding via Public Health and Sandwell Consortium
Welfare Benefits, Cost of Living Advice and Health and Wellbeing Sandwell Council - Community Benefits Advice Sandwell Council - COLT (Cost of Living Advice) Reach and Reconnect Project (National Lottery) - funding via Sandwell Consortium WDH (Wider Determinants of Health) funding via NHS and Communities in Sync
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)
IT and Digital Skills UKCRF - Good Things Foundation HMRC - Good Things Foundation / UK Online
Key Achievements 2023-2024
Number of clients used our community center and services - 1900 clients Clients accessing new jobs - 76 IT Training (Accredited and unaccredited courses) - 245 ESOL Training - 36 clients New Business and Social Enterprises started 31 Existing Business and Social Enterprises supported 51 New clients provided with business start up/Social Enterprise advice 129 Social Enterprise clients supported to access grants - £26,000 Support local community members to access Welfare Benefits advice and achieve Benefit Gains - £148,320
FINANCIAL REVIEW Financial position
The trustees are satisfied with the financial position of the charity.
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Skills Work and Enterprise Development Agency Ltd
Report of the Trustees
for the Year Ended 31 March 2024
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 2024 were £151,856 (2023 £320,546). The trustees are satisfied meets their policy. In addition to these the trustees have designated a total of £275,000 funds.
The trustees have agreed that a further £75,000 of the unrestricted funds should be transferred to the designated fund in order to fund the sourcing of new premises in due course.
Therefor as at the year-end £275,000 of unrestricted reserves are therefore designated for these purposes (2023 £200,000).
FUTURE PLANS
During the next year, SWEDA will continue to diversify our services to support 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.
We will continue to expend delivery of our services for various offsite venues e.g Community Centers, Libraries and Partner Organisations premise.
Our major focus next year would be to continue 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 charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Organisational structure
The Board is comprised of four 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
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Skills Work and Enterprise Development Agency Ltd
Report of the Trustees
for the Year Ended 31 March 2024
Registered office
The Business Centre Church Street West Bromwich West Midlands B70 8RP
Trustees
M R Inniss Director Ms I A O'Connor Nurse/child Minder A Salmon Senior Lecturer E Syed Director
Company Secretary
Independent Examiner
Richard Ashmore BA, FCA Altus Business Consulting Ltd 88-89 High Street Wordsley Stourbridge West Midlands DY8 5SB
Approved by order of the board of trustees on 22 August 2025 and signed on its behalf by:
M R Inniss - 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 2024.
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 member of the Institute of Chartered Accountants in England and Wales, 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:
-
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 BA, FCA The Institute of Chartered Accountants in England and Wales
Altus Business Consulting Ltd 88-89 High Street Wordsley Stourbridge West Midlands DY8 5SB
22 August 2025
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Skills Work and Enterprise Development Agency Ltd
Statement of Financial Activities
for the Year Ended 31 March 2024
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities SMBC SLA 109,473 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 - Multiply Project - Other Income 11,678 Social Enterprise Boost Fund - National Lottery - Access to Business - Research & Connect - Hately Cross - CATS - COLT - WDH - Investment income 2 450 Total 121,603 EXPENDITURE ON Charitable activities SMBC SLA 303 CMF Project - Raise ERDF - CRF 50+ Project - SPF Project - Good Things Foundation - Black Country Future - SLN - ESOL Training - Multiply Project - Premises Costs 5,106 Administration Costs 9,884 BBO Projects - Social Enterprise Boost Fund - National Lottery - Access to Business - Research & Connect - Hately Cross - CATS - COLT - WDH - |
Restricted fund £ (1) - - 25,177 - - - - 5,524 960 16,786 23,938 8,311 - 36,588 132,781 6,499 17,346 22,463 17,491 15,465 470 - 329,798 - - 25,176 - 5,524 960 16,786 23,938 8,311 - - - 36,588 120,781 6,499 17,346 22,463 17,491 15,465 470 |
31.3.24 Total funds £ 1 109,473 - 25,177 - - - - 5,524 960 16,786 23,938 8,311 11,678 36,588 132,781 6,499 17,346 22,463 17,491 15,465 470 450 451,401 303 - 25,176 - 5,524 960 16,786 23,938 8,311 5,106 9,884 - 36,588 120,781 6,499 17,346 22,463 17,491 15,465 470 |
31.3.23 Total funds £ - 187,537 4,963 - 32,343 6,836 9,429 25,952 5,524 - - 10,057 4,696 7,560 - 57,674 - - - - - - 128 |
|---|---|---|---|
| 352,699 | |||
| 80,880 4,963 - 25,952 5,524 - - - 4,696 43,316 21,091 48,608 - 57,674 - - - - - - |
The notes form part of these financial statements
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Skills Work and Enterprise Development Agency Ltd
Statement of Financial Activities
for the Year Ended 31 March 2024
| Unrestricted funds Notes £ Total 15,293 NET INCOME 106,310 RECONCILIATION OF FUNDS Total funds brought forward 320,546 TOTAL FUNDS CARRIED FORWARD 426,856 |
Restricted fund £ 317,798 12,000 - 12,000 |
31.3.24 Total funds £ 333,091 118,310 320,546 438,856 |
31.3.23 Total funds £ |
|---|---|---|---|
| 292,704 | |||
| 59,995 260,551 |
|||
| 320,546 |
The notes form part of these financial statements
Page 9
Skills Work and Enterprise Development Agency Ltd
Balance Sheet
31 March 2024
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 7 6,924 CURRENT ASSETS Debtors 8 13,594 Cash in hand 414,152 427,746 CREDITORS Amounts falling due within one year 9 (7,814) NET CURRENT ASSETS 419,932 TOTAL ASSETS LESS CURRENT LIABILITIES 426,856 NET ASSETS 426,856 FUNDS 10 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - - 12,000 12,000 - 12,000 12,000 12,000 |
31.3.24 Total funds £ 6,924 13,594 426,152 439,746 (7,814) 431,932 438,856 438,856 426,856 12,000 438,856 |
31.3.23 Total funds £ 6,155 44,468 288,081 332,549 (18,158) 314,391 320,546 320,546 320,546 - 320,546 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(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 2024
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 22 August 2025 and were signed on its behalf by:
M R Inniss - 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 2024
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 Computer equipment - 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 2024
2. INVESTMENT INCOME
3.
| INVESTMENT INCOME | ||
|---|---|---|
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Deposit account interest | 450 | 128 |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Depreciation - owned assets | 2,308 | 3,076 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
6.
| Staff No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Charitable activities SMBC SLA 187,537 CMF Project - BBO Bridges - BBO Community Matters - BBO Family Matters - CRF 50+ Project - SPF Project - SLN - ESOL Training 10,057 Multiply Project - Other Income 7,560 National Lottery - Investment income 128 Total 205,282 |
31.3.24 15 Restricted fund £ - 4,963 32,343 6,836 9,429 25,952 5,524 - 4,696 - 57,674 - 147,417 |
31.3.23 14 Total funds £ 187,537 4,963 32,343 6,836 9,429 25,952 5,524 10,057 4,696 7,560 57,674 128 352,699 |
|---|---|---|
EXPENDITURE ON
continued...
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Skills Work and Enterprise Development Agency Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
| 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted funds fund £ £ Charitable activities SMBC SLA 80,880 - CMF Project - 4,963 CRF 50+ Project - 25,952 SPF Project - 5,524 Multiply Project - 4,696 Premises Costs 43,316 - Administration Costs 21,091 - BBO Projects - 48,608 National Lottery - 57,674 Total 145,287 147,417 NET INCOME 59,995 - RECONCILIATION OF FUNDS Total funds brought forward 260,551 - TOTAL FUNDS CARRIED FORWARD 320,546 - 7. TANGIBLE FIXED ASSETS Fixtures and Computer fittings equipment £ £ COST At 1 April 2023 30,326 43,903 Additions - 3,077 At 31 March 2024 30,326 46,980 DEPRECIATION At 1 April 2023 26,571 41,503 Charge for year 939 1,369 At 31 March 2024 27,510 42,872 NET BOOK VALUE At 31 March 2024 2,816 4,108 At 31 March 2023 3,755 2,400 |
Total funds £ 80,880 4,963 25,952 5,524 4,696 43,316 21,091 48,608 57,674 |
|---|---|
| 292,704 | |
| 59,995 260,551 |
|
| 320,546 | |
| Totals £ 74,229 3,077 77,306 68,074 2,308 70,382 6,924 6,155 |
continued...
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Skills Work and Enterprise Development Agency Ltd
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
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 10. MOVEMENT IN FUNDS Net movement At 1.4.23 in funds £ £ Unrestricted funds General fund 120,546 106,310 Designated Building Fund 200,000 - 320,546 106,310 Restricted funds Restricted Fund - 12,000 TOTAL FUNDS 320,546 118,310 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 121,603 Restricted funds Restricted Fund 329,798 TOTAL FUNDS 451,401 |
31.3.24 31.3.23 £ £ 13,594 42,223 - 2,245 13,594 44,468 31.3.24 31.3.23 £ £ 1 5,963 4,415 4,080 1,828 6,745 1,570 1,370 7,814 18,158 Transfers between At funds 31.3.24 £ £ (75,000) 151,856 75,000 275,000 - 426,856 - 12,000 - 438,856 Resources Movement expended in funds £ £ (15,293) 106,310 (317,798) 12,000 (333,091) 118,310 |
|---|---|
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continued...
Skills Work and Enterprise Development Agency Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Designated Building Fund TOTAL FUNDS |
At 1.4.22 £ 140,551 120,000 260,551 260,551 |
Net movement in funds £ 59,995 - 59,995 59,995 |
Transfers between funds £ (80,000) 80,000 - - |
At 31.3.23 £ 120,546 200,000 |
|---|---|---|---|---|
| 320,546 | ||||
| 320,546 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted Fund TOTAL FUNDS |
Incoming resources £ 205,282 147,417 352,699 |
Resources Movement expended in funds £ £ (145,287) 59,995 (147,417) - (292,704) 59,995 |
Resources Movement expended in funds £ £ (145,287) 59,995 (147,417) - (292,704) 59,995 |
|---|---|---|---|
| 59,995 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Designated Building Fund Restricted funds Restricted Fund TOTAL FUNDS |
At 1.4.22 £ 140,551 120,000 260,551 - 260,551 |
Net movement in funds £ 166,305 - 166,305 12,000 178,305 |
Transfers between funds £ (155,000) 155,000 - - - |
At 31.3.24 £ 151,856 275,000 |
|---|---|---|---|---|
| 426,856 12,000 |
||||
| 438,856 |
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continued...
Skills Work and Enterprise Development Agency Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
10. MOVEMENT IN FUNDS - continued
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 Fund TOTAL FUNDS |
Incoming resources £ 326,885 477,215 804,100 |
Resources Movement expended in funds £ £ (160,580) 166,305 (465,215) 12,000 (625,795) 178,305 |
|---|---|---|
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
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Skills Work and Enterprise Development Agency Ltd
Detailed Statement of Financial Activities
for the Year Ended 31 March 2024
| Detailed Statement of Financial Activities for the Year Ended 31 March 2024 |
||
|---|---|---|
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Gifts | 1 | - |
| Investment income | ||
| Deposit account interest | 450 | 128 |
| Charitable activities | ||
| SMBC SLA | 109,473 | 187,537 |
| Other Income | 11,678 | 7,560 |
| CMF Project | - | 4,963 |
| Raise ERDF | 25,177 | - |
| BBO Bridges | - | 32,343 |
| BBO Community Matters | - | 6,836 |
| BBO Family Matters | - | 9,429 |
| CRF 50+ Project | - | 31,476 |
| SPF Project | 5,524 | - |
| SLN - ESOL Training | 23,938 | 10,057 |
| Multiply Project | 8,311 | 4,696 |
| Good Things Foundation | 960 | - |
| Social Enterprise Boost Fund | 36,588 | - |
| National Lottery | 132,781 | 57,674 |
| Access to Business | 6,499 | - |
| Black Country Future | 16,786 | - |
| Hately Cross | 22,463 | - |
| CATS | 17,491 | - |
| COLT | 15,465 | - |
| Research & Connect | 17,346 | - |
| WDH | 470 | - |
| 450,950 | 352,571 | |
| Total incoming resources | 451,401 | 352,699 |
| EXPENDITURE | ||
| Charitable activities | ||
| Wages | 238,647 | 218,467 |
| Social security | 12,637 | (2,010) |
| Pensions | 5,836 | 4,981 |
| Subcontractors | 13,264 | 6,689 |
| Grants to individuals | 210 | 170 |
| 270,594 | 228,297 | |
| Support costs | ||
| Management | ||
| Rates and water | 6,311 | 11,012 |
| Carried forward | 6,311 | 11,012 |
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 2024
| Detailed Statement of Financial Activities for the Year Ended 31 March 2024 |
||
|---|---|---|
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Management | ||
| Brought forward | 6,311 | 11,012 |
| Insurance | 2,227 | 3,600 |
| Light and heat | 9,147 | 6,189 |
| Telephone | 571 | 653 |
| Postage and stationery | 7,187 | 4,280 |
| Advertising | 998 | 332 |
| Sundries | 3,365 | 1,494 |
| Waste Collection | - | 946 |
| Premises Costs | 14,270 | 17,840 |
| Travel Expenses | 2,643 | 1,781 |
| Staff welfare | 556 | 1,220 |
| IT Costs | 4,574 | 1,964 |
| Accountancy Fees | 1,400 | 1,200 |
| Professional Fees | 4,584 | 5,571 |
| Subscriptions | 360 | 1,468 |
| Bookkeeping & Claims | 1,869 | 1,197 |
| Fixtures and fittings | 939 | 1,251 |
| Computer equipment | 1,369 | 1,825 |
| 62,370 | 63,823 | |
| Finance | ||
| Bank charges | 127 | 584 |
| Total resources expended | 333,091 | 292,704 |
| Net income | 118,310 | 59,995 |
This page does not form part of the statutory financial statements
Page 19