**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
Page 1
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.
Page 2
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)
Page 3
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.
Page 4
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
Page 5
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
Page 6
## 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:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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
Page 7
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
Page 8
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...
Page 10
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
Page 11
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...
Page 12
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...
Page 13
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...
Page 14
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|
|---|---|
Page 15
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|
Page 16
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.
Page 17
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