Charlty regi5tratlon numbor 1171347 (England and ¥Vales) BLYfH RESOURCE AND INITIATIVE CENTRE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
BLYTH RESOURCE AND INITIATIVE CENTRE LEGAL AND ADMINISTRATIVE INFORMATION Trustees R Snowdon MP Hall J Eaton CL Thompson D OIN8r (Appolnted 15 May 2024) (Appointed 23 October 2024) (Appointed 23 O¢tob8r 2024) A Oliver Charlty numbor 1171347 Prlnclpal addres$ Blyth Community Enterprise Centre Room 118 Ridlèy Stre8t Blyth Northumb8rland England NE24 3AG Independent examln¢r Robson LaidlerAccwntsnts Limited Femwood House Femwood Road Jesmond Newcastle upon Tyne Tyne and Wear England NE2 1TJ Bank•rs National Westminster plc Whitley Bay 18 Parkview Northumberland NE26 2TQ
BLYfH RESOURCE AND INITIATIVE CENTRE CONTENTS Page Trust8es' report Independent examinerfs report statement of financial activitiés Balance sheet Notes to the financial statements 9-15
BLYTH RESOURCE AND INITIATIVE CENTRE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The tnjsteps present thgir annual report and financlal statemgnts for th8 year ended 31 M8rch 2025. The financlal statements have been prepared In accordance wth the accounung pollcl8s set out In not6 1 to the financial statements and comply wSth the charity's govertiing docurnent. the Charilies Act 2011 and 'Accountlng and Reporting by Charities: Statement of Recommended Practice applicoble to ¢harities preparing their aGcounts In accordance with th8 Flnanclal Reporting Standard applicable In the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).. ObJe¢tlveG and actlvldes Blyth Resource and Initlatlve Centre (BRIC} Is a people-ft)cused ¢harity based In Blyth. South East Northumberfand. Our core mission ss to support individuals to achieve long-term, sustainable employment. Many face complex barriers, and we work alongside thern to build confidence, skills and indePenden- enabling more Positive choices and a better quality of life. There ar8 no ellglbility criteda for 8rssing our support. We work collaboratlvely with a wde range of partners to ensure people receive the specialist help they need. Our résponse-to-need approath tailors support to each person's goals. clrcumstsn¢8s and amblttons. BRIC delivers a Mde range of ess8ntial provision to help peop16 progrèss towards employment. This includes: Edu¢alion A blènd of 8ccredited and informal leaming to bulld knowledge and sk1115. This Includes Dlgltal Skills qualifications, Functlonal Skllls In English and Maths, Literacy. digital workshops, emotional w8llbelng and mental health sessions. Employablllty Group and one-ti>one support coverlng job searching. Universal Jobmatch. onling and paper applications. Interview skills and mock intaNiews. As a UKSPF Solid Foundatlons delivery partner Iwlth Thrlvlng Together as lead), we also off6r a popular Cv-writing s8rvi¢e where cllents learn to Thte. upjate and tailor thair own CVS. Dlgltal Incluslon Delivered rOsS Northumberfand. thls programme ensures residents-not only jobseekerthave Ihe dlgltal aktlls to access 8SS8ntial services.18arnlng opportunities and communty life. Drop4n Support Open access to computers th staff support. Whlle available to arryone, priority 18 given to those complettng job- related a¢tivltles suth as job-searching. applications and Universal Jobmatch recording. Publlc Benefft The Trust88s LL>nfimi compliance with the public benefft requlrement under Section 4 of the Charfl8s Act 2011.
BLYTH RESOURCE AND INITIATIVE CENTRE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Arhi?vements and performan The ¢ost-of-living ctlsis continues lo weigh heavily on Blyth and wider Northumberland, and the year ahead remalns ch8118nging. De$prt8 this, BRIC'S Chief Exe¢uliv8 and team have strengthened partnerships and neorkS, suGcessfully delivering a broad programme of adNity. Importanuy, new fun(Jing was secured in a difficult economic dlmate. Key achievements include: cOnnUed dellvery within the UKSPF Solid Foundatlons programme Retention of Centre accreditation for Functional Skills in Maths and English Renewal of Dir6¢1 Claim5 Ststus by NOCN Ongoing delivery of digltal Inclusion training and our Literacy programme, boosting employabllity and confidence Positive feedback from Ofst6d monitoring vlsits Our Board remalned actlve and engaged. Allhough t0 Trustees stepped down, new Trustees were swiftly appointed. improving Board diversity with two female Trustees. Work to further broaden repr6senlation continues. Flnanclal review For th8 y8ar 8nding 31 Marth 2025: Total income: £159.269 Total expenditure.. £156,442 Net income.. £2,827 Total funds- £71,512 The Board noted the November 2024 budget implications for the change in employer Nl contributlons due for implementation in Aprfl 2025. Fundlng BRIC'S income comes from (xjre service delivery and pri)iect•specific grants. Funds prlmarily support Staff, tutors and admlnlstratlve function5. Highllghts induded renewed support from Virgin Money and Greggs, and continued UKSPF Solid Foundations partnershlp funding. Several smaller grants also contributed to a stsble year-end financlal position. relnforcing BRIC'S reputallon as a trust6d and 8ffective d81iv8ry P8rtn9r. Reserves Poll¢y Overall reserves have Increased from £68,685 in 2024 to £71,512 in 2025. Free reserves, being unrestrided resérves not Invested In Ilxed assets totalled £56.407 (2024: £62.8161. Trustees review reserves regularly to ensure BRIC wmains finandalty resilient.
BLYTH RESOURCE AND INITIATIVE CENTRE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Buslness Davelopment Over the year, Trustees explored opportunlttes to widen BRIC'S reach while malntalning our core strengths and acknowledging the small but commltted size of our team. Wth significant regional change, including public-S8Ctor financial pressurès and the establishm8nl of the North East Combined Authorlty. Trustees will continue strateg1¢ development conversations. including a dedicated workshop planned for Summer 2025. As w611 as the pressures on public-sector finances, the Board recognise that th8 private sector and $8ver81 wellstablished Foundations also have reduced money available andlor are changing their focus for investing money. The landscape will therefore be tricky to navlgate, and we noed to ensure wa are aglle to take advantage of potential opportunities. During thls period, CEO Sharron F8wcett joined the Blyth Town Board, strengthening BRIC'S role in local regenerallon and decislon-making. rr Infrastruthr¢ BRIC continues to OP8rat8 a secur8, reslllent rr syslem enabling flexible working for stsff and onllne do10ry for clients when required. The Futuro Northumberfand County Council continues to advance major plans to r8develop Blyth town c8ntre. The op8ning of the Northumberland passenger rail line has already delivered significant positive impact. and further investment is flowing into1he town. As a Town Board member. Sharron Fawcell remans ¢losety Involved. Northumbedand County Council secured major investment from QTS for a £10bn data centre in Cambois. It is expected this development will provlde a signiffcant employmenl and regeneration boost for the local area, both in temis of th8 building and on-going operalion of the f8ciIty as well as for the wlder supply-chain and business community in South East Northumberiand. The UKSPF Solid Foundations programme has been extended to March 202&-its final exten51on. BRIC and Thriving Tog8ther wlll continue working closely to explore successor funding opportunities. The launch of the North East Combin8d Authority {NECA) In May 2025 marks an Important shifi in regional structures. BRIC has worked proactlvely to rnalntain strong relalonshlps durlng thls transition. Structure, govemanco and managornent Governlng document BRIC is a registered charlty govemed by a Constltution and the Charfty Commission. The trustees who served during the ye8r and up to the date of signature of the financtal $iatements W.. R Snowdon MP Hall J Eaton EJ Agar CL Thompson D Oliver A Oliver S Durrant (Appointed 15 May 2024 and resign8d 22 Octob6r 2025) {Apt)ointgd 15 May 2024) (Appointed 23 October 20241 {Appointed 23 October 2024) (Appointed 1 April 2024 and resign8d l D8crnb8r 2024) R•cruitm8nt and appolntment of new Irustaos Trustees are re-appolnted annually at the AGM for up to five consecutive years. Follm'ng the Trustee appointrnents of MrAndy Oliver and Mrs Debbie Oliver in November 2024. who are married couple, actlon was taken to r8vls8 th8 Constiiution to ènsure complian¢e wth Charty Commission guldelines in this regard. Primarily this fosd on the matter of the two lated Trustees havtng a slngla vote on the Board. Documenlatlon was forwarded to the Charity Commission in February 2025 to progress this matter.
BLYTH RESOURCE AND INITIATIVE CENTRE TRUSTEES. REPORT (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Oryanisatlonal Strtre The Board meets every six weeks to oversee govemance, ffinance and stratégic direLion. Debgated authorty sits with the Chair and Viceihair between meetings. Working groups are formed vthen needed. The Chief Executive manages day-ts-day operalions and leads a ttram of four. Inductlon and trAlnlng of new tru8teas New Trustees receNe a comprehensrve inductton pacK meet vth senior leaders. tourthe centre and identify training needs. A skills audit is periodicalty conductsd to guide future recruitment and ensure derSftY of sktlls and perspe¢tivos. Koy management remuneyatlon Salary revlews andjob evaluations arè undèrtaken perlodlcally. Related partl•s BRIC collaborates Vrydely across the voluntary and statutory sectors. Key partnerships indude Thriving Together, NLT. NCVA, CAB and Cygnus through the UKSPF Solid Foundatrons programme. CEO Sharron Fawcett also 8eNes as a Trustee for Heèdway Arts and ts InVod In establlshlng a Read Easy Ilteracy initiative In Northumbèrfand. The trustees, report was approved by the Board of TrusttsS. Rsn Trust86 don
BLYfH RESOURCE AND INITIATIVE CENTRE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BLYfH RESOURCE AND INITIATIVE CENTRE I report to the trustees on my examlnation of th8 financlal ststemenls of Btyth Resource and Inifjative Centre (the charity} for the year ended 31 March 2025. Re8pon81bllltle8 and basis of report As tha trustges of tha chaty you are responsible for the preparation of the flnanclal statements In accordance wlth Ihe requirements of the Charities Act 2011. I report In respect of my examination of the charlty's finandal ststements cdrrled out under $8Gtlon 145 of the Charities Act 2011. In carrwng out my 8xamination I have followed the Dlreciions gNen by the Charlty Commlssion under $8clion 145(5)(b) af the Charities Act 2011. Indepenthnt examinetrs statement I have completed my examination. I conllTm that no matters have come to my attention in connedlon with the examinalion giving me cause lo belleve that In any material respect: accountlng records were not kept In respect of Ihe charity as r8quired by section 130 of the ChaTitles Act 2011. th& financl81 stalernents do nol accord wlth those records: or thè flnancial statements do not comply with the appli{ble requirernents ¢onceming the fomi and content of financial slalements set out in th8 Ch8rIti (Accounts and Rèports) Regulations 2008 other than any requirement that the financial slatem8nts glve a true and fair view, whlch Is not a matter conSided as part of an independent examlnatlon. I have no conMS and have wrne acrcfs no other matters In connection with the examinatlon to which attention 8hould b8 drawn In this report in order to enable a proper understsnding of the financial statsments to be reach8d. Nicholas Cunningham FCCA Robson Laidler Aceountsnts Llmfted Femwood House Fernwood Road Jesmond Newcastle upon Tyne Tyne and W8ar NE2 1TJ England
BLYfH RESOURCE AND INITIATIVE CENTRE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Current finala1 year Unrestrlcted R8strfctod fund$ funds 2025 2025 Total Total 2025 2024 Nolas Donations and18gacies ChaAtable activitbs 140.514 62 18.693 159.207 82 93.126 19,774 Total Income 140.576 18,693 159,269 112,900 dlture on: Charitsble acllvrtles 148.358 8.084 156.442 145.150 Nel {expendire}11nC0m8 for the yearl Net movèment In ftinds (7,782} 10.609 2.827 (32.250) Fund balances 8t 1 April 2024 68,685 68,685 100,935 Fund balances at 31 March 2025 P)0,903 10,609 71,512 68,685 The statement offinancial acllvltles includes all galns and losses recognlsad in the year. The statement of financial actIV&S Includés all galns and losses recognised in th8 year. All Incomp and expendlture derive from contlnuing activtlies.
BLYTH RESOURCE AND INITIATIVE CENTRE STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AqARCH 2025 Prior financlal year Unrestrlctod Rtrfeted Total funds 2024 funds 2024 2024 Notes Donations and legacies Charltable activltte8 93,126 19,774 93.126 19.774 Total income 112,900 112.900 dlture on- Charitable acuvlttes 89.918 55,232 145,150 Net (expendltureyFncome for the yearf Not movement in funds 22.982 {55,232) (32.250) Fund balances at 1 Aprll 2023 45.703 55.232 100,935 Fund balan8 at 31 Mareh 2024 68.685 68,685 statement of financial activttles includes all gains and losses recognised in the year. The ststemenl of flnancial activities includ8s all gains and losses recognised in th8 year. All incLwng and expendRure d8rlve from contlnulng actlvilies.
BLYfH RESOURCE AND INITIATIVE CENTRE BALANCE SHEET AS AT 31 MARCH 2025 2025 NoteB Flxod assets TarKJlble assets 4.496 Current 2ssds Debtors Cash at bank and in hand 320 72.668 71,705 72,988 71.971 Creditors". amounts falling due wlthin one year 10 (5.972) (9,355) Net current assets 67,016 62,616 Total aMets less curvenl Ilabiltties 71.512 68.685 Th6 fund5 of the charty Restrrcted income funds Unrestrictsd funds 14 13 10,609 60,903 71,512 88,685 The financial statempnts wgre approv8d by the tfustees oft ........ ... .... R Snowdon Trusteè
BLYTH RESOURCE AND INITIATIVE CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ountlng pollcles Charlty Informatlon Blyth Resource Bnd Inldatlve Centre 1$ a Charllable Incorporated Organisatlon. (Charlty number: 1171347) 1.1 A¢¢ounting ¢onv8ntion The financial statements have been prepared in accordance wlth the charfty's deed of trust. the Charities Act 2011, FRS 102 Yhe Financial Reporting Standard applicable In the UK and Republic of Iraland. fFRS 102.) and the Charities SORP 'Accounting and Reporting by Charities: Statement of Recomrnended Practice applicab18 to charities weparing their aceounls In accordance with the Financial Reporling Standard applicable in ihe UK and Republi¢ of Irand (FRS 102). (effective 1 January 2019). The charity is 8 Public Benefit Entity as defined by FRS 102. The th8rity has taken advantage of the provisions In the SORP for charities not to prepare a Statement of Cash Fk)ws. The financlal 8latemonts have dèparted from the Chartties {Accounts and Reports) Regulations 2008 only to the extent required to provlde a true and fair view. This d8partur8 has involved following the Statement of Recommended Practice for charilies applying FRS 102 rather than the version of the Statement of Recommended Practice which Is referred to in thé Regulatlons but which has since been withdrawn. Th8 flnancial slatements are prepared in sleTling, which is Ihe fvnctional CUTrenGy ol the charity. Monetary amounts in these financial statements are rounded to Ihe nearest £. The financial slatements have been prepared undgr the hlstorical cost convention. Th8 principal accovnting policies adopted are set out b810w. 1.2 Golng concern At the time of approving the financial stBtgments, the trustees have a reasonablè axpectallon that Ihe charlty has adequats resources to continue in operational e$tence for the foreseeable fviure. Thu5 the trustees continug to adopt the golng con(%rn basis of accounting in weparing the financial statements. 1.3 Charltable funds Unrestricted funds ara available for use at the discretlon of th8 trusteos in fwtherdnce of their charitable objectives. Restricted funds are subject to specrfic conditions by donors or grantor5 as to how they may be used. The purposes And uses of the restricted funds are set out in the notes lo the financial statements. 1.4 Income Income is recognised wh8n th8 charity is lègally ontilled to it aftor any performance conditions have been met, thè amounts can be measured reliably, and it is probable that income wll be recelv8d. GranlE are included in the Statement of Financlal Activities on a receivable basts. The balance of income receiveij for spe¢ifi¢ purposes txjt not expended during the period is shown In the relevant funds on tho Balance Sheet. Where income is received in advance of entitlement. its recognition is deferred and induded in creditors as d8f8rred Incom8. Wherè ènlttlement occurs beforo income Is recalved. Income Is accrued.
BLYTH RESOURCE AND INITIATIVE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles (Contlnued) 1.5 Expenditure Liabilities are recognlsed as 6xp&nditur6 as soon as th8r8 is a legal or constructlva obllgation commlttlng tha charity to that expendlture, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligallon can be measured rellably. Expenditure is accountsd for on an accruals basis and has been clagsrfi8d und8r headlngs that aggregate all cost related to th8 category. Whero Gosts cannot be directly altrlbuted to particular headings they have been allo¢ated to activltles on a basis conslstent with the use of resources. Grants payable are charged in the year when the offer is made except in those cases where the offer L8 conditional, such grants being recognised as expenditure when the conditions attaching are fijlfilled. Grants offered subject to conditions [Ch have not been met at the year end dal8 are noted as a commllment bLrt nol aGcru8d as oxpenditure. All expenditure is inclus5ve of irrecoverable VAT. 1.6 Tangiblo fad assels Tangible fixed assets a initlalty measured at cost and subsequenty measur8d at ¢ost or valuatlon, net of depredation and any impaimient Ioss8S. Depreciatlon is re¢ognised so as to write off the cost or valuation of ass@ts less their residual values over their useful lives on the following bas8S'. F5xiures and ffltings 20% straight lin8 1.7 Cash and cash equivalents Cash and cash equlvalents include cash in hand, deposlts held at call wlth banks, other short-tarm liquid Investments with original maturilies of three months or less, and bank overdrafts. Bank overdrafts ar8 shown vithin borr(PNings in current liabilitl8s. 1 A Taxation The charity is exompt from tax on Its charltable actlvlues. 1.9 Retlrement ben•fits Payments to defined conlributlon retirement benefit schernes are charged as an expen88 88 they fall due. Incoma from donatlons and legacies Unrestrlcted Restrlcted funds funds 2025 2025 Tolal Unr8Strlcted Rejstrlctsd funds funds 2024 21)24 Total 2025 2024 Grants 140.514 18.693 159,207 93,126 93.126 10-
BLYfH RESOURCE AND INITIATIVE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expondlture on charltablo activltl•B Charlty a¢tivitles 2025 Charlty activitles 2024 Dlrèct costs Staff costs Depreclation and impaimient Rent Registralton fees Tutor costs Annual Subscrlpfjons Staff expenses and training Advertising 106,797 2,373 17,527 5.842 14.143 102.117 2,215 15.961 2,405 11,Tr10 2204 504 3.342 537 149,954 137,617 Share of support and govemanGe Costs (so0 note 4) Support Governan 4.653 1.835 5,767 1,766 156.442 145,150 Analysis by furKI Unrestricted funds Restrlctad fund$ 148.358 8.084 89,918 55.232 156,442 145,150 Support costs allo¢at8d to aclfvltles 2025 2024 Insurance Telephon8 Postsg8 and slationery Office costs Stsff travel Bank charges Governance costs 1.064 161 1.490 1,402 395 141 1,835 1,013 55 1,358 3.057 150 159 1,741 7,533 Anatysed between: Charlty actlvltles 6.488 7,533 11
BLYTH RESOURCE AND INITIATIVE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Trustees None of th8 truste8s (or any persons connacted wlth them) rec8lv8d any rernuneratlon or benefits from th8 charity durlng the year. Employee$ The average monthly number of employees during the year was.. 2025 Numbw 2024 Number Operational staff Employment Costs 2025 2024 Wages and salarfes Social security costs other pension costs 101.167 2,685 2.945 97,309 2.152 2,656 106.797 102.117 During th8 year, key management r8muneretion totalled £33,026 (2024". 32,889). There were no employees whose annual remuneration was £60.000 or more. Taxation The charity is exempt from tsxalion on its activities because all its income Is applied for charitable purposes. 12-
BLYfH RESOURCE AND INITIATIVE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Tanglbl• flxad as8èts Fixtures and fltllngs Cost At 1 April 2024 Additions 11,199 At 31 March 2025 11.999 Deprnclatlon and Impalm)ent At 1 April 2024 Dopreciatlon chargad In th8 year 5.130 2.373 At 31 March 2025 7.503 Carrylng amount At 31 March 2025 4,496 At 31 March 2024 6,069 Debtors 2025 2024 Amounts falllng dué wlthln one year: Prepayments and accrued Incomè 320 266 10 Creditors: amounts falllng dug wiUHn one year 2025 2024 Other t8xation and social security Trad8 creditors Other Credltors Accruals and deferred income 1,719 2.249 6.518 1,459 106 1,272 1,456 5,972 9.355 11 Retirement benefit ¥chemes 2025 2024 Dèfined contrfbutlon schemès Charge to profit or loss in Spect of d8fin8d contritnrtlon schemes 2,656 The charity operates a defined contribution pension scheme for all quallfying employees. The assets of the scheme are hdd sèparately from those of the charity in an ind8pendgnUy admini5t2red fund. 13-
BLYfH RESOURCE AND INITIATIVE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Anaty5i$ of net assets betwegn funds Unrestrlcted Restrlcted fund5 funds 2025 2025 Total 2025 At 31 March 2025: Tangible assets Current assètsl{li8bilitses) 4,496 56,407 4,496 67,016 10.609 60,903 10,609 71.512 Unrestrict•d fund$ 2024 Roslrlcted funds 2024 Total 2024 At 31 March 2024: Tangible assets Current assetsllliabilittes) 6,069 62,616 6.069 82,616 68,685 68,685 13 Unfestrictsd funds The unr8Strf¢ted fijnds of the Gharity comprise th8 ungxpended balances of dOnaonS and grants which are not subJect to specific Gondittons by donors and grantors as to how they may be used. These indude designated funds which have been sèt askle out of unrestrlctéd funds by the tru3tses for specific purpo8èS. At 1 April 2024 Incoming resL>urces Resour5 At 31 March axpendod 2025 General funds 68,685 140,576 1148,358) 60,903 Prevlous year: At l April 2023 In¢omlng Resources At 31 March resources expondgd 2024 General ftjnds 45,703 112,900 (89,918) 68,685 14-
BLYfH RESOURCE AND INITIATIVE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Rostrtcted funds The restrlcted fjjnds of the charlty cMprISe the unexpended balance5 of donatlons and grants held on trust subject to speclfic conditions ty donors as to how they may be used. Movement In funds kncomlng R•8ources Balance at sourc•s expend8d 31 Mar¢h 2025 Balan at 1 Aprll 2024 The Bernicia Foundation Acc965 Foundatlon 6,OC4) 12.693 (2.796) (5.288) 3204 7.405 18.693 (8,084) 10,609 Access Foundati In accordance with the 18ms of Ihe grant. these funds are to b8 Used solely for the delivery of our Roving IT provision, and cannot b8 applled to any other charitable activities. At year-end. the balance of r8Stricied fvnds refiects the unspent portion of the grant, whlch will be carried forward and utilised in line wth th8 fijnderfs condlllon5 in the forthcoming period. Bemlcl In accordan(% with the tern of the grant. these funds are to b8 us8d solely for the d8llv8ry of our Functional Skills pVIsIon, and cannot be applied to any other charltab18 actIvIes. At year*nd, the balan of restricted nds reftects the unsp8nt pOrn of the grant, whlch wrll be carrled forward and utilised in Iln8 Wtth the funder's conditions in the forthcoming pertod. 15 Related party transactlons There were no dlsclosable related party transadons durjng the y8ar (2024 - none). 15-