**Registered number: 13459363 Charity number: 1196573**
**OUSA LIMITED (previously EFT London)**
**(A company limited by guarantee)**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30 JUNE 2024**
## **OUSA LIMITED**
## **(A company limited by guarantee)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Company, its Trustees and advisers**|1|
|**Trustees' report**|2 - 4|
|**Independent auditors' report on the financial statements**|5 - 9|
|**Statement of financial activities**|10|
|**Balance sheet**|11 - 12|
|**Statement of cash flows**|13|
|**Notes to the financial statements**|14 - 24|
**OUSA LIMITED (A company limited by guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2024**
|**Trustees**|L C M S de Pontes|
|---|---|
||S P Bennett|
||D Mastrorocco|
||A B Kunhardt|
|**Company registered**
**number**
13459363
**Charity registered**
**number**
1196573
**Registered office**
Third Floor
20 Old Bailey
London
EC4M 7AN
**Independent auditors**
Sumer Auditco Limited
14th Floor
33 Cavendish Square
London
W1G 0PW||
Page 1
## **OUSA LIMITED**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2024**
The Trustees present their annual report together with the audited financial statements of the Company for the period 1 July 2023 to 30 June 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
## **Objectives and activities**
## **a. Policies and objectives**
Ousa Limited was established in 2021 to advance education in information technology for the benefit of the public in such ways as the trustees think fit including but not limited to the establishment, maintenance and operation of training centres and the provision of courses to teach information technology.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **Achievements and performance**
## **a. Key Activities and Achievements**
The charity was incorporated on 16 June 2021 and registration with the charity commission was completed on 15 November 2021.
The charity was setup to establish a software engineering training centre in London, England. During the first period of activity the charity signed a lease for a premise in central London that after significant refurbishment and development was then used as the charity's training centre. The training centre officially opened on the 31 October 2023 and was used successfully throughout this accounting period.
During the year, the break clause on the premise lease was enacted and on the 28 September 2024 the charity moved its operation to a new location in London, continuing to offer its training program.
The Charity has a partnership with the worldwide brand '42', a collection of software engineering training centres located around the world.
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Trustees have agreed to continue to financially support the charity and for this reason, they continue to adopt the going concern basis in preparing the financial statements.
Page 2
## **OUSA LIMITED**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024**
## **b. Reserves policy**
The Charity's policy is to set aside funds for special purposes or as reserves against future expenditure.
## **c. Principal risks and uncertainties**
The principal risk of the charity is the loss of key staff members and funding.
## **d. Financial Review**
The results for the period are set out on page 11. The Trustees believe that the accounts comply with current statutory requirements, the requirements of the charity's governing document and the requirement of the SORP.
## **Structure, governance and management**
## **a. Constitution**
Ousa Limited is registered as a charitable company limited by guarantee and was set up by a Trust deed.
## **b. Methods of appointment or election of Trustees**
The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
## **c. Organisational structure and decision-making policies**
The organisation is overseen by the Board of Trustees. The Board of Trustees are responsible for ensuring safe and legal governance and financial operations.
The Board of Trustees during the year consisted of:
Lilian Cuhna Monnerat Solon de Pontes (chair) Daniela Mastrorocco Anne Bronwyn Kunhardt (Appointed on 21 June 2024)
Post year end, Sarah Philippa Bennett was appointed as Trustee on 18 November 2024.
The trustees are committed to upholding the principles of the Charity Governance Code to ensure that Ousa Limited is governed effectively and in line with best practices. The Board regularly reviews its governance framework and decision-making processes to align with the Code’s principles, including integrity, transparency, and accountability. The trustees strive to apply these principles in all aspects of Ousa’s operations, ensuring that governance decisions and day-to-day activities support its mission.
## **d. Financial risk management**
The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Page 3
## **OUSA LIMITED**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024**
## **Statement of Trustees' responsibilities**
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Small Company Provision**
These financial statements have been prepared in accordance with the special provisions relating to small companies within part 15 of the Companies Act 2006.
## **Disclosure of information to auditors**
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
- so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
## **Auditors**
The auditors, Sumer Auditco Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
## **L C M S de Pontes**
Date: 31/3/2025 | 10:12 BST
Page 4
## **OUSA LIMITED**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OUSA LIMITED**
## **Opinion**
We have audited the financial statements of Ousa Limited (the 'charitable company') for the year ended 30 June 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 30 June 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 5
**OUSA LIMITED**
**(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OUSA LIMITED (CONTINUED)**
## **Other information**
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Trustees' report is inconsistent in any material respect with the financial
- statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit; or
## **Responsibilities of trustees**
As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Page 6
**OUSA LIMITED**
**(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OUSA LIMITED (CONTINUED)**
## **Auditors' responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:
- the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;
- the nature of the charity including its management structure and control systems (including the opportunity for management to override such controls);
- management’s incentives and opportunities for fraudulent manipulation of the financial statements; and
- the environment in which it operates.
We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006 and the Charities Act 2011.
Based on this understanding we identified the following matters as being of significance to the entity:
- laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, Charity Law;
- management bias in selecting accounting policies and determining estimates;
- the valuation of tangible fixed assets;
- the timing of the recognition of income;
- recoverability of debtors;
- that donations made to other organisatons are in accordance with the charity's objectives; and
- inappropriate journal entries.
Page 7
## **OUSA LIMITED**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OUSA LIMITED (CONTINUED)**
We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:
- enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations and discussions with the same regarding any known or suspected instances of noncompliance and fraud;
- enquiries with the same concerning any actual or potential litigation or claims;
- inspection of relevant legal correspondence;
- assessment of matters reported to management and the result of the subsequent investigation;
- obtaining an understanding of the relevant controls;
- challenging assumptions made by management in their specific accounting policies and estimates, in particular in relation to the impairment of tangible fixed assets;
- obtaining an understanding of the policies and controls over the recognition of income and donations and testing their implementation during the year;
- assessing the recovery of debtors in the period since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding;
- reviewing the recipients of donations as shown in the charity’s records and ensuring compliance with the trust deed;
- reviewing the financial statements for compliance with the relevant disclosure requirements;
- performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;
- reviewing the minutes of Board meetings;
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash; and
- evaluating the underlying business reasons for any unusual transactions.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Page 8
**(A company limited by guarantee)**
## **OUSA LIMITED**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OUSA LIMITED (CONTINUED)**
## **Use of our report**
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
## **Nick Weller FCCA (Senior statutory auditor)**
for and on behalf of **Sumer Auditco Limited** Statutory Auditors 14th Floor 33 Cavendish Square London W1G 0PW
## **Sumer Auditco Limited**
Date: 31/3/2025 | 10:12 BST
Sumer Auditco Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 9
## **OUSA LIMITED**
## **(A company limited by guarantee)**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2024**
|**Note**
**Income from:**
Donations and legacies
3
Other income
4
**Total income**
**Expenditure on:**
Charitable activities
5
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
2,239,117
14,360
2,253,477
1,982,154
1,982,154
271,323
(1,078,910)
271,323
(807,587)|**Total**
**funds**
**2024**
**£**
2,239,117
14,360
2,253,477
1,982,154
1,982,154
271,323
(1,078,910)
271,323
(807,587)|**As restated**
**Total**
**funds**
**2023**
**£**
264,353
678|
|---|---|---|---|
||||265,031
1,651,404|
||||1,651,404
(1,386,373)
307,463
(1,386,373)|
||||(1,078,910)|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 14 to 24 form part of these financial statements.
Page 10
## **OUSA LIMITED (A company limited by guarantee) REGISTERED NUMBER: 13459363**
## **BALANCE SHEET AS AT 30 JUNE 2024**
|**Note**
**Fixed assets**
Tangible assets
8
**Current assets**
Debtors
9
Cash at bank and in hand
Creditors: amounts falling due within one
year
10
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
11
**Total net liabilities**
**Charity funds**
Unrestricted funds
12
**Total funds**|353,040
1,283,504
1,636,544
(394,235)|**2024**
**£**
550,104
550,104
1,242,309
1,792,413
(2,600,000)
(807,587)
(807,587)
(807,587)|339,644
333,491
673,135
(105,117)|**As restated**
**2023**
**£**
953,072|
|---|---|---|---|---|
|||||953,072
568,018|
|||||1,521,090
(2,600,000)|
|||||(1,078,910)
(1,078,910)|
|||||(1,078,910)|
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
However, an audit is required in accordance with section 144 of the Charities Act 2011.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
Page 11
## **OUSA LIMITED**
**(A company limited by guarantee) REGISTERED NUMBER: 13459363**
**BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2024**
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
## **L C M S de Pontes**
Date: 31/3/2025 | 10:12 BST
The notes on pages 14 to 24 form part of these financial statements.
Page 12
## **OUSA LIMITED**
## **(A company limited by guarantee)**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024**
|**Note**
**Cash flows from operating activities**
Net cash used in operating activities
14
**Cash flows from investing activities**
Purchase of tangible fixed assets
**Net cash used in investing activities**
**Cash flows from financing activities**
Cash inflows from new borrowing
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
15
The notes on pages 14 to 24 form part of these financial statements|**2024**
**£**
950,994
(981)
(981)
-
-
950,013
333,491
1,283,504|**2023**
**£**
(998,226)
(505,923)|
|---|---|---|
|||(505,923)
1,750,000|
|||1,750,000
245,851
87,640|
|||333,491|
Page 13
**(A company limited by guarantee)**
## **OUSA LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024**
## **1. General information**
Ousa Limited (previously EFT London) is a registerd charity and Private Limited Company by guarantee without share capital, incorporated in England and Wales. Company registration 13459363, Charity registration number 1196573. The address of the registered office is Third Floor, 20 Old Bailey, London, EC4M 7AN.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Ousa Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Income**
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
## **2.3 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
## **2.4 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 14
**(A company limited by guarantee)**
## **OUSA LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024**
## **2. Accounting policies (continued)**
## **2.5 Foreign currencies**
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of financial activities.
## **2.6 Tangible fixed assets and depreciation**
Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
|Short-term leasehold property|- Depreciated over the term of the lease|
|---|---|
|Fixtures and fittings|- Depreciated over 5 years|
|Computer equipment|- Depreciated over 10 years|
## **2.7 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.8 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.9 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
Page 15
**(A company limited by guarantee)**
## **OUSA LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024**
## **2. Accounting policies (continued)**
## **2.10 Financial instruments**
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.11 Operating leases**
Rentals paid under operating leases are charged to the Statement of financial activities on a straightline basis over the lease term.
## **2.12 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
## **3. Income from donations and legacies**
||**Unrestricted**|**Total**|**Total**|
|---|---|---|---|
||**funds**|**funds**|**funds**|
||**2024**|**2024**|**2023**|
||**£**|**£**|**£**|
|Donations|2,239,117|2,239,117|264,353|
## **4. Other incoming resources**
||**Unrestricted**|**Total**|**Total**|
|---|---|---|---|
||**funds**|**funds**|**funds**|
||**2024**|**2024**|**2023**|
||**£**|**£**|**£**|
|Interest Receivable|14,360|14,360|678|
Page 16
**(A company limited by guarantee)**
## **OUSA LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024**
## **5. Analysis of expenditure by activities**
|Providing education in
information technology
Early childhood education and
development of
disadvantaged children|**Activities**
**undertaken**
**directly**
**2024**
**£**
1,237,697
-
1,237,697|**Grant**
**funding of**
**activities**
**2024**
**£**
53,145
30,000
83,145|**Support**
**costs**
**2024**
**£**
661,312
-
661,312|**Total**
**funds**
**2024**
**£**
1,952,154
30,000
1,982,154|**As restated**
**Total**
**funds**
**2023**
**£**
1,651,404
-|
|---|---|---|---|---|---|
||||||1,651,404|
## **Analysis of direct costs**
|**Providing**
**education in**
**information**
**technology**
**2024**
**£**
Depreciation
403,949
Rent
572,550
Licenses
16,211
IT Software & Consumables
21,984
Staff salaries - direct costs
130,539
Cleaning
17,003
Rates
75,461
1,237,697|**Total**
**funds**
**2024**
**£**
403,949
572,550
16,211
21,984
130,539
17,003
75,461
1,237,697|**As restated**
**Total**
**funds**
**2023**
**£**
184,378
570,328
44,767
25,302
68,764
6,067
85,346|
|---|---|---|
|||984,952|
Page 17
**(A company limited by guarantee)**
## **OUSA LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024**
## **5. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Staff costs
Bank fees
Accountancy fees
Forex gain
Travel
Consulting
Postage, freight and courier
Insurance
Interest paid
Legal fees
Staff training
Repairs & maintenance
Printing
Entertainment
Telephone
Advertising & marketing
Audit fees|**Activities**
**2024**
**£**
80,768
359
7,809
30,345
30,022
144,364
-
1,763
135,172
6,514
18,023
7,307
950
4,451
501
184,564
8,400
661,312|**Total**
**funds**
**2024**
**£**
80,768
359
7,809
30,345
30,022
144,364
-
1,763
135,172
6,514
18,023
7,307
950
4,451
501
184,564
8,400
661,312|**Total**
**funds**
**2023**
**£**
75,597
11
10,644
1,428
14,299
8,861
2,804
2,909
60,093
18,591
-
8,859
3,823
493
159
208,100
-|
|---|---|---|---|
||||416,671|
## **6. Analysis of grants**
|Providing education in information technology
Early childhood education and development of
disadvantaged children|**Grants to**
**Institutions**
**2024**
**£**
53,145
30,000
83,145|**Total**
**funds**
**2024**
**£**
53,145
30,000
83,145|**Total**
**funds**
**2023**
**£**
249,781
-|
|---|---|---|---|
||||249,781|
Page 18
**(A company limited by guarantee)**
## **OUSA LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024**
## **7. Employees**
The average number of employees, including the Trustees, during the year was 5 (2023 - 4).
Included in expenditure is £72,000 (2023 - £66,167) of salary paid to L C M S de Pontes, a Trustee. This level of salary is in line with the charity's governing document and was paid to the Trustee for the strategic and administrative management of the charity.
## **8. Tangible fixed assets**
|**Cost or valuation**
At 1 July 2023
Additions
At 30 June 2024
**Depreciation**
At 1 July 2023
Charge for the year
At 30 June 2024
**Net book value**
At 30 June 2024
At 30 June 2023|**Leasehold**
**improvements**
**£**
428,527
-
428,527
85,705
299,969
385,674
42,853
342,822|**Fixtures and**
**fittings**
**£**
330,132
-
330,132
61,730
66,026
127,756
202,376
268,402|**Computer**
**equipment**
**£**
378,791
981
379,772
36,943
37,954
74,897
304,875
341,848|**Total**
**£**
1,137,450
981|
|---|---|---|---|---|
|||||1,138,431|
|||||184,378
403,949|
|||||588,327|
|||||550,104|
|||||953,072|
Page 19
**(A company limited by guarantee)**
## **OUSA LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024**
## **9. Debtors**
|**Due after more than one year**
Other debtors
**Due within one year**
Other debtors
Prepayments and accrued income|**2024**
**£**
-
283,760
69,280
353,040|**As restated**
**2023**
**£**
283,019
-
56,625|
|---|---|---|
||||
|||339,644|
## **10. Creditors: Amounts falling due within one year**
|Trade creditors
Other creditors
Accruals and deferred income|**2024**
**£**
177,065
257
216,913
394,235|**2023**
**£**
23,901
14,762
66,454|
|---|---|---|
||||
|||105,117|
## **11. Creditors: Amounts falling due after more than one year**
||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Other loans|2,600,000|2,600,000|
Page 20
## **OUSA LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024**
## **12. Statement of funds**
## **Statement of funds - current year**
|**General Funds**
Total funds
**Statement of funds - prior year**
**General Funds**
Total funds|**Balance at 1**
**July 2023**
**£**
(1,078,910)
**Balance at**
**1 July 2022**
**£**
307,463|**Income**
**£**
2,253,477
**Income**
**£**
265,031|**Expenditure**
**£**
(1,982,154)
**As restated**
**Expenditure**
**£**
(1,651,404)|**Balance at**
**30 June**
**2024**
**£**
(807,587)
**Balance at**
**30 June**
**2023**
**£**
(1,078,910)|
|---|---|---|---|---|
## **Designated Funds**
The training centre fund - this fund represents the capital expenditure in regards to the lease of the training centre at 30 Millbank, London net of any loans used to finance this expenditure. At the year end, the capitalised cost is exactly matched by outstanding loans and therefore the fund balance is zero. The training centre is the charity's place of learning whereby seminars, conferences, lectures and courses will be held.
## **General Funds**
The general funds are used to meet both the direct and support costs of running the training centre.
Page 21
**(A company limited by guarantee)**
## **OUSA LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024**
## **13. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|**Unrestricted**
**funds**
**2024**
**£**
Tangible fixed assets
550,104
Current assets
1,636,544
Creditors due within one year
(394,235)
Creditors due in more than one year
(2,600,000)
**Total**
(807,587)|**Total**
**funds**
**2024**
**£**
550,104
1,636,544
(394,235)
(2,600,000)
(807,587)|
|---|---|
## **Analysis of net assets between funds - prior period**
|**Unrestricted**
**funds**
**2023**
**£**
Tangible fixed assets
953,072
Debtors due after more than one year
283,019
Current assets
390,116
Creditors due within one year
(105,117)
Creditors due in more than one year
(2,600,000)
**Total**
(1,078,910)|**Total**
**funds**
**2023**
**£**
953,072
283,019
390,116
(105,117)
(2,600,000)
(1,078,910)|
|---|---|
Page 22
## **OUSA LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024**
## **14. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income/expenditure for the period (as per Statement
Activities)
**Adjustments for:**
Depreciation charges
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash provided by/(used in) operating activities**
**15.**
**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**
**16.**
**Analysis of changes in net debt**
Cash at bank and in hand
Debt due after 1 year|of Financial
**At 1 July**
**2023**
**£**
333,491
(2,600,000)
(2,266,509)|**2024**
**£**
271,323
403,949
(13,396)
289,118
950,994
**2024**
**£**
1,283,504
1,283,504
**Cash flows**
**£**
950,013
-
950,013|**2023**
**£**
(1,386,373)|
|---|---|---|---|
||||184,378
256,528
(52,759)
(998,226)
**2023**
**£**
333,491
333,491
**At 30 June**
**2024**
**£**
1,283,504
(2,600,000)
(1,316,496)|
Page 23
**(A company limited by guarantee)**
## **OUSA LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024**
## **17. Operating lease commitments**
At 30 June 2024 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:
|Not later than 1 year
Later than 1 year and not later than 5 years|**2024**
**£**
143,138
-
143,138|**2023**
**£**
572,550
1,717,650|
|---|---|---|
||||
|||2,290,200|
## **18. Related party transactions**
During the year, cash donations of £2,239,117 (2023 - £264,353) were received from entities controlled by a Trustees close relative.
At the balance sheet date, included in other loans, is an amount of £2,480,000 (2023: £2,480,000) owed to a Trustees close relative. The loan carries an interest rate of SONIA pro-rata-die and £135,172 (2023: £61,754) of interest is included in accruals at the year end.
## **19. Prior year adjustment**
During the current financial year, it was identified that the rates expense in the prior year was overstated and therefore this has been corrected in the current year.
The impact of this adjustment on the financial statements is as follows:
Statement of Financial Activities: Total expenses for the prior year has decreased from £1,706,498 to £1,651,404.
Statement of Financial Position: Net assets as at 30 June 2023 has increased from negative £1,134,004 to negative £1,078,910.
Page 24