Charity reglstratlon number 0281859 Company re9istration number 01508550 (England and Wolesl THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION Tru$iees Rithard Day Robert Kidd John Rudd Richard Stewart MBE John Trnan Katherine Wdls Mthael West (Appointed 22 Augusl 20231 Secretary Philip Hopkins Charlty number 0281859 Company number 01508550 Chlef execuilv• Philip Hopkir Registered office 33 Palmeira Man$$ Church Road Hove East Sussex 8N3 2GB Audltors Friend-james Limited 4th Floor. Park Gate 161-163 Prest Road Brighton East Sussex BN1 6AF
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE CONTENTS Trusté•5' faport Statement ol Irust&e5' rèsponsibilities Indepondenl atjdilorfs report statement of finandal actIvitS 10 Statement of financial positk)n 11 S¢al•m•nt ol cash llows 12 Noles to the finanual statements 13-24
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Irustees present their rew)rt and a¢¢tS lor the year ended 31 December 2023. Thè accoun¢s have been prepared in accordan with Ihe acctyjnting rKdi(#es set rAJt in note 1 to the accounts and comply wrth the charitys Memorandum and Artides of Association. the Companies Act 2006 and 'AUntIng and Reporting by Charities.. Staternent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appliCae in the UK and Republic of Ireland IFRS 1021" las amended for acctyjnting periods commencitvj Irom 1 January 2019} Objectives and actlvfjtres The charity's object and its prinupal aclivity tontinues to be that of providing educatsonal services to fOJn Students, including Ihe provisi of scholarships and the dèvelopment of materiaL% and methods of t8athing English as a foreign language. The airns tsl the charity are the 8(fvancement of education for the public benefil through: the teaching of English as a foreign language. promoting int8rcultural understanding and èncouraging appreciation ol the different ways we all live. think and learn. the instrtutson and organisatitsn of charilable scho$ for teaching English as a fOJn language in the UK. the provisron o15cholatships and the devewient ol materia15 arKI methods of teaching English as 8 forewJn language. The CO values of the thanty in fvtrtherance of its objects are.. Exc•llen¢e: to offer ihe hhest standards in teaching. training. ser¥ices and facilities. Integrity.. to be honest. fair and ethical in all relationships. Innovation: bdieve in constanuy wwing and deveh)ping our tead)ing. faiilibes. $8Mces and staff. Respect.. endeavour to treat everyone equalty and with respecl. urKler5tanding that everyone Is unique with different needs and different g)81s. Collaboratlon: recognise Ihe im[anCe of working and s¢udying I£ther. as a team. All of the chanty's activities a Charttable. Any finanrial surplus is available to fund futu developments ol the charity In pursuit of ils objects. The ¢nJst88s have paid due 98rd lo guidance issued by the Charity Comrnissn in deciding what activities the charily should undertake. The activities a budgeted to meet the charivs needs at the expected ¥81 of students.
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT {INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Strat•glc report Achl•¥¢ments and p•rlorman¢• 2023 was once ag8in better Ih8n for8casl th the charity gora1•n9 a grèater than expedgd surplus. Strsdont numbers at the three schools. an improvement on 2022. had to be capped cixnpared with p0Vid due to more limited availability ol teachers and hosi families. Hi9her student numbèrs. c£*nb"nued tl9ht controls over spending and a bett8r than exp6ct•d a418d to the better than forfrcast surplus. The ¢harily continued to provide scholarships and granls to widen access and support local. national, and inlemalional organisations in accordance wrth its charitable objects. The charity provided tuition scholarships for Ukrainian refugees at all 3 schools and offered 2 scholarships lo enable overseas teachers of English lo attend Ihe IATEFL Ilnternalional Association ol Teachers of ENJlish as a FOren Language) conference. The chaflty continued lo support the loral community by offering subsidisèd rental ol classrooms lo local educational organisalions in Bnghton in the evenings leg Phibsophy Soo8ty1 and to Sussex Oyn Centre for Ex8min•tions to run C8rnbrid9è ESOL examinalM)ns. Th•r• continued to be 8 goc4J numb•r of govemrnent Sp$r• students (through regK•naVnational governmont programm85 in SaLtili Arabia and Omanl and a small number of teachèrs sludying on ov$rs•as t•achers' developmfjnl courses land General English) wth funding from tha Eu's Erasmus+ programmè. Flnanclal r•vl•w The Ststemenl of Financial Activtties shows 8 ¥Ufplus of £182.68712022' surplus of £212.745I and unr8strkt8d lund8 Stand at £583.70512022'. £354.5911. Tho freehold land and buildings were revalyed in 2018. The SerV& $tÈnds at £S.844.286 12022.. £5.844.2861. Totsl r¢¥erv•s 8t 31 Oecember 2023 wefe £6.427.991 12022.. £6,254.3041. Th8 InJ31••$ 8r• sats'sfied that the n¢ussary finance and $yst•m8 arn in place to onabl• the charity lo mainthin rinoncial suslalnabllily. The trustees have approvtrd the raiKJnalbsati¢)n of borrowings wilh Ihè aim ol ensurin9 the luturè of the charity. The trustees reviewed the Gh8rity's res•Nes policy. The charity has a policy of hdIng sufficient reserves lo fund major refurbi$hm8nl works io updale the thr88 cenlres and their properties. This Is ongoing wort and il i¥ expected that a similar18vel of roseMs will be required in th• lutura. The trustees ha a poliry in pla¢? that any tamporary cash surplus is held in an in¢erest-beanng account. Plan8 for th• fvture The main focus for 2024 is to continue lo build a Sustainab recov8ry Iwar the corning years, f8cruitin9 new acad8rn1¢ and admin slalf lo comfortably manage the increasè in bwkings as well as managing the excellenca and investing more money in necessary maintenance of Infrastructu and achievin9 the best possible oulcomes in th8 British Council inspections at a113 schools. The charity 11 foDJs on rts corg rnnge of courses and educational seryices and maintabning presence in Ihe market. Stru¢tur•, govemonce and management Tho charity is a company limited by guarantee and 15 th•relore governed by a memorandum and artidas of assooxalion. Thè Legal and Administr8tiv• Infomialion pag8 lorms parl of this reprmi. The fnJ8lee$, who are also the direr9 lor the purkM)se of company law, and who seNed during the year and up to the dale ol signature of the financial slatements weTr'. Richard Day Robert Kidd John Rudd Richard Stewart MBE
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT IINCLUDING DIRECTORS. REPORT AND STRATEGIC REPORn (CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2023 John Trnan Katherine Wells Michael West (Apwnted 22 Augusi 20231 None ol the Iruslees has any beneficial interesl in the ¢ompY. All ol tho truslees a mèmbtrrs of the company and guarantee lo contribute £1 in thè èvent of a ndIng up. Th8 Board of Trusts•s requir48 brtradth ar depth of experience to cary ils duts'gs ellectlvgty and eNicienty. The recwitm8nl of suilable persons with tho tim¢ available lo giv• is always a difficult task. However, th& tru$tso$ w$k to èn$uTt Ihal th• IlOng altribules are represented arn98t its membgrs.. Legal b8ck9round Fin3nci811 acctyjnling •Xpèric Education exptsnence . Business experience al a Senior management level Diverse b8¢kgrounds Tho trust$ r8c8ivo support wth training wh•r• appnjpriate. The trustees are responsible for the ¢)verall managem•ni of th• charity and Ma at l&ast Iouf times each year. All Iruslèès giv• ol Ihair tim8 Ir88ty and r•1¥ no remuneration or olher benefil from their WO wilh Ihg ch8rfty. The truste88 determine the general Folicy ol lh tharity. Th• day to Oay runnSng of Ihe charity is delegaied to the ehi*l exècutive and the sonior management team. The ch1 executive and the senTror management tèam undertake the key leadership role overseeing educaiional, empbymènt and admlnistra14ve functions. Thé chiel exeeulivè is invited lo attend meetings ol the Irustee8. and the th18f execvbve has al$0 undartakèn tha role of company secretary. Key management r¢muneral1 is set by a Committ•• appoint&d by the board induding 8Xtern&l advisors. The trvslees have assessed the major ri5kg to whiGh the charty is exposéd. and ar• satisfied that systems are in placè to mitigatè èxposurè to thè major risks. The charity has a policy (o cover all exlernal insurable risks. Internal risks ale minimised by the irnplemenlaln of pr(dre$ for atrthorisation of all transactions and projecls. These procedures are peri()diLlY reviewgd to ènsurè Ihai Ih8y Slill m••t tha needs ol the charfty. Ther8 are no active conneclad charlts.es with whom the charity has malerial transadions. A•s•t eov•r lor lund• Tho funds of Ihè charity afè 811 unrastrlcted for charitable purposes. These assets are considered sufficienl to rneel the charily's obligalKJns. Employ•• In¥ol¥•m•nt Applicalvns for employment by disabled persons are alay5 lully considered, beanng in mind the aptitudes ol the applicant conc6mod. In the event of members of siaff becoming disabled. gvery gffort is mad? to ensure ihat their employment W7lhin the charity continues arKI Ihal the appropnaie iraining is arranged. It is the policy of th8 charity that the training. Career development and promotion of disab18d persons should. as far as possiblo. b& idenlical to Ihal of Olher employees. Audltor In 8CCOfdance wth the company's artides. a 901On proposir4J that FriendarneS Limited be reappointed as auditor of the company will be put at a General Meeting.
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT> (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Dlsclosur• of inforniation to audttor Each of the trustees has ¢onfirrned that )e is informatitin of which they are awa which is relèvant to the audrt, but of which the auditor is unaware. They have further confirmed Ihat they have taken appropriate steps to idenb.fy such relevant infofmation and to 8siablish that the auditor is aware of such inf0rn8ti0n. 51oes' report. induding Ihe strategic report, was apwoved by the Boanl of Trustees. Rlch Trust Dated". rd Stewart 8E
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees. who are also the director5 of The English Language Centre lor the purpose of company law. are responssble for preparing the Trustees, Report and the financial stalements in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingclom Generally Accepted Accountsng Pract81. Cornp8ny Law requires the trus¢ees to prepare financial statements for each fir)ancial year which give 8 true and fair view ol the state of affabrs of th8 charty an¢J of the Incoming resoLbrces and application of resources. induding the income and expenditur8, of the charitable o)mpany for that year. In Pfeparing these financial slatements, Ihe trustees a require(I to.. - select suitable aceounling poliaes and then apply them consistenlty: - obsetve the methods and principles in thè Charities SORP.. make judgements and estimates that are reasonable an¢J prudent.. 8tat8 wh8th8r applicable UK A¢ntIng Standards ha been lollowed. $ubiect to any malerial departur85 disclose¢J and explained in the financial Statelents." and - prepar8 ihe firbancial statements on the g(M'ng rA)ncem basis unless it is inappropriate to presume that the charity vhll continue in operation. The trustees are responsible for keewng adequate acwunting records thai disclose with reasonable accuracy al any time the financial position of the charity and 8nable theffl lo ensvfe that the fmanual statements comply wth the Companies Act 2006. They a also respons1te lor safeguarding the assets of the charity and hence fo¥ taking reasonable steps for the pr8V8nbon and detectK*n of fraud and other irregulanbes.
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ENGLISH LANGUAGE CENTRE Oplnion We have audiled Ihe financial slatemenls of The English LarwJuage Centre Ithe 'charity'l for the year ended 31 December 2023 which comprise Ihe statement ol financial actiwb'e5. the siatemenl of financial position, the statemenl of cash flows and notes to the financial statements. including significant accounting pOIleS. The financial reporting framework that has been applied in their pparatIon ¢s applicable law and United Kingdom Accounting Standards. including Finan<ial Ren9 Stan¢Jard 102 The Financial Reporting Slandard applicable in Ihe UK and Republic of Ilartd (United Kingdom Generally Accepted Accounting Practic81. In <)ur opinion, the financial statements." give a true and fair wew of the stale of the charitablè companls affairs as at 31 Oecember 2023 and of its incoming $oUrCeS and applicatK)n of resources. for the year then ended". have been propedy prepa in accordance with United Kingdorn G8neralty Accepted Accounting Practice- and have been ppared in accordance wth the reqU1ments of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Slandards on Auditing IUKI IISAS {UKII an¢J appllcab law. Our responsibilitses under those standards are furlher described in Ihe Audilorfs responsibilities for the audit of Ihe financNal slalements section of OUT report. We are independent of the charity in acwrdance with the ethical quirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we hav& fulfilled our other ethical responsibilities in accordance with these requirements. We believe thal the audit evidence we have oblained is suffiaent and appropriale to provide 8 b8sis for our opinion. Conclusions relating to going conctrn In auditing the financial statements, we have concluded that the twstees, use of the going (x)ncem basis ol accounting in the preparatsL¥) of the finanaal statements is appropriate. Based on the work we have perfomed. we have not identified any material ijncertainties relating lo events or nditions that, individually or collectively. may cast snrfnt ¢Joubl on the entity's ability to continue as a going concem lor a period ol at least 12 months from when the finanL>al slalements arè authorised for issu8. Our responsibilities and the SponsIbl11es of the trusteès SpeCt lo gryng corthm arè describod in Ihe relevant sections of this reporL Other Intom)atlon The other information o)mprises the Inforntion included in Ihe annual report, other than the accounts and our auditor's repori thereon. The tStee5 are responsible for the other inft>rmation. Our opinion on the aGGwniS does not cover the other information and we do no¢ express any form of assurance condusion th8reon. In connection with our audit Ol Ihe accounts. our responsibility is to read the other inforrn8tion and. in doing so. consider whether the other Infomation is matenally inconsistent wi¢h the a¢cxJunts or our kedge otstained in the audit or otherwise appears to be materialty misslated. Ir we ideniify such material inconsistencies or apparent rnaterial mi55tatements, we are required to detenine vthelher the is a mat8ri81 misstatement in the acwunls or materi81 misstalement of the other infomiab"on_ Ir. based w the work we have perfomied, we corbclude that there is aterial misststement of this other inf0mtion. we are required ¢0 report that facl. We bave nothing to report in this regard.
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ENGLISH LANGUAGE CENTRE Opinions on other matter5 prescribed by the Companits A¢t 2006 In our opinion, based on the work undertaken in the ¢OUf5e of the audit.. the information given in the trustees, report, which indudes the directors. report the strategic fgP(Kt prepared for the purwses of company law. for th8 financial year for which the finanrAal Statements are pr8pared is consistent with the financial statements., and . the directors. report and the strategic report induded wlhin the ¢nJste8s' rèp)rt has been pfvpared in accordance with applicable legal requirements. Matters on which we are required to r•port by excoptlon We have nothing to report in respect ol the folk)wing mallèrs in relation to which the Companies Act 2006 requlre Lts to report to you il. in our opinion.. the information given in the financial Str¢errlS is inconsislent in any material respect with the truslees. report". or sufficient accounting records have not been kept.. or the finanoal statements are nol in agreemenl wilh the accovnbng re(x)rds- or the trustees were not entived to prepare the finanrial stalements in aco)rdance wilh the small companies Tegime and take advantage of the small companies. exemptions in Pparing the trustees. POrt and from the requirement lo prepare a strategic report. R•$ponsibiliti•s of tru$t¢es As explained more fully in the trustees. responsibilities stalement set out on page S, the tnjsiees (who are also the directors of the charit8bl8 company for the purposes of company lawl ale responsibl8 for the preparation of the financial ststement5 and for being satisfied that they give a tru8 and fair wew. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that a fr88 frorn material misstalement. whether due io fraud or error. In pparIng thè financial statèments. the trusiees a responsible for ass•ssing the company s ability to continuè as a going cOnM. disclosing. as applicable. matters relaled to going concern and using the goirKJ concem basis of accountin9 unles5 the trustees either intend to liquate the o)mpany or to cease operations. or have no realistic attemative but to do so. Auditorfs responslbllitie$ for the audit of the financial statements Our objectives are to obtsin reaSonae assurance aboul whethet the finantial stalements as a whd8 are fre8 from material misstatement. whether tjue to fraud or error. and to issue an auditofs reptrrt that indudes our opinion. Reasonable assLJrance is a high level of assurance but is not a guarantee that an audbt conducted in 8ccordance with ISAS IUKI will aVaYS detect a material misstatement when il exists. Misstatemenis can aiise from fraud or error and are consmlered malenal rf. individually or in the agggate. ¢hey could reasonably be expected io influence the econom deusion5 of users taken on the basis of th858 financial statements. Irregularities, includin9 fraud. are instances ol non-compliance with laws and regulations. We design procedures in line with our responsibilities. oulined above. to detect malerial misslalemenls in SpeCt ol iryegularities. Including frdud. The extenl to which our procedures a capae of detecting irregularities. including fraud is detailed below".
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ENGLISH LANGUAGE CENTRE Ext¢nt to which the audit was considered capabl• of dt¢lit)g irregularities. includong fraud Our approach to entIfyIng and a55e551ng the nsks ol material misststemenl in respect ol Irregularities. including fraud and ntsn-compliance with laws an¢J regulatsons. was a5 Idlows.. the engagemeni partner ensured Ihal the eng8ggment team collectsvely had the approprial8 comp8tsnc•, capabilities and skills lo idenlity or recognisg non-compliance with picable laws and regulations.. we id8ntifi8d th* laws and r8gulations applicable to th8 company thftsjgh discussions with dir8ctots And oth•r manègem8nt, and from our commerrial knowledge and èxp8rienc6 of the charity and education s•clor.' we focused on specific laws and regulats.ons which we considere(I may havè a direct material effecl on th8 fin8nci81 st8tements or tha operations ol the company. induding Companies Act 2)6. iaxalion 189islalitsn. data protection, anli-bribery and employment. We also reviewed the Comlance with education règulatory bodies such s 8ritish Counul loi acCdItatIn and Independenl Schools Inspectate. ' we assessed the eytent of MplIanCe Wth Ihe laws and feguL8tions tIf1&d ab through maklng 8nquirl8s 01 management and insp8Cting legal eorrespondenc8'. and * identifiéd laws and regulauons were communicated th1fi ifie audil teaffl re9uI•Fly and t team remained 8lert to Instances ol non•cOMlance throu9htsut the audrt. We asse53ed ihe 3usceplibility ol the company's fin8nty•l st•t•m•nts lo matenal missl8ttrm•nt. Including obtaining an understanding ol how fraud might occur. by.. . making enquiri•s of management as lo bthere Ihtry ¢onsNYered there was susceptibility lo fraud. their knovAe¢Jgè ol actual. suspected and allege(I Iraud., considering thg Internal controls in place lo miitg8te nsks of fraud and non-comFlionc• with laws 8nd re9uIAlions', nd To 8ddreJ$ the risk of fraud through man898nI bias and overyhle ol g)ntro1$. w•.. ' perforrned analytical procedures to identity any unusual or urffjxpected rèlallonships., tested joumal •ntries to identify unusual transacti)ns'. • invastigaled Ihe rationale behind $gnificanl or unusual trons•ctths.' and In response to Ihe ri$k of irregularities and non<ompliance with law5 ar r•gulath?ns, we Oesigned procadures which includèd, but were not limiled to.. • agreelng finanrAal statement disclosures io vndetying supporting documentstion- . readiThJ Ihg minut•s ol mee¢in9s ol Iho$e chargtsd wth govemance., enqulring ol managemènt as to actual and polerstial litigabon and claims. Ther8 are Inherent limilab'ons in our audit procedur85 d85c4ibecl above. The more removed that la an regulations are frorn finanaal transaclion5, the less likely it is Ihat we would bocome awar8 ol non-compliance. Auditing standards also limit thg audit procedu$ required lo Idenbfy non•complI8n with laws and fegu18tion8 to enouiry of the dir8ctors an¢J other managemenl and Ihe InSpecOn ol regu18tory an¢J legal corre5pondenc8. if any. Material misslatements thal aSe due io fraud can bè haeT to detect Ihan Ihosè that arise from error as they may invdvè daliberate concealment or collusion.
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ENGLISH LANGUAGE CENTRE A further des¢ription of our reSponbilltieS lor Ihe audit ol the accounts is locatetj on the Financial Reporting Council'¥ w8bs11e at." http.'Ilwh¥.Irc.0r9.uklauditorsresn5IblI1kn&s. This deSCripn fonn5 part ol our auditorf$ T8POrt. Use of our Rèport This report is made S61Y to the charilable ¢tsmpany s members, as a btsjy. In accordance with Chapter 3 of P?rt 16 ol the Companies Act 2006. Our audit woth has been undertaken so that we rnighl state to the charitable Company's rnembers those matters we are required to state lo ihèm In an audilor's rewl and for oiher purpose. To th8 fullest extent permi118d by law. we do not accept or assume respors$ibility to anyone other than the chariiablè company and the chanlable company's members as a body. for thJr audit work, for this repori, or for th8 opinions we rmod. Rog•r Clow FCA Isenlor St•tutory Audltorl for and on b•half of FrIQnd8M•5 Llmlt•d Chart•rgd Accountants statutory Audltor 4th Fknor. Park Gale 161-163 Praston Road Brighton East S¢Jssex BN1 6AF
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlct•d Unrestricted Unrestricted funds funds funds 9¢n*ral gen8ral designated 2023 2022 2022 Total 2022 Notes Donations and Grants Charitable activities 2.913 2.997,192 2,913 2.997,192 3.818.307 Total incomo 3,818,307 3.000.105 3.0(Ml.105 nditur• on: Chantable aciivilies Charitabl? activilies 3,635.620 2.787.360 2.787.360 Totsl charltable expendiiure 3.635.620 2.787.360 2.787.360 Net Income for the yearl Net movement bn funds 182,687 212.745 212,74S Fund balances at 1 January 2023 8.245.304 5,986,132 46.427 6,032,559 Fund balan¢e$ at 31 Decwnber 2023 6.427.991 6.198,877 46.427 6.245,304 The s¢alement of finan<ial actiwties indudes all gains and losses recognised in ihe yèar. The statement of financial artivities indudes all gains and lossès recognised in Ihe year. income and expenditure derive from continuing activities. The Statement or rinanryal activit185 also compl$ wbth the requivemenls for an incom8 and expenditure account under the Q)mpanies Act 2006. 10-
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL POSITION AS A T 31 DECEM8ER 2023 2023 2022 Notès Fixed assets Goodwill Tangle assets 268,083 7.613,224 312,763 7.658,300 10 Curr•nt assets stock5 Debtors Cash at bank and in han 12 13 1.224 435.284 258,672 971 531,985 530,555 695.180 1.063,511 Credbtors= amounts falling du• wlthln one year 15 11.595.327) 12.422,6271 Net current 5iabilities {9CWJ.1471 11.359,1161 Totsl assets less cunt Ilabilities 6.981,160 6.611.947 Credltors: amounts falling due after more than ont year 16 1553,169 1366,6431 Net as$¢ts 6.427,991 6,245,304 Income funds UnrestriGl8d funds- deswJnated General unrestricted funds Revaluation ieserve 46,427 354.591 5.844.286 583.705 5.844.286 6.427.991 6.198,877 6.427.991 6.245.304 The cornpany 15 entitled lo the exemption from the audit requirement ccM)tsined In section 477 of the Companies Act 2006. for the year ended 31 Dacèmber 2023. although an audit has been carried out under section 144 of the Charitie5 Acl 2022. Thefi ncial statements were approved by the Trustees on . LL)e115 Richar Trustee Stewart M Katherin Trustee ells Company Reglstratlon No. 01508550 11
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash Ilows from operatin9 activilies Cash generated from operations 24 177.012 482.382 Investlng actl¥iti•s Proceeds from disposal ol tangible fixed asset5 PreedS from disrx)sal of Subsidne$ 967 201 Net ¢a$h generated from investing a¢tivities 967 201 Flnan¢ln9 actlvitles Repayment of bank loans {449,8621 176,5611 Net cash used In financlng a¢tivilles 1449.862) 176.5611 Net 1decreasel1lnc4se in cash and ¢ash equlvalents 1271.8831 406.022 Cash and cash equivalents at beginning of year 530.555 124,533 Cash and cash •qulval•nts at end of y•ar 258.672 $30,555 12-
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ountin9 policies Charfty Inforniation The English Language Centre is a private company limited by guarantee incorporated in England and Wales. The registered office is 33 Palmeir8 Mansitins. Church Road. Hove, East Sussex. BN3 2G8. 1.1 Accounting conventlon The a¢¢oLJnts have b88n prepa in awdance wilh the charity's Memorandum and Artid85 of Association. the Companies Act 2006 and -A¢counliThJ and Repth"ng by Charilies.. Ststement of Recommended Practice applicable to charities pr8paring thèir accounts in accordan(x wth (he Financial Reporting Standard applicable In Ihe UK and Repu1¢ of Ireland IFRS 1021- las amended lor accounting penods commencing frorn 1 January 20191. The charity is a Public 8enefrt Entity as defined by FRS 102. The ftnancial statements a ppale in sterfing. which is the functional currency of the charity. Monetary 8mounts in these finanoal slatements are rourmled to the nea$¢ £. The accounts h8vg b88n prepared under the historical cost convenlion. modrf¢ed to indude the revaluation of freehokl propertiès at fair value. The princ¢p81 acwJnts"ng polioes adopled are s8t out below. 1.2 Going concern At the lime of approving the financsal statements. the trustees have a reasonable expectatKJn that the thaTity has adequate resources to conts.nue in operational exislencè for the foreseeable futur8. Thus the trustees continue to adopt the going wncem basis ol accounb"ThJ in weparing the financial statements. 1.3 Charltabl• lunds Unrestricted lunds are available for use at the disuetion of the trustees in fijrtherance of their charitable objective5. 1.4 Incoming resourc•s Income is r8cognised when the charity is legally entiued to it after any perf0mnCe conditltins have been met, the amunts can be measUd reliabty, and li is probable that inccne will be rncèived. Fees represent the total invoice value of edtJcatK>nal semces rendered during the yeaf. Fees are recogn¢s8d as students commence their course. Fees inv04ced in advance are included wthin deferr8d income an amounts are subsequently released to income from charitable actiwts as services are provided over the dur8tion of a course. During Covid bckdowns the charity held open Ihe OPpInIty for sludents to rebook and use the fees that were forteiled as part of any rebookin9 process. There was no refijnd due however it was granted as a gesture of gi)odwill. The Charity has d8<idèil to ¢dit the fees to the bncome an¢J expendsiure acunt. The final legacy income ds release¢J in 2023 being £60.000. The charty Is contynuing to off8r to indude any Covid nclIatiON fees in any rebcx)king calculatK)n. Payments raeèive(l on account are rKbt recA)gnised as income unty"l the criteria for ifm recognition are met. Govemment grants providing core funding are induded wilhin 'lncom& from Donalions arKI Grants, aThY are recognised on receipt of proceeds where Ihe grant does not impose perfom)ance r8lated conditions. otherwise grants are recognised when Ihe p8rformarKe rtlaied cornlitk)ns are met. 13
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢oun¢lng policle$ IContlnu•dl 1.5 R¢$our¢•$ •xnd•d Expenditurè is recognised once there is a legal or Construclive obligation to transfer eeonomlc benefil lo a third party, it is probable Ihat 8 transler ol economic benefils will be required in settlement. and Ihe amount ol Ihg otAigation can bè Thasured reliat4y. Expenditure is classified by activity. The costs ol each actsvity a made up of the lolal of direct costs and shared costs. Including support costs involved in undertaking each acliwty. Direct costs attdbutsble to a singl8 activity are alh)caled directly lo that activity. Shared costs which contnbute to more Ihan one 8ctivity and support costs which arg noi attribulable lo a single activity are appoflion6d between those activitlg5 on a bagls con51Stèni with Ihe use of resources. Cenlral siaff cosis are allocated on the basi5 01 time spent. and dèpraaation charges are alocaled on thg F4)rbon of the asset's use. Resources expended are included in the Ststement of Financial Activili¢¥ M •n accruals basls tndu81ve of any VAT which unnot b8 rècovered. Expenditure on govemance costs of the chanly indvdes all expgnditur• not dlreclly related to the chafitabl8 activity. This irscludes audil f••s. legal a¢Yvice and the w5ts ol compliance with constrlutional And statutory requ1mnts. 1.6 IntJngibl• fixed a•set• . goodwlll Goodwill represents the exces5 01 Ihe cost of acquisition of a busSnÈss over the fair value of net assets acquired. 11 is intlially rècognised as an assel al c05t and is subsoquenlly measured at cost 1855 ac¢umulat8d ¥morlisaiion ant1 accumulated tmpairment losses. Goodwill is considered to have a finlte useful Ille and Is amorlised on a systernatic basis over Ils expected life. Written oll over 10 yèars. 1.7 Tanglbl• Ilx•d ••••t$ Tangible fixed assets are inittally m•asu¥•d at cost and subseqwnlly m&8$uf•d at cost or valuatlon, net of depreciation and any imp8iim•nl losses. D¥prèeiaUon Is recognSsed so as to write off the eost or valuation ol assets less thgir r•sldual values over their useful lives on the lollo%wn9 tyase$'. Fmhold land and buildings Fixtures. fittings & equipment Motor Vghicles 8uildings slrnvJhl line 50 ar$ Written off in one lo len year5 frorn acquis4tion 2S% on the f8duang balance melhod Fre•hold land is nol deprecaated. C05t ol land has been estimated at £929,28912022.' £929,289). The gain or 105s ariwng on Ihe disp)sal of an asset is deitrrmined as the difference bglween the sale pro¢eed$ and the carrying valu8 ol Ihe asset. and is recognised in nel incomollexpenditurel for the year. 1.8 Impalrment ol Ilxed ass•ls At each reporting end dale. the Charity reviews the canw.ng amounts of 113 tangibl• and intangible as8ets to detemiine whether there is any indication thal Ihose assets havè suffered an impairmenl loss. If any such indication exists. U)e recoverable amount of the asset is estsmated in order to detemine the extent of the impairment loss lil 8nyl. 1.9 stocks Stocks arn staW at the h)wer of cost and &stima selling pri. 14-
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcle* IContlnu•dl 1.10 Ca•h and cash equivalent¥ Cash and cash eqtjivalents include cash in hand. deposits held at call with banks, other short-term liquid investments with original maturities ol three monlhs or less, and bank overdrafts. Bank overdrafts are shown within borrowings in currenl liabilities. 1.11 Flnan¢lal instrum•nts The charity has elected to apply Ihè provisions ol Seclion 11 'BasK Financial Instruments, and Section 12 'Other Financial Inslrumenls Issues. of FRS 102 to all of its finandal inslruments. Fin8n¢ial instrumènts are f8cc43nised in the Chari$ bONCe sheet wh8n the charity bernes party to th8 ¢ontraetual provislons of the instnjment. Financial assgts and liabilities arè offset. wilh th& nel amounts pf858nled in th• financial statements. wh8n therè is a lagally enforceable right io set off thg r•cognisèd amounts and there is an int?nlion lo sotU& on nel basis or to realise the 8S5et and 59tt19 thè liability simultaneously. Basic finarscial asse15, which Sndude debtors and cash and bank balancès, are initially meas¢Jred at transaction price includin9 transaction costs and are subsequently earried at amortised cost using the effective inierest melbod unless th8 arfangemenl con3titut8s a finanang Iransaction. where the tran58clk)n is measured al the present value of the ILrture receipts dIScnted at a market rotg 91 inlerest. Financial a8g6t8 classilied 85 rec?ivablg Wlthin onè year are not amorlised. B•slc Iln4n¢l•l Il•blllll•s Basic financial liabilities. including ¢Tade and Olhèr payables. a initially recognised al transactlon price unless the arrangement conslilul8s a financlng Iransaclion. where thg débt instrument Is measured at thg pre5enl value ol the luturè f•ceipls discounted al a mark?t rate ol sntèrest. Debt instruments are subsequently ¢8rri8d at 8mortSsed cost. uslng the effective intgrest Al8 mothod. Trade pay8lAg$ are oblig8bon$ to pay for g)ods or services thal hav• baon acquired in Ihe ordinary coursè ol OP8rations from suppliers. Accoun18 Pay8ble are elassified as currenl 118.11t1e$ if paym&nl Is due within one year or le83. If not. they are presentèd ès non-currenl liabilities. Trad? payablès arè recognised initially at transaction price an¢J subsgquenlly m•asured al amorb59d Gosl usin9 the eflective interest methoJ. D•r•¢ognltlon of fln•ncl•l Ilabllltlgs Finaff cial liabilities are ¢Jerecognised when the ch8rity's Contrac81 otyigalion$ expir8 or ar• discharged or cancelled. 1.12 Employ•• b•n•fits The cost of any unused hc4iday entitl0nnl is COgnISe(l in the period In which th& employee's Sgrvicos a recov8d. if matèrial. Termination benefiis are recognis•d immodiatety a$ an exp8nse when thè charity is demonstrably ¢ommitt8d to teminale the employment of an employee or lo prOe lern)inatiw benefits. The charity p8rti¢iP8tes in the T•achern' Pensions scheme, which is 8n unlunded government sth•ma providing bonefils based on final p8nsionabl• pay. The lunds of the schem8 are separate from the company, although the charity's share of the scheme cannot be id8ntifièd as the scheme is a multi-8mployèr scheme. an¢J so the pension cosis ar8 accounted for as a defined contribubon scheme. The charily operates a defined eontnbution scheme lor other employees whereby the assets of the scheme are held s8paralely Irorn those of the charity in independently adminislered funds. Contributions to thi5 scheme a charged to the Statement of Financial Actbvities as Ihey become payaNe in accordance with the njles of the schem&. 15
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounn9 policles IContlnu•dl 1.13 For*lgn ¢x¢hange Monetary assets and liabilities denominated in lore¥Jn currences are translated into sterling al the rates of exchange r(Jlin9 at the balance sheet date. Transaclions in fofeign currencies are corded at the rate ruling at the dale of Ihe transaction. differences are taken to the Statement of Finan(#al Activiliès. 1.14 Funds The funds of Ihe charity are all unrestricted for charitse purposes. Oesignaled funds a amounts that have been set aside at the diSon ol the Trust88s for a specific. bul not legally binding, purpose. 1.15 Leases Rentsls payable under op8r8ting leases. indudir#J any lease irentiv•S racaived. are charged to the income and expenditure accounl on a straKJhl line basis over the term ol Ihe relevant lease. Donatlon$ and Grants Total Unreslricted funds general 2022 2023 Grants receivable for core acUvi¢ies Other 2,913 2.913 Charitsble a¢tivtties Fe• incom• Ancill A•ntal Incom• Income T•tsl Total 2022 Ino)me within charitable activities 3.467.641 315,095 35,571 3.818.307 2,997,192 16-
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Other material income Included within ancillary incomè ar6 registrab.on lees. surplus on exchange, miscellaneous income and activity income. Within these income accounts corresponding expenditure 01 £661.581 has been recorded against the It)come therefore the ancillary income is displayed net. This is appropriate for the English Langua9e Centre lo recognise activity income in this manner as the Chanty Commission standards lor accounts are not speeifieally for the nature of a charity which operate5 as a sthool. 11 this type of income and expenditure was presented gross the resull would be £976.676 and £661.581 respectively_ Based Dn the current COgnitIOn this does not lead the accounts tts be misleading and still cx)mplses with the Charity's memorandum and Athles ofAssociation. Charitable actF¥lties 2023 2022 Teachers. Salaries Depreciation and impairment Educational Materials IT Costs Publicity Establishment Expenses Administrative Expenses Staff Courses l Training SludentA¢comrnodation Finanual Charges Grants 1.363.521 88,789 70,067 113,411 191.897 462,880 1.166,457 4.875 113.5171 66,995 92.607 1,038,034 89,068 63.936 119,197 174,627 297.748 925.690 4,539 134.8141 59.578 31.036 3.607.982 2.768,639 Share of governanrE cosls Is88 rntel 2T,638 18.721 3.635,620 2.T87,360 The main charilable actwity is provKYing edtscal)nal servics to loreign studènts. Supporl costs indude promotion. computer. office. activitse5 and various miscellaneous expenditure connected with the main charilable acb'vity. Support costs have been alloca¢ed lo the main charitable activity above. Governance costs include £10.000 12022.. £9.000} ol audit fees aThJ £5.IKK) 12022- £4.5001 to auditors lor non audil 8ervic£s. Truste•8 None of the trustees lor any persons c(x)nected with them) received any remuneration during the year, but four trustees were r8imbursed a total 01 £1.245 Iravelltng expenses12022 .. £3941. 17
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Employees The average monthly number of employèès during the year was.. 2023 Number 2022 Numb•r Teaching Adminislfation 62 29 52 26 Ttstal 91 78 Employm•nl co•1• 2023 2022 Wag98 •nd $alari08 Social security costs Othèr pension cosls 2.111,166 191.251 167,966 1.609.677 149,133 133,372 Th• number of employees whose 8nnual remun¢18b"on was rrwe than £60.1)X) Is as lollows.. 2023 Numb•r 2022 Numbgr £60,001-É70.000 £100.001.£110.000 The one employee with annual remunerntion ¢xcé8ding £100.(NJ) hBs retiremgnt b¥nèffts accrulng undgr Ihe Teacher's Pension Scheme. Taxatlon The Charity is exempt fre4n taxation on ils activities because all its income is applied ffK eharitable purposes. 18-
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Intsnglbl• fixed aatyets GooMII Cost Al 1 January 2023 and 31 December 2023 446.803 Amortlsallon and lrnpalrment At 1 JanLJary 2023 Amortisalion charged lor the year 134,040 44,680 Al 31 D¢¢¥mb&r 2023 178,720 Carrylng •mount At 31 Deeembèr 2023 268,083 Al 31 December 2022 312.763 10 T•n9Sbl• fix•d •$$•ts Fr••hold land and buikllng• Flxtur••. flttlnq• & •4ulpm•nt T4>ts1 v•hl¢l•¥ Cost or valuatlon Al 1 JanuBry 2023 Disposals 7,865.000 349,463 13,788 8,228,251 113,7881 113,7881 At 31 Dec•mb8r 2023 7.865,000 349.463 8,214.463 O•pr•¢latlon and Imp*lrm•nl At 1 January 2023 Oepreciallon charged in ihe year Eliminattrd In r•$po¢t of dlsposals 207.732 44.044 349.463 12,756 65 112,8211 569.951 44,109 112.8211 At 31 December 2023 251,776 349.463 601.239 Carrying amount Al 31 December 2023 7.613.224 7,613.224 Al 31 December 2022 7.657.268 1,032 7,658.300 In 2017 the tharty adopted Ihe accounbThJ policy ol rev8luatiw for FregtrM)Id land and twjildings. The valualion in May 2018 was rartaken by prolessionally qualified valuers who ests'mated fair valu8 tsking Into accounl the most effective way to effect a sgb. At 31 December 2023. had the revalued asset5 beèn carriéd at historlc cost less accumvlated deptyciation and accumulated impairrnent1055es. their carrying amount would have been approximalely £1,268,643 12022- £1.268,6431. 19-
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Tanglble fixed a••et• {Contlnu•dl 8arday5 Bank PLC hdd thar99s over 31 & 33 Palmeira Mans)ns. 40 Salisbury Road and 35 Church Rood, Hovo, East Sussèx. The trusttres consider that the fair value of Lqrbd and buiklin9s is not m8terialty different from the earying value. 11 8ub$ldlarl•• The Charity also hav8 sol own8rship ol Easii)oumè School of English Limitèd. a dormant company Ilmitad by guarantee. Tho registered office for this rnpanY is 8 Trinity Tr669. Easlboume. Sussex. BN213LD. Nam• of und•rtaklng Reglst•r•d offic• Natur• ol busln•$* Class ol shar•¥ hgld •A Hèld Dlr•ct Indlr•ct English In Chester Limited 33 Palmelra Mansions, Hov&, Englant1. 8N3 2GB 33 Palmeira Mansions. Hove. England. BN3 2G8 Donnanl Or(linary 100.00 Stanley Plae• (Holdings) Limited 0Mnt Ordinary 10000 12 Stoekx 2023 2022 Finished good¥ and goods lof resale 1,224 971 13 D•btorn 2023 2022 Amount$ fallln9 du? wlthln on• year: Trade debtors Other ¢Jetslors 149.395 285.889 350,271 181,714 43S.284 531.985
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Loan8 and overdrafts 2023 2022 Bank loans 665.188 1.115.050 Payable within one y•ar Payablo after ona year 112,019 553,169 748,407 366,643 Amounts included above which fall due aftw five years.. P8yoblo by inst8lments 36.510 93,763 Thg lon9-lenn loans are secured by fixed Charges ov?r the ¢omp•nl3 propert¥. 15 Cr•dltor•: •mount• f•lllng wlthln one y••r 2023 2022 Not•• Bank loans Other taxation and sorial securtty Delerr•d incom• Paymants rèctrid on acnI Tr8dg ¢redilors 14 112.019 55.147 415.376 8SS.862 356.923 748.407 49,351 600.229 633.966 390.674 1.595,327 2.422.627 16 Cr•dltors- •mount¥ flllng due *ft•r mor• th•n on• y••r 2023 2022 Not•s Bank loans 14 553.169 366,643 17 0•f•rr•d Ineoffl• Deferred income comprises lees Invoad in advance of $8ry4ces provid•d for studènt ccvJws. Amo¢Mts are released to income trom charitable activilies over the duratk)n of a course. Deferred income balance as at 1 January 2023 was £6(KJ.229. The amounl released to ineomè in the riod, earned from charitable adivitses was £600.229. The amount of deferred income in the yeai and thefOre the balance as at 31 December 2023 was £415,376. 21
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Pentlion and other po$t- retirement benefit commitmonts A defined ¢onlribution scheme provided by Scoitish Wi¢Jow5 15 available lo the charitqs siaff, the employer contribut>on rate being 6?/•. The penswjn charge for the year includes Conthbutions payable of £49.855 12022.. £ 33,747}. At the year-end t11.96312022.' £9.7691 was ac(xued in respect of contributN)ns to this stheme. The charity also parti¢ipales in the Teachef5' Pertsion Scheme PSI. an unfund8d d8fined benefit sd)eme. Under the definitions sel ¢Jut In FRS 102. the TPS is a multi-empk)yer pension scheme. The charity is unable to identify Ils share ol the underfying assets and liabilitie5 of the scheme. Accordingly. the charity has taken adv8nla9e of the exemption under FRS 102 and has accounted for its contributions as If Il were a ijefine eontnbution scheme. Contribuli$ on a pay as you 90 b8SIs are credited to the exchequer under arrangements governed by the Sup8rannuatK)n Acl 1972. A notwy)al asset value is ascribed to the scheme for the purposes of detemining contribution rates. The pension charge for the year indud8S Contributions payabl6 to the TPS 01 £33.49512022.. £36,914). At thè year-erbd £5,03812022.. £4.7981 was acuued in SpeCI of (x)ntributions to this scheme. The employer contribution rate is Set following scheme Valuatn$ undertaken by the Govemment Actuary Department. rhe latest valuation port was prepad on 31 March 2020 and was published on 26 October 2023. This report confimed tha¢ the employer conlribution rate is currenuy 23.68% but rising to 28.6¥. from April 2024 until 31 March 2027. tndusive ol the administrat charge. 19 Designated Funds This was a legacy from Robert O'Neil which was designated by Ihe trustees. This has been spent in line with th8 donors wishes. At 1 January 2023 Resourcas 8xpendod At31 D•¢•mber 2023 46.427 {46.4271 46.427 {46.4271 Pr•vlous year: At 1 January 2022 Resources exp•nd•d At31 D•c•mber 2022 46.427 46.427
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Unre$tri¢led funds The unrestricted funds ol the charity compris8 the unexpanded balances of donations and grants which arè not subject to specific condrtions by donots and grantors as to how they may be used. Thèsè include desvJnaled funds which have been sel aside out ol unrestricted lunds by the InJstÈe$ Iof specific purposes. At 1 Jnu•ry 2023 In¢omlng r••ourv• R•sour¢e• •xpond•d At31 D•¢•mb•r 2023 General fur5 6.198.877 3,818.307 13.569.193) 6,427,991 Pr•vlou• yejr.. At 1 J•nu•ry 2022 Incomlng ruourc•s R•%oure• •xptnd•d At31 D•¢•mb•r 2022 General funds 5.986.132 3.000.105 {2,787,3601 6.198.877 21 An4ly¥l¥ ol net a88•t8 t• fvnd• Unr••trl¢l•d UnTestrlctJ D&$ignal•d lund• lunds lunds 2023 2022 2022 Total 2022 Fund balance5 al 31 Oe¢ernb¢r 2023 oro represented by.. Intangible fixed assets Tangle assets Current assèlsllliabiliti•sl Long lerm liabilitses 268.083 312.763 7,613.224 7.658.300 {900.1471 11.405.$431 {553,1691 1366,6431 312,763 7,658,300 46.427 11.359.116) 1366.6431 6,427.991 6.198.877 46,427 6.245,304 22 Op•ratlng l•ase commltments Al the rgporting gnd date the charity oulstanding commitments for luturg minimum ase paymenls under non-cancellabl& operating leases. which f811 due a5 lolk)ws'. 2023 2022 Wilhin one year 4,461 -23-
THE ENGLISH LANGUAGE CENTRE A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 23 R•lat•d party transactions Remun•ratlon ol k•y management p•rsonng1 The remungration ol key management p8rS(mel i¥ 85 folkA. 2023 2022 Aggregat8 compensation 284,509 266.777 There wtrr* no othèr r•latèd party trnnsaclions in the wnod to disd0. 24 Cash g•n•r•l•d fr?m opgratlon• 2023 2022 Surplus f¢y th• yéar 182,687 212,745 Adjustments lor". Depr8u81ion and impalmi•nt ol langibl8 fixed aSts 88.789 89,068 Movernenls in worklng ¢apital'. Ilncrèaseydecrease in slo¢k5 O•creBsellincreasel In debtors {Decreasellin¢re8sè In creditors Ioecreasevincrease in delerrèd income 12531 96,701 16.0591 1184,8531 606 1352.1461 443.779 88.330 Cjsh g•nerat•d from op•ratlon• 177,012 482,382 25 Analy•l8 ol chang•• In net Idebtvfunds At 1 J•nuary 2023 C•8h At 31 O•c•mb•r 2023 Cash at bank and in hand 530.555 1271,883} 258.672 Loan5 falling due within onè yèar Loans falling due after mor• than one year 1748,407) 1366,643) 636.388 1186.5261 1112.0191 1553.1691 IW.4951 177,979 1406,5161 24_