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2023-03-31-accounts

REGISTERED COMPANY NUMBER: 01913019 (England and Wales) REGISTERED CHARITY NUMBER: 290702

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

YOUR AMBITION

Goldwyns Limited Statutory Auditors and Chartered Accountants Rutland House 90-92 Baxter Avenue Southend on Sea Essex SS2 6HZ

YOUR AMBITION

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Page
Report of the Trustees 1 to 5
Report of the Independent Auditors 6 to 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Cash Flow Statement 12
Notes to the Financial Statements 13 to 19
Detailed Statement of Financial Activities 20

YOUR AMBITION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Updated in November 2020, the charity's objects are restricted specifically, and only for the public benefit, to promote and provide for the advancement of education, training, employment, rehabilitation, personal development and physical and mental well-being of adults and young people, directly or through third parties, including through social and community integration and activities.

Significant activities

The trustees actively seek to support suitable projects that they consider will achieve the charity's objectives. Currently the charity is supporting accommodation services for women who have been in the criminal justice system through Eden House. In the past, the charity has successfully provided public match funding for European Social Fund projects and would support further projects under the UK Shared Prosperity Fund if similar opportunities arose particularly where they align and complement the current accommodation services. The charity has also sought to support community recreational sports organisations where such support is consistent with the charity's objectives.

Public benefit

The Charity Commission states that the key principle of public benefit is that there must be an identifiable benefit that must accrue to the public, or to a section of the public. The trustees consider that the work of the charity which is set out under the above objectives and aims is in accordance with this key principle.

Funding and related activity

The charity's main source of income in the period continues to be from the Ministry of Justice contract for Eden House, the female Independent Approved Premises in Bristol. These services are delivered by Seetec Business Technology Centre Limited, an employee-owned business, on the charity's behalf with the income being used to fund delivery.

STRATEGIC REPORT

Achievement and performance

Charitable activities

On 6 November 2020, the charity entered into an agreement with the Ministry of Justice to provide 26 bed spaces to female offenders at Eden House, Bristol, a new Independent Approved Premise. Approved premises contribute to the delivery of HM Prison and Probation Service's key objectives and outcomes, including preventing victims by changing lives, reducing re-offending and protecting the public.

Eden House, now in its third year of accepting residents, provides a safe, secure, and structured environment, to enable the close monitoring and supervision of residents leaving prison or other parts of the criminal justice system. The specialist monitoring and support at Eden House reduces the risk of re-offending and harm, promotes rehabilitation and wherever possible, helps residents return and re-integrate into their local community.

As with other Independent Approved Premises across the country following Covid-19 restrictions on room sharing, Eden House is still operating a 22-bed facility with its 4 double rooms in use on a single occupancy basis. Eden House has supported a total of 239 residents since opening.

Eden House is run and overseen by an experienced leadership and management team from Interventions Alliance, comprising individuals with a broad range of experience across probation and residential services. They are supported by team of key workers, residential night workers and support staff. Eden House continues to build on its reputation for their willingness and ability to accept residents that other Approved Premises are not able to accommodate, contributing to a culture of learning and continuous improvement fostered and developed by the managers and staff.

Page 1

YOUR AMBITION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

STRATEGIC REPORT Achievement and performance

Charitable activities (continued)

The last operational year has seen occupancy increase and stabilise with the premises consistently operating a full or near full occupancy. There is an ongoing project preparing for Enabling Environments accreditation later in the year and the team continually review and refresh the range of Rehabilitative Activities available to residents and the mechanisms by which they are delivered to ensure that residents are fulfilling the required weekly hours and that activities are delivering social value.

Monthly operational meetings and quarterly contract management meetings are used as a mechanism to ensure services are being delivered in line with contractual agreements and risk (including risk of harm and public protection) is being managed effectively. Contract performance is measured on several key performance indicators (KPIs) including bed availability, policy and practice, provision of purposeful activity, incident reporting, ongoing improvement, continuous occupancy management and resident supervision and engagement. Eden House's performance against KPIs continues to be consistently high with monthly operational meetings with HM Prison and Probation Service used to discuss any internal or external risks or challenges to performance with mitigations and controls recorded.

The management team have invested time building relationships with referral teams and key local stakeholders to promote the positive impact that time spent at Eden House has on residents and to seek innovative and value adding partnerships. The team works closely with the local Police, health services and Probation Service as well as a wide range of local community groups. This includes other funded services like the CFO Activity Hub in Bristol, also run by Interventions Alliance and other organisations like Vital Beats and Sue Ryder who provide support or rehabilitative activities for residents. Eden House currently has 6 residents undertaking voluntary work with Sue Ryder a project that supports their individual rehabilitation journeys, integration into the community and provides local social value through the work the residents undertake.

The team pro-actively seek feedback from residents, with their views captured, acted on and any changes made because of this feedback communicated back to residents. This communication is important due to the nature of the changing occupancy profile of the premises. The team encourage stakeholders to visit Eden House to ensure that those they work with really understand the ethos that underpins the way in which the approved premise operates. This includes referral partners like prisons ('It was helpful meeting with you and seeing the Approved Premise. We really appreciated the time spent with you and I know that [Resident's name]'s anxiety has been reduced significantly through meeting with you and she was very grateful for the visit') and individuals that sit on relevant boards e.g., Multi Agency Public Protection Arrangement (MAPPA) boards ('He stated you can feel a real difference in Eden House Approved Premises compared to that of other Approved Premises he has visited)'.

In delivering the service at Eden House the team harness the wider expertise of Interventions Alliance and the Seetec Group, using evidence based approaches, pro-active and preventative strategies and putting employee and service user voice at the centre of delivery to continually improve the impact of the service for residents and the local community.

Eden House works closely with the local Police, health services and Probation Service as well as a wide range of local community groups. Feedback from commissioners, stakeholders and residents on the Eden House operating model and ethos has been incredibly positive. On several occasions, residents whose circumstances have meant that a recall to custody has been necessary have expressed a desire to return to Eden House at the appropriate time, testament to the impact the team and facility is having on residents. Resident feedback includes 'Lovely staff made to feel welcome, really helped me to prepare for the next chapter of my life' and 'I started off anxious arriving here from prison, but I settled in as I got to know everyone. Staff are lovely and supportive'. This is supported by feedback from professional stakeholders for example from a probation officer: 'this was one of the longest periods she has spent anywhere for a long time which goes to show that you do really good work'

Page 2

YOUR AMBITION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

STRATEGIC REPORT

Achievement and performance

Investment policy and objectives

Under its constitution, the trustees of the charity have discretion to invest in any way that they consider to be appropriate. The fixed asset investments were donated to the charity at inception to provide ongoing investment income. The charity's cash reserves are held on short-notice deposit to balance the need for investment return with the need for available funds to support any suitable match funding or commissioned projects that may arise, and to advance grants to organisations whose activities fall within the charity's objectives.

Financial review

Financial position

The trustees consider the charity's financial position at the balance sheet date, as set out in the attached financial statements, to be satisfactory.

Investment policy and objectives

Under its constitution, the trustees of the charity have discretion to invest in any way that they consider to be appropriate. The fixed asset investments were donated to the charity at inception to provide ongoing investment income. The charity's cash reserves are held on short-notice deposit to balance the need for investment return with the need for available funds to support any suitable match funding projects that may arise, and to advance grants to organisations whose activities fall within the charity's objectives.

Reserves policy

The trustees consider the charity's reserves to be consistent with the trustees' wish to attract further public matched funding and commissioned projects which require readily available liquid funds, and to provide donations to other suitable organisations as they are identified. Cash reserves at the balance sheet date amounted to £509,299.

Future plans

The Board of Trustees continue to seek and support specific projects directly and in partnership with other organisations that involve the education, training, employment, rehabilitation, personal development and physical and mental well-being of adults and young people.

In the last financial year, the Trustees have focused on Eden House, but have longer term aspirations to expand the reach and impact of the organisation. The Board of Trustees is exploring proposals to achieve this, including increasing its involvement in:

a) accommodation and social housing support, specifically building on the work and impact achieved at Eden House with complementary projects;

b) other commissioned services across employment, education and rehabilitation that are linked to the social value objectives of the charity, and which complement and add value to the core services of key delivery partners; and

c) governance models for funding distribution which use delivery partner, employee and service user voice, insight and lived experience to direct funds where impact will be maximised for individuals and communities.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The organisation is constituted as a company limited by guarantee, as defined by the Companies Act 2006, and is therefore governed by its Memorandum and Articles of Association. It is registered as a charity with the Charity Commission.

Recruitment and appointment of new trustees

The Board of Trustees may comprise not less than two trustees and not more than six. The Board of Trustees may from time to time appoint any member of the company as a trustee, provided that the maximum number is not exceeded.

Page 3

YOUR AMBITION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

The current size and operating remit of the charity means that both day to day issues and key decisions can be dealt with by the Board of Trustees. The Board meets as needed to decide the strategic direction the charity should take and set the financial targets going forward. Day to day administration and contract management support has been provided through a consultancy arrangement, which is reviewed on an annual basis by the Board of Trustees.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

01913019 (England and Wales)

Registered Charity number

290702

Registered office

75/77 Main Road Hockley Essex SS5 4RG

Trustees

E D Lee P A Cooper R Stephenson

Company Secretary

Birketts Secretaries Limited

Auditors

Goldwyns Limited Statutory Auditors and Chartered Accountants Rutland House 90-92 Baxter Avenue Southend on Sea Essex SS2 6HZ

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Your Ambition for the purposes of company law) are responsible for preparing the Report of the Trustees 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 year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

Page 4

YOUR AMBITION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Goldwyns Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 14 December 2023 and signed on the board's behalf by:

P A Cooper - Trustee

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF YOUR AMBITION

Opinion

We have audited the financial statements of Your Ambition (the 'charitable company') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice).

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 UK, including the FRC'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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF YOUR AMBITION

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, 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.

Our responsibilities for the audit of the financial statements

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 a Report of the Independent Auditors 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.

In order to address the risks of misstatements in respect of irregularities, including fraud, we have:

We therefore consider our audit approach has been sufficient to detect material irregularities, including fraud.

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 Report of the Independent Auditors.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF YOUR AMBITION

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

S T Blundell FCA (Senior Statutory Auditor) for and on behalf of Goldwyns Limited Statutory Auditors and Chartered Accountants Rutland House 90-92 Baxter Avenue Southend on Sea Essex SS2 6HZ

18 December 2023

Page 8

YOUR AMBITION

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Eden House
Investment income
3
Total
EXPENDITURE ON
Charitable activities
5
Eden House
Governance costs
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
575
1,354,970
821
1,356,366
1,263,860
10,394
1,274,254
(511,261)
(429,149)
1,630,145
1,200,996		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-		 2023
Total
funds
£
575
1,354,970
821
1,356,366
1,263,860
10,394
1,274,254
(511,261)
(429,149)
1,630,145
1,200,996		 2022
Total
funds
£
-
1,045,590
63
1,045,653
1,007,577
5,312
1,012,889
-
32,764
1,597,381
1,630,145

The notes form part of these financial statements

Page 9

YOUR AMBITION

BALANCE SHEET 31 MARCH 2023

Notes
FIXED ASSETS
Tangible assets
11
Investments
12
CURRENT ASSETS
Debtors
13
Cash at bank
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year 15
NET ASSETS
FUNDS
16
Unrestricted funds
TOTAL FUNDS		 Unrestricted
funds
£
280,375
750,000
1,030,375
141,281
509,299
650,580
(439,905)
210,675
1,241,050
(40,054)
1,200,996		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-		 2023
Total
funds
£
280,375
750,000
1,030,375
141,281
509,299
650,580
(439,905)
210,675
1,241,050
(40,054)
1,200,996
1,200,996
1,200,996		 2022
Total
funds
£
520,698
1,261,261
1,781,959
209,374
385,141
594,515
(465,953)
128,562
1,910,521
(280,376)
1,630,145
1,630,145
1,630,145

The financial statements were approved by the Board of Trustees and authorised for issue on 14 December 2023 and were signed on its behalf by:

P A Cooper - Trustee

R Stephenson - Trustee

The notes form part of these financial statements

Page 10

YOUR AMBITION

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 2023
£
123,337
123,337
-
821
821
124,158
385,141
509,299		 2022
£
298,118
298,118
(255,800)
63
(255,737)
42,381
342,760
385,141

The notes form part of these financial statements

Page 11

YOUR AMBITION

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Revaluation of investments
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash provided by operations		 2023
£
(429,149)
240,322
(821)
511,261
68,094
(266,370)
123,337		 2022
£
32,764
200,268
(63)
-
(209,374)
274,523
298,118

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash At 1.4.22
Cash flow
At 31.3.23
£
£
£
Cash at bank 385,141
124,158
509,299
385,141
124,158
509,299
Total 385,141
124,158
509,299

The notes form part of these financial statements

Page 12

YOUR AMBITION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Charitable activities

Charitable activities include those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.

Governance costs

Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Allocation and apportionment of costs

Resources expended are allocated to the particular activity where the cost relates to that activity. Where applicable, resources expended include any VAT that cannot be recovered.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Property improvements

Taxation

The charity is exempt from corporation tax on its charitable activities. However, the charity registered for VAT on 6 November 2020, following which it commenced the provision of taxable supplies.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Page 13

continued...

YOUR AMBITION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

2.
DONATIONS AND LEGACIES
Donations
3.
INVESTMENT INCOME
Interest received
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Contract income
Eden House
5.
CHARITABLE ACTIVITIES COSTS
Direct
Costs
£
Eden House
1,256,831
Governance costs
-
1,256,831
6.
SUPPORT COSTS
Management
£
Eden House
7,029
Governance costs
158
7,187
7.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets		 2023
£
575
2023
£
821
2023
£
1,354,970
Support
costs (see
note 6)
£
7,029
10,394
17,423
Governance
costs
£
-
10,236
10,236
2023
£
240,323		 2022
£
-
2022
£
63
2022
£
1,045,590
Totals
£
1,263,860
10,394
1,274,254
Totals
£
7,029
10,394
17,423
2022
£
200,268

Page 14

continued...

YOUR AMBITION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

8. AUDITORS' REMUNERATION

AUDITORS' REMUNERATION
2023 2022
£ £
Fees payable to the charity's auditors and their associates for the audit
of the charity's financial statements 3,500 2,088

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Charitable activities
Eden House
Investment income
Total
EXPENDITURE ON
Charitable activities
Eden House
Governance costs
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
1,045,590
63
1,045,653
1,007,577
5,312
1,012,889
32,764
1,597,381
1,630,145		 Restricted
fund
£
-
-
-
-
-
-
-
-
-		 Total
funds
£
1,045,590
63
1,045,653
1,007,577
5,312
1,012,889
32,764
1,597,381
1,630,145

Page 15

continued...

YOUR AMBITION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

11. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Property
improvements
£
COST
At 1 April 2022 and 31 March 2023 720,966
DEPRECIATION
At 1 April 2022 200,268
Charge for year 240,323
At 31 March 2023 440,591
NET BOOK VALUE
At 31 March 2023 280,375
At 31 March 2022 520,698

The charity was required to incur substantial set up costs for the mobilisation of the Eden House contract, totalling £720,966 of equipment. It has subsequently recharged the cost of that equipment to the MoJ, who now hold legal title to the same, although the charity retains the ongoing beneficial use and ordinary operational risks associated with ownership. Consequently, this equipment has been capitalised in the accounts of the charity, and depreciated over the term of the contract. The reimbursement by the MoJ has been deferred as a capital grant and is being released to income over the same period. At 31 March 2023 the deferred grants totalled £280,375 (2022 - £520,698).

Full ownership will pass to the MoJ at the end of the contract.

12. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 April 2022
Revaluations
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022		 Unlisted
investments
£
1,261,261
(511,261)
750,000
750,000
1,261,261

There were no investment assets outside the UK.

Fixed asset investments at the balance sheet date comprise 100,000 ordinary shares of £0.10 each in Seetec Business Technology Centre Limited.

The investments are stated at their most recent valuation undertaken in March 2023.

Page 16

continued...

YOUR AMBITION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
£
VAT
48,066
Prepayments and accrued income
93,215
141,281
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
£
Trade creditors
114,028
Other creditors
2,279
Deferred income
240,322
Accrued expenses
83,276
439,905
15.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023
£
Deferred income
40,054
16.
MOVEMENT IN FUNDS
Net
movement
At 1.4.22
in funds
£
£
Unrestricted funds
General fund
368,984
82,112
Revaluation reserve fund
1,261,161
(511,261)
1,630,145
(429,149)
TOTAL FUNDS
1,630,145
(429,149)
Net movement in funds, included in the above are as follows:
Incoming
Resources
Gains and
resources
expended
losses
£
£
£
Unrestricted funds
General fund
1,356,366
(1,274,254)
-
Revaluation reserve fund
-
-
(511,261)
1,356,366
(1,274,254)
(511,261)
TOTAL FUNDS
1,356,366
(1,274,254)
(511,261)		 2022
£
28,607
180,767
209,374
2022
£
125,388
2,280
240,322
97,963
465,953
2022
£
280,376
At
31.3.23
£
451,096
749,900
1,200,996
1,200,996
Movement
in funds
£
82,112
(511,261)
(429,149)
(429,149)

Page 17

continued...

YOUR AMBITION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

16. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Revaluation reserve fund
TOTAL FUNDS		 At 1.4.21
£
336,220
1,261,161
1,597,381
1,597,381		 Net
movement
in funds
£
32,764
-
32,764
32,764		 At
31.3.22
£
368,984
1,261,161
1,630,145
1,630,145

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
1,045,653
1,045,653		 Resources
expended
£
(1,012,889)
(1,012,889)		 Movement
in funds
£
32,764
32,764

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Revaluation reserve fund
TOTAL FUNDS		 At 1.4.21
£
336,220
1,261,161
1,597,381
1,597,381		 Net
movement
in funds
£
114,876
(511,261)
(396,385)
(396,385)		 At
31.3.23
£
451,096
749,900
1,200,996
1,200,996

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Revaluation reserve fund
TOTAL FUNDS		 Incoming
resources
£
2,402,019
-
2,402,019
2,402,019		 Resources
expended
£
(2,287,143)
-
(2,287,143)
(2,287,143)		 Gains and
losses
£
-
(511,261)
(511,261)
(511,261)		 Movement
in funds
£
114,876
(511,261)
(396,385)
(396,385)

Page 18

continued...

YOUR AMBITION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

16. MOVEMENT IN FUNDS - continued

The revaluation reserve fund is required by the Companies Act 2006 and represents the amount by which the value of investments exceeds their historical cost.

17. RELATED PARTY DISCLOSURES

The charity entered into a subcontractor agreement with Seetec Business Technology Centre Limited ("SBTC"), a company in which it is invested and with common directors, to deliver the services under the charity's Eden House project (its primary source of income).

During the course of the year, the charity incurred £1,016,509 of costs for direct delivery of this service by SBTC (2022 - £779,789) At the balance sheet date, the charity owed SBTC £116,307 (2022 - £222,131).

Page 19

YOUR AMBITION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Investment income
Interest received
Charitable activities
Contract income
Total incoming resources
EXPENDITURE
Charitable activities
Contracted services
Property improvements
Support costs
Management
Insurance
Sundries
Governance costs
Auditors' remuneration
Legal fees
Total resources expended
Net income		 2023
£
575
821
1,354,970
1,356,366
1,016,509
240,322
1,256,831
7,029
158
7,187
3,500
6,736
10,236
1,274,254
82,112		 2022
£
-
63
1,045,590
1,045,653
779,789
200,268
980,057
27,436
84
27,520
2,088
3,224
5,312
1,012,889
32,764

This page does not form part of the statutory financial statements

Page 20