Char*y r•gknalloTh 298851 Compary Thql¥tralkn numb•r 01760271 (England •Trd Wal•s) WEST BERKSHIRE TRAINING CONSORTIUM ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 1111111111 ' *AffjH3EVP4* 02112r2024 COMPANIES HOUSE WEST BERKSHIRE TRAINING CONSORTIUM LEGAL AND ADMINISTRATIVE INFORMATION N￿1r AJ Bra N L P•nlwr#J (Au￿1nted S Jun& 2024) S•cr•l•ry C Mind Charlty numb•r Company numlJ•r 017fQ271 R•glstw•d •ffl 7 Cheap Str8ot RG14 SDD Audllor lijtts LLP 3 Lorthi Squ¥0 ildford GU1 1W 8ank• &5 Bridge Slreet RG14 5BQ Solleltorn L￿ahty Sdldto 20 West Mills 8ewkshw• RG14 5HG WEST BERKSHIRE TRAINING CONSORTIUM CONTENTS Trust88s' ro Stateffl￿t of Truste8¥ respon5iblitl85 StotsN*nt offinarthl activiuos Balan￿ sh••t 10 Slatsm￿t ofcash 11 Notas to th8 fin￿la1 slatsmonts 12-22 WEST BERKSHIRE TRAINING CONSORTIUM TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JULY2024 Th• Truslo8s present their annual rowl and finanLy81 statenwts 31 July 2024. The fin8n¢l•l state￿￿nts have been pi•pwed hl a¢¢udarKY 7*ilh the acc￿ntry19 polrcies Set out in nots 1 to the finanoal stat•m¢nts and c¢mply with Ihe Charitys de&J of trusL the Companies Act 20C6 and 'A(xxunting and R8F¥)rbng by Charths.. stst￿t of R•ca)mmonded PTa¢lic• ¥pplKabkn to ¢h•rit*s preparing thdr acojunts in at)xJrdance with the Fin￿¢￿4 Roporting Stan¢Jard appl*Abl• in th• UK Rowbbie of lrnlarml {FRS 1021 {effecti 1 J*wry 2019r. ObJ•¢tlvM Ind athltl•¥ Contracts Tho Charity a)n￿nUeS to bè ￿ tho Register d Approved Trainir4 Prtyidors (Rts4TP) for the delfvery of Appr￿n￿c8shipS and th)tr￿ts dirndy ¥Ath 8nwk)yws to deliver Ihis provislon. WBTC also o)ntra¢ts wth the Education & Skilb Fun(11ng A48ncy for fundirwJ such as sts￿ PffMJrammos. In addition to thi5. the Charity hès bogn Operating oth8r contracts that offer training related re¥w￿. Th8 c4)rtJination of all of those tx￿ has onablad the Charity to provide a diveTre range of CPPLYlunibes in leaming ar￿ to PBOF49 of ￿[399$. Publ1¢ b•nofft roPOrtI In plannlng actm'tiès thg >w. WBTC has kept Wb mind the Charfty Commiss￿¥ ￿*dance on Publ￿ Ben8fiL Tho focus of our ath.vity remains the ar￿a￿ment of iThJNiduaL8 aThJ omployws in (yd8r to imprDvg vO￿tIOnal skllls, knowledg8 and behawouTr. in bJm wll g)ntribulg to both the and natmal Tho a¢b"vities liBted below have direclty hdFed young Fwle into and S￿lained Ihwr 8mploy8br.lity thr￿jgh promotion. add8d rgsponslbility cy high Jwnirb3 QPFKMtunili•s. ￿￿Te$ primary fo¢us is ￿thin Borkshire and extends to th8 Thames Valkny region but. Wh￿ a n08d is Osla￿Ls￿. tW￿d this arga. Mls8lon We are dedlcated to enriching INgs. transfomin9 ¢ar¥•rs arbd iThprovirwJ ¢¢¢rttynr¢ •rK1 sodal W￿lIb01n9 of our ¢¢mmunits"¢s. We eThyower iTrJNiduals through bTKlgiThJ skills g8ps. dw¢b)piNJ and Confiden￿ hith qualty tril￿￿ st￿1 programmes. a￿￿￿tiCeshipS and trainirwJ. . Support young people, espooalty trK*• disa(l¥•nt•g¢d dwtyygod th￿￿ sludy prc#Jrnmm¢s to help build a brighterfu)Jr¥. 2. Prnmto appr￿tI¢&shlpS *Mih I￿￿1v￿ [￿pIe and support 8n¥Aoyers to upskill their cuThent %w)rk forc•. 3. E¥ofve the organisatKffl to reduce gaps of local and natio1￿ employers. 4. Promote a supportive 8nd $usts1na￿8 work en¥irMrr*nt f¢* ènW0y￿S In whlth Ihty ¥• enu)ur•yod to develop t￿1r skilLs and feel valutd. Inswling seN.cfjnfidence a￿1 self-bel￿f in pecW• barrn a(AX￿)Med to alienatlon and disoppobntment is c(Ke lo enablirvJ thange. Apprantle•shlp & Comm•r¢l•l Programm WBTC'S r￿MMItMent lo our18am8r and enknr partner5 thmugh qualty apprentic¢$hip programmtrs can b8 evidenced through achievement rates that are again swnffi(xnty above n•tA)nal average. In 23124. 73.24% achigved their apprentThship against a natirywl averago of 54.3%. Tmst88's and the seni(Y managoment team m?intsrn its strategic obiecl]'¥e ol athievernnt rates to bg 11y% aLN)ve th8 national aver•g&. Apprenticeship. Apprenti¢¥ship num￿15 grow In 2W24 vAth an IrKxeased proporbon being delivered diredly tyy W8TC leadlro to an iryoved fin￿¢1￿ ￿￿urn. study Progrnmmos The Study Prograrrth8 und•r allocatA)n in 23r24. V*BTC saw an in¢wsed rwnknr of knamers remaining ¥￿th th•* s¢hoc4 in to year 12 in th• local area. Busr*s *nning ha5 been inW¢montsd to inyove performance in 24125. A n•w pos( Study Pwramme I Work ExpWi0￿ T4rtty w•$ tXe0t￿ leamor a¢tess to wvrk eyperionc• pww•l dwloprmnt. whith has had [*)s￿￿ impact as r•pyted by our ￿arne￿ and th¢ir paronts. Thè Study Programm¢. vthll$t small in number, 15 ¥it￿ty inp)rtant to wr ¢*oritsbkn okn of suppjtiry 1&18 ￿#r old NEET$ in the local aw and the board are keen frx Ihe pnwision to to impact moro INOS. WEST BERKSHIRE TRAINING CONSORTIUM TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Flnan¢l•l r•¥l•w Flnanclal posllkbn F.ty the year ending July 31 2024 th8 Chwty has reptytsd a of£93.2W). (2023: deT￿t of£16.344} Inv•slmont pollw and p•rfornbanc• Cash balarK*s improv&J viti reserves of£270.816 W in N￿￿ry 8w1d1￿ Soth ¥nd £156.690 (2023: £76.334) In cwr•nl as of Jutry 312tr24. pollcy Thè Boarf of Trustees has t>)n$￿tre￿ the ad8qvaLy of roserves W by tho company. in lino 4*ith the Chgrity Commission gui¢J8n¢e and ¢th)¢ur thai the levd of reserves is suffi¢xnl to meot th8 companws responsibilitss Sn th* short temi. In frJrtherarKe ol It* th¥iity$ rAji￿lI￿. ￿ reserlw polw ofthe is des&￿ed to: . Protect the bU￿n9sS from thg rtsk ol in>Jvercy crf awup￿n to it5 charitabl0 *Drk. . Provlde s9cL￿ty against th• peaks and of inc4)n* affthd by bu5ines5 dovmtum ty ¢h•rw governff￿t . Provide sufficiant funds to inNYst kn Ca￿ Infrastr￿ ar*J r•souw for th• b•n&fft of l•amws to undertake training. Rl8k Manag•m•nt Thè TrusteeT4Diractors have assessed the wroiw r￿kS lo whith tho Charity oxposed, in particular those Telate(t to its oporatw and ffinan￿. and arg satthd that the are in to mitigats exwre to major risks. Th8 TrUSte￿oIreCtOrS will $valuat* ¢urrnnt ￿¥91$ of r¥S0ur￿5 * workn'r@ mtices in line gwernry￿t furKling available for 2024-2025 and thi% is assesswj 8$ 9tr>J in Ln• ￿ ESFAffinancaal r￿pIran¢4. Plans lorfu￿r# p•rlods To build the foundation5 ts grv•th. ￿ Chwity is wlxkiry fLknirwJ aL*¥itie& . Further rÈdue8 subcontractsd mtsion in apw•ntK*ships and fovJs bL￿￿*s dev¢bwnenl on intsm8lFy d$liv¢r¢d programmes to wnprove marg . Identrfy pthrs to d•¥•knp aducationa txryraffffi•s fty NEEf4 th• un•mpW and ￿re¢r chang8rs . Id8ntfy new p￿raInMe5 to delpM onAEB contra(*s b inyry40 upt*e Grow the Study Programme numbe . Plan new satslite (wtTrs to offèr the Slvdy PrograrnTh￿ to gwJgrath85 Significantly increa%e th$ numbsr ot lender5 resprythj to. Stru¢tur•. gov•rnanc• and m•nagwn•nt The Charity is o)ntrdied by its gov8ming a d88d of t￿ and rxtstitl￿ a Ilmited coryany. limbted by guorants8, as defin8d by th? CoMpan￿S Act 2(￿ffj. W8TC Is o regist•rnd C￿rity based n Vlest Berkshire ￿ is opwatwj the terms of its mem￿dum and Articles as fir￿￿pOrated 101h October 1983. The ￿1ndpa1 oblec1t￿ of the Charity is: change. WB TC Is d¢v¢lWng lalen£ shaplw th• firtur•". WEST BERKSHIRE TRAINING CONSORTIUM TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 th• date of shinalure (rtth8 fin￿cial SlateM￿ werw. G twaby S Gillam A Greenidge N Mulr T Sandford TwI￿St88d AJ 8rn*K) AMohorM*d N L Penfound {Resigrwl 15 Jwwry 2￿24) {Rwned 15 January 2024) {R¢signed 5 Jum 2W24) (R•swJn¢d 24 Sofvibor2024) (Apwnted 5 Juno 20241 Th8 man8gement of tr* Chaiity is thè resptywblty d tho TntytO0s Arn and ¢trOPt￿ undor tho tem ofthe TNst de¢d. Org•*Wtlonal 8tnKtur• and d•el•lan4nakhy Okl•s Truste8smirectors me8t as a miniThun bITrfTK￿trty, al¢ry wilh the Dirnc*or. DirOClrA of Tr8ink¥ • the Diroctor of Financ¥ and operatm￿S to o¥*seo tr* strategK (tre¢ATh of tr* (*ryny. The D*ector of FlnancAry aThl Operation$ Is also tM rx¥rwny 8•gBt•y. . lThJudon pmgramm¢ indLxling (Kganssalion c*art . Char6ty Commisskn bcx)klat. R8sFI￿sIbll￿18S of Trust•es Act 1993 . Audital Year End lkntst) . Mlnutos of last AGM arnl Board fvlrwte5 . Management Retth of . Th•y atso undortako tra¥iing on th¢ fOlkn￿ (￿[￿e. Tr Essenlw Trustoe *¥J kn Practts. 2020 Programm8". R•lat•d pwty rnlatlon•hlps st￿Uld a confftict of intsiost Wis8 T￿tea8 aro reqL¥rnd tr> dedare th*r intor¢st * a fofflHI M￿tir￿. *thl¢h wll b fflinut¢d. Wth• tssu¢ ts rnlatod to payrnnt Tntst88 of work (Mtside Ihfr agre•J ol pocket expen￿. • vots wll b• laken by thè r•mainry TAtsI￿S as to ts appr￿toneS$. this wll oxdudfr tho Twsteo in qLMtion. If a(￿pted. a dedaraliM rwwt Mll be sent to tha Chty Comn¥55Th lor aFrfwDval. Audllor o)mparby will ￿ Ixrt at a G8n8ral AJ 8r8N Chalr 2511112024 WEST BERKSHIRE TRAINING CONSORTIUM STATEMENT OF TRUSTEES. RESPONSIBILMES FOR THE YEAR ENDED 31 JULY 2024 arn r8sponsible for ￿Paring the Trustees. Rw and Ihe finanraal statements in acc4ydanc8 wrfh apFAi¢obl• and United btingdom A￿0￿￿K¥a Stsr¥Ja￿S (United Kirydryn Generamy AC￿pted Aoxunting Prath"c8). Cowany Low requirns tho Truslees to w8porB frnn¢i81 slatomnts for each finan(xJl year vthlch give a true and f8lr of th8 State of affars of tho Charity and ol ts inD)ming reswwAs applution of resources. induding th8 income and exp8ndibJre. of Iho charitable c£Niwy fr* thal yew. In weparing thes• fThnc¥al stat8monts, Ihe Tn15tees we wuired kn." . rnake1udge￿nts ond esomotes that we reas(Thblg . stats wh•thor appli(a￿e UK AoxwJntiTh3 Slandwth have been fol(r*8d. su1¥￿t to any mater181 departurns disclosed ond ex￿ined in ts finanLyal sl•tsm8nts; and . pr¥para the financial $t•twMnts ￿ tha ywj c£￿￿*M bosis unb•ss It is inawwi•t¢ lo prosumo that the Charity 11 continue in operation. Tru3tees ar• respjnsible for keepKty •d8qU8te ao)yJnliry reclyds Ihat disdose with veasonabte aceuracy al any lim8 th& financial p)5ition of the Chority and enable them to ensure that the finarKial Statements ￿￿PIY wilh ihe Companles NLt 2006. They are 8lso respw8iWe for safagu8rfirwJ the assets ofthe Ch￿ty ènd her￿ for ta￿.ng reasonabla steps for the prgv8ntion and d8tK*on offraLx1 a￿1 othar ryu18filw. WEST BERKSHIRE TRAINING CONSORTIUM INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WEST BERKSHIRE TRAINING CONSORTIUM Oplnl W• have audltsd Iho fIna￿la1 slatsments of W¢st Borkshlrn Trainirwj Corwtium (the 'Ch•rity') for tho yoar ended 31 July 2024 which i>ywse the statement of finan(>al a(#1viti￿. th• baknc* shèèt. th8 stat•m•nt of e4sh Ilows and the notes to Ihe financial stateTh*nts, irxluding a of 9gnif￿t accA)untlrKJ policlas. Tha financial r¢porting framtwtyk th¥t has be$n Op￿18d in ther is applir2bkn law aTrJ Unit8d lfjn9dom A￿)Unting Standards. induding Financial R￿0117￿￿ Stsndard 102 Tho Fmncml R•wting Standanl applicable in the UK and Ropubllc oflroland Iunltsd KIr￿¢￿￿Tr G8n•raltyPu*FthI pao￿tIr￿￿ Pra(kn In our opinion. th? finarval state1￿￿.. give a tfue and fair view cl the slate of the dwitstle èff•irs as at 31 J￿Y 2024 and of Its knceming reswrces and appltsbon of rnsources. ky tr* year Ih¢n gndèd: and B#*ls for oplnlon We conducted our aLKlit in a￿Ydar￿ *ith Internat#Thl Stsndards on Auditi'ThJ IUKI {IS4s (UK)) and appllcable law. Our re8FMY￿IbII￿eS under th080 stsndards a￿ ftjrther dèscribod li th¢ Authlorfs lar the 8udil of th• fin8ncro1 statèménts $8th"on of reFrfrt Wè arè indapandènt of the Charity in xctsird8nc* vAth thè oth11￿1 rnquirèmènts that ar8 relevant to our audit of thè ￿na￿la1 stslements in t￿ UK. Induding the FRC'S Ethical Standard. and ￿ have fuKIlknJ our other eth￿1 reS￿r￿1b11ItreS in accwdanc* with these Tequirements. We believe that the audit evidence have obtsined 15 suffvwt arKJ 10 wovyje a l>asi8 tr our owiM. Con¢lusl¢)ns r•l8tln9 to golng conc•rn In audiUr¥J the 8ts1erwts. we have ¢#)ndud6d that lh¢ TrLtst8•¥ w of tré 90*4J basis of accwnting irn the preparation of thè final￿￿ slatsm¢nts is approprAt•. (x)ndith)ns thaL ir¥lividually Ix oSleGli¥etyi, may (361 signfficant th)ubt on the Charitys atiilty to continut as 0 going Jnc*m for a peric4J of at knast twèlve months whon thè finanual slatwr*nts 8re 8ulhor*eO for issuè. Our respjnslbilittes aThl the r8sponsibHlti8s (rf the Tnthes with resped to g(xrvJ are desLY&J&J In the r•l*vant sections ofthis resxYL Olh•r kntsrniallon Tho Tn￿ are resFX)nsibkn for other infor1￿liOn. Th¢ other thmatAy) lh¢ infonmlion in¢lud¥d in th• annual rtport oth¥r thon the finanual statem￿ts and our a￿litt￿S thgwn. opknion on the Ilnanci•l stat¢m•nts do•$ not co¥8r tha other In1￿0￿ aThl ￿ (lo not ￿PY￿S any fvxm Lrf assuranco o)ndu5*Jn thareon. In connectKffl With ujr audit of the financial ￿at8￿￿ts, cwr rpspM$bfity is kn re•d th• oth•r informobon and. in doing 80. 0)n5ider whethw the ouw infc*maliw is mat•rialty incLThl￿•nt with th• flnan¢ial statements or OUT knovAedg8 obtsined in th¢ audit (Y aro&ars to bo matwwlly misslatad. If wa identify such matsrial incondstendes or apparent matsrial misslato￿ts. are Ipqui￿j to determine whelher th¢re is a matsrial misslatement in ts f￿anCIal 5talerFwts or a material mis51atwngnt of I1￿ other infcffith. If. bosed on th8 w¢wk have perfOrn￿￿, we (Y>￿u￿¥ thot Ihere a rrwknial misStat￿t of this oth•r infornialion. wa are required to report Ihal fad. We havg noth￿ to re￿1 in thi5 rBg•rt1. WEST BERKSHIRE TRAINING CONSORTIUM INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WEST BERKSHIRE TRAINING CONSORTIUM M•ttorn on t*hl¢h TM w• rnqulred to ff•wt by •x¢•pfjon We have nolhlng to re￿1 in respect of tr* folcMirwJ matter5 in relat￿ to whith the Chariti•s (kuunts and Reports) Règulatiors 2008 require us to Tewt to you il. in wOpin￿.. repNt.' or sufficl¥nt #ccthn￿ng reC¢￿S havo Mt bwi kept the finanaal slateff*nts are N)t in agreement tha ac£ounting r8cx)Tds: or we hava not recewj all Ih infcrntm and *natitins requirn for aLA4IL Regpon81bllltl•s of Trust•es As •xplaln6d fulty in ststemgnt 0fTn￿. rp5ponsthkligs. ts Twuslee& T•tho aro aLso the dwBclors of the Charty for th¢ purpo$8 of company law. ar• rnsponsibltr for th* prnparatsr￿ of th• financwl statements and for boing satisfied that thèy giv8 a true and fair 14i•w. a￿1 for su¢h intwnal o)nlrol a$ tho Tmst8eB dotemino is ngce5Sary to enable the preparat￿￿ of finanoal statom8nts that arn frun material mtsslat8m¥nL 7Affigt￿r to fr8LwJ or ern)T. In pr8parlng th8 financial slatWTwts, thè Tmst•es are res￿r￿1b18 tr a&8e55ing thè Charivs ability to ojntinue as golng conc4m. th"sdoslng. a$ appli¢at￿e. mattws to wng o)n¢¥m ond u$lrKJ the goir4J ￿rt¢￿n basis of a￿￿￿kn.ng unless the TnJstee$ erthor SnteThl to liwthte the charilabkn or to c￿• cwakns. or h8VO Th) realistic altemative but lo do so. Audltorfs rnsponslbllltles for tho audll of th• Ilnanclal st•twn•nts We have been appointed as aLMlitor under section 144 of the Chant*s Act 2011 and report In accAvda￿ wrfh th• Act and relevant regulatr)Th8 made or hav¥y effect therwnder. C￿r object1￿$ arn to oblaln rea$Wb￿ assurarth fihancoal statorr￿ts 8$ • wholè we free from material misstAtement, whether due to traud w error. and to Issue an awlitorfs ieFWYt that indu¢Jss our opinion. Reasonablg assurance is a hlgh level of assuran(* Ixrt is a guorantee that an aLKlit o)Thlucted In aco)rdanc4 th ISA8 (UK) wrfl ahvays deteca a material misstatement when it exists. Mwtatements can arse from fraud or errDr and are considered material ¢f, i￿j￿￿l￿allY or in the aggregate, reasonably b8 expectsd to Inlluonca Ihe ecryK>mic d￿5•￿￿5 of uw5 L*en cffi th8 basis of fin?rKial ststsmonts. 1ffggu1a￿¥S. indudin9 fraud. aro jnstow rf r￿¢￿￿19n¢¥ wlh and r¢gulotM￿. W• d8swJn procedures in Ilna with our r¥$ponsibilitios. atr￿. to dèt8¢t material misstst8m8nts in rnsped of irrggularib'os, indudin9 fraud. The ext￿1 to which our procedures arn capablo of deteL*rrfJ Yr¥gLtsribos. ind￿JIr￿j fraud. 1$ detailed b¢low. WEST BERKSHIRE TRAINING CONSORTIUM INDEPENDENT AUDITORE REPORT (CONTINUED) TO THE TRUSTEES OF WEST BERKSHIRE TRAINING CONSORTIUM Our approath to identfying and ass8ssing th• of mat•rial nMs*8tom•rt li r•sp•ct of irrngularfil*. tr¢duding fr￿d and non-oNryAiance with 18w3 ￿Ulat￿5. was a5 folkhVS'. . th8 ervJag8ment partntr ènsurod that the engagement team o)l*ti¥ety had the approme i>Jnpet8nco, capabilits.es and thlls to h1èntrfy or reco3nisè rbJn-c4YiWlar￿e with appficable laws and regulation5: we identified the laws aNJ WLd*ons applicable lo thtr c*ari*abYe cthnpany thwough 01￿$510nS with truslees and other management. and from our kn¢￿0 and axpenence of lh8 séctor. we locused on specffic laws and whK* we c•)nskJered may have a direct m8t•rial •ff8ct on the ffinancial ststswwth3 or thg opw3DonB of fv tharbtsble (yynpany. iThYuding safeguardiThJ. Olsted. ESFA regulatory rgqulr8nwnts. ￿ Cthmpgnios Act 2C#)6. t￿ Chyrilios ALt 2011. tho Charibes SORP. taxauon legislation. dats proteckn. anti-bri￿ry. ￿￿tynent. environmental and health and safety l•gW•tion' we assessed the exlent ol cOm￿lan¢% with the laws and regulalK￿ Klentffi&J above thrO￿h ffla￿ng enquirios of m•n89orrnnt 8nd inspeding Wl con•spondon(*'. and b identifi￿ laws and wulalitir￿ wwe LJ>nmUn1rAt￿ wrfhin the audit t8am r8gulaty and tho team remained alert trj Instanc￿ of non-cOm￿lanc• throwhout the awJlL We a35essed the susceptiknlty ofthe c*aritabfe (Xynpan￿$ fm•Th>81 Statel￿nts to matsrid mi$statem￿t. Indudln ci)tsinirwJ #n under¥tsndiry of fraud mvjht OLvJr. by: • making ¢rv4u￿&S of M8nagÈ￿nt ¥$ to th8y (x)lKs￿ th•ro was $usc￿￿1ty t(> fr¥LwJ. the knowledge of actual. suspact*l ar¥J 8ll¥g8d fraud., and considering the intemal contrds in rAace to M￿gaI• Thsks of frawj aThl non￿￿mpl￿ance wth laws and rowlations. Audlt rnspons• to rlsks Id•ntffi•d To ad(k8ss tho Tisk of fraud through managwmnt boas aThY v￿ry1de of cxxtrols. *?'. . [￿lOrmed analytical pn)cedures to *Jontfy any unLwal or Unexpe￿￿1 rdat10r￿hlp￿. . re￿eWed 811 lTrns8ctKJns listed: • assèss￿ whéthèr ILwJg•m•nts •ThJ assunpl￿ m>J• in d•tomiinirwJ th• act￿nting èsllmates wore indicatwe of pot￿traI t#"as: arkl . invest￿al&j the ratK*nale bohind svJrIf￿anI ar W￿u£l transackn. In rtswnse to the of irregularitw and nIx￿coMpl￿n￿ ￿1h lrn arKI royulol*M. we de*ned procodures Ich indudèd. but wèrè not limitÉd to: • agreeing finaThial slatem8nt disck6uros to undètyirwj SUP[￿lig dcumentskn: and enquirirwJ of management as to actual and rx)tential litigatKm and daims. There 80 Inherent limilalK)n8 amlit ￿￿edureS described af*)¥e. The mNe rnmoved thèt 18ws and regulatlons are finanoal trans8ctions. the likety it is trAt wè bgLX*ne 8W8ro of ￿￿-elynpIIanCe. Auditi'ng Standards also limit thè audit proce(1wes requir￿ to idantify ￿n-0)￿lanC* wlth laws and rngulations lo enqulry ofth8 TrL￿te•S aThl other managWr￿n1 and th• inspecti￿ ofwulaw and W coTh8spondence, rf any. Material mls5tsteThnts that arise due to fraud b8 harder to d¢t¢¢l than IIK* that wrvr os moy involvo delibwate wncealrrnnl ￿ rxl1us￿. A further dascription of our f8spon&bilIt￿ for tho audit of Ihe ffinarKial ststwngnts is lO￿ted on 1he Financial Roporting Counal's websbte at: http."IAwhV.frc.￿g.￿kIaUdrtrj5re￿pYs1kn1l￿$. This d•scn"pb'on fomi$ part of our audilorfs roporL of our r•port Thts report is made soltly to thè cha￿$ truste¢s. 85 a boty. in aioJrdanc% wth part 4 of the Charities (Accounts and R8ports} Ragulalons 2008. Our audit has boen wthrtaken so that we M￿h¢ stste to the charitys tnjstees Ihose matters required to state to them in an audiiofs arKI for no other purpose. To ts hjllèst extent pennItt￿ by law. we do not acyxpt cw respon&bilty lo anyone other than the chartty and th8 Chari￿8 trustees Aa a body, forour aLNJit 7KJrK forlhi3 reFrt ￿lOr1h* c¢AnK)nS The have frymed. WEST BERKSHIRE TRAINING CONSORTIUM INDEPENDENT AUDrroRE REPORT (coKnMUED) TO THE TRUSTEES OF WEST BERKSHIRE TRAINING CONSORTIUM Chrlsloph•r M•ntsl IS•nlor Stalul•ry Audltth) faf •nd M b•half olAlllt)tts LLP 2511112024 statutory AudStor 3 Lrythn Squarn &JibJltyd GU1 1UJ Alr￿ LLP is ellgible for aponlmwrt as auditcy of th8 Clwity by vlrts* d Its 8ligl>lty for ap￿nIM￿l as audltor of a u)mp8ny under sect¥￿ 1212 of the CompanigsAct 2(Th. WEST BERKSHIRE TRAINING CONSORTIUM STATEMENT OF FINANCIALACTIVMES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY2024 Tot•1 funth 2024 fund8 fvnd$ 2023 Income from: Oonations arrfl18gac Charitsbl¢ actTrvWles Investments 1.218.091 195.824 I218,￿1 195.824 1275,727 177. 6.422 1275.727 177.696 6,422 Total In¢om• 1.422.7 1.422.760 1,459.845 1,459.845 Exp•ndltur• Qn: Rai54rvJ fvnds Charftable activit 561,154 891,808 561.154 915,124 774.562 5,981 780.543 ZJ,316 Tolal •xp•ndltsJr• 1.323,489 5,961 1.329.470 1.452.962 23,316 1.476.278 M•¢ IncoTh•ll•xp•ndlturn) mov•m¢nt In lund$ 99.271 (S.￿1) (23.316) {16.433) R•conclllatlon of fuftd$: Fund balances ¥t 1 A￿Just 336.344 5.981 342.325 329,461 29.297 358,758 Fund ￿knc•B at 31 Juty 435.615 435.615 5,981 342.325 The statement of finandal acknvit*s indud85 all gans aTrJ k*ses rn¢¢gni80(l kn IM par. Al arKI oxpendfilurn derive from ¢ontirwing actmties. WEST BERKSHIRE TRAINING CONSORTIUM BALANCE SHEET ASAT31 JULY2024 Flx•d •M•ts TorvJlble assèts 13 7.751 29,802 14 176205 427.5x4 128.350 Cash ¥t bonk and In hwKI 603.713 Credltorn: amounts falllng du• wlthln on• y￿r 15 (175W) 1154,133) N•t ¢uvr•nta88•ts 427.864 312.523 Tol•l l•M ¢urr•rt Il•blllll•s 435.615 342.325 Tho funds ol the Ch•rlty Rostrfcled incomo lunds Unreththl funds 17 5.981 336.344 435.615 435.615 342.325 Tho ¢>ynpony Is to frryn the autht rnqutrwwrt (x)ntsined In s￿lI0Th 477 oftha CompanlesAct 2CKI3. fry tho ￿ ond8d 31 July 2024. athxwJh has I￿n carri￿1 crfrt urKIw 144 of th8 Charfties Act2011. with rest￿L to acw. 1.2 Golng conc•rn Followng Tobust control of (xists in 2{Y￿2024, th8 Charit￿S financ8s hava stsbilis&d and achi8vod an operating surplu5 in the year. At the time of approving th8 fmanckql statemonts. tho TnJst88s havo 8 reasonab￿ e¥pecwb)n that the Charity ha5 adequate resources to C￿tinUe in operational existence for the fores￿blO lulurv. Thus the Twuste•s to adw 1h8 gtyng ct•Yxn basis of aLuuntiThJ in tho finanoal statémants. 13 Charltablo fund• Unr8stdct8d fijnds 0¥9i1gbl8 tr use at the disuglwxt of ts Twstees kn Iw1her8n￿ ￿ th¢lr chorilablo R8strictgd fvnds aro sui4ecl to Spgok u)ndilk)ns by dcANYS c* grantors as to how th6y may b8 U8od. The purposos and usos ofth¢ rgstrthd funds ar* set out Mi tho notss lo tho frnirial stslerwts. 1.4 Incom• Inwm8 is recL¥Jnlsed th• Ch9rfty Is legalty entiw to M gft•r any perforn)8n¢e ctrdlttr4 have beon met, the arnunts can be meosured relraW. a￿1 it is wbable that Incom8 be roceNed. Cash donal1￿ aro rgwgni8ed ¢n 1gr*t d￿t￿$ wo re¢tyJnlsad onc* Its Charity has been nolNl8(1 of Ihe donation. unl8$5 F￿01m4￿c¥ 1Xx￿liK￿ Taquwe deferral of tha anmmrt. Inrnng tsx rBLvverablg in relation to donattys r*ceNe(l under GrfiAid or daets of covw)ant is roo)gnlsod at the time ol the donab"on. Lega¢l8s arn recogni5ed on rnceipt or rAherww rf the Charity ha5 been notif￿ of an inwanding distribution. the arTh)unt is known, and rKwpt 15 expected. W the arr•)unt is not knrxvn, th• lagacy is Ifeatod as cfjnOng•nt asset. Govemmenl grants are recognised at Iho la￿ valw ol ltr* agsot or re￿I¥8b￿ when 19 reascThble assurar*ca that the grant bo rr*t afvj grnnts wll b? r¢cer¥ed. 12- WEST BERKSHIRE TRAINING CONSORTIUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Accountlng pollcl IContlnu•d) 1J Exp•ndlluff• E¥penditure is rocx*Jnised once tlwe is a L¥)f¥tnth obligation lo tran*r O￿n0M￿ b8n8fft to a thrrd p*ty, it is prowe t*￿t è trnnsler ofec4)nomic will b¢ raqutr¥d trt saidement and tho amount of thè c4)ligaticA) ¢an be rnasur8d rdi8bty. ExperhJilur• is classffjwd by aciivity. Th& ojsts of eath activty are made up of thé totsl dirèct and shartrj cosl8, induding supF¥xt o)sts invow in undertaking each activty. Dlr8Ct ca)sts attrityjtable to a Sing￿ acbvity Ère althated dwedy to that #ctsvity. Shared r￿sts vthlch o)ntribute to ffl0￿ than one acb'vty and ￿jp￿)rt cosls vthich are rK)t attributable to a Sing￿ actNIty are apport¢oned betymen actiwtitis on 8 b8sts ctmssst8nt th¢ uso of resources. Central staff cosls are allocated on the basis of tim¢ ynL and d&prWts￿ tharyes allOca￿j on the wrth)n ofthe assefs use. Expwvjiture ￿ raslng thJnd8 yKludes all expondilure by th8 Clwlty to raY&e funds its dmritable ose8 indudos o)sts ol¥M fundrdiwThJ a¢livitss events and wK)nrfharitabte fvrnl*wJ. EX￿¥Ji￿re ￿ Charitab￿ activikn k% in¢xwr#d ￿ threc* und8rtaknry the aL*r4ikn vthlL* further the Charitys I oxp8nditur8 Is indus1￿ oflff•Thrabkn VAT. 1.15 T¥NJlbl• fix•d as••ts Tangible fwl assets 80 iAiti8My mèasurnd at aryj *Awuenty n*a8urnd al o)st ty vokkn. not of depretyatb)n al￿ any impaim*nt lossos. 0epreclati(￿ is reLwni%ed so as to 74rtits ¢41tho (x*t or valuati(￿ of assets I￿8 their resKlual 0￿r tholr U8efvl Iwes on the folkmng baw3". Fixture5 and frtii 25%- 33% straight Ine The gain ￿ loss aiising on the di8posal of an 8sS8t is deterTrdned as the drfyerence betr￿n the Sale oceeds and the carying ¥a￿e of the and 15 re￿gnISed in the statement of financial actsV￿8S. 1.7 Impalrni•nt of Ilx•d ass•ts At each rep)rbrwJ end dats. Iht Charity rnVW4bS the ar￿Unts of rb tsrwJible 8ss¥ts to dot•min• wh$th$r Ihèrè is any ind￿￿"¢n that those assots have suffered an impaimont loss. If any such indlcatton sts. th8 recov•rab￿ anN￿nI of the assat is •stwnaW in order to d8tWTr4ne tho exiant of the impairment k)ss Irf arry). 1.8 C¥$h •nd oqyl¥al•nts Cash and cash equivalents Ind￿ (￿h M) harbj. derA>sits l*kJ at wilh bonks. other short-tsnn Ilquid inveslm8nts with orvJinal malufili08 of thro0 mmths ￿ ths, 8rd bwk ovethfts. Bank (Nordrafts ara shown thin t*Jrrowings in ￿Trentl￿t￿lI￿s. 1.9 Flnan¢F¥l In*twm•fits The Charity has eleded to 8ppty the provryons ef Secaion 11 'B88i¢ FMian¢ial IrfatnThents' and Sectk)n 12 'Other FinwKial Instruments IS￿￿. of FRS 102 to èl of 115 ffinan(ytil inslturY*. Fénancial instrurnents affj reo)gnised In the ChoriV8 shoot the Charity b8comos paty to ths ntr8CIu81 pwsims of the inslnJm8nL Flnancial assets and liabilities we offset. lh8 rf affthnts yesented In tho Ilnandal statemonls. when thwe is a 18galty 8nforc8able right to set off tha recognis8d amnts and thwe an int8ntion to saldo on a ot basis or to the asset and setde ts Iwbthty 13- WEST BERKSHIRE TRAINING CONSORTIUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Accounllng pollcl•• (Conllnu•d) 8asic fm8ncial assats. ¥th¢h dab￿ arml Cash b•nk bathes. are initlalty measured at tr3nsa¢bon pric8 indudiNJ transaclkn ctyts and are subs¢qu8nty ¢orri*l al am(yti5ed cost Using Ih •ffo¢tiv$ Intsrest method unlw th• aThangemont (￿￿titUt¢S • finanong trdnSaEt￿. whefy Ihe ITaw¢tion is asured at the present valLn of the fukn8 rn￿pts dtsc¢unt4d at a rfArkot rat¢ of inter¢sL Finantsal ossèts dassTThed as re￿￿eble withn ono year are anwybssd. Baslc ffn•n¢l•lll•bllltles Basle finanoal liabmities. indudin9 uedrfkys ar#J barth kJ8ns •• Initial￿ rwnised at pri¢s unkss Iho arrang•m8nt Co￿titut¥S • finan¢ing transaction. whore th¢ debt fftsbwmont is m¥•sur¢d •1 tho prnsènt value of tho fu￿re paynwnts disc¢Mmted at a Ma￿•1 rnl• of intrnL FInanCh￿ liabilili8s das4fi8(18$ payable within ono year are rK)t anxylised. Trddg ugdhors Are oblIgat￿$ to Poy fr* g*)ds or swicts th81 hava bo8n a(4uwed li Ihe Ordin￿ u)urne of op&rat￿￿S from suppliers. Aft￿￿nts payable ara dassffj￿ as affrent IAtilities if paym¥nt is due wthin one r or less. If W they are present￿ as rrf)nll(Yjrf￿t liabilitt8s. Trade creditors arn recoJnis8d inltlally at Financial Ilabllths are dwwis8d ¥&t18n the chart￿$ c*ffitraclual obl*Jali￿ oxplrn or ar& dlscharg8d or 1.10 Employ•0 bBnefits Thg of any unus&J holiday env11￿￿t is reoJgn*od In In **)Ich the enwloyofj's soNIc4s Temiination bertefits ¥r¢ r•o)gnt50d immwiiatety ￿ an expense th8 Charfty is dor1￿strabfy cunmittad to lemiinale tho ¢M￿oy￿t ot an wryloyee or to provth twMinat*￿ bonoftts. 1.11 R•tlr•mwrt b•n•fits Crltkal acM¥nllng osUmat•¥ and Jwlg•mw*s In the applicatim of th8 ChariV$ ac££wntiro Oi(i88, ts Trust¢¢s •ro rwuired to make judg¢m¢nts. estimates and •s$ump1kn5 tho carying amtyjnt of as50ts ond lith"litios that affj not readily app8rBnl frorn other sourc&s. Th8 esb'matos and assorJat8d a55urnption$ are bas8d on hisl0ri¢81 experi•n￿ and other factors that are o)ns•Jer•d to b• rd¢vant ktual may drff8rfrc•m eslim•tOS. Thè èstimat8s and undortw'ng assurytions are rnviÈw￿ cffl an ryxng basis. Révlsions to aCc￿n11N9 8sb"mates are reco3nised Sn th8 In **)￿h Ihe 8Stin)ato is rovisad t*fiere rèvision affacts only that perfod. or In the perbj tho revtsth arml mxjs ¥thtwo ts revl4on affects both vJrront and futsjre periods. 14- WEST BERKSHIRE TRAINING CONSORTIUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Unrnstrtct•d Unrnslrtet•d fundB fundB 2024 2023 1,218.091 1,275.727 GTrnts Other 1,218.091 1,275,T27 1.218.091 1.27S.727 Charltabl• Charltable In¢om• 2023 2024 Charltable In¢om• Commercval training Emptyer contributwjr Olhgr irK¥Jff* 117,935 51.397 26.492 113,561 58,094 6.041 195,824 177.696 UnrnstrfGt•d Unr•Btrlct•d funds funds 2024 2023 6.422 15- WEST BERKSHIRE TRAINING CONSORTIUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Exp•ndllur• on ralslng fund• Unrnstrlct•d Unrngtrlcl•d fund8 fvnds 2024 2023 Fundral4lng and publl¢lty Adverusing O¢h•r fvndraising costs 25,239 995 522,693 36.297 5,220 519.637 548.927 561,154 Exp•ndthirn on ¢harllAbl• acll¥lU Charlt•bl• Ch•rflabl• actlvltles acllvltl•s Dlr•ct costs Dep￿￿11￿ and impainT￿l Training 0th8rtralno9 costs 5.981 227.541 23.316 310,160 139.154 315.888 472,630 Sh4rn of svpport and go¥•rnw costs (s•• not• 8) Support Go¥emance 446.711 15.944 420,016 22.478 780.543 915,124 Analysls by fund Unreslricted Restrthd funds TT4,562 5.981 891,808 23.316 780,543 915.124 16- WEST BERKSHIRE TRAINING CONSORTIUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Support coBts 2023 245.265 16.070 48.C(M) 9.976 17.048 245.265 16.070 48.000 9.976 17.048 30.529 214.837 214.837 2.565 48,123 12.496 12.542 39,985 D•FTh¢io1 Rent InsuranL¥ Ratas ar¥J ￿8￿JY Re￿IrS aThJ ren8wals Telephone, postage arKI Ststionwy Slaff lrnining and recruiiment Professional fws arKI subsrriptions Sundrl8s and donations Bad debts and bank thorg0$ 48.123 12.496 12,542 21,1(K) 21.100 19,361 I9,￿1 10,379 10,379 16.704 41.626 16.704 41.626 18,766 18,766 36.355 4.607 4.807 feas N£countsncy Legal and profess￿81 0th8rgovemance cuts 8250 7,375 7,375 9.380 1.213 4,510 210 210 2,400 1.213 4.510 448.711 15.944 464.655 420.016 22.478 442.494 Analys8d b8h¥8en Chawitsble acti￿1¥9 448.711 15.944 464.655 420,016 22.478 442.494 G0veM8￿ o)sts *K4ud&s paJThnts to th8 &wJiltys of £8.250 (202& £7.375) audit I￿. 14•t mo¥•m•Tht ln funds 2023 The net rn0vw￿ In fuThJs 18 stated after dwgwWIryBdbtryl. Fetrs p8y8bl* for th¢ audit of the dwitys ffinanci￿ statema 8250 22.051 7,375 25,881 10 Trus1• NO￿ of the Tru5t88s any (￿eLled ￿th thsml receivad ary rnmunwaknn thJrirwJ th• y•ar. nom of Ihg Irvstees wer8 rnlmbur5ed {202> £nil). 17- WEST BERKSHIRE TRAINING CONSORTIUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 11 Employ••s 2024 Numb•r 2023 Numb•r Employrnnt ¢oJts 2024 2023 Wages and salams Soclal securtty ￿SiS Olher ponsion ojsts 676,605 65.302 26.051 649.25¢ 58.T34 787.958 734,474 The numbw ofompbyws V•lKW annual remuw8t*Jn was nmye than £eo,( is a$ fdlows: 2D24 2023 I￿rnber Numb•r £60.th)1- £70.OCa) Remungratk)n of key m•nag•m•nt p•Ysonno1 The rOw￿neratIon of koy Manage￿￿nI PW30nnel w85 as folhy*s: 2024 2023 100.2(KI 98.313 12 T•xotlon Thg charfty Is exeiiytfrom taXatA￿ ils actsNryt￿ twaLLqe all ts IrKixn8 i8 appll8d fortharitabbe wryK>ses. 18- WEST BERKSHIRE TRAINING CONSORTIUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 43 Tanglbl• Ilx4d fftUngB At 1 August 2 130.806 At31 thty2024 130.806 D•pmdatlon and Im￿1rnmrt At 1 August 2023 08preciat￿ (*ary•d in the y￿1 101.004 22.051 At 31 J￿Y 2024 123,055 C•rrylng amount At 31 July 2024 7.751 At 31 J￿Y 2023 29.802 2023 Amounts falling duo tAltrdn •n• >wr. Trndg dobtr*s Prppayft*nts arKI acowed in¢ 146.￿1 29.304 96,584 31.766 176.205 128,350 15 Cr•dlt•rs: •mourfs ts111rtg thwwlthln t)n• y•ar 2023 19.7T1 14.220 39.580 437 99.8 Trad• crèdltors Oiher ueditor5 Accruals and d•fernd ine4Jm 105.662 175.849 154.133 16 R•tlrnm•nl b•n•fft sch•m 2024 2023 Chargo to profft or k)ss in rnspe¢t of d8fir*d ctY)tritsjt￿ sc*w 26.051 26.486 19- WEST BERKSHIRE TRAINING CONSORTIUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 16 R•llr•m•nt b•n•llt schwn•8 . {C¢mtlnuod) The Charity operntos a defined c¥)ntr*yJlkn pws*)n Scher￿ for 81 que￿1￿) empbyees. The assets of the heme art separaldy frc¥n th(xe Of￿ Ch• in an indgp8nd8nUy administernd fvrrfj. 17 Rostrlctod fvnds Th• r•slrl¢t•d funds of the charity the urwpw*J•d balwK*s of dcrtlths arnl grants h•ld on trust tyoct to specific c4)nditKffts ty dorbjrs as to thèy may ￿ us8d. At 1 August R••(•uff•• 2023 0X￿nd9d At 31 July 2024 LEP grant 5,981 15.981} Pr•vlou8 year. Al 1 August Resources 2022 oxpond•d At31 Juty 2023 LEP grant 29297 123.316) 5.981 18 Unrvstrlctsd fund8 The unroslrthd lunds oftM tharty c4)myiw tho uMxporK18d balan￿ ol ¢>xati¢)ns and grants whlch aro r￿)1 subjgd to $P8¢ifi¢ eondibons by and gry4ntors as to how they may Lwd. Th¥s• indLKIg dwgnatad funds whth have t*8n sat asth of unrestrthd funds by th• IrLffjt8•s for speofic pu￿￿•s. At 1 August IneomlnB R•sourc•s rn80ur¢•s •xp•ndod At 31 Juty 2024 Genernl fund8 336,344 1.422.760 11,323.4891 435.615 Prnvlou• y•ar: Al 1 August Incomlw Resources At 31 Juty 2023 General fut 329.461 1.459.845 {1.452.￿) 338.344 WEST BERKSHIRE TRAINING CONSORTIUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 19 An•lyslB of n•t •8s•ls bot￿fi lun Total funds 2024 fvnd 2024 At 31 Jvly 2024: Torb3ible sssèts Current assetsl(liabHil*s) 7,751 427.864 7.751 427.864 435.615 435,615 Tolal funds 2023 funds 2023 2023 At 31 July 2023: Tangib18 assets Current as￿111￿b11tNs) 29,802 306.542 29,802 312.523 5.981 5,981 342,325 L•s$•• Operatry 18ase payments rekywnt rentab payab￿ by wamts88 and c*rtain items of olTrc6 equipmenL At th8 r8wUng end date th8 Clwlty Iwd ￿tsta￿J1Thj commftm8nts for futura Mini￿rn lease payments under mFea￿￿1ab1O owalirwJ leases. fall due as fdkm: 2023 Within on8 year Betwe8n fvKJ and fm yaa In over fNO years 51.781 203.973 224.OLK) 5.511 15,123 630 479.754 21.264 22 C¢Mtholllng P•rty The n￿MberShIp of the ch¥lty was transferr80 m 1 Augusl 2018 to 8asingsloke Collogè of Technology (Bcon. a further ed￿tion ccrporation aThJ ex8mpt thaiity wilh the prirtipal purpose of provlding edUCat￿n. 8CoT exert ojntrol ovor thè Charity by oftha right to appotnt Dir¢dor5 under the govaming do¢ument ol thè Charity. BCOT produc4 consolidated finandal statements. indwje the Charws ¥(*¥Junts and can be oblairAd Road. Basingstoke. Hampshire. RG218TN. -21- WEST BERKSHIRE TRAINING CONSORTIUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 23 Cash q•n•r•tod from opw*l•ns 2023 S￿p￿S1{deffidt) fcr th8 93,2WI 116.4331 ustments for. IrM$tynont incLNrn rectyJni8ed in slAtement of finwKaal *iwti•s 08wedat1l￿ 8nd Inyainnont of tlwj 8S$8ts 18.8451 22.051 {6.422) 25.861 Mo¥omonts in W(￿r￿j ca￿al. (Increaselldecreasè in d8btcrfs In¢rea8elldecreasel in cr&JIt￿5 {47.855) 21,716 57,467 {46.646) C•sh q•n•r•tsd from op•rntloni 80.357 13.847 24 Anotysts of ¢hwg•s In n•t fvnds Th8 Chality had no matW48I debt duiwwJ the year.