## ## ## ## ## ## ## ## ## ||Page|| |---|---|---| |Reference and Administrative
Details||| |Report of the Trustees|2 to|6| |Report ofthe Independent
Auditors|7 to|10| |Statement
of Financial Activities||| |Balance Sheet|12|| |Cash Flow Statement|13|| |Notes to the Cash Flow Statement|14|| |Notes to the Financial Statements|15 to|25| |Detailed Statement of Financial Activities|26|| |TRUSTEES||D Goldsmith|||| |---|---|---|---|---|---| |||G D Gittoes|||| |||C Rowles (resigned|6.8.21)||| |||5 Green|||| |||DJ Hunt|||| |||N J Chatley (resigned 6.8.21)|||| |||D M Wood|||| |||AJ Cook (appointed 6.5.22)
A Hall (appointed 4.8.22)|||| |COMPANY SECRETARY||RJ Griffiths|||| |REGISTERED OFFICE||Holmer Road|||| |||Hereford|||| |||HR4 9SX|||| |REGISTERED COMPANY|NUMBER|1475237 (England|and Wales)||| |REGISTERED CHARITY|NUMBER|512976|||| |AUDITORS||Thorne Widgery Accountancy||Ltd|| |||Chartered
Accountants|||| |||Statutory
Auditors|||| |||2 Wyevale
Business Park|||| |||Kings Acre|||| |||Hereford|||| |||Herefordshire|||| |||HR4 785|||| |SOLICITORS||Lanyon Bowdler|||| |||12The Business Quarter|||| |||Eco Park Road|||| |||Ludlow|||| |||Shropshire|||| |||SY8 1FD|||| |BANKERS||Lloyds Bank PLC|||| |||8 High Town|||| |||Hereford|||| |||HR1 2AE|||| |KEYMANAGEMENT||N Morgan|Chief Executive||| |||JJones|Head of Organisational||Development| |||A Jones|Head of Engineering||| |||V Smith|Head of Commerce||| |||BGriffiths|Finance Manager||| ## ## ## ## ## ## ## |Re
of the Truste
s
for the Yea
ed 31 Jul
2022|Re
of the Truste
s
for the Yea
ed 31 Jul
2022|||||||| |---|---|---|---|---|---|---|---|---| |ACHIEVEMENT
AND PERFORMANCE||||||||| |Charitable
activities||||||||| |The
1.|priorities for the year were to:
Meet the training
needs of the Members
and other||customers,
evidenced||by feedback|surveys|and|continual| |2.|demand
for services
Deliver apprenticeships
for employers to the criteria ofthe Education 8 Skills Funding|||||Agency|and|Institute| ||for Apprenticeships
and Technical Education|||||||| |3.|Maintain
high levels of achievement
and progression
Contribute
to regional
and national
skRI priorities
through
memberships
of local and national||||||network|| ||gr'oops|||||||| |5.|Progress the 'ideal' ofemployer-led
training|||||||| |The|Association
operated out of two sites located in Hereford
and Worcester.|||||||| |The|Association
has again continued
to work in achieving
Further developing
existing Apprenticeship
Standards|its priorities as
and introducing||set out above whilst:
new Apprenticeship||standards||as a lead| ||provider to service local needs|||||||| ||Addressing
the lack of applicants
onto apprenticeship
Collaborating
with local authorities
to tender for and||programmes.
deliver funded|training|programmes.|||| ## ## ## ## ## ## ## |-
-|Quality of Provision
Governanc,
Influence|Quality of Provision
Governanc,
Influence|& Relationships|with stakeholders| |---|---|---|---|---| |-|Structure
il Staffing|||| |-|Service
Et Delivery|||| |-|Resources, Premises|R|Equipment|| |-|Quality of Provision|||| |-|Financial
Health|||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |b
uarantee
Re 'stered num
Baia~bggt
~Ju(
20~2|ber:
14|75237||||| |---|---|---|---|---|---|---| ||||||31.7.22|31.7.21| |||Unrestricted|Designated|Restricted|Total|Total| |||fund|fund|fund|funds|funds| ||Notes|E|E|E|E|E| |FIXEDASSETS
Tangible assets
Investment
property|10
11|3,989,452
845 000|||3,989,452
845 000|4,008,477
845,000| |||4,834,452|||4,834,452|4,853,477| |CURRENT ASSETS
Debtors
Cash at bank|12|577,578
936 520|||577,578
936 520|432,276
1 281 164| |||1,514,098|||1,514,098|1,713,440| |CREDITORS||||||| |Amounts
falling due within one
year|13|(333,190)|||(333,190)|(417,366)| |NET CURRENT ASSETS||1,180908|||1 180908|1 296 074| |TOTAL ASSETS LESS CURRENT
LIABILITIES||6,015,360|||6,015,360|6,149,551| |CREDITORS||||||| |Amounts
falling due after more
than one year|14|(2,152,446)|||(2,152,446)|(2,269,796)| |NET ASSETS||3 862,914|||3,862 914|3 879,755| |FUNDS|18|||||| |Unrestricted
funds:
General fund|||||3 862 914|3 879,755| |TOTAL FUNDS|||||3 862.914|3 879,155| |for the Year Ended 3|1Ju|(
2022||||||| |---|---|---|---|---|---|---|---|---| ||||||||31.7.22|31.7.21| |||||Unrestricted|Designated|Restricted|Totai|Total| |||||fund|fund|fund|funds|funds| ||||Notes|E|E|E|E|E| |INCOME AND ENDOWMENTS||||||||| |FROM||||||||| |Charitable
activities||||||||| |Provision of training||||3,182,804|||3,182,804|2,839,019| |Investment
Income
Other income|||2|91,146
~4855|||91,146
~4855|257,270| |Total||||~3278,805|||~3278 805|~3096 289| |EXPENDITURE ON||||||||| |Raising funds
Investment
management||costs|4|~3542|||3,542|2 984| |||||3,542|||3,542|2,984| |Charitable
activities||||||||| |Provision of training||||~3,292 104|||~3292 104|~2689 674| |Total||||~3295 646|||~3,295 646|2,692,658| |NET INCOME/(EXPENDITURE)||||(16,841 )|||(16,841)|403,631| |RECONCILIATION
OF FUNDS||||||||| |Total funds brought|forward|||3,879,755|||3,879,755|3,476,124| |TOTAL FUNDS CARRIED||||||||| |FORWARD||||3,862,914|||~3862 914|~3879 755| ## |Cash Flow Statement|||||| |---|---|---|---|---|---| |f rthe Year Ended 31Ju|2022||||| |||||31.7.22|31.7.21| ||||Notes|E|| |Cash flows from operating
activities
Cash generated
from operations
Interest
paid
Rental income||||(136,809)
(46,076)
~88 292)|439,048
(35,447)
~255 331| |Net cash (used in)/provided|by operating||activities|~271 177)|~148 270| |Cash flows from investing
activities
Purchase of tangible
fixed assets
Sale oftangible fixed assets
Interest received
Rental income||||(55,188)
11,500
2,854
~88 292|(10,680)
1,939
~255 331| |Net cash provided
by investing
activities||||~47 458|~246 590| |Cash flows from financing
New loans in year
Loan repayments
in year|activities|||120925|250,000
~80 301| |Net cash (used in)/provided|by financing||activities|~120 925)|~169699| |Change in cash and cash equivalents
the reporting
period||in||(344,644)|564,559| |Cash and cash equivalents
beginning
ofthe reporting|at the
period|||~1281 164|716,605| |Cash and cash equivalents
the reporting
period|at the end|of||~936 520|~1281 164| ## ## |RECONCILIATION
OF
ACTIVITIES|N|E|T (|EXPENDITURE)/INC|OME
TO NET CASH|FLOW FROM|OPERATING|| |---|---|---|---|---|---|---|---|---| ||||||||31.7.22|31.7.21| ||||||||E|E| |Net (expenditure)/income||||for the reporting|period (as per the|||| |Statement of Financial
Adjustments
for:||Activities)|||||(16,841)|403,631| |Depreciation
charges|||||||67,568|78,528| |Profit on disposal of|fixed assets||||||(4,855)|| |Interest received|||||||(2,854)|(1,939)| |Interest paid|||||||46,076|35,447| |Increase in debtors|||||||(145,302)|(190,467)| |(Decrease)/increase|in|creditors|||||~80 601)|113,848| |Net cash (used in)/provided||||by operations|||~136 809)|~439 048| |ANALYSIS OF CHANGES|||IN|NET DEBT||||| |||||||At 1.8.21|Cash flow|At 31.7.22| |||||||E|E|E| |Net cash||||||||| |Cash at bank||||||~1281 164|~344 644)|~936 520| |||||||~1281 164|~344 644)|~936 520| |Debt||||||||| |Debts falling due within|||1 year|||(139,059)|3,576|(135,483)| |Debts falling due after||1|year|||(2,269,796)|117,350|~2, 152,446)| |||||||(2,408,855)|120,926|(2,287,929)| |Total||||||j1,127,691)|~223,718)|(1,351,409)| ## ## ## ## ## |useful economic
lives as f|ollows:||| |---|---|---|---| |Property
Improvements|Straight|Line|over 10years| |Fixtures ft Fittings|Straight|Line|over 4 years| |Plant ft Machinery|Straight|Line|over 10years| |Hardware
ft Software|Straight|Line|over 3years| |IT Es Infrastructure|100XStraight||line in year 1| ## ## ## ## ## |three months or less from|three months or less from|th|e date of ac|quisition
or opening oft|he deposit or si|milar account.|| |---|---|---|---|---|---|---|---| |INVESTMENT INCOME||||||31.7.22|31.7.21| |||||Unrestricted|Restricted|Total|Total| |||||funds|funds|funds|funds| |||||E|E|E|C| |Rents received
Investment
income
One-off investment|income|||88,292
2,854||88,292
2,854|88,679
1,939
166,652| |||||91,146||~91 146|~257 270| |INCOME FROM CHARITABLE|||ACTIVITIES|||31.7.22|31.7.21| |Government
funds|||Activity
Provision|of training||E
2,666,658|E
2,354,131| |Employers
contributions
other course income
Room hire
Grants - CJRS
Other income||and|Provision
Provision
Provision
Provision|of training
of training
of training
of training||513,921
2,225|453,592
3,166
26,480
~1650| |||||||~3182 804|~2839 019| |Grants received, included||in|the above,|are as follows:||31.7.22|31.7.21| |||||||E|E| |Covid Job Retention|Scheme||||||26,480| |INVESTMENT MANAGEMENT|||COSTS|||31.7.22|31.7.21| |||||Unrestricted|Restricted|Total|Total| |||||funds|funds|funds|funds| |||||E|E|E|E| |Interest payable and similar|||charges|3,542||~3542|2,984| ## ## |Net income/(e|xpenditure)|is stated after charging/(crediting|):|| |---|---|---|---|---| ||||31.7.22|31.7.21| ||||E|E| |Depreciation|- owned assets||67,568|78,528| |Surplus on disposal offixed assets|||(4,855)|| |Auditors' fees|- statutory|audit|7,134|7,134| |Operating
lease payments|||30,091|~32 980| ## ## ## ## ## |||||||||31.7.22|31.7.21| |---|---|---|---|---|---|---|---|---|---| |||||||||E|E| |Wages and salaries||||||||1,487,804|1,362,082| |Social security costs
Other pension costs||||||||156,438
~74 470|143,975
74,138| |||||||||1,718,712|1,580,195| |The average|monthly|number of employees||during the year was||as follows:|||| |||||||||31.7.22|31.7.21| |Key management||||||||5|5| |Trcdning||||||||34|31| |Administration||||||||10|9| |||||||||49|45| |The number|of employees||whose employee|benefits|(excluding|employer|pension|costs) exceeded|E60,000w| |||||||||31.7.22|31.7.21| |E70,001 - E80,000||||||||1|1| |Association
Limited
arantee
othe Fina
' ISt tement
- conti
r Ended 31 Jul
2022|Association
Limited
arantee
othe Fina
' ISt tement
- conti
r Ended 31 Jul
2022|Association
Limited
arantee
othe Fina
' ISt tement
- conti
r Ended 31 Jul
2022|Association
Limited
arantee
othe Fina
' ISt tement
- conti
r Ended 31 Jul
2022||||| |---|---|---|---|---|---|---|---| |COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted||||Designated|Restricted||Total| ||||fund|fund|fund||funds| ||||f.|L|E||E| |INCOME AND ENDOWMENTS||FROM|||||| |Charitable
activities
Provision of training|||2,839,019||||2,839,019| |Investment
income|||~257 270||||~257 270| |Total|||~3096289||||~3096 289| |EXPENDITURE ON|||||||| |Raising funds
Investment
management|costs||~2984||||~2984| ||||2,984||||2,984| |Charitable
activities
Provision of training|||~2689 674||||~2,689 674| |Total|||~2692 658||||~2692 658| |NET INCOME|||403,631||||403,631| |RECONCILIATION
OF FUNDS
Total funds brought forward|||3,476,124||||3,476,124| |TOTAL FUNDS CARRIED|FORWARD||~3879,755|-||-|~3879 755| ## ## |TANGIBLE|FIXEDASSETS||||| |---|---|---|---|---|---| |||||Improvements|| ||||Freehold|to|Plant and| ||||property|plopelty|machinery| ||||E|E|E| |COST|||||| |At 1 August|2021||3 740 656|326,821|402,687| |Additions
Disposals|||||40,78S
~43 675)| |At 31 July|2022||~3740 656|326,821|~399800| |DEPRECIATION|||||| |At 1 August|2021|||160,794|306,895| |Charge for
Eliminated|year
on disposal|||32,682|24,084
~37,030)| |At 31 July|2022|||~193476|~293 949| |NET BOOK|VALUE||||| |At 31 July|2022||~3740 656|133,345|105 851| |At 31 July|2021||~3740 656|166,027|~95 792| |||Fixtures|||| |||and|Hardware|IT El|| |||fittings|Er Software|Infrastructure|Totals| |||E|E|E|E| |COST|||||| |At 1 August|2021|34,001|64,045|33,766|4,601,976| |Additions
Disposals|||14,400||55,188
~43 675)| |At 31 July|2022|34,001|78,445|33,766|~4613 489| |DEPRECIATION|||||| |At I August|2021|34,001|58,043|33,766|593,499| |Charge for
Eliminated|year
on disposal||10,802||67,568
~37,030)| |At 31 July|2022|34,001|~68 845|33,766|624,037| |NET BOOK|VALUE||||| |At 31 July|2022||9,600||3,989,452| |At 31 July|2021||6,002||~4008,477| ## ## ## |and an increase of 685,000. Te cartae
company
as
the items at fair value at date of transition
to FRS 102.The investment
at the reporting date. The directors are ofthe opinion that this is still|
property
will be measured
a
a true market value.|t fair value| |---|---|---| |DEBTORS: AMOUNTS
FALLING DUE WITHIN ONE YEAR|31.7.22|31.7.21| |||E| |Trade and other debtors
Prepayments
and accrued income|532,479
45,099|388,290
~43 986| ||~577 578|432,276| |CREDITORS: AMOUNTS
FALLIHG DUE WITHIN ONE YEAR|31.7.22|31.7.21| ||E|E| |Bank loans and overdrafts
(see note 15)
Trade and other creditors
Social security and other taxes
Accruals and deferred
income|135,483
105,219
61,105
31,383|139,059
186,361
44,189
47,757| ||333,190|417,366| ||2022|2021| ||E|E| |Deferred
Income at 1 August 2021
Released from previous years
Resources deferred
in the year|3,763
(3,763)
3 763|16,608
(16,608)
3 763| |Deferred
Income at 31 July 2022|3 763|3 763| ## |for th|e Year Ended 31 Jul
2022|e Year Ended 31 Jul
2022|e Year Ended 31 Jul
2022|e Year Ended 31 Jul
2022|||||| |---|---|---|---|---|---|---|---|---|---| |14.|CREDITORS: AMOUNTS
FALLING||||DUE AFTER MORE THAN||ONE YEAR||| |||||||||31.7.22|31.7.21| |||||||||E|C| ||Bank loans|(see note 15)||||||~2152,446|~2269 796| |15.|LOANS||||||||| ||An analysis|of the maturity|of|loans is given below:|||||| |||||||||31.7.22|31.7.21| |||||||||E|E| ||Amounts
falling due within||one year on demand:||||||| ||Bank loans
Coronavirus|Business Interruption|||Loan|||93,816
~41 667|97,392
~41 667| |||||||||135,483|~139059| ||Amounts
falling between one|||and two years:|||||| ||Bank loans
Coronavirus|- 1-2years
Business Interruption|||Loan|||93,816
~41 667|97,392
~50000| |||||||||~135483|~147 392| ||Amounts
falling due between|||two and five||years:|||| ||Bank loans|- 2-5 years||||||281,449|292,176| ||Coronavirus|Business Interruption|||Loan|||~125000|~158333| |||||||||406,449|~450 509| ||Amounts
falling due in more than five years:||||||||| ||Repayable|by instalments:|||||||| ||Bank loans|more 5yr by instai||||||1,610,514|1,671,895| |16.|LEASING AGREEMENTS||||||||| ||At 31 July|2022 the total future
minimum||||lease payments|under non-cancellable|operating
leases|were:| ||Other operating
leases||||||||| |||||||||31.7.22|31.7.21| ||Expiring:|||||||E|E| ||Within one|year||||||14,470|24,672| ||Between one and five years|||||||~30 861|30 336| |||||||||48 331|55008| |At 31 July 2022 the total future|minimum|lease receipts under non-cancellable|operating|leases|were:| |---|---|---|---|---|---| |Land and Buiidings|||||| ||||31.7.22||31.7.21| |Expiring:|||E||E| |Within one year|||58,328||47,392| |Between one and five years|||||| ||||~58|328|~47 392| ## ## |31.7.22|31.7.21| |---|---| |E|E| |~2287 929|~2408 855| ## ## ||||||Net|| |---|---|---|---|---|---|---| ||||||movement|At| |||||At 1.8.21|in funds|31.7.22| |||||E|E|f.| |Unrestricted
Generalfund|funds|||3,879,755|(16,841)|3,862,914| |TOTAL FUNDS||||~3 879 755|~16 841)|~3 862 914| |Net movement|in funds, included||in the above are as follows:|||| |||||Incoming|Resources|Movement| |||||resources|expended|in funds| |||||E|f.|E| |Unrestricted
Generalfund|funds|||3,278,805|(3,295,646)|(16,841)| |TOTAL FUNDS||||~3278 805|~3295 646)|16,841| |Comparatives|for movement|in|funds|||| ||||||Net|| ||||||movement|At| |||||At 1.8.20|in funds|31.7.21| |||||E|E|E| |Unrestricted
Generalfund|funds|||3,476,124|403,631|3,879,755| |TOTAL FUNDS||||~3476 124|~403 631|~3879 755| ## ## |Comparative|net movement
in funds,
inciu|ded
in the above are as follows:||| |---|---|---|---|---| |||Incoming|Resources|Movement| |||resources|expended|in funds| |||E|C|f.| |Unrestricted|funds|||| |Generalfund||3,096,289|(2,692,658)|403,631| |TOTAL FUNDS||~3096 289|~2,692 658)|~403 631| |A curren|t yea|r 12months
and prior year 1|2months combined
position
is as follo|ws:|| |---|---|---|---|---|---| |||||Net|| |||||movement|At.| ||||At 1.8.20|in funds|31.7.22| ||||E|E|C| |Unrestricted||funds|||| |General|fund||3,476,124|386,790|3,862,914| |TOTAL|FUNDS||~3 476 124|386,790|~3 862 914| ||||Incoming|Resources|Movement| |---|---|---|---|---|---| ||||resources|expended|in funds| ||||E|E|6| |Unrestricted||funds|||| |General|fund||6,375,094|(5,988,304)|386,790| |TOTAL|FUNDS||6,375,094|~5 988 304)|~386 790| ## ## ## ## ## ## ## |for the Year Ended|31 Ju|l
20|22||| |---|---|---|---|---|---| |||||31.7.22|31.7.21| |||||E|E| |INCOME AND ENDOWMENTS|||||| |Investment
income|||||| |Rents received||||88,292|88,679| |Investment
income||||2,854|1,939| |One-off investment|income||||~166652| |||||91,146|257,270| |Charitable
activities|||||| |Government
funds||||2,666,658|2,354,131| |Employers
contributions||and|other course||| |'Ineoale||||513,921|453,592| |Room hire||||2,225|3,166| |Grants - CJRS
Other income|||||26,480
~1650| |||||3,182,804|2,839,019| |Other income
Gain on sale oftangible fixed|||assets|~4855|| |Total incoming
resources||||3,278,805|3,096,289| |EXPENDITURE|||||| |Investment
management||costs|||| |Bank loan interest||||3,542|2,984| |Charitable
activities|||||| |Staff salaries||||1,487,804|1,362,082| |Socialsecurity||||156,438|143,975| |Pensions||||74,470|74,138| |Training
and courses||||701,186|533,375| |Development
and acquisition|||expenditure|16,320|7,458| |Premises costs||||417,409|186,780| |Office Costs||||328,375|270,875| |Improvements
to property||||32,682|37,260| |Depreciation
plant 8 machinery||||24,086|15,017| |Fixtures and fittings|||||4,905| |Depn of hardware
R
Bank loan interest|software|||10,800
~42 534|21,346
~32 463| |||||~3292 104|~2,689 674| |Total resources expended||||~3295,646|~2692 658| |Net (expenditure)/income||||(16,841)|~403 631|