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2020-07-31-accounts

Charity Registration No. 513814

Company Registration No. 01696490 (England and Wales)

THE GREENBANK PROJECT

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

THE GREENBANK PROJECT

LEGAL AND ADMINISTRATIVE INFORMATION

Charity number (England and Wales) 513814
Company number 01696490
President Lady Angela Morgan
Patrons Baroness Masham of Ilton
Sir Philip Craven
Miss R Hall
Trustees (Council of Management) J Stephens
J A Hulme
Dr A Irving (Chair)
E E Hulme
Mr S Connolly
T M Murphy (Appointed 3 February 2020)
M P Brumskill (Appointed 3 February 2020)
J Lennon
S Hulme (Vice Chair)
Mr W Shortall
S O'Connor
A Baines
S Marshall (Appointed 3 February 2020)
Secretary M J Beaumont
Chief Executive M J Beaumont
Senior Management Team
Margaret Brown Finance Manager
Anne Kinsella Curriculum Manager
Mark Palmer Sports Development Manager
Pauline Sharma Quality Assurance Manager
David Stanistreet Sports Duty Manager
Ian Grice Management Information Manager
Registered office Greenbank Lane
Aigburth
Liverpool
L17 1AE
Auditor DSG
Castle Chambers
43 Castle Street
Liverpool
L2 9TL

THE GREENBANK PROJECT

LEGAL AND ADMINISTRATIVE INFORMATION

Bankers

Solicitors

The Co-operative Bank plc 1-3 Parker Street Liverpool Merseyside L1 1DJ Weightmans LLP 100 Old Hall Street Liverpool L3 9QJ

THE GREENBANK PROJECT

CONTENTS

Page
Trustees' report 1 - 9
Statement of trustees' responsibilities 10
Independent auditor's report 11 - 13
Statement of financial activities 14
Balance sheet 15
Statement of cash flows 16
Notes to the financial statements 17 - 32

THE GREENBANK PROJECT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JULY 2020

The trustees present their report and financial statements for the year ended 31 July 2020.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association , the Companies Act 2006 and "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

The charity's objects are to provide or assist in the provision of facilities for the education, training, employment, welfare and relief of persons who have need by reason of disability (principal object). To promote for the benefit of the inhabitants of Liverpool and surrounding area the provisions and facilities for recreation or other leisure time occupation of individuals who have need of such facilities by reason of youth, age, infirmity or disablement, financial hardship or social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving the condition of life of said inhabitants.

There have been no changes in the policies adopted in furtherance of these objectives during the year.

The trustees have paid due regard to guidance issued by the Charity Commission on public benefit in deciding which activities the charity should undertake.

Greenbank's activities are reflected in its mission statement which is: -

"Supporting people to achieve their potential through inclusive education, sport and leisure activities".

Strategic report

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the trustees to present a strategic report.

Achievements and performance

Provision of facilities for education, training and employment - Greenbank College

Greenbank’s education, training and employment services are offered by Greenbank College, a small facility which provides supportive, inclusive opportunities for a diverse range of students.

College running costs during the year were primarily met by grant funding from the Education Skills Funding Agency (ESFA) and devolved Liverpool City Region Adult Education Budget via sub-contracted provision. As a result of this grant funding Greenbank was able to provide educational opportunities for a total of 232 students.

189 young people aged 16 to 18, or up to 25 with an Education, Health & Care (EHC) Plan, followed a Study Programme, which focuses on their aspirations for the future. Each programme included a work-related subject, in addition to English and mathematics (if not already achieved at Level 2), employability & citizenship skills, work experience or a placement, enrichment activities and 1-to-1 personal tutor sessions. In agreement with Local Authorities Greenbank subcontracted a limited number of study programme places with Alt Bridge (Knowsley Metropolitan Borough Council (KMBC)).

43 adults completed accredited or non-accredited courses in a range of subjects.

THE GREENBANK PROJECT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

Work related subjects on offer during 2019/20 for young people and adults:

Although Greenbank has increased its available classroom space and can now accommodate more students, the general condition of the buildings across the site is quite poor and present a real challenge, with the accommodation block being identified as a priority for refurbishment.

The biggest challenge for Greenbank in 2019/20 was caused by COVID-19 and national lock-down restrictions. Teaching and learning had to quickly adapt from classroom based, face-to-face delivery to on-line blended learning. Although Greenbank remained open for vulnerable students and students whose parent / carers were key workers, attendance was low. Staff did their best to keep students engaged, but for many students studying independently at home was not possible; they either didn’t have the technology or internet access, or they came from households with only one computer, which had to be shared with siblings and other family members. Others did not have the space at home to enable them to study, but by far the biggest impact for many students was an increase in anxiety levels. In 2019/20 just over 70% of Greenbank students were either high needs or students with a learning difficulty or disability. From March 2020, many of these students were isolating or shielding because of their underlying health problems and their anxiety levels increased while they were at home due to the constant media reporting.This impacted on Greenbank’s attendance, achievement and retention data, which declined significantly from the previous years.

College Achievement Rates

lege Achievement Rates
2017/18 2018/19 2019/20
Overall Achievement Rate 84.8% 87.95% 68.1%
LLDD Achievement Rate 87.4% 86.9% 69.9%
Functional Skills (English & mathematics) Achievement Rates 79.1% 75.4% 62.7%
Number of LLDD students 220 299 166
Study Programme Destination (positive progression) 86.4% 82.7% 85.7% *

*Positive progression % based on 19/20 ILR14 destination data (EDU, EMP, VOL) and/or student level progression.

Ofsted

The Board of Trustees approved the college’s Self-Assessment Report in January 2020. As part of an ongoing process the Quality Assurance Manager reviews the Quality Improvement Plan with relevant staff at least once every quarter.

Foundation Degree (FD) in Disability Sport Coaching and Development

The College is validated by Liverpool John Moores University to deliver the foundation degree in Disability Sport Coaching and Development. During 2019/20 there were 16 students registered on the course, with 8 students progressing to LJMU to undertake the B.A. (Hons) Sport Coaching programme.

THE GREENBANK PROJECT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

Linking Learning and Work

Greenbank College employs a work placement officer whose role is to develop links with local employers, volunteer agencies, etc., to offer relevant work experience for students. Making this link between classroom learning and the workplace is an important element of Greenbank’s work.

During 2019/20 there were 120 students who were involved in work placements relevant to their vocational courses or career choices. Students completed external placements with local employers such as Liverpool City Council’s Street Scene, Liverpool Women’s Hospital and Everton in the Community. In addition, internal placement opportunities were offered in the college salon, college customer services and the college gardening department. Greenbank Sports Academy also offered work experience on reception, in the Time Out café and in the gym and sports hall.

Funded Employment Project - New Futures

Greenbank believes that a partnership approach is crucial to providing the type of holistic, locally and individually tailored packages of support needed for young people who are not in education, employment or training (NEET). During 2019/20 Greenbank continued to work successfully with other voluntary sector organisations to enhance employment opportunities for disabled people and other disadvantaged groups. This was achieved by the delivery of the New Futures programme, funded by the European Social Fund (ESF) and co-financed by the ESFA.

The New Futures project provides a flexible package of support to help young people aged 15 to 24 who are NEET, or at risk of being NEET to move towards a better future in work or education. Covering all of the Liverpool City Region (LCR), Greenbank acts as project lead and ESFA contract holder, supported by VOLA consortium as managing partner, coordinating a not-for-profit delivery partnership of 12 subcontractors spanning the six LCR boroughs.

By the end of the 2019/20 academic year, from its commencement in April 2019, the project had supported 572 young learners, 219 of whom progressed back into education or employment, with 142 learners still on programme.

Despite the adverse impact of the Coronavirus emergency on performance, the project has been successful in being extended to late 2022, from its original July 2021 planned end date. This will allow time to make up slippage caused by the pandemic and achieve required contractual volumes.

Digital Inclusion

Greenbank is a partner organisation in a project led by Sefton CVS and VOLA consortium called Include-IT Mersey. It is funded by the European Social Fund (ESF) and co-financed by the National Lottery Community Fund through its Building Better Opportunities programme. The project aims increase digital skills, confidence and connectivity of disadvantaged, digitally excluded residents of the Liverpool City Region. Throughout the 2019/20 year, Greenbank supported 24 learners, the majority of whom possessed learning difficulties, taking the total to 56 learners supported since the project commenced in 2017. This project has helped reduce social isolation by enabling participants to become more digitally confident.

Supported internship

Working in partnership with Liverpool City Council and the Department for Work and Pensions, Greenbank College continued to deliver the Supported Internship programme. Working closely with two employers, job coaches supported three interns and all three are continuing with their programme of study in this academic year.

Single Investment Fund

Work started in July 2020 on Greenbank’s successful Skills Capital Fund project. The total capital investment was for £483,775, which was fully funded by Liverpool City Region’s Single Investment Fund.

The building work consisted of renovation and alteration of the old accommodation block. The alterations have provided updated classroom, conference and accommodation facilities. Once operational, the project will be run by students and provide them with valuable experience of working in a real-life work environment.

The building has been renamed the Kinsella Suite and it is expected to be operational by late spring 2021.

THE GREENBANK PROJECT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

Provision of facilities for recreation & leisure - Greenbank Sports Academy

Greenbank’s inclusive sport and leisure services are delivered through Greenbank Sports Academy.

Greenbank Sports Academy is funded through contract delivery, charitable support and trading activities including the hire of sports hall facilities for local community use and gym services offered on a membership basis.

The Sports Academy closed its doors on 20 March due to national COVID-19 lockdown and it has remained closed for the rest of the reporting period.

Empower Project

Greenbank secured funding from the National Lottery Community Fund for a 3-year project called Empower, which started in May 2018. The project takes a holistic approach to supporting and empowering disabled people to take full advantage of what Greenbank Sports Academy has to offer such as sport, training, employment and fitness, as well as developing partnerships with organisations throughout Merseyside and offering outreach provision.

During 2019/20, the project supported 586 disabled people to achieve improved health and fitness through a variety of sport and activity sessions/clubs. In total 1147 disabled/non-disabled people accessing the project benefited from increased health and wellbeing. The project worked with over 32 partnership organisations in the second year of the programme including Ataxia NW Group, Mencap Liverpool & Sefton, Brothers of Charity Services, Mayfield Fellowship, Options for Supported Living and Cambridge Court Nursing Home.

During the reporting period, the project recruited 27 disabled volunteers as well as facilitating work placements for students from Greenbank College, City of Liverpool College, Liverpool Hope University, Liverpool John Moore’s University, LIPA and Bankview High School. The project provided 29 free gym memberships to new people at Greenbank Sports Academy with participants joining for between three months and one year. 18 people continued to utilise these facilities after being referred through the Empower project.

Training formed an essential element of the Empower Project, and during the reporting period 5 courses were held benefiting 50 disabled people.

Sport Development through clubs and activities

Greenbank Sports Academy continued to offer weekly grassroots sporting opportunities through its inclusive sport and activity programme in 2019/20, which is primarily targeted at anyone with a disability, additional need or long-term health condition.

During the reporting period, 15 activity sessions were provided across 13 different sports/activities. Overall, we were able to offer 28 hours of inclusive activity per week. On average, over 300 people participated in these sessions/clubs over six days per week.

Greenbank also continued to work in partnership with other agencies such as Merseyside Sport, Activity Alliance, National Governing Bodies for Sport, Liverpool Combined Authority and individual local authorities to develop sport and physical activity.

School Holiday Programme

The School Holiday Programme is aimed at disabled children aged 8-18, their friends and relatives. During the summer holidays, October and February half terms, 42 children attended. Activities offered on the programme included pumpkin art, Halloween party, flapjack and pancake baking and flag making. These activities were supported by a grant from the DM Thomas Foundation for Young People (Hilton Giveaway Grant).

Power Sport Development

It has been a year of change for electric wheelchair sport at Greenbank Sports Academy. The TUPE transfer of staff to an independent community interest company (Power Sport Engineering CIC) saw the changeover of responsibility for the manufacture of power chairs from Greenbank.

THE GREENBANK PROJECT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

Power hockey clearly remains a key strategic aim of Greenbank to create an environment whereby the sport can develop and we can see an increase in the amount of hub centres that exist within Merseyside, North West and nationally.

The number of participants in power sports has continued to increase with over 40 people regularly taking part. Prior to the temporary closure of Greenbank Sports Academy, The Power Hockey Club met every Tuesday and the Power Football Club every Wednesday evening. It is the centre for Power Football on Merseyside. Two teams from the Power Football Club are in the North West League and the Greenbank Sports Academy hosted two league weekends throughout the reporting period.

It remains a key objective of Greenbank to support the forming of hub sites throughout the country for power hockey, and collaboratively support the development and sustainability of the sport on a regional and national perspective. The participants of power sports are some of the most vulnerable disabled people that have been disproportionally affected by the pandemic. Moving forward we have secured funding from St James Place Foundation to develop hubs in other areas and are awaiting confirmation of other funding sources.

Sports events

Greenbank recognises the importance of competition in developing disability sport and as part of its work attracts event organisers to use its facilities.

During 2019/20 a range of disability sports events took place at the GSA including: Merseyside Polio Sports Games, Boccia England Heathcoates Cup, England Netball Para Netball and Merseyside School Games in Boccia and New Age Curling. Greenbank also hosted and supported the Panathlon Foundation schools event programme. During the reporting period, 16 events were organised for Merseyside SEN schools which included Cricket, Power Hockey, Swimming, Boccia, Football and multi-sport Panathlon Challenge events for Primary and Secondary schools. In March the events programme was cancelled due to the COVID-19 pandemic and in collaboration with Panathlon, in July 2020 a virtual programme for young people and schools was developed with support provided by Greenbank.

In July 2020 it was announced that Liverpool City Council’s 2021 Special Olympics GB National Summer Games, which were rescheduled to take place in 2022 had been cancelled. This news was disappointing for Greenbank, which had been named as one of the games venues and a partner for the ongoing Special Olympics GB legacy developments.

Greenbank Sports Academy provides a venue for non-disability focused sporting events, which this year included Morris Dancing, England Handball National League, Kuk Sool Won Martial Arts, Louis Spence Masterclass, Indoor Athletics Sports Hall Championships, Merseyside Olympic Fencing Tournament, Great Britain Kin-Ball Federation Tournament and White Collar Boxing.

Specialist sports coaching within the community, including schools

Greenbank Sports Academy continued to work with the local community and wider school network to increase participation amongst all age ranges but especially supporting young people. Greenbank had service level agreements with 12 SEN schools in 2019/20 which included offering extra-curricular clubs and Rebound Therapy sessions at school sites. Greenbank also held a short break contract with Halton Borough Council to support after school club delivery at Chestnut Lodge and Cavendish school. This saw 12 young people benefit from accessing sport and physical activity on a weekly basis during term time.

At the start of lockdown in April 2020, Greenbank started to develop online resources and videos utilising social media channels e.g. YouTube and Facebook to engage with its users and wider community.

Links to governing bodies for sport

During 2019/20, Greenbank Sports Academy worked in partnership with National Governing Bodies of Sport (NGBs) including Boccia England, England Netball, Football Association, English Handball Association, Wheelchair Football Association and GB Kin-ball Federation.

THE GREENBANK PROJECT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

Working with elite athletes

During the year, Greenbank Sports Academy worked with the following elite athletes:

Abdi Jama represented GB at the World Championships in Germany, where the team went on to make history by winning Gold. Abdi often trains at Greenbank when not playing professional wheelchair basketball in Spain for Amivel Malaga.

Marcus Harrison plays Power Football for West Bromwich Albion Power Chair Football team. Marcus first became active and started participating in sport at the age of 6 at Greenbank Sports Academy playing Power Hockey. He represents England in Powerchair Football and scored the winning penalty to win the 2019 EPFA Nations Cup for England. He also supports the coaching and development of Greenbank Powerchair Football Club and Power Hockey Club.

Isaac Towers, Nathan Maquire, Dan Brammel, Sam Kolek, are wheelchair racers who are coached by Greenbank employee Peter Wyman. Issac and Nathan competed in the World Championships in Dubai in November 2019.

Nathan McGuire who is also a wheelchair racer trains around Sefton Park and utilises Greenbank Sports Academy as a base. Nathan competed for Great Britain at the 2016 Paralympic Games in Rio and won three bronze medals and a gold at the 2018 World Para Athletics European Championships in Berlin. Nathan completed a foundation degree in Disability Sport Coaching and Development at Greenbank, and progressed onto Liverpool John Moore’s University and completed the B.A. (Hons) Sport Development degree in 2019.

Gym

Greenbank Sports Academy’s Gym is fully equipped with a range of cardiovascular equipment, resistance machines, free weights and specialist rehabilitation equipment to help meet an individual’s fitness goal. There is a range of specialist gym equipment available for disabled members. During the reporting period we had an average of 250 active gym members.

Time Out Café

Time Out Café offered a friendly place for people to gather and socialise. It had a fully licensed bar that served a range of beers, wines, spirits and soft drinks as well as hot drinks. A small menu of hot and cold food was also available.

The Time Out café closed in March 2020 and it has remained closed for the rest of this reporting period.

Financial review

The charity record ed net income of £ 70,058 (2019: £181,761) for the financial year ending 31 July 20 20 which included a restricted capital grant of £241,889 from the Liverpool City Region Strategic investment fund to refurbish and develop the charity's training centres.

At the year end net assets stood at £5,102,072 (2019: £5,032,014) of which £4,696,029 (2019 : £4,618,465) was held in restricted funds and £406,043 (2019: £413,549) in unrestricted funds.

Currently the cash assets of the charity are held in three bank accounts (current accounts held with the Cooperative and Barclays Bank, and a savings account held with the Charitable Aid Foundation (CAF)).

Support

Greenbank is fortunate in having an experienced, knowledgeable and loyal workforce (both paid and voluntary) with a passion for meeting the needs of the people that it serves.

Thanks to our funders, patrons, students and participants for making 201 9 / 20 a successful year.

THE GREENBANK PROJECT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

Reserves Policy

The Board of Trustees annually review Greenbank’s reserves policy. This states that unrestricted funds not committed or invested in tangible fixed assets should be enough to cover three months core operational costs, which equates to £525,000. The trustees are aware that the current level of reserves are below this target amount but do not feel this impacts on the day-to-day activities of the charity.

Principal sources of funding

The main funding sources for the charity are currently grants or contracts with the Education Skills Funding Agency. We also receive funding from relevant local authorities for high needs learners who have an Education, Health and Care Plan and are aged 16 to 25.

Investment policy

The Board of Trustees have agreed to seek specialist Charity Sector advice and guidance when in a position to consider investments.

Risk Management

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to limit exposure to the major risks.

A new five-year Strategic Ambitions Plan was produced in spring 2019, for implementation from August 2019. The plan has taken account of external risks and over reliance on one stream of funding and covers 2019-2024.The plan has five overarching strategic ambitions, one being:

"Be a financially strong and sustainable organisation that is an essential and influential partner in achieving the priorities of the Liverpool City Region (LCR)".

Internal risks are minimised through the implementation of an internal financial controls policy, clear line management responsibility, regular senior management meetings, business planning and a system of reporting to the Board of Trustees.

Plans for future periods

In line with Greenbank’s five year strategic plan, the priorities for the next twelve months include the following:

Structure, governance and management

The charity is a company limited by guarantee (no. 1696490), incorporated in England on 2nd February 1983 and registered as a Charity (no. 513814) on 2nd June 1983. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: J Stephens J A Hulme Dr A Irving (Chair) E E Hulme Mr S Connolly

THE GREENBANK PROJECT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

(Appointed 3 February 2020) (Appointed 3 February 2020)

T M Murphy (Appointed 3 February 2020) M P Brumskill (Appointed 3 February 2020) J Lennon S Hulme (Vice Chair) Mr W Shortall S O'Connor A Baines S Marshall (Appointed 3 February 2020)

New trustees complete a short induction which involves meeting trustee board members and members of the senior staff team and as part of their introduction to the c harity, they receive a trustee handbook.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

Greenbank has a Board of Trustees of between 7 and 15 members who meet bi-monthly and are responsible

for the strategic direction and policies of the c harity.

Powers of delegation are in place and day-to-day responsibility for the provision and quality of services rests with the CEO and the Senior Management Team.

Sub Committees

Quality & Curriculum, Finance & Resources and Academy Sub Committees have met at regular intervals throughout the year and report to the full Board of Trustees.

Recruitment and Appointment of Council of Management

Members of the Board of Trustees who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out in the Legal and Administration information at the front of this document. All trustees are registered as directors with Companies House. Board of Trustees members are elected at the Annual General Meeting (AGM) with one third retiring in rotation according to seniority. Retiring members are eligible for re-election.

At the AGM held in February 2020, Sandra Hulme stood down from her duty as Vice Chair and was duly reelected. Emma Hulme and John Lennon also stood down and were re-elected.

Alan Irving, who presided at the meeting during the election of Board of Trustee members, welcomed the new members to the Board of Trustees and the re-elected members.

Remuneration Policy

The Greenbank Project is committed to ensuring that we pay our staff fairly and in a way which ensures that we attract and retain people with the right skills to have the greatest impact in delivering our charitable objectives.

The Greenbank Project has a remuneration committee, which meets in a regular cycle, is comprised of The Greenbank Project Chair, and one other (who shall be appointed by the Chair), which sets the pay for all staff. The CEO is in attendance for the meeting (leaving for the discussion regarding the CEO’s remuneration) and no members of the executive are members of the committee.

THE GREENBANK PROJECT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

The main responsibilities of the Committee are to:-

In determining The Greenbank Project remuneration policy, the remuneration committee takes into account all factors which are deemed necessary. The objective of the policy is to ensure that the CEO and staff team are provided with appropriate incentives to encourage enhanced performance and are, in a fair and responsible manner, rewarded for their individual contributions to the success of the charity.

The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other charities ensuring that The Greenbank Project remains sensitive to the broader issues e.g. pay and employment conditions elsewhere.

We aim to recruit, subject to experience, at the lower – midpoint within a band, providing scope to reward

excellence. We do not employ interns without pay.

Delivery of The Greenbank Project charitable vision and purpose is primarily dependent on our staff, which is the largest single element of charitable expenditure.

Auditor

DSG were appointed as auditor to the company and a resolution proposing that they be re-appointed will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' r eport, including the strategic report, was approved by the Board of Trustees.

M J Beaumont

Company Secretary

Dated: 22 February 2021

THE GREENBANK PROJECT

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 JULY 2020

The trustees, who are also the directors of The Greenbank Project for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

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

THE GREENBANK PROJECT

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE GREENBANK PROJECT

Opinion

We have audited the financial statements of The Greenbank Project (the ‘charity’) for the year ended 31 July 2020 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the 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, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) .

In our opinion, the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 our audit:

THE GREENBANK PROJECT

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE GREENBANK PROJECT

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the d irectors ' r eport included within the trustees' r eport.

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

Responsibilities of trustees

As explained more fully in the s tatement of trustees' r esponsibilities, the trustees, who are also the directors of the charity for the purpose 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 charity’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.

Auditor's 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http s ://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

THE GREENBANK PROJECT

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE GREENBANK PROJECT

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.

Jean Ellis BA FCA CTA (Senior Statutory Auditor) for and on behalf of DSG

22 February 2021

Chartered Accountants Statutory Auditor

Castle Chambers 43 Castle Street Liverpool L2 9TL

THE GREENBANK PROJECT

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2020

Unrestricted
Restricted
funds
funds
2020
2020
Notes
£
£
Income and endowments from:
Donations and legacies
3
29,118
-
Charitable activities
4
472,119
2,693,545
Fundraising
5
4,972
-
Interest received
6
100
-
CJRS grants
7
118,564
-
Total income
624,873
2,693,545
Expenditure on:
Charitable activities
8
797,244
2,451,116
Net (outgoing)/
incoming resources
before transfers
(172,371)
242,429
Gross transfers
between funds
164,865
(164,865)
Net (expenditure)/income
for the year/
Net movement in funds
(7,506)
77,564
Fund balances at 1
August 2019
413,549
4,618,465
Fund balances at 31
July 2020
406,043
4,696,029		 TotalUnrestricted
funds
2020
2019
£
£
29,118
15,299
3,165,664
655,595
4,972
7,312
100
-
118,564
-
3,318,418
678,206
3,248,360
915,987
70,058
(237,781)
-
157,437
70,058
(80,344)
5,032,014
493,893
5,102,072
413,549		 Restricted
funds
2019
£
3,050
2,965,863
2,200
-
-
2,971,113
2,551,571
419,542
(157,437)
262,105
4,356,360
4,618,465		 Total
2019
£
18,349
3,621,458
9,512
-
-
3,649,319
3,467,558
181,761
-
181,761
4,850,253
5,032,014
Donations and legacies
3
Charitable activities
4
Fundraising
5
Interest received
6
CJRS grants
7
Total income
Expenditure on:
Charitable activities
8
Net (outgoing)/
incoming resources
before transfers
Gross transfers
between funds
Net (expenditure)/income
for the year/
Net movement in funds
Fund balances at 1
August 2019
Fund balances at 31
July 2020

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE GREENBANK PROJECT

BALANCE SHEET

AS AT 31 JULY 2020

Notes
Fixed assets
Tangible assets
12
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
17
Net assets
Income funds
Restricted funds
18
Unrestricted funds		 2020
£
£
5,001,328
4,251
174,222
348,333
526,806
(249,822)
276,984
5,278,312
(176,240)
5,102,072
4,696,029
406,043
5,102,072		 2019
£
£
5,094,674
20,924
180,001
213,425
414,350
(292,566)
121,784
5,216,458
(184,444)
5,032,014
4,618,465
413,549
5,032,014

The financial statements were approved by the Trustees on 22 February 2021

Dr A Irving (Chair) Trustee

Company Registration No. 01696490

THE GREENBANK PROJECT

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2020

2020 2019
Notes £ £ £ £
Cash flows from operating activities
Cash generated from operations 23 259,212 252,922
Investing activities
Purchase of tangible fixed assets (119,575) (574,479)
Investment income received 100 -
Net cash used in investing activities (119,475) (574,479)
Financing activities
Repayment of bank loans (4,829) 191,501
Net cash (used in)/generated from
financing activities (4,829) 191,501
Net increase/(decrease) in cash and cash
equivalents 134,908 (130,056)
Cash and cash equivalents at beginning of year 213,425 343,481
Cash and cash equivalents at end of year 348,333 213,425

THE GREENBANK PROJECT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

1 Accounting policies

Charity information

The Greenbank Project is a private company limited by guarantee incorporated in England and Wales. The registered office is Greenbank Lane, Aigburth, Liverpool, L17 1AE. The nature of the charitable company's operations and principal activities are set out on page 1.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

As part of assessing the potential impact of the ongoing COVID 19 virus situation management have prepared revised financial forecasts for the charitable company. These forecasts indicate that the charitable company will continue to generate cash over the period considered by them in their assessment of the appropriateness of adopting the going concern basis in the preparation of these financial statements. The revised forecasts also demonstrate that existing banking facilities will remain adequate and that all associated banking covenants will be satisfactorily met. Management has also considered the impact of potential operational challenges posed by COVID 19, including but not restricted to, an assessment of the robustness of their supply chain and broader logistics arrangements. Management has concluded that any operational pressures caused directly by the COVID 19 situation are unlikely to have a material impact on the company. On this basis the trustees consider it appropriate to prepare these financial statements on a going concern basis.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

THE GREENBANK PROJECT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

1 Accounting policies

(Continued)

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to special performance conditions and is recognised as earned as the related services are provided. Grant income included in this category provides funding to support performance activities and is recognised when there is entitlement, certainty of receipt and the amounts can be measured with sufficient reliability.

No amount is included in the financial statements for volunteer time .

1.5 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It Is categorised under the following headings:

Irrecoverable VAT is charged as an expense against the activity for which expenditure .

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at the charity's registered office. Where support costs cannot be directly attributed to particular headings, they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 2% straight line Leasehold land and buildings 2% straight line Fixtures and fittings 25% straight line Motor vehicles 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

THE GREENBANK PROJECT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

1 Accounting policies

(Continued)

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

THE GREENBANK PROJECT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Taxation

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and before it meets the definition of a charitable company for UK corporation tax purposes.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

1.15 VAT

The charity is partially exempt for VAT purposes, therefore figures shown in the accounts are included gross subject to any VAT which may be recoverable.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE GREENBANK PROJECT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

3 Donations and legacies

Donations and gifts
Charitable activities
Sales within charitable
activities
Services provided
under contract
Performance related
grants
Other income
Analysis by fund
Unrestricted funds
Restricted funds
Fundraising
Fundraising events		 College
2020
£
51,461
2,274,105
14,167
2,768
2,342,501
56,816
2,285,685
2,342,501		 UnrestrictedUnrestricted
funds
funds
2020
2019
£
£
29,118
15,299
Academy
Total
2020
College
2020
2019
£
£
£
286,461
337,922
148,879
-
2,274,105
2,481,177
536,060
550,227
211,990
642
3,410
347
823,163
3,165,664
2,842,393
415,303
472,119
148,879
407,860
2,693,545
2,693,514
823,163
3,165,664
2,842,393
UnrestrictedUnrestricted
funds
funds
2020
2019
£
£
4,972
7,312		 Restricted
funds
2019
£
3,050
Academy
2019
£
489,174
-
289,891
-
779,065
506,716
272,349
779,065
Restricted
funds
2019
£
2,200		 Total
2019
£
18,349
Total
2019
£
638,053
2,481,177
501,881
347
3,621,458
655,595
2,965,863
3,621,458
Total
2019
£
9,512

4 Charitable activities

5 Fundraising

THE GREENBANK PROJECT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

6
Interest received
Unrestricted
funds
2020
£
Interest receivable
100
7
CJRS grants
Unrestricted
funds
2020
£
Coronavirus Job Retention Scheme Grant s
118,564		 Total
2019
£
-
Total
2019
£
-

THE GREENBANK PROJECT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

8 Charitable activities

Staff costs
Purchases
Rent, rates and water
Staff Travel
Staff training
Student travel
Student allowance
Student training
Repairs and maintenance
Leasing
Professional fees
Protective clothing
Bad debts
Sundry expense
Other charitable costs
Share of support costs (see note 9)
Share of governance costs (see note 9)
Analysis by fund
Unrestricted funds
Restricted funds		 College
2020
£
1,396,699
18,100
5,017
795
2,581
50,097
35,436
628,396
37,262
5,667
33,635
813
896
45
16,338
2,231,777
333,409
11,923
2,577,109
314,205
2,262,904
2,577,109		 Academy
2020
£
427,827
112,528
9,497
1,361
3,875
-
4,600
-
11,602
1,327
5,907
677
4,342
1,077
2,019
586,639
74,615
9,997
671,251
483,039
188,212
671,251		 Total
2020
£
1,824,526
130,628
14,514
2,156
6,456
50,097
40,036
628,396
48,864
6,994
39,542
1,490
5,238
1,122
18,357
2,818,416
408,024
21,920
3,248,360
797,244
2,451,116
3,248,360		 College
2019
£
1,506,984
10,002
4,800
3,184
2,557
62,606
26,363
519,001
30,228
4,702
50,306
1,131
5,553
103
4,011
2,231,531
200,865
9,443
2,441,839
67,403
2,374,436
2,441,839		 Academy
2019
£
527,107
183,118
18,185
1,330
4,661
-
-
-
24,984
1,516
24,373
485
(9,978)
-
1,540
777,321
235,448
12,950
1,025,719
848,584
177,135
1,025,719		 Total
2019
£
2,034,091
193,120
22,985
4,514
7,218
62,606
26,363
519,001
55,212
6,218
74,679
1,616
(4,425)
103
5,551
3,008,852
436,313
22,393
3,467,558
915,987
2,551,571
3,467,558

THE GREENBANK PROJECT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

9
Support costs
Support
costs
Governance
costs
£
£
Depreciation
212,921
-
Establishment costs
91,196
-
Information technology
27,329
-
Office costs
73,415
-
Legal and professional
3,163
-
Audit fees
-
11,692
Trustee expenses
-
-
Other expenses
-
10,228
408,024
21,920
Analysed between
Charitable activities
408,024
21,920		 2020
£
212,921
91,196
27,329
73,415
3,163
11,692
-
10,228
429,944
429,944		 Support
costs
Governance
costs
£
£
201,931
-
118,140
-
25,723
-
87,607
-
2,912
-
-
13,657
-
354
-
8,382
436,313
22,393
436,313
22,393		 2019
£
201,931
118,140
25,723
87,607
2,912
13,657
354
8,382
458,706
458,706

Governance costs includes payments to the auditors of £ 11,692 (2019- £ 13,657 ) for audit fees.

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

Travel and subsistence expenses totalling £nil (2019: £354) were reimbursed to 0 (2019: 1) trustee(s) during the year.

11 Employees

The average monthly number of employees during the year was:

Operational and training
Administration
Finance and management
Security
Total		 2020
Number
74
8
15
1
98		 2019
Number
83
7
10
1
101

THE GREENBANK PROJECT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

11 Employees (Continued)
Employment costs 2020 2019
£ £
Wages and salaries 1,634,190 1,835,862
Social security costs 117,045 128,988
Other pension costs 73,291 69,241
1,824,526 2,034,091
Total redundancy payments amounted to £ 5,747 (201 9 : £ 31,814 ).
The number of employees whose annual remuneration was £60,000 or
more were:
2020 2019
Number Number
£60,000 - £69,999 1 -
12 Tangible fixed assets
Freehold land Leasehold Fixtures and
Motor vehicles		 Total
and buildings land and fittings
buildings
£ £ £
£		 £
Cost
At 1 August 2019 3,817,104 3,375,293 1,283,031
167,314		 8,642,742
Additions - 115,195 4,380
-		 119,575
At 31 July 2020 3,817,104 3,490,488 1,287,411
167,314		 8,762,317
Depreciation and impairment
At 1 August 2019 1,004,654 1,245,811 1,211,675
85,928		 3,548,068
Depreciation charged in the year 76,481 67,506 38,092
30,842		 212,921
At 31 July 2020 1,081,135 1,313,317 1,249,767
116,770		 3,760,989
Carrying amount
At 31 July 2020 2,735,969 2,177,171 37,644
50,544		 5,001,328
At 31 July 2019 2,812,450 2,129,482 71,356
81,386		 5,094,674

THE GREENBANK PROJECT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

13
Stocks
Work in progress
Finished goods and goods for resale
14
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
15
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year
Amounts included above which fall due after five years:
Payable by instalments		 2020
£
-
4,251
4,251
2020
£
98,226
2,059
73,937
174,222
2020
£
187,393
11,153
176,240
127,154		 2019
£
2,418
18,506
20,924
2019
£
128,087
576
51,338
180,001
2019
£
192,222
7,778
184,444
153,333

The bank holds a first legal charge over the land and buildings of the charity as security for the loan and overdraft facility.

Interest is charged on the loan at 3.54%.

THE GREENBANK PROJECT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

16
Creditors: amounts falling due within one year
Notes
Bank loans
15
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
17
Creditors: amounts falling due after more than one year
Notes
Bank loans
15		 2020
£
11,153
24,076
103,068
3,889
107,636
249,822
2020
£
176,240		 2019
£
7,778
32,921
127,264
4,719
119,884
292,566
2019
£
184,444

THE GREENBANK PROJECT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2020

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 August 2018
£
Building fund
328,351
Revaluation reserve
111,386
Academy fixed asset fund
1,976,756
Greenbank refurbishment
1,907,577
Motor vehicle
19,531
Single investment fund
-
ESFA
-
Liverpool City Council (HNS)
-
Knowsley MBC (HNS)
-
Sefton MBC (HNS)
-
Halton BC (HNS)
-
Cheshire/Chester BC (HNS)
-
Wirral BC (HNS)
-
ESF/DWP - Working futures
-
Big Lottery
-
Empower
-
Strategic investment fund
-
VOLA New futures
-
Other
12,759
4,356,360		 Movement in funds
Incoming
resources
Resources
expended
Transfers
Balance at
1 August 2019
£
£
£
£
-
-
(12,241)
316,110
-
-
(5,454)
105,932
-
-
(62,983)
1,913,773
-
-
(50,196)
1,857,381
70,866
(4,389)
(13,804)
72,204
344,983
(3,272)
-
341,711
1,301,117
(1,301,117)
-
-
483,380
(483,380)
-
-
39,469
(39,469)
-
-
569
(569)
-
-
6,406
(6,406)
-
-
-
-
-
-
-
-
-
-
283,096
(283,096)
-
-
21,179
(21,179)
-
-
86,012
(86,012)
-
-
-
-
-
-
26,059
26,059
-
-
307,977
296,623
(12,759)
11,354
2,971,113
(1,906,207)
(157,437)
4,618,465		 Movement in funds
Incoming
resources
Resources
expended
Transfers
Balance at
31 July 2020
£
£
£
£
-
-
(12,241)
303,869
-
-
(5,454)
100,478
-
-
(62,683)
1,851,090
-
-
(50,196)
1,807,185
-
-
(27,091)
45,113
-
-
(6,900)
334,811
1,449,428
(1,449,428)
-
-
178,755
(178,755)
-
-
79,477
(79,477)
-
-
-
-
-
-
5,535
(5,535)
-
-
10,521
(10,521)
-
-
149
(149)
-
-
-
-
-
-
27,967
(27,967)
-
-
114,216
(107,616)
-
6,600
241,889
-
-
241,889
409,336
(409,336)
-
-
176,272
(182,332)
(300)
4,994
2,693,545
(2,451,116)
(164,865)
4,696,029

THE GREENBANK PROJECT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2020

18 Restricted funds

(Continued)

Building Fund

Represents monies received and amortised for the capital purchase of freehold land and buildings.

Revaluation Reserve

Represents the increase in value of freehold premises upon revaluation in 1989.

Academy Fixed Asset Fund

Represents monies received and amortised for the building of Greenbank Sports Academy.

Greenbank Refurbishment Fund

Represents monies received and amortised for the refurbishment of freehold property.

Motor Vehicle Fund

This represents the in-kind donation of a new minibus by the Lord Taverners for use by the charity.

Single investment fund

This represents funding from Liverpool City Region's Single Investment Fund for the Skills for Growth skills capital project.

Education and Skills Funding Agency (ESFA)

This represents core funding provided by the ESFA to cover the college running costs.

Higher Needs Support (HNS) Funds

High needs support funding supports students with specific learning needs through small classes, learner support, welfare, equipment etc.

ESF/DWP Working Futures

Programme delivered to young people ages 16-29 years old to re-engage in learning, work or other positive outcomes. The project is funded by the European Social Fund (ESF) and Youth Employment Initiative (YEI) and by sub-contract.

Big Lottery Fund

This fund is in respect of digital inclusion

THE GREENBANK PROJECT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2020

18 Restricted funds

(Continued)

Big Lottery Fund - Empower Project

Disability sports programme to engage those who are not physically active, support volunteers into sport and train sports coaches/mentors.

Strategic investment fund

A grant from the Liverpool City Region Strategic Investment Fund to refurbish and develop the charity's training centres.

VOLA New Futures

The New Futures Project provides a personalised, flexible package of support to help up to 1,400 young people (15-24 year olds) who are not in education, employment or training to move towards a better future in employment.The project is delivered jointly by Greenbank College and VOLA Consortium .VOLA is a consortium of Voluntary Community and Social Enterprise Sector (VCSE) service providers operating in Liverpool City Region. The New Futures programme is funded by the European Social Fund (ESF) and the Education and Skills Funding Agency (ESFA)

THE GREENBANK PROJECT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

19
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
TotalUnrestricted
funds
2020
2020
2020
2019
£
£
£
£
Fund balances at 31
July 2020 are
represented by:
Tangible assets
778,398
4,222,930
5,001,328
487,563
Current assets/
(liabilities)
(196,115)
473,099
276,984
(74,014)
Long term liabilities
(176,240)
-
(176,240)
-
406,043
4,696,029
5,102,072
413,549
20
Capital commitments
At 31 July 2020 the charity had capital commitments as follows:
Contracted for but not provided in the financial statements:
Acquisition of property, plant and equipment		 Restricted
funds
2019
£
4,607,111
195,798
(184,444)
4,618,465
2020
£
302,253		 Total
2019
£
5,094,674
121,784
(184,444)
5,032,014
2019
£
-

21 Events after the reporting date

On 30 January 2020 the World Health Organisation announced COVID19 as a global health emergency and on 11 March 2020 it announced that COVID19 was a global pandemic. The trustees continue to assess and react to the unprecedented impact of the pandemic.

22 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2020 2019
£ £
Aggregate compensation 242,151 257,379

The charity considers it's key management personnel to comprise the Chief Executive Officer, Education and Curriculum Manager, Finance Manager, Quality Assurance Manager, Sports Development Manager, Sports and Cafe Duty Manger and the Management Information Manager.

THE GREENBANK PROJECT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020

22 Related party transactions

(Continued)

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

Merseyside Sports Foundation Sale of goods
2020
2019
£
£
115
465
115
465

Merseyside Sports Foundation is a charitable company in which J Stephens, a member of the Council of Management of The Greenbank Project, was a Trustee in the year.

23 Cash generated from operations 2020 2019
£ £
Surplus for the year 70,058 181,761
Adjustments for:
Investment income recognised in statement of financial activities (100) -
Depreciation and impairment of tangible fixed assets 212,921 201,931
Movements in working capital:
Decrease in stocks 16,673 19,917
Decrease/(increase) in debtors 5,779 (55,064)
(Decrease) in creditors (46,119) (47,103)
(Decrease) in deferred income - (48,520)
Cash generated from operations 259,212 252,922
24 Analysis of changes in net funds
At 1 August 2019 Cash flows At 31 July 2020
£ £ £
Cash at bank and in hand 213,425 134,908 348,333
Loans falling due within one year (7,778) (3,375) (11,153)
Loans falling due after more than one year (184,444) 8,204 (176,240)
21,203 139,737 160,940