S. W. Durham Training Limited Report of the Trustees and Financial Statements for the Year Ended 31 July 2024 Registered Company Number: 00918178 Registered Charity Number: 518211
S. W. Durham Training Limited Contents of the Financial Statements for the Year Ended 31 July 2024 Page Report of the Trustees Report of the Independent Auditors 8 to 10 Statement of Financial Activitlos Balance Sheet 12 Notes to the Flnancial Statements 13 to 22 Detallad Statement of Financial ActlvitlO8 23
S. W. Durham Training Limited Report of the Trustees for the Year Ended 31 July 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006. present their report with the financial statements of the charity for Ihe year ended 31 July 2024. The trustees have adopled the provisions of Accounting and Reporting by Charities: Statement of Recommended Praclice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019>. OBJECTIVES AND ACTIVITIES Charitable objectives It is the objective of S W Durham Training Limited to provide a high-quality training service and promole a lifetime of learning culture to meet the ongoing needs of individuals and the business community, to maximise potential, to secure jobs and create wealth for the region. ACHIEVEMENT AND PERFORMANCE The charitable company continues to develop and deliver full time training for young people and adults in the engineering sector, apprentice frameworks and bespokelcommercial training programmes to local and regional organisations. providing lifelong learning opportunities within manufacturing, engineering and commercial sectors. FINANCIAL REVIEW Personnel The average number of employees throughout the period 2023124 was 12 (2022123: 14). Reserves policy The Council of Management consider the charitable company requires reserves to.. ensure that the current activities of the charitable company would be able to continue in the event of a change or significant drop in the level of funding. allow the Council to react quickly to the training needs of the manufacturing and service industries in our area,. enable the charitable company lo continue to invest in fixed assets and maintain the freehold property ina high stale of repair. In order to be prepared for these eventualities target reserves equating to 6 months of cash expendilure. excluding Group recharges, are deemed appropriate., £500k. The Reserves Policy will be reviewed and approved annually by the Council. The Council has reviewed the level offree reserves held, which currently stand at £843,142 (2023: £840,748), and considers this is adequate to ensure the continued operation of the charitable company. South West Durham Training is forecast to return to a surplus position in the current year 2024125 and through 2025126 continuing to grow reserves. Monthly management accounts are prepared to enable the Council to monitor the level of reserves on a timely basis.
S. W. Durham Training Llmited Report of the Trustees for the Year Ended 31 July 2024 FINANCIAL REVIEW Going concern It is considered appropriate to adopt the going concern basis of accounting in preparing these financial statements, on the basis that the company has the ability to continue to operate for a significantly longer period than the statutory e1ve months from Ihe date of approval. The 2023124 financial statements see the company move from a £2k loss to a £243K gain {£43k loss before capital granls recognised in full). SWDT has seen significant growth in 16-18 numbers in 2024125 year and the quarter 1 forecast projecls a £135k surplus for the 2024125 year. Detailed cash flow forecasts have been prepared which show that SWDT is forecast to have a positive cash position for at least 24 months from the date of signing these financial statements. Flnancial Year The company finished the year in a surplus position., this was an improvement against the approved budget. The Council of Management are proposing for approval at the annual general meeting that the fee structure for the Iraining period commencing 1 August 2024 be as follows.. (a) thal a company sending a learner to the centre and having that learner with S W Durham Training Limited will, providing the learner is eligible for full funding, not be charged whilst full funding is still available for that learner and Ihey are aged 16-18 at the start of their framework. If the learner is not eligible for full funding. the sponsoring company will pay the difference beeen full funding and that received,. (b) that companies will pay fees for their learner to altend work based learning and further education subsequent to completion of apprenticeships framework. COUNCIL OF MANAGEMENT No fees have been paid to any Member of the Council of Management nor does any such member have any beneficial interest. Governing document S W Durham Training Limited is a company limited by guarantee, incorporated in the United Kingdom and a registered charity. The charitable company is governed by its Memorandum and Articles of Association, as amended at the extraordinary general meeting of 17 October 2014.
S. W. Durham Training Llmlted Report of the Trustees for the Year Ended 31 July 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new council members Council members, who are also truslees and directors of the charitable company, can appoint any nominated member to act until the next Annual General Meeting at which time they are eligible for re-election. Organlsational structure The council members can meet as many times as they see fit. but generally they meet every three months. Decisions will be made by a majority vote with the Chairperson having the casting vote. Day to day management of Ihe charitable company is delegated to the General Manager. Induction and trainlng of new council members New council members are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes, recent financial performance and future plans. They are introduced lo key employees and other council members. Council members are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Key management remuneration Details of key management remuneration, which is set by the council having regard to the recommendations of the remuneration committee of the parent Bishop Auckland College, are set out in note 8 to the financial statements. Investment powers The council members may invest any monies in any manner authorised by law for the investment of such funds. Restrictions Imposed No paid employee or person in receipt of fees or any other remuneration from the charitable company may be a council member. However, any council member engaged by the charitable company in any profession will be enlitled to be paid for any work done for the charitable company. Publlc beneflt The charitable company's aims and achievements are set oul within this report. The activities set out in this report have been undertaken to further the charitable company's charitable purposes for the public benefit. The council members have complied with the duty under Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission and the trustees have paid due regard to this guidance in deciding what activities the Trusl should undertake. The charitable company's activities in providing training for young people benefit the learners themselves as well as employers and the wider community, providing opportunities to learners and contributing to the creation of jobs and wealth for the North East. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 00918178 Registered Charlty number 518211 Registered office Durham Way South Aycliffe Business Park NEON AYCLIFFE Co Durham. DL5 6AT
S. W. Durham Training Limlted Report of the Trustees for the Year Ended 31 July 2024 Trustees Keith Ivory {Chair) Shaun Hope (Joined 5th February 2024) James Robson David Bell Bobby Taylor Natslie Davison-Terranova (Left 31st December 2023) The trustees, who constitute the Council of Management, are also the directors of the company for the purposes of the Companies Act 2006. Chief Executlve Officer None Executive Director Jonathan Hall Company Secretary Lynn Heighton Auditors Armstrong Watson First Floor One Strawberry Lane Newcastle upon Tyne NE14BX Sollcltors Muckle LLP Time Central 32 Gallowgate NEWCASTLE UPON TYNE NE14BF Bankors Barclays Bank PIC PO Box 378 71 Grey Street NEWCASTLE UPON TYNE NE99 1JP
S. W. Durham Training Limited Report of the Trustees for the Year Ended 31 July 2024 CHAIRMAN'S STATEMENT On behalf of the Council of Management, may I take this opportunity to thank all members of staff of S W Durham Training Limited for their continued support and dedication to the success of the charitable company. I would also like to take this opportunity to thank all our Member Companies for their high level of support during the year. This has been a challenging yearfor S W Durham Training dealing many challenges in the changing landscape of education since the pandemic,. despite the challenges we have seen some growth in apprenticeship numbers. Keith Ivory Chair Date . 18th December 2024
S. W. Durham Training Limited Report of the Trustees for the Year Ended 31 July 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also the directors of S. W. Durham Training Limited for the purposes of company law are responsible for preparing the Report of the Trustees and the financial stalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Irustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently-, observe the methods and principles in the Charity SORP. make judgements and estimates Ihat are reasonable and prudent,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charil8ble company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audit information of which the charitable company's audilors are unaware" and the trustees have taken all steps that they ought lo have taken lo make themselves aware of any relevant audit information and to establish thal the auditors are aware of that information. AUDITORS The auditors. Armstrong Watson, will be proposed for re-appointment at the forthcoming Annual General Meeting. Approved by order of the board of trustees on 18th December 2024 and signed on its behalf by.. Keith Ivory- Trustee
Report of the Independent Auditors to the Members of S. W. Durham Training Limited INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF S. W. DURHAM TRAINING LIMITED Opinion We have audited the financial statements of S. W. Durham Training Limited (the 'charitable company,) for the year ended 31 July 2024 which comprise the Statemenl of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statemenls.. give a true and fair view of the state of the charitable company's affairs as at 31 July 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006, Basls for opinion We conducted our audit in accordance with International Slandards on Auditing (UK) (ISAS (UKII and applicable law. Our responsibilities under those standards are further described in the Audilor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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. Concluslons relating to golng concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Truslees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to Ihe extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial slatements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF S. W. DURHAM TRAINING LIMITED (Continued) Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, report including the Strategic report for the financial year for which the financial statements are prepared is consistent with the financial slalements. the Trustees, report and the Strategic report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, report including the Strategic report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if. in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received 811 the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, responsibilities stalement, the Trustees on page 5 (who are also the directors of the charitable company for the purposes of company lawl 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 misslatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibllltles 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 malerial misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation and occupational health and employment legislation.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF S. W. DURHAM TRAINING LIMITED {Continued) We enquired of the directors, reviewed correspondence with HMRC and reviewed directors meeling minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance. We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period. The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition and management override of controls. We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above. We enquired of the directors and third party advisors about actual and potential litigation and claims. We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud. In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias. Due to the inherent limitations of an audit, there is an unavoidable risk that we may nol have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non- detection of irregularities, as these may involve collusion, forgery, internal omissions, misrepresentalions, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.ukjauditorsresponsibilities. This description forms part of our Auditor's report. 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 cornpany's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not a¢p1 or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Simon Turner (Senior statutory auditor) for and on behalf of Armstrong Watson Audit Limited 11- 11 -loL£r- Chartered Accountants & Statutory Auditors
S. W. Durham Training Limited Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 July 2024 2024 Total funds 2023 Total funds Unrestricted Restricted fund funds Notes INCOME AND ENDOWMENTS FROM Charitable activities Income from activities and services 1,596,953 1,596,953 1,200.754 Investment income 13,108 13,108 Total 1,610,061 1,610,061 1.200,754 EXPENDITURE ON Charitable actlvities Charitable expenditure 1,240,416 126,603 1,367,019 1.202.862 NET INCOMEI(EXPENDITURE) 369,645 (126,603) 243,042 (2.108) RECONCILIATION OF FUNDS Total funds brought forward 1.582,079 1.342,267 2,924,346 2,926,454 TOTAL FUNDS CARRIED FORWARD 1,951,724 1215,664 3,167,388 2,924,346 The note5 fonn part of these financial statements
S. W. Durham Training Limited Balance Sheet 31 July 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted funds Notes FIXED ASSETS Tangible assets 10 1.108,579 1,215.664 2,324,243 2,083,597 CURRENT ASSETS Debtors Cash at bank 11 371,263 684,433 371,263 684,433 271,789 1,098,340 1,055,696 1.055,696 1,370,129 CREDITORS Amounts falling due within one year 12 (212,554) (212,554) {529,381) NET CURRENT ASSETS 843,142 843.142 840, 748 TOTAL ASSETS LESS CURRENT LIABILITIES 1,951,721 1,215,664 3,167,385 2,924,346 NET ASSETS 1951,721 1,215,664 3,167,385 2,924 346 FUNDS Unrestricted funds Restricted funds 14 1,951,721 1.215.664 1,582,079 1.342,267 TOTAL FUNDS 3,167,385 2,924,346 These financial slatements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 18th December 2024 and were signed on its behalf by.. Keith Ivory- Chair The notes forn] part of these financial statements
S. W. Durham Tralning Limited Notes to the Flnancial Statements for the Year Ended 31 July 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. The charitable company has availed itself of Paragraph 3{3) of Schedule 4 of Ihe Companies Act and adapted the Companies Act formats to reflect the special nature of the charitable company's activities. The financial statements are prepared in sterling (£). Going Concern The financial statements are prepared on the going concern basis which assumes that the charitable company will continue to operate. If the company is unable to continue to operate, adjuslmenls would be required to reduce the value of assets to their recoverable amounts, to provide for any further liabilities thal might arise and to analyse both fixed assets and long term liabilities as current assets and liabilities. The charity had total funds of £3.167m as at 31 July 2024 (increase of £2.924m from 31 July 2023). Budgets and cash flow forecasts have been updated to factor in the expected reduction in income and a worst case scenario has been used to confirm that the charity has sufficient cash for the organisalion to continue for at least 12 months from the date these financial statements are signed. At the lime of approving the financial statements, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, Ihe trustees continue to adopt the going concern basis of accounting in preparing the financial statements. Flnanclal reporting standard 102- reduced disclosure exemptlons The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,: the requirements of Section 7 Statement of Cash Flows. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabililies are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefils will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an Accruals basis and has been classified under headings that aggregate all costs related lo the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of reSoUrs. Allocation and apportionment of costs Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. continued...
S. W. Durham Training Limited Notes to the Financial Statements - Continued for the Year Ended 31 July 2024 Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold land & buildings Plant, machinery, fixtures & equipment 40/0 on cost and 2% on ¢o$t 20Q/o on cost, 16.67D/o on cost, 100/0 on cost and 40/0 on cost Motor vehicles Computer equipment 250/0 on reducing balance 50 % on cost and 330/0-500/0 on cost Related party ex•mptlon The charitable company has taken advantage of exemption, under the terms of Financial Reporting Standard FRS 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland,, not to disclose related party Iransactions group entities. 14 | P ¢7 • e continued...
S. W. Durham Training Limited Notes to the Financial Statements - continued for the Year Ended 31 July 2024 ACCOUNTING POLICIES - continued Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance wilh the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Reslrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Foreign currenclos Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. Pension costs and other post-retirement beneflts The charitable company operates a funded group pension plan arrangement, whereby it makes contributions directly to each individual employees, pension plan. Contributions paid are included in the period to which they relate. Irrecoverable vat The charity was partially exempt for VAT purposes for the period ended 31 July 2024. Irrecoverable VAT has been included in the Statement of Financial Activities during the period within support costs. Investments Listed investments are included in the financial statements at market value at the balance sheet date. Financial Instruments The charitable company has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value wilh the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Critical accountlng estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Crltical accounting estimates and assumptions: The charitable company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Critical areas of judgement Depreciation - Depreciation is calculated so as to write off Ihe cost of an asset, less its residual value, over the economic life of that asset. An estimate of the useful life of assets is detailed in the depreciation policy. 151Pa continued...
S. W. Durham Tralning Limited Notes to the Financial Statements - contlnued for the Year Ended 31 July 2024 INVESTMENT INCOME 2024 Total funds 2023 Tolal funds Unrestricted Restricted funds funds Bank interest 13,108 13,108 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Apprentices & youthladult training Course fees Income from activities and services Income from activities and services 1,577,425 19,528 1,168,726 32,028 1,596,953 1,200.754 CHARITABLE ACTIVITIES COSTS 2024 2023 Charitable expenditure Direct Cost Support Costs see note 5 604,578 Totals Tolals 762,441 1,367,019 1,202,862 SUPPORT COSTS Governance costs Management Totals Charitable expenditure 570 781 604,578 Support costs, included in the above, are as follows: Management 2024 Charitable expenditure 2023 Total activities Wages & salaries Social security Pensions Advertising & publicity General expenses Irrecoverable VAT Operating and maintenance costs College recharges Depreciation of tangible and heritage assets 14,233 1,757 832 21,534 12,810 38,556 135,732 190,000 155,327 13,373 1,561 958 2,779 8,187 23,707 135,972 190,000 103,256 570,781 479.793 161Pa 2e continued...
S. W. Durham Training Llmited Notes to the Financial Statements - continued for the Year Ended 31 July 2024 SUPPORT COSTS - continued Governance costs 2024 Total activities 2023 Total activities Auditors, remuneration Accountancy and legal fees 29,280 4,517 14,400 6,021 33,797 20,421 NET INCOMEI(EXPENDITURE) Nel incomel(expenditure) is stated after chargingl(crediting): 2024 2023 Auditors, remuneration Deprecialion - owned assets Operating leases 29,820 155,327 14,400 103,256 TRUSTEES. REMUNERATION AND BENEFITS The trustees receive no emoluments for their services to the charitable company (2023: £Nil ). Trustees, exponses Trustees, expenses totalling £Nil were reimbursed during the year (2023: £Nil). STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs 465,456 43,160 55,277 448,734 38,355 52.340 563,893 539,429 The average monthly number of employees during Ihe year was as follows: 2024 2023 Training Administration 12 14 Key management comprise the General Manager. Remuneralion of key management during the year was £46,518 including £6,863 pension contributions (2023.. £46,961 including pension contributions of £Nil ). Zero employees received emoluments in excess of £60,000 {2023: Nil). 171Page continued...
S. W. Durham Tralning Limited Notes to the Financial Statements - continued for the Year Ended 31 July 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted funds Total funds INCOME AND ENDOWMENTS FROM Charitable activities Income from activities and services 1,200,754 1.200,754 Investment income Total 1,200,754 1,200,754 EXPENDITURE ON Charitable activities Charitable expenditure 1,076,259 126,603 1,202,862 NET INCOMEI{EXPENDITURE) 124,495 {126,603) (2,108) RECONCILIATION OF FUNDS Total funds brought forward 1,457,584 1.468,870 2,926,454 TOTAL FUNDS CARRIED FORWARD 1,582,079 1.342,267 2,924 346 10. TANGIBLE FIXED ASSETS Plant, machinery, fixtures & equipment Freehold land & buildings Molor vehicles Computer equipment Totals COST At 1 August 2023 Additions At 31 July 24 4,804,380 8391 4,812,771 3,482,010 387,581 3,869,591 42,984 713,397 9,042,771 395,972 9,438,743 42,984 713.397 DEPRECIATION Al 1 August 2023 Charge for year 3,245,467 2,957,326 100,160 42,984 713,397 6,959,174 155,326 At 31 July 2024 3,300,633 3,057,486 42,984 713,397 7,114,500 NET BOOK VALUE Al 31 July 2024 1,512,138 812,105 2,324,243 At 31 July 2023 1,512,913 524,684 2,083,597 Included in cost or valuation of land and buildings is freehold land of £300,000 {2023.' £300,000) which is nol depreciated. Freehold land was revalued as at 31 July 2014 by the trustees supported by an independent valuation. On transition to FRS102 the freehold land is held at deemed cost. 181Pa continued...
S. W. Durham Training Limited Notes to the Financial Statements - continued for the Year Ended 31 July 2024 DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Amounts owed by group undertakings Prepayments and accrued income 7,547 9,445 363,71 262,344 371,263 271,789 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Other creditors Amounts owed to group undertakings Social security and other taxes Deferred income Accruals 14,065 26,998 40,647 22,814 41,663 66,367 61,608 20,820 24,732 16,759 299,402 106,060 212,554 529.381 Deferred Income Balance at 1 August 2023 Amount received and accrued in the year Balance at 31 July 2024 (299,402) 1,612,169 41,663 Amount released to incoming resources 1,094,583 Deferred income relates to 16-19 programme funding income received and not earned. This funding will be subject to clawback. 13. LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases fall due as follows: 2024 2023 Within one year Between one and five years 14. MOVEMENT IN FUNDS Net movement in funds At 01.08.23 At 31.07.24 Unrestricted funds General fund 1,582,079 369,645 1,951,724 Restricted funds The Core 1.342,267 (126.603) 1,215,664 TOTAL FUNDS 2,926.346 243,042 3.167,388 191Pa continued...
S. W. Durham Training Limlted Notes to the Financial Statements - continued for the Year Ended 31 July 2024 14. MOVEMENT IN FUNDS - continued Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 1,610,061 (1,240,416) 369,645 Restricted funds The Core (126,603) (126.603) TOTAL FUNDS 1,610,061 1,367,019) 243,042 Comparatives for movement in funds Net movement in funds At 31.07.23 At 01.08.22 Unrestrlcted funds General fund 1,457.584 124,495 1,582,079 Restricted funds The Core 1,468,870 (126,603) 1,342.267 TOTAL FUNDS 2,926,454 2,108) 2,924,346 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestrlcted funds General fund 1,200,754 (1,076,259) 124,495 Restrlcted funds The Core (126,603) {126,603) TOTAL FUNDS 1,200,754 1,202.862) 20IPa continued..-
S. W. Durham Training Limited Notes to the Financial Statements - contlnued for the Year Ended 31 July 2024 14. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds At 01.08.22 At 31.07.24 Unrestricted funds General fund 1,457,584 494.140 1,951,724 Restricted funds The Core 1,468,870 (253,206) 1,215.664 TOTAL FUNDS 2,926,454 240,934 3,167,388 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 2,810,815 (2,316,675) 494,140 Restrlcted funds The Core (253,206) (253,206) TOTAL FUNDS 2,810,815 2,569,881) 240,934 Unrestricled funds: These funds represent unrestricted resources available for Ihe general work of the charitable company. The Core.. This is funds from Durham Counly Council for the creation of the advanced manufacluring facility known as The Core (Creating Opportunities, Realising Excellence). 15. ULTIMATE PARENT COMPANY The ultimate parent company is Bishop Auckland College, a college of further education incorporated in the United Kingdom, which is the sole member of the charity. The consolidated accounts can be obtained from the college al Woodhouse Lane, Bishop Auckland, County Durham. DL14 6JZ. 211Pa continued...
S. W. Durham Training Limited Notes to the Financial Statements continued for the Year Ended 31 July 2024 16. CAPITAL COMMITMENTS There were no capital commitments at 31 July 2023 or 2024. 17. RELATED PARTY DISCLOSURES The charitable company has taken advantage of the exemption under FRS102 not to disclose transaclions with UK parent company. 18. MEMBERS The liability of the members of the charitable company is limited by guarantee and such liability does not exceed £10 per member. 221Pa
S. W. Durham Training Limited Detailed Statement of Financial Activities for the Year Ended 31 July 2024 2024 2023 INCOME AND ENDOWMENTS Investment Income Bank interest 13,108 Charitable activitles Apprentices & youthladult training Course fees 1,577,424 19,528 1,168,726 32,028 1,596.952 1,200,754 Total incomlng resources 1,610,060 1,200,754 EXPENDITURE Charltable activities Wages and salaries Social security Pensions Course & workshop expenses Administration & monitoring 465,456 43,161 55,277 151,128 47,419 448,733 38,354 52,339 139,946 23,277 762,441 702,649 Support costs Management Wages & salaries Social security Pensions Advertising & publicily General expenses Irrecoverable VAT Operating and maintenance costs College recharges Depreciation of tangible and heritage assets 14,233 1,757 832 21,534 12,810 38,556 135.732 190,000 155,327 13,373 1,560 957 2,778 8,186 23,706 135,972 190,000 103,256 570,781 479,788 Governance costs Auditors, remuneration Accountancy and legal fees 29,280 4,517 14,400 6,020 33,797 20,420 Total resources expended 1,367,019 1,202,862 Net expenditure 243,042 2,108) 231Page This page does not forni part of the statutory financial statements