•ion coYr)mi g COMPANY NUMBER: 02121694 CHARITY t4UMBER: 519650 SPRINGBOARD SUNDERLAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
SPRINGBOARD SUNDERLAND TRUST INDEX YEAR ENDED 31 JULY 2023 Contents Pago9 Legal and Administration DetaiL8 Trustees, Rewrt Independent Auditors Report to the Trustees 7-10 statement of Financial Activities 11 Statement of Financial Position 12 Cash Flow Ststement 13 Notes to the Financial Statements 14-25
SPRINGBOARD SUNDERLAND TRUST LEGAL AND ADMINISTRATIVE DETAILS YEAR ENDED 31 JULY 2023 Registered Charlty Name Springboard Sunéerland Trust Reglstratlon Number8 Charity Number 519650 Company Number 02121694 TNstees Jonathan Nicholson John Colin Wlson Denise Wilson Graham Burt (Trustees a also the directors for the purposes of company law) Prlnclpal Stafflsecretary Stephen Georg8 Réay Key Management Pernonnel Lisa Gregory- Head of Finance Janine Doughty - Head of Performance Steve George Reay - Chief Executive Officer Allen Hall - Training Manager INorthl {Resigned July 20241 Leanne Green - Training Manager {South) Keith Miller- ICT Manager Andrea Whincop- Head of TrainiTrJ Reglstered Office The AC Dickson Centre Riveryreen Industry Centre Pallion Sunderland SR4 6AD Auditors Torgersens East Suite. Ground Floor Avalon House St Catherine's Court Sunderland SR5 3XJ Bankers Barclays Bank PIC Sunderland City Branch Fawcett Street Sunderland SR1 1RS
SPRINGBOARD SUNDERLAND TRUST TRUSTEES, REPORT (INCORPORATING THE DIRECTORS, REPORT) YEAR ENDED 31 JULY 2023 Trustws Report 2022 - 2023 The Trustees, who are also directors for company law purposes, submit their annual rgport and the financk81 statements of Springboard Sunderland Trust for the year ended 31st July 2023. Referen and administrative information set out on page 1 forms part of this report. The Trustees confirm that the annual report and financial statements of the Company comply with current stalulory requirements, the requirements of the Company's governing document and Accounting and Reporting by Charities Statement of Recommended Practice Applicable to Chanties preparing their auounts in accordance with the Financial Rewting Standard Applicable in Ihe UK (FRS102) {effeGb've 1 January 20191. Structure. Govemance and Management The organisation Is a charitable company limited by guarantee. incorporated on 9th April 1987 and Tegistered as a charity on 21110o¢ember 1987. The Trust was established under a memorandum of assctiatKJn which established the obje¢ts and powers of the charitable company and is governed by rts articles of association last updated on 31 July 2014. The Trust has established risk management pr(Kedures whh involve identfying and monitoring risk and taking appropriate tIOn where necessary. The board believes that appropriate systerns are in Pla lo mitigate the major risks to which the company is exposed. The Trustees have referred to the guidance contsined in the Charrty Commission's general guidance on public benefit when reviewing the Trust's aims and objectwes and in planning ils futu a¢tNlties. In particular, the trustees consider how planned activi(ies will contribjte to the aims and objeckn.ves that have been set Recruitmont and appointment of tru¥lg09 Trustees are appointed al a Trustees meeting. Prior to inviting nominees, the Chair and Chief Executive Officer review the experience and skills base of the nominated trustees. On appointment, each truslee received a full briefing and induction on the a¢tThiities of the Trust. The tnjstees of the charitable company (the Trust) are its directors for the purposes of company law. The trustees and officers serving during the year and slnce Ihe year end were as follows.. Jonathan Nicholson John Colin Wlson Denise WThlson Graham Burt Steve George Reay - Secretary Obje¢tiVo8 and Actlvlties The Trust's primary aim is to support the development of sustainable communities, where people have the skills they need for work and lrfe. The main strategi¢ objectives of the Trust for the period were.. Ensure the long term sustainability of Springboard Monitor performance to enable continuous improvemert Deliver the current range of services and expand our actwities Grow the bjsiness
SPRINGBOARD SUNDERLAND TRUST TRUSTEES, REPORT {INCORPORATING THE DIRECTORS, REPORT) YEAR ENDED 31 JULY 2023 Pay pollcy for key management personnel The Trustees of Springboard and the senior management team comprise the key management personnel of the Trust in charge of directing and controlling. running and operating the Trust on a day lo day basis. Trustees give their time freely and no one recewed remuneration in the year in their role as trust, Salary levels of the senior management leam are reviewed allnually by the Trustees based on sector berKhmarking. No member of staff received emoluments above £60,000 in this year. R•latsd Parties Springboard and Sunderland RCA Football Club are related parties during the year. Colin Wlson is a member of RCA management committee and is a Trustee of Springboard Sunderiand Trust for the year ended 31 July 2023. Springboard Sunderland Trust and North East Learning ProvKler NeOrk were related parties during the year. Denise Wilson is a Trustee of North East Learning Provider Netsvork and a Trustee of Springboard Sunderfand Trust for the year ended 31 July 2023. Steve George Reay is Chair of the North East Leaming Provider Netsvort( as well as Secretsry and Chief Executive Officer of Springboard Sunderland Twst for the year ended 31 July 2023. Introductlon The organisation is managed by a Chief Executwe arKI three Heajs of Departments responsible for Operations, Performance and Finance. Each department had its own strategic objectives which linkéd lo the Trust's oveiall strategic plan. In this financial year to 31 July 2023. 479 people were acb've on mainstream programmes including 408 Study Programme learners and 71 AppnticeS. There rémains a eonlinuing impact of the COVID Pandemic which has resulted in a significant impact to young peopl8 engaging in educab'on and training, specifioally those with addity'onal needs and those seeking apprenb'ceships. Ongoing funded programmes supporting residents in community settings conlinuod to see a large rate of engagement and have been subject lo contract extensions as a result of their successful impact. programme to support adults in digital skills engaged 410 ¢IntS and our welfaie benefit advice project supported 240 clients. We saw increased growth in new funded programmes cementing our posrtion in the ¢ommunty, supporting those most in need, with an addItnal three PTogrammes launching irt this period strategic Report The overall incorne of the Trust for the year was £2.762.919. This is an increase of £41,035 on the last financial year. Total expendire is £2,914.197, a decrease of £21,8S4 on the last finanual year. An operating deficit of £151.278 is recorded. Al the year end the overall fvnd balance gf the Trust stood at £615,487, represented in a large part by freehold properties owned by us and used to further our actwities. The long temi strategy of Springboard in terms of propety and resource management in areas of development has proved again lo be effective and sustainable. Achiovemonts and Pertorniance Springboard continued lo be one of the North East's leading training. employment and community development organisations. Despite the ongoing challenges of the transition out of Covid a number of indlcators showed irnprovement in the year 22123 from 21122 including..
SPRINGBOARD SUNDERLAND TRUST TRUSTEES. REPORT (INCORPORATING THE DIRECTORS. REPORT YEAR ENDED 31 JULY 2023 Achievement of full contra¢t value 16-19 study programme 16-19 study programme achievement rose by 5.6% 16-19 study programme retention rale rose by 10.31J Apprentteship positive destinations rose by 13.7 Over 95% of learners met the Condition of Funding in 22123 resutting in zero clawback Staffing The organisalions succession process of aligning operations staff saw a reductton in staff responslble for supervision and an increase in learner support and delivery. This structure is now well bedded within the key areas of SEND, Maths and English, Practical Skills, FoundatK)n Skills and Health and Social Care. Two Training Managers have strategic responsibility for five Team leaders reporting directty lo the Head of Training. COVID Relief Government funding continued lo allow Ihe employment of a number of Le8ming Support Assistants tasked with small group focus work targeting increased barriers as a direct result of the Coronavirus Pandemic. staff numbers in 22123 averaged 81 Including apprentices and individuals employed through the Governments Kick Start scheme. A decreas? from 95 in 21122. Prln¢lpal risks and unc•rtalntl•s Principal risks and uncertainties over this perd include the Continuing impact of the Coronavirus panderniG. Following ESFA and central Govemmenl instruclion, centres remained subjeclto COVID-19 restrictions. Learner engagement and recruitment, support. delivery and back-office roles continued to be affected with a remote function for reeruitment, learning and 'work from homè, IWFH) still paalty in place. The continuing impact of COVID-19 and face to face recruitThnt resulted in a signfficant impact lo rftw business across all programmes. The implications of major reforms to the way post 16 training is funded and delivered, continued austerity and associated budget redu¢b'on, the manner in which employers are ulilising Iheir'Apprenticeship Levy, continue to compound the effecl on business planning and forecasting for education and skills training. A large reduction in the number of lower-level apprenticeships, such as those sought by Springboard learner5. and the introduction of fees for employers and 'off the job. requirerrEnts continue to result in a reducb.on in the number of appTenticeships undertaken, in line with national results. The ongoing reform of qualifications at Level 2 and Level 3 will continue until 2025 and will continue to impactlhe programme offer. Employerfs reluctance to invest in staff development following COVID-19 Continued to impact Apprenticeship uptake with a reduction in new starts mirrorirbg the national picture. Nationally apprenticeships have seen a decline to around 50U/o of pre-covid numbers, thi5 is reflected regionally with Springboards perfoffnance in the market. lIst 'CkstartIndIn9 was positNe within Springboard's recruitment process it continued to have a wider impact on teamer recnjitment with employeT5 taknng advantage of the government fvnded employment programme. As a charity the economic environment within which we operate is very important. Given our mission to work in developing sustainable communities, it often means working in areas of high social deprivation. The 'UK Shared Prosperity Fund, and 5ub5equenl replaMentS to the previousty accessed European Social Fund have not yet been confired and compound uncertainties for communty support in recognised areas of deprivation. These areas have been hit hardest by continued austerity and local aulhotity funding cuts reducing opportunities for community support programme$.
SPRINGBOARD SUNDERLAND TRUST TRUSTEES, REPORT IINCORPORATING THE DIRECTORS, REPORD YEAR ENDED 31 JULY 2023 Future plans The organisati)n has completed an alignment of staffing along thiee stratsgic departrments of Training Operations. Performance and Finance. Training Managers been appoFnted to be accountable for learning programmes- Study Prc4Jramme, adult learning and community projects. Apprenticeships and Maths & English. staff reductions have not impacted on the effectNeness of the department. Training Managers report to the Head of Training. An increase of commissioned SEND Ispecial educational needs and disabilrties places continues to provlde Local Authorty support lo th8 development of sFecialist provision across the region. Futures Social Enterptse and the A-spire Bistro have proven extremely popular. Futures Social Enterprise continues lo act as a seamless progression route for high need Durham Works Futures participants and remains an area for growth over the next 12 months. The A-spire Bistro has built on the SCesS of this model ulilizing existing resources to offer bespoke Hospitality and Catering Training for a range of abilities. This project will provide additional education, trainirg and support opportunities for learners with SEND and increase external engagementwith partner institutions id8nlrfied as an area of need by the local authority and creating additional inwme streams. A continued use of social media and web-based applications have mthgated many of the challenges presented by the transition out of COVID-19, specifically relating to engagement and recruitment. VLE (Virtual Leaming environment) delivery plafft)rms continue to provide bletyjed delivery to support our learners where appropnate. An expansion of Health and Social Care and relaunch of Engineering and Construction programmes were completed in response to the demand for increased training and employment opportunities within Sunderland and South Tyneside and have proven very popular with an increase in referrals. Partnerships with national employers in Construction and Heallh and Social Care have resulted in training programmes with co designed curriculums lo meet the specbfic needs of the 12bour markets emerging trends to meet the expansion in green skills jobs. This responsNe curriculum devekspment del continues to grow with new employers to ensure best use of the range of high-quality facilities owned by Springboard. The management of subcontracted provision continues to improve ensuring high Stsndards of integrity and quality Continue to apply for all of Springboard's arnerS across the region. The organisation successfulty completed the externally assessed ESFA subGontra¢ting stsndard. Alternative Education placements for pre 16 students are increasing and discussions with 2 local authorities are underway to offer standalone provision in this growing area of need. Additional future plans include working with our local authoritie5 planning the upcoming UK Shared Prosperty Fund delivery for 2023125 and preparation for the LA7 Devolution taking place in 2025 with a re-introduction of Adult Skills training to Springboards offer Reserves Policy The Trustees consider that the ideal level of reserves as al 315t July 2023 would be £750k. This has been set as 3 months core costs expenditure. The actual level of free reseNes as at 31 July 2023 is 8 deficit of £509,612 and the trustees have put C05t Saving plans in pl&e during the year to increase reserves. Income from the sale of property in 23124 wlll allow us to meet our responsibilities. reduce expenditure lo build reserves in addition to investment in a number ot new projects developed to meet local need. Therefore, the Tnjstees are confident that there are no material risks to the Trust's abilrty lo operate as a going eoncem.
SPRINGBOARD SUNDERLAND TRUST TRUSTEES, REPORT {INCORPORATING THE DIRECTORS. REPORT) YEAR ENDED 31 JULY 2023 Going Concern There are no materlal uncertainties in respect of the charity's ability to continue as a going conrn. The Trust prepared forecasls for the period to Dember 2025. The Trust notes the n?1 current liability position at 31 July 2023 of £556,342. Study Programme allocatK)n for the year 2023124 1$ an increase on the previous year. The trust has continued to review surplus estate in order to reali5e cash and help reduce the net cUrn1 liabilities. One propety, in need of updating and not used In delivery of funded programme. is currently in the proce55 of being sold. Some funds from this sale are intended to be used to fvrther develop growth areas of delniery. Study Programme CO funding allocation for 23124 has increased 17% on the previous year. The twslees believe that the Trust is well placed lo manage its risks successfuly and thus have adopted the going GOnM basis of accounts'no. Statement of Trustees Responslbilitios The trustees Iwho a also directors of Springboard Sunderland Tnjst for the purposed of company law) are responsible for preparing the trustees. reFQrt and the financial statements in accordance with applicable law and United Kingdom A¢¢ounts'ng Standards {Uniled Kingdom Generally Accepted Accounting Pra¢li¢el.Company Law requires directors to prepare financial statements for each ffinancial year which give a true and fair view of the stale of affairs of the charitable company and of Ihe incoming resources and application of reSoUrs, Including income and expenditure, of the charilable company fcr that period. In preparing these financial statements, the directors are required to.. Select suitable accounting policEs and then apply them consistently Observe the rnelhods and principles in Charits'es SORP Make jud9emenls and estimated that are reasonable and prudent state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements., and P pare the financial statements on the going concern basis unless il is inappropriate to presuTne that the charity will continue In business. The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy al any lime the financial position of the charitable Company and which enables them to ensure that the financial statements compty with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable rnPany and hence for taking reasonable sleps for the prevention and delection of fraud and other irregularities. In so far as the trustees are aware". There is no relevant audit infomiation of which the charitable company's auditors a unaware, and the dire¢tors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and lo estsblish that the auditors are aware of that information. And swJned on their behalfr. G. Burt 2910 2Lk
SPRINGBOARD SUNDERLAND TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRINGBOARD SUNDERLAND TRUST YEAR ENDED 31 JULY 2023 Opinlon We have audiled the finanGial statements of Springboard Sunderland Trust Ilhe 'charity'l for the year ended 31 July 2023 which comprise the statement of financial position, statement of cash flows and the related notes. including a summary of signJfi¢ant a¢¢ounting policies. The financial reporting frameworf( that has been applied in their preparation 15 applicable law and United lQngdom Accounting Standards, including FRS 102 The Financial Reporting Standard apPIable in the UK and Republic of Ireland {United Kingdom Generally Acceptgd Accounting Practice). In our opinion the financlal statements.. give a true and fair view of the state of the chaiity's affairs as at 31 July 2023 and of its incoming resources and application of resources, Including its inconE and expenditure. for the year then ended., have been properly prepared in acLordance with United Kingdom General A¢pted Accounting Practice., have been prepared in accordance with the requirerrents of the Companies Act 2006. Ba818 for oplnion We cOndued our audil in accordance with International Standards on Audf(ing (UK} {ISAs {UK}l and applicable law. Our respvnsibilities under those standards are further described in the auditor's responsibilitses for the audit of the financial ststements 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 statenEnts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilitses in accordance wth these requirements. We believe that the audil evidence we have obtained is sufficient aj appropriate to provide a basis for our opinion. Concluslons relating to going ¢on¢¢m In audf(ing the financial statements, we have concluded that the trusteos, use ofthe going concern basis of accounting in the preparatr'on of the financial slalem8nts is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condltions that, individually or collectively, may cast significant doubt on the charitable company's ability to conb'nue as a going concern for a period of al least twelve months from when the financial statements are 8Uthorised for issue. Our responsibilrties and the SponsIbl11ties cf the trustees with respect to going concem are described in the revant sections of this report. Othor Infomiatlon The other information cnpriSeS the information included in the annual reporL other than the financial statements and our auditor's report thereon. The twste8s are responsible for the other information contained in the annual report. Our opinion on the financial statements does not cover the other inf0matn and. except to the extent othemise explicitly stated in our report, we do not expre55 any form of assuran conclusion thereon, Our responsibility ts to read the other information and, in doing so, cons¢der whether the other information is materially inconsistent with the fi'nancial statements or our knoedge obtained in the course of the audrt or othewise appears lo be materially misstated. If we hjentify such material inconsistencies or apparent material misslalements, we are required lo determine whether this gives rise to a material misstatement in the financial statements themselves_ If, based on the work we have rformed, we conclLDJe that there is a material misstalemenl of this other information, we are required lo report that fact. We have nothing to reF in this regard.
SPRINGBOARD SUNDERLAND TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRINGBOARD SUNDERLAND TRUST YEAR ENDED 31 JULY 2023 Oplnlons on otr matters prescribed by th8 Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the informatDn given in the trustees. rewrt for the finan¢ial year for which the financial statements are Prepar is ttjnsistent with the financial statements,. and the trustees, reFort has been prepared in accordance with appli¢able legal requirements. Matters on whlch we are requlred to report by ex¢eptlon In the Iht of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identifd material misslatements in the trustees, repJrL We have nothing io 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.. adequate accounts.ng records have not been kep( or relums adequate for our audit have not been received from branche$ not visited by us., or the financial statements are not in agreement with the accounting records and retums., or eertain dlsclosures of InJstees' rernuneration specified by law ar& not made., or we have not red all the InfOatIOn and explanations we require for our audit. or the trustees We not entitled to prepare the financial statements in a¢cordan¢e wtth the small companies regime and Like advantage of the small companies, exemptions in prepwing the trustees, report and frcffi the requirement to prepare a strategic report. Responsibilitiès of tru8tee8 As explained rne fully in the Iruslees, responsibilities statement set oul on page 6, the trustees (who are also the directors for the purposes of company lawl are responsible for the preparation of the financial statements and for bein9 satisfied that they give 2 true and fair view, and for such inlemal Control as the trustees determine is necessary to enable the Preparation of financial statements that are free from matenal misstatement, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the chariVs ability to continue as a going coneem, disclosing, as applicable. matters lated lo going con¢em and using the going concern basis of accounting unless the Iruslees either intend to Iiqu1date the charity or to ase operations, or have no realistic alternative but lo do so. Audltor's re8pon8lblllile8 for the audit of Ihe Ilnanclal stat0m•nts Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, whether due to fraud or error, and lo issue an auditor's rewrt that includes our opinion. Reasonable a5suran¢e is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will aayS detect a material misstalementwhen it exists. Misstatements can arise from fraud or error and are considered material if, indNidually or in the aggregate, they could reasonably be expt¢tsd lo influen¢e the economic decisions of users tsken on the basis of these financial statements. Irregularrties, including fraud, are knstances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstaternents in respect of irregularth'es, including fraud. The extent to which our procedures are capable of detects'ng irregularrtres, iiclLtding fraud is detailed below-.
SPRINGBOARD SUNDERLAND TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRINGBOARD SUNDERLAND TRUST YEAR ENDED 31 JULY 2023 Explanatlon as to what extent th• audit was eonsld•red capable of detecting Irregularllle8, IncludSng fraud The objectives of our audrt with regards to fraud are to design tailored and specific audit PredureS to enable us to gather sufficient audit evidence. These tests are proportionatè and appropriate to the charitsble Company in tenns of assessed risk level and the nature of the entity's activities. However, the primary responsibility for the prevention and detection of fraud rests with those charged wrth governan. We obtained an understanding of the legal and regulatory requirements which applied to the charitsble company, which we deemed lo be the Companies Act 2006, and Statement of Recommended Practice to charities, the Financial Reporting Standard applicab in the UK and Republic of Ireland (Charities SORP IFRS102)1. We obtained an understanding of how the charitable company had complied with thes• regulations by reviewing their treatment of transactions, reviewing minut•$ of meetings and discussing compliance with trustees and those charged with govemance. We assessed the risk of material misstalemenl of the financial statements, including the risk of material misslatement due to fraud and identffied that income from ESFA for education and apprenticeships and grants is nst susceptible to fraud or error. We designed our audit work lo test the controls in place regarding the processing ofihese transactions and howthese controls are capable of preventing or delecling traud or error. Our audit procedures gathered evNJence to support the claims of the trustee5whilst maintaining professional sceptKism to allow us to draw our own ccK)clusion on the matter. As part of audit in aordanc0 with ISAS IUKI, we exercise Fofessional judgment and maintsin professional scepts.cism throughout the audit. We also.. Identify and assess the risks of material misstatement of the finanaal statements, whether due lo fraud or error, degn and perform audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misststement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery, intentional omissions, misrepresentations. or the ovetride of intemal control. Obtain an understanding ol inlemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstan. but not for the purpose of expressing an opinK)n on the effeclweness of the intemal control. Evaluate the appropriateness of accounting poIleS used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or wnditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's rewt to the related disclosures in the financial statements or, if such disdosures are inadequate. to modify our opinion. Our conclusions are based on the audit evK1ence obtsined up lo the dale of cr auditor's report. However, fvture events oi conditions may cause the charty to cease to ¢onts'nue as a going ¢on¢ern. Evaluate the overall presentation, structure aThJ content of the financial statements. including the disclosures, and whetherthe financial statements representthe underlying transactions and events in a manner that achieves fair presenlats'on.
SPRINGBOARD SUNDERLAND TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRINGBOARD SUNDERLAND TRUST YEAR ENDED 31 JULY 2023 We communicate with those charged with governance regarding, among other matters. the planned scope and timing of ihe audit and significant audit findings, including any significant deficienryes in inlemal control that we identify during our audit. Use of our report This report is made solely to the charitable company's members, as 8 body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audil work has been vndertaken so that we might slate to the charitable company's members those matters we are requred to stale to them in an audilorfs report and for no other purpose. To the fullest exlenl pemitted by law, we do not accept or assume responsibilty to anyone other than the ¢haritabie company and the charitable Mmpany's members as body. for our audit work, for thls rep)rt. or for the opinions we have formed. Alison Henshaw FCCA (Statutory Audilorl For and on behalf of TORGERSENS Chartered Accountants & Statutory Auditor East Suite, Ground Floor Avalon House St Catherin8's Court Sunderland SR5 3XJ Date. zq/io/z -io-
SPRINGBOARD SUNDERLAND TRUST STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 JULY 2023 Unrestricted R89tri¢tod Funds Fund¥ Total 2023 Total 2022 Note Incom•: Donations and legacies 10,781 10,781 5,627 Charitable activities 2,519,579 231,476 2.761.064 2,716,177 Investment income 1,084 80 Total Incomlng rn80uT¢e8 2,531 N44 231,476 2,782.919 2,721,884 Expendlture: Charitable activities 2,715,532 198,665 2,914,197 3,130,333 IProfityLoss on sale of fixed asset (194,282) Total expendlture 2.71 S.532 198,665 2,914,197 2.936,051 Net expendituro 1184,088) 32,810 1151.278) (214,1671 Net movement In funds 1184,088) 32,810 1151,2781 {214.1671 Transfer bgtWOon funds 32,810 132.810) Reconciliation of funds Total funds brought forward Total fund8 carrl8d forward 766.765 766,765 980,932 616.487 615,487 766,765 The ststem8nt of finanThal adivities includes all gains and losses recognised in the year. All incom and expenditure derive frorn Continuing a¢tivitie$. The note5 on pagès 1410 25 fomi part of these finanaal statements 11
SPRINGBOARD SUNDERLAND TRUST STATEMENT OF FINANCIAL POSITION YEAR ENDED 31 JULY 2023 Note 2023 2022 Fixod Assets Tangible fixed assets 1,571,403 1,637,409 Current assets Debtors Assets in the course of disposal Cash at bank and in haTrJ 10 206.148 24,319 347,248 391.922 221.204 577,715 613,126 Llabllltlos Creditois.. amounts falling due within one year 11 (1,134,057) (1,007.068) 1SS6,342} 1393,9421 Net ¢urrent Ilabllitlos Total assets less current liabilities 1,015,061 1,243,467 Credltors: amounts falllng due after more than year 12 1399,574) 1476,702) Ngt aets 615,487 766.765 Funds Unrestricted funds Designated funds General funds 14115 14115 1,125,099 1.091.851 1509,612) 1325,086) 615,487 766,765 Restricted fund$ 14115 Total Charlty Funds 615,487 766,765 Thé trustees xknowledge their responsibilities for.. lil ensuring that the charitable company keeps proper accounting record5 which comply with section 386 of the Act,. and lill preparing financial Ststements which gNe a true and fair vM¥ of the stale of affairs of the charitable company as at the end of the financial year and of its incoming resources and application of resources, including its surplus or deficit for the financial year in accordan with the requirements of section 394 and 395, and which otherwise compty wilh the requirements of the Act relatin9 to financial statements. so far as applicable to the chantable company. These financial statements have been prepared In accordance wth the provisions applicable to small companie$ Subject to the small companies regime and in accordance with FRS102 SORP. These financial statements were approved by the trustees on are signed on their behalf by Company number 02121694 The notes on pages 14 to 25 form part of these financial sLqtements 12-
SPRINGBOARD SUNDERLAND TRUST STATEMENT OF CASH FLOWS YEAR ENDED 31 JULY 2023 2023 2022 Net cash flows from operatlng actlvltles 19 251,068 {473,302} Cash Flows from Investlng Actlvltles Interest received Interest paid Payments to acquire tangible fixed as$ety PrLKeed$ from sale of tangible ffixed assets 1.084 115.074) 136.0991 80 {28,2151 {37,8831 230,000 Net Cash Used In Investlng Actlvltl06 Taxation 150,089) 163,982 Cash Flows from Flnanclng Actlvltles Repayment of bank loans Not Cash lusod in) Financing Activities 174,935) 174,9351 161,4541 161.4541 Change in Cash and Cash Equivalents in th8 Roporting Pèriod Ca¥h and Cash Equivalgnts at the Boginning ofthe Year Cash and Ca8h Equl¥alent8 atthe End ofthe Year 126,044 1370,774) 221204 591,978 347248 221,204 The notes on pa96s 14 to 25 form part of these finala1 statements 13-
SPRINGBOARD SUNDERLAND TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 Accounting Pollcle8 The principal accounting p(Aicies are $ummarised below. The accounting policies have been applied consistently throughoul the year and the preceding year. Basis of Accounting Springboard Sunderland Trust is a charitable company, limited by guarantee. registered in England. The address of the charity's registered office and prinopal place of business is The Alec Dickson Cent. Rwergreen Industry Centre. Pallion, Sundedand SR4 6AD. Springboard Sunderland Trust rrttts the definition ofa public benefft entity under FRS 102. The harity exists for the benefit of the public through Ihe provision of training and education lo young people and adults. These financial ststements have been prepared in accordance wrth the Charities SORP IFRS1021 "Accounb'ng and Reporting by Charities" Statement of Remmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ifeland IFRS 1021 (èffectlve 1 January 2019}, and the Companies Act 2006. Assets and liabiltties are initially recognised al hlstorical cost of transaction value and In cordance with the Statement of Recommended Practice 'A¢counting and Reporting by CharitEs effeclNe at 1 January 2019 (Charities SORP IFRS 102)) and the Companles Act 20c. The fInarla1 statements are presented in sterling which is also the hjnctional currency of the Charity. The monetary amunts in these financial ststements are rounded to the nearest £, except where otherwise indicated. Going concern The charity had total lunds of £615,487 as at 31 July 2023 (decrease of £151.278 from July 2022). The primary fador5 contribub'ng lo the deficit We a significant reduction in employèr uptake of apwentishlps due to extemal market forc8s and la¢k ot workplace capacity, resulting in a 50% decrease in apprenticeship income, and an unforeseen increase in costs due lo the nse in energy The cash flow forecasts have been updated to factor in the exp8cted level of income and expenditure to confirn that the charity has sufficient cash for the organisatr.on to continue for at least 12 months from the dale these financial statements are signed. At the time of approving the financial statements, the trusl*s have a reasonable expectstion that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concem basis of accounting in prepanng the financial statements. The trustees do not consider that there are any material uncertainties to impact the chanty's abilty to continue as a going concern. Incomo Voluntary income is received by way of donations and gifts and 1$ included in full in Ihe statement of financial activf(ies when receivable. Income from the sale of goods and Services is recognised in the finanaal statements during the year in which Ihe service is cairied out and therefor& entltlement is earned. Revenue and govemment grants are credited to the statement of financial activities when ivable. Vvhere unGonditional entItment lo grants receivable is dependent upon fuifilment of condrtions within the charity's control. the incoming resources are QCA)gnised when there 15 sufficient evidence that conditions will be meL ere the is uncertainly as to whether the charity can meet su¢h conditions the incoming resource is deferred. -14-
SPRINGBOARD SUNDERLAND TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 Contract incon* is recognised in the finanaal statements to the extentthat entillement has been earned at the year end through completion of the contract. Income from the Sale of other goods and services Is recognised in the period in which the goods or service is provided to the customer. Investment incorre is Iluded in the Statement of Financial Activities on a recetvable basis. Fund accountlng Restricted funds are to be used for specific purposes as laid dn by the donor. Expenditure which meets these criteria is charged to the fund. Unrestricted funds are donations and other incoming resour received or generated for the general charitable purposes. Designated funds are unreslricled fijnds earmarked by the trustees for particular purposes. Resources expendgd Resources expended ale recognised in the p8ri0d in whh they a incurred. Resources expended include attributable VAT which cannot be recovered. Resources expended are allated to the partular activity where the cost relates direcly to that actNity. As the charitable company only carrd out one activity during the year, support ¢osts have not been separatety analysed. Governance costs are the costs associatéd with the govemancE arrangement5 of the charity. These costs are associated with constitutional and statutory requirements and include any wsts associated with the strategiG management of the ¢harty's xtivities. SubGontraGtors costs represents Education & Skills Funding Agency IESFAI income eamed by subcontractors, wh8re the Gontra¢t with the ESFA is with Springboard Sunderland Trust. This expenditure is recognised as a lower of the profile amount payable per the ntract between the charity and the partner and the actual income eamed by th8 partners during the Feri)d, $S a management fee. Tangible tlxed asGets and deprociation Depreoation is provided at rates calculated lo write down the cost of each asset to rts estimated residual value over ils expected useful lifo. Freehold land 1$ nol depreciated. The depreciation rates in use are as follows.. Freehold and long leasehold propety Offe fvrnilure and ffttings Computer equipment Motor vehides 2% straight line 33.30h straight line 33 3% straight line 33.3°h straight line Items of equipment are capitalised where the purchase price exceeds £2,0(Y). Depreciation costs are allocated to aclwib'es on the basis of the use of the related assets in those activities. A55ets are reviewed for impairm8nt of circumstsn¢es indicate their carrying value may exceed their net realisable value and value in use. -15-
SPRINGBOARD SUNDERLAND TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 Leues Rentals payable underoperallng leases, where substantially all the risks and rewards of ownership remain with the lessor. are charged to the statement of Ilnancial &tivittes on a straight line basis over the minimum lease term. Penslon8 The Trust OFerates a defin&J contribution pensi scheme for emph)yees. The assets of the scheme are held separalely from those of the charitable company. The OUnt charged to the statement of fina1?1 activities is the contributions payable in the year. Dirterences between contributions payable in the year and aclually paid are shown as either prepayments or other creditors. Agency income The Trust acts as a agent in the administering of 16-19 Bursary FurK15 and free meals from th8 ESFA. Related payments received from the ESFA and subsequent disbursements to students are excluded from the statement of financial activitie5 lo the extent that the Trust does not have a benela1 interest in the individual transactions The allowance of 5¥0 as a contributs.on to administration costs is however recognised in the ststement of finaKial activrties. ere funds have not been fvlly applied in the year then an aTnounl will be included as amounts due to the ESFA. In addition, the Trust acts as an agent in the administering of Apprenticeship Grants for Employers Funds from the ESFA. Related payments received from the ESFA and subsequent disbursements to employers are excluded from the slalement of financial activities to the extent that the Trust does nol have a beneficial interest in the individual transactions. Flnancial instrumgnts The charty has elected to appty the provislons of Secllon 11 'Basic Financial Instruments" and Section 12'0ther Financial Instruments l$sues" of FRS 102, in full to all of itsfinancial instruments. All of the charities financial assets and financial liatililies qualify as basc financial instruments. Bas Financial instruments are initially recognised at transaction valué and subsequently measured at their settlement value. Financial assets.. Trade and other debtot¥ Trade 8nd other debtors which are receNable within one year and which do not constrtute a ffinancing transxtDn are initially measured at the Iransaclion pri and subsequenuy measured at amortised cost, teing the transaction price less any amwnt settd and any impairment losses. A provision ft)r impaimient of trade debtors is estsblished when there is objective evidence that Ihe amounts due will not be collected according to the original terms of the conlract. Impairment losses are recognised in profit or loss for Ihe excess of the carying value of the trade debtor over the present value of the fvture cash llows discounted using the original effective interest rate. Subsequent reVeal8 of an impairment loss that objectfvely relate lo an evenl ¢)ccurring after the impaimienl Ioss was recognised, are recognised Immedlately In profil or loss. FinancMI liabilit$.. Trade and other cdOrS Trad& and other creditors {including accruals) payable within one year that do not constilute a financlng transaction are initially measured at the transaction price and subsequenuy measured at amortised cost, teing the transaction price less any amounts settled. -16-
SPRINGBOARD SUNDERLAND TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 Crltlcal a¢¢ountlng estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historical eXrience and other factors, including expectations of frjture events that are believed to be reasonable under the circumstances. Rocoverability of debto Debtor5 are reviewed on a line by line basis by the Trust annually. Provi¥ion$ are made as appropriate followin9 this review. Voluntary incom•- donatlons Total 2023 Total 2022 Restrlcted Unrestrlcted Donalions InwrTP from donations in 2022 was unrestricbJ. ChaTitablg aGtivitio5 Total 2023 Total 2022 Restrfcted Unrnstrictod Education & Skills Funding Agency Revenue flom nursery, Bistro and Upstream Cty of Sun¢Jerland- Nursery Grants cty of Sundedand- Other Grants Cty of Sundedand- High Needs Element 3 City of Sundedand- Hetton SIB Aoprenticeship Co-inveslment Vulneiable and other bursaries Other income Other grants Total 2,067,227 174,659 129.018 2,067,227 174,659 129,018 66,726 85,641 133,292 2,047,996 171,483 182,263 4,991 89,403 67,512 975 66,726 85,641 56,$1)0 76.792 6,534 6.534 87.957 4,825 146,729 87,957 Income from charitable acb"vities in 2D22 was made up of unrestricted fuThJs of £2.573.890 and restricted funds of £142.287 Invostment Income 2023 2022 Cash investments held in the UK Investment income in 2023 and 2022 was unrestricted. 17-
SPRINGBOARD SUNDERLAND TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 Total resources oxpended Regtricled Unrestrf¢tsd 2023 2022 Staff costs (Note 7} Secondment and Assessors lagency costs) Trainee allowances Vulnerable and Other 8ursaries Premises costs Travel and subsi5ten¢e Training costs and staff training Health & Safety Materials and equipment ProfessiOll81 seNices Interesl payable IrrecoveTable VAT Sub-contractor c£ssts Marketing Depreciation Grant payable to SIB partner Sundries Other Loss on disposal of assets Goveman¢e Bad debts 189,760 1.552,416 1,742,176 1.935,656 23,045 23.045 20,656 42,799 42,799 60.153 124 273,018 36,572 51,339 41,175 151.237 77,982 28,215 29,159 300,712 38,104 67,881 6,564 3,040 346 1194,282) 8,400 388 215 18 761 7,100 293.005 36,084 50,453 40,953 150,277 71,397 15,074 e0.725 245,640 25,602 77,786 293,393 36,299 50,471 41,714 157,377 71,397 15,074 60,725 245,640 26,025 77,786 423 621 621 18,140 11,515 18.140 11,515 Total re¥ources expended 71 The expenditure in 2023 related to £198,665 restricted funds and £2,715,532 unrestricted fvnds {2022'. £109,077 restrided fijnds and £2,826,974 unrestricted funds) 6. Nel lexpendlturellin¢om• for the year 2023 2022 This is ststed after charging.. Depreciation- owned assets Lossl {Profitl on sale of fixed assets Interest payable loan interesl other interest Operatin9 lease rentals= property Auditors, remuneration 77,786 67.881 1194.2821 14,164 920 27.635 580 52.310 58.465 7. Staff costs and nUmTr 2023 2022 Staff costs were as foll Salaries and wages Social security costs Pension contributions Agency costs Recrurfcment costs Redundancy costs Lrfe Insurance 1,595,24B 1.759.568 101.112 123,929 41.318 47,023 23.045 20,656 149 4,498 4,987 -18-
SPRINGBOARD SUNDERLAND TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 No employee eamed more than £60,000 during the year. The average numter of employees during the year was as follows.. 2023 No 76 2022 No Training &edtIOn Apprentices Trustso8 During the year, no director received any remunerats"on12022'. £nill. There were no reimbursed expenses payable to truslees during the year12022'. £nil). Key management rsonn01 The key management personnel of the chanty comprise the personnel ltsted on page 1. The total employee benefits ofthe key mar¢agement personnel of the chanty were £281,903 {2022: £270,928). Taxation The trust is exempt from corporation tax as all its income is charitable and is applied for charitable purFoses. Tanglble flxed assets Freehold Computsr and long oquipment leasehold property Olllce Furniture and fittlngs Motor vehlele8 Total Cosl At the start of the year Additions in year Disposals in year 2,578,129 266.205 346,299 36.099 61,087 3,251,720 36,099 {45,6481 145,648) At the end of the year Deproclatlon At the start of the year Charge for the year Disposals in the year 970,120 51,560 {21.3291 266,205 330,439 19,456 47.547 6,770 1,614,311 77,788 121,329) Al the end ofthe year Net book value Al the end ofthe year 1,000.351 266.205 349.895 54,317 1,670,768 At the start of the year Included within Ihe net book value of £1.532,129 of freehold and long aSehold property is £1,245.370 which relates to long leasehold properties. The Allenheads property is shown as a disposal as rt has been tranSferd nel b)ok value of £24,319 to current assets as assests in the course of disposal. The sale of the propety completed post year end on 8th August 2023. 19-
SPRINGBOARD SUNDERLAND TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 10. Debtorn 2023 2022 Trade debtors Other debtors Prepayments Social surity and Other Taxes 127,476 32,617 44A14 180,682 169.272 41,968 91 11. Crfrdltors: amounts dua wlthln one year 2023 2022 Bank loan - repayable wthin one year Other creditors Social Security and Other Tax8S 71,049 1,028,262 34,746 68.856 869.828 68.384 The bank loan in the year is from Barclays and is repayable by monthly instalments and bears a fixed rate interest at 3.85°A per annum. The loan is secured by fixed charges over of the Charrtable company's treehold properties as well as 0 of ils leasehold properties. The loan is repayable over a 10 year temi. 12. Credltofs: amounts due aftor one yfrar 2023 2022 Bank loan repayable within one to year5 repayable within two lo five years Repayat4e over five years 75.311 72,289 236.941 227,432 87.322 176.981 The bank loan in the year 1$ from Barclays and is repayable by monthty instslments and bears a fixed rate interest al 3.85Yo per annum. The loan 1$ 5e¢ured by fixed charges over of the charitsble company's freehold properties as w911 as hvo of its leasehold prOpe.eS. The loan is repayable over a 10 year term. 13. Financlal Instruments The ryIng value ofthe Charity'5 financial instruments al 31 July were.. 2023 2022 Flnancial assets Debt instruments measured at amortised cost: Trade debtors Other debtors 127,476 32.617 180,682 169,272 Flnanclal Ilabllrtles Measured at amortised cost.. Bank loans Other Creditors 470,623 1,028,262 545.558 869.828 -20-
SPRINGBOARD SUNDERLAND TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 14. Movements in funds At 1 August 2022 Incoming Outgoing Transfor8 resources rgsources At 31 July 2023 Designated funds: Fixed Asset Fund Current Asset 1,091,851 191,939) 100,868 24.319 1.100,780 24,319 Total doslgnated funds 125 187 Summary of Funds Designated Funds Ger)eral Funds 1,091.851 191,939) 125,187 {325.0861 2.531.444 12,623,593) 192,377) 1,125,099 {509,612} 766,765 2.531.444 12.715,532) 32.810 231,475 1198,6651 132,810) 615,487 Restricted FurKIs 1548 Purposo of d•$lgnatad funds The fixed asset fund represents the value of unrestricted fixed assets, le$s any loans used to finance them. The transfer in the year refiecls the adjustrment lo depreciation, loan repayments and assets reallocated lo general funds to be sold post year end. Movèmènts in funds- prlor year At 1 August 2021 Incoming Outgoing Transfers resources resourcos At 31 July 2022 D•slgnated funds: Fixed Asset Fund 1,096,113 1129.335) 125.073 1,091.851 Totsl dèslgnatéd funds Summary of Funds Designated Funds General Funds 1,096.113 1115,181 1129.335) 125,073 2,579,597 12,697,639) 191,8631 1,091.851 1325,086) 980.932 2,579.597 12,826.9741 33,210 142.287 1109,077) (33.2101 766.765 Restricted Funds -21
SPRINGBOARD SUNDERLAND TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 16. Anatysls of restrict•d fund movements At 1 Augugt 2022 Incoming resource$ Outgolng resources Tran8f8rs Ai 31 July 2023 Communities Connected R U Ready UC SCC Fixed Asset Fund Pedal Power DCC Durham Works DWP Kickstart Scheme SCC Pallion Clean and Green SCC Clean it Green It SCC CLLD 17,360 11,540 30,971 3,000 81,884 3,073 117.3601 111.5401 {30,971) 13.000) 181,B841 13.0731 5.333 30,421 47,893 15,3331 128,5821 147.8931 <1,839) Analy818 of restrictgd fund movements- prior year At 1 August 2021 In¢omlng Outgoing resources resource8 Transfers At 31 July 2022 SCC - ComTnunities Connected SCC- R U Ready UC Durham Works SCC- Healthy Teens Project Pedal Power SCC- Summer Activities Down at the Pit SCC- Small Grants SCC- Neighbouthood Fund Palllon Fun Day 24,765 20,355 46,010 {24,765) (20,355) (46.010) 6,058 15,000 4,999 4,991 1,333 16,0581 115.0001 (4,999) (4,991) (1.333) 18.210 (18,2101 1566) The transfers rewesent a pontoon and a trailer purchased from funds reIved with the purp)se of being spent on these assets. Communities Connected represents funds received from Sunderland City Council towards digital training and increasing confi(Jence in using IT. R U Ready UC represents fvnds received from Sunderland City Council Neighbourhood Fund toward$ supporting local residents in their application for Universal Credit. Durham Works represents funds received in respect of the Durham Works project with Durham City Council to encourage young people who are disengaged with education. unemployed who may have special educational needs. The Prografflme ¢overs confidence building and personal development, mat¢hing skills, strengths and attributes to employment. Down at the Pit represents funds recebved in the prior year from Sunderland Clty COU11 CoaifieldsArea Neighbourhocxj Fund to fijnd working with a group of men to erQUrage he2hler lifestyles and reduce social isolation. -22-
SPRINGBOARD SUNDERLAND TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 15. Analysi$ of roStri¢ted fund movements Icontinu•dl kstart represents fulS received in respect of "ckstart employees who's wages are paid for by DWP. SCC - Healthy Teens Projeci represents funds received in the prior year toward$ the Springboard Lyons projedworkirKJ with teens on Thursday evenings at Hetton Lyons Counlry park IYCth club). SCC - Sumn*r Activrfies represents funds toward$ actNib'es for young peoplg during school holidays including provisv)n of meals at Hetton Lyons Country Park in the prior year. SCC - Small Grants represents funds received in the prior year in order to pain Stephenson Trail metal work and towards the climbing wall for Camival. Pedal Power represents funding from Sund8rland City Councll to purchase 2 adapted bikes for use at Hetton Lyons Country Park in the prior year. The purchase of the bikes was transferred to de&gnaie¢J fvnds. Pallicn Fun Day represents funding for the summer Communty fun day helj al Rivergreen centre in the prv)r year. SCC - Neighbourhwld Fund represents a grant received in the prior year in order to purchase a Kawaski Mule for use at Hetton Lyons Park The purchase of the Mule has been transferred to designated funds. SCC - Fixed Asset contribution represents Sport and Recreation Contribution capital grant to purchase a pontoon at Hetton Lyons Country Park Lake to support outdoor swimming and swim. bl(e, run aCtltieS. SCC - Pallion Clean and Green represents funds received from SCC Neighbourhood Fund programme to improve green spaces and urban environmènts for the benefit of the community in the Pallion. West Sundedand area. SCC - Clean It Green It represents fvnding from SCC Neighbourhood Fund Coalfield area programme to improve green spaces and Ufban environments for the benefit of the community. SCC- CLLD represents funds from SCC Community Led Local Development ICLLD} ESF project to provide sustsinable economic oppjrtunities and benefits lo areas of Sunderland that face challenges including soaal exclusion and mumiple deprivatn. capacty to accessjob opportunilies. poor heath or low levels of unemployment and entrepreneurship. 16. Analysis of n¢t assets between funds De81gnated lund8 Re8lrfcted Fund8 General funds Total funds Tangible fixed assets Current assets Nel current liabilities Long-term liabilities 1.571,403 24.319 {71,049) {399,574} 1,571.403 553.396 577,715 {1,3,008) 11,134.057} 1399,5741 Net assets at 31 July 2023 12 -23-
SPRINGBOARD SUNDERLAND TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 16. Analy81s of Mt assets between funds (¢ontlnuedl Analy8is of net assets between fund8- prlor year Doslgnated fund8 Restricted Funds Gonoral funds Total funds Tanglble fixed assets Nel current liabiSities Long-term liabilrties 1.637.409 {68,856) 1476,702) 1.637A09 (325,0861 {393,942 {476.702) Net assots at 31 July 2022 1 091 851 17. Otherllnancial commitmonts 2023 2022 Operating leases whh expire.. within one year within one lo tsvo yeaTS within to fNe years 60,900 220,317 104,633 eKJ,9iJ) 78,550 18. Penslon commltments The charsty cperates a defined contribub'on pension heme for all qualifying employee5. The assets of the scheme are held separately from those of the charity, in independently administèred fund. The contributions payable by the charity charged lo income and expenditure as part of charitable a¢livilies, amounted lo £41,318 {2022.' £47,023} and all related lo unrestricied funds. Amounts payable of £28212022.. £1471 are included in other creditors at the year end. 19. Recon¢iliation of net {outgolng}Ilncomlng rn8oureo8 to not cash Inflow from operatlng actlvtties 2023 2022 Net {outgoingYincoming resources.. Interest Tereivable Interest payable Depreciation LosslProfit on disposal of fixed assets {IncreasellDecfease in debtors {Decreaselllncrease in creditors (151,2781 1214,1671 11,0841 {801 15,074 28,215 77,786 67,881 1194,2821 185,774 1169,0101 124,796 8.141 20. Ultimate parent company and controlling party With effect from 31 July 2014 It is Considered that there is no paty with oontrol. -24-
SPRINGBOARD SUNDERLAND TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 21. Related party tran¢tIOnS Springboard Sunderland and Sunderland RCA foolball club are related parties SiIK6 Colin Wlson has significant control of the football club and is a trustee of Springboard Sundedand Trust during the yearended 31 Juty 2023. Springboard Sund8rland were flnancially involved in the football club during 2020 providing printing services from Springboard which are recharged to the club. The club provided sporhng facilities and work experience opportuniles to Springboard in return. The amount owed to Springboard Sundedand by the club at the year end was £39.712 12022.. £39,712). Springboard Sunderland Trust and North East Learning Provider Network Ltd are related parties as one of the trustees is also a ITUStee of North Ea51 Learning Provider NeOrk Ltd. The amount owed to Springboard Sunderland Trust at the year end wa5 £S08.75 {2022.' £nill- 22. Agency arrang•ments The charity administers the disbursement of the new discretionary SUFPOrt for leamers, 16-19 Bursary Funds. on behalf of the ESFA. In the year it received £103.988 (2022.. £98,788) and disbursed £29,492 12022.. £34,109) and a balance of £413,580 12022.. £339,083) remained in creditors at the year end. The charity also administers the disbursement of free meals on behalf of the ESFA In the year it recVed £7,40512022.. £10,960} and disbursed £1,865 {2022.' £2,020) and a balall of £295.132 12022.. £289,592} remained in creditors al the year end. -26-