Registered number: 02425824 Charity number: 802960
The Medway Education Business Partnership Limited (A company limited by guarantee)
Unaudited
Trustees' report and financial statements
for the year ended 31 July 2024
The Medway Education Business Partnership Limited (A company limited by guarantee)
Contents
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | |
| Trustees’ report | 2-4 |
| Independent examiner's report | 5 |
| Statement offinancial activities | 6 |
| Balance sheet | 7 |
| Notestothefinancialstatements | 8-16 |
The Medway Education Business Partnership Limited (A company limited by guarantee)
Reference and administrative details of the Charity, its Trustees and advisers for the year ended 31 July 2024
Trustees
G M Harvey, Chair
D A Ratcliff S Atkinson S Smith
Company registered number
02425824
Charity registered number
802960
Registered office
C/O Phinia Courteney Road Hoath Way Gillingham Kent ME8 ORU
Company secretary
T A Clarke
Accountants
Kreston Reeves LLP Chartered Accountants Maritime Place Quayside Chatham Maritime Chatham Kent ME4 4QZ
Bankers
HSBC Bank plc 231 High Street Chatham Kent ME4 4BQ
Independent Examiners
Samantha Rouse FCCA DChA Kreston Reeves LLP Maritime Place Quayside Chatham Kent ME4 4QZ
The Medway Education Business Partnership Limited (A company limited by guarantee)
Trustees’ report
for the year ended 31 July 2024
The Trustees present their annual report together with the financial statements of the Charity for the year from 1 August 2023 to 31 July 2024. The Annual report serves the purposes of both a Trustees’ report and a Directors’ report under company law. The Trustees confirm that the Annual report and financial statements of the Charity comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The Charity (MEBP) is a multi-funded not for profit company, limited by guarantee, with charitable status. It has been in existence since 1989, developing relationships with partners from education, business and the wider community. MEBP's aim is to develop the employability skills of all Kent and Medway's young people, to prepare them for work and citizenship, and in so doing improve the economy in Medway and Kent. MEBP does this by engaging employers and other adults to support a wide range of activities, in the classroom and workplace, for children and young people.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)’.
b. Activities undertaken to achieve objectives
MEBP works in close collaboration with a host of employees and local organisations that support young people, including Medway Council, training providers, schools and colleges.
As well as providing a comprehensive work experience service to Kent and Medway schools, MEBP provides specialist placements in industry to ‘harder to help’ young people, from gifted and able students to those with special needs and those in danger of disaffection.
We continue to deliver science, technology, engineering and maths workshops and projects for students of all ages, to raise awareness and interest, to eventually address workforce skills shortages.
This year we delivered a project for The Education People on behalf of the Careers and Enterprise Company, where students took part in short experiences of the workplace, aimed at developing employability skills and supporting schools’ careers education and guidance programmes.
Achievements and performance
a. Main achievements of the Charity
Work experience has continued to be our main activity over the year, followed by the Experiences of the Workplace Project, Primary STEM workshops and projects, Secondary STEM workshops and extended placements for harder to help young people.
The Medway Education Business Partnership Limited (A company limited by guarantee)
Trustees’ report (continued) for the year ended 31 July 2024
Achievements and performance (continued)
b. Review of activities
Work experience continues to be our flagship activity, managing placements on behalf of 26 schools. All targets have been met, with positive outcomes reported from all schools.
STEM workshops increased in number from last year and we have delivered in several new schools this year. Evaluation from the schools is always very positive.
We have sought to increase the number of extended placements for harder to help young people, although the numbers taking up these placements is not as high as in previous years. We believe this to be an ongoing issue due to the pandemic, and hope that the numbers will rise again in the future.
The Experiences of the Workplace Pilot Project sought to support 10 schools across the county, including two SEN schools, in a series of workplace visits, work shadowing and volunteering experiences. We exceeded every project target in terms of employer engagement, although we were disappointed by of the lack of commitment and involvement from some schools, all of which had readily signed up to the pilot.
Our Young Eco Engineers Project has been very successful again this year, with brilliant support from National Grid Grain LNG and Phinia. Over 20 schools, 300 children and many technical/engineering supporters take part in this project and all report exceptional outcomes.
Financial review
a. Going concern
The Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
MEBP's policy states that a fixed sum, reviewed annually, be retained to cover the legal costs of winding up the Charity. For the year ended 31 July 2024, this sum was £16,219. The remainder of the reserves are available to support the work of MEBP in the following year. The reserves at 31 July 2024 were £82,534 (2023: £59,100).
c. Financial risk management
The main risk going forward is the continued reduction in the number of employers willing to take on students, due to the increase in employees working from home since the pandemic. Although we are likely to see an increase in a return to the workplace, it is not likely to reach pre pandemic levels. MEBP is working on initiatives to address this, including increased support for students to initially source their own placements. The trustees are confident that the impact of Covid-19 will continue to dwindle and that MEBP will continue to be able to provide the service schools require.
Structure, governance and management
a. Constitution
The Medway Education Business Partnership Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association dated 22 September 1989.
The Medway Education Business Partnership Limited
(A company limited by guarantee)
Trustees’ report (continued)
for the year ended 31 July 2024
Structure, governance and management (continued)
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.
Plans for future periods
We anticipate a steady increase in both work experience and STEM income next year, and we will continue to seek new funding opportunities, particularly in support of our STEM agenda.
Members’ liability
The Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its income and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
° select suitable accounting policies and then apply them consistently; ° observe the methods and principles of the Charities SORP (FRS 102); ° make judgments and accounting estimates that are reasonable and prudent; e state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
« prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
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G M Harvey
Chair of Trustees
Date: ; _
etv-&-25
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S M Rouse
25 April 2025
The Medway Education Business Partnership Limited (A company limited by guarantee)
Statement of financial activities (incorporating income and expenditure account) for the year ended 31 July 2024
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||||||||
|---|---|---|---|---|---|---|
|Unrestricted|Total|Total|
|funds|funds|funds|
|2024|2024|2023|
|Note|£|£|£|
|income|from:|
|Donations|and|legacies|3|5,000|5,000|5,000|
|Charitable|activities|4|186,689|186,689|129,917|
|Investments|5|1,066|1,066|296|
|Total|income|192,755|192,755|135,213|
|Expenditure on:|—|TO|
|Raising|funds|6|166,868|166,868|118,044|
|Charitable|activities|7|2,453|2,453|3,348|
|Total|expenditure|169,321|169,321|121,392|
|Net movement|in|funds|23,434|23,434|13,821|
|Reconciliation|of funds:|
|Total|funds|brought forward|59,100|59,100|45,279|
|Net|movement|in|funds|23,434|23,434|13,821|
|Total funds|carried forward|82,534|82,534|59,100|
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The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 16 form part of these financial statements.
The Medway Education Business Partnership Limited (A company limited by guarantee) Registered number: 02425824
Balance sheet as at 31 July 2024
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2024 2023
Note £ £
Fixed assets
Tangible assets 10 3,218 1,853
Current assets
Debtors 11 17,123 17,004
Cash at bank and in hand 77,759 43,602
94,882 60,606
Creditors: amounts falling due within one
year 12 (15,566) (3,359)
Net current assets 79,316 57,247
Total net assets 82,534 59,100
Charity funds
Unrestricted funds 13 82,534 59,100
Total funds 82,534 59,100
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The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
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G M Harvey
Trustee
Date: ‘LO- i- 2s
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The notes on pages 8 to 16 form part of these financial statements.
The Medway Education Business Partnership Limited (A company limited by guarantee)
Notes to the financial statements
for the year ended 31 July 2024
1. General information
Medway Education Business Partnership Limited is a multi-funded, not for profit, company limited by guarantee (company number 02425824), with charitable status in the United Kingdom (charity number 802960). It has been in existence since 1989, developing relationships with partners from education, business and the wider community.
Its registered address is C/O Phinia, Courteney Road, Hoath Way, Gillingham, Kent, ME8 ORU.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) , the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
The Medway Education Business Partnership Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
The Medway Education Business Partnership Limited (A company limited by guarantee)
Notes to the financial statements for the year ended 31 July 2024
- Accounting policies (continued)
2.4 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.7 Tangible fixed assets and depreciation
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Fixtures and fittings - 20% on cost
The Medway Education Business Partnership Limited (A company limited by guarantee)
Notes to the financial statements
for the year ended 31 July 2024
2. Accounting policies (continued)
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
- 2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.10 Liabilities
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.11 Financial instruments
The Charity only 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.
2.12 Pensions
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
3. Income from donations and legacies
| Unrestricted funds |
Total funds |
Total funds |
|
|---|---|---|---|
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Donations | 5,000 | 5,000 | 5,000 |
| Total2023 | 5,000 | 5,000 |
The Medway Education Business Partnership Limited (A company limited by guarantee)
Notes to the financial statements for the year ended 31 July 2024
4. Income from charitable activities
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|||||||
|---|---|---|---|---|---|
|Unrestricted|Total|Total|
|funds|funds|funds|
|2024|2024|2023|
|£|£|£|
|Charitable|activities|186,689|186,689|129,917|
|Total|2023|129,917|129,917|
|2024|2023|
|£|£|
|School|membership|and|work experience|123,640|96,201|
|Extended|placements|710|6,225|
|Primary|projects|21,109|24,461|
|Secondary|projects|3,230|3,030|
|EofW|Project|38,000|-|
|186,689|129,917|
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5. Investment income
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|||
|---|---|
|Interest|received|
|Total|2023|
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||||
|---|---|---|
|Unrestricted|Total|Total|
|funds|funds|funds|
|2024|2024|2023|
|£|£|£|
|1,066|1,066|296|
|296|296|
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The Medway Education Business Partnership Limited (A company limited by guarantee)
Notes to the financial statements for the year ended 31 July 2024
T. Support costs
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||||
|---|---|---|
|Independent|Examination|Fees|
|Payroll|Fees|
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|||
|---|---|
|2024|2023|
|£|£|
|2,453|2,568|
|-|780|
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8. Staff costs
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||||||
|---|---|---|---|---|
|2024|2023|
|£|£|
|Wages|and|salaries|126,177|90,510|
|National|Insurance|4,083|3,320|
|Pension|costs|1,775|1,185|
|132,035|95,015|
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The average number of persons employed by the Charity during the year was as follows:
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||||
|---|---|---|
|2024|2023|
|No.|No.|
|Employees|5|4|
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No employee received remuneration amounting to more than £60,000 in either year.
During the financial year the remuneration and benefits received by the Charity's key management personnel, including employer's national insurance contributions and employer's pension contributions, amounted to £32,885 (2023 - £32,950).
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - ENIL).
During the year ended 31 July 2024, no Trustee expenses have been incurred (2023 - £NIL).
The Medway Education Business Partnership Limited (A company limited by guarantee)
Notes to the financial statements for the year ended 31 July 2024
10. Tangible fixed assets
| Fixtures and | |
|---|---|
| fittings | |
| £ | |
| Cost or valuation | |
| At 1 August2023 | 2,689 |
| Additions | 2,096 |
| At31 July2024 | 4,785 |
| Depreciation | |
| At 1 August2023 | 836 |
| Charge forthe year | 731 |
| At31 July2024 | 1,567 |
| Net book value | |
| At 31 July2024 | 3,218 |
| At31July2023 | 1,853 |
11. Debtors
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Due within one year | ||
| Trade debtors | 5,091 | 16,967 |
| Prepayments and accrued income | 12,032 | 37 |
| 17,123 | 17,004 |
The Medway Education Business Partnership Limited
(Acompany limited by guarantee)
Notes to the financial statements
for the year ended 31 July 2024
12. Creditors: Amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 19 | - |
| Othertaxation and social security | 702 | 577 |
| Other creditors | 12,403 | 268 |
| Accruals and deferred income | 2,442 | 2,514 |
| 15,566 | 3,359 |
13. Statement of funds
Statement of funds - current year
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Balance at 1 Balance at
August 2023 Income Expenditure 31 July 2024
£ £ £ £
Unrestricted funds
General funds 59,100 192,755 (169,321) 82,534
Statement of funds - prior year
Balance at
1 August Balance at
2022 Income Expenditure 31 July 2023
£ £ £ £
Unrestricted funds
General funds 45,279 135,213 (121,392) 59,100
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The Medway Education Business Partnership Limited (A company limited by guarantee)
Notes to the financial statements
for the year ended 31 July 2024
14. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Analysis of net assetsnet assetsassets between funds - currentcurrent period | ||
|---|---|---|
| Unrestricted | Total | |
| funds | funds | |
| 2024 | 2024 | |
| £ | £ | |
| Tangiblefixed assets | 3,218 | 3,218 |
| Current assets | 94,882 | 94,882 |
| Creditors duewithin oneyear | (15,566) | (15,566) |
| Total | 82,534 | 82,534 |
| Analysis ofnetassets between funds - prior period | ||
| Unrestricted | Total | |
| funds | funds | |
| 2023 | 2023 | |
| £ | £ | |
| Tangible fixed assets | 1,853 | 1,853 |
| Current assets | 60,606 | 60,606 |
| Creditors duewithin oneyear | (3,359) | (3,359) |
| Total | 59,100 | 59,100 |
15. Pension commitments
The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £1,776 (2023: £1,185). Contributions totalling £403 (2023: £268) were payable to the fund at the Balance sheet date and are included in creditors.
16. Related party transactions
During the year there were no related party transactions (2023: ENIL) and no balances existed at year end (2023: ENIL).