COMPANY REGISTRATION NUMBER N1050863 OPEN COLLEGE NETWORK NORTHERN IRELAND FINANCIAL STATEMENTS 31 JULY2023 Charity Number XR17530 CCNI Nos: NIC100241 FPM ACCOUNTANTS LTD an AAB Grou Com Chartered Accountants & Statutory Auditor Unit 1, Building 10 Central Park Mallusk Co Antrim BT36 4FS an
OPEN COLLEGE NETWORK NORTHERN IRELAND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 CONTENTS PAGE Trustees. annual report 3.18 Independent auditorfs report to the members 1942 ststement of financial activities (incorporating the income and expenditure account) Balance sheet 23 24 Cash Flow Ststement 25 Not8s to the financial st8t8ments 2645 The followlng pag88 do not fomi part of tho flnanclal statomonts Detall8d ststement of financlal actlvltles 3640
OPEN COLLEGE NETWORK NORTHERN IRELAND TRUSTEES ANNUAL REPORT YEAR ENDED 31 JULY 2023 The trustces, who are also directors for the PUTposes of company law, present their report and th¢ financial statements of the Company for the year cnded 31 July 2023. REFERENCE AND ADMtNISTRATIVE DETAILS Reglstsred charlty name Open College Network Northern e1alld Charlty reglstratlon number XR17530 Charity Comml8slon NI number NIC100241 Company registrAtion number N1050863 Prlndpal office Sirius HOSe 10 Heron Road Belfast BT3 9LE Registered offlce Sirius House 10 Heron Road Belfast BT3 9LE The truitees Thc trustees who served the company during the period were as follows: MT Paul Donaghy (Chairperson) Mrs Anne-marie Mcclure MBE (Vice Chair) Mrs Kate Fleck Mrs Edith Shaw Mr Anthony McAteer MTS ADn McGuiDness Dr lan Walt¢rs Mr Gerard Campbell {Re8igned 1310112023) Mr Jobn D'Arcy OBE Mrs Michele Marken OBE Dr Jonathaa Heggaty MBE Ms Louise Warde Hunter Olesigned 1110912023) Mr Bary Neilson OBE
OPEN COLLEGE NETWORK NORTHERN IRELAND TRUSTEES ANNUAL REPORT (canthiu•dJ YEAR ENDED 31 JULY 2023 Senior Management TeAm Mr Martin Flynn, Cbief Executive Officer Mrs Lisa Robinson, Director of Compliance & Audit Mrs Jo Bailey) Dircctor of Busincss Development Mrs Cbarlotte Fegan, Director of coOrate Services Audltor FPM Accountants Ltd Chartered Accountants & Statutory Auditor Unit I, Building 10 Central Park Mall Co Antrim BT36 4FS Bankers Danske Bank Donegall Square We8t Belfast BT189HW Barclays Bank UK plc I Churchill Place London E14 5HP
OPEN COLLEGE NETWORK NORTHERN IRELAND STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 JULY 2023 Unrestricted Funds Restricted Total Funds Funds 2023 Total Funds 2022 Not• COME AND ElOWmETs Donations and legacies Income from clwitable activities Investhicnt income Oth¢r income 77,496 77,496 67,583 2,539,060 3&322 1,929 2,539.060 38,322 1,929 2,109,653 7.033 300 TOTAL INCOME 2,656.807 2,656,807 2,184,569 EXPENDITURE Expenditure on rai8illg funds: {98,919) (98,919) (88,486) Expenditure on charitable activities 718 (1,895,797) (1994,716) (1,895,797) (1,580,382) (1,994,716) (1,668,868) TOTAL EXPENDITURE NET EXPEIYDITURE ANJ D NET mOVE1T ¥ FUNDS FOR THE YEAR RECONCILIATION OF 662,091 662,091 515,701 Total funds brought forward TOTAL FUNDS CARRIED FORWARD 3J20,941 3J20,941 2.805,240 3983,032 3,983,032 3.320,941 The Statement of fmancial activities includes all gaiDS and losses in the year. All of the above amounts relate to Continuing activities. Tho notss on pages 26 to 35 fomi part of those financial slatomenls.
OPEN COLLEGE NETWORK NORTHERN IRELAND BALANCE SHEET 31 JULY 2023 2023 2022 Note FIXED ASSETS Intangiblc a5S¢ts Tangible assets 11 12 7920 56,219 64,139 13,458 26,861 40,319 CURRENT ASSETS Debtors Cash at bank 13 251,777 260,223 3,832,453 3,220,471 4,084,230 3,480,694 (147,232) (150,968) CREDITORS: Amounts ffilllng dlle wltbln one year 14 NET CURRENT ASSETS 3.936,998 3,329,726 TOTAL ASSETS LESS CURRENT LIABILITIES 4,001,137 3.370,045 CREDITORS: Amount8 falllng due after more than one year 15 (18,105) (49,I04) NET ASSETS 3,983,032 3.320,941 FUNDS OF THE CHARITY Restricted income funds Unrestricted income fiu 16 17 3,983,032 3,983,032 3,320,941 TOTAL CHARITY FUNDS 3,320,941 These financial ststements were approved by the membcrs of the committee and authoris¢d for issue on the 7 December 2023 and are signed on their behalf by: Mr Paul Donaghy Director Company Registration Number: N1050863 The noto• on pagw4 26 to 35 forni part of the$¢ flnan¢lal statemonts. 24
OPEN COLLEGE NETWORK NORTHERN IRELAND CASH FLOW STATEMENT 31 JULY 2023 2023 2022 Notes Cash generated (used) In operatlng actfvltle8 20 656,082 470,196 Cash flows from Investing actlvitles Proceeds from the sale of propety, plant and equipment Purchase of propety, plant and equipmcnt (44,100) (13.751) Net Cash provided by (used in) investing a1vitieS {44,100) (13,751) Change In cAsh and ca8h equlvalents In the reporting perlod 611,982 456,445 C48h and cash equivalents at the beglnnlng of the reportlng period 3,220,471 2,764,026 Cash and cash equlvalents at the end ofthe reportlng perlod 3,832,453 3320,471 The not08 on pages 26 to 35 fomi part of these financial 8tatomonts. 25
OPEN COLLEGE NETWORK NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sources of ¢stimation in the preparation of the fmancial statements are as follows: Basls of preparation The fmancial statements have been PTcpar¢d in accordance with Accounting and R¢porting by ctwiti¢s: Statement of Recon]mended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and R¢public of ]reland (FRS 102) (effective l January 2019) (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Irelat (FRS 102) and the Companies Act 2006. Open College Network Nortbern Jreland 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 note(s). The accounts arc prepared in sterling, which is the functional currency of the charity. Monetary amounts in these fllkqncial statements are rounded to the nearc5t £. Preparatloll of the accounts on a golng coneern basls The trustees are of the view that with the level of reserves in place that the charity is a going Concern. Fund Accounting Gen¢ral funds are unrestricted fun<ts which are available for we at the discretion of tbc TnLStees in furtberance of the general objectives of the Charity and which have not been designated for other purposes. Designated fund8 comprise UDre8tricted funds that have been set aside by the trnstees for particular purposes. General fidS may be transfeTh¢d to desigoat¢d fiu]ds where Trustees wish to use these fidS for a specific purpose. Such funds may be transferred ba¢k to g¢n¢ral funds once the criteria for the designation have been met or are no longer applicable. Restricted funds are whicb are to be used in accordance with specific restrictions imposed by donors or wbich have been raised by the CbaTity for particular purposes. The cost of raising and administering such funds are Charged against the specifi¢ fund. Th¢ aim and use of restricted fund5 is set out in the notes to the financial statements. Restricted funds may only be transferred to general or designated funds once tbe criteria for Testriction have been discharged or no longer apply. In¢onJe Recognition Policles Itcms of income are recognised and included in the accounts when all of the following criteria are met: The charity has entitlement to the funds. any perforniance conditions attached to the item of income has been met or are fLY within tbe control of the clwity. tbere is sufficient certainty that Teceipt of the income is considered probable. and the amount can bc measured rcliably. 26
OPEN COLLEGE NETWORK NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 ACCoUNTc POLICIES fcoHlrH*ed) Donated servlces 2nd faclllrfes In a¢cordaDce with the Charities SORP (FRS 102). the general volunteer time of supporters is not Tecognise Interest Recelvable Interest on funds held on deposit is included wben receivable and the amount can be measured reliably by the clwity" this is norn]ally upon notification of the interest paid OT payable by the Bank. EendItUre Expenditure is recognised once there is a legal or constructive obligation to mak¢ a paym¢nt to a third paty, it is probable that settlement will be required and the amount of the obligation can be mcasured reliably. Expenditure is classifi¢d under th¢ following activity headings: Expcnditure incurred in generating fid8' Expenditure on charitable activities undertaken to further the purposes of the chatity and their associated support costs; Other expenditure represents those items not falling into any other heading. Allocation of 8UPPOrt colts Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support Costs include back offic¢ costs. finance, personnel, payroll and governance costs whicb support the cbarity's programmes and activities. Thcsc costs have been allo¢at¢d against expenditure on charitable activities. Casb at bydnk and In hand Cash at bank and casb ID hand includes cash and short terni highly liquid investments with short maturity of three months or less from the date of acquisition or opening the deposit or similar account Amordsatfion Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, OV the useful economic h'fe ofthat asset as follows: Intangible Asset - over 5 Years Flxed assets All fixed assets are initially recorded at cost. The cazrying values of tangible fixed assets are r¢viewed for impainnent when events or ¢hang¢s in circumstances indicate the carrying value may not be recov¢rabl¢. Depreclation Depreciation is calculated so as to write off the cost of ao asset. le5S It5 estimated residual value, over th¢ useful economic life of that asset as follows: Office Equipment Fixtures, fittings and equipment Computer Equipment New Office RefuTbisl)ment 300/0 reducing balance 30 % reducing balance 25 /0 straigbt line 2/0 Straight Lin¢ 27
OPEN COLLEGE NETWORK NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 ACCOUNTING POLICIES (continued) Debtors Trdde and other debtors are recognised at the settlement atuount due after any trade discount off¢re(L Prepayments are valued at th¢ amount prepaid after taking account of any trade discount Credltors and Provlslons Creditors and provisions are recoglsed wbere the charity has a present obligation resulting from a past event tbat will probably result in the transfer of fimds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nornMIIy recognised at their settlement amount after allowing for any trade discounts due. Flnanclal Instruments Tbe charity only has financial assets and financial liabilities of a kind that qualify as b&sic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their 8ettlement value WAth the exception of bank loans wbich are subsequently measured at the carrying value plus accrued illterest less repayments. The financing charge to expenditure is at a constant rate calculated using th¢ effective interest thOd. Taxation The company is a rcgistered charity and the clwitable tax exemptions are therefore being claimed to the ¢xtent that income alOr gains are applicable and applied to charitable puOSe8 only. These exemptions will remain in place a8 long as incomc and cxp¢nditur¢ 18 applied to charitable purposes only. Pension Existing employees of the charity were entitled to join a defined contribution pension scheme, administrated through TPT Retirement Solutions. The Pension Schemes are funded by ontributions from cmploy¢¢ and employer. All employ¢¢s are automatically enrolled into a Stakeholder pension scheme, unless they bave exercised their rigbt to opt out of s¢h¢me memlxrsbip. Open College Network Northern Ireland mak¢s a matching contribution of between 10/0 and 60/0 of salary to this pension scheme and acts as agent in collecting and paying over employee pension contributions. The contributions made for the accounting period are treated as an expense and were £59,539 (2022: £51,882). Critical accountlng esdmates and judgements In the applicatloll of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the canying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical eXpIenCe and other factors that are considered to b¢ relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisi0tt8 to accounting cstimates are recognised in th¢ period in which the estimate is revised where the rcvision affects only that pcrio<L or in the period of the revision and futurc pcriods whw¢ thc revision affects both current and future periods.
OPEN COLLEGE NETWORK NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 ACCOIINTING POLICIES (continued) al Status of the Charity The charity is a company limited by guarantee and has no share capital. DONATIONS AND LEGACIES Unrestricted Restrlcted Total Funds Funds Funds 2023 Other Income Fee income - annual membership 77,496 77,496 77.496 77,496 Unrestricted Funds Restricted Totsl Funds Funds 2022 Other income Fee incotne - annual membership 67,583 67,583 67,583 67.583 INCOME FROM CHARITABLE ACTIVITIES Unrestrlrted Restrlcted Total Funds Fund8 Funds 2023 Grant Incoo]e Learner Sponsorship Awards Fec income - registrations D¢v¢lopment income 2,769 1,500 2,526,766 8,025 2,539,060 2,769 1,500 2,526,766 8,025 2,539,060 Unrestricted Restricted Totsl Funds Funds Funds 2022 Grant Incom¢ Fe¢ income- rcgistrations Development income 2,718 2,095,335 11,600 2,109,653 2,718 2.095,335 11,600 2.109,653 29
OPEN COLLEGE NETWORK NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 INVESTMENT INCOME Unrestricted Total Fundg Unrestricted Total Funds Funds 2023 Funds 2022 Bank interest receivable 38J22 38,322 7,033 7,033 OTHER INCOME Unrestrlcted Total Fund* Unrestricted Total Fwids Funds 2023 Funds 2022 Other tncome 1.929 1,929 300 300 1929 1,929 300 300 COSTS OF RAISll¥G FI]NDS Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Costs of rnising funds 98,919 98,919 88.486 88,486 COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE Unrestricted Restrlcted Total Funds Fund8 Funds 2023 Charitable activities Support costs 1,505,790 330,092 1.835,882 1,505,790 330,092 1,835,882 Unrestricted Fund8 R¢stri¢ted Total Fut Funds 2022 Charitable activities Support costs 1,251,971 275,712 1.527,683 1.251,971 275.712 1,527.683 30
OPEN COLLEGE NETWORK NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 COSTS OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE Aetivlties undertakeD dlreetty Support Total Funds Total Funds costs 2023 2022 Charitable activities Governance Costs I JOS,790 330,092 59,915 390,007 1,835,882 59,915 1,895,797 1,527,683 52.699 I05,790 1.580,382 NET llYCOMING I (OUTGOING) RESOURCES FOR THE YEAR This is stated after charging: 2023 2022 Staff pension contributions Arnortisation of intangible assets Depreciation Auditors, remuneration: - audit of the fll]ancial statements 57,305 5,538 14,742 51,882 6,267 13,554 5,500 10. TRUSTEE AND STAFF REl[uNERATIoN AYL D RELATED PARTY TRANSACTIONS Total 8taff cogts Trvere as followj: 2023 2022 Wages and salaries Social security costs Other pension costs 947,048 92,583 59,539 1,099,170 771,834 82,179 51,882 905,895 Particulars of employees: The average number of employees during the year, calculated on the basis of full-time equivalents. was a8 follows.. 2023 2022 Number of office staff 29 No employ¢es rcccived remuneration in th¢ band £60,000 to £69,999 (2021122: nonc). No employ¢c received remulleration in th¢ band £70,000 to £79,999 (2021122 - one). Onc cmploy¢¢ re¢¢ivcd rcmuneration in the band £80.000 to £89,999 (2021122 - none) 31
OPEN COLLEGE NETWORK NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 The key manag¢ment pcrsoDnel of Op¢n Coll¢ge Network Nortb¢rn treland comprise the TnJst¢cs. the Chief Exccutive Officer, Director of Business Development, Director of Compliance and Audit and DircctOT of Corporate SeThi¢es. Thc cmployee beDcfit5 ofthc key manag¢mentpcrsonncl of the chaTity were £244,115. 11. JNTANGIBLE ASSETS Intsngfible aJ8et COST At l August 2022 Additions 192,874 At 31 July 2023 192,874 AMORTISATION At l August 2022 Charge for tbe year At 31 July 2023 179,416 5,538 184,954 NET BOOK VALUE At 31 July 2023 At 31 July 2022 7,920 13,458
OPEN COLLEGE NETWORK NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 12. TANGIBLE FIXED ASSETS Flxtureg, Sirius House Computer Office flttlng5 aDd Refurbishme Equipment Equipment equipment nt Total COST At l August 2022 Additions Disposals At 31 July 2023 109,184 11,233 55.684 3000 32,640 2,367 138,077 335,585 44,100 120,417 86,184 35,007 138.077 379,685 DEPRECIATtON At l August 2022 Cljargc for the year Depreciation on Disposals At 31 July 2023 95,505 8,617 51,758 2,964 23,384 3,161 138,077 308,724 14,742 104,122 54,722 26,545 138,077 323,466 IYET BOOK VALUE At 31 July 2023 At 31 July 2022 16,295 13.679 31,462 3.926 8,462 9,256 56,219 26,861 13. DEBTORS 2023 2022 Trade debtors Other debtors Prepayments 186,850 14,056 50,871 251,777 208,637 10,938 40,648 260,223 14. CREDITORS: Amounts falllng due wltbin one year 2023 2022 Trade creditors Taxation and social security Accruals and def¢rred income 41,023 22,981 83,228 147,232 49,514 22,247 79207 150,968 15. CREDITORS: Amounts falllng due after more than one year 2023 2022 Pension Deficit 18,105 49,104
OPEN COLLEGE NETWORK NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 16. RESTRICTED INCOME FUNDS Balance at l Aug 2022 Balance at 31 Jul 2022 Income Expendtture Restricted Fund 17. UNRESTRICTED INCOME FUNDS Balance At l Aug 2022 Balance at Transfers 31 Jul 2023 Income EendItUre Designated Fund - Staff reserve Designated Fund - Building Funds General Funds 884,666 884,666 250,000 2,186,275 3 J20,941 115,000 (115,000) 365,0110 2,733,366 3,983,032 2,656,807 2,656,807 (1,994,716) (1,994,716) 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS Long Term LIAbilide8 Tanglble red assets Intanglble Net current fixed assets a5S¢t8 Total Restrlcted Income Funds: Restricted Fund Unrestrlcted Income Funds: Designated Funds General Funds 1,249,666 2,687,332 3,936,998 3,936,998 1249,666 2,733,366 3983,032 3983,032 56,219 7,920 7,920 7,920 (18,105) (18,105) (18,105) 56,219 56,219 Total Funds
OPEN COLLEGE NETWORK NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 19. COMMrrMEL¥TS ufiDER OPERATING LEASES At 31 July 2023 the COllLpany bad aggregate aDnual COD)mitments under non-cancellable operating leases as set out below: 2023 2022 Operatlng leases which expire: Within l year Withxn 2 to 5 years Greater than 5 years 26,880 26,880 26,880 26,880 53,760 20. Reconelllatlon of net Income l {eendIture> to net CAsb flow from operathig actlvltles 2023 2022 Net movement in funds for the reporting period (SOFA) Depreciation on tangible fixed assets Amortisation Decrease l (Increase) in debtor8 (Decrease) I Increase in creditors Increase / (Decrea8e) in long term creditOTS 662,091 14,742 5,538 8,446 (3,736) (30.999) 515.701 13,554 6,267 (44,368) 3.686 (24,644) N¢t cash provided by (used in) op¢rating activities 656,082 470,196 35
OPEN COLLEGE NETWORK NORTHERN IRELAND MANAGEMENT INFORMATION YEAR ENDED 31 JULY 2023 The followlng pag•8 do not form part of tho Statutory Ilnanclal 8tat8ments whlch are the subjoct of the Independent audltorfs report on pages 19 to 22. 36
OPEN COLLEGE NETWORK NORTHERN IRELAND DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 JULY 2023 2023 2022 INCOTrtING RESOURCES DONATIONS AND LEGACIES Fee income - annual membership 77,496 77,496 67,583 67,583 VESTME ll¥COM Bank interest receivable 38J22 7,033 INCOME FROM CHAIUTABLE ACTIVITIES Grants Learner Sponsorship Awards Fee income - registrations Development income 2,769 1,500 226,766 2,095,335 8,025 11,600 2,718 2W9,060 2,109,653 OTHER INCOME IP29 300 TOTAL INCOME 2,656,807 2,184,569 EXPEIYDITURE COSTS OF RAISING FUNDS Staff costs - Wages & Salaries Promotion & publicity 94.705 4,214 919 85,401 3,085 88,486 37
OPEN COLLEGE NETWORK NORTHERN IRELAND DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 JULY 2023 2023 2022 CHARITABLE ACTIVITIES Stsff costs - Wages & Sal1¢8 Staff costs - Employ&s NIC Stsff costs - Pension costs Stsff costs - other Establi81]ment- Rcnt & rates Establishment - Light & beat Establishment - Repairs & maintenance Establishment - Insurance Motor and travel costs - Other Office expenses- Telephone Office expenses - Other Qualification Certifit¢S Amortisation Depreciation Staff training Bad Debts Organisational & staff development Promotion & publicity Hospitality Consultancy fees Recruitment Quality Costs alld StaDdardisation NOCN & other membership fees External Verification Activity Centre ReCOlt10n Vi81t Computer Costs Hire and lease of equipment General Expenses Centre learning grants Interest and charges Health & Safcty Support Cleaning Conference Fees Sponsorship Document Storage Annual Learner Awards ODlin¢ Platforn] Course Developmcnt Pension Deficit 804,991 92.583 59,539 2.414 44,016 7,118 IJ02 11,841 9,954 21.838 79.637 39,864 5.538 14,743 9,057 2,000 15,915 12,644 3,656 46J78 32,995 105,624 40,469 109,339 175 64,746 8,240 7,446 112,692 284 6947 6,073 10,882 4J82 1,248 39,151 7,953 23.207 (30,999) 1,835,882 643,732 82,179 51.882 43,514 7,900 1,902 9,575 8.063 18,961 55.160 29,764 6.267 13,554 1,428 4,410 7,275 9,255 7,189 65,816 15,869 100,088 40,219 85,722 163 58,503 10,214 2,977 82,679 190 1,533 7,611 990 5,936 1.249 43,922 7,169 19,467 (24,644) 1,527,683 38
OPEN COLLEGE NETWORK NORTHERN IRELAND DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 JULY 2023 2023 2022 GOVERNANCE COSTS Salaries and wages Accountsncy and legal fees Audit and accounting fees AGM and Board expenses Professiotl Fees 47J52 lJ80 5,400 2,706 3,077 42,701 4,245 5,040 713 59.915 52,699 TOTAL EXPENDITURE 1994,716 1,668,868 NET INCoL[NG RESOURCES FOR TItE YEAR 662,091 515,701 39
OPEN COLLEGE NETWORK NORTHERN IRELAND DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 JULY 2023 2023 2022 CHARITABLE ACTIVITIES Charltable actlvlties Activitles undertaken directly Staff costs- Wages & Salarles Staff costs - Employ8¢s NIC Staff costs - P8nsion costs Motor and travel costs - Other Amortisation Siaff training Organisational & staff development Promotion & publlclty Hospltallty Consultsncy fe88 Recrultment Quality Costs and Standardisatlon NIOCN & other membershlp fees External Vérlfication Activity Centra Rewgnltlon Vlslt Conference Fees Annual Leam8r Awards Course Development Penslon Deflclt Bad Debts Centr8 leamlng grants 804.991 92.583 59,539 9,954 5,538 9.057 15.915 12,644 3,656 46,378 32.995 105.624 40M69 109.339 175 10,882 39,151 23,207 (30.999) 2,000 112,692 643.732 82.179 51.882 8.063 6.267 1,428 7,275 9,255 7,189 65,816 15,869 100,088 40,219 85,722 163 990 43,922 19,467 (24,644) 4.410 82.679 1,505,790 1.251,971 Support costs Establlshmenl- Rent & rate8 Establishment- Llght & heat Establl8hment- R8pairs & malntenance Estsbli8hment- Insurance Offlce expenses- Telephone Office expenses- Other Staff costs- Other Quallflcatlon Certificates Depredatlon Computer costs Hir8 and18ase of equipment General Expenses Interest arKI charges Cleaning Health & Safety Support Document Storage Sponsorshlp Online Platform 44.016 7,118 1,302 11,841 21.838 79.637 2.414 39.864 14,743 64.746 8.240 7.446 43.514 7,900 1,902 9,575 18,981 55,160 29,764 13,554 58,503 10.214 2.977 190 7,611 1,533 1,249 5,936 7,169 6,073 6,947 1.248 4,382 7,953 330,092 275.712 1.835.882 1.527.683 40