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 TRUSTEES ANNUAL REPORT (¢ontlnuedJ YEAR ENDED 31 JULY 2023 Purpose and Alms Welcome to the Open College Network Northern Ireland (OCN ND annual trustees, report. OCN NI exists to advance the provision of education and lifelong learning for the public benefit. We are an educational charity alld an Awarding Organisation tbat advances education by developing nationally recognised qualifications and recognising the achievements of adults and young people. Our Missioll To develop and award qualifications that engage, enrich and equip learners for lif¢. Our Vlslon A successful, inclusive society where every learner matters. We work with centres such as Fther Bducation Colleges, Private Training Organisations, Voluntary & Community Organisations, Schools. SME'S and Public Sector bodies to provide learners with opportunities to progress into further learning allivor employment. We are a Self-fanCIng organisation and re-invest all of our resources back into the development of new qualifications and educational resources. OCN Nl works to highlight the positive impact of educational achievemeDts for individuals, and their families and the associated benefits for community traDsforniation. Charitable Objects Our charity's puryose &q set out in the objects contained in the company's Memorandum and Articles of Association is to: Advance the provision of education and lifelong learning for the public benefit. The charity aims to promote the education and training of adults, cbildren and youn8 people in such ways as the director8 think fit. These include: Promoting lifelong learning for th¢ wider ¢ommuwty through tbe d¢v¢lopmeDt of individual capabilities, competencie8, skills and understanding in areas of educational value. Worlung with stakeholders and partners to proEnot¢ and Provide access to learnin8 and accreditation OppOrtLlti¢s that facilitate lif¢long learning and work-related skills. Providing an opportunity to those who have least benefited from traditional education. Recognising h1cellt, accrediting learning, awarding qualifications and 8UPPOrting Continuo improv¢mcut in lifelong learning and work-related skill8. Ensuring our Ivork delfivers our aims This rort looks at what we a¢hi¢v¢d and the outcomes of our work over the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to support. The review also helps us ensure our aims, objectives and activities remained focused on our stated cbaritable purtK)ses. We have r¢ferred to the guidallce contain¢d ill the Clwity Con]n]ission's general guidance on public benefit when reviewing our aim and objectives and inplanning our future activities. In particular, the trustees consider how plaDned activities will contribute to th¢ aims and objectives they hav¢ set.
OPEN COLLEGE NETWORK NORTHERN IRELAND TRUSTEES ANNUAL REPORT (¢ontlnu YEAR ENDED 31 JULY 2023 Foreword from our Chairperson As we reflect upon the accomplishments and challenges of the past year, it is with great pleasure and gratitude that I present the foreword for the Open College Network Northern Ireland (OCN NI) Annual Trustees Report 2023. tn the ever-evolving lalld5cap¢ of education and skills development, NI has continued to p18y a pivotal role in empowering individuals and communiti¢$ througb learning. Our con)mitment to providing accessible and high-quality education remains unwavering, guided by the belief that education is the key to unlockJAg potential and fostering positive change. We have expanded our course offerings, embracing emerging tren(t8 and tecl)nologies to meet the evolving needs of learners. Through strategi¢ partnerships and collaborations, we hav¢ strengthened our position as a leading force in the field of education, fostering connections that extend beyond trath'tional boundaries. As we delve into the detsils of this report, l encourage each reader to recogtllse the impact of our initiatives on the lives of individuals and the broader community. The stories of personal Oth, acaden]ic success, and community development are woven into the fabric of our organisation, illustrating the transfonnative power of education. l ¢xt¢nd my heartfelt gratitLth to the dedicated ttustees wh08e wisdom and guidance have St¢ed us througb challenges and opportunities alike. Your commitment to tbe principles of transparency, accountability, and strategic vision has been instriimental in sbaping the positive trajectory of OCN To our staff, partners, and stakeELolders, thank you for your unwavering support and collaboration. Your passion for education and belief in our mission have been driving forces behind our accomplishtllents. Together. we have crealed a leanimg ellviroDment that fosters curiosity, embraces diversity. and equips individuals with the skills and kllowledge needed to thrive in an ever-clwiging world. As we look ahead, let U8 remain steadfast in our commitment to excellence, inclusivity. and innovation. The challenges we face only strengthen our resolve to make a meaningful impact on the lives of those we serve. OCN Nl is not just an institutioll; it is a con]munity united by the common pu4)ose of transforniing lives through educatio Sincerely, OCN NI Chaitperson
OPEN COLLEGE NETWORK NORTHERN IRELAND TRUSTEES ANNUAL REPORT (contlnu8d) YEAR ENDED 31 JULY 2023 Governance And Management Open College Network Northern Ireland (OCN NI) is a company lin]ited by guarantee governed by its Memorandum and Articles of Association and registered as a charity with the Charity Cornrnission for Northern Ireland. OCN NI is the leath'ng Professional and Tecknical Awarding Organisation in Northern Jreland. Regulated by CCEA Regulation and Ofqual, we develop and award Professional and TechDical Qualifications. OCN NI is governed by 13 trnstees, who are also responsible for setting the pay and remuneration of the charity's senior maDagement personnel. Flnandal ReeW OCN NI has developed strong fmancial management and control systems to support its work. During the year the company continued to deliver high levels of customer service with a strong emphasis on value for molley. OCN NI continues to generate income from its annual centre and learner registration fees. During a successful accounting period, we finished the year with a healthy surp18 of £662,091. However, £315,000 of cash reserves has been designated for the future purchase of our premises. Thc excellent financial results for tbis accounting period were acbieved through the hard work of the Cbief Executive and bis team in tightly controlling costs, managing existing centre accouuts and diversifying into new areas of work. OCN NI previously contributed to a wwtli pension scheme 1-3 with TPT retirement solutiotL8. This scheme has a pensions deficit liability of £18,105. The liability has been calculated based on actuarial valuation as of 30 September 2022. To mitigate this risk the Board of Trustees set up a Pensions Committee and sought expert advice. a consequence. OCN Nl created a specific pensions designated fund. Reserves Pollcy The Board of Trustees has examined the charity's requirements for reserves in light of the main risks to the organisation. It has an established reserves policy that requires OCN NI to hold free reserves equivalent to 12 months of recurrent overhead expenditure (by recurrent overhead expenditure we mean the revenue costs associated with running the orgaDisation, which includes the direct service delivery costs) and seek to establish growth to 18 months. Tbis will ensure if the worst happens and the orgaDisation needs to be closed down, there will be sufficient funds to n]eet all of its obligation8 and liabilities as part of a managed exit. This pobcy is closely monitor¢d by the Board of Trust¢¢s. Any call upon the use of reserves will be at th¢ approval of the Board of Trustees wbich will examine the rationale for doing so and agree on an amount as appropriate. Recrultment and Appolntment of TruL4tees Th¢ Dircctors of the company are also Charity Trust¢¢s for the purposes of charity law and under the conwany's Articles are known as memb¢rs of the Board of Directors. All members of the Board of Dir¢¢tors give tbeir tim¢ voluntarily and receive no fllMncial benefits from the charity. Each Director is required to sign a Confiict of Interest Register annually. Two conllnittees are established to support the work of OCN NI with relevant Ternis of R¢ference and standing ord¢rs to govern the conduct of meetings. The convnittees are Finance and General Purposes aod Complian¢¢ and Audit. Trustees are recruited and appointed according to the Memorandum and Articles of Association. All ncw board membcrs undergo induction training to brief them on their roles, responsibilities and legal obligations under charity and company law. Further training is provided to the Board on our d¢cision- making, strategic and operational planning, organisational structure and key activities. Areas of traiJ)ing and development &re identified aDnually and provided to the Board of Directors, as appropriate.
OPEN COLLEGE NETWORK NORTHERN IRELAND TRUSTEES ANNUAL REPORT (continuod) YEAR ENDED 31 JULY 2023 Rlsk Management OCN Nt ba8 a robust risk management policy and processes which report potential risks and their management to each Committee and the Board. Each departsnent an operational risk log it maintains. A risk register has been established and is updated monthly. Where appropriat¢, systems or procedures are put in place to mitigate the risks the charity faces. Financial risks are assessed by the organisation through the Senior Management Team every month and findings are presented to the Board of Trustees quarterly, In addition, the Board of Directors has processes in place to report any serious incidents to CCNI. Sqfeguardlng The Board of OCN NI takes reasonable step8 to protect beneficiaries, stsff and all those connected with the activities of the charity and who come into contact with the charity, from harni. OryanlgatlonAI Structure The Board of OCN NI ensures the good governance ofthe organisation, by setting its strategic objectives and policies. The Board and its Conlmittees monitor progre83 against obje¢tiv¢s at each meeting. The Chief Executive appointed by the Board has delegated authority alld accountability for operational matters which illclude the achievement of agreed objectives as out in the strategic and operational plans. The Senior Management Te which 18 responsible for monitoring progre88 against the operational objectives, COD]prises the CEO and three departmental directors. the Director of Business Developmen( the Director of Compliance & Audit and the Director of Coryorate Seryices. QCN Nl Board of Directors Flnance & Generdl Purposes Committee ompliance & Audlt Commlttee CEO Dirertor of Buslness DÈ¥elopment Dlre¢tor of ompifance & Audit Olrector of Corporate services
OPEN COLLEGE NETWORK NORTHERN IRELAND TRUSTEES ANNUAL REPORT (¢ontlnu YEAR ENDED 31 JULY 2023 Who used and beneflted from our services? OCN NI continues to be the leath'ng Professional and Te¢}lca1 Awarding Organisation in Nortbern Irelan(L As a registered charity, our purpose is to advance education. We are committed to ensuring that learners of all ages and abilities maximise their full potential. Since OCN NI was cstablished. we have developed economically relcvant and l¢arncr-¢ngaging curricul whicb have benefited the lives of over half a million people living in NI. We are an ind¢pelldent, self-financing charitable organisation that has a proven trk r¢¢ord of delivering and contributing to the NI skills agenda. As an indigenous Awarding Organisation based in Belfast, our priority is to develop and maintain qualifications tailored to the needs of people living and working in Nl. We continue to work with Furtber Education Colleges, Schools, Training Organisations, Third Sector Organisations, Health Trusts, Prisons and other education and training organisations. Our offices are based in Belfast, and we are regulated by statutory bodie5 to dev¢lop professional and technical qualifications from Enty Level up to and including Level 5 across all subject areas. Our flexibility and responsiv¢n¢88 to cconomic need ensures our qualifications are tsilor¢d to th¢ needs of education and training providers, employers, learners and align to the outcomes of the draft Nl PrOe for Government. Through our recognised centres we provide access to meaningful, accessible, and affordable qualifications, wl]icb play a k¢y role in improving life opportunities. This empowers learners to realise their full potential and make a positivc contribution to our soci¢ty. During the academic year 2022123 a total of 69,873 learners benefited from OCN NI qualifications, an increase of 14/0 compared to the previous year.
OPEN COLLEGE NETWORK NORTHERN IRELAND TRUSTEES ANNUAL REPORT (coneinu•dl YEAR ENDED 31 JULY 2023 Our Year in Numbers No. Learners Registered 69,873 61.112 48,487 2020-2021 2021-2022 2022-2023 Re8iStratign5 48,487 61,112 69,873 No. Qualifications Awarded 26773 2020-2021 2021-2022 2022-2023 10
OPEN COLLEGE NETWORK NORTHERN IRELAND TRUSTEES ANNUAL REPORT (contthu8d) YEAR ENDED 31 JULY 2023 No. Certificates Awarded by Qualification Level ,' Level 31 4% Level 4 2% Level 5 Entry Level .' 8% Level I , Level 2 L66% Entry Level • Level I m Level 2 Level 3 a Level 4 • Level 5 Certificates Awarded by Subject Sector Area 2022123 i% 1% 1% 2% - truStOry, phlthophyTrIol 3% . InfolI1On •nd ConTrurAaVDnTothgl¢w . OLHiMPublc5mlrei4ndCar• . 02Srknts4roJ M4thmAL • 13Ethln andTrrrf • ISOusln•4ImlTAdrindlI TrMlar4Toutsn • ojwrur4 HOrtkukwwill Carn . 11(awys. L5twthreandOJtUTe 07ReuN andf4mmuthlEniqrwtse . c6c4n1truEtt PknMlhXandthilulkEthironfft 11
OPEN COLLEGE NETWORK NORTHERN IRELAND TRUSTEES ANNUAL REPORT (cantlnued) YEAR ENDED 31 JULY 2023 477 Regulated Qualifications available to learners in Nl Pub i op 50 awardiiig organisations by number ot certificaies Issued ed 23 Novemljer 2023 Awarding Organisatsn OCN NI Cily & Guikb Peaison ott 202itt l)rt 2Q2 10 knnl ott1 tC P&Lkt1tr1210 Sep 2022 Sep a123 2D22 38769 ¥J 20611 166BS 21491 16767 73251 Qualsafe Highfield BRSM OCR W5 47R 5210 32 12
OPEN COLLEGE NETWORK NORTHERN IRELAND TRUSTEES ANNUAL REPORT (¢ontlnu•d) YEAR ENDED 31 JULY 2023 Training Delivery As part of our con)mitment to advancing education in Nortbern Irelan we provide free support and training to all our recognised c¢ntr¢s. Throughout the year we delivered 93 training events and reached over 2,058 tutorslteachers. This includes botb assessment and internal verification training and provides anyone new to teaching with a better understanding of what evidence 1$ required and how to build a learner portfolio. It also provides opportunities for centres to share best practices and experiences of assessment and internal verification with others. E8seDtIv41 Skllls Provision In Northern tr¢land, there has been a great deal of prOsS in improving literacy aud numeracy skills in recent years. However, our current literacy and numeracy proficiency is still some way behind tbe top-perforniing countries and is below the Organisation for Econornic Co-operation and Development (OECD) average. For Northern tr¢land to compete globally we must continue to improve our proficiency in literacy and numeracy skills. OCN Nl is now the largest provider of Essential Skills Qualifications in NI, with currcntly 127 c¢ntr¢s approved to deliver Essential Skills Qualifications. Our qualification suite supports the outcomes in the 'Skills for a lox Economy, and can be truly lif¢-changing for some learners. They hav¢ helped p¢ople to read newspaper for the first time to find out what is happ¢nAng in their community, fill in an application form and get a job, a5 a r¢sult, read notes from their children's school, help their children with their homework for the fst time and/or use the intemet to keep in toucb with family and friends. tion Coyrnfiiinica During the academic year, 2022123 OCN NI awarded 10,314 Essential Skills Qualifications to learners throughout Nl. 13
OPEN COLLEGE NETWORK NORTHERN IRELAND TRUSTEES ANNUAL REPORT (¢onelnu•dJ YEAR ENDED 31 JULY 2023 Learning Endeavour Awards Winners 2023 11 Adam Keefe, Head Coach of the Belfast Giants was the special guest at the OPEN COLLEGE NETWORK NI (OCN NI) Learning Endeavour Awards 2023 at Titanic Exhibition Suite. The annual award8, now in their 5th year, were hosted by Ikni8e Watson and aim to celebrate the achievements of learners who bave gone to exceptional lengths to achieve their learning goals. A number of awards and bursaries were given to learners aDd providers from across the province who have achieved extraordinary results, with some learners overcoming numerous personal hurdles to achieve their professional and tecl)nical OCN qualification as part of their lifelong learning journey. Martin Flynn, CEO, OCN NI, said: "The learners we hav¢ recognised and honoured today have shown tremcndous commitment and dctcrmination to achicv¢ their leatDing goals and it has been an I$piratIon to all of w listening to their stories of achievement and advancement. Motivation to succeed has been a common th¢m¢ with nwiy of our learners so it w&8 fitting that we had Adam Keefc, H¢ad Coach of the bistory making 'tr¢ble' Belfast Giants to band over the awards and bursary cheques to our learners and providers. The Third Sector Learner of the Year winner was AyaDle Adam Hassan from Start360, taking home the Schools Learner of the Year award was Johanna McStravi¢k, St Louise's College. Co Antrim. OCN Provider of The Year category WiDner was SERC, Co Down and the Jnspiring Tutorrreacher of the Year award went to Anna McBride, Malone Integrated College, Belfast. The Health & Well-being Learner of the Year went to Shauna Christi¢, Action Mental Healtty Co Antrim; Further Education Learner of the Year went to Ashleigh MUlhollan Nortbern Regional College. Essential Skills Learner of the Year was awarded to Zarema Ran]azanova-LyDnyk from South West College and finally the Nortb W¢st Regional College won the Advancing Learning Through Innovation category. 14
OPEN COLLEGE NETWORK NORTHERN IRELAND TRUSTEES ANNUAL REPORT (¢ontInu} YEAR ENDED 31 JULY 2023 Adam Keefe, Head Coach of the Belfast Giants said: "Listening to some of the powerful stories of personal achievement, sometimes in exceptionally difficult circumstances has been a real iThspiration. It just goes to show what you achieve when you put your mind to it. As a Coach mysclf, I'm used to tying to motivate and push our t¢am to the limit. so I applaud all of the learners in th¢ room today and their various support networks for the remarkable a¢biev¢ments they have attained." The final award of the ceremony, the Hilary Sloan MBE Learning Endeavour Award, in memory of fornier OCN Nl Chair who was a powerful advocate of life-long learning, was aDnounced by OCN NI Chairperson Paul Donaghy. Paul said: "The Hilary Sloall MBE Learning Endeavour Award winner for 2023 18. Shauna Christie of Action Mental Health, who will receive an additional £1,000 learning bursary. Massive congratulations to Shauna and all of our shortlisted fll]alists and category winners." 11,.J I Ollr Awards Ceremony gives pron)inen¢e to the accomplishments of individuals who have overcome significant social, economic and ¢ducational baniers that previously prev¢nt¢d them from realising their full potential. OCN NI qualifications are making a real difference in the life choices of indiviththls. their families and out community. 15
OPEN COLLEGE NETWORK NORTHERN IRELAND TRUSTEES ANNUAL REPORT (¢ontlnued) YEAR ENDED 31 JULY 2023 OCN NI Centre Learning Gr¥4nts This Grants Programrne w&s initiated by the OCN NI Board of Tst¢eS and assists in the fiJlfi]ment of our ¢haritablc purpose, with the focus of the programme to assist and support OCN Centres and their learners undertaking andlor working towards an OCN qualification. Particular emphasis has been given to help thos¢ who may be particularly disadvantaged and would not otherwis¢ have had the opportunities to engage in education. The objectives of th¢ grants are to encourage inDovation, enhance learning and progression while supporting learners. The organisations receiving our grant have ambitious educational and business development goals that include learners who have specific financial Decds. These leaTllers arc looking to improve their career aspirations through our qualifications and the excellent teacbing delivered by the applicants. 2023 Opcn College Network Nl (OCN ND bas awarded a total of £93K to thity education. voluntary aDd ¢kwitable training providers throughout thc province. Each succcssful organisation was awarded betw¢en £500 - £3,000 for specific projects or tIVitieS that advance th¢ mission and vision of OCN NI in a way that provides robSt evid¢nce of how learning positively impacts on individuals, families, and communities. As a clthrity, we are always keen to deliver our charitable puryose of ensuring the advancement of education for the public benefit and this new Grant Scheme does exactly that. Originally, we planned to award £85K but the numbcr of cntries and quality of the Submissions resulted in the OCN Nl board of trw8tees increasing the fund to £93K.
OPEN COLLEGE NETWORK NORTHERN IRELAND TRUSTEES ANNUAL REPORT (contlnued) YEAR ENDED 31 JULY 2023 Plans for the Future As we move into 2024, Open College Network No[drn treland will be launching its new 3-year strategic plan, which outlines our goals, priorities, and actions as we strive to continue our position as Northern Ireland's foremost Professional and Teclmical Awarding Organisatioll. ocn We have come a long way since our inception, and we are proud of the role we have played in thaping Northern Ireland's education and training landscape. With this strategic plan, we intend to build on the strong foundation that we have estsblished to drive growtty innovation, and excellence. STRATEGIC PLAN 2023-2026 The Northern Ireland l Ox Skills Strategy, wbich was lawiched in 2021, aims to transforni the skills landscape in Northern Ireland and position the region as a leader in skAIIs development. The strategy sets out an ambitious goal of upskilling and reskilling 100,000 p¢opl¢ by 2030, and we at OCN NI ar¢ fully committed to supporting this goal, MISSION To develop and award qualifications which engage, enrich and equip learners for life. VISION A successful, inclusive society where every learner matters. As the leading provider of professional and tec1iCal qualifications in Nortbern Lreland, we recognise the importance of skills development in driving economic growtb and promoting social mobility. We are wmmittcd to working closely with employers, educational instithtions. and otber stakeholdcrs to deliver high-quality qualifirations and SeA¢eS that meet the changing needs of Icarners and employers. OCN NI is confident that with th¢ right focus and cffoTts, we can achieve ow goals and build a stronger, Iiiore Tesilient Open College Network in Northern Irelall(L 17
OPEN COLLEGE NETWORK NORTHERN IRELAND TRUSTEES ANNUAL REPORT (¢onUnu•dJ YEAR ENDED 31 JULY 2023 TRUSTEES, RESPONSIBILITIES STATEMENT The trustees (wbo are also the directors of Open College Netwo Northern freland for the purposes of company law) are responsible for preparing tbe Trustees, Annual Report and financial statemenls in accordance with applicable law and regulations. Company law requires tbe trustees to prcpare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the tnLqtees must not approve the financial statements unless they are satisfied that they give a true and fair view of the stat¢ of affairs of the company and th¢ income and expenditur¢ of the Company for that period. tn preparing these financial statements, the tntee8 are required to: select suitable accounting poli¢i¢s and then apply them consistently; observe the methods and principles in the Charities SORP; make judgements and accounting estimate8 that are reasonable and prudent. and prepare the fllwicial statements on the going Concern basis UDless it is inappropriate to presume that the company will continue in operation. The trustees are respon8ible for keeping adequate accounting records that are sutyicient to sbow and explain the company's trallsactions and disclose wxth reasonable accuracy at any time the financial position of the company and ellable them to ensure that the fmancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and for taking reasonable steps for the prevention and detection of fraud and other irregularities. AUDITOR FPM Accountant8 Ltd are deemed to be re-appointed under section 487(2) of the Companies Act 2006. Ea¢h of the persons who is a trustee at the date of approval of this report collfirn]s that: 80 far as each trustee is aware, there is no relevant audit inforniation of which th¢ company's auditor is unaware. and each trustee ha8 taken all steps that they ought to have taken as a tni8tee to make themself aware of any relevant audit Inforntion and to establish that the company's auditor is awarc of that inforn]ation. Registered office: Sirius House 10 Heron Road Belfast BT3 9LE Sigll¢d on behalf of the Iru8tees Mr Paul Donaghy Date: 7th December 2023 18
OPEN COLLEGE IYETWORK NORTHERN IRELAM) INDEPENDENT AUDITORIS REPORT TO THE IKEMBERS OF OPEN COLLEGE NETWORK NORTHERN tRELAND YEAR ENDED 31 JULY 2023 Opinion We have audited the accounts of Open College Network Northern Ircland (the '¢harity') for the year ended 31 July 2023 which comprise th¢ Statetnent of Financial Activities, the Balance Sheet, the cash flow statement and the notes to the accounts, including a summary of significant accounting policies. Thc financial reporting framework that has been applied in their prcparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. The Financial Reporting Standard applicable in the UK and Republic of treland (United Kingdom Generally Accepted Accounting Practice). In our opinion the accounts: give a true and faii view of the state of the charitable compangs affairs as at 31 July 2023 and of its incoming resources and application of resou¢$, including its income and ¢xp¢nditure, for the y¢ar tben ended. have been properly prepared in accordance with United Kingdom Generally Acc¢pt¢d Accounting Practice, and have been prepared in accordance with the requirements of the Companies Act 2CKI6. Basls for oplnlon We conducted our audit in accordanc¢ with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under tbose standards are fLllther described in the Auditor's responsibilities for the audit of tbe accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts ill th¢ UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requircm¢nts. We believe that the audit evidence we have obtained is sufficient and appropriate to provid¢ a basis for our opinion. Concluslons relatlng to going concern In auditing the financial statements, we have concluded that the trustees, w¢ of th¢ going concern basis of accounting in th¢ preparation of the finallcial statements is appropriate. 19
OPEN COLLEGE NETWORK NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT TO THE TrmBERs OF OPEIY COLLEGE NETWORK NORTHERN tRELAND (continued) YEAR ENDED 31 JULY 2023 B&8ed on the work we have perforn]ed, we bave not idcntified any material unc¢rtainties relating to events or conditions that, individually OT collectively) may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve month from when the financial statements are authorised for issue. Our r¢sponsibilities and the responsibilities of the trustees with respect to going concern ar¢ described in the relevant sections of this report. Other inforniadoD The other infom]ation comprises the inforniation included in tbe annual report, other than the accounts and our auditor's report thereon. The Tntee5 are responsible for the other InfomtiOn. Our opinion on the accounts does not cover the other iDforn]ation an(1 except to the extent otherwise expli¢itly stated in our repo¢ we do not express any fonn of assurance conclusion thereon. In connection with our audit of the accounts, our responsibility is to read the other infornlation and. in doing so, consider whether the other infomiation is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be Ufdterially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to deterniine whether there is a material misstatement in the accounts or a material misstatement of the other infornt1On. If, based on the work we have perforn]ed, we conclude that there is a material misstatement of this other inf0rntion, we are required to report that fact. We have nothing to r¢port in this regard. Oplnlons on other matters prescribed by the CompaDles Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the infonnation given in the Trustees Report for th¢ fluaneial year for which the accounts are preparcd is consistent with the accounts; and th¢ Trustees Rq)ort has been prepared in accordanc¢ with applicable legal requirements. Mydtters on whlch we are requlred to report by exception In the light of thc knowlcdgc aad understanding of the Trustees and its environment obtsined in the cours¢ of thc audit, w¢ have not identified matcrial misstat¢m¢nts in the Trust¢es Report. We have nothing to report in respect of the following matters in relation to wl]ich the Companies Act 2006 requires to report to you if, in our opinion: 20
OPEN COLLEGE NETWORK NORTHERN IRELAND tNDEPENDENT AUDITORIS REPORT TO THE MEMBERS OF OPEN COLLEGE NETWORK NORTHERN IRELAND (continued) YEAR ENDED 31 JULY 2023 adequatc COUnting r¢cor(Ls bavc not been kepL or rctutlls adequate for our audit have not been received from branckles not visiled by us. or the accounts are not in agreement with the accounting record8 and returns; or certain disclosure8 of tntees, remuneration specified by law are not made. or we bave not reccived all the inforniation and explanatiotLS we require for our audit. Responsibilitles of Trustees As explained more fully in the Statement of Trustees Responsibilities, the Trustees, who are al80 directors of the charity for the purpose of company law, are responsible for the preparation of the accounts and for being satisfied that they give a In and fair view, alld for such internal control as the stees dcterniine is ncccssary to enable the preparation of accounts that are free from material rnisststement, whether due to fraud or error. In prqyaring thc accounts, the Trustees are responsible for assessing the CIlty'S ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting UDIc5s the Trustees either intcnd to liquidatc thc company or to ¢¢ase operations, or have no realistic alternative but to do so. Auditor's respon8lblllde8 for the audlt of the flDanclAI statements Our objectiv¢s arc to obtain reaso1ble assuCe about whether the accounts as a whole are free from mat¢rial misstatemenL whether due to fraud or error and to issue an audito5 report that includes our opinion. Reasonable &8suran¢e is a bigh level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to infiuence the economic decisions of users taken on the basis of these accounts. Irregularities, including fraud, are in5tanc¢s of non-compliance with laws and regulations. We design procedur¢s in linc with our responsibiliti¢s, outlin¢d above, to d¢t¢ct material misstat¢mcnts in respect or itrcgularities, including fraud, is detailed b¢low. We obtained an understanding of the legal and regulatory framework applicable to the Company through enquiry or management, industy research and the appIltiOn of cumulative knowledge. We identifi the following principle laws and regulations relevant to the company - Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures witbin the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the fmancial statements for significant accounting estimates, analysis of journal entries, walktbrough of key control cycles in place and enquiry of management. 21
OPEN COLLEGE NETWORK NORTHERN IRELAI YDEPENDENT AUDITORIS REPORT TO THE MEMBERS OF OPEN COLLEGE NETWORK NORTHERN IRELAND (continued) YEAR ENDED 31 JULY 2023 Our procedures to respond to those risks identified included, but were not limit¢d to: Enquiry ofmanagement. those charged with governance and the entity's solicitors around actual and potential litigation and claims. Enquiry of mauagetnent to identify any instances of non-compliaDC¢ with laws and regulations. Reviewing minutes of meetings of thos¢ chargcd with governance. Reviewing financial statement disclosures and testing to supporting documentation to assess compliallce with applicable laws and regulations. Auditing the risk of management ovetride of controls, including tlrough testing journal entries and other adjustments for appropriateness, and evaluating the busiuess rationale of significant transactions outside the llornl course of business. A further description of our responsibilitie8 for the audit of the accounts is locatsd on the Financial Reporting Council's website at: http'.l/www.frc.org.uk/auditorsrespollsibilities. This description fornjs part of our auditoVs report. This report is made solely to tbe charitable company's members. as a body, in accordance wilh Chapter 3 of Part 16 of the Companies Act 2006 and rcgulatlolls made under that Act. Our audit work has been undertaken 80 that we might state to the charitable company's members those n]atter8 we ar¢ required to state to them in an auditors, report and for no other purp08e. To the fullest ¢xtent pern]itted by law. we do not accept or asswne responsibility to anyone other than the clwitable company and its members as a body, for our audit work, for this Teport, or for the opinions we have fonlled. J L GRANT (Senior Ststutory Auditor) For and on behalf of FPM ACCOUNTANTS LTD Chartered Accountants & Statutory Auditor Unit I, Building 10 Central Park Mallusk Co Antrim BT36 4FS 22-1 i-L(JZ3 22
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