Reglstered numbér. N1050863 Charlty number." 100241 OPEN COLLEGE NETWORK NORTHERN IRELAND (A Company Limlted by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
OPEN COLLEGE NETWORK NORTHERN IRELAND IA Company Llmited by Guarant88) CONTENTS Pag8 Reference and Administratlve Detalls of the Charlty, Its Trustees and Advlsers Trustees. Rèport 2-15 Indopond•nt Audltor's Report on th• Flnanclal Stat•ments 16- 19 ststement of Flnanclal Actlvltlo8 20 Balanc• Sheot 21 Statemont of Cash Flows 22 Note8 to the Flnanclal Statements 23-37
OPEN COLLEGE NETWORK NORTHERN IRELAND (A Company Llmited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31ST JULY 2024 Trustees Mr Paul Donaghy. Chair Mrs Annevmarie Mcclure MBE. Vlce Chalr Mrs Kate Fleck, Trustee Mrs Edith Shaw, Trustee Mr Anth¢)ny McAteer. Trustee Mrs Ann M¢Guinness, Trust8e Dr lan Walters, Trustee Mr John D'Arcy OBE, Trustee Mrs Michele Marken OBE, Trustee Or Jonathan Heggaty MBE, Trustee Ms Louise Warde Hunter, Trustee Mr Barry Neilson, Trustee Company registered number N1050863 Charfty r•gl$tered numb•r 100241 Reglstsred offlco Sirius House 10 Heron Road Belfast BT3 PLE1 Chlof axecutlve officer Mr Martin Flynn Independent audltor AAB Group Accountants Limited 1-3 Arthur Street Belfast BT14GA Bank•r8 Danske Bank Donegal Square Wést Belfast BT18 9HW Barclays Bank UK plc 1 Churchill Place London E14 5HP Senlor Management Team Mr Martin Flynn, Chief Executive Officer Mrs Lisa Robinson, Director of Compllance & Audit Mrs Jo Balley, Director of Business Development Mrs Charlotte Fegan. Director of Corporate Services Page 1
OPEN COLLEGE NETWORK NORTHERN IRELAND IA Company Llmlted by Guarantè8) Foreword from our Chalrperson AS we close the academlc ye8r 2024.18m honoured to rèflect on the rèmarkable strld88 made by Open College Network Northern Ireland IOCNI in advanclng education, 8UPPOrting communities. and gmpowering learners across Northorn Ireland. This year has Seen signitlcant developments In our organi88tion'8 OUtre8ch, Impact, and Gommitment to providlng Inclu81v8 8nd 8cces8ible learnlng p8thwayB th8t meet the ever-8volvin8 need8 of Northern Ireland. dlverse communities. Our mi88lon to develop 8nd award quollflcatlons whlch engage enrich and equip188rner$ for Ilfe rem8ins ¥s 8t8ad18St 8s ever. In the past year, OCN has 8xpanded Its offerlngs to adapt to new 8ducation81 need8. Introducing more flexlbl8188rnlng optlon8, enh8nclng dlglt81 r880urc88. and 8UPPOrtlng our partners in dellverlng relevant. hlgh-quallty education that empowers learners from all bBckgrounds and 8bilities. As the educ8tlonal Land8cape contlnues to shllt, we ore proud to be 8t the forefront, en8uring that everyone has the opportunityto develop the skilLs they need for a brSghter future. Thls year. we have reached thousands of le8rners, Includingyoung people. adult r8turners. and those from underreprèsented communitles. helping them achleve qu8llflc8tlon8 th8t pav8 th8 Way for person81 and professional growth. Our progr08s would not be pos81ble wlthout the detlic8tion and expertl8e of our Incredlble team. whose commltment to excellence drives OCN'S impact each day. Addltlonally, l extend my deepest gratitude to our Trustees, Recognised Centre8. and Government Departments, whose support18 Invaluable to our shared vlsion. AS we look to the future, OCN rem8inB commltted to drlvlng Innovation In accessible learnlng and Strengthening p8rtner8hlp8 th8t wlll allow u8 to further our reach and deepen our imp8Ct. Thank you for belng port of our journey. Toqethèr, we Ére ci88tlng p8thway& for success and transforming lives. Warm regard8, Page 2
OPEN COLLEGE NETWORK NORTHERN IRELAND (A Company Limlted by Guarantee) Purpose and Aims Welcome to the Open Colleee Network Northern Ire18nd IOCN N11 AnnualTrustees' Report. OCN Nl éxiststo advance the provision of education and lifelong Learning for the public benefit. We are aTr educAtional charity and an Awarding Organlsailon that 8dv8ncè$ educatlon by devaloping n8tion8lly recognised qualifi¢atians bnd recognising the achlevement8 of adults and young people. Our Mlsslon To develop 8nd award qu8lific8tlons that engagg. enrich and equip1oarngr$ for life. Our Vision A successful, inclusive societywhere 8very1garner matters. We work wth centres such as Further Educatlon Colleges. Privgte Training OrganlsJiion8, Voluntary & Comrnunity Organisatlon5, Schools. SME'3 and Public Sector bodies to provlde leBrner8 with opportunllle8 to progre88 Into further le8rnlng andlor omployrllent. We are a self-financing orgoni8ation and re-invest all of our rosourco9 back into the d8velopment of new qualifications and educational re80urce8. OCN Nl work5 to highllghl the posStlve impBct of educBtion818chievements for indlvidu818. 8nd their f8milies 8nd the 98SOC18t8d b8n8flt8 for community tran8formation. Charltable Objects Our charlty's purposa as set out in the obl&ct8 cont8in8d In the comp8ny'8 Memor8ndum and Artlcles of A850ciation Is to.. Advance t17e provlsion of aducatlDn and lrfelong le8rnlng for the publlc beneflt. Tha ch8rlty alms to promote the education and tralnlng of adults, chlldren and young people In such ways as the directors think fit. These include.. Piomoting Ilfelong learnlng for the wSder communitythrough the development of individugl C8pabilltles, comp8tencl8s, skllls 8nd underst8ndlng In 8re88 of educatlonalvalue. Working with st8keholders and partners to piomote and provide access to learning and oGGr8ditation opportunitles thst faclllt8te Ilfelong learnlng and work-related skills. Providing an opportunityto those who hava le8St b&nelitetJ from tr8ditionAI educatlon. Recognislng 8chlgv8ment, 8ccredltlng18arnlng, awardlng qualifiGatlon$ and Bupportlng Continuous Improvement in lif81ong learning and work-ielated sklll8. Ensuring our work delivers our aims This report looks at wh8t we achleved and the outcomes of our work overthe prevlou8 12 months. The review looks at the success of each koy actlvlty 8nd th8 benefits they hav8 brought to those group8 of people we are set up to support. The review BISD helps us ensure our aims, objectives 8nd 9Ctivities remain focused on our stated chBritable purposes. We have referTed to the guidance contained In the Charlty Cornmls8ion's general guidance on public benelit when revl8wlng our aims and objectives and in planning ourfuturg activitie8. In particular, the trustees con8lder how planned activilies will contributvj to the aims and objectives they have set. Page 3
OPEN COLLEGE NETWORK NORTHERN IRELAND IA Company Llmlted by Guarantee) Governance and Management Open College Network Northern Ireland IOCN NII 18 a company limited by guarantee governed by Sts Mamor8ndum and Articles ofAssociatlon and registered as a charity wlth the Charity Commisslon for Northern Ireland. OCN Nl is the 188ding Professional and T8chnical Aw8rding Organisation in Northern Ireland. Regulated by CCEA Regui8tlon and Ofqu81, we develop and aw8rd Professional and Technlc81 Qualifications. OCN Nl is governed by 12 truste88, who are also responsible for setting the pay 8nd remuner8tion of the charitWs senior mgnggement personnel. Financial Review OCN Nl h88 developed strong fin8ncial management 8nd control 8yStem8 to 8UPPOrt It8 work. During the year the CDmpBny continued to dellver hlgh levels of customer saNice with a strong empha818 on value for money. OCN Nl Gontinues to generat8 Income from Its annual cenlre and learner reglstratlDn fees. During a successful accountlng period, we flnlshed Ihe yaei wlth healthy surplus of £425,405. Th8 excallent lingncial results ltsr thi8 accounting period were Bchleved thrDugh thé hard work of the Chi8f Executlve 8nd his team In tlghtly Controlling co8ts. manggSng exlstlng centre accounts and dlversifylng Into new 8r888 ofwork. OCN Nl prevlously CE)ntrlbuted to 8 growth pgn8lon schem8 1-3 with TPT retirernent solutlons. Thls scheme ha8 8 pension deflcit li8bility of £12.716. The118bllity h88 been calculated based on actuarlal valuatlon 88 of 30 September 2023. To mitigate thls risk the Board Df Tru8lBes set up a Pensions Commlttee and sought expert advlce which routlnely a8se558d any potentlal tin8nci81 risk to the org8ni88tion. Reserves Policy The 80grd of Trusteej h85 examined the chorty's r&quir8ments for reserves in Ilght of the m8ln rlsks to the orgenisatlon. It ha$ an establlshed reserves pollcy that requlras OCN Nl to hold free resetwes equivalent to 18 months ol recurrent overh88d expend iture Iby recurrent overhead expenditure we maan the revenue costs 888oc18ted with runnlng th8 organi8atlon. whlch includes the dlrect servlco dellvery costs). Thls wll ensure if the worst happen8 and the organis8tion need5 to be closed down. there will be sufficient funds to m8et all ol its obli88tion8 and U8bllities as pert Df a managed exit. Th18 pollcy is c108ely monltored by ihe Board of Trustees. Any call upon the use ol reseNeg will be atthe 8pproval of the Boerd of Trusteeswhlch willexarnlne the rAtlonal8 for dolng80 and agree on an amount as appropri8te. At 31 July 2024, the Charity had total funds of £4.408,437, of which £884,666 were designated and not 8V811able for gener81 purposes. Th& Charfty had free reseNe8 of £3,126.649 whlch represents 16.75 months of ch8rit8ble expenditure. Page 4
OPEN COLLEGE NETWORK NORTHERN IRELAND IA Company Llmited by Guarantoel Recrultment and Appointment of Trustees The Directors of thè company èrB 8180 Ch8rityTrustees lor the purpos•s ol charity law and under the company's Article$ are known as members ol the 8oard DI Dlre¢tor$. All m¢mb¢r$ of the B08rd of Dlractors Alve their time voluntarily and rlcelve no fln$nclal benefits from the charlty. Each Diro¢tor iy required to sign a Conflict of Int•re5t R8glstgr annu811y. Two committ889 gr8 established to 8UPPOrt the work of OCN Nl with r$levantTerm¥ of Ref8rence anfl standing ordefs to govern the conduct ol meBtlngs. The committee8 are Finance and General Purposes and Compllance and Audlt. Trustees are reeruitad and sppolnted accordlngto the Memorgndum and Artl¢le8 ol A880¢18tlon. All new bo8rd m8rnbers undergo inductlon tralnlng to brief thern vn their roles, responsibilities and Iggol obligations under charity and company L8w. Further tralnlng is provided to the Board on our decision-m8king, strateglc and operational planning, org8nisational structure and key actlvS1Se5. Are85 of tr8lning and development are Identlfled 8nnuBlly and provlded to the Boord ol Dlrectors, 8s approprlate. Rlsk Management OCN Nl hos A robu&t rl8k rn8nagemeni pollcy and proca8588 whlch r8POrt potentlal rlsks 8nd their manggement to 88ch Commlttee and the Board. E8ch department has an operatlon81 r15k log it maintains. A r18k register has been 88t8b118hed and Is updated monthly. Where approprS818. sy8tem8 or procedures are put Sn p18ce to mltigate the rlsks tha charity f8ceB. Financlal rlsk5 are a88e8sed by iha organisation through the Senior Leadershlp Ta8m every month and flndings are pre9enied to the Board of Tru8tee8 quarterly. In 8ddliSon, th& Board of Dlrectors has proc88S88 In place to report any $8rious Incldent8 to CCNI. Safeguardlng The Board ol OCN Nl takes rea8on8ble steps to protect beneflclarles, gtatt and all tho$ onnected wlth the activltles of the charlty and who come Into contact with th8 charlty, from harm. Organl$atlonal Structure •t Page 5
OPEN COLLEGE NETWORK NORTHERN IRELAND {A Company Limited by Guarantee) The Board of OCN N l ensures the good governance of the organisation, by setting its strategic objectives and policies. The Board and its Committees monitor progress against objectives at each meeting. The Chief Executive appointed by the Board has delegated authority and accountability for operational matters which include the 8chievement of agreed objectives as set out in the strategic and operational plans. The Senior Leadership Team, which is responsible for monitoring progress against the operational objectives, comprises the CEO and three departmental di rectors.. the Director of 8usiness Development, the Director of Compliance & Audit and the Director of Corporate Services. Who used and benefited from our services? OCN Nl ¢ontinu8S to be the leading Professional and Technical Awarding Organisation in Northern Ire18nd. As a registered charity, our purpose is to advance ed ucation. We 8re commltted to ensuring that learners of all ages and abilities maximlse their f ull potentlal. Sinc8 OCN N I was established, we have developed economically relevant and learner-engaging curricula, which have benefited the lives of over half a milllon people livingin Nl. 4• Ill We are an independent. self-financing charitabl8 organis£tion that has a prov8n track record of delivering and contributing to the Nl skills 8genda. As an i ndigenous 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 Further Education Colleges, Schools, Training Organis8tions. Third Sector Organisations, Health Trusts, Prisons and other education and training organisations. Our off i ces are based in Belfast, and we are regu lated by statutory bodies to develop professiona l and technical qualifications from Entry Level up to and including Level 5 across 811 subject areas. Page 6
OPEN COLLEGE NETWORK NORTHERN IRELAND IA Company Limited by Guarantael Our flexibility 8nd rqsponsiveness to economic need ensure our qualifications are lallored to the needs ol education and training providers, employers. learners 3nd align lo the outcome5 of the draft Nl Programme for Government. Through our recognised cenlres we provide access to m88ningful, 8ccessible, and affordable qualifications, whlch play a key role in improving life opportunities. This empowers learners to realise their full potential and rnake a positive contribution to our society. During the academic year 2023124 a total of 66,391 learners benefited from OCN NI qualifications. Our Y••r In Numbers No. Learners Registered .0 .000 JO.OLS) .oc 65,0 rt4MQI 6VM7J No. Qualifications Award8d So0 45rnQ 43784 J5txJ 25000 20773 Ibiljo fyj JD21.Q022 2022.LU2"J ?il-J J A]24 Page 7
OPEN COLLEGE NETWORK NORTHERN IRELAND (A Company Llmlted by Guarantee) No. Certificates Awarded by Qualification Level Le1 3 Léve14 Le¥el s Entry L¢vei 0% LMII L¢vei 2 •EntyLw•l •Lwa11 •Lwq12 •Lwo13 •Ltswe14 4Leve15 Certiflc8te8 Aw8rded by Subject Sector Are8 2023124 10b . 19ts ..0 2% .0gb 24 Page 8
OPEN COLLEGE NETWORK NORTHERN IRELAND IA Company Llmlted by Guarantee) Accreditations During the 8cademic year 2023124, OCN Nl demonstrated its unwavering commitment to excellence and continuous improvement by secLJring several prestigious accredltations. These include the Investors in People Gold award, refltscting our dedication to valuing and supporting our staff- ISO 9001 eertification, recognising the quality and efficiency Df our management systems.. and Cyber Essentlals accreditation, underscoring our robust approach to cybersecurity. These achievements highlight our determination to uphold the highest standards across all agpects ol our operations, ensuring confidence for our stakeholders and delivering exoeptional value to learners and partners alike. INVESTORS IN PE()PLE" ISO 9001 Certified CYBER ESS£triALs W• inVWt In p•ople kntr.rl Training Delivery As part of our commitment to advancing i education in Northern Ireland, we provide free support and training to all our recognised centres. Throughout the year we delivered 75 training events and reached over 1,691 tUlors/te8chers. This includes both asses5m8nt and internal verilic8tion training and provides anyone new to eaching with a better understanding of what evldence is requlred and how to build a learner portfolio. It 8180 provides opportunities for centres to shar8 best practices Jnd experiences of assessment 8nd internal verification with others. Essentlal Skills Provlsion In Northern Ireland. ther8 has been a gr8at deal of progre88 In Improving Ilteracy and numeracy skills in recent years. However, our current literacy and numer8cy proficiency is still some way behind the top-performing countries and is below the Organisation for Economic Co-operation and Dgv8lopment IOECDI average. For Nonhern Ireland to compete globally we must continue to improve our proficiency in literacy and numèr8cy skills. OCN Nl is now the 18rgest provider of Essentlal Skills Qualiflcations in Nl, with currently 132 ¢entres 8pproved to deliver E55ential Skills Qualifications. Our qualification suite 8UPPOrts the outcomes in the '3 Ye8r Economic Strategy, and can be truly life-changing for some learners. They have helped people to read a newspaper forthe fir8ttime to find outwhat is happening in their community, fill in an applicalion form and get a job. as a result, read notes from their children's school, help their children with their homework for the first time andlor use the internet to keep in touch with family and friends. During the academic year. 2023124 OCN Nl aw8rded 12,015 Essential Skllls Qualific8tions to learners throughout Nl. Page 9
OPEN COLLEGE NETWORK NORTHERN IRELAND (A Company Limitèd by Guarantee) Leaming Endeavour Awards 2024 Ovei 350 learners. teachers, tutors, and speclal guosts celebr8ted the OPEN COLLEGE NETWORK NI IOCN Nll Le8rnlng Endeavour Awards 2024 8t Titanic Belf8sr. The annual awards, now In thelr 6th year, were hosteé by Denlse Watson and aim to cel8br8te the achSev8ment8 of learnars who have gone to 8xceptlon81 lengths to achleve thelr learning goals. Thi8 year'8 8p8clal guest wa$ Clodagh Dunlop MBE who gave an Inspiratlon81 tslk on her remarkable journey of overcoming'locked In. syndrome following a strokè In 2015. A total of £18,000 wgs 8W8rded to learners and provider8 through learnlng bur8arles from across the province who have achieved extraordinary ¥esults, with some learners overcoming numerous personal hurdl88 tu achieve thelr profe881onal and technical OCN qu911flcatlons. The learners and providers recognlsed 8t the OCN Learning EndeBvour Aw8rds are a powertul rttmlnder of the profound Impact that education can have on Indlvldu818 and communltle8. Martin Flynn, CEO, of OCN, s8ld. Once more we have been able to provide a unique plattorm for our learners to shDwc8se their achievements, sometimes against impossible odds, and provide recognition forthe tremendous commitment and determin8tion they have shown to achieve their qualificatlon. Our guest speaker and newly awarded MBE Clod8gh Dunlop added greatly to the sense of achievement on the day wlth the remaik8bie story of how she overcame debllltating advtrrslty following her stroke. Her story illustyated the powerful message of just what can be achieved if you 8re determined enough to 8ucceed. The Thlrd Sector L8Brner of the Ye8r wlnner was Luke jennings. St8rt 360, taklng home the Schools Learner Df the Year award was Ethan McKee, St Louises's College, 8elf8St- OCN Provider of The Year category winner was Belfast Met Supported Learning and the Insplring TutorlT8acher of the Year award went to Paul Nercer, South Eastem Regional College. Page 10
OPEN COLLEGE NETWORK NORTHERN IRELAND IA Company Llmited by Guarantee) Daniel NcC8nn, South Eastern Regional Collage won ourFurther Education L88iner of the Year category, with MantdeS KizBuskas from Peoplè 1st, collecting the Essential Ski118 Learner ofthe Year category. Th8 Health & Well-being Learner of the Yaar went to Christine Chambers, Action Ment81 Health; and South EBStern Regional College - Hospitality and Culin8ry Arts School won the Advancing Le8mlng Through Innovation c8tegory. And a new award category for 2D24, Traineeship I Apprentlceship Learner of the Yèar was won by Ryan Phelan from North W88t Reglonal College. Clodagh Dunlop MBE sald: 'As someone who has had to deal wlth many personal challenges and setb8cks over recent years, it was inspiring to hear many of the stDrie8 from the learners on how they were 8ble ta focus on thelr 188rning goals. despite the nurnerous hurdles placed Sn thelr p8th. Even durlng the darkest tlmes, I never lost hope in my determination to oveicom8 the oondition I developed, so hearing these other Ilf8 8xperienc88 IS 8 powerful t8St8ment to what each of us Can achiev8 when we 8r8 determined to succeed. The fln81 Award of th8 2024 ceremony, the Hilary SIo8n MBE Learnlng Endaavour Award. In memory of the former OCN Chalr who was a powerful 8dvoc8te of lifelong learning. wa3 announcèd by OCN Vice Chair Anne-marie Mcclure. For the first time, joint recipients were announced - Chrlstine Ch8mber8, Action Ment81 Health & Luke Jennlng$. Start360. OCN Nl Ch81rper80n Paul DonDghy B8id: °The Hilary Sloan MBE Learnlng End8avour Award winners for 2024 Christlne Ch8mbers 8nd Luke Jennings wlll e8ch receive 8n additional £1,000 1881ning bursary. Both had incredibly Impressive storles of commitment and dedlcation and it was impossible to sep8rate them. Massive congr8tui8tlons to Chrlstine 8nd Luke. and to 811 of our shortllsted flnalists and cat8gory wlnner¥. Our A w8rds C8r8mony gives promlnenca to the accomplishm8nts of Indlviduals who h8V8 ovorcome signific8nt soc181, economlc 8nd educ8tion81 b8rrlers th8tpr8viously prevented them from realising their full potential. OCN Nl qualificBtions are moklng a re81 dlffeffjnce in the life choices of individuals, th8irf8mili8s and our community. OCN Nl Centre Learning Grants This GrantsProgramme w8s initiat8dbythe OCNN1808rdofTruste&s 8nd8SSlSts in the fuifilment ofour ch8rltable purpose, with the focus of the programrne to assist and support OCN Centres and theirlearners undert8king8nd/or vvorkingtowards8n OCN qualific8tion. Particularemph8SIS has beengiven to helpingthose who maybe particu18rlydisadv8nt8ged andwould not otherwlse have had the opportunitles to engage In educ8tlon. The objectlv&s ofthegrants are to encourage innov8tion, enhance learning andprogression while supporting learn8rs. Page11
OPEN COLLEGE NETWORK NORTHERN IRELAND (A Company Llmited by Guarantael The grants 8re a reinvestm8nt of theprev1ousye8sSurP[uS andhelp fulfil ourch8ritgb18 mission. In 2023. the Board 8pproved lunding of £93.879 to 33 successful gpplicants, a 1096 increase in funLls from th8 prevlousyear. Centre Leaming Grants help8LI over 7,400 people in 2023/24. Projècts used the money to fiind various actlvlt18s such as music events. residentials, travel, specialist tutors, improved 8quipm8nt and more. Some proj8cts wer& 18rge. for Inst8nce, Oh Yeah Music Centre usedthelr C8ntre Lè8rningGr8nttofund Volum8 Control's end-of-year music event- Clash of the New Breeds-which is used8S 8vid8nc8 ofthe learners'assessment because theyory8nis8 and m8n8ga the event. 8ryson Ener8y used th8ir OCM Nl Centre L8arnlng Grant to cre8t8 a football team - Bryson United - for a cohort of their 18arners. The 188rn8rs' 8XP8rienc8s on the t88m helped ft)rge friendships wlthin the group and d8v8loped positlV8 re18tionships b8tween the le8rnor5 and the Bryson staff. Bryson report8d that this has decreased druptIVe b8h8vlour and classes are more pmductlve as 8 result. Another example of a contre funding 8 large-scale projact is Youth Action Nl. which us&d the Centre Learning Grant to run 'big skills days, for their le8rners 8nd to host outdoor 8ctlvitl8s for three groups ollearners across Nl, providingaddition81 training nd experiences for over 100 learners. The blg skills d8ys h8d spgclallst troining for job search and int8rvlewpr8paratlon skills andg8ve theyoungp8ople the opportunlty to communlcgte wlth Ioc81 business owners to g81n 8n understanding of what Is expected of young people in employment. rn8 projects h8ve provld8d 8 multitude of 8xperiences and opportunlt18S th8t have anrlched th8 8ducation81 journeys of OCN All le8rn&rs. M8ny of the proj8Cts provlded h8nds-on experiencs in Industry, provid8d extra-curricular 8ctAvltles th8t enh8nced the leerners, experienc8s or Improv8d the quality of the equipmentand f8cilitles used to teach OCN Nl qtJ81ifications. These exp8rlgnc8s h8Ve rn8d8 B slgnific8nt posltlve Impact on our learn8rs, many of whlch reported improved knowledge and ment81 health from the exp8ri8nces they hsd. Therefore, the Centr8 L88rnlng Grants hBv8 Improved the quality of the provisiDns 8v8i18ble from successful contres 8nd hove anhanced the 8du¢ation81 journey of over 7.400 188rn8rs In th8 2023/24 academicyear. "We could not run thisyouth project wlthout the OCN fund. Oh Y98h Muslc Centr8 "Without this opportunlty, many of theyoungfolk wouldh8ve n8v8rhad the opportunlty to 8nrlch theirown lives and the lives of others. UtOPl8n Learning Page 12
OPEN COLLEGE NETWORK NORTHERN IRELAND (A Company Llmited by Guarantee) Strategic Plan 2024-2027 This pian has been developed with the purpose of ensuring that we contlnue to provlde hlgh-quallty quallflc8tlons 8nd 88rvlc88 to our centres. learners, and oth8r stakeholders. ocn OCN Nl has be8n a Leadlng provlder of educatlonal seIceS In Northern Ireland for nèarly 30 yaars. and w8 are commltted to contlnuingto deliver OXC8llence In th8 years to came. The strategic plan sets out our v18I0n, mlsslon. and valu85, as well as our key prloritles and oblectives for the next three years. We have come B long way slnce our Inceptlon. and we are proud of the role we have played in 4hoplng Northern Irelgnd's educgtlon 8nd training l*nd¥cgpe. With this Strategic plan. we intend to build on the 3trong foundatlon that w8 have estab118hed to drlv8 grovl(h. Innov8tlon, 8nd exc8118nce. STRthlTEOICPLAN 2024-2027 The Northern Ireland 1 Oxskllls Strategy, whlch was launched In 2021, alms to tranBformth8 8kllls Landscape In Northern Ireland and posltlon the reglon aB a leader In Skllls development. The 8tr8tegy 88t8 outthree str8teglc goals which. cumulatively, Sim to oddr88S the 8klLI8 Imb81once8 In our economy and improve soGl81 Inclu6ion and wellbeing acroB8 our 50clety. oi 02 03 OCN Nl Is fully commltted to 8UPPOrtlng these goois. As the leadlng provlder of profass5onal and technical quallfic8tion8 in Northern Ireland, we recognise the importance of sk1118 dev81opment in driving economlc growth and prDmotlng 80c181 mobi1Sty. We are committed to worklng c108ely with employers. educational institutlon8. and other 8t8keholder8 to dellver hlgh-qu811ty qualifications and s8lVlCeS that moetthe changing need8 of learners 8nd employ¥r$. We 8re confldent that wlth the right focu8 and efforts. we c8n achlev8 our goa18 and bulld 8tronger, more reslli8nt Open College Network In Northem Irel8nd. ststement of Truste88' responsibilltles The Trustees IDlrector8 for purp03es of Company Lawl are responslble for preparlng the Annual Trustee, Report and the financial statements In accordance with applicable law and regu18tlon8. Page 13
OPEN COLLEGE NETWORK NORTHERN IRELAND (A Company Limhed by Guarantee) Company 18w requires the Trustses to prèpar6 fln8n¢l818t8tements for each financlal year. Underth8t18W, the Trustees have elected to piep8re the financigl statements in accordance with the United Kingdom Gener8lly Accepted Accountlng Practice (United Kingdom Accounting Stsndards and applicable lawl. Under company law, the directors must not 8pprove the financial statements unless they are 88tl8fied thatthey give a true and fairview of the state of 8ffairs of the trust and Df the surplus or deflclt of the trust for th8t perlod. In preparing these financial ststements. the Trustees are required to- Select suitable accountlng policies and then applythem conslstently, Observe the methods and prlnclples in the Charities SORP., Make ludgments and estlmgte8 that are re8sonable and prud8nt,' and Prepare th$ financial statements on the going concarn b8818 unless It18 Inapproprlatè to presume thot the comp8nywill continue in business. The TruBtoos are responsibl& lor k?eplng adequate 8ccountlng records that are Sufficientto show and explain charity's transactions and disclose wSth rea8on8ble accuracy 8t any time the finencial posltlon of the charlty and enable them to ensur¢ that the financial 8tatem8nis comply with the Cornpanles Act 2006. The Tiust•es are also r8sponslble for safeguarding the assets of thé charity and hence to take reasonable steps to pr8v8ni and detect Ir8ud and other irregularltle8. Di8c108ure8 of Intormation to Audltors To the knowledge and bell8f of the TruBtee8 there Is no relevant Informatlon of whlch the company's auditors Bre not 8ware. The Trustees h8ve t8ken 811 the nec8888ry3tep3 of which they are aware, prOded relevant Inform8tlon and establi8hed that the company's auditor8 are 8ware of th• Informatlon. Page 14
OPEN COLLEGE NETWORK NORThERN IRELAND (A Company LIMIt by Guarants•) TRUSTEES'ANNUAL REPORT (cop¥nNUED) YEAR ENDEO 31 JULY 2024 Approved by order of the members of the board ofTrustees and signed on their behalf by: Paul Donagh Date: 0511212024 Pgse 15
OPEN COLLEGE NETWORK NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OPEN COLLEGE NEfwoRK NORTHERN IRELAND Oplnlon We have audited the financial statements ol Open College Neork Northern Ireland (the 'GhariV) for the year ended 31 July 2024 vthi¢h comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparalion Is applicable law and Unlled Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generalty Accepted Accounting Practice). In our opinion the flnancial statements: give a true and fair view of the state of the charitable company's affairs as at 31 July 2024 and of its incoming resources and application of resources, Including its income and expenditure for the year then have b8en properly prepared in acGordance wlth United Klngdom Generally Accepted Accountlng Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Bas1$ for oplnlon We conducted our audit in accordance wslh Intemational Standards on Audlung (UK) (ISAS (UK)) and applicable law. Our responsibilities under Ih05e stBndards are further described in the Audllorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charltable company in accordance with the ethical requirements that are relevant to our audit of the financial statement8 In the United Kingdom, including the Financial Reporting Council's Ethic81 Standard, and we have fulfilled our other ethScal responslbllitieg in accordance with these requirements. We believe that thg audit evidence we have obtalned Is sufficient and appropriate to provlde a basls for our opinion. Concluslons relatlng to golng Concern In audltlng th8 financ181 stat8ments, we have concluded that the Truste8s' use of the golng concern basis of accountSng In th8 pr8P8r8tion of the financi81 statements 1$ approprlai8. Based on the work we h8ve performed, we have not id8ntified any material uncertalnlle5 relating to events or condition5 that, individually or collecllvely, may cast significant doubt on the charitable companys ability to continu8 as a going concem for a period of at least te1ve months from when the financlal statements are authorised for issue. Our responsibilities 8nd the responsibilities of the Trustees with respect to going concern are described in the relevant sections of Ihis report. Page 16
OPEN COLLEGE NETWORK NORTHERN IRELAND (A Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OPEN COLLEGE NETWORK NORTHERN IRELAND (CONTINUED) Other infomiation The other information comprises the information included in the Annual R8POrt other than the financial slalements and our Auditor's Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and. except to the extent atherwlse explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in dolng so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materlally misstated. If we identify such material inconsistenci85 or apparent material misstatements, we are requir8d lo determine whether this gives rise to a material misst8temenl in the financial statements themselves. If, based on the work we have performed, we concludè that ther8 Is a material misststement of this other information, we ar8 required lo report that fact. We have nothing to report in this regard. Opinlon on olh•r matt•r• pr••¢rlbod by the Compan1•8 Act 2006 In our opinlon, based on the work undertaken In the course of th& audit.. the Informallon gSv8n In the Truste8s' Report including the Strategic Report for th8 flnancial year for whlch the financial statements are prepared is consistent wlth the financial statements. the Trustees, Report and the Strategic Repart have been prepared In accordance with applicable legal requlrements. Matters on whlch we are requlred to report by exceptlon In the light of our knowledge and understanding of the ch8ri1able comp8ny and its envSronment obtalned in the course of the auéit, we have not identified material misslatem6nts In the Trustees, Report including the Strategic R8POrt. We have nothing to report in respect of the following matters in relation to which Companl8s Acl 2006 requires us lo report to you If, in our opinlon.. ad8quat8 accountlng records havé not been kept, or returns adequate for our audit have not beèn received frorn branch8s not visited by us., or the financial statements are not in agreement with the accounting records and returns., or ertain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and exp18nations we require for our audit. Responslbllltles of trustees As explained more fully in the TNstees' Responsibilities Statement. the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees detemiine is necessary to enable the preparation of financial statements that are free Irom material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a gDing concern, disclosing. as applicable. matters related to going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the charitable company or to cease operations, or have no realistic alternative bul to do so. Page 17
OPEN COLLEGE NETWORK NORTHERN IRELAND (A Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OPEN COLLEGE NEfwoRK NORTHERN IRELAND (CONTINUED) Audltorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about vthether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that Includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee Ihal an audit conducted in accordance with ISAS (UK) will always delect 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 expectsd to influence the e¢onomic decisions of users taken on the basis of these financial statements. Irregularities, Includlng fraud, are instances of non-Mpli8nce with laws and r8gulations. We dèsign procedures in line wlth our responsibilities, outlined above, lo detecl material misstatements in resp8¢t of irregularities, including Iraud. The extent to which our procedures are Capable of detecting irregularitlas, Includlng fraud Is detailed below: We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry or management, industry research and the application of cumul81ive knowledge. We identified the following principle laws and regulations relevant ts 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 lo the entity (includlng how fraud mlghl occur). the controls in place to help mits'gale those rlsks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through revlew of the flnancial statements for significant accounting estimates, analysis of joumal entries, walkthrough of key control cycles in place and enquiry of management. Our procedures to respond lo those risks identified included, but were not limited to: Enquiry of management, those charged with govemance and the entiws solicitors around actual and potential liligalion and claims. Enquiry of management to identify any instances of non-compliance with laws and regulations. Reviewing mlnules of meetings of those charged wlth governance. Revlewing financlal statement disclosures and testing to supporting documentatlon to assess compliance Ih applicable laws and regulations. Auditing the risk of m8nagemenl override of controls, including through testing joumal entries and other adjustments for appropriatenes8, and evaluatSng the business rallonal8 of signlfic8nt transactions outslde the normal course of business. A further d8s¢ription of our responsibilities for the audit of the financial statements is located on the Financial Reporting Coun¢il's website at.. .f .uklaudito onsibilities. This descrlpiion forms part of our Auditor's Report. Use of our report This report is made solely to the charitable comp8nVs members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to Ihe charitable company's members those matters we are required lo state to them in an Auditorfs Report and for no other purpose. To the fullest extent permitted by law. we do not acpt or assume responsibility to anyone olher than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Page 18
OPEN COLLEGE NETWORK NORTHERN IRELAND (A Conwny Linthd by Guarant•• INDEPENDETrTf AuDrros REPORT TO THE IAEMBERS OF OPEN COLLEGE NETWORK NORTHERN IRELAND (CONTINUED) T¢r•sa Carnpb•ll (Senlorstatutory Audllorl lor and on behalf of Group Account•nt¥ Umli•d StatytoryAudltor 1-3 Arthur 8treot Beff88t BT14GA MB Group Account4nt8 Llmltgd are ollgtble to aGI •B 8udltors In t8rm• of 8•drm 1212 01 the Ccmp•nl8• Act Pa98 19
OPEN COLLEGE NETWORK NORTHERN IRELAND IA Company Llmited by Guaranteè) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST JULY 2024 Unrestricted funds 2024 Tolal funds 2024 T¢)tsl funds 2023 Note Income from: Donations and legacles Charitab18 activiti8S Investments Other income 71,750 2,587,658 118,162 1,775 71,750 2,587,658 118,162 1,775 77,496 2,539,060 38,322 1,929 Total income 2,779,345 2,779,345 2,656,807 Expendlture on: Raising funds Charitable activities 114,012 2,239,928 114,012 2,239.928 98,919 1,895.797 Total expendlture 2,353,940 2.353,940 1.994,716 Net movement In funds 425.405 425,405 662,091 Reconclllatlon of funds: Total funds brought forward Net movement in funds 3,983,032 425,405 3.983,032 425,405 3,320,941 662,091 Total funds carrfed forward 4,408,437 4,408,437 3.983,032 l of acllvitl8s of thé ch8rlty wére unrestricled In nature durlng the 2023 financial year. The Statement of Financial Activities includes all gains and l¢)sses recogniséd in the y8ar. The notes on pages 23 to 37 fomi part of these flnancial statements. Page 20
OPEN COLLEGE NETWORK NORTHERN IRELAND IA Company Limited ty Guarantee REGISTERED NUMBER: NIO50863 BALANCE SHEET AS AT 31 ST JULY 2024 Restated 2023 2024 Note Fixed assets Intangible assets Tangible assets 14 29,834 7,920 56,219 15 397,122 64.139 Curf•nt a8Bet8 Detknrs Investrnents Cash at bank and in hand 16 17 281.307 1,776,988 2,137,306 251,777 1,228,702 2,EA)3,751 4,194601 4,084,230 Credilors.. amounts falling due within one year 18 (171.570) (147,232) Net current assets 4,02431 3.936,998 Total a880ts lem Cuffent Ilablllth8 4,421,153 111716 4,001,137 (18,1051 Provi8ion8 for lia.111185 Net amets excludlng pension as•et 4A08,437 3,983,032 Total net asgets 4408,437 3,983,032 Charfty funds Restricted funds Unrestricted funds 20 20 4,408,437 3,983,032 Total lund8 4,408.437 3.983,032 The Trustees acknowledge their responsibilities for complying wth the requirements of the Act with respect lo acGounting records and preparation ol financial ststements. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Mr Paul Donaghy The notes on pages 23 to 37 fom part of these financial statements. Page 21
OPEN COLLEGE NETWORK NORTHERN IRELAND (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST JULY 2024 Restated 2023 2024 Cash flows from operatlng actlvitles Net cash used in operating activities 363,078 617,760 Cash flows from Invosting aclivltles Interest received Purchase of intanglble assets Purchase of tsngible fixed assets N8t movement in investments 83,320 (27.282) (337,275) (548,286) 22,905 (44,1001 Net cash used In Investlng actlvltle8 (829.523) (21,195) Chango In cash and cash oqulvalents In the yoar Cash and cash equivelents at the beginning ofthe year {466,445) 2,603.751 596,565 2,007,186 Cash and cash equivalents at the end of the year 2,137,306 2.603,751 The notes on pages 23 to 37 form part of these flnanclal statsments Page 22
OPEN COLLEGE NETWORK NORTHERN IRELAND (A Company Limiied by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024 A¢countlng pollclos 1.1 Basls of preparation of flnanclal stalements Th8 financial statements have been prepared In accordance with the Charities SORP IFRS 102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFFiS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006. Open College network Northern Ir8land meets the definition of a public benefit enllty under FRS 102. Assets and liabilities are initially recognis8d at historical cost or Irensaction value unless Otherwise stated in the relevant accounting policy. 1.2 Going concern Tha trust888 ar8 of the vlew thal vlth the level of reserves in place that the charity is a golng concern. 1.3 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objeclives of the charity and which have nol been designated for other purpose5. General funds may be transferred to designated funds where Trustees wish to use these funds for a specific purpose. Such funds may be transferred back to general funds once the criterla far the designation have been m81 or are no longer applicabla. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restrlcted funds ar8 funds whlch ar8 to be used In accordance with 8p8clffc restrlctlons Imposed by donors or whlch have been ralsed by the charity for particu18r purposes. The costs of raising and adrninistering such funds are Gharged against the specific fund. The airn end use of èach r8slrict8d fund ig set out In the notes to the financial statements. Investment incom8, galns and losses are allocated to the approprf8te fund. 1.4 Income All income is recognised once the charity has entiuement to the income, It is probable that Ihe income wlll be recelved and the amount of Income receivable can be measured reliably. Income tsx recoverable in relation to investment income is recognised at the Ilme the investment income 15 receivable. Other income is recognised in the period in which it Is receiv8ble 8nd lo the extent the goods have been provided or on completion of th8 seNice. Page 23
OPEN COLLEGE NETWORK NORTHERN IRELAND (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024 Accounting pollclos Icontlnued) 1.5 Expendlture Expenditure is recognlsed once there is a legal or constructive obligation lo transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activSty are rnade up of the total of direct costs and shared costs, including 5UPPOrt costs involved in undertaking each aclivlty. Dir8Ct costs attributsble to a single activity 8re allocated diractly to that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable to a single activity are apportioned betsveen those activities on a basis consistent with the use of rèsources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charilable trading. Expenditure on charitable activities Is incurred on dire¢Uy und8rtakSng the 8Ctlvltl8s which further the charitys objectlv8s, as well as any associated support costs. All expenditur8 is inclusive of irrecoverabl8 VAT. 1.6 Cash at bank and In hand Cash at bank and in hand includes cash and short-lenn highly liquid investments wFth a short maturity of three months or less from the dale of acquisilion or opening of the deposit or similar accounl. 1.7 Tangible flxod asset8 and depreclatlon Tangible flxed assets costing £NIL or more are capilalised and recognised when future economlc benefits are probable and the cost or value of the asset can be measured reliably. T8nglble fixed assets are Inltially recognised at cost. After recognition, under the cost model, tangible fixgd 8SS8t5 are measured al cost185s accumulated depreciation and any accurnulated impairment losses. All costs Incurred lo bring a tanglble fixed asset into Its Intended working eondllion should be included in the measurement of cost. Depreciation is charged so as to allocate the c05t of tangible fixed assets less their resldual value over their estimated useful lives, as follows=. Depreciation is provided on the following basis- Fre6hold propety New office refurblshm8nt Fixtures and fittings Office equipment Computer equiprnenl 4QA Straight line over 25 years 20°A slraighl line 30% reducing balance 30% reducing balance 25% straight line 1.8 Debtors Trade and other debtors are recognised at the settlement amDUllt after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. Page 24
OPEN COLLEGE NETWORK NORTHERN IRELAND IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024 Accountlng pollcles Icontlnued) 1.9 Llabllltlfrs Liabilities and provisions 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 arnount of the settlement can be estimated reliably. Liabilities gre recognised at the amount that the charily anticipates il will pay to settle the debt or the amount it has received as advanced payrnents for the goods or services it must provide. Provisions are measured al the best ests'male of the Smounts requir8d to settle the obligation. Where the effect of the time value of money is material, the provision is b8sed on thè present value of those amounts, discounted at the pre-tax discounl rat8 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. 1.10 Flnan¢lal Instruments The charlty only has financi81 assets and financial liabilities of a kind that qualify as basSc flnanclal Instruments. Basic financial instruments are initially recogni58d at transaction value and subsequently measured at their Settlement value with the exception of bank loans whlch are subsaquently measurèd at amcrtis8d cost usSng the 8ffeclive interest method. 1.11 Pènsions The chanty 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. The Pension Schemes are funded by contributions from employee and employer. All employees are automatically enrolled into stakeholder penslon scheme, unless Ihey have exercised their right to opt out of scheme membershlp. Open Collgge Neork Northern Ireland makes a malchlng contribullon of beeen 6% and 130/0 of salary to this pension scheme and acts as agent in collectlng and pawng over employee pension contrlbutions. The contrlbutions made for the accounting period are treated as an exp8ns8 and were £89,412 (2023.. £59,539). The charity operated 8 defined benefits pension schemé and the penslon charge is based on a full actuarial valuation dated 30 September 2023. 1.12 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured rellably by the charity., this is normally upon nolificalion of the interest paid or payable by the institution with whom the fiJnds are deposited. 1.13 Taxation The charity is considered lo pass the lests set out in Par8graph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity 15 Potentially exempl from taxation in respect of incorne or capital gains received within categories covered by Chapler 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to th8 8Xtent that such income or gains aré applied exclusively lo charitable purposes. Page 25
OPEN COLLEGE NETWORK NORTHERN IRELAND {A Company Limltad by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024 Accounting pollcles {eontinued) 1.14 Intangible assets and amortisation Intangible assets are capitallsed and récognised en future economic benefits are probable, and the cost or value of the asset can be measured reliably. Intangible assets are Initially recognised at cost. After recognition, under the cost mtsjèl, intangible assets are measured at cost less any accumulate(l amortisation and any accumulated impairment losses. Amortlsatlon Is provlded on intsnglble assets at rates calculated to wrlt8 off the cost of each asset on a straight-llne basis over Its expected useful Ilfe. The estlmated useful lives range as follow8: Comput8r sothre years General Informatlon The charlty is a company limited by guarantee and has no share capital. Crltlcal accountlng astlmates and areas of Judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that ar8 believed to be reasonable under the circumstances. Critical accounting estimates and assumptions- The charity makes estimates and assumptions concerning the future. The resulting accounting estlmates and assumptions will, by definition, seldom equal the relatsd actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carryTng amounts of assets and liabilities within the next financial year are discussed below. Income from donatlons and l•gacles Unre$trlct?d funds 2024 Total funds 2024 Total funds 2023 Donations 71,750 71,750 77,496 Page 26
OPEN COLLEGE NETWORK NORTHERN IRELAND (A Company Limited by Guarants8) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024 Income from charitable activities Unrestrictsd funds 2024 Total funds 2024 Total funds 2023 Grant income Learner Sponsorship Awards Fee incom8 (registrations) Development income 8,429 8,429 2,769 1,500 2,526,766 8.025 2.569.354 9,875 2.569.354 9,875 2,587,658 2,587,658 2,539,060 Investment Incom• Unrestrlctod funds 2024 Total lund8 2024 Total funds 2023 Bank Interest recievable 118,162 118,162 38,322 Other Incomlng resources Unrèstrlcted funds 2024 Total funds 2024 Total funds 2023 Other income 1,775 1,775 1,929 Page 27
OPEN COLLEGE NEfwoRK NORTHERN IRELAND {A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024 Expendlturo on ralsing funds Costs of ralslng voluntary income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Promotion & publiclty Wages and salarSes 6,126 107,886 6,126 107.886 4,214 94,705 114,012 114,012 98,919 Analysls of charjtable actlvltles by actlvlty type Activities undertaken dlréctly Support costs Totsl Funds Total Funds 2024 2023 Charitsble activities 1,805,091 362.631 72.206 2,167.722 72,206 1.835,882 59,915 Governance costs 1,805,091 434,837 2,239.928 1.895,797 10. Analysls of •xpendlture on charltablo actlvltle8 by fund type unStrICted funds Restricted Total Funds Totsl Fund$ funds 2024 2023 Charitable aclivities 1,805.091 434,837 1,805.091 434,837 1,505.790 390,007 Support costs 2,239,928 2,239,928 1,895,797 11. Auditorfs remuneration The auditor's remuneration amounts to an audrtor fee of £7,750 (2023 - £5,500). Page 28
OPEN COLLEGE NETWORK NORTHERN IRELAND (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024 12. Staff costs 2024 2023 Wages and salarles Social security costs Contribution to defined ¢ontribution pension schemes 1,078,862 144,883 89,412 947,048 92,583 59,539 1,313,157 1.099,170 The average number of persons employed by the charlty durlng the y8ar was as follows.. 2024 No. 2023 Particulars of employees: Number of office 51aff 31 29 Th8 number of employees whose employee beneflts {excludlng employer pension c08ts) exceeded £60,000 vms.. 2024 2023 No. In the band £80,001- £9),000 The key management personnel of Open College NeIOrk Northern Ireland comprlse the Chlef Executive Officer, Director of Business Development, Director of Compliance and audit and Director of Corporate Services. The employee benefits of the key management personnel of the charity were £261,156 (2023.. £244.115). 13. Trust•a$' remuneratlon and expen80S During the year, no Trustees reGeived any remuneration or 0th8r b8n8fits {2023 - £NIL). During the year ended 31st July 2024. expenses were reimbursed or paid directly to Trustees, £2,033 (2023 £2,705). broken down as follows: 2024 2023 Travel Accommodation Subsistence Equiptment Resignation gift 905 1,120 837 1,097 161 380 230 2,033 2,705 Page 29
OPEN COLLEGE NETWORK NORTHERN IRELAND (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024 14. Intanglble assets Computer softwaro Cost At 1 August 2023 Additions 192.874 27,282 At 31st July 2024 220,156 Amortisation At 1 August 2023 Charge for the year 184.954 5,368 At 31 st July 2024 190,322 Net book valu• At 31st July 2024 29,834 At 31st July 2023 7,920 Page 30
OPEN COLLEGE NEfwoRK NORTHERN IRELAND (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024 15. Tangible fixed assets Slrus House rofurblsh Fixtures Offlco Computèr ent and flttings equlpment equlpment Property Total Cost or valuatlon At 1 August 2023 Additions 138,077 35,007 11,967 86,184 432 120,417 6,233 379,685 337,275 318,643 At 31 st July 2024 318,643 138,077 46,974 86.616 126,650 716,960 Deproclatlon At 1 August 2023 Charge for th8 year 138,077 26,545 2,718 54,722 9,295 104,122 6,712 323,466 26,206 7,481 At 31st July 2024 7,481 138,077 29,263 64,017 110,834 349,672 Net book valu• At 31st July 2024 311,162 17,711 22,599 15,816 367,288 At 31 st July 2023 8,462 31.462 16,295 56,219 16. Debtors 2024 2023 Due wlthln one year Trade debtors Other debtors Prepayments and accrued income 171,586 14,056 95,665 186,850 14,056 50,871 281,307 251,777 17. Current asset Investments 2024 2023 Unlisted inv85tments 1.776,988 1,228.702 Page 31
OPEN COLLEGE NETWORK NORTHERN IRELAND {A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024 18. Credltors: Amount5 falllng due within one year 2024 2023 Trade creditors Other taxatlon and social security A¢¢ru81s and deferred incom8 57,744 22,327 91,499 41,023 22,981 83,228 171,570 147,232 19. Provlslons Other provlslon At 1st August 2023 Amounts UBed 18,105 (5,389) 12,716 Pag8 32
OPEN COLLEGE NETWORK NORTHERN IRELAND (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024 20. Statement of funds Statement of funds- current year Balanco at 1st August 2023 Balance al 31st July 2024 Transfers Inlout Income Expendlture Unrastrlctad funds Deslgnated funds Designated Fund - staff reserve Design8ted Fund Building fund 884,666 884.666 365.000 {365,000) 1,249.666 1365,000 884,666 General funds General Funds - all funds 2,733.366 2,779,345 (2.353,940) 365,000 3,523,771 Total Unrestrlctad funds 3,983,032 2,779,345 (2,353,940) 4,408,437 Page 33
OPEN COLLEGE NETWORK NORTHERN IRELAND (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024 20. Statement of funds (continued) Statement of funds - prior year Balanc8 at 1 st August 2022 Balance at 31st July 2023 Transfers inlout Income Expenditure Unrestrlctèd funds Deslgnalod funds Deslgnated Fund - Stsff reseNe 884,666 884,666 Designated Fund - Building fund 250,000 115.000 365,000 1.134,666 115.000 1.249,666 General funds General Funds - all fijnds 2,186,275 2,656,807 (1,994,716) 1115,000) 2,733.366 Total Unrestrlcted funds 3,320,941 2,656,807 (1,994,716) 3,983,032 21. Summary of funds Summary of funds - current year Balance at 1st August 2023 Balance at 31st July 2024 Transfèrs Inlout Income Expendlturo Designated funds General funds 1,249,666 2,733,366 (365.000) 365,000 884.666 3,523,T11 2.779.345 (2,353,940) 3,983,032 2,779,345 (2,353,940) 4408.437 Page 34
OPEN COLLEGE NETWORK NORTHERN IRELAND (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024 21. Summary of funds (continued) Summary of funds - prior year Balance at 1 st August 2022 Balance at 31 st July 2023 Transfers inlout Income Expenditur8 Deslgnated funds General funds 1,134,666 2,186,275 115,000 1,249,666 2,656,807 (1,994,716) (115,0001 2.733,366 3,320,941 2,656,807 (1,994,716) 3.983,032 22. Analysls of not assots between funds Analysls ol nét as8•t8 b•tw••n funds - ¢urrènt pérlod Unrostrl¢tad funds 2024 Total funds 2024 Tangibie fixed assets Intangible fixed assets Current assets Credltors due within one year Provlsions for liabililles and charg8s 367.288 367,288 29,834 29,834 4,195.601 4.195,601 {171,570) (171,570) 112.716) (12,716) Total 4,408,437 4,408,437 Analysls of net assets between funds - prior perlod Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Intangible fixed assets Current assets Creditots due within one year Provlsions for liabilities and charges 56,219 7.920 4,084,230 (147.232) 118.105) 56,219 7,920 4.084,230 1147,232) {18,105) Totsl 3,983.032 3.983,032 Page 35
OPEN COLLEGE NEfwoRK NORTHERN IRELAND (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024 23. Reconclliation of net movement in funds to net cash flow from operating activities Restated 2023 2024 Net income for the period (as per Statement of Financlal Advltles) 425,405 662.091 Adjustments for. Depreciats'on charg88 Amortisation charges Decréase in debtors Increasel{Decreas8) in short t8mi creditors DeGrease in provisions Interest from Investments 26,206 5,368 5,312 24,338 15,3891 1118,1621 14,742 5,538 8,446 (3,736) (30,999) (38,322) N•t cash provlded by operatlng actlvltl•s 363,078 617,760 24. Analysls of cash and cash equlvalents 2024 2023 Cash in hand 2.137,306 2,603.751 Total cash and cash •qulvalonts 2,137,306 2,603,751 25. Analy818 of Changes In net debt At 1st August 2023 Cash flows At 31st July 2024 Cash at bank and In hand Short tem) inv6Stments 2,603,751 1.228,702 (466.445) 2,137,306 548,286 1,776,988 3,832,453 81,841 3,914,294 Page 36
OPEN COLLEGE NETWORK NORTHERN IRELAND (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024 26. Operating lease commitiments At 31 st July 2024 the charity had commitments to make future minimum lease payTnents under non- cancellablè operating leases as follows.. 2024 2023 Not later than 1 year 26,880 27. Comparativo Informatlon Certain compar8tSve Information has been restated to reflect a fairer comparison current year. These restatements have not had any effect on reported results for the year ended 31 March 2023 nor on total equity as at 31 M8rch 2023. 28. Related paty tran8actlons The Op8n College Network Northem Ireland has not entered into any related party transaction during the year, nor are there any outstsnding balances owing between related parties and the Open College N8tWOTk Northem Ireland at 31 st July 2024. Page 37