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,
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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
So￿0
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
Le￿1 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.
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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 Mant￿deS 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 theprev1ousye8￿sSurP[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 d￿ruptIVe 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
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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 se￿IceS 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, prO￿ded 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 Ne￿ork 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 t￿e1ve 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 ac￿pt 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 AuDrro￿s 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
4,024￿31
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 Ne￿ork Northern Ireland makes a malchlng contribullon of be￿een 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
un￿StrICted
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 NeI￿Ork 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