Charity registration number 513814 (England and Wales)
Company registration number 01696490
THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
LEGAL AND ADMINISTRATIVE INFORMATION
Charity number (England and Wales)
513814
Company number
01696490
President
Lady Angela Morgan
Patrons
Sir Philip Craven
Miss R Hall
(Deceased 7 November 2024))
Trustees (Council of Management)
A Baines
P Clark
(Appointed 19 March 2024)
E Hulme
Dr A Irving (Chair)
Mr J Lennon
N Maguire
(Appointed 20 March 2024)
S Marshall
T Murphy
B Young
Secretary
M J Beaumont
Chief Executive
M J Beaumont
Senior Management Team
SEND Education Business Manager
Lisa Turner
Sports Development Manager
Mark Palmer
Quality Assurance Manager
Shinear Dickson
(Resigned 26 July 2024)
Senior Data Analyst
Ian Grice
Interim Curriculum Manager
Christine Maguire
Quality Manager
Rebekah Young
(Resigned 9th February 2024)
Registered office
Greenbank Lane
Aigburth
Liverpool
L17 1AG
Auditor
DSG Audit
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
LEGAL AND ADMINISTRATIVE INFORMATION
Bankers
The Co-operative Bank plc
1-3 Parker Street
Liverpool
Merseyside
L1 1DJ
Solicitors
Weightmans LLP
100 Old Hall Street
Liverpool
L3 9QJ
THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
CONTENTS
Page
Trustees' report
1 - 10
Statement of trustees' responsibilities
11
Independent auditor's report
12 - 14
Statement of financial activities
15
Balance sheet
16
Statement of cash flows
17
Notes to the financial statements
18 - 32
THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 July 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The charity's objectives are: to provide or assist in the provision of facilities for the education, training, employment, welfare and relief of persons who have special needs by reason of disability (principal objective) and to benefit the residents of Liverpool and the surrounding area by the provision of facilities, or recreation, or other leisure time occupation of those who have need of such facilities by reason of youth, age, infirmity, disability, financial hardship, social and economic circumstances or for the public at large in the interests of social welfare and with the objective of improving the condition of life of the residents.

 

There have been no changes in the policies adopted in furtherance of these objectives during the year.

 

The trustees have paid due regard to guidance issued by the Charity Commission on public benefit in deciding which activities the charity should undertake.

 

Greenbank's activities are reflected in its mission statement, which is:

 

"Supporting people to achieve their potential through inclusive education, sport and leisure activities".

 

Strategic report

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the trustees to present a strategic report.

Achievements and performance

 

Provision of facilities for education, training and employment – Greenbank College

Greenbank’s education, training and employment services are offered by Greenbank College, a small facility which provides supported and inclusive opportunities for a diverse range of students.

College running costs were met during the year primarily through contract funding provided by the Educational Skills Funding Agency (ESFA). Greenbank was able to provide educational opportunities for 164 students.

All 164 of these students are aged between 16 and 18 or up to 25 with an Education, Health & Care Plan (EHCP), following a study programme, which focuses on their aspirations for their future. Each programme includes a work-related subject in addition to mathematics and English (if not already achieved to a level 2 standard), employability & citizenship skills, work experience or a placement, enrichment activities as well as 1 to1 tutor sessions. The aim is to provide a great experience for all students involved.

THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -

Subjects offered to students include

The challenges faced during the year 2023/24 were continuing staff retention (which has eased somewhat compared to the previous year, although still high), and low student numbers. This led to the employment of agency staff to cover unfilled roles, providing some stability in the classroom and should lead to an increase in academic outcomes in the coming years. The turnover rate of staff remained a cause of concern, however, throughout 2023/24. Greenbank tried to provide a competitive wage, but this was difficult at a time when the economy was heavily affected by inflation and rising wage demands. Difficulties with staff retention impacted on the overall student achievement rate, which declined from a high of 80.3% in 2022/23 to 69.2% in 2023/24, which was more in line with the 2021/22 rate of 66.4%, a year when the British Psychological Society recognised that some students, especially learners with SEND needs, were still showing the signs of the lingering negative effects of COVID 19. The functional skill rates also saw a decline, with the rate in 2023/24 being 47.8%, the lowest since before the Pandemic. Study programme progressions rates however, did stabilise, with numbers only slightly down from 2022/23.

College achievement rates

 

2021/22

2022/23

2023/24

Overall Achievement Rates

66.4%

80.3%

69.2%

LLDD Achievement Rate

68.2%

81.4%

69.3%

Functional Skills English and Mathematics

65.7%

60.3%

47.8%

Number of LLDD Students

122

116

130

Study Programme Destination (Positive Progression

85.5%

90.7%

86.6%

Ofsted

The annual college Self-Assessment Report was completed in February 2024 and approved by the Board of Trustees. As part of an ongoing process, the subsequent Quality Improvement Plan was produced in alignment with the Strategic Framework and contained comprehensive actions for development which were formally reviewed and updated by the Quality Assurance Manager, up until the Ofsted inspection which took place between 11th and 13th June 2024.

THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 3 -

Ofsted’s findings were disappointing, The Greenbank Project was judged to be ‘requires improvement’ for overall effectiveness and inadequate in part for ‘leadership and management’, specifically identifying areas that leaders had already started to address, but were not fully embedded at the time of the inspection.  This led to additional conditions of funding clauses being put in place in Greenbank’s contract for services. In response Greenbank has had two meetings with the Department for Education, we have submitted a Post Inspection Action Plan, which details actions being taken to address the Ofsted findings and are expecting a monitoring visit between January and July 2025.  

 

Linking learning and work

Greenbank College employs a Student Recruitment and Marketing Officer, whose role is to develop links with local employers, volunteer agencies, etc., to offer relevant work experience for students. Making this link between classroom learning and the workplace is an important element of Greenbank’s work.

Two key problems during 2023/24, which continued to hinder potential employment partners, was the ever-increasing cost of energy and the high inflation rates. These left many businesses focusing solely on maintaining themselves, which may have caused a shortage of placement opportunities for the college. The sectors most heavily affected by increasing costs were the hospitability and tourism industries, industries which link closely with Greenbank’s curriculum offer. Despite ongoing problems for our business partners, placement opportunities continued to be offered and new relationships were formed, including with volunteering agencies. These allowed Greenbank students to experience the work place. Out of 164 of our students, 127 were able to take part in work-based activities. 94 of these were in work experience, 29 in external placements and 34 took part in internal placements.

Supported Internships

Working in partnership with Liverpool City Council, Royal Liverpool University Hospital Trust (RLUHT), the Department for Work and Pensions and Supported Employment Agency HfT, Greenbank College continued to deliver the Supported Internship programme. Job coaches supported 14 interns, placed in RLUHT and Liverpool City Council. 100% of these interns progressed from their internship into work, or volunteering positions on the completion of their programme.

The Kinsella Suite

The Kinsella Suite provides a first-class realistic working environment for our young people aged 16 – 18 and up to 25 if they have an EHCP in place. It has two small conference rooms for hire, along with four en-suite bedrooms.

The facility is used as a progression route for High Needs students, giving them both the skills and work experience to enable them to secure full-time employment in this area of the local economy.

For those students who are on a Foundation Learning programme, the Kinsella Suite was used to help them practise their independent living skills. This continued to be an integral part of their learning programme in 2023/24, when students had weekly sessions, learning every day skills, such as making toast and hot drinks, hoovering and general cleaning. The Kinsella Suite was never intended to be a major source of income; however we are pleased to report that the Kinsella Suite has raised an additional £6,554 between August 2023 and July 2024 of unrestricted funds for the charity.

Graduation

Greenbank held its first student Graduation Ceremony for leavers in 2023/24. This was a low-key affair due to the nature of our students, many of whom were foundation learners. The ceremony was held in the Kinsella Suite for 56 leavers. Each student received a personal message from the CEO, which referred to the achievements they had made during their time at Greenbank. Of the 56 students leaving Greenbank in 2023/24 over two thirds positively progressed, 26 into further learning at another college; 5 into paid employment; 3 onto an apprenticeship, and 3 progressed into volunteering.

THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -

Awards ceremony

A 2023/24 awards ceremony was held on the last day of term. The Lord Mayor of Liverpool, Cllr Richard Kemp CBE and his wife the Lady Mayoress, along with Paul Amann, a Principal Officer, representing Liverpool City Region, attended the event to present our students with their end of year awards.

Include I.T. Digital Inclusion

Greenbank continued as a partner organisation in a project led by Sefton CVS and VOLA Consortium called Include-IT Mersey, delivering essential digital skills to digitally excluded residents of the city region.

 

Following six years funded by the European Social Fund and National Lottery Community Fund, since 2023 it has been funded by the Government’s UK Shared Prosperity Fund (UKSPF), set to run until March 2025. The project is aimed at increasing digital skills, confidence, and connectivity of disadvantaged, digitally excluded residents of the Liverpool City Region.

 

Following the successful conclusion of the ESF phase of the project in March 2023, through which we supported 97 digitally excluded, and mostly disabled people, between April 2023 and July 2024, the project has supported a further 41 people to develop basic IT skills.

 

Greenbank has been working with new and existing partners including Onward Housing, Kensington Community Centre, Wirral Mencap and, more recently, Wirral Change to ensure the new project reaches those who need it most.

 

Most learners have been Liverpool and Wirral residents (our primary target areas), with 49% aged 50+ and 44% having a disability, learning difficulty, or long-term health condition. 80% of learners went on to complete their programme of study, with 7 progressing to further education/ training and 6 moving from economic inactivity to active job-search.

Provision of facilities for recreation & leisure - Greenbank Sports Academy

Greenbank’s inclusive sport and leisure services are delivered through Greenbank Sports Academy. Greenbank Sports Academy is funded through contract delivery, charitable support and trading activities including the hire of sports hall facilities for local community use and gym services offered on a membership basis.

Development and recovery

2023/24 saw participation rates in physical activity remain stable overall, demonstrating the stability of the academy during this period. Inequalities faced by those with physical and other difficulties have been persistent and have affected participation in the academy from minority groups. The cost-of-living crisis has been shown to affect behaviour, especially of those from minority groups. The academy, however, has found that despite the cost-of-living crisis, there has been an increase in demand for vacant sports hall slots; these have been especially noticeable from our established sports clubs, which have remained loyal to Greenbank.

Workforce-related problems have been a factor too, with many staff on minimum wage or in casual paid positions, eventually leaving Greenbank for positions in other sectors. Funding for charitable organisations has been noticeably tougher to obtain during the 2023/24 period, but nevertheless staff have managed to attract more grants, some being unrestricted fundraising income.

Developments in the academy have also continued to be a priority with the modernization of the facility being a high priority. This includes the planning for an upgrade of the current lighting system which will attract more high-profile sporting groups to the centre.

THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -

Activity Programme – continued focus on tackling inequalities with focus on disability and health conditions

The Sports Academy offers a weekly sports and physical activity programme in partnership with a range of clubs and organisations. Sessions offered in this reporting year included boccia, ambulant football, table-tennis, cycling (including adapted cycles), power football, power hockey and rebound therapy.

Partnerships continue to grow. In the reporting year these include: Aigburth Community Cycle Club; Women on Bikes; PSS Liverpool; Neurotherapy Centre; Walton Centre; Brio Leisure; The Brain Charity; Merseyside Sport; Options for Supported Living; Mencap Liverpool; Greenbank Giants Boccia Club; Greenbank Power Football Club; Panathlon; Liverpool Handball Club and Liverpool Roller Birds.

Access to Exercise and Wellbeing Programme

This project supports people with neurological conditions to identify what they want to achieve and then, through a blend of wellbeing, counselling, exercise, and physiotherapy, enables them to manage their condition successfully. The Neuro Therapy Centre, based on the outskirts of Chester, is the lead organisation for this project, working closely with Brio Leisure, Greenbank Sports Academy and The Brain Charity in Liverpool. The Walton Centre is a key partner along with Sheffield Hallam University who are evaluating the project’s impact. To date, the project has successfully recruited 85 participants to the evaluation and has attracted over 250 new members, of whom 58 have completed their 3-month follow-up assessments, and 21 have gone on to complete their 6-month follow-up.

The interim evaluation report findings include:

The participant interview and focus groups have so far identified:

1. Exercise as a Tool for Managing Chronic Conditions

2. Challenges and Limitations of Physical Therapy

3. Value of Supportive Rehabilitation Environments

4. Emotional and Psychological Benefits of Exercise

5. Requests for more therapy options

 

Power sports’ continued development

The development of power sports such as Football and Hockey has continued throughout the UK with Greenbank playing a key part in its development and recognition. The Greenbank Power Football club has gone from strength to strength, gaining promotion to the premiership and winning the champions title in the 2023- 24 season which was only its third season in the league.

In May 2024 Greenbank was successful in obtaining a further grant from Sport England for £250,000, to further develop a national programme for Power Hockey. The grant will be used to develop 5 Power Hockey participation hubs in England over the next 2 years.

 

THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -

Community development and collaboration

Greenbank has continued to support the wider sport, health and physical activity. This includes actively contributing to the Greenbank Active Partnership, Liverpool Active City Strategy, Cheshire and Merseyside All Together Active Strategy, Liverpool We Are Undefeatable Stakeholder Group, Cheshire and Merseyside Neurological Alliance, Activity Alliance stakeholder group, Liverpool City Region Equality Panel (disability) and the Access to Exercise and Wellbeing programme. These are vital in evaluating the role that sport and physical activity currently play, and indeed could play, in the future of health and wellbeing for our communities.

Designated funding and active projects

During the reporting year Greenbank secured grant funding of over £80,000 to support projects and services. These including Liverpool CRG Grant; Youth Diversion Fund; Eleanor Rathbone Trust and Holiday Activity Fund (HAF).

The Wheelbarrow Café

The Wheelbarrow café continues to be leased by our neighbours and owners of the Watering Can. Greenbank receives a rental income of £15,000 plus VAT per annum. The tenure of the lease is 5 years, with landlord and tenant having a break option after one year, subject to 2 months’ notice.

Gym / Power Sport Memberships

Between 1st August 2023 and 31st July 2024, the gym was open for 342 days and recorded 7704 check-ins. It had an average of 151 active gym members per month. Power Sport memberships reached a core of 18 annual membership plans. The total number of gym members is 385.

Sports Hall

In addition, the sports hall generated £184,735 during the 2023-24 reporting year, as recorded by Pitchbooking. There were 2803 events held in the sports hall, ranging from casual football to regional, national and international major events; these included:

THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -

Working with elite athletes

During the year Greenbank Sports Academy was used by several elite athletes including:

Financial review

The results for the year and the charity's financial position at the end of the year are shown in the attached financial statements.

 

The charity recorded a net deficit of £335,414 (2023: £96,994) for the financial year ending 31 July 2024. At the year end, net assets stood at £4,808,400 (2023: £5,143,814) of which £65,069 (2023 : £30,000) was held in restricted funds and £4,743,331 (2023: £5,113,814) in unrestricted funds.

Currently the cash assets of the charity are held in three bank accounts (current accounts held with the Co-operative and Barclays Bank, and a savings account held with the Charitable Aid Foundation (CAF)).

 

Support

Greenbank is fortunate in having an experienced, knowledgeable and loyal workforce (both paid and voluntary) with a passion for meeting the needs of the people that it serves.

 

Thank you to our funders, patrons, students and participants for their support in 2023/24.

Reserves Policy

The Board of Trustees annually review Greenbank’s reserves policy.This states that unrestricted funds not committed or invested in tangible fixed assets should be enough to cover three to six months core operational costs.The trustees are aware that the current level of reserves is below this target amount and are looking at ways to increase this but do not feel this impacts on the day-to-day activities of the charity.

Going concern

Partially in response to rising costs and in anticipation of reduced funding, The Greenbank Project has taken steps to actively monitor future expenditure, including the following:

 

 

 

 

These steps and the revised forecast will allow the Greenbank Project to actively monitor and control costs to meet shortfalls in funding as well as manage its day-to-day operations.

 

With these controls in mind, and on viewing the current forecast that covers a period of 12 months from date of signing, the trustees believe the charity is a going concern and no adjustments have been made to reflect the position if the charity ceased to be a going concern. The accounts have therefore been prepared on the going concern basis.

Investment policy

The Board of Trustees have agreed to seek specialist Charity Sector advice and guidance when in a position to consider investments.

THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -

Risk management

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to limit exposure to these.

 

The five-year Strategic Ambitions Plan was produced in spring 2019, for implementation from August 2019. The plan takes account of external risks and over reliance on one stream of funding and covers 2019-2024. The plan has been amended by the Board and extended by a further two years to 2026 to take account of the COVID 19 pandemic. The plan has five overarching strategic ambitions, one being:

"Be a financially strong and sustainable organization that is an essential and influential partner in achieving the priorities of the Liverpool City Region (LCR)".

Internal risks are minimized through the implementation of an internal financial controls policy, clear line management responsibility, regular senior management meetings, business planning and a system of reporting to the Board of Trustees.

 

Plans for future periods

In line with Greenbank’s five year strategic plan, the priorities for the next twelve months include the following:

 

 

 

 

 

 

THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
Structure, governance and management

The charity is a company limited by guarantee (no. 1696490), incorporated in England on 2nd February 1983 and registered as a Charity (no. 513814) on 2nd June 1983. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

 

A Baines
P Clark
(Appointed 19 March 2024)
E Hulme
S Hulme (Vice Chair)
(Resigned 12 February 2024)
Dr A Irving (Chair)
Mr J Lennon
N Maguire
(Appointed 20 March 2024)
S Marshall
T Murphy
S Robinson
(Resigned 1 September 2023)
B Young

New trustees complete a short induction which involves meeting trustee board members and members of the senior staff team and as part of their introduction to the charity and a handbook is made available.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

 

Greenbank has a Board of Trustees of between 7 and 15 members who meet bi-monthly and are responsible for the strategic direction and policies of the charity. Powers of delegation are in place and day-to-day responsibility for the provision and quality of services rests with the CEO and the Senior Leadership Team.

 

Qualifying third party indemnity provisions

All trustees are covered by the charity's professional indemnity insurance.

Sub Committees

Quality & Curriculum, Finance & Resources Sub Committees have met at regular intervals throughout the year and report to the full Board of Trustees.

 

Recruitment and Appointment

Members of the Board of Trustees who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out in the Legal and Administration information at the front of this document. All trustees are registered as directors with Companies House. Board of Trustees members are elected at the Annual General Meeting (AGM) with one third retiring in rotation according to seniority. Retiring members are eligible for re-election.

 

THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 10 -

Remuneration Policy

The Greenbank Project is committed to ensuring that we pay our staff fairly and in a way which ensures that we attract and retain people with the right skills to have the greatest impact in delivering our charitable objectives.

 

In determining The Greenbank Project remuneration policy, the Board of Trustees considers all factors which are deemed necessary. The objective of the policy is to ensure that the CEO and staff team are provided with appropriate incentives to encourage enhanced performance and are, in a fair and responsible manner, rewarded for their individual contributions to the success of the charity.

The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other charities ensuring that The Greenbank Project remains sensitive to the broader factors e.g. pay and employment conditions elsewhere.

We aim to recruit, subject to experience, at the lower – midpoint within any band, providing scope to reward excellence. We do not employ interns without pay.

Delivery of The Greenbank Project charitable vision and purpose is primarily dependent on our staff, which is the largest single element of charitable expenditure.

Auditor

DSG resigned as auditor on 11 September 2024. DSG Audit were appointed on 11 September 2024 and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report, including the strategic report, was approved by the Board of Trustees.

M J Beaumont
Company Secretary
Dated: 25 February 2025
THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 JULY 2024
- 11 -

The trustees, who are also the directors of The Greenbank Project for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE GREENBANK PROJECT
- 12 -

Opinion

We have audited the financial statements of The Greenbank Project (the ‘charity’) for the year ended 31 July 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial 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 ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements 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 otherwise 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 doing 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 materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

-

the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report and the strategic report prepared for the purposes of company law, is consistent with the financial statements; and

-

the strategic report and the directors' report included within the trustees' report have been prepared in accordance with applicable legal requirements.

THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE GREENBANK PROJECT
- 13 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of trustees' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, 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 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether 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 that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and the Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of Trustee meeting minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

Based on our discussions with the charitable company’s management and the Trustees, we identified those laws and regulations considered to have a direct effect on the financial statements including the Education Act 2005, Education and Skills Act 2008, Children and Families Act 2014, UK financial reporting standards and Charity Law.

 

We also identified those laws and regulations for which non-compliance may be fundamental to the operating aspects of the charitable company and therefore may have a material effect on the financial statements include compliance with the charitable objectives, public benefit, fundraising regulations, safeguarding and health and safety legislation.

 

These matters were discussed amongst the engagement team at the planning stage and the team remained alert to non-compliance throughout the audit.

THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE GREENBANK PROJECT
- 14 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.

 

This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company’s 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 the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jean Ellis BA FCA CTA (Senior Statutory Auditor)
For and on behalf of DSG Audit, Statutory Auditor
Chartered Accountants
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
25 February 2025
THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 15 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
3,913
1,186
5,099
426
-
426
Charitable activities
4
280,897
2,074,796
2,355,693
310,788
2,005,747
2,316,535

Interest received

5
102
-
102
43
-
43
Total income
284,912
2,075,982
2,360,894
311,257
2,005,747
2,317,004
Expenditure on:
Charitable activities
6
655,395
2,040,913
2,696,308
438,251
1,975,747
2,413,998
Total expenditure
655,395
2,040,913
2,696,308
438,251
1,975,747
2,413,998
Net (expenditure)/income for the year/
Net movement in funds
(370,483)
35,069
(335,414)
(126,994)
30,000
(96,994)
Fund balances at 1 August 2023
5,113,814
30,000
5,143,814
5,240,808
-
5,240,808
Fund balances at 31 July 2024
4,743,331
65,069
4,808,400
5,113,814
30,000
5,143,814

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 16 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
4,962,623
5,142,132
Current assets
Debtors
13
102,585
87,451
Cash at bank and in hand
75,384
242,550
177,969
330,001
Creditors: amounts falling due within one year
14
(187,630)
(161,047)
Net current (liabilities)/assets
(9,661)
168,954
Total assets less current liabilities
4,952,962
5,311,086
Creditors: amounts falling due after more than one year
15
(144,562)
(167,272)
Net assets
4,808,400
5,143,814
The funds of the charity
Restricted income funds
18
65,069
30,000
Unrestricted funds
19
4,743,331
5,113,814
4,808,400
5,143,814
The financial statements were approved by the trustees on 25 February 2025
Dr A Irving (Chair)
Trustee
Company registration number 01696490 (England and Wales)
THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
24
(108,068)
(30,050)
Investing activities
Purchase of tangible fixed assets
(47,447)
(81,500)
Investment income received
102
43
Net cash used in investing activities
(47,345)
(81,457)
Financing activities
Repayment of bank loans
(22,264)
(21,718)
Net cash used in financing activities
(22,264)
(21,718)
Net decrease in cash and cash equivalents
(177,677)
(133,225)
Cash and cash equivalents at beginning of year
242,550
375,775
Cash and cash equivalents at end of year
64,873
242,550
Relating to:
Cash at bank and in hand
75,384
242,550
Bank overdrafts included in creditors payable within one year
(10,511)
-
THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 18 -
1
Accounting policies
Charity information

The Greenbank Project is a private company limited by guarantee incorporated in England and Wales. The registered office is Greenbank Lane, Aigburth, Liverpool, L17 1AG. The nature of the charitable company's operations and principal activities are set out on page 1.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

 

Partially in response to rising costs and in anticipation of reduced funding, The Greenbank Project has taken steps to actively monitor future expenditure, including the following:

 

 

 

 

These steps and the revised forecast will allow the Greenbank Project to actively monitor and control costs to meet shortfalls in funding as well as manage its day-to-day operations.

 

With these controls in mind, and on viewing the current forecast that covers a period of 12 months from date of signing, the trustees believe the charity is a going concern and no adjustments have been made to reflect the position if the charity ceased to be a going concern. The accounts have therefore been prepared on the going concern basis.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 19 -
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to special performance conditions and is recognised as earned as the related services are provided. Grant income included in this category provides funding to support performance activities and is recognised when there is entitlement, certainty of receipt and the amounts can be measured with sufficient reliability.

No amount is included in the financial statements for volunteer time.

1.5
Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings:

 

 

 

Irrecoverable VAT is charged as an expense against the activity for which expenditure.

 

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at the charity's registered office. Where support costs cannot be directly attributed to particular headings, they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Leasehold land and buildings
2% straight line
Fixtures and fittings
25% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 20 -
1.7
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

 

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 21 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10
Taxation

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and before it meets the definition of a charitable company for UK corporation tax purposes.

1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13

VAT

The charity is partially exempt for VAT purposes, therefore figures shown in the accounts are included gross subject to any VAT which may be recoverable.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 22 -
3
Donations and legacies
Unrestricted
Restricted
Total
Unrestricted
funds
funds
funds
2024
2024
2024
2023
£
£
£
£
Donations and gifts
3,913
1,186
5,099
426
4
Income from charitable activities
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
College
Sale of goods
29,033
-
29,033
55,363
-
55,363
Services provided under contract
-
1,964,415
1,964,415
18,836
1,701,388
1,720,224
Performance related grants
-
(7,662)
(7,662)
-
39,061
39,061
Academy
Sale of goods
251,864
-
251,864
236,589
-
236,589
Performance related grants
-
118,043
118,043
-
265,298
265,298
280,897
2,074,796
2,355,693
310,788
2,005,747
2,316,535
5
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
102
43
THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
6
Expenditure on charitable activities
College
Academy
Total
College
Academy
Total
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Direct costs
Staff costs
1,445,864
226,989
1,672,853
1,264,819
182,642
1,447,461
Purchases
85,711
4,888
90,599
40,025
25,571
65,596
Rent, rates and water
5,803
11,029
16,832
-
11,064
11,064
Travel
1,391
2,238
3,629
304
3,746
4,050
Staff training
10,553
2,988
13,541
18,118
-
18,118
Student travel
48,862
-
48,862
68,627
-
68,627
Student allowance
43,515
-
43,515
64,957
-
64,957
Student training
30,893
350
31,243
43,286
-
43,286
Reapirs and mainenace
147,043
21,621
168,664
110,785
6,104
116,889
Leasing
7,183
-
7,183
4,871
472
5,343
Professional fees
51,379
5,958
57,337
52,067
4,912
56,979
Protective clothing
1,220
489
1,709
1,202
-
1,202
Bad debts
3,122
1,100
4,222
-
73
73
Sundry expenses
6,155
-
6,155
7,658
-
7,658
Other charitable costs
13,942
-
13,942
8,214
7,593
15,807
1,902,636
277,650
2,180,286
1,684,933
242,177
1,927,110
Share of support and governance costs (see note 7)
Support
366,791
136,231
503,022
339,191
135,697
474,888
Governance
6,500
6,500
13,000
6,000
6,000
12,000
2,275,927
420,381
2,696,308
2,030,124
383,874
2,413,998
Analysis by fund
Unrestricted funds
321,191
334,204
655,395
319,675
118,576
438,251
Restricted funds
1,954,736
86,177
2,040,913
1,710,449
265,298
1,975,747
2,275,927
420,381
2,696,308
2,030,124
383,874
2,413,998
THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 24 -
7
Support costs allocated to activities
2024
2023
£
£
Depreciation
226,956
226,954
Establishment costs
119,651
104,837
Information technology
44,438
28,757
Office costs
74,310
78,616
Legal and professional
37,667
35,724
Governance costs
13,000
12,000
516,022
486,888
Analysed between:
College
373,291
345,191
Academy
142,731
141,697
516,022
486,888
2024
2023
Governance costs comprise:
£
£
Audit fees
13,000
12,000
13,000
12,000

 

8
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
13,000
12,000
Depreciation of owned tangible fixed assets
226,956
226,954
9
Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2023: no trustees).

 

None of the trustees (or any persons connected with them) received any travel or other expenses from the charity during the year (2023: £nil).

THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 25 -
10
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Operational and training
79
73
Administration
3
8
Finance and management
6
9
Security
2
2
Total
90
92
Employment costs
2024
2023
£
£
Wages and salaries
1,523,354
1,308,502
Social security costs
90,277
83,826
Other pension costs
59,222
55,133
1,672,853
1,447,461

Included in salary costs above are payments to agency workers of £221,173 (2023 £71,833).

The number of employees whose annual remuneration was more than £60,000 is as follows:
2024
2023
Number
Number
£60,000 - £69,999
1
1
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2024
2023
£
£
Aggregate compensation
174,259
198,951

The charity considers its key management personnel to comprise the Chief Executive Officer, Education and Curriculum Manager, Finance Manager, Quality Assurance Manager, Sports Development Manager, Sports and Cafe Duty Manager and the Management Information Manager.

11
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 26 -
12
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
3,817,104
4,022,696
1,544,827
109,096
9,493,723
Additions
-
-
47,447
-
47,447
At 31 July 2024
3,817,104
4,022,696
1,592,274
109,096
9,541,170
Depreciation and impairment
At 1 August 2023
1,310,440
1,544,620
1,387,435
109,096
4,351,591
Depreciation charged in the year
76,342
80,454
70,160
-
226,956
At 31 July 2024
1,386,782
1,625,074
1,457,595
109,096
4,578,547
Carrying amount
At 31 July 2024
2,430,322
2,397,622
134,679
-
4,962,623
At 31 July 2023
2,506,664
2,478,076
157,392
-
5,142,132
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
43,496
41,286
Other debtors
8,686
4,170
Prepayments and accrued income
50,403
41,995
102,585
87,451
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
33,358
22,401
Other taxation and social security
17,452
20,948
Trade creditors
116,274
28,250
Other creditors
571
388
Accruals and deferred income
19,975
89,060
187,630
161,047
THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 27 -
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
16
144,562
167,272
16
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
10,511
-
Bank loans
167,409
189,673
177,920
189,673
Payable within one year
33,358
22,401
Payable after one year
144,562
167,272
Amounts included above which fall due after five years:
Payable by instalments
70,975
70,975

Barclays bank holds a first legal charge over the land and buildings of the charity as security for the bank loan and overdraft facility. Interest is charged on the bank loan at 3.54%.

 

A loan of £50,000 was provided in the year ended 31 August 2021 by The Co-operative Bank under the Bounce Back Loan Scheme which is a UK government scheme to support UK businesses as a result of the coronavirus pandemic. Under the scheme no interest is paid for the first 12 months after which the interest rate will be 2.5%.

 

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
59,222
55,133

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 28 -
18
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Movement in funds
Movement in funds
Incoming resources
Resources expended
Balance at
1 August 2023
Incoming resources
Resources expended
Balance at
31 July 2024
£
£
£
£
£
£
ESFA
1,431,083
(1,431,083)
-
1,546,021
(1,546,021)
-
Liverpool City Council (HNS)
193,769
(193,769)
-
313,240
(313,240)
-
Knowsley MBC (HNS)
42,418
(42,418)
-
9,296
(9,296)
-
Other Local Authorities (HNS)
14,397
(14,397)
-
40,060
(40,060)
-
Sports England
81,500
(81,500)
-
72,500
(38,031)
34,469
Big Lottery
39,061
(39,061)
-
-
-
-
VOLA New Futures
12,090
(12,090)
-
-
-
-
Holiday activity fund
11,527
(11,527)
-
19,475
(19,475)
-
Other
179,902
(149,902)
30,000
75,390
(74,790)
30,600
2,005,747
(1,975,747)
30,000
2,075,982
(2,040,913)
65,069
THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
18
Restricted funds
(Continued)
- 29 -

Education and Skills Funding Agency (ESFA)

This represents core funding provided by the ESFA to cover the college running costs.

 

Higher Needs Support (HNS) Funds

High needs support funding supports students with specific learning needs through small classes, learner support, welfare, equipment etc.

 

Sports England provide funding for the Power Hockey Development project.

Big Lottery Fund

This fund is in respect of digital inclusion.

 

VOLA New Futures

The New Futures Project provides a personalised, flexible package of support to help up to 1,400 young people (15-24 year olds) who are not in education, employment or training to move towards a better future in employment.The project is delivered jointly by Greenbank College and VOLA Consortium.VOLA is a consortium of Voluntary Community and Social Enterprise Sector (VCSE) service providers operating in Liverpool City Region. The New Futures programme is funded by the European Social Fund (ESF) and the Education and Skills Funding Agency (ESFA).

 

Holiday Activity Fund

A grant from the local authority to deliver holiday activities and a food programme.

 

Other restricted funds

Included is funding received from Liverpool City Council, the Eleanor Rathbone Charitable Trust and Sefton CVS. The balance brought forward at 1 August 2023 and carried forward at 31 July 2024 represents monies received from the Peter Harrison Foundation for funding towards the refurbishment of academy changing rooms.

THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 30 -
19
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 August 2023
Incoming resources
Resources expended
Transfers
At 31 July 2024
£
£
£
£
£
Tangible fixed asset fund
4,989,731
-
-
(167,109)
4,822,622
General funds
124,083
284,912
(655,395)
167,109
(79,291)
5,113,814
284,912
(655,395)
-
4,743,331
Previous year:
At 1 August 2022
Incoming resources
Resources expended
Transfers
At 31 July 2023
£
£
£
£
£
Tangible fixed asset fund
5,123,052
-
-
(133,321)
4,989,731
General funds
117,756
311,257
(438,251)
133,321
124,083
5,240,808
311,257
(438,251)
-
5,113,814

Tangible fixed asset fund

In order to accurately show the reserves tied up in fixed assets held by the charity, a designated tangible fixed asset fund has been created representing assets used operationally by the charity net of loans secured on them. This fund includes assets acquired with historic capital grants. As these grants have been expended in line with the conditions of funding, this has discharged the restriction on them, and therefore they have been transferred to unrestricted funds.

20
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 July 2024:
Tangible assets
4,962,623
-
4,962,623
Current assets/(liabilities)
(74,730)
65,069
(9,661)
Long term liabilities
(144,562)
-
(144,562)
4,743,331
65,069
4,808,400
THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
20
Analysis of net assets between funds
(Continued)
- 31 -
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
At 31 July 2023:
Tangible assets
5,142,132
-
5,142,132
Current assets/(liabilities)
138,954
30,000
168,954
Long term liabilities
(167,272)
-
(167,272)
5,113,814
30,000
5,143,814
21
Financial commitments, guarantees and contingent liabilities

Funding received from the Big Lottery Fund in the sum of of £645,612 is subject to a legal charge , dated 28 January 2008 , held over certain freehold property owned by the company. This funding is repayable in the event of a sale of the property or liquidation of the company.

 

22
Operating lease commitments
Lessee

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
4,831
3,695
Between two and five years
11,841
3,771
16,672
7,466
Lessor

At the reporting end date the charity had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
Within one year
2,500
2,500
THE GREENBANK PROJECT
COMPANY LIMITED BY GUARANTEE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 32 -
23
Related party transactions
Transactions with related parties

During the year the charity entered into the following transactions with related parties:

 

Other related party transactions:
During the year, the Greenbank Project made purchases for equipment totalling £45,000 (2023: £81,500) from Powersport Engineering CIC. At the year end £nil (2023: £nil) remained outstanding.

 

Powersport Engineering CIC is a community interest company and is deemed to be a related party in which Greenbank Project has significant influence over by virtue of being its main customer and employing one of its directors, Peter Wyman.

24
Cash absorbed by operations
2024
2023
£
£
Deficit for the year
(335,414)
(96,994)
Adjustments for:
Investment income recognised in statement of financial activities
(102)
(43)
Depreciation and impairment of tangible fixed assets
226,956
226,954
Movements in working capital:
(Increase)/decrease in stocks
-
4,251
(Increase)/decrease in debtors
(15,134)
43,553
Increase/(decrease) in creditors
15,626
(207,771)
Cash absorbed by operations
(108,068)
(30,050)
25
Analysis of changes in net debt
At 1 August 2023
Cash flows
At 31 July 2024
£
£
£
Cash at bank and in hand
242,550
(167,166)
75,384
Bank overdrafts
-
(10,511)
(10,511)
242,550
(177,677)
64,873
Loans falling due within one year
(22,401)
(446)
(22,847)
Loans falling due after more than one year
(167,272)
22,710
(144,562)
52,877
(155,413)
(102,536)
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