REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
FE SUSSEX |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
FE SUSSEX |
FE SUSSEX |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
Page |
Report of the Trustees | 1 | to | 6 |
Independent Examiner's Report | 7 |
Statement of Financial Activities | 8 |
Balance Sheet | 9 | to | 10 |
Notes to the Financial Statements | 11 | to | 19 |
FE SUSSEX (REGISTERED NUMBER: 05324410) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JULY 2024 |
The board presents the report and financial statements of FE Sussex for the year ended 31 July 2024. The statements appear in the format required by the 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). All trustees are directors, the trustees’ report is also a directors’ report as required by s.415 of the Companies Act 2006. |
The financial statements comply with current statutory requirements, the Memorandum and Articles of Association of the Company and the Statement of Recommended Practice - Accounting and Reporting by Charities in accordance with the Financial Reporting Standard (FRS 102) (effective 1 January 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The Trust's main objectives are: |
1. | To promote further education in Sussex and the South East, to provide a forum for Members to exchange ideas and information, to develop and share best practice, to identify and implement key national, local and other agendas in the further education sector and to assist Members in interpreting and implementing such agendas; |
2. | To represent Members' collective views, and to seek to assist policy and development in further education by all proper means including acting in a lobbying role and providing such products and services as will assist Members in the delivery of high quality further education services; and |
3. | To provide a resource for the provision of CPD, training to Members and their staff and to disseminate the results of discussion, research and development project activities to Sussex colleges and other interested parties. |
Significant Activities |
In the past year the trust has: |
- Successfully bid for a large injection of funding from the DfE LEarning and Skills Improvement Fund; |
- Led a multi-strand project to digitally transform teaching and learning, careers and employability provision across all Sussex colleges; |
- Provided meetings for the exchange and peer grouping of college CEOs and Principals; |
- Delivered the strategic object of influencing national and local skills agendas, through engagement with elected policymakers and senior local authority staff; |
- Led a pan-Sussex approach to SEND high needs funding, and the colleges' involvement in the Government-funded SEND and AP Change Programme; |
- Reviewed the networks for teachers and senior support staff to deliver up-to-date and relevant peer support; |
- Partnered with Higher Education Institutions and national providers to deliver tailored CPD to senior leaders at minimal cost to the colleges. |
FE SUSSEX (REGISTERED NUMBER: 05324410) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JULY 2024 |
OBJECTIVES AND ACTIVITIES |
Public benefit |
The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. All members of the public have the opportunity to benefit from the activities of the charity as its aims and purpose is to advance further education in Sussex and the South East" (for all) through: |
1. | Providing a forum for Members to exchange ideas and information, to develop and share best practice, to identify and implement key national, local and other agendas in the further education sector and to assist Members in interpreting and implementing; |
2. | Seeking to assist policy and development in further education by all proper means including acting in a lobbying role; |
3. | Providing such products and services as will assist Members in the delivery of high quality further education; |
4. | Providing a coordinated resource for the provision of training to Members and their staff; |
5. | Disseminating the results of discussion and research to interested parties; and |
6. | Such other means as the trustees from time to time determine. |
In practice, this means any member of the public engaged in Further Education and Training - in its broadest sense - can benefit through a range of activities such as: |
- Improvement of teaching and learning for the benefit of all learners on any course in any college; |
- Coordination of courses across colleges for the benefit of learners who may be unemployed, hard to reach, NEET etc. |
- The securing of project funds to improve resources, facilities and teaching and learning. |
FE SUSSEX (REGISTERED NUMBER: 05324410) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JULY 2024 |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The charity's focus in 2023/24 has been the delivery of the Sussex Local Skills Improvement Fund (LSIF)projects.These projects responded to skills gaps identified within the Local Skills Improvement Plan delivered by the Sussex Chamber of Commerce. Conceiving the £4.5m projects was challenging due to a constrained delivery timetable and the structure of the available funding, which was predominantly capital. Despite this, we are delighted that FE Sussex is on course to secure the maximum amount of LSIF funding available to its member colleges and achieve the challenging KPIs. |
A significant achievement this year has been the engagement and funding of all seven member colleges through LSIF. Previously, the Sixth Form Colleges have not all been involved in similar projects, and FE Sussex's successful coordination of a collaborative approach to engaging Further Education and Sixth Form Colleges has been noted by national stakeholders including the Department for Education. |
The LSIF has enabled the introduction of a wide range of new digital teaching and learning technologies to be installed for the benefit of Sussex learners, job-seekers, employers and wider communities. These technologies include new careers websites for learners, job-seekers, and career changers in West Sussex and Brighton and Hove, that mirror the successful Careers East Sussex site. Bodyswaps which enables learners to participate in virtual reality job interviews and employability training has been introduced across all Sussex colleges.Immersive classrooms and shared teaching technology have been installed in all fifteen FE Sussex member campuses. These technologies facilitate greater learner engagement with usually inaccessible 'real life' environments through virtual reality, and also enable careers events, master classes and qualification delivery to take place across each Sussex college simultaneously. |
FE Sussex is particularly proud of developing 'Landed' with LSIF funding. A genuinely collaborative project,Landed is an app that matches Sussex job-seekers with locally available vacancies through an algorithm. The app also supports college careers and employability teams to track and support learners job-seeking activity and their destinations. Landed has been designed in collaboration with Sussex learners, college staff and employers,and is tailored towards its locality and Sussex users. |
An important outcome of the ongoing and successful delivery of the LSIF project is the development of relationships with Local Authorities, Sussex Chambers of Commerce, Universities, and elected representatives. This has resulted in an excellent basis on which to build in 2024/25, when stakeholder engagement will be vital in order align FE Sussex and its members with new Government policy. |
Aside from LSIF project delivery, FE Sussex successfully facilitated a range of member collaborative activity in 2023/24 through its networks and CPD delivery. A review of the FE Sussex Networks saw the introduction of pan-Sussex college staff coming together to share effective practice on a range of activity from AI, leadership training, safeguarding, and college governance. Relationships with the University of Portsmouth and the FE Women's Leadership Network led to opportunities for members' senior leaders to benefit from CPD on Mental Wellbeing for FE Leaders, and a 'Redefining Your Leadership' programme. Delivered as pilots at no- or low-cost,the high quality of these programmes was reflected in superb feedback from participants. |
The charity balances a reduction of overheads with delivery of meaningful activity, through a combination of staff homeworking, online meetings, and the delivery of in-person network events for college staff and leaders. |
The charity also continues to engage in commercial work when it contracts with organisations of a similar nature to provide educational services where congruent with the charity's mission. |
The charity has reasonable financial reserves after all of its liabilities are taken into account. Staffing and other overheads have been carefully controlled and this has enabled the charity to return a surplus. |
Public and Community Involvement |
The Charity is directly involved with the wider Sussex community and has been in contact with many stakeholders, including universities, local employers and the three local authorities during the delivery of the Sussex Local Skills and Improvement Fund project. |
FE SUSSEX (REGISTERED NUMBER: 05324410) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JULY 2024 |
FINANCIAL REVIEW |
Financial position |
A surplus of £79,005, contributing to reserves of £375,600 will enable the charity to enter into 2024/25 positively. The charity's financial health will enable FE Sussex to successfully conclude delivery of the Local Skills Improvement Fund projects and play a vital role in shaping its members' collective response and influencing the local landscape resulting from the new Government's focuses on devolution and collaboration on skills provision. |
Bursaries, Scholarships and Accessibility |
The Charity does not award bursaries or scholarships. The charity supports the open access accessibility and aspiration of member colleges through its quality improvement, knowledge exchange and network groups and development programmes. |
Reserves policy |
The reserves of the charity after all liabilities (with the exception of theoretical redundancy payments due to staff in the event of the charity ceasing to operate) stand at £375,600, which is greater than a year’s core operating costs. |
The management has examined the requirement for reserves and their level. As a result it has established a policy whereby unrestricted reserves not committed or invested in tangible fixed assets should be equal to or exceed one year of operating expenses. For the year 2023/24 core activity operating expenses totalled (approximately) £184,325 including administration payroll. The management of the charity are confident that, at this level, even if all income to the charity ceased, the core activities of the charity could continue for a period of up to 24 months. |
Members' liabilities |
As bound by the Articles of Association of the charity, every member of the charity promises, if the charity is dissolved while he or she or is a member or within twelve months after he or she or it ceases to be a member, to contribute such sum (not exceeding £10) as may be demanded of him or her or it towards the payment of the debts and liabilities of the charity incurred before he or she or it ceases to be a member, and of the costs charges and expenses of winding up, and the adjustment of the rights of the contributories among themselves. |
FUTURE DEVELOPMENTS |
The annual and three year business planning cycles of the charity are used to determine future developments. Trustees plan to continue to provide services to member colleges which are congruent with the key objectives of the charity. It is anticipated that greater emphasis will be placed upon cooperation with local employers, local government and universities as a result of the new Government's aims of increased devolution and collaboration around skills provision. There is high-uncertainty over future rounds of the high-value Department for Education funding (SDF followed by LSIF), on which FE Sussex has relied over recent years, or whether similar opportunities will be available to FE Sussex. The Government's imminent Devolution White Paper and Skills Strategies will bring clarity, and level and mode of operation of the charity's activities will be adjusted accordingly. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
The Company is governed by its Memorandum and Articles of Association which were drawn up on incorporation 5 January 2005, and amended by special resolution on 14 June 2011. The company was registered as a charity with the Charities Commission on 4 July 2011. |
Organisation |
The Trustees are responsible for the financial management of the charity. If a vacancy arises the Trustees will ensure that all skills continue to be covered. The main skills/knowledge/experience required are experience at a senior level in further education college management together with knowledge of company legal procedures, financial and project management. |
Each member organisation is entitled to appoint one director. The directors may appoint a director by ordinary resolution up to a maximum of 15 directors. |
The trustees are responsible for the education and pastoral care provided by the charity. The day-to-day management was delegated to Ms J D Clark. |
FE SUSSEX (REGISTERED NUMBER: 05324410) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JULY 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Recruitment, induction and training of trustees |
All new Trustees receive induction on a group and on a one to one basis to ensure they are familiar with their duties and responsibilities. |
All Trustees are CEOs/principals of the member colleges of FE Sussex with the exception of Ms J D Clark. Some Trustees have been in post longer than three years. |
Risk management |
Formal risk assessment is made to the Trustees on a regular basis in the form of a Risk Register. The charity’s activities are low risk. No large advance purchases are made. To keep overheads in line with income, there is one CEO. Historically there has also been a full-time administrator. However, during the year ending 31 July 2024, the post-holder resigned from FE Sussex. No replacement was recruited during the year, in order to keep costs to a minimum and whilst the needs of the organisation were assessed. Other staff are contracted on to contracts and projects as required and dependent on budgets. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Independent Examiner |
Sarah Alexander FCCA FCA |
Lewis Brownlee (Chichester) Limited |
Chartered Accountants |
Appledram Barns |
Birdham Road |
Chichester |
West Sussex |
PO20 7EQ |
Solicitors |
Irwin Mitchell LLP |
Brunel House |
21 Brunswick Place |
Southampton |
Hampshire |
SO15 2AQ |
FE SUSSEX (REGISTERED NUMBER: 05324410) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JULY 2024 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Bankers |
Lloyds TSB Bank Plc |
10 East Street |
Chichester |
West Sussex |
PO19 1HJ |
Business address |
Plumpton College |
Ditchling Road |
Nr. Lewes |
East Sussex |
BN7 3AE |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
FE SUSSEX |
Independent examiner's report to the trustees of FE Sussex ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2024. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. |
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. |
Sarah Alexander FCCA FCA |
Lewis Brownlee (Chichester) Limited |
Chartered Accountants |
Appledram Barns |
Birdham Road |
Chichester |
West Sussex |
PO20 7EQ |
29 April 2025 |
FE SUSSEX |
STATEMENT OF FINANCIAL ACTIVITIES |
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
FOR THE YEAR ENDED 31 JULY 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
as restated |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 4 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Charitable activities | 5 |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
As previously reported |
Prior year adjustment | 11 | ( |
) | ( |
) |
As restated |
TOTAL FUNDS CARRIED FORWARD | 390,525 |
FE SUSSEX (REGISTERED NUMBER: 05324410) |
BALANCE SHEET |
31 JULY 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 15 |
Unrestricted funds | 296,595 |
Restricted funds | 93,930 |
TOTAL FUNDS | 390,525 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
FE SUSSEX (REGISTERED NUMBER: 05324410) |
BALANCE SHEET - continued |
31 JULY 2024 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
FE SUSSEX |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Financial reporting standard 102 - reduced disclosure exemptions |
The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': |
• | the requirements of Section 7 Statement of Cash Flows. |
The financial statements have been prepared on a going concern basis as the members are satisfied that the charity will have adequate resources to meet its liabilities as they fall due for a period of at least 12 months from the date of signing of these accounts. |
Company status |
The Charity is a company limited by guarantee not having a share capital. The members of the company are the trustees named on page 2. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. |
Income |
Income is the total amount receivable by the Charity in the ordinary course of the Charity's activities with outside customers for services provided, excluding VAT and trade discounts were applicable. |
Income from grants, contract, membership fees and other services rendered is included to the extent of the completion of the contract or service concerned. |
Expenditure |
Resources expended are accounted for on an accrual basis. |
Expenditure is analysed into such categories as to reasonably enable the user to gain an appreciation of the Charity's expenditure during the year. |
Governance costs comprise the cost of running the Charity, including strategic planning for its future development, also external independent examination, any legal advise and costs of complying with constitutional and statutory requirements. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Computer equipment | - |
Taxation |
The company is a registered charity and, as such, is exempt from tax under section 478 of the Corporation taxes Act 2010, on the basis that income is applied for charitable purposes only. |
Fund accounting |
Unrestricted funds are defined as income realised or generated for the objectives of the Charity without further specified purpose and which are available as general funds. |
Restricted funds are to be used for specific purposes as laid down by the donor. |
FE SUSSEX |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
1. | ACCOUNTING POLICIES - continued |
Fund accounting |
Expenditure which meets these criteria, will be identified to the fund. |
Designated funds are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
Funds transfers |
Resources are transferred from Unrestricted Funds to Restricted Funds where expenditure meeting the criteria laid down by a donor of a restricted income exceeds this income. |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand and deposits held at call with banks. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised when the company becomes party to the contractual provision 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 trade and other 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 financial asset is measured at the present value of future receipts discounted at a market rate of interest. |
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors and loans from fellow group companies 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. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Interest receivable |
All income from short-term deposits is credited to the profit and loss account in the period in which it is earned on a receivable basis. |
Judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumption 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. Revision to accounting estimates are recognised in the period in which the estimate is revised where the revision affect only that period, or in the period of the revision and future periods |
FE SUSSEX |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
2. | DONATIONS AND LEGACIES |
2024 | 2023 |
as restated |
£ | £ |
Membership fees | 49,500 | 7,056 |
Membership fee income represents payments made by member Colleges to the charity for the provision of: |
- Providing a forum for member to exchange ideas and information, to develop and share best practice to identify and implement key national, local and other agendas in the further education sector and to assist Members in interpreting and implementing such agendas; |
- Seeking to assist policy and development in further education by all proper means including acting in a lobbying role; |
- Providing such products and service as will assist Member in the delivery of high quality further education; |
- Providing a resource for the provision of training to Members and their staff; |
- Disseminating the results of discussion and research to interested parties; and |
- Such other means as the trustees from time to time determine. |
3. | INVESTMENT INCOME |
2024 | 2023 |
as restated |
£ | £ |
Deposit account interest |
4. | INCOME FROM CHARITABLE ACTIVITIES |
2024 | 2023 |
as restated |
Activity | £ | £ |
Consultancy activities | Charitable Activities | 4,040 | 49,132 |
Collaborative activities | Charitable Activities | 524,519 | 142,400 |
5. | CHARITABLE ACTIVITIES COSTS |
Direct | Support |
Costs (see | costs (see |
note 6) | note 7) | Totals |
£ | £ | £ |
Charitable Activities | 505,260 | 2,280 | 507,540 |
FE SUSSEX |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
6. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
2024 | 2023 |
as restated |
£ | £ |
Staff costs | 16,188 | 39,572 |
Consultancy activities | 7,381 | 62,922 |
Collaborative activities | 315,774 | 47,552 |
Administration costs | 165,857 | 110,755 |
Depreciation | 60 | - |
505,260 | 260,801 |
7. | SUPPORT COSTS |
2024 | 2023 |
£ | £ |
Independent examination fees | 1,880 | 1,464 |
Taxation compliance services | 400 | 336 |
2,280 | 1,800 |
8. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
as restated |
£ | £ |
Independent examination fee | 1,880 | 1,464 |
Taxation compliance services | 400 | 336 |
Depreciation - owned assets |
9. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 July 2024 nor for the year ended 31 July 2023. |
FE SUSSEX |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
10. | STAFF COSTS |
2024 | 2023 |
as restated |
£ | £ |
Wages and salaries |
Other pension costs |
16,188 | 39,572 |
The average monthly number of employees during the year was as follows: |
2024 | 2023 |
as restated |
Administration |
Key Management Personnel |
Mr T Strickland, a director/trustee up to 5th October 2022, was remunerated in respect of his services to the charity. Invoices are submitted for consultancy and expenses related to the delivery of various projects. Invoices raised up to 5th October 2022, amounted to: |
2024 | 2023 |
£ | £ |
Invoices consultancy fees | - | 6,750 |
Invoiced expenses | - | 90 |
- | 6,840 |
Ms J D Clark, a director/trustee from 24th October 2022, was seconded from a member College. Invoices submitted during the year by the member college, including irrecoverable VAT, amounted to: |
2024 | 2023 |
£ | £ |
Seconded salary and associated costs | 130,890 | 93,786 |
Invoiced expenses | 2,691 | 1,386 |
133,581 | 95,172 |
11. | PRIOR YEAR ADJUSTMENT |
The prior year adjustment relates to the net assets introduced by member Colleges on incorporation less a donation of £41,742 which was previously included in other creditors. |
FE SUSSEX |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
12. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 August 2023 |
Additions |
Disposals | ( |
) |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Trade debtors |
Prepayments and accrued income |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Accrued expenses |
Deferred income |
FE SUSSEX |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
15. | MOVEMENT IN FUNDS |
Net |
Prior year | movement |
At 1/8/23 | adjustment | in funds | At 31/7/24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 390,525 | (93,930 | ) | 79,005 | 375,600 |
Restricted funds |
Restricted fund | 93,930 | - | - | 93,930 |
TOTAL FUNDS | (93,930 | ) | 79,005 | 469,530 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 586,545 | (507,540 | ) | 79,005 |
TOTAL FUNDS | ( |
) | 79,005 |
Comparatives for movement in funds |
Net |
movement |
At 1/8/22 | in funds | At 31/7/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 360,608 | (64,013 | ) | 296,595 |
Restricted funds |
Restricted fund | 93,930 | - | 93,930 |
TOTAL FUNDS | 454,538 | (64,013 | ) | 390,525 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 198,588 | (262,601 | ) | (64,013 | ) |
TOTAL FUNDS | 198,588 | (262,601 | ) | (64,013 | ) |
FE SUSSEX |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
15. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
Prior year | movement |
At 1/8/22 | adjustment | in funds | At 31/7/24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 360,608 | (93,930 | ) | 14,992 | 281,670 |
Restricted funds |
Restricted fund | 93,930 | - | - | 93,930 |
TOTAL FUNDS | 454,538 | (93,930 | ) | 14,992 | 375,600 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 785,133 | (770,141 | ) | 14,992 |
TOTAL FUNDS | 785,133 | (770,141 | ) | 14,992 |
Restricted funds represent the net assets introduced by member Colleges on incorporation less a donation of £41,742 and is repayable to the Colleges if FE Sussex was wound up at sometime in the future. |
16. | CAPITAL COMMITMENTS |
There were no capital commitments or contingent liabilities as at 31st July 2024 (2023: £nil). |
17. | RELATED PARTY DISCLOSURES |
The CEO, Ms J D Clark is employed by the member college, Chichester College Group, and seconded to the company. Included within non staff costs are £130,889 (2023: £93,786) relating to salary, pension and relevant taxes, including value added tax. |
18. | ULTIMATE CONTROLLING PARTY |
FE Sussex is under the control of the Trustees, as detailed in the Trustees' report. |
FE SUSSEX |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
19. | SHARE CAPITAL |
The company is limited by guarantee and has no share capital. |
The liability of each member in the event of winding-up the company is limited to £10. |