Greatest Expectations Limited - Charities report - 18.1
Greatest Expectations Limited - Charities report - 18.1
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements for the Year Ended 31 December 2017 |
| for |
| Greatest Expectations Limited |
| (A Company Limited by Guarantee) |
| Greatest Expectations Limited |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2017 |
| Page |
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 to 6 |
| Notes to the Financial Statements | 7 to 11 |
| Greatest Expectations Limited |
| Report of the Trustees |
| for the Year Ended 31 December 2017 |
| The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with |
| the financial statements of the charity for the year ended 31 December 2017. The trustees have adopted the provisions of |
| 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 2015). |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| The prevention or relief of poverty and financial hardship within the Tees Valley by providing or assisting in their |
| provision of education, training, healthier projects and all the necessary support designed to enable individuals to |
| generate a sustainable income and be self-sufficient. |
| For the public benefit to promote the education of people of any age in the Tees Valley in such ways the charity trustees |
| see fit, including by providing their education to prepare for any occupation, trade or profession on leaving any |
| educational establishment. |
| The relief of unemployment for the benefit of the public in such ways as may be thought fit, including assistance to find |
| employment. |
| To promote social inclusion for the public benefit by preventing people from becoming socially excluded, relieving the |
| needs of those people who are socially excluded and assisting them to integrate into society. For the purpose of this |
| clause 'socially excluded' means being excluded from society, or parts of society, as a result of one of more of the |
| following factors: unemployment;- financial hardship; youth or old age; ill health ( physical and mental ); substance |
| abuse or dependency including alcohol or drugs; discrimination on the grounds of sex, race, disability, ethnic origin, |
| religion, belief, creed, sexual orientation, or gender re-assignment; poor educational or skills attainment; relationship |
| and family breakdown; poor housing (that is housing that does not meet basic habitable standards); crime ( either as a |
| victim of crime or as an offender rehabilitating into society). |
| Public benefit |
| In setting the charity's objectives and planning its activities the trustees have complied with the duty in section 4 of the |
| 2011 Charities Act to have due regard to guidance published by the Charity Commission, including public benefit |
| guidance. |
| ACHIEVEMENT AND PERFORMANCE |
| Greatest Expectations achieved and surpassed its contractual obligations through a range of pre-employability training |
| within the SSR and SSU remit, through funding from New College Durham, Good Things Foundation and |
| Middlesbrough College. Success in the delivery of our leading Skills for Work course resulted in our being awarded |
| another 12 month contract, with add-on funding to promote online financial services awareness in partnership with |
| Lloyds Bank. We supported almost 800 people through all pre-employment training including CV/cover letter creation |
| and employability skills, enabling learners to move forward with increased awareness and confidence. |
| Other courses brought in a combined figure of 600 learners who moved into, or closer to, employment. Success rates for |
| Health and Social Care stand at 65% going into employment and 60% in other retail sector. We capitalised on our past |
| success in Health and Social care with career development for former H&S care learners which demonstrates our |
| ongoing IAG commitments. We also retained our accreditation to the Matrix standard. We were able to quantify our |
| success and the effect of our provision with strong feedback and a clear strategy for 2018. |
| FINANCIAL REVIEW |
| The main source of funds is from a contract from New College Durham for the provision of education and training. The |
| net result for the year was an income of £77,376 (2016: £4,820). At the end of the year our reserves stood at £125,459 |
| (2016: £48,083), which consists of £122,397 unrestricted funds and £3,062 restricted (2016: £48,083 unrestricted). |
| It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be |
| maintained at a level equivalent of three month's expenditure. The trustees consider that reserves at this level will ensure |
| that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while |
| consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained |
| throughout the year. |
| 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. |
| Greatest Expectations Limited |
| Report of the Trustees |
| for the Year Ended 31 December 2017 |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Recruitment and appointment of new trustees |
| The board of trustees has power to appoint additional trustees as it considers appropriate. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Director |
| Director |
| Director |
| Company Secretary |
| Independent examiner |
| Alan Richard Cousins FCA |
| Institute of Chartered Accountants in England & Wales |
| Cousins & Co Limited |
| Broadcasting House |
| Newport Road |
| Middlesbrough |
| Cleveland |
| TS1 5JA |
| Approved by order of the board of trustees on |
| Independent Examiner's Report to the Trustees of |
| Greatest Expectations Limited (Registered number: 07006082) |
| Independent examiner's report to the trustees of Greatest Expectations Limited ('the Company') |
| I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2017. |
| 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 registered member of Institute of Chartered Accountants in England & Wales 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 |
| Alan Richard Cousins FCA |
| Institute of Chartered Accountants in England & Wales |
| Cousins & Co Limited |
| Chartered Accountants |
| Broadcasting House |
| Newport Road |
| Middlesbrough |
| Cleveland |
| TS1 5JA |
| 24 August 2018 |
| Greatest Expectations Limited |
| Statement of Financial Activities |
| (Incorporating an Income and Expenditure Account) |
| for the Year Ended 31 December 2017 |
| 31.12.17 | 31.12.16 |
| Unrestricted funds |
Restricted fund |
Total funds |
Total funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Charitable activities | 2 |
| Total |
| EXPENDITURE ON |
| Charitable activities | 3 |
| Total |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 48,083 |
| Greatest Expectations Limited (Registered number: 07006082) |
| Balance Sheet |
| At 31 December 2017 |
| 31.12.17 | 31.12.16 |
| Unrestricted funds |
Restricted fund |
Total funds |
Total funds |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 |
| CURRENT ASSETS |
| Debtors | 11 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 12 | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 13 |
| Unrestricted funds | 122,397 | 48,083 |
| Restricted funds | - |
| TOTAL FUNDS | 48,083 |
| Greatest Expectations Limited (Registered number: 07006082) |
| Balance Sheet - continued |
| At 31 December 2017 |
| The charitable company is entitled to exemption from audit under |
| Section 477 of the Companies Act 2006 for the year ended 31 December 2017. |
| The members have not required the company to obtain an audit of its financial statements for the year ended |
| 31 December 2017 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. |
| These financial statements have been prepared in accordance with the |
| special provisions of Part 15 of the Companies Act 2006 relating to |
| charitable small companies. |
| The financial statements were approved by the Board of Trustees on |
| Greatest Expectations Limited |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2017 |
| 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 2015)', |
| 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. |
| The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 |
| not to prepare a Statement of Cash Flows. |
| At the time of approving the accounts, 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 accounts. |
| Income |
| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it |
| is probable that the income will be received and the amount can be measured reliably. |
| Expenditure |
| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the |
| charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and |
| the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has |
| been classified under headings that aggregate all cost related to the category inclusive of VAT which cannot be |
| recovered. Where costs cannot be directly attributed to particular headings they have been allocated to activities |
| on a basis consistent with the use of resources. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value |
| of each asset over its estimated useful life. |
| Fixtures and fittings |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
| Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions |
| arise when specified by the donor or when funds are raised for particular restricted purposes. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
| 2. | INCOME FROM CHARITABLE ACTIVITIES |
| 31.12.17 | 31.12.16 |
| £ | £ |
| Big Lottery Fund Grant | 9,952 | 9,560 |
| New College Durham | 313,430 | 113,824 |
| Miscellaneous | 2,537 |
| 323,382 | 125,921 |
| The Big Lottery Fund Grant was to support over 50's build confidence in Information Technology by providing |
| support and IT courses including employment skills development. |
| Greatest Expectations Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2017 |
| 3. | CHARITABLE ACTIVITIES COSTS |
| Direct costs | Support costs | Totals |
| (See note 4) |
| £ | £ | £ |
| Provision of education and training | 244,816 | - | 244,816 |
| Support and governance costs | - | 1,190 | 1,190 |
| 244,816 | 1,190 | 246,006 |
| 4. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
| 31.12.17 | 31.12.16 |
| £ | £ |
| Staff costs | 30,220 | 20,770 |
| Rent | 46,250 | 18,500 |
| Insurance | 419 | 413 |
| Motor expenses | 2,996 | 2,138 |
| Telephone | 1,581 | 1,639 |
| Postage and stationery | 1,586 | 1,424 |
| Computer software | 2,738 | 1,984 |
| Sundries | 1,857 | 2,224 |
| Training | 153,914 | 67,426 |
| Professional fees | 1,326 | 2,268 |
| Depreciation | 1,109 | 1,479 |
| Interest payable and similar charges | 820 | 116 |
| 244,816 | 120,381 |
| 5. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 31.12.17 | 31.12.16 |
| £ | £ |
| Depreciation - owned assets |
| 6. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 December 2017 nor for the year |
| ended 31 December 2016. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 December 2017 nor for the year ended |
| 31 December 2016. |
| 7. | STAFF COSTS |
| The average monthly number of employees during the year was as follows: |
| 31.12.17 | 31.12.16 |
| Administration | 3 | 2 |
| No employees received emoluments in excess of £60,000. |
| Greatest Expectations Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2017 |
| 8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted funds |
Restricted fund |
Total funds |
| £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Charitable activities |
| Total |
| EXPENDITURE ON |
| Charitable activities |
| Total |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 43,263 | - | 43,263 |
| TOTAL FUNDS CARRIED FORWARD | 48,083 | - | 48,083 |
| 9. | GOVERNANCE COSTS |
| Governance costs include accountancy fees of £900 (2016: £720). The independent examiner fee is £290 |
| (2016: £nil) |
| 10. | TANGIBLE FIXED ASSETS |
| Fixtures and fittings |
| £ |
| COST |
| At 1 January 2017 and 31 December 2017 |
| DEPRECIATION |
| At 1 January 2017 |
| Charge for year |
| At 31 December 2017 |
| NET BOOK VALUE |
| At 31 December 2017 |
| At 31 December 2016 |
| Greatest Expectations Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2017 |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.17 | 31.12.16 |
| £ | £ |
| Prepayments and accrued income |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.17 | 31.12.16 |
| £ | £ |
| Social security and other taxes |
| Accrued expenses |
| 13. | MOVEMENT IN FUNDS |
At 1.1.17 |
Net movement in funds |
At 31.12.17 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 48,083 | 74,314 | 122,397 |
| Restricted funds |
| Grants | - | 3,062 | 3,062 |
| TOTAL FUNDS | 77,376 | 125,459 |
| Net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Movement in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 313,430 | (239,116 | ) | 74,314 |
| Restricted funds |
| Grants | 9,952 | (6,890 | ) | 3,062 |
| TOTAL FUNDS | ( |
) | 77,376 |
| Comparatives for movement in funds |
At 1.1.16 |
Net movement in funds |
At 31.12.16 |
| £ | £ | £ |
| Unrestricted Funds |
| General fund | 43,263 | 4,820 | 48,083 |
| TOTAL FUNDS | 43,263 | 4,820 | 48,083 |
| Greatest Expectations Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2017 |
| 13. | MOVEMENT IN FUNDS - continued |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Movement in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 116,361 | (111,541 | ) | 4,820 |
| Restricted funds |
| Grants | 9,560 | (9,560 | ) | - |
| TOTAL FUNDS | 125,921 | (121,101 | ) | 4,820 |
| The restricted funds consists of a grant from the Big Lottery Fund. £3,062 was incurred after the year end on the |
| relevant project |
| 14. | RELATED PARTY DISCLOSURES |
| During the year the company paid rent of £46,250 (2016 : £18,500) to a company controlled by Mr W H |
| Guthrie. |