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REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED |
31 AUGUST 2018 |
FOR |
CYFLE BUILDING SKILLS LTD |
REGISTERED COMPANY NUMBER:
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REGISTERED CHARITY NUMBER:
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REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED |
31 AUGUST 2018 |
FOR |
CYFLE BUILDING SKILLS LTD |
CYFLE BUILDING SKILLS LTD |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2018 |
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Page |
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Report of the Trustees | 1 to 3 |
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Report of the Independent Auditors | 4 to 5 |
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Statement of Financial Activities | 6 |
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Balance Sheet | 7 |
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Cash Flow Statement | 8 |
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Notes to the Cash Flow Statement | 9 |
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Notes to the Financial Statements | 10 to 16 |
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CYFLE BUILDING SKILLS LTD |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2018 |
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 August 2018. 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). |
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OBJECTIVES AND ACTIVITIES |
Objectives and aims |
On 18 November 2016, the company obtained charitable status. Our main activities are to advance, develop |
and promote the educations of persons through Wales and England by way of the provision of apprenticeship |
schemes and training opportunities in relation to construction and/ or related occupations which may relate to |
the built environment as the Charity's trustees think fit. |
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ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
Throughout the financial year the charity has received many accolades which illustrates the success of the |
apprenticeship scheme. Such recognitions include the Queen's Award for Innovation (which they have been |
shortlisted for again), the Medium Employer of the year and also the Achiever of the year which was awarded |
to Regional Manager, Anthony Rees to acknowledge his contributions to the service. |
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FINANCIAL REVIEW |
Reserves policy |
Reserves policy The Board has set out the charity’s reserve policy to enable trustees to be in proper financial |
control of the organisation and meet its legal obligations. |
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The Board has set the reserves policy to ensure there are enough funds to cover designated closure costs, |
which include staff redundancy costs and any outstanding amounts owing at the year end. |
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The surplus for the year was £5,298 (2017: £40,651), which has resulted in free reserves at 31 August 2018 |
of £91,003 (2017: £85,705). |
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FUTURE PLANS |
The Charity aims to continue to offer the full range of services it currently offers. |
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Additionally, they are hoping to achieve the Welsh Business Award for Excellence in Community Relations, |
and have applied for the Queen's award for Innovation again this year. |
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Furthermore, owing to the success of the apprenticeship scheme the Regional Manager, Anthony Rees has |
been requested to visit other sites in Scotland and England to help develop the apprenticeship schemes in |
their area throughout the 2018 financial year. |
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Risk management |
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure the |
appropriate controls are in place to provide reasonable assurance against fraud and error. |
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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. |
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CYFLE BUILDING SKILLS LTD |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2018 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Recruitment and appointment of new trustees |
The appointment of a new trustee is an important matter. Before appointing a new trustee, the trustee board |
must make sure that it is acting within the law, in accordance with the charity's governing document, and that |
the prospective trustee is not disqualified from being a trustee. The trustees must first ensure that the |
prospective trustee is permitted to be a trustee. This will include being of age (at least 16 years old), not being |
disqualified under the Charities Act 2011, being a fit and proper person, and being able to work with children |
and vulnerable adults. |
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A trustee shall cease to hold office if they become disqualified, decide to retire or the board decides to remove |
a trustee for a specific reason. The removal of a trustee by the board can only take place if the board has a |
good reason to remove the trustee, |
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REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
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Registered Charity number |
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Registered office |
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Trustees |
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Director |
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Company Director |
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Company Director |
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Director |
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Director |
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Director |
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Company Secretary |
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Auditors |
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Chartered Accountants |
And Statutory Auditors |
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Langdon Road |
SA1 Swansea Waterfront |
Swansea |
SA1 8QY |
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CYFLE BUILDING SKILLS LTD |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2018 |
STATEMENT OF TRUSTEES RESPONSIBILITIES |
The trustees (who are also the directors of Cyfle Building Skills Ltd for the purposes of company law) are |
responsible for preparing the Report of the Trustees and the financial statements in accordance with |
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting |
Practice). |
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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 charitable company and of the incoming resources and application of |
resources, including the income and expenditure, of the charitable company for that period. In preparing |
those financial statements, the trustees are required to |
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- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the charitable company will continue in business. |
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The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy |
at any time the financial position of the charitable company and to enable them to ensure that the financial |
statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of |
the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and |
other irregularities. |
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In so far as the trustees are aware: |
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- | there is no relevant audit information of which the charitable company's auditors are unaware; and |
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the trustees have taken all steps that they ought to have taken to make themselves aware of any
relevant audit information and to establish that the auditors are aware of that information. |
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AUDITORS |
The auditors, Bevan Buckland LLP, will be proposed for re-appointment at the forthcoming Annual General |
Meeting. |
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Approved by order of the board of
trustees
on
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CYFLE BUILDING SKILLS LTD |
Opinion |
We have audited the financial statements of Cyfle Building Skills Ltd (the 'charitable company') for the year ended 31 August 2018 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the charitable company's affairs as at 31 August 2018 and of its
incoming resources and application of resources, including its income and expenditure, for the year then ended; |
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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. |
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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 Auditors responsibilities |
for the audit of the financial statements section of our report. We are independent of the charitable company |
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. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to |
report to you where: |
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the trustees' use of the going concern basis of accounting in the preparation of the financial statements
is not appropriate; or |
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the trustees have not disclosed in the financial statements any identified material uncertainties that
may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The trustees are responsible for the other information. The other information comprises the information |
included in the annual report, other than the financial statements and our Report of the Independent Auditors |
thereon. |
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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. |
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In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such |
material inconsistencies or apparent material misstatements, we are required to determine whether there is a |
material misstatement in the financial statements or a material misstatement of the other information. 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. |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Report of the Trustees for the financial year for which the financial
statements are prepared is consistent with the financial statements; and |
- | the Report of the Trustees has been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the charitable company and its environment obtained in the |
course of the audit, we have not identified material misstatements in the Report of the Trustees. |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CYFLE BUILDING SKILLS LTD |
Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to |
report to you if, in our opinion: |
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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; or |
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the trustees were not entitled to take advantage of the small companies exemption from the
requirement to prepare a Strategic Report or in preparing the Report of the Trustees. |
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Responsibilities of trustees |
As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors |
of the charitable company for the purposes 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. |
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In preparing the financial statements, the trustees are responsible for assessing the charitable company'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. |
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Our 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 a Report of the Independent Auditors |
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. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial |
Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our |
Report of the Independent Auditors. |
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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 auditors' 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. |
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for and on behalf of
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Chartered Accountants |
And Statutory Auditors |
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Langdon Road |
SA1 Swansea Waterfront |
Swansea |
SA1 8QY |
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CYFLE BUILDING SKILLS LTD |
STATEMENT OF FINANCIAL ACTIVITIES |
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
FOR THE YEAR ENDED 31 AUGUST 2018 |
2018 | 2017 |
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Unrestricted
funds |
Total
funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
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Charitable activities | 3 |
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Total |
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EXPENDITURE ON |
Charitable activities | 4 |
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NET INCOME |
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RECONCILIATION OF FUNDS |
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Total funds brought forward |
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TOTAL FUNDS CARRIED FORWARD |
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85,705 |
CYFLE BUILDING SKILLS LTD |
BALANCE SHEET |
AT 31 AUGUST 2018 |
2018 | 2017 |
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Unrestricted
funds |
Total
funds |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
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CURRENT ASSETS |
Debtors | 11 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 12 |
( |
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( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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NET ASSETS |
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FUNDS | 13 |
Unrestricted funds | 91,003 | 85,705 |
TOTAL FUNDS |
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85,705 |
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. |
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The financial statements were approved by
the Board of
Trustees
on
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CYFLE BUILDING SKILLS LTD |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2018 |
2018 | 2017 |
Notes | £ | £ |
Cash flows from operating activities: |
Cash generated from operations | 1 | (92,934 | ) | (23,187 | ) |
Interest paid | 400 | - |
Net cash provided by (used in) operating
activities |
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(92,534 |
) |
(23,187 |
) |
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Cash flows from investing activities: |
Purchase of tangible fixed assets | - | (1,293 | ) |
Net cash provided by (used in) investing
activities |
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- |
(1,293 |
) |
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Change in cash and cash equivalents in the
reporting period |
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(92,534 |
) |
(24,480 |
) |
Cash and cash equivalents at the beginning
of the reporting period |
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97,379 |
121,859 |
Cash and cash equivalents at the end of the
reporting period |
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4,845 |
97,379 |
CYFLE BUILDING SKILLS LTD |
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NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2018 |
1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
2018 | 2017 |
£ | £ |
Net income for the reporting period (as per the statement of
financial activities) |
5,298 |
40,651 |
Adjustments for: |
Depreciation charges | 1,347 | 1,662 |
Interest paid | (400 | ) | - |
Increase in debtors | (97,369 | ) | (2,484 | ) |
Decrease in creditors | (1,810 | ) | (63,016 | ) |
Net cash provided by (used in) operating activities | (92,934 | ) | (23,187 | ) |
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CYFLE BUILDING SKILLS LTD |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2018 |
1. | ACCOUNTING POLICIES |
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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 |
(FRS102) (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. |
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The charity is a private company limited by guarantee without share capital and is incorporated in |
England and Wales. The registered office is Ammanford Campus, Dyffryn Road, Ammanford, |
Carmarthenshire, SA18 3TA |
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Going Concern |
The trustee consider that there are no material uncertainties about the charity's ability to continue as a |
going concern. |
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Presentational and functional currency |
The presentational and functional currency is £ sterling. |
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Significant accounting judgements and key sources of estimation uncertainty |
Preparation of the accounts requires the Trustees and management to make significant judgements |
and estimates. |
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The items in the accounts where these judgements and estimates have been made include: |
- estimating the useful life of tangible fixed assets for the purposes of determining a depreciation |
charge; |
- determining the value of designated funds needed at the year end to meet specific future |
expenditure. |
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Income |
Grant 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. |
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Contribution income is recognised in the Statement of Financial Activities once the charity has received |
confirmation that a contribution will be received from the provider and the amount of income that will be |
received. |
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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. Where costs cannot be directly attributed to particular headings they have been |
allocated to activities on a basis consistent with the use of resources. |
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Allocation and apportionment of costs |
Costs have been allocated as far as possible between the expenditure categories of the SOFA on a |
basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated |
directly. Others have been apportioned based on the estimated usage of the resource. |
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CYFLE BUILDING SKILLS LTD |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
FOR THE YEAR ENDED 31 AUGUST 2018 |
1. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated |
useful life. |
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Computer equipment |
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Taxation |
The charity is exempt from corporation tax on its charitable activities. |
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Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the |
trustees. |
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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. |
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Further explanation of the nature and purpose of each fund is included in the notes to the financial |
statements. |
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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. |
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Debtors |
Other debtors represent donations which have been promised and not received at the balance sheet |
date. Where these amount are received within 6 weeks of the year end the amount is included as a |
debtor but if the cash is not received within 6 weeks the donation is not recognised within the period as |
the donations are voluntary and there is no legal right to collect on the promise made. |
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Cash at bank and in hand |
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short |
maturity of three months or less from the date of acquisition or opening of the deposit or similar |
account. |
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Creditors and provisions |
Creditors and provisions are recognised where the company has a present obligation (legal and |
constructive) resulting from a past event that will probably result in the transfer of funds to a third party |
and the amount due to settle the obligation can be measured or estimated reliably. Creditors and |
provisions are normally recognised at their settlement amount after allowing for any trade discounts |
due. |
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Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial |
instruments. Basic financial instruments are initially recognised at transaction value and subsequently |
measured at their settlement value. |
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Employee benefits |
The Group provides a range of benefits to employees, including annual bonus arrangements, paid |
holiday arrangements and defined benefit and defined contribution pension plans. |
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Short term benefits |
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as |
an expense in the period in which the service is received. |
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CYFLE BUILDING SKILLS LTD |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
FOR THE YEAR ENDED 31 AUGUST 2018 |
2. | DONATIONS AND LEGACIES |
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2018 | 2017 |
£ | £ |
Contributions |
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Other income |
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3. | INCOME FROM CHARITABLE ACTIVITIES |
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2018 | 2017 |
Activity | £ | £ |
Grants | Charitable activities | 558,943 | 644,242 |
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Grants received, included in the above, are as follows: |
2018 | 2017 |
£ | £ |
CITB grant | 421,133 | 494,242 |
YRP grant | 137,810 | 150,000 |
558,943 | 644,242 |
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4. | CHARITABLE ACTIVITIES COSTS |
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Direct costs |
Support
costs |
Totals |
(See note 5) |
£ | £ | £ |
Charitable activities | 964,472 | 286,684 | 1,251,156 |
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5. | SUPPORT COSTS |
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Management |
Finance |
Human
resources |
Totals |
£ | £ | £ | £ |
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278,475 | 5,761 | 2,448 | 286,684 |
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6. | NET INCOME/(EXPENDITURE) |
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Net income/(expenditure) is stated after charging/(crediting): |
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2018 | 2017 |
£ | £ |
Depreciation - owned assets |
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CYFLE BUILDING SKILLS LTD |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
FOR THE YEAR ENDED 31 AUGUST 2018 |
7. | TRUSTEES' REMUNERATION AND BENEFITS |
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There were no trustees' remuneration or other benefits for the year ended 31 August 2018 nor for the |
year ended 31 August 2017 . |
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Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 August 2018 nor for the year ended |
31 August 2017 . |
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8. | STAFF COSTS |
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2018 | 2017 |
£ | £ |
Wages and salaries |
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Other pension costs |
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1,127,714 | 1,158,331 |
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The average monthly number of employees during the year was as follows: |
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2018 | 2017 |
Employees | 116 | 120 |
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No employees received emoluments in excess of £60,000. |
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9. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
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Unrestricted
funds |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
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Charitable activities |
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Total |
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EXPENDITURE ON |
Charitable activities |
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Total |
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NET INCOME |
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RECONCILIATION OF FUNDS |
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Total funds brought forward | 45,054 |
TOTAL FUNDS CARRIED FORWARD | 85,705 |
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CYFLE BUILDING SKILLS LTD |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
FOR THE YEAR ENDED 31 AUGUST 2018 |
10. | TANGIBLE FIXED ASSETS |
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Computer
equipment |
£ |
COST |
At 1 September 2017 and 31 August 2018 |
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DEPRECIATION |
At 1 September 2017 |
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Charge for year |
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At 31 August 2018 |
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NET BOOK VALUE |
At 31 August 2018 |
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At 31 August 2017 |
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11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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2018 | 2017 |
£ | £ |
Other debtors |
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Prepayments |
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12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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2018 | 2017 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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13. | MOVEMENT IN FUNDS |
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At 1.9.17 |
Net
movement in funds |
At 31.8.18 |
£ | £ | £ |
Unrestricted funds |
General fund | 45,705 | 5,298 | 51,003 |
Designated closure costs | 40,000 | - | 40,000 |
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5,298 |
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TOTAL FUNDS |
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5,298 | 91,003 |
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CYFLE BUILDING SKILLS LTD |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
FOR THE YEAR ENDED 31 AUGUST 2018 |
13. | MOVEMENT IN FUNDS - continued |
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Net movement in funds, included in the above are as follows: |
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Incoming
resources |
Resources
expended |
Movement in
funds |
£ | £ | £ |
Unrestricted funds |
General fund | 1,256,454 | (1,251,156 | ) | 5,298 |
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TOTAL FUNDS |
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( |
) | 5,298 |
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Comparatives for movement in funds |
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At 1.9.16 |
Net
movement in funds |
Transfers
between funds |
At 31.8.17 |
£ | £ | £ | £ |
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Unrestricted Funds |
General fund | 45,054 | 40,651 | (40,000 | ) | 45,705 |
Designated closure costs | - | - | 40,000 | 40,000 |
45,054 | 40,651 | - | 85,705 |
|
TOTAL FUNDS | 45,054 | 40,651 | - | 85,705 |
Comparative net movement in funds, included in the above are as follows: |
|
Incoming
resources |
Resources
expended |
Movement in
funds |
£ | £ | £ |
Unrestricted funds |
General fund | 1,315,096 | (1,274,445 | ) | 40,651 |
|
TOTAL FUNDS | 1,315,096 | (1,274,445 | ) | 40,651 |
|
A current year 12 months and prior year 12 months combined position is as follows: |
|
|
At 1.9.16 |
Net
movement in funds |
Transfers
between funds |
At 31.8.18 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 45,054 | 45,949 | (40,000 | ) | 51,003 |
Designated closure costs | - | - | 40,000 | 40,000 |
TOTAL FUNDS | 45,054 | 45,949 | - | 91,003 |
|
CYFLE BUILDING SKILLS LTD |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
FOR THE YEAR ENDED 31 AUGUST 2018 |
13. | MOVEMENT IN FUNDS - continued |
|
|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
|
Incoming
resources |
Resources
expended |
Movement in
funds |
£ | £ | £ |
Unrestricted funds |
General fund | 2,571,550 | (2,525,601 | ) | 45,949 |
TOTAL FUNDS | 2,571,550 | (2,525,601 | ) | 45,949 |
Unrestricted funds |
|
Unrestricted funds can be deployed in any way the charity sees fit, apart from designated reserves |
which are set aside for a specific purpose. |
|
Designated closure costs |
Designated closure costs are made up as follows: |
|
£ |
Loan repayments | 10,000 |
Redundancy allowance for staff | 20,000 |
Other debtor allowances | 10,000 |
Total | 40,000 |
|
14. | RELATED PARTY DISCLOSURES |
|
There were no related party transactions for the year ended 31 August 2018. |
|
15. | ULTIMATE CONTROLLING PARTY |
|
The Charity is controlled by its trustees. |
|