Annual report to use! - Prospects

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Reconciliation of net cash flow to movement in net funds for the year ended 31 January 2004 2004 2003 Note £ £ Decrease in cash in the year (884,681) (652,404) Movement in net funds in the year (884,681) (652,404) Net funds at the start of the year 18 4,762,954 5,415,358 Net funds at the end of the year 18 3,878,273 4,762,954 Reconciliation of net resources to cash flow from operating activities for the year ended 31 January 2004 2004 2003 £ £ Net outgoing resources (805,194) (468,380) Increase in stocks (10,801) (1,445) (Increase)/decrease in debtors (25,929) 15,842 Decrease in creditors (127,558) (113,369) Depreciation 262,502 266,849 Loss on disposal of fixed assets 3,832 1,256 Net investment income (130,200) (158,921) Net cash outflow from operating activities (833,348) (458,168) 20 annual report - trustees’ report and consolidated financial statements
Notes (forming part of the financial statements) 1 Status of charitable company and liability of Trustees Higher Education Careers Services Unit is a registered charity and a company limited by guarantee. Each trustee undertakes to contribute to the assets of the company in the event of it being wound up. This sum shall not exceed £1 each. 2 Accounting policies The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the group’s financial statements. The group has followed the transitional arrangements of FRS 17 ‘Retirement Benefits’ in these financial statements. Basis of preparation The financial statements have been prepared in accordance with applicable accounting standards, the Companies Act 1985, in accordance with the Statement of Recommended Practice for Accounting and Reporting by Charities (SORP) issued in October 2000, and under historical cost accounting rules, except for the revaluation of listed investments. Basis of consolidation The consolidated financial statements include financial statements of the charitable company and its subsidiary undertakings made up to 31 January 2004. The acquisition method of accounting has been adopted. Under Section 230(4) of the Companies Act 1985 and paragraph 304 of SORP 2000 the charitable company is exempt from the requirement to present its own Statement of Financial Activities or income and expenditure account. Investments In the company’s financial statements, investments in subsidiary undertakings are stated at cost less amounts written off. Listed investments are included at market value. The movements in market value are shown in the consolidated Statement of Financial Activities as an unrealised gain or loss on investment assets. Tangible fixed assets and depreciation Depreciation is provided to write off the cost less the estimated residual value of tangible fixed assets by equal instalments over their estimated useful economic lives as follows: Buildings - 2% per annum Printing equipment - 10% per annum Plant and computer equipment - 33.33% per annum Fixtures and fittings - 20% - 33.33% per annum Stocks and work in progress Stocks and work in progress are stated at the lower of cost and net realisable value. Unrestricted funds These are funds which can be used in accordance with charitable objects at the discretion of the trustees. Incoming resources Income from commercial activities and annual contributions are included in the period in which the group becomes entitled to receipt. Interest receivable Interest is included when receivable by the group. Resources expended Resources expended are included in the Statement of Financial Activities on an accruals basis. Certain expenditure which is directly attributable to specific activities has been included in those cost categories. Certain other costs, which are attributable to more than one activity, are apportioned across cost categories on the basis of an estimate of the proportion of time spent by staff on those activities. Taxation The company is a registered charity and by virtue of its trading activities being in fulfilment of the objects of the charitable company, the charitable company is exempt from corporation tax on all charitable activities. The charge for taxation on the subsidiary company’s non charitable activities is based on the result for the year. Post-retirement benefits The group participates in two pension schemes providing benefits based on final pensionable pay. The assets of these schemes are held separately from those of the group. As the company is unable to identify its share of the underlying assets and liabilities of these schemes on a consistent and reasonable basis it therefore, as required by FRS 17 ‘Retirement Benefits’, accounts for the schemes as if they were defined contribution schemes. As a result, the amount charged to the profit and loss account represents contributions payable to the schemes in respect of the accounting period. Jointly conducted activities The group’s share of surpluses arising on jointly conducted activities has been included on a receivable basis. Cash Cash, for the purpose of the cash flow statement, comprises cash in hand and deposits repayable on demand, less overdrafts repayable on demand. Leases Operating lease rentals are charged to the profit and loss account on a straight line basis over the period of the lease. annual report - trustees’ report and consolidated financial statements 21
Page 2 and 3: Mission statements forword HECSU’
Page 4 and 5: foreword forword I am delighted to
Page 6 and 7: chief executive’s statement forwo
Page 8 and 9: Advertising Sales: Allan Brown, Hea
Page 10 and 11: National Council for Work Experienc
Page 12 and 13: Information Development Department:
Page 14 and 15: E-Guidance Services: Lucy Madahar,
Page 16 and 17: Trustees report The trustees presen
Page 18 and 19: Auditors report Independent auditor
Page 20 and 21: Consolidated balance sheet at 31 Ja
Page 24 and 25: 3 Net income from trading activitie
Page 26 and 27: 6 Staff numbers and costs The avera
Page 28 and 29: 11 Tangible fixed assets (continued
Page 30 and 31: 13 Stocks Group 2004 2003 £ £ Wor
Page 32 and 33: The assumptions used by the actuary
Page 34 and 35: Subscriber List subscriber list Uni
Page 36: HECSU Prospects House Booth Street

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