**MANAGEMENT TRAINING AND EDUCATION CENTRE (MTEC) FINANCIAL STATEMENT AND ANNUAL ACCOUNTS FOR 2022/23**
**COMPANY 3194445 CHARITY 1055316**
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## **CHAIR STATEMENT**
Dear valued staff, volunteers, directors, and members,
I am taking this moment to express my heartfelt appreciation to all of you who have contributed to the success of our organization in delivering our various programmes. Your dedication and hard work have been instrumental in making a positive impact on our community.
Through our efforts, we have successfully provided training, youth employment support, and operated our food bank programmes. These achievements would not have been possible without the collective effort of each one of you.
We are proud to report that we have continued to deliver workforce development initiatives through the Skills Funding Agency, benefiting approximately 35 organisations through our community groups development programmes. Additionally, we have supported over 15 staff members from local organizations through our apprenticeships programme and provided employability skills and job search support to 35 beneficiaries.
Looking ahead, we are committed to further developing and strengthening our funding and staffing resources. We will actively pursue opportunities by submitting applications to local and statutory bodies, as well as exploring additional funding sources to sustain and expand our initiatives.
Special thanks are also extended to TESCO and Sainsbury for their generous support of our food bank programme. Your contributions have made a significant difference in the lives of those in need within our community.
As we move forward, we are excited about the prospect of developing social enterprise activities to complement our existing programmes and increase our impact.
On behalf of the Board of Directors and Trustees, I extend my sincere gratitude to every one of you for your unwavering dedication and support. Together, we will continue to make a difference and create positive change in our community.
Warm regards,
## **ON BEHALF OF THE BOARD OF DIRECTORS**
Rev. Hoffman Frimpong-Manso **DIRECTOR/ TRUSTEE**
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## **MANAGEMENT TRAINING AND EDUCATION CENTRE (MTEC)**
# **COMPANY INFORMATION**
## **FOR THE PERIOD 1[ST] JUNE 2022 TO 31[ST] MAY 2023**
**DIRECTORS**
J. R. Turner S. Addeh Rev. H. Fimpong-Manso **SECRETARY:** D. Alabi **REGISTERED OFFICE:** 48 West Ham Stratford London E15 4PT **CHARITY NUMBER:** 1055316 **COMPANY NUMBER** : 3194445 (England and Wales) **ACCOUNTANTS:** Newham Community Accountancy Services Chartered Certified Accountants Second Floor, 21-23 Woodgrange Road Forest Gate London E7 8BA
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## **MANAGEMENT TRAINING AND EDUCATION CENTRE (MTEC)**
## **REPORT OF DIRECTORS FOR THE PERIOD 1[ST] JUNE 2022 TO 31[ST] MAY 2023**
The directors present their report with the financial statements of the company for the period 1st June 2022 to 31st May 2023
## **INCORPORATION**
The company was incorporated on 3rd May 1996 and commenced business on the same date.
## **PRINCIPAL ACTIVITIES**
The principal activities of the company in the period under review were those of providing vocational training and guidance to unemployed people as well as technical support to small businesses in the capacity of a registered charity and as non-profit making company.
## **REVIEW OF BUSINESS**
The results for the period and financial position of the company are as shown in the annexed financial statements.
## **DIRECTORS**
The directors during the period under review were:
|J. R. Turner|Elected|01/06/22|
|---|---|---|
||Resigned|31/05/23|
|S. Addeh|Elected|07/06/22|
||Resigned|31/05/23|
|Rev. H. Frimpong-Manso|Elected|07/06/22|
||Resigned|31/05/23|
All the directors, being eligible, offer themselves for election at forthcoming first Annual General Meeting.
Rev. Hoffman Frimpong-Manso **DIRECTOR/ TRUSTEE**
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## **REPORT OF THE ACCOUNTANTS TO MEMBERS ON THE UNAUDITED FINANCIAL STATEMENTS OF MANAGEMENT TRAINING AND EDUCATION CENTRE (MTEC)**
We report on the financial statements for the period ended 31[st] May 2023 set out on pages 6 and 7.
## **Respective responsibilities of directors and accountants**
As described on sheet five the Directors are responsible for the preparation of the financial statements under section 394 and 397 of company Act 2006 and they consider that for the year ended 31st May 2023 the Company is entitled to exemption under section (475). Members have not required the Company to obtain an audit in accordance with section 477, and 382 of the companies Act 2006. It is our responsibility to carry out procedures designed to enable us report our opinion.
## **Basis of opinion**
Our work was conducted in accordance with the statement of Standards for Reporting Accountants and our procedures consisted of comparing the financial statement with the accordance records kept by the Company and making such limited enquiries of the officers of the company as we considered necessary for the purpose of this report. These procedures provide only the assurance expressed in our opinion.
## **Opinion**
In our opinion:
1. the accounts of the company for the financial year in question are in agreement with the accounting records kept by the company under section 386 and 393 of the companies Act 2006; and
2. having regards only to, and on the basis of, the information contained in the those accounting records, those accounts have been drawn up in a manner consistent with the provisions of the Act as specified in section 387 so far as applicable to the company.
3. having regards only to, and on the basis of, the information in the accounting records, the company satisfied the requirements of section 393(2) for the financial year in question.
Hasinatul JAHAN – MAAT
31st December, 2022
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## **MANAGEMENT TRAINING AND EDUCATION CENTRE (MTEC)**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[ST] MAY 2023**
|**Income resource**|**Notes**|**Unrestricted**|**Restricted**|**Total Funds**|**Total Funds**|
|---|---|---|---|---|---|
|||**Funds**|**Funds**|**2022**|**2022**|
|||**£**|**£**|**£**|**£**|
|Institute of Small Business Management||5,000|-|5,000|8,000|
|CBO Foundation||-|-|-|5,000|
|Income from course/seminars||2,430|-|2,430|6,500|
|Paul Street Community Centre||6,500|-|6,500|10,500|
|Food Bank Palliatives||-|5,356|5,356|5,356|
|Income from office sublets|**2**|3,500|-|3,500|5,500|
|National Lottery – Awards for All||-|10,000|10,000|-|
|Intangible income|**9**|-|15,000|15,000|15,500|
|**Total Income Resource**||**17,430**|**30,356**|**47,786**|**56,356**|
|**Resource Expanded**||||||
|Direct Charitable Expenses||9,000|9,351|18,351|26,030|
|**Other Expenditure**||||||
|Fundraising and publicity||500|800|1,300|1,500|
|Management & Administration of Charity||7,930|10,105|18,035|28,726|
|Depreciation||-|100|100|100|
|||**17,430**|**20,356**|**37,786**|**56,356**|
|Net Movement in funds before transfer**9**||-|10,000|10,000|-|
|Transferred between funds||-|-|-|-|
|Balance brought forward at 1stJune 2022||6,979|150|7,129|7,129|
|Balance Carried Forward 31stMay 2023**3**||||||
|||**6,979**|**10,150**|**17,129**|**7,129**|
## **Total recognised gains and losses**
The company has no recognised gains and losses other than the surplus for the financial year
## **Continuing operations**
None of the company activities were acquired or disposed during the year
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## **MANAGEMENT TRAINING AND EDUCATION CENTRE (MTEC)**
## **BALANCE SHEET AS AT 31ST MAY 2022**
|**Fixed Assets**
Tangible Assets
**Current Assets**
Stock
Debtors
Cash at Bank and in hand
**Creditors:**
Amount falling due within one year
**Net Current Assets**
**Net Assets**
**Reserves**
Revaluation reverse
Restricted funds
Unrestricted funds
**Notes**
**4**
**5**
**6**
**3**
**3**
|**2020**
**£**
-
2,750
4,540
**7,290**
(259)
**2022**
**£**
3,724
7,031
**10,755**
3,576
200
6,979
**10,755**|**2023**
**£**
-
1,500
12,155
**13,655**
(150)|**2023**
**£**
3,624
13,505
**17,129**
-
10,150
6,979
**17,129**|
|---|---|---|---|
For the year ended 31st May 2023, the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006
The Director’s acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts
These accounts are prepared in accordance with the provision applicable to companies subject to small companies’ regime
The Accounts were approved by the Board of Directors on the 31st December, 2023 and signed on their behalf by:
## **ON BEHALF OF THE BOARD:**
Rev. Hoffman Frimpong-Manso **DIRECTOR/ TRUSTEE**
Approved by the board on 31st December 2023
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## **MANAGEMENT TRAINING & EDUCATION CENTRE (MTEC)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1[ST] JUNE 2022 TO 31[ST] MAY 2023**
## **1. ACCOUNTING POLICIES**
## **Accounting convention**
The financial statements have been prepared under the accrual concepts in accordance with the Financial Reporting Standards for Smaller Entities
## **1. Deferred Taxation**
Provision is made at current rates for taxation deferred in respect of all materials timing difference except to the extent that, in the opinion of the directors, there is reasonable probability that the liability will not arise in the foreseeable future
## **2. Sources of Income**
The income of the company in the period under review is from its charitable objects including grants, donations and income from a managed community centre
**3. Reserves**
The restricted and unrestricted reverses are surplus of income over expenditure in the period under review
## **4. Tangible Fixed Assets**
Fixed assets are depreciated at the rate of 00.27% per annum using the straight-line method.
|Cost at June 2022
Addition
**Total**
Accumulated depreciation at 1stJune 2022
Charge for period to 31stMay 2023
**NET BOOK VALUE**
At 31stMay 2023|40,218
100||£
43**,**942
-
43**,**942
40,318
**£3,624**|
|---|---|---|---|
|||||
## **5. Debtors amount falling due within one year**
Are grant due to the charity from its apprenticeship funded projects.
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## **6. Creditors amount**
Amount falling due within one year are money owned to suppliers of goods and services relating to the charity salaries advanced by CBO Foundation.
## **7. Value Added Tax**
The Charity is not registered for VAT and accordingly, where applicable cost and expenditure incurred are inclusive of VAT
## **8. Contingent liabilities**
There are no contingent liabilities (2023 nil)
## **9. Intangible income**
Tangible income are inform of in kind funding, gifts, seconded staff and volunteered by local agencies to the Charity in support of its projects
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