MANAGEMENT TRAINING & EDUCATION CENTRE (MTEC) FINANCIAL STATEMENT AND
ANNUAL ACCOUNTS FOR 2024/25
COMPANY 3194445 CHARITY 1055316
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CHAIR STATEMENT
On behalf of the Board of Directors, I would like to take this opportunity to express our sincere appreciation to our dedicated staff, committed volunteers, directors, and valued members whose collective efforts made it possible for us to successfully deliver our training programmes, youth employment support initiatives, and food bank services over the past year.
We are particularly proud to have continued delivering workforce development programmes in partnership with the Skills Funding Agency. Through these initiatives, approximately 130 organisations benefited from our community group development programmes, strengthening capacity and enhancing impact across the communities we serve.
In addition, our apprenticeship programme has supported the professional development of over 120 staff from local organisations , equipping them with relevant skills and competencies to improve service delivery and organisational performance.
We also provided employability skills training and job search support to numerous beneficiaries, helping individuals build confidence, enhance their career prospects, and access sustainable employment opportunities.
Looking ahead, we remain committed to strengthening our organisational capacity by expanding both our funding base and staffing structure. We will continue to actively pursue funding opportunities through local authorities and statutory bodies, while also exploring diverse and sustainable funding streams to support the growth and continuity of our programmes.
We would like to extend our heartfelt gratitude to Tesco and Sainsbury's for their generous support of our food bank programme. Their contributions have been instrumental in enabling us to provide essential support to individuals and families in need.
Furthermore, we are excited about our plans to develop and expand social enterprise activities as a means of complementing and sustaining our existing services. This strategic direction will enhance our ability to deliver long-term impact within our communities.
Once again, on behalf of the Board of Directors and Trustees, I extend my sincere gratitude to all our stakeholders for your unwavering support, commitment, and belief in our mission.
On behalf of the Board of Directors
S. Addeh
DIRECTOR
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MANAGEMENT TRAINING AND EDUCATION CENTRE (MTEC)
COMPANY INFORMATION
FOR THE PERIOD 1[ST] JUNE 2024 TO 31[ST] MAY 2025
DIRECTORS Dr . Charles Omorodion Damilola Alabi Samuel Addeh
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 2024 TO 31[ST] MAY 2025
The directors present their report with the financial statements of the company for the period 1st June 2024 to 31st May 2025
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 a 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:
| Samuel Addeh | Elected | 07/06/24 |
|---|---|---|
| Resigned | 31/05/25 | |
| Damilola Alabi | Elected | 07/06/24 |
| Resigned | 31/05/25 | |
| Dr Charles Omorodion | Elected | 07/06/24 |
| Resigned | 31/05/25 |
All the directors, being eligible, offer themselves for election at the forthcoming first Annual General Meeting.
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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 Abbreviated financial statements for the period ended 31[st] May 2025, 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 sections 394 and 397 of company Act 2006, and they consider that for the year ended 31st May 2025, the Company is entitled to exemption under section 475. Members have not required the Company to obtain an audit in accordance with sections 477 and 382 of the Companies Act 2006. It is our responsibility to carry out procedures designed to enable us to 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 records kept by the Company and making such limited enquiries of the officers of the company as we considered necessary for this report. These procedures provide only the assurance expressed in our opinion.
Opinion
In our opinion:
-
The accounts of the company for the financial year in question are in agreement with the accounting records kept by the company under sections 386 and 393 of the Companies Act 2006; and
-
having regards only to, and based on, the information contained in 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.
-
having regards only to, and based on, the information in the accounting records, the company satisfied the requirements of section 393(2) for the financial year in question.
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MANAGEMENT TRAINING AND EDUCATION CENTRE (MTEC)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[ST] MAY 2025
| Income resource Notes | Unrestricted | Restricted | Total Funds | Total Funds |
|---|---|---|---|---|
| Funds | Funds | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Institute of Small Business Management | 10,000 | 10,000 | 20,000 | 10,000 |
| National Lottery - Awards for All | 10,000 | |||
| CBO Foundation | 5,000 | 5,000 | 10,000 | - |
| Income from course/seminars | 10,500 | - | 10,500 | - |
| Paul Street Community Centre | 8,200 | - | 8,200 | 2,405 |
| Food Bank Palliatives | - | 15,560 | 15,560 | - |
| Total Income Resource | ||||
| 33,700 | 30,560 | 64,260 | 24,405 | |
| Resource Expanded | ||||
| Direct Charitable Expenses | 18,200 | 9,060 | 27,260 | 8,500 |
| Other Expenditure | ||||
| Fundraising and publicity | 500 | 1,000 | 1,500 | - |
| Management & Administration of Charity | 15,000 | 20,500 | 35,500 | 15,205 |
| Depreciation | - | - | - | 700 |
| 34,700 | 30,560 | 64,260 | 24,405 | |
| Net Movement in funds before transfer9 | - | - | - | - |
| Transferred between funds | - | - | - | - |
| Balance brought forward on 1stJune 2024 | 14,274 | - | 14,274 | 12,374 |
| Balance Carried Forward 31stMay 20253 | 14,274 | - | 14,274 | 12,374 |
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's activities was acquired or disposed of during the year
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MANAGEMENT TRAINING AND EDUCATION CENTRE (MTEC)
BALANCE SHEET AS AT 31ST MAY 2025
| 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 Unrestricted funds Restricted funds Notes 4 5 6 3 3 |
2020 £ - 10,650 10,650 - 2025 £ 3,624 10,650 14,274 1,900 - 12,374 14,274 2024 £ - - 8,750 8,750 (-) |
2024 £ 3,624 8,750 12,374 |
|---|---|---|
- - 12,374 |
||
| 12,374 |
For the year ended 31st May 2025, 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 Directors 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 provisions applicable to companies subject to the small companies’ regime
The Accounts were approved by the Board of Directors on the 1[st ] of July 2025 and signed on their behalf by:
ON BEHALF OF THE BOARD:
S. Addeh
DIRECTOR
Approved by the board on 1st July 2025
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MANAGEMENT TRAINING & EDUCATION CENTRE (MTEC)
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1[ST] JUNE 2024 TO 31[ST] MAY 2025
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 differences, except to the extent that, in the opinion of the directors, there is a reasonable probability that the liability will not arise in the foreseeable future
2. Sources of Income
The income of the company is in the form of grants and donations for its charitable objects, and the company did not engage in trading in the period under review
3. Reserves
- The restricted and unrestricted reverses are the surplus of income over expenditure in the period under review
4. Tangible Fixed Assets
Fixed assets are depreciated at the rate of 0% per annum using the straight-line method.
| Cost at June 2024 Addition Accumulated depreciation at 1stJune 2024 Charge for period to 31stMay 2025 NET BOOK VALUE At 31stMay 2025 |
39,418 - |
£ 41,542 1,500 43,042 39,418 £3,624 |
|
|---|---|---|---|
5. Debtors' amount falling due within one year
Are grants due to the charity from its apprenticeship-funded projects.
6. Creditors' amount
Amounts falling due within one year are money owed to suppliers of goods and services relating to the charity, and salaries advanced by CBO Foundation.
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7. Value Added Tax
The Charity is not registered for VAT, and accordingly, where applicable cost and expenditures incurred are inclusive of VAT
8. Contingent liabilities
There are no contingent liabilities (2025 nil)
9. Intangible income
Tangible income is in kind funding, gifts, seconded staff and volunteered by local agencies to the Charity in support of its projects
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