OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-04-05-accounts

Company Registration No: 3289238 Charity No: 1060744

GATSBY TECHNICAL EDUCATION PROJECTS

ANNUAL REPORT

5 April 2023

The Peak 5 Wilton Road London SW1V 1AP

GATSBY TECHNICAL EDUCATION PROJECTS

(A Company Limited by Guarantee and a Registered Charity)

5 April 2023

CONTENTS CONTENTS PAGE
1 Report of the Trustees 2-5
2 Report of the Auditors 6-9
3 Statement of Financial Activities 10
4 Balance Sheet 11
5 Cash Flow Statement 12
6 Notes to the Accounts 13-16

Report and financial statements – 5 April 2023

1

GATSBY TECHNICAL EDUCATION PROJECTS

(A Company Limited by Guarantee and a Registered Charity)

5 April 2023

REPORT OF THE TRUSTEES

Legal and Administrative

Company number 3289238 Charity Commission Number 1060744 Trustees/ Miss J S Portrait OBE Directors Mr J C Burns Registered The Peak Office 5 Wilton Road London SW1V 1AP Website www.gtep.co.uk Principal Officers Mr P Hesketh – Chief Executive Mr N Thomas – Executive Director Mr J Searancke – Head of Finance Bankers Royal Bank of Scotland 119-121 Victoria Street London SW1E 6RA Solicitors From 1 August 2022: BDB Pitmans LLP 1 Bartholomew Close London, EC1A 7BL To 31 July 2022: Portrait Solicitors 21 Whitefriars Street London EC4M 7JW Auditors Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Objects The objects of the Charity as given in the Memorandum of Association are the advancement of education for the benefit of the public by the support and development of excellence in engineering, technology, science, mathematics, information technology and other academic areas supporting these disciplines. Organisation The Charity’s head office is The Peak, 5 Wilton Road, London SW1V 1AP and is funded mainly by the Gatsby Charitable Foundation (Gatsby). In November 2022 GTEP opened an office in Chancery Place, 10[th] Floor, 50 Brown Street, Manchester M2 2JG. GTEP funds certain programmes from its own resources and also administers Gatsby programmes in its own area of expertise that are directly funded by Gatsby. Trustees are appointed by existing Trustees and are provided with relevant information relating to their responsibilities. The Charity and its Trustees are fully aware of the requirements and duties set out in Section 13 of the Charities (Protection and Social Investment) Act 2016. The Trust does not raise funds from the public and as such has no fundraising activities requiring disclosure.

Report and financial statements – 5 April 2023

2

GATSBY TECHNICAL EDUCATION PROJECTS

(A Company Limited by Guarantee and a Registered Charity)

5 April 2023

REPORT OF THE TRUSTEES (continued)

Principal activities

GTEP develops and manages innovative programmes which enrich and enhance science, technology, engineering and mathematics (STEM) education and training in the UK.

GTEP programmes funded from grants in the year under review

The objective of GTEP’s work is to improve technical education and support the teaching of science in schools and colleges.

GTEP continues to support ongoing reforms for technical education in England alongside work to support the roll-out of T-levels, which has included projects with the Association of Colleges (AoC). GTEP has supported research by the OECD and the National Foundation for Educational Research (NFER) to improve understanding of further education (FE) teacher recruitment and retention challenges.

GTEP is also undertaking work to inform the effective planning of technical education in local areas. This includes help for employer representative bodies in developing Local Skills Improvement Plans that better articulate the skills needs of a local area. GTEP staff also continue to work with the Department for Education and others to raise awareness of Higher Technical Qualifications (HTQs) at Levels 4 and 5. All HTQs meet national standards set by employers, ensuring the qualifications deliver the knowledge and skills that employers need and value. GTEP is also working with Innovate UK and the AoC to explore how FE colleges can play a greater role in local growth through the diffusion of innovation.

The employer-set standards that underpin T-levels and HTQs are the same standards that all apprenticeships must meet. Apprenticeships have long been an important way to train technicians and GTEP takes a keen interest in ensuring apprenticeships remain fit for this purpose. GTEP recently commissioned research looking at the lessons that can be learned from high-quality apprenticeship systems in other countries, focusing particularly on how to ensure apprenticeships provide broad occupational training. GTEP is also supporting the NFER’s exploration of the reasons behind low apprenticeship completion rates and how this could be improved, and the foresighting work by the High Value Manufacturing Catapult that ensures apprenticeship standards equip apprentices with the skills to work with the latest technology.

GTEP’s ongoing commitment to science teacher recruitment and retention continues to have significant impact on national policy. In the past year, working in partnership with organisations such as the Institute of Physics, NFER, Teacher Tapp and SchoolDash, GTEP-commissioned research has included an evaluation of the impact of financial incentives on teacher recruitment and retention and a study looking at the effectiveness of the Early Career Framework.

Future plans

Trustees expect to continue to focus on improving technical education and supporting the teaching of science in schools and colleges.

Reserves

Unrestricted reserves at year end were £106,416 and are unchanged from the previous year.

GTEP continues to receive funding from the Gatsby Charitable Foundation over several years, and which can be drawn down as needed. Consequently GTEP does not require significant reserves. The Trustees are satisfied that this policy will continue to enable GTEP to meet its obligations as they fall due.

Report and financial statements – 5 April 2023

3

GATSBY TECHNICAL EDUCATION PROJECTS

(A Company Limited by Guarantee and a Registered Charity)

5 April 2023

REPORT OF THE TRUSTEES (continued)

Financial performance

GTEP’s annual operating costs have increased by £643,588 to £2,479,823 in the financial year following increased activity of the Charity, resulting in an increase in the number of employees and the opening of an office in Manchester.

GTEP has drawn upon grants of £2,458,449 awarded to it by Gatsby Charitable Foundation to cover most of the costs of its charitable activities. GTEP received a contribution of £21,000 for the provision of advice to the Department of Education.

The financial position of the charity remains satisfactory at the end of the financial year.

Risk assessment

The Trustees have examined the major strategic, business and operational risks to which the charitable company may be exposed. Risks considered by Trustees included processes in place to mitigate fraud, the disclosure of related party transactions, expansion of the activities of the Charity, and non-financial risks including reputational risk. Through the joint office of the Sainsbury Family Charitable Trusts, adequate systems are in place to meet such potential risks as the Trustees have identified.

The Trustees continue to be vigilant and keep processes under review.

Staff remuneration

The remuneration of the senior staff (including key management personnel) is reviewed by the Trustees on an annual basis taking into account the requirements of their role and performance during the year. From time to time the Trustees benchmark pay levels against the comparable positions in similar organisations.

Charity and public benefit

Trustees are aware of the Charity Commission guidance on Charity and Public Benefit and confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to it. They consider the full information which follows in this annual report, about the Charity’s aims, activities and achievements in the many areas of interest that the Charity supports demonstrates the benefit to its beneficiaries, and through them to the public, that arise from those activities.

Charity governance

Trustees are aware of the Charity Governance Code published in 2017 (refreshed 2021) which sets out the principles and recommended practice for good governance within the sector. The Charity has reviewed its governance arrangements against the principles within the code and believes that it is compliant with the code whilst maintaining its need to operate its governance efficiently.

Trustees make sure that decision-making processes are informed, rigorous and timely, and that effective delegation, control, risk-assessment, and management systems are set up and monitored. Except for those matters specifically reserved for Trustees, decisions concerning the day to day operation of the Charity are delegated to the Principal Officers, who have implemented suitable financial and related controls and reporting arrangements to make sure Trustees oversee delegated matters.

The Charity’s Trustees are also trustees of Gatsby Charitable Foundation. Details about other charities for which the Trustees also act as trustee may be found on the Charities Commission website.

Report and financial statements – 5 April 2023

4

GATSBY TECHNICAL EDUCATION PROJECTS

(A Company Limited by Guarantee and a Registered Charity)

5 April 2023

REPORT OF THE TRUSTEES (continued)

Statement of Trustees’ responsibilities for the financial statements

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company/charity and of its result for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as the Trustees are aware, there is no relevant audit information of which the charity’s auditors are unaware. The Trustees have each taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Approved by the Board on 2 October 2023 and signed on their behalf by

……………………………………………… Miss J S Portrait OBE TRUSTEE

Report and financial statements – 5 April 2023

5

GATSBY TECHNICAL EDUCATION PROJECTS

(A Company Limited by Guarantee and a Registered Charity)

5 April 2023

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF GATSBY TECHNICAL EDUCATION PROJECTS

Opinion

We have audited the financial statements of Gatsby Technical Education Projects (‘the charitable company’) for the year ended 5 April 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor’s 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

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 this gives rise to a material misstatement in the financial statements themselves. 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.

Report and financial statements – 5 April 2023

6

GATSBY TECHNICAL EDUCATION PROJECTS

(A Company Limited by Guarantee and a Registered Charity)

5 April 2023

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF GATSBY TECHNICAL EDUCATION PROJECTS (continued)

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

Matters on which we are required to report by exception

In 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 directors’ report included within the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 5 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.

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.

Auditor’s 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 an auditor’s report 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.

Report and financial statements – 5 April 2023

7

GATSBY TECHNICAL EDUCATION PROJECTS

(A Company Limited by Guarantee and a Registered Charity)

5 April 2023

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF GATSBY TECHNICAL EDUCATION PROJECTS (continued)

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

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 auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

Report and financial statements – 5 April 2023

8

GATSBY TECHNICAL EDUCATION PROJECTS

(A Company Limited by Guarantee and a Registered Charity) 5 April 2023

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 auditor’s 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.

Tina Allison Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London

13 December 2023

Report and financial statements – 5 April 2023

9

GATSBY TECHNICAL EDUCATION PROJECTS

(A Company Limited by Guarantee and a Registered Charity)

5 April 2023

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account)

FOR THE YEAR ENDED 5 APRIL 2023

Notes
Income:
Grants receivable
3
Contribution
Interest and other income
Total income
Expenditure:
Expenditure on charitable activities:
Charitable activity
4
Total expenditure
Net expenditure and net
movement in funds for the year
Reconciliation of funds
Total funds brought forward
Total funds carried forward
The notes on pages 13 to 16 form part of the financial statements.		 2023
2022
£
£
Unrestricted funds
2,458,449
1,836,217
21,000
-
374
18
2,479,823
1,836,235
2,479,823
1,836,235
2,479,823
1,836,235
-
-
106,416
106,416
106,416
106,416

Report and financial statements – 5 April 2023

10

GATSBY TECHNICAL EDUCATION PROJECTS (A Company Limited by Guarantee and a Registered Charity)

5 April 2023

BALANCE SHEET (Company Registration No. 3289238)

AS AT 5 APRIL 2023

Notes
FIXED ASSETS
6
CURRENT ASSETS
Debtors
7
Cash at bank
Total Current Assets
LIABILITIES
Creditors- amounts falling due within 1 year
8
NET CURRENT ASSETS
TOTAL ASSETS LESS LIABILITIES
NET ASSETS
The funds of the charity:
Unrestricted funds		 2023
2022
£
£
34,800
43,500
2,443,854
1,024,938
42,474
78,486
2,486,328
1,103,424
(2,414,712)
(1,040,508)
71,616
62,916
106,416
106,416
106,416
106,416
106,416
106,416
106,416
106,416

Approved by the Trustees on 2 October 2023 and signed on their behalf by:

……………………………………… Miss J S Portrait OBE TRUSTEE

The notes on pages 13 to 16 form part of these financial statements.

Report and financial statements – 5 April 2023

11

(A Company Limited by Guarantee and a Registered Charity)

GATSBY TECHNICAL EDUCATION PROJECTS

5 April 2023

CASH FLOW STATEMENT

FOR THE YEAR ENDED 5 APRIL 2023

Net cash outflow from operating activities and
change in cash at bank during year
Cash at bank
Cash at bank at beginning of year
Change in cash at bank during the year
Cash at bank at end of year
Reconciliation of net income/(expenditure) to net cash
used in operating activities
Net result for the year (as per the Statement of Financial Activities)
Depreciation
(Increase) in debtors
Increase in creditors
Net cash outflow from operating activities		 2023
£
(36,012)
2023
£
78,486
(36,012)
42,474
2023
£
-
8,700
(1,418,916)
1,374,204
(36,012)		 2022
£
(146,885)
2022
£
225,371
(146,885)
78,486
2022
£
-
8,700
(837,507)
681,922
(146,885)

The notes on pages 13 to 16 form part of these financial statements.

Report and financial statements – 5 April 2023

12

GATSBY TECHNICAL EDUCATION PROJECTS

(A Company Limited by Guarantee and a Registered Charity)

5 April 2023

NOTES TO THE ACCOUNTS

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of preparation

The financial statements have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.

The Charitable Company constitutes a public benefit entity as defined by FRS102.

b) Going concern

After making enquires, the Trustees are not aware of material uncertainties that cast doubt on going concern and have a reasonable expectation that the company has adequate resources to continue its activities for the foreseeable future as reflected in the Report of the Trustees. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

c) Income

Unrestricted income represents grants receivable in respect of project costs. Restricted income includes grants receivable which relate to the current year and are subject to contractual conditions from the donor specifying the time period to which related expenditure can occur. These grants are credited to restricted income within the SOFA.

d) Costs of administration

These costs include a share of the staff and office costs of the joint offices of the Sainsbury Charitable Family Trusts, which are allocated in proportion to the time spent on Trust matters and grants paid.

e) Charitable activities

The Trustees consider that improving technical education and supporting the teaching of science in schools and colleges is the Charity’s sole charitable activity.

f) Governance costs

Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include fees for statutory audit, legal fees where relevant.

g) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the Charity. Restricted funds must be used in accordance with specific restrictions specified by funders.

Report and financial statements – 5 April 2023

13

GATSBY TECHNICAL EDUCATION PROJECTS

(A Company Limited by Guarantee and a Registered Charity)

5 April 2023

NOTES TO THE ACCOUNTS (continued)

1. ACCOUNTING POLICIES (continued)

h) Taxation

Since its activities are wholly charitable, the Charity will not be chargeable to corporation tax on its income or any profits. Accordingly, no tax liability arises.

i) Financial instruments

GTEP 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 amortised cost. Financial assets held at amortised cost comprise cash at bank, grants receivable and other debtors. Financial liabilities held at amortised cost comprise trade creditors and accruals.

j) Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairments in value. Fixed assets are depreciated at rates which reflect their useful life to the Charity. Leasehold improvements are depreciated over the life of the lease, seven years.

2. LEGAL STATUS

3. GRANTS RECEIVABLE

During the year, the Charity received grants from the following organisation:

The Gatsby Charitable Foundation 2023
2022
£
£
2,458,449
1,836,217

4. ANALYSIS OF EXPENDITURE

Direct costs
Programme expenses
Staff costs (see Note 5)
Office costs and administrative expenses
Support and governance costs
Auditors’ remuneration		 2023
2022
£
£
-
29,387
2,102,667
1,525,242
368,406
272,858
2,471,073
1,827,487
8,750
8,748
2,479,823
1,836,235

Report and financial statements – 5 April 2023

14

GATSBY TECHNICAL EDUCATION PROJECTS

(A Company Limited by Guarantee and a Registered Charity)

5 April 2023

NOTES TO THE ACCOUNTS (continued)

4. ANALYSIS OF EXPENDITURE (continued)

Included above is £4,356 (2022: £13,044) payable for legal services to Portrait Solicitors, a firm in which Miss J S Portrait OBE was a partner until 31 July 2022. Of this amount, £nil (2022: £8,688) was included in trade creditors. There were no other related party transactions.

Auditors’ remuneration includes irrecoverable VAT of £1,458 (2022: £1,458) .

5. ANALYSIS OF STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2023
2022
£
£
1,749,691
1,276,797
205,312
136,310
147,664
112,135
2,102,667
1,525,242

The average number of staff employed during the year was 35, some of whom are on a part-time basis (2021/22: 27) . This equates to 20.64 full-time employees (2021/22: 16.47) .

The number of senior staff paid over £60,000 during the year to 5 April 2023 (salary plus taxable benefits excluding pension contributions) was:

£60,000 - £70,000
£80,001 - £90,000
£90,000 - £100,000
£100,001 - £110,000
£120,001 - £130,000
£220,001 - £230,000
£260,001 - £270,000		 2
1
1
3
2
1
2
1
1
-
-
1
1
-

One Trustee was reimbursed travel expenses of £2,974 (2022: £3,032) during the year. Total compensation paid to 4 (2022: 4) key management personnel during the year was £418,754 (2022: £376,112).

As mentioned in Note 1d, the Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office. 18.7% (15.9%) of the total support and administration costs of these trusts have been allocated to the GTEP, including a proportionate share of the costs of employing the total number of staff serving in the office in 2022/23.

Report and financial statements – 5 April 2023

15

(A Company Limited by Guarantee and a Registered Charity)

GATSBY TECHNICAL EDUCATION PROJECTS

5 April 2023

NOTES TO THE ACCOUNTS (continued)

6. TANGIBLE FIXED ASSETS

Cost
At beginning and end of year
Accumulated depreciation
At beginning of year
Depreciation charge for the year
At end of year
Net book value at 5 April 2023
Net book value at 5 April 2022
. DEBTORS
Prepayments
Other debtors
Accrued income		 Leasehold
improvements
2023
2022		 Leasehold
improvements
2023
2022
£
£
60,900
60,900
17,400
8,700
8,700
8,700
26,100
17,400
34,800
43,500
43,500
52,200
2023
2022
£
£
8,209
5,391
435,645
1,019,546
2,000,000
-
2,443,854
1,024,937

7. DEBTORS

Included in other debtors is £421,499 (2022: £1,019,546) owed by Gatsby Charitable Foundation. The Charity’s Trustees are also trustees of Gatsby Charitable Foundation.

Accrued income represents amounts receivable as charitable grants for future accounting periods.

8. CREDITORS

CREDITORS
Trade creditors
Other creditors
Accruals and deferred income		 2023
2022
£
£
2,204
25,826
400,824
1,006,559
2,011,684
8,123
2,414,712
1,040,508

Included in Other creditors is £212,917 (2022: £Nil) owed to Gatsby Charitable Foundation. The Charity’s Trustees are also trustees of Gatsby Charitable Foundation.

Deferred income represents amounts receivable as charitable grants for future accounting periods.

9. OPERATING LEASE COMMITMENTS

In November 2022, GTEP entered into a lease agreement for the use of serviced offices in Manchester for one year. Operating lease costs incurred by the Charity during the financial year were £25,672 (2022: £Nil) . At year end total future lease payments were £49,510 (2022: £Nil) .

Report and financial statements – 5 April 2023

16