Company Registration No: 3289238 Charity No: 1060744
GATSBY TECHNICAL EDUCATION PROJECTS
ANNUAL REPORT
5 April 2024
The Peak 5 Wilton Road London SW1V 1AP
GATSBY TECHNICAL EDUCATION PROJECTS
(A Company Limited by Guarantee and a Registered Charity)
5 April 2024
| 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 2024
1
GATSBY TECHNICAL EDUCATION PROJECTS
(A Company Limited by Guarantee and a Registered Charity)
5 April 2024
REPORT OF THE TRUSTEES
Legal and Administrative
Company number 3289238 Charity Commission Number 1060744 Trustees/ Miss J S Portrait 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 BDB Pitmans LLP 1 Bartholomew Close London, EC1A 7BL 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 operates from its offices in London (head office) and Manchester and is funded mainly by the Gatsby Charitable Foundation (Gatsby). Gatsby Technical Education Projects (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 2024
2
GATSBY TECHNICAL EDUCATION PROJECTS
(A Company Limited by Guarantee and a Registered Charity)
5 April 2024
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 coherent planning for technical education in local areas. This includes supporting employer representative bodies to describe the skills needs in their areas and working with colleges to introduce reformed qualifications. GTEP supports colleges and schools to introduce T-levels by providing teaching resources and works with the Association of Colleges (AoC) and the Education and Training Foundation to provide networking opportunities for teachers so they can share practice. GTEP is also working with the AoC and Innovate UK to explore how FE colleges can play a greater role in local growth, including through the spread of good practice in relation to how employers are adopting new and innovative approaches.
GTEP continues to commission research to support the development and expansion of high-quality apprenticeships. This includes work by the National Foundation for Educational Research (NFER) to understand more about employer demand for different types of qualifications and apprenticeships, as well as supporting the Institute of Employment Research to undertake an international study comparing the costs of apprenticeships in different countries.
Using the foundation laid by GTEP, Innovate UK created the workforce foresighting hub to identify the skills needed to capitalise on emerging technologies. GTEP now supports work by the Institute for Apprenticeships and Technical Education to use the insights from the foresighting hub to ensure that occupational standards (and the apprenticeships and qualifications derived from them) deliver the necessary skills for the future. GTEP also helped Innovate UK launch a pilot fund that enables colleges to support innovative practices by local employers.
GTEP’s commitment to improving the retention and recruitment of science teachers continues to significantly influence national policy. Over the past year GTEP has collaborated with partners such as the NFER, Teacher Tapp and the Teacher Development Trust to commission research to evaluate the long-term impact of training bursaries on teacher supply and the effectiveness of professional development on teacher retention.
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 to enable the charity to meet its obligations as they fall due. Consequently GTEP does not require significant reserves.
Report and financial statements – 5 April 2024
3
GATSBY TECHNICAL EDUCATION PROJECTS
(A Company Limited by Guarantee and a Registered Charity)
5 April 2024
REPORT OF THE TRUSTEES (continued)
Financial performance
The financial position of the charity remains satisfactory at the end of the financial year. GTEP’s income receivable of £3,011,039 matches the expenditure incurred by the charity in year.
GTEP’s annual operating costs of £3,011,039 have increased by £531,216 in comparison to the previous financial year following increased activity of the Charity. Staffing costs increased by £229,849, office leasing costs have increased by £127,350, and other costs of charitable activities increased by £174,017. Having operated from its Manchester office for the last three months of last year, GTEP has incurred serviced office charges for the entire year, as well as taking on extra space to accommodate increased staff numbers.
GTEP has drawn upon grants of £2,975,001 awarded to it by Gatsby Charitable Foundation to cover most of the costs of its charitable activities. In addition GTEP received income from charitable activities of £36,000 for the provision of advice to the Department of Education.
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. In conjunction with the administrative support provided by the Sainsbury Family Charitable Trusts, the Trustees are satisfied that adequate systems are in place to meet such potential risks.
A major risk is the possibility of systems or user devices being hacked by threat actors, or infected with viruses leading to wider contamination, including ransomware. To mitigate cyber security risks the organisation maintains a number of procedures including multi factor authentication, up to date virus detection software, boundary security testing, the application of patches to devices, and user training on best practice to pre-emptively prevent infection.
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 2024
4
GATSBY TECHNICAL EDUCATION PROJECTS
(A Company Limited by Guarantee and a Registered Charity)
5 April 2024
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:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.
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 21 November 2024 and signed on their behalf by
……………………………………………… Miss J S Portrait TRUSTEE
Report and financial statements – 5 April 2024
5
GATSBY TECHNICAL EDUCATION PROJECTS
(A Company Limited by Guarantee and a Registered Charity)
5 April 2024
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 2024 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:
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give a true and fair view of the state of the charitable company’s affairs as at 5 April 2024 and of 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
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 2024
6
GATSBY TECHNICAL EDUCATION PROJECTS
(A Company Limited by Guarantee and a Registered Charity)
5 April 2024
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
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the information given in the Trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the directors’ report included within the Trustees’ report have been prepared in accordance with applicable legal requirements.
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:
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adequate and proper accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
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 2024
7
GATSBY TECHNICAL EDUCATION PROJECTS
(A Company Limited by Guarantee and a Registered Charity)
5 April 2024
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 2024
8
GATSBY TECHNICAL EDUCATION PROJECTS
(A Company Limited by Guarantee and a Registered Charity)
5 April 2024
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
- 6 December 2024
Report and financial statements – 5 April 2024
9
GATSBY TECHNICAL EDUCATION PROJECTS
(A Company Limited by Guarantee and a Registered Charity)
5 April 2024
STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account)
FOR THE YEAR ENDED 5 APRIL 2024
| Notes Income: Grants receivable 3 Charitable activities 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. |
2024 2023 |
|---|---|
| £ £ Unrestricted funds 2,975,001 2,458,449 36,000 21,000 38 374 |
|
| 3,011,039 2,479,823 |
|
| 3,011,039 2,479,823 |
|
| 3,011,039 2,479,823 |
|
| - - 106,416 106,416 |
|
| 106,416 106,416 |
|
Report and financial statements – 5 April 2024
10
GATSBY TECHNICAL EDUCATION PROJECTS
(A Company Limited by Guarantee and a Registered Charity)
5 April 2024
BALANCE SHEET (Company Registration No. 3289238)
AS AT 5 APRIL 2024
| Notes | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| FIXED ASSETS | 6 | 26,100 | 34,800 |
| CURRENT ASSETS | |||
| Debtors | 7 | 2,427,069 | 2,443,854 |
| Cash at bank | 94,232 | 42,474 | |
| Total Current Assets | 2,521,301 | 2,486,328 | |
| LIABILITIES | |||
| Creditors- amounts falling due within 1 year | 8 | (2,440,985) | (2,414,712) |
| NET CURRENT ASSETS | 80,316 | 71,616 | |
| TOTAL ASSETS LESS LIABILITIES | 106,416 | 106,416 | |
| NET ASSETS | 106,416 | 106,416 | |
| The funds of the charity: | |||
| Unrestricted funds | 106,416 | 106,416 | |
| 106,416 | 106,416 |
Approved by the Trustees on 21 November 2024 and signed on their behalf by:
………………………………………
Miss J S Portrait TRUSTEE
The notes on pages 13 to 16 form part of these financial statements.
Report and financial statements – 5 April 2024
11
(A Company Limited by Guarantee and a Registered Charity)
GATSBY TECHNICAL EDUCATION PROJECTS
5 April 2024
CASH FLOW STATEMENT
FOR THE YEAR ENDED 5 APRIL 2024
| Net cash inflow/(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 Decrease in debtors Increase in creditors Net cash inflow/(outflow) from operating activities |
2024 £ 51,758 2024 £ 42,474 51,758 94,232 2024 £ - 8,700 16,785 26,273 51,758 |
2023 |
|---|---|---|
| £ (36,012) 2023 |
||
| £ 78,486 (36,012) |
||
| 42,474 | ||
| 2023 | ||
| £ - 8,700 (1,418,916) 1,374,204 |
||
| (36,012) |
The notes on pages 13 to 16 form part of these financial statements.
Report and financial statements – 5 April 2024
12
GATSBY TECHNICAL EDUCATION PROJECTS
(A Company Limited by Guarantee and a Registered Charity)
5 April 2024
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
Income is recognised when there is entitlement to the grant, receipt is probable, and its amount can be measured reliably.
d) Costs of administration
These costs include a share of the staff and office costs of the joint offices of the Sainsbury Family Charitable 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.
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.
Report and financial statements – 5 April 2024
13
GATSBY TECHNICAL EDUCATION PROJECTS
(A Company Limited by Guarantee and a Registered Charity)
5 April 2024
NOTES TO THE ACCOUNTS (continued)
1. ACCOUNTING POLICIES (continued)
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
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a) The company is limited by guarantee and has no share capital.
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b) The members undertake to contribute not more than £10 each if required in the event of a winding up of the company.
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c) The company is registered under the Companies Act 2006 and is incorporated in England and Wales, registration number 3289238.
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d) The registered office of the company is located at The Peak, 5 Wilton Road, London, SW1V 1AP.
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e) The company is registered with the Charity Commission, registration number 1060744.
3. GRANTS RECEIVABLE
During the year, the Charity received grants from the following organisation:
| The Gatsby Charitable Foundation | 2024 2023 |
|---|---|
| £ £ 2,975,001 2,458,449 |
4. ANALYSIS OF EXPENDITURE
| Direct costs Staff costs (see Note 5) Office costs and administrative expenses Support and governance costs Auditors’ remuneration |
2024 2023 |
|---|---|
| £ £ 2,332,516 2,102,667 669,250 368,406 |
|
| 3,001,765 2,471,073 9,274 8,750 |
|
| 3,011,039 2,479,823 |
Auditors’ remuneration includes irrecoverable VAT of £1,552 (2022: £1,458) .
Report and financial statements – 5 April 2024
14
(A Company Limited by Guarantee and a Registered Charity)
GATSBY TECHNICAL EDUCATION PROJECTS
5 April 2024
NOTES TO THE ACCOUNTS (continued)
5. ANALYSIS OF STAFF COSTS (continued)
| ANALYSIS OF STAFF COSTS (continued) | |
|---|---|
| Wages and salaries Social security costs Other pension costs |
2024 2023 |
| £ £ 1,902,441 1,749,691 220,087 205,312 209,988 147,664 |
|
| 2,332,516 2,102,667 |
The average number of staff employed during the year was 47, some of whom are on a part-time basis (2022/23: 35) . This equates to 24.45 full-time employees (2022/23: 20.64) .
The number of senior staff paid over £60,000 during the year to 5 April 2024 (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 £210,001 - £220,000 £260,001 - £270,000 |
5 2 1 1 1 2 3 2 1 1 1 - - 1 |
|---|---|
One Trustee was reimbursed travel expenses of £964 (2023: £2,974) during the year. Total compensation paid to 4 (2023: 4) key management personnel during the year was £400,118 (2023: £418,754).
As mentioned in Note 1d, the Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office. 19.3% (18.7%) 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 2023/24.
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 2024 Net book value at 5 April 2023 |
Leasehold improvements 2024 2023 |
|---|---|
| £ £ 60,900 60,900 |
|
| 26,100 17,400 8,700 8,700 |
|
| 34,800 26,100 |
|
| 26,100 34,800 |
|
| 34,800 43,500 |
Report and financial statements – 5 April 2024
15
GATSBY TECHNICAL EDUCATION PROJECTS
(A Company Limited by Guarantee and a Registered Charity)
5 April 2024
NOTES TO THE ACCOUNTS (continued)
7. DEBTORS
| Prepayments Other debtors Accrued income |
2024 2023 £ £ 25,312 8,209 26,257 435,645 2,375,500 2,000,000 2,427,069 2,443,854 |
|---|---|
Included in other debtors is £22,100 (2023: £421,499) owed by the Gatsby Charitable Foundation. Accrued income represents amounts receivable as charitable grants for future accounting periods.
8. CREDITORS
| Trade creditors Other creditors Accruals and deferred income |
2024 2023 |
|---|---|
| £ £ 3,679 2,204 7,918 400,824 2,429,388 2,011,684 |
|
| 2,440,985 2,414,712 |
Deferred income represents amounts receivable as charitable grants for future accounting periods.
9. OPERATING LEASE COMMITMENTS
The Charity has entered into a lease agreement for the use of serviced offices in Manchester. Operating lease costs incurred by the Charity during the financial year were £153,022 (2023: £25,672) . At year end the charity had the following annual commitments under non-cancellable operating leases:
| Within one year Within two years |
2024 2023 |
|---|---|
| £ £ 179,203 49,510 61,066 - |
|
| 240,269 49,510 |
Report and financial statements – 5 April 2024
16