REGISTERED COMPANY NUMBER: 03389705 (England and Wales) REGISTERED CHARITY NUMBER: 1068863
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Berringers LLP Chartered Accountants and Statutory Auditors Lygon House 50 London Road Bromley Kent BR1 3RA
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 March 2021
| Page | |||
|---|---|---|---|
| Reference and administrative details | 1 | ||
| Report of the trustees | 2 | to | 4 |
| Report of the independent auditors | 5 | to | 7 |
| Statement of financial activities | 8 | ||
| Balance sheet | 9 | ||
| Cash flow statement | 10 | ||
| Notes to the cash flow statement | 11 | ||
| Notes to the financial statements | 12 | to | 19 |
| Detailed statement of financial activities | 20 | to | 21 |
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
REFERENCE AND ADMINISTRATIVE DETAILS for the year ended 31 March 2021
TRUSTEES R J Clarke F Harper A J Smith F S Clayton M Smith I Woodland (resigned 14.9.21) J Swain (appointed 14.9.21) COMPANY SECRETARY Ms C Mason REGISTERED OFFICE Lygon House 50 London Road Bromley Kent BR1 3RA
REGISTERED COMPANY NUMBER 03389705 (England and Wales)
REGISTERED CHARITY NUMBER 1068863
AUDITORS Berringers LLP Chartered Accountants and Statutory Auditors Lygon House 50 London Road Bromley Kent BR1 3RA
Page 1
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
REPORT OF THE TRUSTEES for the year ended 31 March 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and policies
The National Electrotechnical Training Organisation (NET) is a company limited by guarantee and has charitable status.
Presently, NET's primary objective is to develop and maintain assessments of occupational competence and to ensure sufficient licensed centres to meet demand for the assessments. At present there are 38 centres and the market is such that a number in the region of 35-40 will provide sufficient capacity for the next three to five years.
Public benefit
Following the Government's implementation of the Charities Act 2011, the Trustees are cognisant of their responsibilities in demonstrating public benefit as set out in guidance provided by the Charity Commission. The Charity has and continues to demonstrate a number of areas of public benefit including and not limited to developing and maintaining the assessments of occupational competence required by the UK electrical and engineering industry, and supporting initiatives, such as SkillElectric in partnership with World Skills UK, which positively promote careers, best practice and skills.
ACHIEVEMENT AND PERFORMANCE
Review of the year
During the year NET generated income of £804,004 (2020: £1,064,206), paid out £947,782 (2020: £852,520) in costs and has total reserves carried forward of £1,028,528 (2020: £1,172,306). NET also received a restricted grant totalling £4,500 (2020: £18,180) towards the delivery and management of SkillElectric and associated accommodation costs.
The profile of assessments of occupational competence is improving, with an increase in recognition of the value of the assessment both as the end-point assessment component of an apprenticeship or vocational qualification and as a standalone demonstration of competence to industry recognised standards.
NET continues to deploy its charitable reserves in the development of new Assessments of Competence/End Point Assessments. During the year NET had a successful launch of FESS (Fire Emergency and Security Systems) end point assessment for multiple pathways. NET also funds ongoing and significant support for the FESS employer group who oversee the apprenticeship, including development of a range of free to use support materials for candidates and training providers.
NET is a core member of The Electrotechnical Skills Partnership (TESP) and has provided funding support for the development of the Electrical Careers and TESP Website, funding for comprehensive industry labour market intelligence and production of careers support materials.
As the managing partner for the SkillElectric competition, NET continues to invest in further development of the competition and employs a dedicated part-time consultant to support this. All aspects of the competition were delivered on target.
During the year, NET operated in full compliance with the requirements of ESFA, and its agencies for NETs regulated End Point Assessment activity.
All Net activity and project delivery is monitored by trustees through the Operational Plan. The trustees are satisfied that during the year all projects within the operational plan have been delivered on target.
AM2/FICA Skills Test intellectual copyright
AM2 and FICA are the industry approved assessments of occupational competence (AoC) undertaken by advanced apprentices and others throughout the UK when qualifying as installation electricians to industry recognised standards.
NET owns the copyright and the assets that are AM2 in their entirety and annually licenses the network of approved centres.
Page 2
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
REPORT OF THE TRUSTEES for the year ended 31 March 2021
FINANCIAL REVIEW
Investment policy
Cash at bank above £25,000 is held on deposit. No other investments are envisaged.
Reserves policy
It is anticipated that the level of NET's activity in support of the licensed centre network and other initiatives will rise in the near future; NET has devoted resources to ensure this activity is properly supported and undertaken promotion and support activities, such as a Centre Conference, together with additional work on apprentice exchanges and other initiatives, as necessary.
FUTURE PLANS
The network of licensed centres will be subject to review and, if necessary, development under NET's stewardship. Opportunities for the development of other relevant assessments of competence will be evaluated.
Work will be undertaken to evaluate how the Charity can best utilise its available resources in support of its objectives.
NET continues to review both the structure and content of its assessments and the support and services it provides to the licensed centre network, such as product development, marketing, PR and the development of web services.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
NET is a Company Limited by Guarantee and not having share capital. The parties signed the relevant Memorandum and Articles of Association on 13 June 1997.
Trustee recruitment and induction
Board meetings are held three times a year, subject to regular review.
The respective stakeholders nominate trustees to an agreed ratio. They are not required to submit to re-nomination. The position of Chairman changes at intervals.
Related parties
The three stakeholders in NET (UNITE, ECA and SELECT) have restated their commitment to the future of the organisation and their belief that its work is of importance to the industry.
AM2 and FICA remain the preferred, and only, assessments of occupational competence (AoC) recognised by employers and union alike. This is reflected in the prominent part they play in the grading process of the Joint Industry Board (JIB) and the Scottish Joint Industry Board (SJIB) and the Electrotechnical Certification Scheme (ECS).
Page 3
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
REPORT OF THE TRUSTEES for the year ended 31 March 2021
STATEMENT OF TRUSTEES' RESPONSIBILITIES Directors' responsibilities for the financial statements
Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the financial activities of the charitable company during the period and of their financial position at the end of the period. In preparing those financial statements, the directors should follow best practice and:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements:
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the charitable company and which enable them to ascertain their financial position and to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
So far as each of the directors is aware at the time the report is approved:
-
there is no relevant audit information of which the company's auditors are unaware, and
-
the directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Berringers LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on 16 November 2021 and signed on its behalf by:
F S Clayton - Trustee
Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
Opinion
We have audited the financial statements of National Electrotechnical Training Organisation (the 'charitable company') for the year ended 31 March 2021 which comprise the Statement of financial activities, the Balance sheet, the Cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
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 Auditors' 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 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. The other information comprises the information included in the Annual report, other than the financial statements and our Report of the independent auditors 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.
In connection with our audit of the financial statements, 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. 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 the audit:
-
the information given in the Report of the trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Report of the trustees has been prepared in accordance with applicable legal requirements.
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
Matters on which we are required to report by exception
In the 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 Report of the trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic report or in preparing the Report of the trustees.
Responsibilities of trustees
As explained more fully in the Statement of trustees' responsibilities, 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.
Our 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 a Report of the independent auditors 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and error, we considered the following:
-
the nature of the industry, control environment and business performance;
-
results of our enquiries to management about their own assessment of the risks of fraud and error;
-
the matters discussed among the audit engagement team regarding how and where fraud may occur in the financial statements and any potential indicators of fraud.
Our procedures to respond to risk include the following:
-
reviewing the financial statement disclosures and testing to supporting documentation;
-
performing analytical procedures to identify any unusual or unexpected areas that may indicate risks of material misstatement due to fraud or error;
-
addressing the risk of fraud and error through management override of controls, testing the appropriateness of journals, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
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 Report of the Independent Auditors.
Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
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 auditors' 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.
John Cardnell BSc FCA (Senior Statutory Auditor) for and on behalf of Berringers LLP Chartered Accountants and Statutory Auditors Lygon House 50 London Road Bromley Kent BR1 3RA
16 November 2021
Page 7
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 March 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 4 Direct charitable activities Investment income 3 Total EXPENDITURE ON Charitable activities 5 Direct charitable activities NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ - 799,103 400 799,503 964,859 (165,356) 1,167,806 1,002,450 |
Restricted funds £ 4,500 - - 4,500 - 4,500 4,500 9,000 |
2021 Total funds £ 4,500 799,103 400 804,003 964,859 (160,856) 1,172,306 1,011,450 |
2020 Total funds £ 18,180 1,043,791 2,235 |
|---|---|---|---|---|
| 1,064,206 852,520 |
||||
| 211,686 960,620 |
||||
| 1,172,306 |
The notes form part of these financial statements
Page 8
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
BALANCE SHEET 31 March 2021
| Notes FIXED ASSETS Intangible assets 12 Tangible assets 13 CURRENT ASSETS Debtors 14 Cash at bank CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 17 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ 1 14,382 14,383 189,517 923,678 1,113,195 (125,128) 988,067 1,002,450 1,002,450 |
Restricted funds £ - - - - 9,000 9,000 - 9,000 9,000 9,000 |
2021 Total funds £ 1 14,382 14,383 189,517 932,678 1,122,195 (125,128) 997,067 1,011,450 1,011,450 1,002,450 9,000 1,011,450 |
2020 Total funds £ 1 21,561 21,562 140,561 1,074,847 1,215,408 (64,664) 1,150,744 1,172,306 1,172,306 1,167,806 4,500 1,172,306 |
|---|---|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 16 November 2021 and were signed on its behalf by:
F S Clayton - Trustee
The notes form part of these financial statements
Page 9
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
CASH FLOW STATEMENT for the year ended 31 March 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Net cash provided by/(used in) investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2021 £ (142,169) (142,169) - - (142,169) 1,074,847 932,678 |
2020 £ 218,557 218,557 (17,722) (17,722) 200,835 874,012 1,074,847 |
|---|---|---|
The notes form part of these financial statements
Page 10
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
NOTES TO THE CASH FLOW STATEMENT for the year ended 31 March 2021
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of financial activities) Adjustments for: Depreciation charges Increase in debtors Increase in creditors Net cash (used in)/provided by operations |
2021 £ (160,856) 7,180 (48,957) 60,464 (142,169) |
2020 £ 211,686 13,085 (11,508) 5,294 218,557 |
|---|---|---|
2.
ANALYSIS OF CHANGES IN NET FUNDS
| Net cash Cash at bank Total |
At 1.4.20 £ 1,074,847 1,074,847 1,074,847 |
Cash flow £ (142,169) (142,169) (142,169) |
At 31.3.21 £ 932,678 |
|---|---|---|---|
| 932,678 | |||
| 932,678 |
The notes form part of these financial statements
Page 11
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2021
1. ACCOUNTING POLICIES
Basis of preparation
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements follow the recommendations in the Statement of Recommended Practice: Accounting and Reporting by Charities (Charities SORP 2005). They have been prepared under the historical cost convention.
The principal accounting policies are set out below.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Intangible fixed assets
The intellectual copyright associated with the AM2 program has been amortised over ten years and is now fully amortised down to a carrying value of £1. The trustees believe the current value of the intellectual copyright is significant, but in accordance with FRS102, no active market exists and so the asset has not been revalued.
Tangible fixed assets
Assets are written off on a reducing balance basis at a rate of 33% per annum. An impairment review was carried out during the year by the trustees and no impairment was deemed necessary.
Fund accounting
The following definitions are based on SORP.
Unrestricted funds - are donations and other incoming resources received or generated for expenditure on the general objectives of the charity.
Designated funds - are unrestricted funds which have been designated for specific purposes by the directors. No designated funds are held.
Restricted funds can only be used for particular restricted purposes within the objectives of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
Page 12
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2021
2. DONATIONS AND LEGACIES
| Grants Grants received, included in the above, are as follows: Find a Future |
2021 £ 4,500 2021 £ 4,500 |
2020 £ 18,180 |
|---|---|---|
| 2020 £ 18,180 |
Grants consists of monies received from WorldSkills UK, a charitable organisation, towards the delivery and management of SkillElectric and associated accommodation costs. At the year-end, there were £9,000 of World Skills Grant funding held in restricted funds..
3. INVESTMENT INCOME
4.
| Investment income INCOME FROM CHARITABLE ACTIVITIES Activity Direct charitable activities Licence Fees Received Direct charitable activities Marking Direct charitable activities Assessor training fees Direct charitable activities Replacement Certificates & monitoring |
2021 £ 400 2021 £ 232,508 525,225 34,620 6,750 799,103 |
2020 £ 2,235 2020 £ 280,774 716,562 41,769 4,686 |
|---|---|---|
| 1,043,791 |
continued...
Page 13
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2021
5. CHARITABLE ACTIVITIES COSTS
Direct charitable activities
| Support | ||
|---|---|---|
| Direct | costs (see | |
| Costs | note 6) | Totals |
| £ | £ | £ |
| 960,148 | 4,711 | 964,859 |
Included in direct charitable activities are project costs relating to SkillElectric totalling £20,794 (2020: £55,577), £82,655 (2020: £8,627) relating to FESS and £13,555 (2020: £11,901 expenditure) relating to TESP.
6. SUPPORT COSTS
Direct charitable activities
| Governance | ||
|---|---|---|
| Finance | costs | Totals |
| £ | £ | £ |
| 178 | 4,533 | 4,711 |
7.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Auditors' remuneration | 4,533 | 5,071 |
| Depreciation - owned assets | 7,179 | 6,191 |
| Intellect Property Rights Cost amortisation | - | 6,894 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
During the year £nil (2020: £936) was repaid to trustees as reimbursement for expenses incurred on the charity's behalf.
continued...
Page 14
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2021
9. STAFF COSTS
10.
| STAFF COSTS | |||
|---|---|---|---|
| Wages and salaries Other pension costs The average monthly number of employees during the year was as follows: Average number of employees No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies - Charitable activities Direct charitable activities 1,043,791 Investment income 2,235 Total 1,046,026 EXPENDITURE ON Charitable activities Direct charitable activities 838,840 NET INCOME 207,186 RECONCILIATION OF FUNDS Total funds brought forward 960,620 TOTAL FUNDS CARRIED FORWARD 1,167,806 |
2021 £ 87,582 6,006 93,588 2021 3 Restricted funds £ 18,180 - - 18,180 13,680 4,500 - 4,500 |
2020 £ 51,135 5,621 56,756 2020 2 Total funds £ 18,180 1,043,791 2,235 |
|
| 1,064,206 852,520 |
|||
| 211,686 960,620 |
|||
| 1,172,306 |
Page 15
continued...
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2021
11. COMMITMENTS AND CONTINGENCIES
National Electrotechnical Training Organisation had no capital commitments at 31 March 2021 nor 31 March 2020. There were no contingent liabilities at either date.
12. INTANGIBLE FIXED ASSETS
| INTANGIBLE FIXED ASSETS | |
|---|---|
| Intellect | |
| Property | |
| Rights | |
| Cost | |
| £ | |
| COST | |
| At 1 April 2020 and 31 March 2021 | 68,949 |
| AMORTISATION | |
| At 1 April 2020 and 31 March 2021 | 68,948 |
| NET BOOK VALUE | |
| At 31 March 2021 | 1 |
| At 31 March 2020 | 1 |
The intellectual copyright associated with the AM2 program has been amortised over ten years and is now fully amortised down to a carrying value of £1. The trustees believe the current value of the intellectual copyright is significant, but in accordance with FRS102, no active market exists and so the asset has not been revalued.
13. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | ||
|---|---|---|
| Equipment £ COST At 1 April 2020 and 31 March 2021 88,836 DEPRECIATION At 1 April 2020 73,462 Charge for year 5,119 At 31 March 2021 78,581 NET BOOK VALUE At 31 March 2021 10,255 At 31 March 2020 15,374 |
Computer software £ 331,283 325,096 2,060 327,156 4,127 6,187 |
Totals £ 420,119 |
| 398,558 7,179 |
||
| 405,737 | ||
| 14,382 | ||
| 21,561 |
Page 16
continued...
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2021
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
||
|---|---|---|
| Trade debtors Other debtors TESP VAT Prepayments and accrued income 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes VAT Other creditors Accruals and deferred income Accrued expenses 16. LEASING AGREEMENTS |
2021 £ 134,557 27,847 27,113 - - 189,517 2021 £ 21,960 1,822 2,582 10,105 28,753 59,906 125,128 |
2020 £ 65,273 26,432 - 2,341 46,515 |
| 140,561 | ||
| 2020 £ 8,512 1,041 - 9,591 - 45,520 |
||
| 64,664 | ||
Minimum lease payments under non-cancellable operating leases fall due as follows:
| Within one year 17. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds SkillElectric TOTAL FUNDS |
At 1.4.20 £ 1,167,806 4,500 1,172,306 |
2021 £ 13,950 Net movement in funds £ (165,356) 4,500 (160,856) |
2020 £ 27,360 At 31.3.21 £ 1,002,450 9,000 |
2020 £ 27,360 |
|---|---|---|---|---|
| 1,011,450 |
continued...
Page 17
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2021
17. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 799,503 Restricted funds SkillElectric 4,500 TOTAL FUNDS 804,003 Comparatives for movement in funds At 1.4.19 £ Unrestricted funds General fund 960,620 Restricted funds SkillElectric - TOTAL FUNDS 960,620 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 1,046,026 Restricted funds SkillElectric 18,180 TOTAL FUNDS 1,064,206 |
Resources expended £ (964,859) - (964,859) Net movement in funds £ 207,186 4,500 211,686 Resources expended £ (838,840) (13,680) (852,520) |
Movement in funds £ (165,356) 4,500 (160,856) At 31.3.20 £ 1,167,806 4,500 1,172,306 Movement in funds £ 207,186 4,500 211,686 |
|
|---|---|---|---|
continued...
Page 18
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2021
18. TRANSACTIONS WITH DIRECTORS AND RELATED PARTIES
Included in consultancy fees is a charge from ECA of £39,722 (2020: £36,773) relating to a re-charge for time spent by an ECA employee carrying out work for the charity.
During the year the charity made sales of £16,346 (2020: £32,480) to JTL Ltd, a company with directors in common.
The charity received contributions towards project fees from stakeholders totalling £5,650 (2019: £20,408). The contributions have been allocated against the expenditure.
Page 19
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2021
| INCOME AND ENDOWMENTS Donations and legacies Grants Investment income Investment income Charitable activities Licence Fees Received Marking Assessor training fees Replacement Certificates & monitoring Total incoming resources EXPENDITURE Charitable activities Wages Pensions Assessment Costs Office costs Travel and meeting costs Marketing and website costs Legal fees Professional fees Rent and rates Bad debts SkillElectric project & event TESP project FESS project Other projects Technical consultants Project consultants Amortisation of Intellect Property Rights Cost Depreciation of equipment Depreciation of software |
2021 £ 4,500 400 232,508 525,225 34,620 6,750 799,103 804,003 87,582 6,006 97,556 32,488 1,072 35,368 10,106 80,864 32,814 901 20,794 13,555 82,655 24,088 407,621 19,498 - 5,120 2,060 960,148 |
2020 £ 18,180 2,235 280,774 716,562 41,769 4,686 |
|---|---|---|
| 1,043,791 | ||
| 1,064,206 51,135 5,621 71,590 56,995 24,254 9,411 11,481 93,493 17,738 1,200 55,577 11,901 8,627 4,350 392,572 18,275 6,895 3,101 3,089 |
||
| 847,305 |
Support costs
This page does not form part of the statutory financial statements
Page 20
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 March 2021
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2021 |
||
|---|---|---|
| Support costs Finance Bank charges Governance costs Auditors' remuneration Total resources expended Net (expenditure)/income |
2021 £ 178 4,533 964,859 (160,856) |
2020 £ 144 5,071 |
| 852,520 | ||
| 211,686 |
This page does not form part of the statutory financial statements
Page 21