2021-07-31-accounts - Titan Partnership Limited

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TITAN PARTNERSHIP	LIMITED
(A company limited by guarantee)
CONTENTS
Reference and administrative		details ofthe charity,	its trustees	and advisers
Trustees' report
Trustees' responsibilities statement					16
Independent auditors'	report				17
Statement offinancial	activities				21
Balance sheet					22
Statement ofcash flows					23
Notes to the financial	statements				24

Trustees					Paul Doddridge
					David Hardman
					Nicola Hutchison
					Sapreena Kuman
					Daniel Locke-Wheaton
					Alexandra Lofthouse		(resigned	31July 2020)
					Jacqueline Maher	(resigned 1September 2020)
					Jonathan Mortimer
					Colin Parker (resigned		1September 2019)
					Nicola Walters (resigned 1September 2019)
Company	registered			number	04005034
Charity registered			number		1081749
Registered		office			75 Harborne Road
					Birmingham
					8153DH
Chief executive officer					Carolyn Chapman	- Lees
independent		auditors			UHY Hacker Young	(Birmingham)		LLP
					9-11Vittoria Street
					Birmingham
					813ND
Bankers					Lloyds TSB Pie
					114-116Colmore Row
					Birmingham
					83 2FD

							Total
							16mths
				Restricted	Unrestricted	Total	01.04.2019
				Funds	Funds	2021	to31.07.2020
			Note	E	E	f	f
Income and endownments		from:
Donations and legacies			2	90,794	44,330	135,124	17,909
Charitable activities			3 &19	390,583	564,336	954,919	872,072
Investment income			4		346	346	330
Transfer in of LGPS pension		surplus	20	3,000		3,000
Total income and endownments				484,377	609,012	1,093,389	890,311
Expenditure on:
Charitable activities			5 &19	519,202	531,398	1,050,600	1,014,822
Total expenditure				519,202	531,398	1,050,600	1,014,822
Net income/(expenditure)				(34,825)	77,614	42,789	(124,511)
Transfers between Funds			13	822	(822)
				(34,003)	76,792	42,789	(124,511)
Other recognised gains and		losses
Net gains on investments			10		15,486	15,486	26,587
Actuarial gain on defined	benefit
pension schemes			13	6,000		6,000
Net movement in funds				(28,003)	92,278	64,275	(97,924)
Reconciliation offunds:
Total funds brought forward			13	38,796	690,951	729,747	827,671
Total funds carried forward			13	10'793	783,229	794,022	729,747

BALANCE SHEET AS	AT31JULY 2021
				2021		2020
Fixed assets		Note	E	f	E	E
Tangible assets		9
Investments		10		281,066		265,580
				281,066		265,580
Current assets
Debtors		11	44,655		93,157
Cash at bank and in	hand		851,630		782,901
			896,285		876,058
Creditors: amounts	falling due within one year	12	(389,329)		(411,891)
Net current assets				506,956		464,167
				788I022		729,747
Defined Benefit Pension Scheme Asset				6,000
Net assets				794,022		729,747
Charity Funds
Restricted funds		13		4,793		38,796
Pension reserve		13		6,000
Unrestricted funds		13		783,229		690,951
Total funds				794,022		729,747

TITAN PARTNERSHIP LIMITED			23
(A company limited by guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31JULY 2021
			Total
			16mths
		Total	01.04.2019
		2021	to 31.07,2020
	Note	E	E
Cash flows from operating activities
Net cash provided by operating activities	15	68,729	213,522
Cash flows from investing activities:
Proceeds from sale of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year		68,729	213,522
Cash and cash equivalents brought forward		782,901	569,379
Cash and cash equivalents carried forward	16	851,630	782,901

Income from donation and	legacies
				Total
	Restricted	Unrestricted		16mths
	Funds	Funds	Tota I	01.04.2019
	2021	2021	2021	to31.07.2020
	f	f	f	f
Donations	90,794	44,330	135,124	17,909

															Total
								Restricted		Unrestricted					16mths
									Funds		Funds		Total	01.04.2019
									2021		2021		2021	to31.07.2020
									E		f		f		f
Initial teacher		training								284,427		284,427		383,124
CPD and training											4,350	4,350			9,170
Funded project income								390,583				390,583		194,915
Membership		and services								273,562		273,562		275,518
Other Income											1,997	1,997			9,345
								390,583		564,336		954,919		872,072
The income	from charitable				activities from the				charitable	company for 2021		was	6976,125 (16		months
ended 31July 2020			6872,072) of which 6390,583 (2020:							6209,752) was restricted			and 6585,542 (2020:
6662,320) unrestricted.
Included in	funded		project		income	isfNil		(2020:E11,137)of project funding				from the European			Union
and ENII (2020:fNil) of project funding							from the		Arts Council of		England.
Included in	other income			is	coronavirus		job retention scheme grant of ENil (2020E4,966).
All terms and		conditions		of	government		funding		have been met.
Investment	Income
															1otal
								Restricted		Unrestricted					16mths
									Funds		Funds		Total	01.04.2019
									2021		2021		2021	to31.07.2020
									E		E		f		f
Bank interest		receivable									346		346		330
											346		346		330

5	Analysis	ofexpendit	ure	by activities
					Activities			Total
					undertaken	Support		16mths
					directly	Costs	Total	01.04.2019
					2021	2021	2021	to 31.07.2020
					E	f	6	f
	Initial teacher training				86,481	158,131	244,612	346,175
	CPD and	training			6,957	25,045	32,002	59,130
	Funded	projects/grants		costs	516,202	27,559	543,761	327,585
	Skills, employability		and	careers		50,780	50,780	51,884
	Membership and services				41,084	138,361	179,445	230,048
	Tota I 2021				650,724	399,876	1,050,600	1,014,822
	Tota I 2020				365,450	649,372		1,014I822
6	Support	costs
					Initial	CPD		Skills,
					teacher	and	Funded	employability
					training	training	projects	and careers
					f	f	f	f
	Office overheads				8,143	166	1,495	166
	Office consumables				17,910	2,360	21,239	2,360
	Auditor's	remuneration			3,654
	Wages and salaries				25,512	18,389	3,940	39,405
	National	insurance			95,687	2,355	505	5,046
	Pension	cost			7,225	1,775	380	3,803
					158,131	25,045	27,559	50,780
	Tota I 2020				245,584	45,111	111,880	51,884
								Total
					Membership			16mths
					and		Total	01.04.2019
					services		2021	to31.07.2020
					f		F.	f
	Office overheads				2,935		12,905	24,252
	Office consumables				41,695		85,564	101,321
	Auditor's	remuneration			5,481		9,135	5,765
	Wages and salaries				69,616		156,862	436,417
	National	insurance			8,915		112,508	45,967
	Pension	cost			9,719		22,902	35,650
					138,361		399,876	649,372
	Tota I 2020				194,913			649,372


Staff costs		Total
		16mths
	Tote I	01.04.2019
Staff costs were as follows:	2021	to31.07.2020
	E	f
Wages and salaries	344,922	473I216
Social security costs	35,370	46,467
Pension costs	26,729	36,405
	407,021	556,088

		16mths
Total		01.04.2019
2021	to	31.07.2020
No		No
11		12

The number	of higher paid employees	was:
In the band	E70,001-E80,000
In the band	f100,001-6110,000

Pension contributions pa	id in the year to defined contrib	ution schemes	were f20,597(2	020:E22,764).
Net income/(expenditure)				Total
				16mths
This is stated after charging:			Total	01.04.2019
			2021	to31.07.2020
			f	E
Auditor's remuneration	- audit		5,900	6,930
Auditor's remuneration	—other services		2,095	2,280
During the year, no Trustees received any remuneration		or reimbursed	expenses (2020-	fNIL).

9	TangIble fixed assets	TangIble fixed assets		Fixture
				and Fittings
				E
	Cost
	At 1August 2020 and 31July 2021			8,160
	Depreciation
	At 31August 2020 and 31July 2021			8,160
	Net book value
	At 31July 2021
	At 31July 2020
10	Fixed asset investments
				Total
	Market value/cost			f
	At 31July 2020			265,580
	Amount written	off
	Revaluations			15,486
	At 31July 2021			281,066
11	Debtors
			2021	2020
			E	f
	Trade debtors		26p340	33,933
	Other debtors		1,127
	Prepayments and accrued income		17,188	59,224
			44,655	93,157

								2021		2020
										f
Trade creditors								231		13,077
Other taxation and	social security							56,789		47,981
Other creditors								657977		56,297
Accruals and deferred		income						266,332		294,536
								389,329		411,891
								2021		2020
Deferred income								f		f
Deferred income at 31July 2020								193,693		30,388
Resources deferred	during the		year					1507291		193,693
Amounts released	from previous			years				(193,693)		(30,388)
Deferred income at 31July 2021								150,291		193,693
Statement offunds
			Balance		at					Balance at
				1August		Incoming	Resources	Transfer	Gains/	31July
				2020		Resources	Expended	in/out	(Losses)	2021
					f		f	f	f	f
Unrestricted funds
General funds			690,951			609,012	(531,398)	(822)	15,486	783,229
Restricted funds
European funding				6,643		14,198	(20,841)
Computers for children						90,794	(91,616)	822
Developing Local Provision						4,456	(4,456)
Gangs and Violence	Fund			4,793						4,793
3Ms				4,689		2,000	(6,689)
YEF - CRC				22,671		369,929	(392,600)
Vinci Foundation
Total restricted funds				38,796		481,377	(516,202)	822		4,793
Restricted Pension	Fund
Pension Reserve							(3,000)	3,000	6,000	6,000
Total funds			729,747			1,69D,289	42,969,690)	O,ODD	21,486	794,D22

						As Restated	As Restated			Balance at
					Balance at	Incoming	Resources	Transfer	Gains/	31July
					1April 2019	Resources	Expended	in/out	(Losses)	2020
					f	E	f	E	f	E
Unrestricted	funds
General funds					671,042	680,559	(687,237)		26,587	690,951
Restricted funds
European funding						12,178	(5,535)			6,643
Inclusion and	opportunitY				79,538		(79,538)
Independent					39,738		(39,738)
ITT						14,837	(14,837)
Caring 8 participating				projec	9,643		(9,643)
All kinds ofeverything				projei	11,710		(11,710)
STEM careers	workshop				16,000		(16,000)
Gangs and Violence			Fund			20,130	(15,337)			4,793
3Ms						20,333	(15,644)			4,689
YEF - CRC						138,074	(115,403)			22,671
Vinci Foundation						4,200	(4,200)
Total restricted		funds			156,629	209,752	(327,585)			38,796
Total funds					827,671	890,311	(1,014,822)		26,587	729,747

Fund balances at 31July 2021 are repr	esented by:
		Restricted
	Restricted	Pension	Unrestricted
	Funds	Funds	Funds	Total
	f		E	f
Fixed asset investments			281,066	281,066
Current assets	4,793		891,492	896,285
Creditors due within one year			(389,329)	(389,329)
Defined benefit pension scheme		6,000		6,000
	4,793	6,000	783,229	794,022

					Restricted	Unrestricted
					Funds	Funds	Total
					f	f	f
	Fixed asset investments					265,580	265,580
	Current assets				38,796	837,262	876,058
	Creditors due within		one	year		(411,891)	(411,891)
					38,796	690,951	729,747
15	Reconciliation ofnet		movement		in funds to net cash flow from operating	activities
						2021	2020
						f	f
	Net income/(expenditure)			for the year (as per Statement of
	Financial Activities)					42)789	(124p511)
	Adjustment for:
	Decrease in debtors					48,502	115,444
	(Decrease)/increase		in creditors			(22,562)	222,589
	Net cash provided	by operating			activities	68,729	213,522
16	Analysis of cash and		cash	equivalents
	Cash in hand					851,630	782p901
	Total					851,630	782,901

Principal Actuarial Ass	umptio	ns
The major assumptions	used	by the	actuary were:			At 31July 2021
Discount rate						%per 1.60%
Salary increases						3.75%
Pension increase						2.75%
Sensitivity analysis for	the principal		assumptions	used to	measure	At 31July
the scheme liabilities were as		follows:				2021
						f'000
Discount rate increased	by 0.196per		annum			225
Adjustment to pension	increases and deferred			revaluation	+0.1%	243
Life expectancy at retirement		increased by 1 year				243

			At 31July
			2021
Longevity at age 65 retiring today			years
—Men			21.6
- Women			24.0
Longevity at age 65 retiring in 20years
- Men			23.4
- Women			25.8
The Academy's share	ofthe assets in the scheme were:		Fair value At
			31July 2021
			E'000
Equity instruments			145
Debt instruments			20
Property			17
Cash			9
Other			49
Total market value ofassets
Present value ofscheme liabilities
-Funded			(240)
- Unfunded			234
Total liabilities			240
Surplus in the scheme
The actual return on the scheme assets		in the year was f31,000.
Amounts recognised	In the Statement of Financial Activities		2021
			E'000
Current service cost			7
Interest income			(3)
Interest cost			3
Administration costs
Total operating charge
			2021
Changes In surplus during the year			E'000
Balance at 1August 2020
Transfer in of pension	surplus		(3)
Movement in year:
- Employer service cost (net of employee		contributions)	7
—Employer contributions			(4)
- Expected return on scheme assets			(3)
—Interest cost			3
- Actuarial gain			(6)
Surplus in the scheme	at 31July 2021		(6)

(A company limited by guarantee)	(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED		31JULY 2021(cont'd)
20 PENSION AND SIMILAR OBLIGATIONS (cont'd)
Changes in the present value of defined follows:	benefit obligations	were as	2021 f'000
Balance at 1August 2020
Transfer In of pension liabilities			199
Current service cost			5
Past service cost			2
Interest cost			3
Contributions bv scheme participants
Benefits paid
Actuarial loss			25
Scheme liabilities at 31July 2021
Changes In the fair value of academy's	share of scheme assets:		2021 f'000
Balance at 1August 2020
Transfer in of pension assets			202
Expected return on scheme assets			3
Actuarial gain			31
Contributions by emplover			4
Benefits paid
Administration expenses
Contributions by scheme participants
Fair value of scheme assets at 31Julv 2021