Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
Registered nurnber: 04274770
Charity number.1091711
INDEPENDENTTRAINING SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THEYEAR ENDED 31 JULY 2021

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A tompany limited by guorontee
CONTENTS
Poge
Reference ond odmini5trotive details of the charityg Its trustees, Und odvi5ers
Trustees. report
Independent audito￿5 report
10
Consolidated statement of finonciol octivities
14
Consolidated stotement of financial position
16
Cornpany statement of financial position
18
Con501idated statement of cash flows
19
Notesto the financial statements
20

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
IA companylimited by guaranteel
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 JULY 2021
Trustees
Miss. K Dickinson. Chair
Mrs. H E Jaggar
Mr. l K Koursis
Mr. D E MacDougall
Mr. A J Porker
Compony Secretory
Mrs. H Jockson
Compony registered number
04274770
Chority registered number
1091711
Registered office
Queens Court Business Centre. Regent Street. Barnsley. South Yorkshire. England. S70 2EG
Managing Director
Steve Hepworth
Independent auditors
Gront Thornton UK LLP, No I Whitehall Riverside. Leeds. LSI 4BN
Bankers
National Westminster Bank plc. 26 Market Hill, Bornsley. South Yorkshire. S70 2QE
Solicitors
DAC Beachcroft, St Pauls House, 23 Pork Squore South, Leeds, LSI 2ND

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A ¢omponylimited by guorontee
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 JULY 2021
Chair'sforeword
2020121 hos been another challenging year for Independent Training Servi¢e5 IITSI. In yeor the Board of
Trustees monitored closely the execution of the operotionol plan and our progress made delivering our
2020121 business plan. The organisation remains focused C￿ improving our financial heolth to ensure we can
invest in the delivery of our promise- thus providing the best education and training experience for our learner5
lstudents) ond locol businesses. We were on track to exceed the busine55 plan prior to COVID-19, however the
pondemic had an adverse effect on apprenticeship recruitment ond the financial performance of the
company.
Miss. K Dickinson. Choir, Boord of Trustees
Monoging Oirectors Introdurtion
The year has been o difficult yeor due to vorious externol factors including COVID-19 which hos hod o
significont impact on income. The operationol performance throughout the year has seen a downturn on
government funded opprenticeship and our non-government training services. COVIO-19 has restricted our
ability to recover this position on these fvnded streoms. Government support pockages were occessed in year
to reduce the overoll financiol impoct on the business.
ITSwere successful in extending Europeon funded contracts into 2020121 ond these have supported further
finoncial benefits and allowed ITS to diversify the Iroining offer and expond to o wider audience. In oddition,
we have been successful in goining new European ond Deportment of Work and Pensions IDWPI contracts to
support the Sheffield City and North Eost Oerbyshire regions. These will start to toke shape in 2021122.
The quality of provision hos been good overall but this hos been impocted by COVID-19. Our continued
support for apprentices and employers has allowed us lo retain apprentices on courses but it has had a
negotive effect on the ochievement rotes with the time toking to complete under the circumstonces. Our
adult ond European funded provision has been outstonding throughout the year delivering excellent
outcomes for learners locolly ond regionolly.
We ore starting to see positive signs of previous chon9es to our subsidiory Smortstyle Technology Training
Limited Ismartstylel. This oreo of the b￿lnesS is well positioned to move forword for future years. The
commercial training market hos been non*xislent during COVID-19 $0 further changes and support packages
were implemented during the yeor to protect the financial performance. Additional controcts and
portnerships have been built and these will positively impoct Smortstyle moving forward.
Our people Temoin possionate ond committed to our core purpose ond hove demonstrated o positive
ondwelcomed team approach to ensure we are stronger and have greater resilience to continue our journey.
Steve Hepworth
Managing Dirertor

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A ¢ompony limited by guaronteè
TRUSTEES, REPORT Icontinued)
FOR THE YEAR ENDED 31 JULY 2021
The Trustees present their onnuol report together with the oudited finonciol stotements of Independent
Training Services Limited Ithe company I ITS) for the porent company and group for the period l August 2020
to 31 July 2021. The Trustees confirm that the Annual Report and finoncial statements of the company
comply with the current statutory requirements. the requirements of the company'sgoverning document ond
the provisions of the Statement of Recommended Practice ISORPI. applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard opplicoble in the UK and Republic of Ireland IFRS
1021 (effective l Jonuory 20191.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The company ond the group is registered os o choritable company limited by guarantee and was set up by a
Memorondum of Association on 22 August 2001. The company ond the group is constituted under a
Memorondurn of Associotion. registered chority number 1091711 and company Ilimited by guoronteel
number 4274770.
The Boord of Trustees changed in 2018119 following the acquisition by Barnsley College. The trustee5 monitor
the organisotion's performance throu9h u formal boord which meets four times o year. The Boord monitors
the finance, performance ond qualityof ITS and Smortstyleand invitations ore mode to other senior leodership
teom members os appropriate. As required by the Articles of Associotion, an Annual General Meeting is held
on a yearly bosis.
The governonce model chonged in 2019120 to bring it into line with the College. There is a formal procedure
for the induction and troinin9 of trustees thot mirrors thot of Bornsleycollege.
Trustees
The Trustees are appointed by the Boord of Trustees. The trust deed ollows for a minimum of five Trustees and
no more than twelve. One third lor the number nearesl one thirdl of the Truslees must retire each yeor,those
longest in office retiring first. A retiring Trustee who remoins quolified may be reappointed.
Meetings
The Board of Trustees meet every quorter. At the meetings, the Trustees ogree the broad strategy ond oreos
of activity of the company, including rotificotion of gronts thot ore made ond a review of the live risk register.
Policles and Procedures adopted for Recruitment, Induction and Training of Trustees
The Board keeps the skill requirements for the Trustee Body under Teview. Any recruitment of new Trustees is
undertoken by open odvertisement andthrough o dialogue with interested parties. When an individual
expresses on interest in becoming o Trustee, on initiol meeting is held with the Choir. A proposol to oppoint o
new Trustee is submitted to the Boord for opprovol. Once on oppointment hos been mode, the newly elected
Trustee undergoes on induction progromme. The compony keeps uptctdote with key developments and
training is provided to Trustees os ond when required.
Financial Plan ond Budget
The company now adopts the College's business plonning ond performonce review cycle. Business plons are
completed onnually and reviewed by the senioT leadership teom ot the tollege. Performance reviews ore
completed quarterly ond review oll ospects of the business performonce. The detoiled business plan ond
occomponying budget are submitted for opprovol by the Board of Trustees on an onnual basi5. The doy-to-doy
running of the company 15 delegated to the Monoging Director, who has the power to act and take decisions,
os long os they ore contoined within the plon. Any deviotions from or odditions to the plon hove to receive
opprovol from the Boord of Trustees.The Managing DirectOTSubmit5 a Written report detailing progress ond
future plannedoctivity to all Board meetings. The Company continues to produce an annual Self-Assessment
Report ISARI which is volidoted by the College and opproved bythe ITS Boord of Trustee

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A ¢ompony limited by guorontee
TRUSTEES, REPORT Icontinued)
FOR THE YEAR ENDED 31 JULY 2021
Our Objectives tsnd ortivities
MISSION
We provide inclusive services offering training, education and lifelong learning opportunities, the achievement
of appropriate qualification5 and sustoinable employment.
VISION
Our Vision is to be the portner of choice. leoding the way through innovation and excellence. We will achieve
this by:
Developing o ronge of products to meet the diverse needs of learners. employers ond customers.
Ensuring our delivery 15 Cutting edge, personalised ond responsive resulting in successful outcornes.
Sharing our success to benefit and develop our locol communities.
Ensuring thot we are recognised for what we do. ond the woy thot we do it.
Public Benefit
Ln pursuonce of the objects set out obove the Compony benefits individuols ond employers in the Barnsley
Areo ond the wider community throughout the Yorkshire, Humber ond Midlands region5.
The Trustees hove regard io Chority Commission guidance on public benefit when planning strotegy, aims ond
octivities.
Achievements and performance
Key achlevements in 2020121
Extended two European contracts to delNer training ocross the Sheffield City Region ond North
Eost Derbyshire.
Successfully won o further European controct ond o DWP contract.
Retoined Motrix stondard for the quolity of information, advice and guidonce.
Retained Skills for Care centre of excellence standard.
Achieved 96% on oll odult educotion ond troining pTogrommes. This is 3 yeor positive
upward trend
Achieved 97% ochievement on ESF subcontrocted provision1600 learning oimsl.
Achieved over 70% progression rate into o positive destination.
DÈlivÈTed ESFA Adult Educotion contract ollocotion.
Achieved 99% achievement on subcontrocted provision with Bornsley College.
Introduced new Adult Skills team.
CentTolised quolity os o key shored service with Bornsley College.
Secured notionol opprenticeship levy contract.
Launched new distance leorning ocodemy

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A ¢ompony limited by guorontee
TRUSTEES, REPORT Icontinued)
FOR THE YEAR ENDED 31 JULY 2021
Learners 2020121
Learners remain central to our focus and purpose. During 2020121 we carried out internal learner survey5.
Due to COVID-19 there were no externol ESFA surveys completed on leorners in 2020121.
250 learners responded to our internal learner suNey ond the results are os follows:
The overoll satisfaction in the apprenticeship on programmesurveyshowed 95% of learner5 would
recommend ITS as a training provider. Other key positive5'.
100% agree to they know how to keep themselves safe at work.
98% agreed they were aware who to contact if they didn't feel sofe.
95% agreed that teaching and learning artivities enable them to make good progress.
Employers ond client5 2021Y21
Our employer bose has increosed in 2020121 with the introduction of a newteom and new contracts workin9
with employers ocros5 all aspectsof educotionand training. In totol ITS orecurrently workingwith over 200
employers.
An integral port of our success is the effective engogement of employers, whether they ore locol, regional or
nationol. Our employer bose hos octively en9aged with us in workforce development, opprenticeships,
commercial troining ond pre-employment troining leadin9 to employment.
Overall 98% of employers are extremely likely to recommend ITS.
Financial Review
The overall effects of changes in the sector and cov1￿19 hod an adverse impact on our income, ond
olthough costs hove been monoged the overall outcome wos disoppointing. Income of £1.6m ond net income
of £0.2m ore lower thon expected prior to the pondemic The compony occessed £31k from the Coronovirus
Job Relention Scheme ICJRSI and also £139k from ihe ESFA supplier relief which helped but it wosn't sufficient
to cover the loss compored to pre-COVID-19 expectotions.
The company set on income budget of £2m for the yeor but fell short of this os businesses restricted spending
on training. This and a reduction in the opprenticeship funding accounts for the income loss.
The company restricted staff costs and olso the relocotion of premises contributed to cost reduction. The
overoll net income of £171k is a small improvement on the budget. This morks significont progress in the
componls finoncial monogement in response to income shortfalls.
The groupnet liability position hos reduced from E442k in 2019120to £17k. This is a step in the right direction
despite the impact of COVID-19.
The ESFA finonciol Heolth for the yeor is Sotisfoctory.
Financial Statements
The financial statements hove been prepored under the historicol cost convention ond in occordonce with
Statement of Recomrnended Practite 'Actounting and Reporting by Charities, li55ued in October 20191 and
opplicoble United Kingdom occounting stondords including FRS 102 The Finonciol Reporting Stondord applicable
in the UK and Republic of Ireland. The movement in funds is shown on the Statementof Financial Activities.
The company generated income in excess of expenditure on its unrestricted fund5 of £169,93312020-
£49,118).
The company's total deficit funds omountedto £17.173 ot 31 July 202112020: £442,1061.

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A company limited by guarantee}
TRUSTEES, REPORT Icontinued)
FOR THE YEAR ENDED 31 JULY 2021
Rèsèrves Polity
The reserves of the compony ore composed of restricted ond unrestrirted funds.
Unrestricted Reserves: The Trustees are committed to building up general reserves to ensure that the core
activities of the company will continue into the future. At 31 July 2021 the company has unrestricted reserves
deficit of £17,173. Excluding the pension fund deficit of £322.000 the company hos unrestricted fund5 of
£304,827.
The Trustees are delighted to report significant progress in the redurtion of the unrestricted reseNe5 deficit
during 2020121. The reserves of the company ore forecast to increose over the next yeor as the compony
increase5 Its focu5 On financial stobility.
Restricted Reserves: The composition of, and movement in, restricted reserves is shown in note 12 to the
financial statements.
Fundraising Policy
The company does not undertake anyfundraising activities.
The future outlook 2021122
ITS continue to operate under difficult circumstonces with growth being restricted in some areas due to
COVID-19. ITS has the platform to grow ond an excdlentteom that wll help ITS drive forwordto be a recognisable
nationol training provider providing key workforce developmentsolutions to learner5 ond employers of all size5.
This is the plan to grow ITS long term.
ITS hove expanded into new morkets to better position for future funded contracts ond to work with a wider
geogrophical footprint. Support from Barnsley College has already ollowed ITS to goin new contracts and ITS
hove performed exceptionolly well on these so for leoding to grovrth. This growth moving forword will be
focused on the Sheffield City Region due to notional chonges to funding regionally ond this will be developed
further into new areas in 2020121.
The apprenticeship morket is still very unprediclable but the inilial signs of recovery are good which is positive
for ITS. Government funding hos chonged significontly overthe post two yeors ond odopting to this change has
been o strength of ITS as it is extremely responsive to the morkel. Key priorities over the 2021122 ocademic
yeor will be:
Sofeguord all our stoff. leorners ond OPPTentices.
Continueto improve the finonciol position of ITS ond Smortstyle.
Improve the quality of apprenticeship provision ond increase apprenticeship ochievement rates.
Deliver oll funded ond non budget controcts ond ollocotions.
Gain notionol opprenticeship levy controcts.
Goin odditionol funded controcts regionally ond notionolly
Support Barnsley College and ossist the delivery of key government priorities os part of the wider group.
Continue ond fully implement the integrotion with Bornsleycollege.
The key finonciol priorities for ITS ore:
Improve operoting performonce to generote surplus of at least IO% of income
Achieve o net osset position
Improve the ESFA Finonciol Heolth score to Good.

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A ¢ompony limited by guorontee
TRUSTEES, REPORT Icontinued)
FOR THE YEAR ENDED 31 JULY 2021
Going Concern
The group balance sheet show5 net liabilities of £17,17312020: £442,106) and the profit for the year before
ortuarial gains wos £169.93312020.. £49.1181. The company has made significont improvement5 to its
financial position and is expected to make a profit again in 2021122.
The ongoing economic impact of COVID-19 on the apprenticeship market and the commerciol training market
is o risk to the compony ochieving its finonciol forecosts. The company 15 delivering training online ond is
monitoring the external environment closely. The company has taken advantage of government scheme5
including ESFA supplier relief and the Coronoviru5 Job Retention Scheme and will continue to do so os far as it
is eligible. During thi5 time expenditure is minimised ond new stoff recruitment is on hold until income is
secured.
The going concern assessment considered the company financial operating forecosts and cash flow forecasts
to July 2023. The company hos sufficienl cosh funds throu9hout this period. The cash flow is sensltive to
deloy5 in cosh receipts ond therefore contoins some risk thot it will not hove sufficient cosh to cover it5 debt.
Barnsley College. the parent company is comfortable based on forecasts that it has the obility to support its
subsidiory entities and hos confirmed they will financially support the company until ot least July 2023
including support for ITS'S subsidiary Smortslyle Technology Training Limited which hos negotive net a55ets.
As such, the Trustees are of the view that, bosed on detailed budgets ond cosh flow forecasts, the group will
be able to pay its debts as they fall due and therefore the group is a going concern.
Exemptions from disclosure
Since the company ond the group qualifie5 as small under section 383. the strategic report required of
medium ond large companies under The Componies Act 2006 (Strotegic Report ond Director's Report)
Regulations 2013is not required.
No seporote Statement of Financiol Actiwties has been presented for the compony olone os permitted by
section 408 of the Componies Act 2006.
Funds held as custodian trustee on behalf of others
The company does not hold any funds os a custodian trustee on behalf of others.
Developments
We continue to invest heavily in the use of technology both for OUT SUPPOrt services ond for our teoching ond
learning. In 2020121 this included investment in online learning iesources, online teaching platforms and
online odditionol support plotforms to support our leorners during these challenging times. This is increasingly
important for us os COVID-19 continues.
ITS continue to be one of the highest performing subcontractors across the whole of the supply chain for The
Growth Compony IGCI. We oreworking with them on o new Digitol Skills contTaCt ond some controcts with DWP
ond the locol outhority.
Whilst commercial training is not a priority for customers, we Ore utilising the Smartstyle customer base to engage
withthe levy poying employers, who were not aware of ITSond the apprenticeship provision we delivei. To
date, thi5 has led to positive discussions Wlth three additional levy employer5.
ITS and Barnsley College continue to work through key oreos of shored services. Key oreos include the ITS
website, externol Promotional moterial for employers ond compoigns to generote new business. ITS ore olso
due to launch the central on boarding system for apprenticeships in conjunction with Barnsley College.

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A ¢ompony limited by guorontee
TRUSTEES, REPORT {continuedl
FOR THE YEAR ENDED 31 JULY 2021
Risk Management and Principal Risks
The risk monagement system includes on assessment of the greatest risks to the company against financial,
operotionol ond student impoct which is designed to protect the company's ossets ond reputotion.
A comprehensive review of the risks to which the company is exposed is undertaken and acknowledged in the
Boord Assurance Fromework IBAFI. The Board Assurance Framework identifies the key risks, the likelihood of
those risks occurring, their potentiol impoct on the college ond the actions being token to reduce ond mitigote
the risks ond covers assurance gained. Systems and procedures are identified which mitigate potential impact
on the company. In addition to the annual review we will also consider ony risk5 which may arise as o result of
a new area of work being undertaken bythe college.
The pondemic continues to be the biggest chollenge that ITS ore currently facing. Feedback given durin9
business development activity is that employers have stated their priority is trying to remoin in busine55 and
they are reluctant to commit to recruiting an apprentice. This is hoving a big impact on the generation of
non-levy busine55 especially. Commercial training budgets hove been cut which hos resulted in customers
postponing and cancelling training until at least the end of March 2021. Desplte continuous engagement
octivity with the customer database. business opportunities have reduced dramatically which hos had an
impoct on the income generotion. The compony continues to access the CJRS ond ESFA supplier relief where
possible. In oddition. stoff recruitment Is on hold until new income is secuied. The finoncial position is being
monitored and ossessed on a monthly basis.
Our historic local Government Pension Scheme administrated by South Yorkshire Pensions Authority ISYPAI
shows an octuariol deficit figure of £322k. A reduciion of £243k since July 2020. Although this is o variable
figure Idue to the noture of the investment morket and pluslminus shore voluel we hove, under the FRS 102
occounting rules. shown this as a potentiol liability within our balance sheel. We have agreed an annual
contribution fee for current scheme members, which is shown in the SOFA. We work closely with SYPA and
Grant Thornton our Accountonts. to oscertoin on onnual octuoriol stotement, to ensure we conform ond
complywith the FRS and HMRC treatment of multi-employer pensions, scheme.
UK Government's agency ESFA continue with their rodicol refomi to apprenticeships, which hos been planned
since o review in 2012, and hos resulted in o new register of troining providers. The three chonges included.
new stondords which impocts on the current delivery model: an employer levy system which impacts on the
funding model- and a new procuremenl system which impacts on current annual contract.

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15/12/2021 



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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF INDEPENDENTTRAINING SERVICES
LIMITED
Opinion
We have audited the finoncial statements of Independent Training se￿ICe5 Limited Ithe'porent charitable
compony'l and its subsidiary Ithe'group'l for the year ended 31 July 2021, which comprise the Consolidated
stotement of financial activities, Consolidated statement of finoncial position, Company statement of financiol
position, Consolidated statement of cash flows and notes to the financiol stotements, including a summary of
significant accounting policies. The financial reporting framework that hos been applied in their preparation is
opplicable law and United Kingdom Accounting Standards, including Financial Reporting Stondard 102; The
Financial Reporting Stondord applicoble in the UK and Republic of Irelond (United Kingdom Generally
Accepted Accounting Procticel.
In our opinion, the financial statements:
give a true and fair view of the stote of the group's and porent charitoble company5 affoirs as ot 31 July 2021
and of the group'5 incoming resources and opplicotion of resources, including it5 income ond expenditure for
the year then ended;
hove been properly prepared in occordonce with United Kingdorn Generally Accepted Accounting Practice. and
have been prepored in accordance with the requirements of the Companies Act 2006 and Chorities Act 2011.
Bosis for opinion
We have been appointed auditor under the Companies Act 2006 and section 151 of the Chorities Act 2011
and report in occord(nce with those Acts. We conducted our audit in accordonce with International Stondards
on Auditing IUKI ILSAS IUKII and opplicoble law. Our responsibilities under those standards ore further
described in the 'Auditor's responsibilities for the oudit of Ihe financial statements, section of our report. We
ore independent of the group and the porent choritable company in accoidonce with the ethical requirements
that ore relevont to our oudit of the finonciol stotements in the UK, including the FRC'S Ethicol Stondord, ond
we have fulfilled our other ethical responsibilities in occordonce with these requirements. We believe that the
oudit evidence we have obtoined is sufficient and oppiopiiote to piovide o bosis for our opinion.
Conclusions relating to going concern
We ore responsible for concluding on the opproprioteness of the trustees, use of the going concern basis of
occounting and, bosed on the oudit evidence obtoined, whether a materiol uncertainty exists reloted to events
or conditions thot may cosl significoni doubt on the group's and the porent choritoble company's obility lo
continue os o going concern. If we conclude thot o materiol uncertointy exists, we ore required to draw ottention
in our report to the related disclosures in the financiol stalements or, if such disclosures are inadequate, to
modify the auditor's opinion. Our conclusions Ore bosed on the oudit evidence obtoined up to the dote of our
report. However, future events or conditions moy couse the group or porent choritoble company to cease to
continue os o going concern.
In our evaluotion of the trustees. conclusions, we considered the inherent risks associoted with the group's and
porent charitoble compony's business model including effects orising from mocro*conomic uncertointies such
os Brexit and Covid-19, we assessed and challenged the reasonableness of estimates made by the trustees ond
the reloted disclosures ond onolysed how those risks might offect the group's ond porent choTltoble company's
finoncial resources or obility to continue operotions over the going concern period.
Bosed on the work we hove performed, we have not identified ony moteriol uncertointies reloting to events or
conditions thot, individually oi collectively, may cast significant doubt on the group's ond porent charity's ability
to continue as o going concern for o period of ot least twelve months from when the finonciol stotements are
authorised foi issue.
In auditing the finonciol stotements, we hove concluded that the trustees, use of the going concern bosis of
occounting in the preporotion of the finoncial statements is appropriate.
The responsibilities of the tTUStee5 Wlth respect to going concern ore described in the 'Responsibilities of
trustees for the finonciol stotements, section of this report.
io

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Other information
The trustees are responsible for the other information. The other information comprises the information
included in the Trustees, report, other than the financial statements and our auditor's report thereon. Our
opinion on the finoncial stotements does not cover the other informotion ond, 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 finoncial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the finonciol statements or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material
inconsistencies or opparent material misstatements, we are required to determine whether there is o material
misstatement in the financial statements or a material misstatement of the other information. If, based on
the work we have performed, we conclude that there is a material fflisstatement of this other information, we
are required to report that fact.
We have nothing to report in this regard.
Opinion on other motters prescribed by the Componies Art 2006
In our opinion, bosed on the work undertaken in the course of the oudit:
the informotion given in the Direttor5' Report. prepared for the purpose of compony law, included in the
Trustee5' Report for the finonciolyeor for which the finonciol stotements ore prepored is con515tent with the
financiol Statements.
the Directors, Report included in the Trustees, Report has been prepared in accordonce with applicable legol
requirements.
Motter on which we ure required to report under the Companie5 Art 2006
In the light of the knowledge ond understanding of the group ond porent charitable compony ond its
environment obtoined in the course of the oudit, we have not identified material misstatements in the
Strategic Report or the Directors, Report included in the Trustees. Report.
Matters on which we ore required to report by exception
We have nothing to report in respect of the following motters where the Companies Act 2006 ond Charities
Act 2011 requires us to report to you if, in our opinion-
odequate and sufficient accounting records hove not been kept by the parent charitable company, or returns
odequate for our audit have not been received from branche5 not V15ited by us,. or
the porent choritable company's financial stotements ore 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 informotion ond explonotions we require for our audit: or
the trustees were not entitled to prepore the finonciol stotements in occordonce with the smoll componies
regime and take advantage of the small companies exemplion from the requirement to prepare a strategic
report.
Responsibilities of the trustees for the finonciol stotements
As explained more fully in the Trustees, Responsibilities Stotement os set out on poge 9, the trustees (who are
olso the directors of the choritoble company for the purposes of compony lowl are responsible for the
preparation of the financial statements and for being satisfied that th￿ give a true ond fail view, and for such
internal control os the trustees determine is necessory to enable the preporotion of finonciol stotements thot
ore free from moteriol misstotements, whether due to fraud or error.
In preparing the finonciol statements. the tTUStees ore responsible for assessing the group's ond the porent
choritoble compony's ability to continue os o going concern. disclosing, as applicoble, motters reloted to going
concern ond using the going concern bos15 of occounting unless the trustees either intend to liquidate the
group or parent thaiitable company or to cease operation5, or hove no realistic olternative but to do 50.
li

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assuronce about whether the financial statements a5 a whole are free
from material misstaternent, whether due to fraud or error. and to issue an auditor's report that includes our
opinion. Reosonable assurance is o high level of OSSUTonce but is not o guarantee thot an audit conducted in
occordance with ISAS IUKI will always detect a materiol misstotement when it exists.
Misstotements 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 token on the basis of these
financial 5totemerits.
A further description of our responsibilities for the oudit of the financial statements is located on the Financial
Reporting Council's website at= www.frc.org.uklouditorsresponsibilities. This description forms part of our
auditor's report.
Explonotion os to what extent the audit wos considered copuble of deterting irregulorities, including froud
Irreguloritie5, including froud, are instonces of norpcomplionce with lows and regulation5. We design
procedures in line with our responsibilities, outlined above, to detect moterial misstatements in respect of
irregularities, including fraud. Owing to the inherent limitations of an audit. there is an unavoidable risk that
moteriol mi55totements in the finonciol statements may not be detected. even though the oudit is properly
planned and performed in accordance with the ISAS IUKI.
The extent to which our procedures ore copoble of detecting irre9ulorities. including fraud is detoiled below:
We obtained an understanding of the legol and regulatory fromeworks that are applicable to the corporation.
and the sector in which it operoles. We determined thot the following laws and regulations were most
significont.
finonciol reporting legislotion (Charities SORP and United Kingdom Generally Accepted Accountin9
Proctice. including Finonciol Reporting Standard 1021:
regulotory environment lincluding the ESFA funding rules 2020 to 20211; and
The Charities Act 2011 and the Companies Act 2006.
The engagement team remained alert to any indicotions of froud and non-compliance with laws and
regulations throughout the audit:
We understood how the group ond parent compony is complying with these legol ond regulotory frameworks
by making inquiries of monogement, internol oudit. and those chorged with governonce. We enquired of
management and those charged wilh governance whether there were any inslance5 of non-compliance with
laws ond regulations, or whether they hod any knowledge of actual or suspected fraud. We corroboroled the
results of our enquiries through our review of boord minutes ond popers provided to the Audit Committee, and
through our legal and professional expenses review.
To ossess the potential risks of moteTiol misstotement. includin9 how o fraud might occur. we obtoined an
understanding of:
The group and porent compony's operotions. including the nature of its sources of income, expected
financiol stotement disclosures ond risks thot moy result in risk of material misstotement,. ond
The group ond porent compony's control environment including the adequocy of procedures for
authorisation of transoctions
We ossessed the susceptibility of the group and porent compon￿$ finoncial stotements to materiol
misstotement, including how froud might occur. Audit PToceduTes perform by the engagement team included:
Evaluating the piocesses and controls established to address the risks related to irregularities and fraud.
Testing monuol journol entries, in porticulor journol entries reloting to management estimotes ond
entries determined to be IoTge or reloting to unusuol transactions.
Chollenging ossumptions ond judgements mode by monogement in its significont occounting estimotes,.
Identifying and testing related party tronsoctions. and
Completion of audit procedures to conclude on the compliance of disclosures in the finonciol stotements
with applitable financial reporting requirements.
12

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
These oudit procedures were designed to provide reasonable assurance that the finonciol statements were free
from froud or error. The risk of not detecting o moterial misstatement due to froud is higher thon the risk of not
detecting one resulting from error ond detecting irregulorities that result from fraud is inherently more difficult
than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or
intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from
events and transactions reflected in the financiol statements, the less likely we would become aware of it.
We assessed the opproprioteness of the collective competence and capobilities of the engagement team,
including consideration of the engogement team's knowledge and understanding of the industry in which the
group and parent tompony operates in, its understanding of. and practical experience with audit engagements
of o similor nature ond Complexity through oppropriote training and participation.
We communicated relevant laws and regulations and potential fraud risks to all engagement team members,
and remained alert to any indications of fraud, or non-compliance with laws and regulations throughout the
audit.
Use of our report
This report is mode 501ely to the charitable company's members and trustees, 05 o body, in accordonce with
Chopter 3 of Part 16 of the Companies Art 2006 and section 154 of the Choritie5 Act 2011. Our audit work hos
been undertaken 50 that we might state to the charitable company's member5 and trustee5 those matters we
ore required to Stote to them in on ouditor's report ond for no other purpose. To the fullest extent permitted
by law, we do not accept or a55ume responsibility to anyone other thon the charitable company ond its
members ond trustees os o body, for our audit work. for this report. or for the opinions we hove formed.
&tritr frtomto IAr LLe
Deborah Watson Bsc (Horbs) FCA
Senior Statutory Auditor
for ond on behalf of Grant T￿rnton UK LLP
Statutory Auditoi, Chartered Accountants
Leeds
Grant Thornton UK LLP is eligible to act as an auditor in tems of section 1212 of the Companies Act 2006
16/1212021
13

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
IA ¢omp0nylimit￿ by guaronteè
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND
LXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JULY2021
Unrestricted
funds
Restricted
funds
Total
funds
Totol
Funds
Re5toted
2020
2021
2021
2021
Note
INCOME FROM:
Charitable activities
1.303,965
169,912 1,473,877 1,619,711
Other troding activities
97,998
97,998
181.507
Investments
Other income
457
TOTAL INCOME
1401967 169 912 1571879 1801675
EXPENDITURE ON:
Choritoble octivities
1.147,549
139,211 1,286,760
1,523,856
Othertrading ortivities
83,610
30,701
114,311
228,663
TOTAL EXPENDITURE
1,231,159
169,912 1,401,071
1,752,519
Net income before tox(rtion
170,808
170,808
49,156
Taxation
875
875
38
NET INCOME BEFORE TRANSFERS
169,933
169,933
49,118
NET INCOME BEFORE OTHER
RECOGNISED GAINS AND LOSSES
Actuarial goins on defined benefit pension 16
schemes
NET MOVEMENT IN FUNDS
169,933
255,000
424,933
169,933
255,000
424,933
49,118
26,000
75,118
RECONCILIATION OFFUNDS:
Totol funds brought foTword
TOTAL FUNDSCARRIED FORWARD
(442,106)
117,173)
(442,106)
117,173)
1517,2241
1442,1061
The notes on pages 18 to 40 form port of these financiol statements.
The 2020 restatement is contained in note 19.
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Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
IA ¢omponylimited by guorontee
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY2021
2021
2020
Note
Cash flowsfrom operating activities
Net cash from operating octivities
Cash flowsfrom investing activities:
14
46.703
1248.5001
Sole proceeds
Purchase of tangible fixed assets
Net cash used in investing artivities
669,732
13,8121
665.920
Cosh flows from financing artivitie&
Repayments of borrowings
Interest on borrowings
Tox paid
Net cash used in financing activities
17,3221
11.0471
1875)
1411,5821
11,8101
(9244)
1413.3921
Change in cash and cash equivalents in the year
37,459
4,028
Cash and cash equivolents brought forword
67,322
63,294
Cash and cash equivalents carried fO￿ard
15
104,781
67,322
The notes on pages 18 to 40 form part of these financial stotements.
17

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A company lirnited by guarantee)
NOTES TO THE FINANCIALSTATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
ACCOUNTING POLICIES
1.1 Basis of prèparation of finantial statements
The financial statements have been prepared in accordance with Accounting and Reporting by Charities..
Statement of Recommended Proctice applicable to chorities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republicof Ireland IFRS1021 (effective l January 20191-
Ichorities SORP IFRS 10211, the Finonciol Reporting Stondord opplicoble in the UK and Republic of Irelond IFRS
1021 andthecomponies Art 2006.
Independent Training se￿iCe5 Limited meets the definition of o public benefit entity under FRS 102. A55ets
ond liabilities ore initially recognised ot historical cost or tron5QCtion volue unle55 Otherwise stated in the
relevant accountin9 policy.
The &atement of financial activities ISOFAI ond stotement of financial position consolidote the financial
statements of the company ond its subsidiary undertoking. The results of the subsidiary oreconsolidated on a
line by line basi5.
No separate SOFA has been presented for the company alone os permitted by section 408 of the Componies
Act 2006.
1.2 Compony status
The company is a company limited by guarantee. The members of the compony ore the Trustees nomed on
page l. In the event of the company being wound up. the liobilily in respect of the guaranteeis limited to £1 per
member ofthecompany.
1.3 Going concern
The group balance sheet shows net liobilities of £17,17312020: £442,106) ond the profit for the year before
octuariol gains wos £169,93312020.. £49,118). The compony hos mode significant improvements to its
financiol position ond is expecled to make o profit again in 2021122.
The ongoing economic impoct of COVID-19 on the opprenticeship moTket ond the commercial training morket
is a risk to the compony achieving its finoncial forecosts. The compony is delivering training online and is
monitoring the external environment closely. The company has taken advantage of government schemes
including ESFA supplier relief and the Coronavirus Job Retention Scheme and will continue to do so as far os it
is eligible. During this time expenditure is minimised and new stoff recruitment is on hold until income is
secured.
The going concern assessment considered the compony financial operating foreca&s and cosh flow forecosts
to July 2023. The company hos sufficient cosh funds throughout this period. The cosh flow is sensitive to
delays in cash receipts and therefore contains some risk that it will not have sufficient cosh to cover its debt.
Bornsley College, the parent compony is comfortoble based on foiecosts thot it has the ability to support its
subsidiory entities ond hos confirmed they will finonciolly support the compony until ot least July 2023
including support for ITS'S subsidiory Smortstyle Technology Training Limited which has negotive net assets.
As such, the Trustees ore of the view thot. bosed on detoiled budgets and cash flow forecasts, the group will
be able to pay its debts as they fall due and therefore the group is a going concern.
18

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A company lirnited by guarantee)
NOTES TOTHE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
ACCOUNTING POLICIES (continued)
1.4 Income
All income is recognised once the compony hos entitlement to the income. it is proboble thot the income
will be received and the amount of income receivable can be measured reliably. Government funded grants
and amounts from the Growth Company are accounted for under the accruals model as permitted by FRS 102.
Funding body recurrent grants ore measured in line with best estimote5 for the period of what is receivable
and dependent on the particular income stream involved. Income from other trading ortivities 15 recognised
upon the roising of sales invoices or upon receipt of cosh from eligible government schemes.
Where income is received for o specific purpose which is defined the income and Qssociated expenditure is
shown within restricted funds. During the yeor support received under the Coronavirus Job Retention Scheme
and ESFA Supplier Relief hos been recognised under the performonce model.
For legacies, entitlement is token os the earlier of the date on which either.. the company is aware that probate
hos been granted, the estote hos been finolised ond notification hos been mode by the executorlsl to the
Trust that o distribution will be made, or when o distribution is received from the estate. Receipt of a legacy, in
whole or in part, is only considered probable when the amount can bemeosured reliably and the company has
been notified of the executor's intention to make o distribution. Where legocies hove been notifiedto the
company, or the compony is oware of the gronting of probote, ond the criteria for income recognition have
not been met, then the legocy is treoted os o contingent asset and disclosed if materiol.
1.5 Expenditure
Expenditure is recognised once there is o legol or conslructive obligation to transfer economic benefitto a third
party, it is probable that a transfer of economic benefits will be required in settlement ond the omount of the
obligation can be meosured reliobly. Expenditure is clossified by octivity. The costsof eoch octivity ore mode up
of the total of direct costs ond shared costs. including support costs involved in undertoking each octivity.
Direct costs attributoble to a single octivityore ollocoted directl￿0 thot octiwty. Shored costs which contribute
to more than one octivity ond support costs which are not ottributoble to a single octivity ore opportioned
between those octivities on o bosis consistent withthe use of resources. Central staff costs are ollocated on the
basis of time spent, and depreciation charges ollocoted on the portion of the osset's use.
Support costs are those costs incurred directly in support of expenditure on the objerts of the company ond
include project monogement carried out ot Heodquarters. Governonce costs ore thosdncurred in connection
with administration of the company and complionce with constitutional and statutory requirements.
Choritoble octivities ond Governonce costs ore costs incurTed on the compony's educotionol operations,
including support costs ond costs relating tothe governonce of the componyapportionedto charitoble
octivities.
All expenditure is inclusive of irrecoveroble VAT.
1.6 Basis of consolidation
The financiol statements consolidate the occounts of Independent Training Services Limited and oll of its
subsidiary undertakings I'subsidiarie5'1.
The company hos token odvontage of the exemption contained within section 408 of the Companies Act 2006
not to present its own Income ond expenditure occount.
ITS company made a surplus of £441,2487for the financial year ended 31 July 2021 (2020- £148,112).
19

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENOED 31 JULY 2021
ACCOUNTING POLICIES (continued)
1.7 Turnover
Turnover comprises revenue recognised by the company in respert of goods and services supplied during the
year, exclusive of Value Added Tax and trade discounts.
1.8 Tangible fixed ossets and depreciation
All assets costing more than £l.000 ore copitoli5ed.
A review for impoirment of a fixed asset is curried out if event5 or chonges in circumstances indicate thot the
carrying value of ony fixed Osset moy not be recoverable. Shortfalls between the carrying value of fixed ossets
and their recoverable omounts ore recognised a5 impairments. Impairment losses ore recognised in the
Statement of financial uctivities.
Tangible fixed assets are carried ot cost. net of depreciotion and any provision for impairment. Depreciation 15
provided at rates calculated to write off the cost of fixed ossets. less their estimated residual value. over their
expected useful lives on the following boses:
Fixtures and fittings
Computerequipment
20%- 25% Straight line
33.3% Stroight line
1.9 Investments
Investments in subsidiaries are volued ot cost le55 provision for impairment.
1.10 Interest receivable
Interest on funds held on deposit is included when receivoble ond the omount con be meosured reliably by
the company; this is normally upon notificotion of the interest paid or payoble by the Bank.
1.11 Debtors
Trode and other debtors ore recognised ot the settlement omount ofter ony trode discount offered.
Prepayments are valued at the amount prepoid net of onytrade discounts due.
1.12 Cosh (rt bonkond in hand
Cosh ot bonk ond in hond includes cosh ond shortterm highlyliquid investments with o short moturity of three
months or less from the dote of ocquisition or opening of the deposit or similoroccount.
1.13 Liabilities ond provisions
Liabilities are recognised when there is an obligation at the Bolance sheet date as a result of a past event, it is
probablethat a tronsfer of economic benefit will be required in settlement, andthe omountof the settlement
can be estimated Teliably. Liabilities are recognised at the amount thatthe companyanticipate5 It will pay to
settle the debt or the omount it hos received os odvonced payments for the goods or services it must provide.
Provisions are measured at the best estimote of the amounts required to Settle the obligation. Where the
effect of thetime value of money is material, the provisionis based on the present value of those amounts,
discounted ot the pre-tax discount Tote thot reflects the risks specific to the liability. The unwinding of the
discount is recognised within interest payable and similar charges.
20

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
ACCOUNTING POLICIES (continued)
1.14 Financial instruments
The company only has financiol assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial in5trument5 are initially recognised at tran5artion value and subsequently measured ot
their settlement value with the exception of bank loans which are subsequently measured at omortised cost
using the effective interest method.
1.15 Oeferredtaxation
Full provision is made fordeferred tax assets and liabilities arisingfrom all timing differences between the
recognition of goins ond losses in the financial 5totement5 ond recognition in the tox computotion.
A net deferred tox asset is recogni5ed only if it con be regarded as more likelython not that there will be
suitable taxable profits from which the fulure reversal of the underlying timing differences can be deducted.
Deferred tax assets ond liabilities ore colculated ot the tox rates expected to be effective ot the time the
timing differences ore expected to reverse.
Deferredtox ossets and liabilities are discounted.
1.16 Pensions
The company operotes a defined contribution pension scheme ond the pension chorge represents the
amount5 poyable by the compony to the fund in respect of the yeor.
The company operates o defined benefits pension Scheme ond the pension charge is based on a full octuariol
valuation doted 31 March 2016. updated to 31 July 2021 by the octuory. More detail of the scheme con be
found in Note 16.
1.17 Fund accounting
Generol funds ore unrestricted funds which ore ovailoble for use ot the discretion of the Trustees in
furtheronce of the generol objectives of the compony ond which hove not been designated for other purposes.
Designoted funds comprise unrestricted funds thot hove been set oside by the Trustees for particular purposes.
The aim and use of each designated fundis setout in the notes to the financial statements.
Restricted funds are funds which ore to be used in occordonce with specific restrictions imposed by donors or
which hove been Toised by the compony for porticulor purposes. The costs of roising ond odministering such
funds Ore chorged ogoinst the specific fund. The oim and use of eoch restricted fund is set out in the notes to
the financial statements.
21

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
ACCOUNTING POLICIES (continu￿)
1.18 Criticol occounting estimates and areas of judgernont
Estimates and judgements are continually evaluated ond are bosed on historical experience and other factors,
including expectotion5 of future events thot ore believed to be reasonable under the circumstonces.
Critical occounting estimates and assumption5'.
The cornpony ond group make5 estimates and ossumptions concerning the future. The resulting accounting
estimates and assumptions will, by definition, seldom equal the related actual result5. The estimates ond
055umptions thot hove o significant risk of cousing a rnoteriol adjustment to thecarrying omount5 of assets
and liabilities within the next financial yeor are disCUSsed below.
Critical ore05 of judgment..
The useful economic lives for the omortisation of goodwill ond for the depreciotion of tangible fixed ossets.
The actuariol assumptions used in the calculation of the defined benefit pension liability. The appropriateness
of the carrying value of tangible fixed ussets and the need for impoirment. if nece550ry.
Local Government Pension Scheme
The present volue of the Locol Government Pension Scheme defined benefit liobility depends on a number of
factors thot are determined on on octuoriol basis using o variety of ossumptions. The assumptions used in
determining the net cost lincomel for pensi￿5 include ihe discount rate. Anychanges in these ossurnption5,
which ore disclosed in note 19, will impact the corrying omount of thepension liability. Furthermore, o roll
forword opproach which projects results from the lotest full octuariol voluation performed at 31 March 2016
has been used bythe actuary in voluing the pensionsliability at 31 July 2021. Any differences between the
figures derived from the roll forward approoch ond a full octuoriol voluation would impoct on the carrying
omount of the pension liobility.
1.19 Restatement
A review of debtors and occrued income identified thot income hod been incorrectly recognised in 2020 thereby
overstoting the income and debtors due to Smartstyle Technology Troining Limited and the Group. As o result,
the 2020 figures hove been restated to reduce the income OCCTUOI by £28k ond to debit the Statement of
Comprehensive Income for the overstated revenue.
22

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
INCOME FROM CHARITABLE ACTIVITIES
Unre5trirted funds
2021
Restrirted funds
2021
Totol funds
2021
Totol funds
2020
ESFA- Non-levy I levy income
ESFA- Learner Responsive
Other
395,037
214,962
693,966
1,303,965
139.211
534,248
214,962
724,667
1,473,877
995,495
342,876
281,340
1,619,711
30,701
169,912
Total 2021
1,303,965
169,912
1,473,877
The company received £139,21112020: £31.2801 in relotion to the ESFA supplier relief fund in 2021. Thi5 15
included within ESFA- Non-levyllevy income.
There is £30,70112021Tr. £6.5451 of Coronavirus Job Retention Funding contoined within the other trading
activities income.
DIRECT COSTS
Total
2021
Total
2020
Administration expenses
Educotionol expenditure ond ossociated recreational costs
Woges ond salaries
National insurance
Staff Pension costs
45,049
408,162
590,765
55,140
29,669
74,966
377.342
747.181
60,815
27,554
1,124785
1,287,858
Total 2021
1,124785
23

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
SUPPORT COSTS
2021
2020
Premises costs
Office odministrative costs
Computer and software costs
Depreciation and amortlSOtion
Bonk chorges
Bod debts
Loon interest
Pension interest
43,934
S7,678
19,665
21,009
1,488
4,154
1,047
9,000
157,975
37,548
122,314
23,228
28,028
2,030
9.040
1.810
12,000
235,998
Total 2021
157,975
NET INCOMEIIEXPENDITURE)
This is stated after chorging:
2021
2020
Depreciation of tongible fixed ossets:_ owned by the choritoble group
Operating leose rentals
21,304
43,190
28,028
30.943
During the year, no Trustees received any remuneration12020- ENILI. During the year. no Trustees received
any benefits in kind12020 - £NILI.
During the yeor, no Trustees received ony reimbursement of expenses12020 - £NILI.
AUDITORS'REMUNERATION
2021
2020
Fees poyoble to the compony's ouditor for the oudit of the group
onnuol occounts
14,000
12,000
The audit services were provided by Grant Thornton UK LLP, Leeds. NorFaudit related fees are boine by the
porent company, Barnsley College.
24

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
STAFF COSTS
Staff costswere as follows:
Group
2021
Company
2021
Group
2020
Cornpany
2020
Woges and solorie5
Sociol security cost5
Other pension costs
663,983
58,412
30,624
591,765
55,140
29,669
879,198
73,460
30,475
747,181
60,815
27,554
753,01
.574
5.55
The average number of persons employed by the Group during the yeor wos os follows:
2021
No.
2020
No.
Administration
Teoching
Management
14
20
25
30
Key management personnel
Key management personnel ore those persons having authority ond responsibility for planning. directing ond
controlling the activilies of the Company.
During the yeor the total omount of remuneration ond benefits received by key management personnel wos
£65.00012020: £121.5381.
The number of key mano9ement personnel ond other staff who Teceived onnual emoluments, excluding
pension contributions and employer's nationol insuronce but including benefits in kind, in the following ranges
was..
2021
No.
2020
No.
In the bond £60.001- £65,000
The Monoging Director is the highest poid member of stoff. Their remunerotion received in the yeor is os
follows:
2021
£'ooo
2020
£'ooo
Solaries - gross of salary sotrifice ond woived emoluments
Employers Notional Insurance
65
56
73
20
93
63
io
73
Pension contributions
Total emolurnents
25

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A tompany limited by guaranteè)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED31 JULY 2021
TANGIBLE FIXEDASSETS
Fixtures and
fittings
Computer
equipment
Totol
Group
Cost
At l August2020
Di5P0501s
Additions
283,536
270.365
553.901
283.536
270,365
553,901
At l August 2020
Disposals
Chorge for the year
264,208
258.727
522.935
12,116
9,188
21,304
At31July2021
276,324
267,915
544,239
Net bookvalu•
At31July2021
At 31 July2020
19,328
11,638
30,966
Fixtures and
fittings
Computer
equipment
Total
Chority
Cost
At l August 2020
Disposals
Additions
At 31July2021
Depreciotion
At l August 2020
Disposals
Charge forthe yeor
At31July2021
283,536
269,481
553.017
283,536
269,481
553,017
264.208
258,531
522,739
12,116
276,324
8,893
267,424
21,009
543,748
Net bookvolue
At 31July2021
At31 July2020
7,212
2,057
9,269
19,328
10,950
30,278
26

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A company lirnited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
FIXED ASSET INVESTMENTS
Subsidiaryundertakings
The following were subsidiary undertakings of the compony.
Nome
Smartstyle TechnologyTroining Limited
Registered office gddress: Queens Court, Regent Street. Bornsley,
England, S70 2EG.
Holding
loo%
The oggregate of the share capital and reseNes os ot 31 July 2021 ond of the profit or loss for the yeor
ended on that date for the subsidiary undertakings were as follows:
Aggregate of
share copital
and reserves
Nome
Profitllloss)
SmartstyleTechnologyTraining Limited
1281.966)
(16 3981
Shares in
group
undertakings
Company
At l August 2020 and 31 July 2021
1,000
27

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A company lirnited by guarantee}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
DEBTORS
Group
2020
Restated
Compony
2020
2021
2021
Trade debtors
Amounts owedby group undertokings
Prepayment5 ond occrued income
126,655
43.292
113,303
303,532
209,103
625,938
41,186
265,534
131,227
437,947
209,103
335,758
136,425
179.717
10. CREDITORS: Amountsfalling due within oneyear
Grou
Com
2021
2020
2021
2020
Finance leose
Trode creditors
Amounts owedto group undertakings
Other taxation ond sociol security
Other creditors
Accruals ond deferred income
7,322
63,526
7,322
58,189
64,813
12,627
19,165
7,407
41.362
60,259
10,077
13,082
7,407
41,362
132,187
33.010
754
50.499
32,781
45,595
143,887
145,374
155.111
11.
FINANCIAL INSTRUMENTS
2021
2020
Restated
Financial assets meosured at amortised cost
340,539
138,690
224,402
152,831
Financial liabilities measured at amortised cost
Finonciol ossets meosured ot omortised cost comprise trode ond other debtors and occrued income.
Financial liabilities meosured at omortised cost comprise trade ond other Creditors, occruols and bankloans.
28

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
CONSOLIDATED STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENTYEAR
Balance at
Balanceat
l August
2020
Restated
Transfer
Gainsl
31 July
Income Expenditure
Taxotion
inlout
(Losses}
2021
General
Funds
Generol
Funds
Pension
reserve
Other
General
Funds
122,895
1,401,967
11.219.159)
1875)
304,828
(565,0001
{12.0001
255,000 1322,0001
iii
(i)
Total
(442,106) 1,401,967
{1231,159)
1875)
255,000
(17,1731
Unrestr'd
Fund5
(442,106)
1,401,967
11,231,159)
1875)
255,000
(17,173)
Re5trictedfunds
CJRS grant
30.701
130.7011
ESFA 5upp'
Relief
139.211
1139.2111
169,912
(169,912
(1,401,071)
Total
funds
(442,106)
1,571,879
1875)
255,000
117,1731
Designoted funds had no opening bolance ond no activity during the yeor.
29

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A company lirnited by guaranteel
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
12.
STATEMENT OF FUNDS (continued)
CONSOLIDATED STATEMENT OF FUNDS- PRIOR YEAR RESTATED
Balance (rt
l August
2019
Incorne
Expenditure
Taxation
Transfers
inlout
Goinsl
(Losses)
Balance at
31 July
2020
Designoted
funds
Leorner
Support
Trovel
4.870
14.8701
Learner
Support
Resource
6.481
16.4811
11,351
111.3511
General
funds
General
Funds
27,426 1,801,675
11.738,5191
1381
32,351
122,895
Pension
reserve
1577,0001
114.0001
26,000 1565,000)
Other
General
funds
iii
(i)
Total
(549,5751 1,801,675 11,752,519)
138)
32,351
26,000 (442,106
Unrestr'd
fund
(538,2241 1,801,675 11,752,519)
138)
21,000
26,000 (442,106
Restricted
funds
App'ship
grant
21,000
121,000)
21,000
121,0001
Total of
funds
(517,224) 1,801,675 11.752.519)
138)
26,000 (442,106)
30

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
12.
STATEMENT OF FUNDS (continued)
CONSOLIDATED SUMMARYOF FUNDS- CURRENT YEAR
Bolance ot
I Au9USt
2020 Income
Bolon¢e ot
31 July
2021
Tronsf¢rs Golnsl
inlout
ILoss¢sl
Expenditure
Toxotion
Generol
funds
1442,1061
1,401,967
11231,1591
18751
255.000
117,1731
1442.1061
1,401,967
11231,1591
18751
255,000
117,1731
RestTlCted
funds
169,912
(169,9121
1442.106)
1.571.879
(IhOl.071)
1875>
255,1)00
117,1731
CONSOLIDATED SUMMARYOF FUNDS- PRIOR YEAR
Balonceat
l August
2019 Income
Tronsfers
Goin
Balance at
31 July
2020
Restated
Expenditure
Taxotion
inlout
(Losses)
Desi9noted
Jnds
11,351
111.3511
Generol
funds
1549,5751
1,801.675
11.752.519)
1381
32,351
26,￿0
1442,106)
1538,2241
1,801.675
11.752,5191
1381
21,000
26,000
1442,106)
Restricted
funds
21,000
121,0001
1517,224)
1.801.675
(1.752,519>
138
26,0(M)
1442.106)
31

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
13.
ANALYSIS OFNET ASSETS BETWEEN FUNDS
ANALYSIS OFNET ASSETS BETWEEN FUNDS-CURRENTYEAR
Unrestricted
funds
Restricted
funds
Total
funds
2021
2021
2021
Tongible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
9,662
440.539
1145.3741
1322.0001
9,662
440,539
1145.3741
1322.0001
117.1731
117,1731
ANALYSIS OFNET ASSETS BETWEEN FUNDS- PRIOR YEAR
Unrestricted
fund5
2020
Restricted
funds
2020
Total
funds
2020
Intongible fixed ossets
Tongible fixed ossets
Current ossets
Creditors due within oneyeoi
Creditors due in more than one year
Provisions for liabilities and charges
30,966
247,039
1155.1111
30,966
247,039
1155,1111
1565,0001
1442,1061
1565,0001
1442,1061
32

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
14.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES
Group
2020
Restoted
2021
Net income for the yeor105 per Statement of Financiol Artivitiesl
169,933
49,118
Adju5tmentfor
Depreciotion charge5
Loss on disposol of fixed assets
Tax charge
Ilncreoselldecre05e in debtor5
Decreose in creditors
Interest costs
Pension costs
Net cosh from operating octivities
21,304
28,028
47,127
875
38
(156,0411
103.126
12,415) 1491,7471
10.047
13,810
3,000
2,000
46,703 1248,5001
15.
ANALYSIS OFCASH ANDCASH EQUIVALENTS
Group
2021
2020
Coshinhond
104,781
104 781
67,322
Totol
33

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
16. PENSION COMMITMENTS
The group operates a defined contribution pension scheme where the assets of the scheme are held separate
to those of the group in independently administeThd funds. The total expense for the year was £33,000
12020: £40,000).
The group participotes in the funded defined benefit pension scheme operated by South Yorkshire Pensions
Authority.The assets of the scheme ore held in separate funds administered by SYPF. The totalcontribution5
mode for the year ended 31 July 2021 were £26.932, of which employer's contribution5 totolled £20,497 and
employees, contributions totolled £6.435. The agreed contribution rates for future years are 28.8% together
with sums totalling £2,100 to be paid before 31 March 2022 to fund the past service deficit. The goin on the
scheme's assets during the yeor wos £278,00012021Tr. £22.00010s5). being 12.8%12020:_6.7%1 of the year
end ossets.
Principal actuarial assumptions at the statement of finoncial position date (expressed os weightedoverage51:
2021
1.60%
2.60%
2.60%
2.60%
2020
1.50%
2.30%
2.30%
2.30%
Discount rote at 31 July
CPI inflation rote
Future salory increases
Future pension increases
The current mortality ossumptions include sufficient ollowonce for future improvements in mortality rates. The
ossumed life expectotions on retirement oge 65 are:
At 31 July At 31 July
2021
2020
Years
21.3
24.3
21.8
25.3
years
21.2
24.2
21.8
25.3
Retiring todoy
Moles
Femoles
Males
Femoles
ftetl￿ng In 20yeo
The ossets inthe scheme were:
Foir value at
Foir value at
31 July
2021
31 July
2020
Equities
Governmentbonds
Otherbonds
1.045,000
305,000
166,000
192,000
39,000
431,000
2 178,000
882,000
298,000
170,000
160,000
78,000
321,000
1909,000
Property
Cash I liquidity
Other
Total marketvolue of assets
34

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A company limited byguaranteel
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
16.
PENSION COMMITMENTS (Continu￿)
The actual gain on scheme assetswas £278,000 (2020- £22,O¢XI loss).
The omounts recognised in the Stotement of finonciol octivities ore os follows:
2021
2020
Current seNice cost
24,000
28,000
Interest cost on pension scheme obligotions
9,000
12,000
Totol
33,000
40,000
Movement in net defined benefrt liability duringyear
2021
2020
£'ooo
£'ooo
Net defined benefit Iliabilityllosset in scheme at l August
Movementin yeor-
1565,000) 1577,0001
Current service cost
Employer contributions
Net interest on the defined liability
Actuariol goin
Net defined benefrt liability at 31 July
124,0001
128,0001
21,000
26,000
19,000)
112,0001
255,000
26,000
1322,000) 1565,0001
Movements in the present volue of the defined benefit obligotion were os follows:
2021
2020
Opening defined benefit obligotion
Interest cost
Contributions by scheme porticiponts
Current service cost
Benefits paid
Aduoriol lossÈsllgoins}
2,474,000
37,000
6,000
24,000
164,000)
23,000
2,545,000
54,000
6,000
28,000
37,000
1196,0001
Closing defined benefit obligation
2,500,000
2,474,000
35

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
16. PENSION COMMITMENTS (continued)
Chonges in the foir volue of scheme ossets were 0$ follows:
2021
2020
Opening fair value of scheme assets
Expected return on assets
Actuarial gainslllosses)
1,909,000
28,000
278,000
1,968,000
42,000
1170,0001
Contributions by employer
Contributions by scheme porticiponts
Benefit5 paid
21,000
6,000
164,0001
26,000
6,000
37,000
2,178,000
1,909,000
Amounts forthe current and previous period ore os follows:
2021
2020
Defined benefit obligation
SchemeassetS
12,500,000)
2,178,000
12,474,000)
1,909,000
Deficit
1322,000)
1565,0001
Experience odjustments on scheme liobilities
Experience odjustments on scheme assels
152,0001
1187,0001
Sen51tlvltyonolys55
Dlsclosure Item
Centrol
+0.1%
+0.1% p.o.
Inflotlon
+O.I%p.
l year
Incr￿￿ In
+1%
-1%
dSscount
growt
chonge In
2020121
exp•rtoncy Investment
Tetums
chonge In
2020121
Investment
returns
rote
2.500
2,463
2.537
2.584
2,500
2,500
Assets
12,1781
12,1781
12.1781
12,1781
12,1781
12,2001
12,1561
Deficitllsurplusl
Projected
Servicecost for
nextyeor
Projected
Net interest
Costfor
next yeor
322
285
3S9
322
406
300
344
25
25
25
25
26
25
25
36

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
16. PENSION COMMITMENTS (continued)
Guoront*ed Minimumpension
Defined benefit pension schemes will be affected bythe ultimate resolution of the equalisation of benefits for
men ond women in relation to Guaranteed Minimum Pension provisions. The method of equalisation has the
poteritiol to increose the Compan￿$ pension liobilities in respect of the South Yorkshire Pension Fund, however
it is unclear how this would impact the fund given ongoing legal questions being addressed by HM Treasury
and the fund actuary has colculoted no estimated liability.
Transitionol Protection Arron9ements (Mccloud)
Following the loss of a court case (the Mccloudjudgementl which found thot transitionol protections put in
place when two public sector pension schemes were reformed were age discriminatory, the government
committed in July 2019 to seekin9 0 remedy across all public sector schemes. The Compony's pension
liabilities in respect ofthe South Yorkshire Pension Fund hove increosed due to this although the method of
remedy ond hence the amount of the increose in liobilities is not yet known. The fund octuory calculated an
opproximote estimoted liobilr(yof nil. Chonges tothe estimated liability in 2020121 hove been recognised
through octuorial gainsl losses.
Widower Benefits (Goodwin)
Following o recent Employment Tribunol ruling thot a femole member in an opposite sex marriage is treated
less fovourobly than a female in o some sex morriage or civil portnership, and thot treotment omounts to
direct discriminotion on the grounds of sexuol orientotion, Ihe government onnounced in July 2020 that it
believed changes would be required to oll public sector schemes with similor orrongements. For the Compony,
this will increase the liobility in respect of the South Yorkshire Pension Fund. but no ollowance hos been made
in the occounting figures os it is expected that the impact on the liabilities will be immoteriol and there is
currently insufficient data ovailoble to estimate a cost.
37

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIALSTATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
17. OPERATING LEASE COMMITMENTS
At 31 July 2021 the total of the group's future minimum lease poyments under non-cancellable operating
leases wo5:
Land and buildings
Other
Group:
2021
2020
2021
2020
Amounts poyable
Within l year
Between l and 5 yeors
32,400
8,100
34.916
40.500
554
554
Total
40,500
75,416
554
554
At 31 July 2021 the choritable company had annual commitments under non-cancelloble operating lease5a5
follows:
Charitable company
Amounts payable:
2021
2020
Within l year
8etween l ond 5 years
Total
32,400
8,100
32,400
40,500
40,500
72,900
18. ULTIMATE PARENT COMPANY
The ultimote controlling party is Barnsley College, a corporation estoblished under the Further ond Higher Education
Act 1992 ond is on exempt charity for the purposes of Part 3 of the ChoTlties Act 2011. The consolidated occounts
are available on the College's website or on request from Barnsley College, Church Street, Barnsley, S70 2AX.
38

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
19. 2020 RESTATEMENT
CONSOLIDATED STATEMENT OF FINANc￿L ACTIVITIES INCORPORATING INCOME AND
EXPENDITURE ACCOUNT
2020 RESTATEMENT
FOR THE YEAR ENDED 31 JULY 2021
Original
Income
corrertion
Totol
Fund5
Restated
2020
2020
INCOME FROM:
Choritoble uctivities
1.619,711
1,619.711
Other trading activities
209,953
181.507
Investments
Other income
457
457
TOTALINCOME
1,830 121
128 4461
1801,675
EXPENDITURE ON:
Choritable octivities
1.523,856
1,523,856
Othertrading octivities
228,663
228.663
TOTALEXPENDITURE
1,752.519
1,752,519
Net Income before toxotion
77,fA)2
128,446)
49,156
Taxotion
38
38
NET INCOME BEFORE TRANSFERS
77,564
128,446)
49,118
NET INCOME BEFORE OTHER
RECOGNISED GAINS AND LOSSES
77,564
26,000
103.564
128,446)
49,118
26,000
75,118
Actuorial gains on defined benefit pension
schemes
NET MOVEMENT IN FUNDS
128,446)
RECONCILIATION OFFUNDS:
Total funds brought forward
TOTAL FUNDSCARRIED FORWARD
{517.224)
1413,660)
1517,2241
128,446) 1442.1061
39

Docusign EnvÈlope ID." 8c764647-A3l￿4￿>PAB￿S47?A8AOBDoc
INDEPENDENTTRAINING SERVICES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
CONSOLIDATED STATEMENT OF FINANCIAL POSITION- 2020 RESTATEMENT
2020
Income
correction
2020
Re5tuted
Original
FIXEDASSETS
Tongible osset5
30,966
30,966
30,966
30,966
CURRENT ASSETS
Debtors
208,163
128.4461
179,717
Cash at bank and in hand
67,322
67,322
275,485
128.4461
247.039
CREDITORS: arnountsfalling due within
oneyear
NET CURRENT ASSETS
1155.1111
1155,1111
120,374
128.4461
91,928
TOTAL ASSETS LESSCURRENT
LIABILITLES
151,340
128.4461
122,894
NET ASSETS EXCLUDINGPENSION
SCHEME LIABILITIES
151,340
128,4461
122,894
Defined benefit pension scheme liobility
NET LIABILITIES INCLUDING PENSION
SCHEME LIABILITIES
1565,0001
1565,0001
1413.660)
128.4461
1442,1061
CHARITY FUNDS
Restricted funds
Unrestricted funds:
1413,660)
128,4461
1442,1061
TOTALDEFICITFUNDS
1413,6601
128,4461
1442,1061
40