Reglstered number: 04274770
Charity number. 1091711
INDEPENDENT TRAINING SERVICES LIMITED
(A compony limited by guorantee)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

INDEPENDENT TRAINING SERVICES LIMITED
CONTENTS
Page
Reference and administrative details of the charityi its trustees, and advisers
Trustees, report
Independent auditor's report
10
Consolidated statement of financial activities
14
Consolidated statement of financial position
15
Company 5totement of financial position
16
Con501idated statement of cash flows
17
Notes to the financial statements
18

INDEPENDENT TRAINING SERVICES LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 JULY 2024
Trustees
Miss K Dickinson, Chai r (resigned 29 July 20241
Mrs H E Jaggar
Mr I K Koursis (resigned 31 October 2023)
Mr D Akeroyd (oppointed 4 October 2023)
MrA J Porker
Mr5 N Adams
Mrs C Cooper-smith, Chair (appointed 18 June 2024)
Company Secretary
Mrs H Jackson
Company registered number
04274770
Charity registered number
1091711
Registered office
Queens Court Business Centre, Regent Street, Barnsley, South Yorkshire, England, 570 2EG
Managing Director
Mr Steve Hepworth
Independent auditors
TC Group Limited, l Rushmills, Northompton, NN4 7YB
Bonkers
Santander. Bootle, Merseyside, L30 4GB
Solicitors
DAC Beachcroft, St Pauls House, 23 Park Square South, Leeds, LSI 2ND

INDEPENDENT TRAINING SERVICES LIMITED
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 JULY 2024
Chair's foreword
2023124 has been a positive year for Independent Training se￿Ices (ITSI with a number of new contracts and
projects and the ongoing development of o first-rate staff team. During the year the Board of Trustee5
monitored closely the execution of the operationol plan and our progress delivering another year of profitobility.
The organisation remains focused on improving our finoncial health and providing the best educotion and
training experience for our learners (students) and local businesses.
Mrs C Cooper-smith, Chair, Board of Trustees
Managing Directors Introduction
The financial yeor 2023124 wa5 a better trading year due to increases in revenue and growth of new projects
taking place for ITS. Apprenticeship recruitment Wa5 the highest it has been for very many years ond with small
to medium size enterprises now engaging in apprenticeships again across service industries supported by
sustained recruitment in the care sector. ITS also storted delivering South Yorkshire Mayoral Combir)ed
Authority (SYMCA) courses for jobs funding direct and successfully gained growth on odult loon contrarts.
Smartstyle Technology Training Limited also generated o positive contribution for the first year in four years
due to exponding their services available into longer courses as opposed to short workshops. This oreo of the
business is well positioned to continue to move forward for future years and capitalise on an increasing offer
available to individuals and employers.
ITS were successful in winning odditionol controcts in 2023124 that will start in 2024125. The main contract
that ITS has secured is the delivery of Adults Skills Funding through SYMCA. This controct will start on the I
August 2024.
The quality of provision has been good overall across all contracts. Apprenticeships and courses for adults
were inspected and graded Good in June 2023 ond this is still the case in 2023124. The achievement rate for
apprentices has increased for the third successive year and retention and ochievement in adult programmes
have been sustoined whilst doubling the cohort size. Portnership provision hos been outstanding all year
delivering high levels of quality teaching and leorning whilst delivering excellent outcomes for learners
transforming lives.
Our people remain passionate and committed to our core purpose and hove demonstrated a positive
and welcoming team approach to ensure we are stronger and have greater resilience to continue our journey.
Steve Hepworth
Managing Director

INDEPENDENT TRAINING SERVICES LIMITED
TRUSTEES, REPORT (continued)
FOR THE YEAR ENDED 31 JULY 2024
The Trustees present their annual report together with the audited financial statements of Independent
Troining Services Limited {the company I ITS) for the parent company ond group for the period l August 2023
to 31 July 2024. The Trustees confirm thot the Annual Report ond finoncial statements of the company
comply with the current statutory requirements, the requirements of the company's governing document and
the provisions of the Statement of Recommended Practice ISORPI, applicable to charities preparing their
accounts in accordance with the Financiol Reporting Stondord applicable in the UK ond Republic of Ireland (FRS
102) (effective l Jonuary 20191.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The company and the group is registered os a charitoble compony limited by guarontee and was set up by a
Memorandum of Association on 22 August 2001. The company and the group is constituted under o
Memorondum of Associotion, registered charity number 1091711 ond company (limited by guorontee)
number 4274770.
The Boord of Trustees changed in 2018119 following the ocquisition by Bornsley College. The trustees monitor
the organisation's performance through a formal board which meets four times a year. The Boord monitors
the financial ond operotionol performonce ond risk monagement of ITS and Smartstyle, and invitations are
made to other senior leadership team members os appropriate. As required by the Articles of Association, an
Annual General Meeting is held on o yearly basis.
The governance model chonged in 2019120 to bring it into line with the College. There is a formal procedure
for the induction and training of trustees that mirrors that of Barnsley College.
Trustees
The Trustees are appointed by the Board of Trustees. The trust deed allows for a minimum of five Trustees and
no more thon twelve. One third (orthe number nearest one third) of the Trustees must retire eoch year, those
longest in office retiring first. A retiring Trustee who remains qualified may be reappointed.
Meetings
The Boord of Trustees meet every quarter. At the meetings, the Trustees agree the broad strategy and areas
of activity of the company, including rotificotion of gronts thot are made and a review of the live risk register.
Policies and Procedures adopted for Recrultment, Induction and Training of Trustees
The Board keeps the skill requirements for the Trustee Body under review. Any recruitment of new Trustees is
undertaken by open advertisement ond through o diologue with interested porties. When an individual
expresses on interest in becoming a Trustee, an initial meeting is held with the Chair. A proposal to appoint a
new Trustee is submitted to the Boord for opproval. Once an appointment hos been made, the newly elected
Trustee undergoes an induction programme. The company keeps up to date with key developments and
training is provided to Trustees as and when required.
Financial Plan and Budget
The company odopts the College's business plonning and performance review cycle. Business plans ore
completed annually and reviewed by the senior leodership teom at the college. Performance reviews are
completed quarterly and review oll aspects of the business performance. The detailed business plan ond
occomponying budget ore submitted for approval by the Board of Trustees on an annual basis. The day-to-doy
running of the company is delegated to the Monoging Director, who hos the power to oct and toke decisions,
as long as they are contained within the plan. Any deviations from or additions to the plan have to receive
approval from the Board of Trustees. The Managing Director submits o written report detailing progress and
future planned activity to all Board meetings. The Company continues to produce an annual Self-Assessment
Report ISAR) which is validated by the College ond opproved by the ITS Boord of Trustees.

INDEPENDENT TRAINING SERVICES LIMITED
TRUSTEES, REPORT (continued)
FOR THE YEAR ENDED 31 JULY 2024
Our Objectives and Activities
MISSION
We provide inclusive services offering training, educotion and lifelong learning opportunities, the achievement
of appropriate qualifications ond sustoinoble employment.
VISION
Our Vision is to Transform Lives through education and troining.
PURPOSE
To be the partner of choice, leading the way through innovation and excellence. We will ochieve this by:
Developing a range of products to meet the diverse needs of learners, employers, and customers.
Ensuring our delivery is cutting edge, personolised and responsive resulting in 5ucce55ful outcomes.
Shoring our success to benefit und develop our locol communities.
Ensuring that we are recognised for whot we do, and the way thot we do it.
Public Benefit
In pursuonce of the objectives set out above the Company benefits individuals and employers in the Barnsley
area ond the wider community throughout the Yorkshire, Humber, ond Midlands regions.
The Trustees hove regord to Chority Commission guidance on public benefit when planning strategy. aims and
activities.
Achievements and Performance
Key achievements in 2023124
Achieved three year upward trend for apprenticeship achievement rates.
Achieved 95% achievement rate on all odult education and training programmes. This is 4-year
positive upward trend.
Successfully delivered courses for jobs contract through SYMCA.
Retained Motrix standard for the quality of information, advice, and guidance.
Retained Skills for Care centre of excellence standard.
Achieved over 95010 progression rote into o positive destinotion upon leaving
Achieved highest ever recruitment figures for adult education courses with over 3,800 learning
aims delivered.
Achieved highest number of apprenticeship recruitment for 5 years ot 272.

INDEPENDENT TRAINING SERVICES LIMITED
TRUSTEES, REPORT (continued)
FOR THE YEAR ENDED 31 JULY 2024
Learners 2023124
Learners remain central to our focus and purpose. During 2023124 we carried out internal learner and
employer surveys.
380 learners and employers responded to our internal learner survey ond the results ore 05 follows:
The apprenticeship on programtne satisfaction survey showed 93.5% of learners would recommend ITS as a
training provider. Other key positives are:
Apprenticeships
99% agreed that they know how to keep themselves safe at work.
99% agreed that feedback from their tutor helped them improve.
97% of apprentices agreed that their tutor helps develop their skills, knowledge and behoviours
consistently.
Overall, 4.51 rating out of 5 for apprenticeship survey
Adults
IOOO/o ogreed that adults, skills courses met their needs and helped progress into work
98% of learners agreed thot they were mode owore of progression opportunities.
98% of leorners agreed that the course met their needs to progress into work.
Overall rating of 4.75 out of 5 for quality of teaching and leorning.
Overall, 4.57 rating out of 5 for adult skills survey.
Employers and Clients 2023124
Our employer base has increased in 2023124 with the recoveryofthe apprenticeship morketandthe successful
delivery of extemal contracts. In total ITS are currently working with over 400 employers.
An integrol port of our success is the effective engagement of employers, whether they ore local, regional or
national. Our employer base has actively engaged with us in workforce development, apprenticeships,
commercial training and pre-employment training leading to employment.
Overall, 96% of employers are extremely likely to recommend ITS.
Financial Review
Overall, the company realised a total income position of £1,234k, which is an increase of 15%1£1,070k
2022123). The opprenticeship income achieved £921k in 2023124, which is an increase of 47.9% (£623k
2022123).
The group net asset position has increasedfr(Jn £239,723 in 2022123 to £242,257 in 2023124.
The ESFA Financial Health for the year is Good.
Financial Statements
The finonciol stotements have been prepared under the historical cost convention ond in occordonce with
Statement of Recommended Proctice 'Accounting and Reporting by Charities, (issued in October 20191 and
applicable United Kingdom accounting stondards including FRS 102 The Financial Reporting Standard
opplicoble in the UK ond Republic of Ireland. The movement in funds is shown on the Statement of Financial
Activities. The group's total funds amounted to £242,257 as at 31 July 202412023: £239,723).

INDEPENDENT TRAINING SERVICES LIMITED
TRUSTEES, REPORT (continued)
FOR THE YEAR ENDED 31 JULY 2024
Reserves Policy
The reserves of the company are composed of restricted and unrestricted funds.
Unrestricted Reserves: The Trustees are committed to building up general reserves to ensure that the core
octivities of the company will continue into the future. At 31 July 2024 the group has unrestricted reserves of
£242,257.
Fundraising Policy
The company does not undertake any fundraising activities.
The future outlook 2024125
ITS hove started on many positives in 2024125 thot will allow for future growth and even better financial
performance for 2024125 ond 2025126. ITS now o solid base including strong financial performance to grow
which includes growth on apprenticeships, adult loons, adult skills fund and commercial courses.
Apprenticeships recruitment is continuing to grow on a regional and national basis with new apprenticeships
and diversification cf the employers that we are engaged with. Apprenticeships are currently ot the highest
numbers they have been for 4 years and substantial additional adult contracts will position ITS very well moving
forward.
We will continue to obtain additional contracts if these fit within our focus of delivery.
ITS'S key challenge is achieving growth and delivering its budget whilst maintaining the quality of our provision.
Key priorities are listed below:
Increase opprenticeship achievement rates to over 70%
Achieve growth on apprenticeship recruitment numbers regionally and nationally to over 400.
Achieve growth on adult loan provision for 4th successive yeor.
Continue to diversify the offer away from health and social care
Safeguard all learners
Mointain an outstanding adult curriculum
Gain future additional funded contracts regionally and nationally
Mointain Outstonding ITS financiol heolth
Maintain a net asset position
Improve operating performance to generote surplus of at least IO% of income

INDEPENDENT TRAINING SERVICES LIMITED
TRUSTEES, REPORT (continued)
FOR THE YEAR ENDED 31 JULY 2024
Going Concern
The group balance sheet shows net assets of £242,257 (2023 £239,723) and the surplus for the year before
octuorial gains was E35,53412023: surplus of £144,588).
The going concern assessment considered the company financial operating forecasts and ccsh flow forecasts
to December 2025. The company has sufficient cash funds throughout this period. The cash flow is sensitive to
delays in cash receipts and therefore contains some risk that it will not have sufficient cash to cover its debt.
Barnsley College, the parent company is comfortable based on forecasts that it has the ability to support its
subsidiary entities and has confirmed they will financially support the company for at least twelve months
following from the date the financial statements are signed, including support for ITS'S subsidiory Smartstyle
Technology Training Limited which is in a net liobilities position ot 31 July 2024. As such, the Trustees are of
the view that, based on detailed budgets and cash flow forecasts, the group will be able to pay its debts as
they foll due and therefore the group is a going concern.
Exemptions from disclosure
Since the company and the group qualify os smoll under section 383, the strategic report required of medium
and lorge companies under The Componies Act 2006 (Strategic Report and Director's Report) Regulations 2013
is not required.
No seporote Stotement of Financial Activities has been presented for the company alone as permitted by
section 408 of the Companies Act 2006.
Funds held as custodian trustee on beholf of others
The company does not hold any funds os o custodion trustee on behalf of others.
Developments
ITS have evidenced positive recruitment trends across the apprenticeship market which has resulted in the
highest partici pation in over five years. The main priority is to maintain this by increasi ng and diversifying our
curriculum offer with an ever increosing geographicol reoch for 2024125. Continuous review ond robust planning
of the offer in line with labour market intelligence and in colloborotion with employers ollows us to maintain this
positive trend.
We will also be pushing hard to goin future growth in the adult market ond build on the success of recent
contracts we have won. Focus on gaining new direct contracts for local and regional provision will also be high
on the key priorities for 202412 5.

INDEPENDENT TRAINING SERVICES LIMITED
TRUSTEES, REPORT IcontSnued)
FOR THE YEAR ENDED 31 JULY 2024
Risk Management and Principal Risks
The risk management system includes an assessment of the greatest risks to the company against financial,
operationol and student impact which is designed to protect the company's assets and reputation.
A comprehensive review of the risks to which the company is exposed is undertaken and acknowledged in the
Board Assurance Framework IBAFI. The 8oard Assuronce Framework identifies the key risks, the likelihood of
those risks occurring, their potential impoct on the group and the actions being taken to reduce ond mitigate
the risks and covers assuronce gained. Systems ond procedures ore identified which mitigate potential impact
on the company. In addition to the annuol review, we will olso consider any risks which moy arise os a result
of a new oreo of work being undertaken by the group.
Our historic Local Government Pension Scheme odrninistroted by South Yorkshire Pensions Authority (SYPA)
shows an actuarial posltion of nil. The actuary review resulted in asset position, we have under the FRS 102
accounting rules, shown this as a nil position within our balance sheet os the pension fund terms would not
allow for the asset to be realised. We have ogreed an onnual contribution fee for current scheme members,
which is shown in the SOFA. We work closely with SYPA ond TC Group Limited our tax advisors, to ascertain an
annual actuarial statement, to ensure we conform and comply with the FRS and HMRC treatment of multi-
employer pensions. scheme.
UK Government's agency ESFA continue with their radical reform to apprenticeships, which has been planned
since a review in 2012, and has resulted in o new register of training providers. The three changes included:
new standards which impacts on the current delivery model; on employer levy system which impacts on the
funding model; and a new procurement system which impacts the current annual contract.

INDEPENDENT TRAINING SERVICES LIMITED
TRUSTEES, REPORT (continued)
FOR THE YEAR ENDED 31 JULY 2024
TRUSTEES, RESPONSIBILITIES STATEMENT
The Trustees (who are also directors of Independent Training Services Limited for the purposes of company
law) are responsible for preparing the Trustees, report and the financial statements in accordance with
opplicable law and United Kingdom Accounting Stondards (United Kingdom Generally Accepted Accounting
Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company
lawthe Trustees must not approve the financial statements unless they are satisfied that they give a true and
fair view of the state of offairs of the charitable company and the group and of the incoming resources ond
opplicationof resources, including the income ond expenditure, of the charitable graup for that period. In
preparing these financiol statements, the Trustees ore required to:
Select suitable accounting policies and then apply them consistently.
Observe the rnethods and principles in the Chorities SORP.
Make judgments and accounting estimates that are reasonable and prudent.
Prepare the financial stoternents on the going concern bosis unless it is inappropriate to presume thot
thecharitable group will continue in operation.
State whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statement5.
The Trustees ore responsible for keeping proper occounting records that ore sufficient to show ond explain the
choritoble compony and the group's transactions and disclose with reasonable accuracy at any time the
financial position of the charitable group and enable them to ensure that the financial statements complywith
thecomponies Aci 2006. They are olso responsible for safeguarding the assets of the charitoble compony and
the group and hence for taking reasonable steps for the prevention and detection of fraud and other
irregulorities.
DISCLOSURE OF INFORMATION TO AUDITORS
Each of the persons who ore Trustees at the time when this Trustees, report is approved has confirmed that:
So for os thot the trustees o re awore, there is no relevont audit informction of which the
charitable group's auditors are unaware.
Trustee has taken all the steps thot ought to hove been token os trustees in order to be oware of ony
relevant audit information andto establish that the charitable group's auditors are aware of that
information.
This report wos approved by the Trustees on 10 December 2024 ond signed on their behalf by:
David Akeroyd
Trustee

INDEPENDENT TRAINING SERVICES LIMITED
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF INDEPENDENT TRAINING
SERVICES LIMITED
Opinion
We hove audited the financial statements of Independent Training Services Limited (the
'porent charitable company'l ond its subsidiary (the 'group'l for the yeor ended 31 July 2024
which comprise the Consolidated Statement of Financial Activities, the Consolidated
Statement of Financiol Position, the Consolidated Cosh Flow Statement and notes to the
financial statements, including a summary of significant accounting policies. The financial
reporting framework thot has been applied in their preparation is applicable law and United
Kingdom Accounting Stondards, including Financial Reporting Standard 102 The Financiol
Reporting Standard applicoble in the UK ond Republic of Ireland (United Kingdom Generolly
Accepted Accounting Practice).
In our opinion the financial statements".
give o true and fairview of the state of the group's and parent charitable compony's affairs
os at 31 July 2024 and of the group's incoming resources ond 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 Proctice; and
have been prepored in accordance with the requirements of the Companies Act 2006.
Bosis for opinion
We conducted our oudit in occordonce with International Standards on Auditing IUKI {ISAs IUKII
and opplicoble low. Our responsibilities under those stondords ore further described in the
Auditors, responsibilities for the audit of the financial statements section of our report. We are
independent of the group and parent charitable company in accordance with the ethicol
requirements that are relevant to our oudit of the finonciol stotements in the UK, including the
FRC'S Ethicol Standard, and we have fulfilled our other ethicol responsibilitie5 in accordance with
these requirements. We believe that the audit evidence we have obtoined is sufficient and
oppropriate to provide o bosis for our opinion.
Concluslons relating to going concern
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 hove performed, we hove not identified ony moteriol uncertainties
relating to events or conditions that, individually or collectively, may cast significant doubt on
the group ond porent charitable cornpony's obility to continue as a going concern for a period
of at least twelve months from when the financial statements ore authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are
described in the relevant sertions of this report.
Other information
The trustees are responsible for the other information. The other information comprises the
information in the trustees, report, but does not include the finonciol stotements and our Report
of the Auditors thereon.
Our opinion on the financial statements does not cover the other informotion and, except to the
extent otherwise explicitly stated in our report, we do not express any form of assurance
conclusion thereon.
10

INDEPENDENT TRAINING SERVICES LIMITED
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF INDEPENDENT TRAINING
SERVICES LIMITED (CONTINUED)
In connection with our audit of the finonciol stotements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent
with the financiol statements or our knowledge obtained in the audit or otherwise appears to
be materiolly misstated. If we identify such moterial inconsistencies or apparent material
misstotements,we are requiredto determine whether this gives ri5eto o moteriol 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 regord.
Opinlons 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 trustees, report, which includes the directors, report,
prepared for the purposes of company low, for the financial year for which the finoncial
statements are prepared is consistent with the financial statements; and
the directors, report, included within the trustees, report, has been prepared in
occordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and parent charitable company
ond its environment obtoined in the course of the oudit, we hove not identified moteriol
misstatements in the trustees, report.
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 hove not been kept by the parent charitable company, or
returns odequate for our audit have not been received from branches not visited by us" or
the parent charitable company's financial statements are not in agreement with the
accounting records and returns; or
certain disclosures of trustees, remuneration specified by low ore not made. or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepore the finonciol statements in occordance with the
small companies regime and take advontoge of the small companies, exemption from the
requirement to prepare a Strategic Report.
Responsibilities of trustees
As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also
the directors of the parent charitable companyforthe purposes of company law) are responsible
for the preporotion of the finonciol stotements ond for being satisfied thot they give a true ond
fair view, and for such internal control as the trustees determine is necessary to enable the
preparation of financial statements that are free from materiol misstatement, whether due to
fraud or error.
In preparing the finonciol statements, the trustees ore responsible for o5ses5ing the group and
parent charitable company's ability to continue as a going concern, disclosing, as opplicoble,
matters reloted to going concern ond using the going concern basis of accounting unless the
trustees either intend to liquidote the group or parent charitable company or to cease
operations, or have no realistic alternative but to do so.
li

INDEPENDENT TRAINING SERVICES LIMITED
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF INDEPENDENT TRAINING
SERVICES LIMITED (CONTINUED)
Auditors, responsibilities for the audit of the financlal statements
Our objectives are to obtain reasonable assurance obout whether the financial statements as a
whole are free from material misstotement, whether due to froud or error, ond to issue o Report
of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarontee thot on oudit conducted in accordance with ISAS (UK) will always detect
a material misstatement when it exists. Misstotements can orise from fraud or error and are
considered moterial if, individuolly or in the oggregote, they could reasonably be expected to
influence the economic decisions of users token on the bosis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with lows and regulations. We
design procedures in line with our responsibilities, outlined above, to detect material
misstatements in respect of irregulorities, including froud. The extent to which our procedures
ore capable of detecting irregularities, including fraud is detailed below:
We obtoined on understanding of the legal and regulatory frameworks thot ore applicable
to the group and porent choritable company and determined that the most significant
frameworks which are directly relevant so specific assertions in the finonciol statements
are those that relate to the reporting framework (UK GAAP, the Componies Act 2006, the
Charities Act 2011 and Charities SORPI and the relevant tox compliance regulotions in the
UK.
We understood how the group ond parent charitable company is complying with those
frameworks by making enquiries of monagement and those responsible for legal ond
compliance procedures. We corroborated our enquiries through review of board minutes
and discussions with those charged with governance.
We assess the susceptibility of the group ond parent charitable compony's financial
statements to materiol misstatement, including how fraud might occur, by discussion with
monogement from various parts of the business to understand where they considered
there was o susceptibility to fraud. We considered the procedures and controls thot the
group and porent charitable company has established to prevent and detect froud, and
how these ore monitored by management, and also ony enhonced risk factors such os
performance targets.
Based on our understonding, we designed our oudit procedures to identify any non-
compliance with laws and regulations identified in the paragrophs above.
A further description of our responsibilities for the audit of the financial statements is locoted
on the Finonciol Reporting Council's website ot www.frc.org.uklauditorsresponsibilities. This
description forms part of our Report of the Auditors.
Use of our report
This report is mode solely to the company's members, as a body, in accordance with Chopter 3
of Port 16 of the Companies Act 2006. Our oudit work hos been undertoken so that we might
state to the choritoble company's members those matters we are required to state to them in
a Report of the Auditors and for no other purpose. To the fullest extent permitted by low, we do
not accept or ossume responsibility to onyone other than the charitable compony and the
choritoble company's members as a body, for our audit work, for this report, or for the opinions
we hove formed.
12

INDEPENDENT TRAINING SERVICES LIMITED
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF INDEPENDENT TRAINING
SERVICES LIMITED (CONTINUED)
Dilun Mistry FCA {Senior Statutory Auditor)
for and on behalf of TC Group
31 High View Close
Hamilton Office Park
Leicester
Leicestershire
LE4 9LJ
Dote;...
iÉlizlio'LLk
13

INDEPENDENT TRAINING SERVICES LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND
EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
Total
funds
Total
Fund5
2024
2023
Note
INCOME AND ENDOWMENTS FROM:
Choritoble activities
1,216,658
1,014,359
Other trading activities
17,220
54,980
Other income
264
TOTAL INCOME
1,233,878
1,069,603
EXPENDITURE ON:
Charitable activities
(1,191,604) 1908,7301
Other trading activities
(6,740)
{16,285)
TOTAL EXPENDITURE
(1,198,344)
1925,015)
Net income l (expenditure) before taxation
35,534
144,588
Taxotion
NET INCOME I (EXPENDITURE) BEFORE TRANSFERS
NET INCOME I (EXPENDITURE) BEFORE OTHER RECOGNISED
GAINS AND LOSSES
Actuarial gains on defined benefit pension schemes
Restriction of actuaria I surplus
35,534
144,588
35,534
144,588
17
83,000
(116,000)
308,000
1310,000)
17
NET MOVEMENT IN FUNDS
2,534
142,588
RECONCILIATION OF FUNDS:
Total funds brought forward
239,723
97,135
TOTAL FUNDS CARRIED FORWARD
242,257
239,723
The notes on pages 18 to 37 form port of these financial statements.
14

INDEPENDENT TRAINING SERVICES LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2024
2024
2023
Note
FIXED ASSETS
Tangible assets
CURRENT ASSETS
Debtors
10
165,923
306,551
Cash ot bonk and in hand
186,715
6,094
352,638
312,645
CREDITORS: amounts falling due within
one yèar
NET CURRENT ASSETS
li
(110,381)
(72,922)
242,257
239,723
TOTAL ASSETS LESS CURRENT
LIABILITIES
242,257
239,723
NET ASSETS EXCLUDING PENSION
SCHEME LIABILITIES
239,723
Defined benefit pension scheme liability
NET ASSETS INCLUDING PENSION
SCHEME LIABILITIES
17
242,257
239,723
FUND5
Restricted funds
Unrestricted funds:
13
242.257
239,723
TOTAL FUNDS
242,257
239,723
The financial statement5 were approved ond authorised for issue by the Trustees on 10 December 2024 ond
signed on their behalf, by:
David Akeroyd
The notes on pages 18 to 37 form port of these financial statements.
15

INDEPENDENT TRAINING SERVICES LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024
2024
2023
Note
FIXED ASSETS
Tongible assets
Investments
1,000
1.000
1,000
1,000
CURRENT ASSETS
Debtors
10
353,355
182,631
535.986
520,640
3,235
523,876
Cash at bank and in hand
CREDITORS: amounts falling due
within one year
NET CURRENT ASSETS
11
{91,9781
(71,9221
444,008
451,954
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS: amounts falling due after
more thon one year
NET ASSETS EXCLUDING PENSION
SCHEME LIABILITIES
445,008
452,954
445,008
452,954
Defined benefit pension scheme liability
NET ASSET INCLUDING PENSION
SCHEME LIABILITIES
17
445,008
452,954
CHARITY FUNDS
Restricted funds
Unrestricted funds:
13
445,008
452,954
TOTAL SURPLUS FUNDS
445,008
452,954
The finonciol 5totement5 were opproved and authorised for issue by the Trustees on 10 December 2024 and
signed on their behalf, by:
David Akeroyd
The notes on pages 18 to 37 form part of these financial statement5.
16

INDEPENDENT TRAINING SERVICES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
2024
2023
Note
Cash flows from operating activities
Net cash from operating activities
17
180,621
{31,1621
Cash flows from finoncing octlvities:
Repoyments of borrowings
Interest on borrowings
Tax paid
Net cash used in financing activities
Change in cash and cash equivalents in theyear
180,621
(3 1,162)
Cash and cash equivolents brought forward
6,094
37,256
Cash and cash equivalents carried forward
18
186,715
6,094
The notes on pages 18 to 37 form part of these financial statements.
17

INDEPENDENT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with Accounting and Reporting by Charities:
Statement of Recommended Practice applicable to charities preparing their accounts in accordonce with the
Financial Reporting Standard opplicable in the UK and Republic of Ireland IFRS1021 (effective l January 20191-
(Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Irelond (FRS
102) and the Companies Act 2006.
Independent Troining Services Limited meets the definition of a public benefit entity under FRS 102. Assets
and liabilities ore initiolly recognised ot historical cost or tronsaction volue unless otherwise stated in the
relevant accounting policy.
The Statement of financial activities (SOFA} and statement of financial position consolidate the finar)cial
statements of the company and its subsidiory undertoking. The results of the subsidiary areconsolidated on a
line by line basis.
No separate SOFA has been presented for the company olone as permitted by section 408 of the Companies
Act 2006.
1.2 Company status
The company is a cornpony limited by guorontee. The members of the company are the Trustees named on
page l. In the event of the company being wound up, the liobility in respect of the guoranteeis limited to £1 per
member of the company.
1.3 Going concern
The group balance sheet shows net assets of £242,257 (2023 £239,723} and the surplus for the year before
octuarial gains was £35,534 {2023 surplus of £144,588).
The going concern assessment considered the company financial operating forecasts and cash flow forecast5 to
December 2025. The company has sufficient cash funds throughout this period. ITS'S subsidiary, Smartstyle
Technology Training Limited has a net liabilities position at 31 July 2024 including a debt owing to ITS of £205,098.
Barnsley College, the parent cornpony is comfortable based on forecasts that it has the obility to support its
subsidiary entities and has confirmed they will not seek repayment of the debt for ot leost twelve months
following from the date the finonciol statements ore signed. As such, the Trustees are of the view that, based on
detailed 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

INDEPENDENT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
ACCOUNTING POLICIES (continued)
1.4 Income
All income is recognised once the company has entitlement to the income, it is proboble that the income
will be received, and the amount of income receivable can be measured reliably. Government funded grants
ond omounts 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 estimate5 for the period of what is receivable
and dependent on the particular income stream involved. Income from other troding activities is recognised
upon the raising of soles invoices or upon receipt of cash from eligible government schemes.
Where income is received for a specific purpose which is defined the income and asSOClated expenditure is
shown within restricted funds.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefitto a third
party, 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 classified by activity. The c05tsof each octivity ore mode up
of the total of dirert costs ond shored costs, including support costs involved in undertoking each activity.
Direct costs ottributoble to o single activity are allocated directlyto that octivity. Shared costs which contribute
to more thon one octivity ond support costs which ore not attributable to o single octivity ore apportioned
between those activities on a basis consistent withthe use of resources. Central staff costs are allocated on the
bosis of time spent, and depreciation charges allocated on the portion of the osset's use.
Support costs are those costs incurred directly in support of expenditure on the objects of the company and
include project monogement corried out at Headquarters. Governance costs ore thoseincurred in connection
with odministrotion of the company and compliance with constitutional and statutory requirements.
Charitable activities and Governance costs are costs incurred on the company's educational operations,
including support costs and costs felating to the governance of the company apportionedto choritoble
octivities.
All expenditure is inclusive of irrecoverable VAT.
1.6 Basis of consolidation
The financial statements con501idate the account5 of Endependent Training Services Limited ond its subsidiory
entity Smortstyle Technology Troining Limited.
No seporate SOFA hos been presented for the compony as permitted within section 408 of the Companies Act
2006.
ITS company made a deficit of £7,946 for the financial year ended 31 July 2024 {2023: surplus of £103,894).
19

INDEPENDENT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
ACCOUNTING POLICIES {contlnued)
1.7 Tangible fixed assets and depreciotion
All assets costing more than £1,000 are capitalised.
A review for impoirment of a fixed osset 15 carried out if events or changes in circumstances indicate that the
carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets
ond their recoverable cmounts are recognised as impoirments. Impairment losses are recognised in the
Statement of financial activities.
Tongible fixed ossets are corried ot cost, net of depreciation ond any provision for impairment. Depreciation is
provided ot rates colculated 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
Computer equipment
20¥0- 25% Stroight line
33.3% Straight line
1.8 Investments
Investments in subsidiaries are valued at cost less provision for impairment.
1.9 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be meosured reliobly by
the company; this is normally upon notification of the interest paid or payable bythe Bank.
1.10 Debtors
Trode and other debtors ore recognised ot the settlement amount ofter ony trade discount offered.
Prepayments ore volued ot the amount prepaid net of any trade discounts due.
1.11 Cash at bank and in hand
Cash at bank and in hand includes Cash and Short term highly liquid investments with a short moturity of three
months or less from the date of acquisition or opening of the deposit or similar account.
1.12 Liabilities and provisions
Liabilities ore recognised when there is an obligation ot the Balance sheet date as a result of a past event, it is
proboble thot o transfer of economic benefit will be required in settlement, and the amountof the settlement
can be estimated reliably. Liabilities are recognised at the amount that the componyanticipates it will pay to
settle the debt or the amount it hos received os odvanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the
effect of the time value of money is materiol, the provisionis bosed on the present value of those amounts,
discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the
discount is recognised within interest payable and similar charges.
20

INDEPENDENT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
ACCOUNTING POLICIE5 (continued)
1.13 Financial instruments
The compony only hos fina ncial ossets and finoncial liabilities of o kind thot qualify as b05ic finonciol
instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at
their settlement value with the exception of bank loans which are subsequently measured at amortised cost
using the effective interest method.
1.14 Deferred taxatlon
Full provision is mode for deferred tox assets ond liabilities orising from oll timing differences between the
recognition of gains and losses in the financial statements ond recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded os more likely than not that there will be
suitoble taxable profits from which the future reversol of the underlying timing differences con be deducted.
Deferred tax assets and liabilities are calculated at the tox rates expected to be effective at thè time the
timing differences are expected to reverse.
1.15 Pensions
The company operates a defined contribution pension scheme, and the pension charge represents the
omounts payoble by the company to the fund in respect of the year.
The company operate5 a defined benefit pension scheme, and the pension charge is bosed on o full octuorial
voluotion dated 31 March 2023, updated to 31 July 2024 by the octuory. More detail of the scheme can be
found in Note 19.
1.16 Fund accounting
General funds ore unrestricted funds which ore ovoiloble for use ot the discretion of the Trustees in
furtherance of the general objectives of the company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that hove been set aside bythe Trustees for porticulor purposes.
The aim ond use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or
which have been raised by the company for porticulor purposes. The costs of raising and administering such
funds ore charged against the specific fund.
21

INDEPENDENT TRAINING SERVICES LEMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
ACCOUNTING POLICIES (continued)
1.17 Critical accounting estimates
The preparation of financial statements may require management to make significant judgements and
estirnotes. Estimates and judgements are continually evaluated and ore b05ed on historicol experience and
other factors, including expectations of future events that are believed to be reasonable under the
circumstances. There ore no critical oreos of judgements.
Critical accounting estimates:
The company and group makes estimates and assumptions concerning the future. The resulting accounting
estimates and ossumptions will, by definition, seldom equol the related actual results. The estimates and
assumptions that have a significant risk of causing a material adjustment to the corrying omounts of assets
and liabilities within the next financial year are discussed below.
Local Government Pension Scheme
The present volue of the Locol Government Pension Scheme defined benefit liability depends on o number of
factors that ore determined on an actuarial basis using a variety of ossumptions. The assumptions used in
determining the net cost (income) for pensions including the discount rote which is the most sensitive to the
mocro-economic environment. Any changes in these assumptions, which ore disclosed in note 19, will impact
the corrying omount of thepension liobility. Furthermore, a roll forward opproach which projects results from
the latest full actuarial valuation performed at 31 Morch 2023 has been used by the actuary in voluing the
pensions liability at 31 July 2024. Any differences between the figures derived from the roll forword opproach
ond o full actuoriol valuation would impact on the carrying amount of the pension liobility.
22

INDEPENDENT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
INCOME FROM CHARITABLE ACTIVITIES
Total
2024
Total
2023
ESFA- Non-levyl levy income
ESFA - Learner Responsive
Other
921,020
622,965
295,638
1,216,658
391,394
1,014,359
DIRECT COSTS
Totol
2024
Total
2023
Administration expenses
Educational expenditure and associated recreational costs
Wages and salaries
National insurance
Staff Pension costs
25,462
200,816
452,828
80,459
26,081
785,646
52,086
96,662
464,886
72,281
37,073
722,988
SUPPORT COSTS
2024
2023
Premises costs
Office administrative costs
Computer and software costs
Depreciation and amortisation
Bank charges
Bad debts
Pension interest
17,263
396,207
372
5,846
179,343
6,946
787
682
(3,862)
(4,000)
185,742
217
13,899
(22,000>
405,958
23

INDEPENDENT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
NET INCOME I (EXPENDITURE)
This is stated after charging:
2024
2023
Depreciation of tangible fixed assets:_ owned by the charitable group
Operating lease rentals
787
30,000
30,000
During the yeor, no Trustees received any remuneration (2023 - £nil).
During the year, no Trustees received any benefits in kind (2023 - £nill.
During the year, no Trustees received any reimbursement of expenses (2023 £nill.
AUDITORS, REMUNERATION
Net fees payable to the company's auditor for the oudit of the group
annual accounts
2024
2023
Independent Training Service5 Ltd
Smartstyle Technology Training Ltd
10,500
525
11,025
10,000
500
10,500
The audit services were provided by TC Group Limited, Northampton. Non-audit related fees are borne by the
porent company, Barn51ey College.
24

INDEPENDENT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
STAFF COSTS
Staff costs were as follows".
Group
2024
Company
2024
Group
2023
Company
2023
Woges and salaries
Social security costs
Other pension costs
452,828
80.459
26,081
559,368
452,828
80,459
26,081
559,368
464,886
72,281
37,073
574,240
464,886
72,281
37,073
574,240
The average number of persons employed by the Group during the year was as follows:
2024
No.
2023
No.
Administration
Teaching
Monogement
io
18
11
13
31
26
Key monagement personnel
Key management personnel are those persons having authority and responsibility for planning, directing, and
controlling the activities of the Company.
During the year the total amount of remunerotion and benefits received by key monagement personnel was
£74,90012023: £68,0001.
The number of key monogement personnel and other staff who received onnual emoluments, excluding
pension contributions and employer's national insurance but including benefits in kind, in the following ranges
wos:
2024
No.
2023
No.
In the band £65,001- £70,000
In the band £70,001- £75,000
The Managing Director is the highest paid member of staff. Their remuneration received in the year is as
follows:
2024
£'ooo
2023
£'ooo
Solaries- gross of salary sacrifice and waived emoluments
Employers National Insurance
75
68
84
20
76
19
Pension contributions
Total emoluments
104
95
25

INDEPENDENT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
TANGIBLE FIXED ASSETS
Flxtures ond
fittings
Computer
equipment
Total
Group
C05t
At l August 2023
Additions
Disposals
At 31 July 2024
15,880
11,314
27,194
15,880
7.503
3,811
23,383
3,811
Depreciation
At l August 2023
Charge for the year
Disposals
15,880
11,314
27,194
15,880
7,503
23,383
At 31 July 2024
3.811
3,811
Net book value
At 31 July 2024
At 31 July 2023
Fixtures and
fittings
Computer
equipment
Total
Charity
Cost
At l August 2023
Additions
Disposals
At 31 July 2024
15,880
10,430
26,310
15,880
7.503
2,927
7,503
2,927
Depreciation
At l August 2023
Charge for the yeor
Disposals
At 31 July 2024
15,880
10,430
26,310
15,880
7,503
2,927
7,503
2,927
Net book value
At 31 July 2024
At 31 July2023
26

INDEPENDENT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
FIXED ASSET INVESTMENTS
Subsidiary undertakings
The following were subsidiary undertakings of the company:
Name
Smortstyle Technology Training Limited
Registered office oddress," Queens Court, Regent Street, Barnsley,
England, 570 2EG.
Holding
loo%
The aggregate of the share capital and reserves as at 31 July 2024 and of the profit or loss for the year
ended on that date for the subsidiary undertakings were as follows".
Aggregate of
share capital
and reserves
Name
Profit
Smartstyle Technology Training Limited
(200,962)
10.480
Shares In
group
undertakings
Company
At l August 2023 and 31 July 2024
1,000
27

INDEPENDENT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
10
DEBTORS
Group
2023
Company
2023
2024
2024
Trode debtors
Amounts owed by group parent
Prepayments and accrued income
60,380
19,457
86,086
165,923
65,597
42,669
198,285
306,551
44,868
223,716
84,771
353,355
51,154
271,201
198.285
520,640
11 CREDITORS: Amounts falling due within one year
Grou
Com
2024
2023
2024
2023
Trade creditors
Other toxotion and social security
Accruols and deferred income
78,737
11,924
19,720
110,381
25,582
22,584
24,756
72,922
61,742
13,656
16,579
91,978
26,112
21,150
24,660
71,922
12
FINANCIAL INSTRUMENTS
2024
2023
Financial assets measured at amortised cost
147,305
95,456
263,882
50,338
Financial liabilities measured at amortised cost
Financial assets meosured ot omortised cost comprise trade and other debtors and accrued income.
Financial liabilities measured at amortised cost comprise trade and other creditors and accruals.
28

INDEPENDENT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
13
CONSOLEDATED STATEMENT OF FUNDS STATEMENT- CURRENT YEAR
Balance ot
l August
2023
Income
Expenditure
Transfers
inlout
Gainsl Balance at
(Losses)
31 July
2024
General Funds
Generol Funds
239,723
1,233,878
{1,231,344)
242.257
Pension reserve
33,000
(33,0001
Other General Funds
Total
239,723
1,233,878
(1,198,344)
133,000)
242,257
Unrestricted Funds
239,723
1,233,878
(1,198,344)
133,000)
242,257
Total funds
239,723
1,233,878
(1,198,344)
133,000)
242,257
14
CONSOLIDATED STATEMENT OF FUNDS STATEMENT- PRIOR YEAR
Balance at
l August
2022
Income
Expenditure
Transfers
inlout
Gainsl Balance at
(Losses)
31 July
2023
General Funds
General Funds
97,135
1,069,603
(927,015)
239,723
Pension reserve
2,000
12,000)
Other General Funds
Total
97,135
1,069,603
(925,015>
(2,0001
239,723
Unrestricted Funds
97,135
1,069,603
1925,015)
12,0001
239,723
Total funds
97,135
1,069,603
(925,015)
{2,0001
239,723
Designated funds had no opening balance and no activity during the year or the prioryear.
29

INDEPENDENT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
15
ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
Unrestricted
funds
Restricted
funds
Total
funds
2024
2024
2024
Tangible fixed assets
Current assets
Creditors due within one year
352,638
(100,381)
352,638
{100,381}
242,257
242,257
16
ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR
Unrestricted
funds
Restricted
funds
Total
funds
2023
2023
2023
Tangible fixed assets
Current assets
Creditors due within one year
312,645
(72,922)
312,645
(72,92 2)
239,723
239,723
30

INDEPENDENT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
17
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES
Group
2023
2024
Net income for the year (as per Statement of Finonciol Activities)
35,534
144,588
Adjustment for
Depreciotion charges
Tax charge
885
Decreosel(increase) in debtors
140,628
(11,3681
Increosel{decrease) in creditors
37.459
(163,2671
Interest costs
Pension costs
(33,000)
(2,0001
Net cash from operating activities
180,621
(31,162)
18
ANALYSIS OF CASH AND CASH EQUIVALENTS
Group
2024
2023
Cash in hond
186,715
6,094
Total
186,715
6,094
31

INDEPENDENT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
19
PENSION COMMITMENTS
The group operates o defined contribution pension scheme where the assets of the scheme are held separate
to those of the group in independently odministered funds. The total expense for the year was £26,081
12023: £37,073).
The group participates in the funded defined benefit pension scheme operated by South Yorkshire Pensions
Authority. The ossets of the scheme ore held in separate funds administered by SYPF. The total contributions
made for the year ended 31 July 2024 were £26,204, of which employer's contributions totalled £20,148 ond
employees, contributions totolled £6,056. The agreed contribution rotes for future yeors are 26.9%. The gain
on the scheme's assets during the year was £83,000 before the surplus restriction (2023- £308,000), being
3.6%12023: 14.1%) of the year end assets.
Principol actuarial assumptions at the stotement of finonciol position date {expre55ed os weightedaverages):
2024
2.75%
5.00%
3.35%
2.75%
2023
5.05%
3.00%
3.60%
3.00%
Discount rote ot 31 July
CPI inflation rate
Future solory increases
Future pension increases
The current mortality assumptions include sufficient allowance for future improvements in mortality rate5. The
ossumed life expectations on retirement age 65 are:
At 31 July
2024
Years
At 31 July
2023
Years
Retiring todoy
Males
Females
Males
Females
20.5
23.6
21.3
25.0
20.6
23.6
21.4
25.0
Retiring in 20 years
The assets in the scheme were-
Fair value at
Fair value at
31 July
2024
31 July
2023
Equities
Government bonds
Property
Cash I liquidity
Total market value of asset5
1,546,000
484,000
231.000
1,506,000
480,000
174,000
2,307,000
2,182,000
32

INDEPENDENT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
19
PENSION COMMITMENTS (continued)
The actual gain on scheme ossets wos £83,000 (2023 - £308,000 gain).
The amounts recognised in the Statement of financial octivities are as follows:
2024
2023
Current service cost
9,000
{22,000)
(13,000)
22,000
(4,0001
18,000
Interest cost on pension scheme obligation5
Total
Movement in net defined benefit liability during yeor
2024
2023
£'ooo
£'ooo
Net defined benefit liobility at l August
Movernent in year:
Current service cost
{9,000)
20,000
22,000
83,000
(116,000)
(22,0001
20,000
4,000
308,000
(310,000)
Employer contributions
Net interest on the defined liobility
Actuarial gain
Restriction of actual surplus
Net defined benefit liability at 31 July
Movements in the present volue of the defined benefit obligation were os follows:
2024
2023
Opening defined benefit obligation
Interest cost
Contributions by scheme porticipants
Current service cost
Benefits paid
Actuarial {gains)IIoss
1.761,000
87,000
7,000
9,000
(87,000)
(7,000)
2,076,000
71,000
6,000
22,000
(72,0001
1342,000)
Closing defined benefit obligotion
1,770,000
1,761,000
33

INDEPENDENT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
19
PENSION COMMITMENTS (contlnued)
Changes in the fair value of scheme assets were as follows:
2024
2023
Opening fair value of scheme assets
Expected return on ossets
Actuarial gainslllosses)
Contributions by employer
Contributions by scheme participants
Benefits paid
2,182,000
76,000
109,000
20,000
7,000
(87,000)
2,187,000
(Iii,000)
152,000
20.000
6,000
172,0001
2,307,000
2,182,000
Amounts for the current and previous period are as follows:
2024
2023
Defined benefit obligation
Scheme ossets
Re5trirtion of actual Surplus
Surplus l (deficit)
Experience adjustments on scheme liabilities
(1,770,000)
2,307,000
(537,000)
(1,761,000)
2,182.000
1421,000)
60,000
190,000
34

INDEPENDENT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
19
PENSION COMMITMENTS (continued)
Guaranteed Minimum Pension
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 (GMP) provisions. The 2018 Lloyds Bank court
jLJdgement provided clarity in this area. A further High Court ruling in 2020 extended GMP equalisation costs to
historic transfers, potentially creating a further liability for pension schemes. The LGPS has allowed for the
impact of full GMP indexation in the calculation of the latest funding valuation results in respect of the 2018
ruling. The actuaries believe the 2020 ruling is unlikely to have a significont impact. so they hove not mode any
ollowance for this in their calculations.
Transitional Protection Arrangements {McCloud)
Following the loss of o court cose {the Mccloud judgement) which found thot tronsitionol protections put in
place when two public sector pension schemes were reformed were age discriminatory, the government
committed in July 2019 to seeking o remedy ocross oll public sector schemes. The key feoture of the proposed
remedy was to extend the final solary scheme underpin to a wider group of members for service up to 31
March 2022. The College's pension liabilities in respect of the South Yorkshire Pension Fund have increased
due to this. The fund actuary has included an allowonce that is substontially in line with the judgement and
the effect of any minor proposed changes will have an estimated liability of nil. The schemes actuaries hove
rolled forward the previous allowance and no additional adjustment has been made for the current yeor.
Widower Benefits (Goodwin)
Following a recent Employment Tribunal ruling that a female member in an opposite sex morriage is treoted
less favourably than o female in a some sex morriage or civil partnership, and that treatment amounts to
direct discriminotion on the grounds of sexual orientation, the government announced in July 2020 that it
believed chonges would be required to oll public sector schemes with similor arrangements. For the College,
this will increase the liability in respect of the South Yorkshire Pension Fund, but no ollowance hos been mode
in the accounting figures as it is expected that the impact on the liabilities will be immaterial Icirca 0.1-0.2%
of the obligations) and there is currently insufficient data available to estimate a cost
35

INDEPENDENT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
20
OPERATING LEASE COMMITMENTS
At 31 July 2024 the total of the group's future minimum lease payments under non-cancellable operating
leases was:
Land and buildings
Other
Group:
2024
2023
2024
2023
Amounts payable
Within l year
Between l and 5 years
15,000
30,000
554
Total
15.000
30,000
554
At 31 July 2024 the charitable compony had onnual commitments under non-concellable operating leasesas
follows-
Charitable company
Amounts payable:
2024
2023
Within l yeor
Between l and 5 years
15,000
30,000
Total
15,000
30,000
36

INDEPENDENT TRAINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
21
RELATED PARTY TIIANSACTIONS
Owing to the nature of the Companies operations and the composition of the Board of Directors being drown from
local public ond private sector organisations, it is inevitable thot transactions will take place with orgonisotions in
which o member of the Boord of Director5 may hove an interest. All transQCtion5 involving Such orgonisotions ore
conducted at orms, length ond in occordonce with Bornsley College's finonciol regulations and normal
procurement procedures.
Summary of transactions with organisations connected to members of the Board of Directors
Nature of
goods or
seNices
purch05ed
by the
college
Nature of
goods or
services
purchased
by the
other
party
Related
party of
the
compony
Transaction5
during the
year
Debtor
Bulonce at
31 July
2024
Creditor
Bolonce at
31 July
2024
Income
Related
Related Porty
Expenditure
Related
BARNSLEY &
ROTHERHAM CHAMBER
OF COMMERCE
Director
£455
£0
£455
£0
£0
Subscriptions
nlo
Barnsley MBC
Director
£144,662
£144,110
£552
£60
£0
Venue Hire
Education
controcts
NOCN
Director
£1,354
£0
£1,354
£0
£0
Exam costs
nlo
The total expenses paid to or on behalf of the trustees during the year was £nil, (2022123: £nil}.
No trustee hos received ony remunerotion or waived poyments from the Company or its subsidiories during the
year12022123: nil).
22
ULTIMATE PARENT COMPANY
The ultimate controlling party is Barnsley College, o corporation established under the Further ond Higher
Education Act 1992 and is an exempt charity for the purposes of Part 3 of the Chorities Act 2011. The consolidated
accounts which includes Independent Training Services Limited and Smartstyle Technology Training Limited are
ovoilable on the College's website or on request from Barn51ey College, Church Street, Barnsley, S70 2AX.
37