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← Independent Training Services Limited

2025-07-31-accounts

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Registered number: 04274770 Charity number: 1091711

INDEPENDENT TRAINING SERVICES LIMITED

(A company limited by guarantee)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

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INDEPENDENT TRAINING SERVICES LIMITED

CONTENTS

Page
Reference and administrative details of the charity, its trustees, and advisers 1
Trustees' report 2
Independent auditor’s report 9
Consolidated statement of financial activities 13
Consolidated statement of financial position 14
Company statement of financial position 15
Consolidated statement of cash flows 16
Notes to the financial statements 17

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INDEPENDENT TRAINING SERVICES LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS

FOR THE YEAR ENDED 31 JULY 2025

Trustees

Mrs H E Jaggar (resigned 31 July 2025) Mr D Akeroyd Mr A J Parker Mrs N Adams Mrs C Cooper-Smith (resigned 31 July 2025) Ms S Dixon (appointed 1 August 2025) Ms T Johnson-Murphy (appointed 1 August 2025) Ms C Sudbury (appointed 1 August 2025) Mr G Day (appointed 1 August 2025, resigned 8 August 2025) Mrs H Allsopp (appointed 27 November 2024, resigned 28 November 2024)

Company Secretary

Mrs H Jackson (resigned 20 August 2025) Miss J Melling (appointed 6 November 2025)

Company registered number

04274770

Charity registered number

1091711

Registered office

Queens Court Business Centre, Regent Street, Barnsley, South Yorkshire, England, S70 2EG

Managing Director

Mr Steve Hepworth

Independent auditors

Menzies LLP, One Express, 1 George Leigh Street, Manchester, M4 5DL

Bankers

Santander, Bootle, Merseyside, L30 4GB

Solicitors

DAC Beachcroft, St Pauls House, 23 Park Square South, Leeds, LS1 2ND

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INDEPENDENT TRAINING SERVICES LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2025

Chair’s foreword

The financial year of 2024/25 has been a positive year for Independent Training Services (ITS) with a number of new contracts and projects and the ongoing development of a first-rate staff team. During the year the Board of Trustees monitored closely the execution of the operational plan and our progress delivering another year of profitability. The organisation remains focused on improving our financial health and providing the best education and training experience for our learners (students) and local businesses.

Mrs C Cooper-Smith, Chair, Board of Trustees

Managing Directors Introduction

The 2024/25 financial year was a better trading year seeing increases in revenue from £978k in 2023/24 to £1,672k. Apprenticeship recruitment was the highest it has been for very many years and with small to medium size enterprises now engaging in apprenticeships again across service industries supported by sustained recruitment in the care sector. ITS also delivered South Yorkshire Mayoral Combined Authority (SYMCA) courses for jobs funding direct.

Smartstyle Technology Training Limited continues to generate a positive contribution. This area 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 additional contracts, the main contract being Adults Skills Funding through SYMCA.

The quality of provision has been good overall across all contracts. Apprenticeships and courses for adults were inspected and graded Good in June 2023 and this is still the case. The achievement rate for apprentices has increased again and retention and achievement in adult programmes have been sustained whilst doubling the cohort size.

Our people remain passionate and committed to our core purpose and have demonstrated a positive and welcoming team approach to ensure we are stronger and have greater resilience to continue our journey.

Steve Hepworth Managing Director

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INDEPENDENT TRAINING SERVICES LIMITED

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2025

The Trustees present their annual report together with the audited financial statements of Independent Training Services Limited (the company / ITS) for the parent company and group for the period 1 August 2024 to 31 July 2025. The Trustees confirm that the Annual Report and financial 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 (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT

The company and the group is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 22 August 2001. The company and the group is constituted under a Memorandum of Association, registered charity number 1091711 and company (limited by guarantee) number 4274770.

The Board of Trustees changed in 2018/19 following the acquisition by Barnsley College. The trustees monitor the organisation’s performance through a formal board which meets four times a year. The Board monitors the financial and operational performance and risk management of ITS and Smartstyle, and invitations are made to other senior leadership team members as appropriate. As required by the Articles of Association, an Annual General Meeting is held on a yearly basis.

The governance model changed in 2019/20 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 than twelve. One third (or the number nearest one third) of the Trustees must retire each year, those longest in office retiring first. A retiring Trustee who remains qualified may be reappointed. The day to day management of the charity is delegated to the Managing Director detailed on page 1 who has served throughout the financial year.

Meetings

The Board of Trustees meet every quarter. At the meetings, the Trustees agree the broad strategy and areas of activity of the company, including ratification of grants that are made and a review of the live risk register.

Policies and Procedures adopted for Recruitment, 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 and through a dialogue with interested parties. When an individual expresses an interest in becoming a Trustee, an initial meeting is held with the Chair. A proposal to appoint a new Trustee is submitted to the Board for approval. Once an appointment has 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 adopts the College’s business planning and performance review cycle. Business plans are completed annually and reviewed by the senior leadership team at the college. Performance reviews are completed quarterly and review all aspects of the business performance. The detailed business plan and accompanying budget are submitted for approval by the Board of Trustees on an annual basis. The day-to-day running of the company is delegated to the Managing Director, who has the power to act and take decisions, as long as they are contained within the plan. Any deviations from or additions to the plan must receive approval from the Board of Trustees. The Managing Director submits a written report detailing progress and future planned activity to all Board meetings. The Company continues to produce an annual Self-Assessment Report (SAR) which is validated by the College and approved by the ITS Board of Trustees.

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INDEPENDENT TRAINING SERVICES LIMITED

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2025

Our Objectives and Activities

MISSION

We provide inclusive services offering training, education and lifelong learning opportunities, the achievement of appropriate qualifications and sustainable employment.

VISION

Our Vision is to Transform Lives through education and training.

PURPOSE

To be the partner of choice, leading the way through innovation and excellence. We will achieve this by:

Public Benefit

In pursuance of the objectives set out above the Company benefits individuals and employers in the Barnsley area and the wider community throughout the Yorkshire, Humber, and Midlands regions.

The Trustees have regard to Charity Commission guidance on public benefit when planning strategy, aims and activities.

Achievements and Performance

Key achievements in 2024/25

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INDEPENDENT TRAINING SERVICES LIMITED

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2025

Learners 2024/25

Learners remain central to our focus and purpose.

The latest apprenticeship on programme satisfaction survey showed 93.5% of learners would recommend ITS as a training provider. Other key positives are:

Apprenticeships

Adults

Employers and Clients 2024/25

In total ITS are currently working with over 400 employers.

An integral part of our success is the effective engagement of employers, whether they are 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 £1,672k, which is an increase of 70.9% (£978k 2023/24). The apprenticeship income achieved £1,575k in 2024/25, which is an increase of 71% (£921k 2023/24).

The group net asset position has increased from (£13,889) in 2023/24 to £2,012 in 2024/25.

The DfE Financial Health Grade for the year is Good.

Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Statement of Recommended Practice 'Accounting and Reporting by Charities' (issued in October 2019) and applicable United Kingdom accounting standards including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The movement in funds is shown on the Statement of Financial Activities. The group’s total funds amounted to £2,012 as at 31 July 2025 (2024: (£13,889)).

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INDEPENDENT TRAINING SERVICES LIMITED

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2025

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 activities of the company will continue into the future. At 31 July 2025 the group has unrestricted reserves of £2,012.

Fundraising Policy

The company does not undertake any fundraising activities.

The future outlook 2025/26

ITS have started on many positives in 2024/25 that will allow for future growth and even better financial performance for 2025/26 and beyond. ITS has a solid base to grow. Apprenticeships recruitment is continuing to grow on a regional and national basis with new apprenticeships and diversification of the employers that we are engaged with. Apprenticeships are currently at 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:

.

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INDEPENDENT TRAINING SERVICES LIMITED

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2025

Going Concern

The group balance sheet shows net assets of £2,012 (2024: net liability £13,889) and the surplus for the year before actuarial gains was £55,901 (2024: deficit of £220,612).

The going concern assessment considered the company financial operating forecasts and cash flow forecasts to December 2026. The company has a funding body debt to settle of £401,685 which it does not have sufficient cash funds to repay. 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 subsidiary SmartStyle Technology Training Limited which is in a net liabilities position as at 31 July 2025. 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.

Exemptions from disclosure

Since the company and the group qualify as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

No separate Statement 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 behalf of others

The company does not hold any funds as a custodian trustee on behalf of others.

Developments

ITS have evidenced positive recruitment trends across the apprenticeship market which has resulted in the highest participation in over five years. The main priority is to maintain this by increasing and diversifying our curriculum offer with an ever increasing geographical reach for 2025/26. Continuous review and robust planning of the offer in line with labour market intelligence and in collaboration with employers allows us to maintain this positive trend.

We will also be pushing hard to gain future growth in the adult market and 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 2025/26.

Risk Management and Principal Risks

The risk management system includes an assessment of the greatest risks to the company against financial, operational 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 (BAF). The Board Assurance Framework identifies the key risks, the likelihood of those risks occurring, their potential impact on the group and the actions being taken to reduce and mitigate the risks and 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 any risks which may arise as a result of a new area of work being undertaken by the group.

Our historic Local Government Pension Scheme administrated by South Yorkshire Pensions Authority (SYPA) shows an actuarial position 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 as the pension fund terms would not allow for the asset to be realised. We have agreed an annual contribution fee for current scheme members, which is shown in the SOFA. We work closely with SYPA and Menzies 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.

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INDEPENDENT TRAINING SERVICES LIMITED

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2025

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charitable company 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 comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

This report was approved by the Trustees on 16 December 2025 and signed on their behalf by:

[Davi ................................................ SignedBB24B9C7B2C44E4...by:Aleroyd David Akeroyd

Trustee

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INDEPENDENT TRAINING SERVICES LIMITED

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF INDEPENDENT TRAINING SERVICES LIMITED

Opinion

We have audited the financial statements of Independent Training Services Limited (the 'parent charitable company') and its subsidiary (the ‘group’) for the year ended 31 July 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Statement of Financial Position, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information in the trustees’ report, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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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 financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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 and its environment obtained in the course of the audit, we have not identified material 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:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities on page 8, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

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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 financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Companies Act 2006, Charities Act 2011 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report and inspecting correspondence with local tax authorities.

The audit engagement team identified the risk of management override of controls and income recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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INDEPENDENT TRAINING SERVICES LIMITED

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF INDEPENDENT TRAINING SERVICES LIMITED (CONTINUED)

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Sue Hutchinson FCCA (Senior Statutory Auditor) for and on behalf of Menzies LLP One Express 1 George Leigh Street Manchester M4 5DL

19-Dec-2025 Date: .............................................

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INDEPENDENT TRAINING SERVICES LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2025

Note
INCOME AND ENDOWMENTS FROM:
Charitable activities
2
Other trading activities
Other income
TOTAL INCOME
EXPENDITURE ON:
Charitable activities
Other trading activities
TOTAL EXPENDITURE
Net income / (expenditure) before taxation
Taxation
NET INCOME / (EXPENDITURE) BEFORE TRANSFERS
NET INCOME / (EXPENDITURE) BEFORE OTHER RECOGNISED
GAINS AND LOSSES
Actuarial gains on defined benefit pension schemes
18
Restriction of actuarial surplus
18
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
The notes on pages 17 to 36 form part of these financial statements.		 Total
Funds
Total
Funds
2025
2024
Restated
£
£
1,619,312
960,512
48,794
17,220
3,488
-
1,671,594
977,732
(1,597,840)
(1,191,604)
(17,853)
(6,740)
(1,615,693)
(1,198,344)
55,901
(220,612)
-
-
55,901
(220,612)
55,901
(220,612)
255,000
83,000
(295,000)
(116,000)
15,901
(253,612)
(13,889)
239,723
2,012
(13,889)

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INDEPENDENT TRAINING SERVICES LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2025

2025 2024
Restated
Note £ £ £ £
FIXED ASSETS
Tangible assets 8 - -
CURRENT ASSETS
Debtors 10 245,402 165,923
Cash at bank and in hand 257,983 186,715
503,385 352,638
CREDITORS: amounts falling due within one year 11 (501,373) (366,527)
NET CURRENT ASSETS 2,012 (13,889)
TOTAL ASSETS LESS CURRENT LIABILITIES 2,012 (13,889)
NET ASSETS EXCLUDING PENSION LIABILITIES - -
Defined benefit pension scheme liability 18 - -
NET ASSETS INCLUDING PENSION LIABILITIES 2,012 (13,889)
FUNDS
Restricted funds - -
Unrestricted funds: 12 2,012 (13,889)
TOTAL FUNDS 2,012 (13,889)

The financial statements were approved and authorised for issue by the Trustees on 16 December 2025 and signed on their behalf, by:

Signed by: [Davi … BB24B9C7B2C44E4...Aleroyd

… .............................................

David Akeroyd

The notes on pages 17 to 36 form part of these financial statements.

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INDEPENDENT TRAINING SERVICES LIMITED

COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2025

2025 2024
Restated
£ £ £ £
Note
FIXED ASSETS
Tangible assets 8 - -
Investments 1,000 1,000
1,000 1,000
CURRENT ASSETS
Debtors 10 418,221 353,355
Cash at bank and in hand 244,308 182,631
662,529 535,986
CREDITORS: amounts falling due within one
year		 11 (490,495) (348,124)
NET CURRENT ASSETS 172,034 187,862
TOTAL ASSETS LESS CURRENT LIABILITIES 173,034 188,862
CREDITORS: amounts falling due after more
than one year		 - -
NET ASSETS EXCLUDING PENSION LIABILITIES 173,034 188,862
Defined benefit pension scheme liability 18 - -
NET ASSET INCLUDING PENSION LIABILITIES 173,034 188,862
CHARITY FUNDS
Restricted funds - -
Unrestricted funds: 173,034 187,862
TOTAL SURPLUS FUNDS 173,034 188,862

The financial statements were approved and authorised for issue by the Trustees on 16 December 2025 and signed on their behalf, by:

… .............................................

David Akeroyd

The notes on pages 17 to 36 form part of these financial statements.

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INDEPENDENT TRAINING SERVICES LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025

Note
Cash flows from operating activities
Net cash from operating activities
16
Cash flows from financing activities:
Repayments of borrowings
Interest on borrowings
Tax paid
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
17		 2025
2024
£
£
71,268
180,621
-
-
-
-
-
-
-
-
71,268
180,621
186,715
6,094
257,983
186,715

The notes on pages 17 to 36 form part of these financial statements.

16

Docusign Envelope ID: E8E95ED8-9E92-4E1B-8365-2335390A883CDocusign Envelope ID: 6BA87183-0B45-46DA-A863-3D5C477BEBEA

INDEPENDENT TRAINING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

1. 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 accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Independent Training Services Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Statement of financial activities (SOFA) and statement of financial position consolidate the financial statements of the company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

No separate SOFA has been presented for the company alone as permitted by section 408 of the Companies Act 2006.

1.2 Company status

The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

1.3 Going concern

The group balance sheet shows net assets of £2,012 (2024: net liability £13,889) and the surplus for the year before actuarial gains was £55,901 (2024: deficit of £220,612).

The going concern assessment considered the company financial operating forecasts and cash flow forecasts to December 2026. The company has a funding body debt to settle of £401,685 which it does not have sufficient cash funds to repay. Barnsley College has confirmed it will financially support the company for at least 12 months until December 2026. SmartStyle Technology Training Limited has a net liabilities position at 31 July 2025 including a debt owing to ITS of £184,060.

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 not seek repayment of the debt for at least twelve months following from the date the financial statements are 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.

17

Docusign Envelope ID: E8E95ED8-9E92-4E1B-8365-2335390A883CDocusign Envelope ID: 6BA87183-0B45-46DA-A863-3D5C477BEBEA

INDEPENDENT TRAINING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

1 ACCOUNTING POLICIES (continued)

1.4 Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. Funding body recurrent grants are measured in line with best estimates for the period of what is receivable and dependent on the particular income stream involved. Income from other trading activities is recognised upon the raising of sales invoices or upon receipt of cash from eligible government schemes.

Where income is received for a specific purpose which is defined the income and associated expenditure is shown within restricted funds.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to 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 costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration 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 relating to the governance of the company apportioned to charitable activities.

All expenditure is inclusive of irrecoverable VAT.

1.6 Basis of consolidation

The financial statements consolidate the accounts of Independent Training Services Limited and its subsidiary entity SmartStyle Technology Training Limited.

No separate SOFA has been presented for the company as permitted within section 408 of the Companies Act 2006.

ITS company made a deficit of £15,827 for the financial year ended 31 July 2025 ( 2024: deficit of £7,946 ) .

18

Docusign Envelope ID: E8E95ED8-9E92-4E1B-8365-2335390A883CDocusign Envelope ID: 6BA87183-0B45-46DA-A863-3D5C477BEBEA

INDEPENDENT TRAINING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

1. ACCOUNTING POLICIES (continued)

1.7 Tangible fixed assets and depreciation

All assets costing more than £1,000 are capitalised.

A review for impairment of a fixed asset is 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 and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures and fittings - 20% - 25% Straight line Computer equipment - 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 measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.

1.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at 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 maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced 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 material, the provision is based 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.

19

Docusign Envelope ID: E8E95ED8-9E92-4E1B-8365-2335390A883CDocusign Envelope ID: 6BA87183-0B45-46DA-A863-3D5C477BEBEA

INDEPENDENT TRAINING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

1 ACCOUNTING POLICIES (continued)

1.13 Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.14 Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the 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 amounts payable by the company to the fund in respect of the year.

The company’s employees are members of a defined benefit pension scheme, and the pension charge is based on a full actuarial valuation dated 31 March 2024, updated to 31 July 2025 by the actuary. More detail of the scheme can be found in Note 18.

1.16 Fund accounting

General funds are unrestricted funds which are available for use at 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 have been set aside by the Trustees for particular purposes. The aim and 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 particular purposes. The costs of raising and administering such funds are charged against the specific fund.

20

Docusign Envelope ID: E8E95ED8-9E92-4E1B-8365-2335390A883CDocusign Envelope ID: 6BA87183-0B45-46DA-A863-3D5C477BEBEA

INDEPENDENT TRAINING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

1. ACCOUNTING POLICIES (continued)

1.17 Critical accounting estimates

The preparation of financial statements may require management to make significant judgements and estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no critical areas of judgements.

Critical accounting estimates:

The company and group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Local Government Pension Scheme

The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost (income) for pensions including the discount rate which is the most sensitive to the macro-economic environment. Any changes in these assumptions, which are disclosed in note 18, will impact the carrying amount of the pension liability. Furthermore, a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2024 has been used by the actuary in valuing the pensions liability at 31 July 2025. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability.

21

Docusign Envelope ID: E8E95ED8-9E92-4E1B-8365-2335390A883CDocusign Envelope ID: 6BA87183-0B45-46DA-A863-3D5C477BEBEA

INDEPENDENT TRAINING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. INCOME FROM CHARITABLE ACTIVITIES

Apprenticeships
Adult Skills Funding
Other		 Total
Total
2025
2024
Restated
£
£
1,123,169
921,020
452,260
108,762
43,883
(69,270)
1,619,312
960,512

3. DIRECT COSTS

Administration expenses
Educational expenditure and associated recreational costs
Wages and salaries
National insurance
Staff Pension costs		 Total
Total
2025
2024
£
£
24,900
25,462
267,214
200,816
694,040
452,828
92,550
80,459
25,726
26,081
1,104,430
785,646

4. SUPPORT COSTS

Premises costs
Office administrative costs
Computer and software costs
Depreciation and amortisation
Bank charges
Bad debts
Pension interest		 2025
2024
£
£
35,161
17,263
475,593
396,207
777
372
-
-
194
217
8,685
13,899
(27,000)
(22,000)
493,410
405,958

22

Docusign Envelope ID: E8E95ED8-9E92-4E1B-8365-2335390A883CDocusign Envelope ID: 6BA87183-0B45-46DA-A863-3D5C477BEBEA

INDEPENDENT TRAINING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

5. NET INCOME / (EXPENDITURE)

This is stated after charging:

2025 2024
£ £
Depreciation of tangible fixed assets:- owned by the charitable group - -
Operating lease rentals 30,000 30,000
During the year, no Trustees received any remuneration (2024 - £nil).
During the year, no Trustees received any benefits in kind (2024 - £nil).
During the year, no Trustees received any reimbursement of expenses (2024 - £nil).

6. AUDITORS’ REMUNERATION

AUDITORS’ REMUNERATION
Net fees payable to the company’s auditor for the audit of the group
annual accounts
Independent Training Services Ltd
SmartStyle Technology Training Ltd		 2025
2024
£
£
11,000
10,500
1,000
525
12,000
11,025

The audit services and non-audit related fees are borne by the parent company, Barnsley College.

23

Docusign Envelope ID: E8E95ED8-9E92-4E1B-8365-2335390A883CDocusign Envelope ID: 6BA87183-0B45-46DA-A863-3D5C477BEBEA

INDEPENDENT TRAINING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

7. STAFF COSTS

Staff costs were as follows:

Wages and salaries
Social security costs
Other pension costs		 Group
Company
Group
Company
2025
£
2025
£
2024
£
2024
£
694,040
694,040
452,828
452,828
92,550
92,550
80,459
80,459
25,726
25,726
26,081
26,081
812,316
812,316
559,368
559,368

The average number of persons employed by the Group during the year was as follows:

Administration
Teaching
Management		 2025
No.
2024
No_._
9
10
17
18
3
3
29
31

Key management 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 remuneration and benefits received by key management personnel was £76,716 (2024: £74,900).

The number of key management personnel and other staff who received annual emoluments, excluding pension contributions and employer’s national insurance but including benefits in kind, in the following ranges was:

2025 2024
No. No.
In the band £70,001 - £75,000 - 1
In the band £75,001 - £80,000 1 -

The Managing Director is the highest paid member of staff. Their remuneration received in the year is as follows:

Salaries – gross of salary sacrifice and waived emoluments
Employers National Insurance
Pension contributions
Total emoluments		 2025
£’000
77
10
87
21
108		 2024
£’000
75
9
84
20
104

24

Docusign Envelope ID: E8E95ED8-9E92-4E1B-8365-2335390A883CDocusign Envelope ID: 6BA87183-0B45-46DA-A863-3D5C477BEBEA

INDEPENDENT TRAINING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

8. TANGIBLE FIXED ASSETS

Group
Cost
At 1 August 2024
Additions
Disposals
At 31 July 2025
Depreciation
At 1 August 2024
Charge for the year
Disposals
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024
Company
Cost
At 1 August 2024
Additions
Disposals
At 31 July 2025
Depreciation
At 1 August 2024
Charge for the year
Disposals
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024		 Fixtures and
fittings
Computer
equipment
Total
£
£
£
-
3,811
3,811
-
-
-
-
-
-
-
3,811
3,811
-
3,811
3,811
-
-
-
-
-
-
-
3,811
3,811
-
-
-
-
-
-
Fixtures and
fittings
Computer
equipment
Total
£
£
£
-
2,927
2,927
-
-
-
-
-
-
-
2,927
2,927
-
2,927
2,927
-
-
-
-
-
-
-
2,927
2,927
-
-
-
-
-
-

25

Docusign Envelope ID: E8E95ED8-9E92-4E1B-8365-2335390A883CDocusign Envelope ID: 6BA87183-0B45-46DA-A863-3D5C477BEBEA

INDEPENDENT TRAINING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

9. FIXED ASSET INVESTMENTS

Subsidiary undertakings

The following were subsidiary undertakings of the company:

Name

Smartstyle Technology Training Limited Registered office address: Queens Court, Regent Street, Barnsley, England, S70 2EG.

Holding 100%

The aggregate of the share capital and reserves as at 31 July 2025 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Smartstyle Technology Training Limited		 Aggregate of
share capital
and reserves
Profit
£
£
(170,020)
30,942

Shares in group undertakings Company £ At 1 August 2024 and 31 July 2025 1,000

Company

10.
DEBTORS
Trade debtors
Amounts owed by group parent
Prepayments and accrued income		 Group
2025
2024
£
£
47,489
60,380
97,537
19,457
100,376
86,086
245,402
165,923		 Company
2025
2024
£
£
36,247
44,868
281,598
223,716
100,376
84,771
418,221
353,355

11. CREDITORS: Amounts falling due within one year

Trade creditors
Other taxation and social security
Accruals and deferred income
Other creditors		 Group
2025
2024
Restated
£
£
34,409
78,737
29,289
11,924
35,990
19,720
401,685
256,146
501,373
366,527		 Company
2025
2024
Restated
£
£
30,913
61,742
24,175
13,656
33,722
16.580
401,685
256,146
490,495
348,124

26

Docusign Envelope ID: E8E95ED8-9E92-4E1B-8365-2335390A883CDocusign Envelope ID: 6BA87183-0B45-46DA-A863-3D5C477BEBEA

INDEPENDENT TRAINING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

12. CONSOLIDATED STATEMENT OF FUNDS - CURRENT YEAR

13. CONSOLIDATED
r
General Funds
General Funds
Pension reserve
Other General Funds
Total
Unrestricted Funds
Total funds
r
General Funds
General Funds
Pension reserve
Other General Funds
Total
Unrestricted Funds
Total funds		 Balance at
Income
Expenditure
Transfers
Gains/
Balance at
1 August
in/out
(Losses)
31 July
2024
£
£
£
£
£
2025
£
(13,889)
1,671,594
(1,655,693)
-
-
2,012
-
-
40,000
-
(40,000)
-
-
-
-
-
-
-
(13,889)
1,671,594
(1,615,693)
-
(40,000)
2,012
(13,889)
1,671,594
(1,615,693)
-
(40,000)
2,012
(13,889)
1,671,594
(1,615,693)
-
(40,000)
2,012
STATEMENT OF FUNDS - PRIOR YEAR
Balance at
Income
Expenditure
Transfers
Gains/
Balance at
1 August
in/out
(Losses)
31 July
2023
£
£
£
£
£
2024
£
239,723
977,732
(1,231,344)
-
-
(13,889)
-
-
33,000
-
(33,000)
-
-
-
-
-
-
239,723
977,732
(1,198,344)
-
(33,000)
(13,889)
239,723
977,732
(1,198,344)
-
(33,000)
(13,889)
239,723
977,732
(1,198,344)
-
(33,000)
(13,889)

Designated funds had no opening balance and no activity during the year or the prior year.

27

Docusign Envelope ID: E8E95ED8-9E92-4E1B-8365-2335390A883CDocusign Envelope ID: 6BA87183-0B45-46DA-A863-3D5C477BEBEA

INDEPENDENT TRAINING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Tangible fixed assets
Current assets
Creditors due within one year		 Unrestricted
funds
Restricted
funds
Total
funds
2025
2025
2025
£
£
£
-
-
-
503,385
-
503,385
(501,373)
-
(501,373)
2,012
-
2,012

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS – PRIOR YEAR

Tangible fixed assets
Current assets
Creditors due within one year		 Unrestricted
funds
Restricted
funds
Total
funds
2024
2024
2024
£
£
£
-
-
-
352,638
-
352,638
(366,527)
-
(366,527)
(13,889)
-
(13,889)

28

Docusign Envelope ID: E8E95ED8-9E92-4E1B-8365-2335390A883CDocusign Envelope ID: 6BA87183-0B45-46DA-A863-3D5C477BEBEA

INDEPENDENT TRAINING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

16. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the year (as per Statement of Financial Activities)
Adjustment for
Depreciation charges
Tax charge
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Interest costs
Pension costs
Net cash from operating activities		 Group
2025
2024
restated
£
£
55,901
(220,612)
-
-
-
-
(79,479)
140,628
134,846
293,605
-
-
(40,000)
(33,000)
71,268
180,621

17. ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash in hand
Total		 Group
2025
2024
£
£
257,983
186,715
257,983
186,715

29

Docusign Envelope ID: E8E95ED8-9E92-4E1B-8365-2335390A883CDocusign Envelope ID: 6BA87183-0B45-46DA-A863-3D5C477BEBEA

INDEPENDENT TRAINING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

18. 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 administered funds. The total expense for the year was £25,726 (2024: £26,081).

The group participates in the funded defined benefit pension scheme operated by South Yorkshire Pensions Authority. The assets of the scheme are held in separate funds administered by SYPF. The total contributions made for the year ended 31 July 2025 were £25,726, of which employer’s contributions totalled £20,618 and employees’ contributions totalled £5,108. The agreed contribution rates for future years are 14.1%. The gain on the scheme’s assets during the year was £255,000 before the surplus restriction (2024: £83,000), being 10.75% (2024: 3.6%) of the year end assets.

Principal actuarial assumptions at the statement of financial position date (expressed as weighted averages):

2025 2024
Discount rate at 31 July 2.75% 2.75%
CPI inflation rate 5.80% 5.00%
Future salary increases 3.35% 3.35%
Future pension increases 2.75% 2.75%

The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are:

The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The
assumed life expectations on retirement age 65 are:		 The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The
At 31 July At 31 July At 31 July
2025 2024
Years Years
Males 20.7 20.5
Females 23.6 23.6
Males 21.5 21.3
Females 25.0 25.0
The assets in the scheme were: Fair value at Fair value at
31 July 31 July
2025 2024
£ £
Equities 1,660,000 1,546,000
Government bonds 451,000 484,000
Property 237,000 231,000
Cash / liquidity 24,000 46,000
Total market value of assets 2,372,000 2,307,000

The assets in the scheme were:

30

Docusign Envelope ID: E8E95ED8-9E92-4E1B-8365-2335390A883CDocusign Envelope ID: 6BA87183-0B45-46DA-A863-3D5C477BEBEA

INDEPENDENT TRAINING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

18. PENSION COMMITMENTS (continued)

The actual gain on scheme assets was £255,000 ( 2024 - £83,000 gain ).

The amounts recognised in the statement of financial activities are as follows:

Current service cost
Interest cost on pension scheme obligations
Total
Movement in net defined benefit liability during year
Net defined benefit liability at 1 August
Movement in year:
Current service cost
Employer contributions
Net interest on the defined liability
Actuarial gain
Restriction of actual surplus
Net defined benefit liability at 31 July		 2025
2024
£
£
8,000
9,000
(27,000)
(22,000)
(19,000)
(13,000)
2025
2024
£’000
£’000
-
-
(8,000)
(9,000)
21,000
20,000
27,000
22,000
255,000
83,000
(295,000)
(116,000)
-
-

Movements in the present value of the defined benefit obligation were as follows:

Opening defined benefit obligation
Interest cost
Contributions by scheme participants
Current service cost
Benefits paid
Actuarial (gains)/loss
Closing defined benefit obligation		 2025
2024
£
£
1,770,000
1,761,000
86,000
87,000
6,000
7,000
8,000
9,000
(101,000)
(87,000)
(229,000)
(7,000)
1,540,000
1,770,000

31

Docusign Envelope ID: E8E95ED8-9E92-4E1B-8365-2335390A883CDocusign Envelope ID: 6BA87183-0B45-46DA-A863-3D5C477BEBEA

INDEPENDENT TRAINING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

18. PENSION COMMITMENTS (continued)

Changes in the fair value of scheme assets were as follows:

Opening fair value of scheme assets
Expected return on assets
Actuarial gains/(losses)
Contributions by employer
Contributions by scheme participants
Benefits paid
Amounts for the current and previous period are as follows:
Defined benefit obligation
Scheme assets
Restriction of actual surplus
Surplus / (deficit)
Experience adjustments on scheme liabilities		 2025
2024
£
£
2,307,000
2,182,000
26,000
76,000
113,000
109,000
21,000
20,000
6,000
7,000
(101,000)
(87,000)
2,372,000
2,307,000
2025
2024
£
£
(1,540,000)
(1,770,000)
2,372,000
2,307,000
(832,000)
(537,000)
-
-
228,000
60,000

32

Docusign Envelope ID: E8E95ED8-9E92-4E1B-8365-2335390A883CDocusign Envelope ID: 6BA87183-0B45-46DA-A863-3D5C477BEBEA

INDEPENDENT TRAINING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

18. PENSION COMMITMENTS (continued)

Guaranteed Minimum Pension

Defined benefit pension schemes will be affected by the ultimate resolution of the equalisation of benefits for men and women in relation to Guaranteed Minimum Pension (GMP) provisions. The 2018 Lloyds Bank court judgement 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 significant impact, so they have not made any allowance for this in their calculations.

Transitional Protection Arrangements (McCloud)

Following the loss of a court case (the McCloud judgement) which found that transitional protections put in place when two public sector pension schemes were reformed were age discriminatory, the government committed in July 2019 to seeking a remedy across all public sector schemes. The key feature of the proposed remedy was to extend the final salary 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 allowance that is substantially in line with the judgement and the effect of any minor proposed changes will have an estimated liability of nil. The schemes actuaries have rolled forward the previous allowance and no additional adjustment has been made for the current year.

Widower Benefits (Goodwin)

Following a recent Employment Tribunal ruling that a female member in an opposite sex marriage is treated less favourably than a female in a same sex marriage or civil partnership, and that treatment amounts to direct discrimination on the grounds of sexual orientation, the government announced in July 2020 that it believed changes would be required to all public sector schemes with similar arrangements. For the College, this will increase the liability in respect of the South Yorkshire Pension Fund, but no allowance has been made in the accounting figures as it is expected that the impact on the liabilities will be immaterial (circa 0.1-0.2% of the obligations) and there is currently insufficient data available to estimate a cost

33

Docusign Envelope ID: E8E95ED8-9E92-4E1B-8365-2335390A883CDocusign Envelope ID: 6BA87183-0B45-46DA-A863-3D5C477BEBEA

INDEPENDENT TRAINING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

19. OPERATING LEASE COMMITMENTS

At 31 July 2025 the total of the group’s future minimum lease payments under non-cancellable operating leases was:

Group:
Amounts payable
Within 1 year
Total		 Land and buildings
Other
2025
2024
2025
2024
£
£
£
£
15,000
15,000
-
-
15,000
15,000
-
-

At 31 July 2025 the charitable company had annual commitments under non-cancellable operating leases as follows:

Charitable company

Amounts payable:
Within 1 year
Total		 2025
2024
£
£
15,000
15,000
15,000
15,000

20. RELATED PARTY TRANSACTIONS

Owing to the nature of the Companies operations and the composition of the Board of Directors being drawn from local public and private sector organisations, it is inevitable that transactions will take place with organisations in which a member of the Board of Directors may have an interest. All transactions involving such organisations are conducted at arms’ length and in accordance with Barnsley College’s financial regulations and normal procurement procedures.

Summary of transactions with organisations connected to members of the Board of Directors

Related Party Related
party of
the
company		 Transactions
during the
year		 Income
Related		 Expenditure
Related		 Debtor
Balance at
31 July
2025		 Creditor
Balance at
31 July
2025		 Nature of
goods or
services
purchased
by the
college		 Nature of
goods or
services
purchased
by the
other
party
BARNSLEY &
ROTHERHAM CHAMBER
OF COMMERCE		 Director 408 £0 £408 £0 £0 Subscriptions n/a

The total expenses paid to or on behalf of the trustees during the year was £0, (2023/24: £0).

No trustee has received any remuneration or waived payments from the Company or its subsidiaries during the year (2023/24: £0).

34

Docusign Envelope ID: E8E95ED8-9E92-4E1B-8365-2335390A883CDocusign Envelope ID: 6BA87183-0B45-46DA-A863-3D5C477BEBEA

INDEPENDENT TRAINING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

21. ULTIMATE PARENT COMPANY

The ultimate controlling party is Barnsley College, a corporation established under the Further and Higher Education Act 1992 and is an exempt charity for the purposes of Part 3 of the Charities Act 2011. The consolidated accounts which includes Independent Training Services Limited and Smartstyle Technology Training Limited are available on the College’s website or on request from Barnsley College, Church Street, Barnsley, S70 2AX.

22. PRIOR YEAR RESTATEMENT- GROUP

ITS earned funded income in previous years which will subsequently have to be returned. As £256k relates prior to 31 July 2024, this has been restated in the financial statements.

INCOME AND ENDOWMENTS FROM:
Charitable activities
Other trading activities
Other income
TOTAL INCOME
EXPENDITURE ON:
Charitable activities
Other trading activities
TOTAL EXPENDITURE
Net income / (expenditure) before taxation
Taxation
NET INCOME / (EXPENDITURE) BEFORE TRANSFERS
NET INCOME / (EXPENDITURE) BEFORE OTHER
RECOGNISED GAINS AND LOSSES
Actuarial gains on defined benefit pension schemes
Restriction of actuarial surplus
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Total
Funds
Total
Funds
Total
Funds
2024
Original
Income
Correction
2024
Restated
£
£
£
1,216,658
(256,146)
960,512
17,220
-
17,220
-
-
-
1,233,878
(256,146)
977,732
(1,191,604)
-
(1,191,604)
(6,740)
-
(6,740)
(1,198,344)
-
(1,198,344)
35,534
(256,146)
(220,612)
-
-
-
35,534
(256,146)
(220,612)
35,534
(256,146)
(220,612)
83,000
-
83,000
(116,000)
-
(116,000)
2,534
(256,146)
(253,612)
239,723
-
239,723
242,257
(256,146)
(13,889)

35

Docusign Envelope ID: E8E95ED8-9E92-4E1B-8365-2335390A883CDocusign Envelope ID: 6BA87183-0B45-46DA-A863-3D5C477BEBEA

INDEPENDENT TRAINING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2025

Note
FIXED ASSETS
Tangible assets
8
CURRENT ASSETS
Debtors
10
Cash at bank and in hand
CREDITORS: amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS EXCLUDING PENSION LIABILITIES
Defined benefit pension scheme liability
18
NET ASSETS INCLUDING PENSION LIABILITIES
FUNDS
Restricted funds
Unrestricted funds:
13
TOTAL FUNDS
CREDITORS: Amounts falling due within one year
Trade creditors
Other taxation and social security
Accruals and deferred income
Other Creditors		 2024
Original
Creditor
correction
2024
Restated
£
£
£
-
-
-
165,923
-
165,923
186,715
-
186,715
352,638
-
352,638
(110,381)
(256,146)
(366,527)
242,257
(256,156)
(13,889)
242,257
(256,156)
(13,889)
-
-
-
-
-
-
242,257
(256,156)
(13,889)
-
-
-
242,257
(256,156)
(13,889)
242,257
(256,156)
(13,889)
Group
2024
Original
Creditor
correction
2024
Restated
£
£
£
78,737
-
78,737
11,924
-
11,924
19,720
-
19,720
-
256,146
256,146
110,381
256,146
366,527

36