Cbarity registralton Rufflbei.: 1142105 Comp&ny regi.SiiationniLmber.' 06922966 NEW T.ONDON EDUCATIONAL TRUST AI¥NUAL REPORT AND fINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DLCEIVIBER 2023
Insiile Iliis Report Coiitent Pages R¢frn Administrative Details Trustees, Report Independent Auditor's Report 8-10 Statement of Financial Activities Balance She¢t 12 Sialement of CasPA Flows 13 Notes to the Financial Statements 14-24
Neiv London EducAtional Ti'ust Legal and Administrative lllformation Referenee and administrative iofoymation Charity Number 1142105 Con)pally Nuwbcy 06922966 Registered Office S¢¢ptr¢ Hous¢ 75-81 Siaines Road Howislow, Londoll TW3 3HW Trustees Thc trustees and directors serving during the year and since tbe year end were Is follows: Mr. Emmanuel M¢nsab Afol¢y Mr. VeDkal¢sham Neela Ms. Sujaiii Reddy Baddam Avditors Accouiitax (UK) Ltd 21 Knighisbridg Loll(ion Enb.land SWIX 7LY Page I
New IA>ndoJi Educational Trust Trustees, Rei)ort (Includiug Directors, Report) For the Year Ended 31 December 2023 Th¢ trustees present thcir annual report and financial statements for the ycar ¢lld¢d 31 D¢¢ember 2023. Tb¢ fiJLglloial statcmcnls hav¢ be¢n prepared in accordance with the accouuting polici¢s sel out in notc 2 to th¢ fthllllcial slaletnenls and comply with Charity's governing do¢ument, th¢ Companies Act 2006 and 'Accon{Ing and Reporlillg by Charities.. Statetnenl of RecTll¢lldcd Piacli¢e appltcable to charities prepating their a¢¢oullls in accordance with the Fillancial Reporting Standard applicablc ID th¢ UK ond Republic of Ireland (FRS 102) (effcctiv¢ l January 2019). Principal ALtivitie8 NLET'S principal activities are to advancc the education OF Ibe public tbe United Kingdojn and els¢whei'e in pthicular, bill not cxchisively. by tbe provision of educational programs. skil]s ts'aining and workshops, advice sjnd information on educational. ¢mploy&bility and careers opportullities and by developillg, encouraging alld supporting learning partn'ShipS between cdu¢atsonal orEallizations. biisinesses £d the voluntary sector. Objective5 aJi(l Actisryties Our Objective: l. To advatt¢e th¢ ediTcation of the public ill the lJnited Kingdom and elsewheTe in partilIar bli¢ not exclusively by thcprovision of found8lionpro'ftMs and work4hops, advi¢¢ alld infornwlion on educational opporttuiities &v&ilable in the United Kingdom and by d¢y¢lETrpitig, encouraging and supportittg leaiJTring parina'ships between educational organizations. bsineSseS attd tlk¢ volutttnry sector. 2. To advance education and ItaitiÈng, by tbe provision and con(knct of all independent school or schools aud, in50far as it 15 in¢idenlal or ai)cillary lo thc advanceinent of eduofttion of children in thc Unil¢d Kingdom and elscwhcre, to ¢arry out such activities. including th¢ provision of appropriale FacAlitics for ¢ducation. 3. TO further such other ¢harilable purposes for the public bet)efit os ar¢ excliisiv¢ly ¢haritable according to the laws of Eugland and Wales ag the trustees Inay from time lo timc d¢lermine. Our Mission Statement: To bc a progressive chaiity where everyone has the opporlwiity to gl'ow. achÈev¢ and improve their life chances tbrougb education, traIng and emplo)rynent related support. Ouy Values: The values that we aspire to througb our work include= Care and COMS$10at¢ support for all individuals. Deliver quality services to all illdÉviduals who participaie in sfflvices at NLET. Lislcn alld respond empatbetically lo our Irdnws. Respeot foi. all-. valuing ¢uch person, their experience, opillion5 and choic¢s. Oiir Principles- The priucipl¢s w¢ iiphold in our WOTk include.. InclusiYeALess welcomitig people from all backgrounds, treating t&cm fairly, recogni5ing and valuing tbeir distinctiveness as individuals. Empowerrnent- crcatillg anenyironmellt tbat enablespeople lo lak¢ Control of tbe&r learning. skills ¢mployment goals, by listening to them and offering choicc wlL¢r¢veE polble. Equ81ity- in the delivery of educulion attd trnining to oiw leailler8 alld staff. re¢ogllising and valuing th¢ diversity of tbe commuDities we serve. Page 2
Nejv London Educ¥tioiial Trust Tru5tee5' Report (Including Dircetors, Report) (continued) FOJ. the Year fl ndcd 31 DeeembLr 2023 Public Bellefit: W¢ hav¢ refened to the guidance in the Charity Co]nmissEon gcllcral guidance on public bcnefit when rcviewing our aims aiid objecliv¢s and in planning our fvttii'e tiVitIes. In particular, tbe nstee8 ¢onsider howplann¢d a¢tivilies willeonts'ibute to the aims and objectives that they have set. The maÉn activity of th¢ ¢hw'Alablc Compally is the operation of tlke ttlt's ediicalional, tt'aiiiing and¢]nploym¢nl related svpportservices. Thc puyposc isto proviik rich and r¢levantskillsledueAtional developmelli f. participauts ill our ¢omn)utitts'es that enables them to be suocessfkd ill their next stage of Icarning or employment. The tnistees have paid due reS'd to lidance issued by th¢ Charity Con]missio]J in deciding what activilics th¢ charily shoiddldertllke. Achievemellts and Perfoi'mltsce During tbis perio(L NLET supported the educational and einployabilitylleeds of 600 ittdividiwls, with ]msSIve 9020/ SuccesslEY achieving their learnittg goa18-exceedkng the national average. In 2023, NLET suecessfidly dclivered the DWP Job Entry Targeted Siipport (JETS) programm¢, achieving ahigb job enlry rdte of over 60 /0 among parti¢ipanls. Th¢ pr¢ supported West London residents who had faced unemployment due to the ecoll¢imic impact of tb¢ COVID-19 paiidemic, helping them re-e]]ter the workforce. Throu8hotii 2023, the Esf Lolldon Learning Projecl ¢olltinu¢d lo workforce skills in West IA)ndon, particularly in the Health and So¢ial Cai¢, Hospitality, and Retail sectors-iudustrics signifi¢alltly affected by the econojnic challellges following th¢ COVtD-19 pandemic. The projecÉ experienced an iucreas¢ in referrals, supporting over 80 employees from I1 busine&s¢s. NLET also su¢¢¢ssfully completed the NLET GLAtESF Healib alld Social Carc Aa¢MY itt 2023. This initiative provided participants with career guidan¢¢, CPD-aPPT()v¢d Irailling, and employability support. As a rc$uli, 93 /0 of participattts a¢hi¢v¢d th¢ir learning goals, wiLh 3/0 sccuritig employm¢llt directly due to the project's interventions. Additionally, in Seplember 2022, NLET succcssfully retaiti¢d its Matrix Standard accreditation following a full Ett8pe¢tion. Th¢ 2023 Annual Continuous Improvem#lll Cbeck was also Completed successllY. The Matt'ix Standard, ownEd by th# Dcpariment forEducation and delivered by the Growth Company. cnsutr¥ Ih¢provision of high-quality infonnatiou, advic¢. and guidance services across various sc¢lors. Including ¢dueation, skills, employability, careers, health advice, and financial guidan¢¢. Ac¢redited pi'ovidcrs iindcr80 a full in8PCCtion every three years, with anniial Colltilluoi irnproven)¢ol r¢vi¢ws. Financial Revie During the financial y¢ar endcd 31 st Dcccmbcr 2023, tl)e charity had a ¢umov¢r of £1,186.839 (2022-. £2,114,043) and Eelleraled a net sIpIlls of £5,03212022.. Nel sU1S of £18.533). Fuuds have b¢en provided from au'oss all our projects and ivill ¢ontinu¢ w¢ll into 2023. In the most parl incoming fvnds are restricted to ¢onlributc towardg the aSslated costs of rUIlg our projccts. Reusonable aecolllltaney estimutes have been iised lo calculate Ibe th'r¢¢t and indiirct costs which bave been in¢iirre(L NLET does not have any borrowings, andTobust finanGiat, human i¢source and operational systcms a]Jd pro¢¢$ses ¢onlinue lo b¢ ijnplemenled in order lo safeguard charity fmythees and knisiness. These systems havc ¢nsiurd IraDspar¢ncy, a¢eoullt&bility, and sustainability of the Qharity. It is Ihe policy of tbc charity tlwt unrestrieted fuids which have not been desigDated for a sp¢¢tfic purpos¢, should be maintained at a level equival¢nl ¢0 betwe¢n three and six mollth's cxp¢ndittire. The Intslees Consider that rerVeS at this l¢v¢l will ensure tbat in the ¢vcnl of a significant drop in funding, they will be able lo continue the charity's acliviti¢s whil¢ consideration is givell to ways in whi¢h addilional funds may be r&ised. This lev¢1 of reserves has been maintained througlK)Ut the year. Page 3
Neiv Londom EducationAI Trust Trustees, Repoi't (Including DirectoY$' Relrt) (contimued) For the Ye#i- Eniled 31 DeLembeJ' 2023 Pl8#5 foi. Fulure Dui'ing 2023, the implementalion of a di8ilal strategy has enabled transparency, accounlabllity al efficiejy throughout operational alld program delivery. The trustees hav¢ colltinu¢d to provide strategic guidance to operational slaff lo strengthen the syste5 alld pro¢e8ges at proj¢¢l and organisational level. ettlwicing our services provision. The trust¢es remain focused oll Continual improvement to support Ibe cor¢ pwpos¢ of the NLET mission stalcmcnt. Thi$ fal]s into 6 key priority areas- l. Quklity of Provision- Ell1r¢ the d¢sigu and development of provision mcets tb¢ needs of all participants. 2. Behaviour Attithde8- Ensure rates of attendance of all participants, csp¢¢iaily thow J)]ost disadvantage are typiclllly above 90/0. 3. Personal Development- Provision of wetfare and student seryi¢¢ support to impiove Ihc pcrsonai development and wcllbcing of parti¢ipat]ts across NLET. 4. L£adersliip & Management Provide effective professional devclopment for all leaders through sbariog best pi'actice and iitilisillg Caplty from wh¢re leadership 15 Strong. parli¢uiarly al middle leadership level. 5. Gyoivth Sti'ategy - Fiwther skn'ellgthen NLET'S long-tern sustainability through growth ov¢r tbe next year alld beyond. 6. Organisatioll21 Development - Effective monitoring of th¢ systems. structhrcs attd pro¢esses to ensure highly effecliv¢ provisEon at all Icvels within NLET. Ow ¢hall¢ng¢s over the Thext five ycws.. Chang¢s in gvY¢mmeni legislatioll a]]d economic policies. CompliarACC al audit in$peetiong that refleci the quality of dclivcry, lderShip and operations. Ecolloinic and Goveii)menl impacts on funding opporttmitics. Staffillg with the kevel of skills. ¢xpcrien¢e and knowledge to ensure we meei and ex¢e¢d tlke r¢tired stalldards alld p¢rfonnance indicator& Strategy Direction th¢ cojning year, NLET will focus on s¢r¢ngih¢nillg partllerships tILroiigh jointprogrammes, shad resouTceg. and formal agicclncllls with key instithlioJ]s. Digital In0vatIon will remain a priority, with expanded online learning platfomis and the Colllinucd USE olmicrosoft Teams and plagiarism detection software to enhancc ¢ducalional delivery. We are also planning to increase the cupacity of oiil exam centre. providing more opportunili¢s for sttidentS-PklTlicularly tILose from iwdaTqjrnted backgiY>und&-to obtain esscntijl quah"fications siich as GCSE5, A-Levels, Éyhd vocational certifications. Additionally, 2024 will see au cxpansion of university prcparatory exams, svpportillg dir¢et progressioll pathways for learneES. Structure, Governance and Mallagement New London Edu¢alionat Trust is a charitable compally limited by guarantee, incorporated on 03rd Jun¢2009 and iegislered as a charity on 231'd May 2011. The company was cstsbli$bed vndth. & Memorandum of Associaliou. which ¢slablisbed the objects and powcrs of the chai'itable company alld is govErn¢d ithder its Articles of Association. PaBe 4
NeTrv London EdueationAI Trust Trustees, Report (Including Dii-ectors, Reiiort) (continued) Foi. the Year li nde(131 December 2023 The huslccs, who are also the directors for the pwpos¢ of cots]pany law, and who serycd durirAg fbe year and up to the date of signature of the financial statements were.. Mr. Emmanuel Mensah Afoley Mr. Vcnkatesham Neela Ms. Sujalli Reddy Baddam QuAlifying Third Party llldemnity Provisions Members, Li&bility: Every member of the charllable compally undertakes to contribute lo the assets of the cotnpally iti th¢ ¢velll of it b¢iDg wound up while belshe is a member, or within one pei'iod After helshc ceases lo b¢ a mcrnber. such amount as may bc requÉred, not ¢x¢ecdii)g £10, for the debts and liabilitics contra¢l¢d b¢for¢ helsbe ceases ID b¢ a mcmbcr. Trustees. In(lemJèitie5.' NLET has puicbased insurance to ¢ov¢r trustees and officers fiDm claitjis arising from uegligent acts. errors or omissio]3s o¢curtiug whilst on busincs8. Details of the costs ¢an kn fouud ill the accounts. Trustee BDard.. The dii'ectors of the company are also charily tr[tee$ foi. the purposes of charity law and under tbe ¢ompally's Articles ar¢ known a5 ]neJnbers of the company. All trust¢¢ appoifjlnients are interviewed. assessed and approvcd by the Boai'd o( Truste¢s. Appliralions for truskes are ettcouraEed from all s¢¢lionb of the community that refft¢l thc diversity and rat of eotknmullity and busill¢s5 sUpS NLET works with. Organisational Structllye". Although the Board of Trusteeg is a key play¢r within the governallce and stral¢gy, and will therefore Inakekey dccisiolls regarditEg the direciion olth¢ charity, tbe iinplementatiolkof th¢ sli'ategy is delegllt¢d lo the appi'opiiate ex¢¢ulivc Staff who are bound by the policies and procedures that are approv¢d by the Board annually. Tbe trustees and tbe SeniorL¢ad Team (SLY are responsiblc forpolicy andpro¢edures, the operatin8 budgcL DCW projects nd making decisiolls aboul major capital ¢xp¢nditute and appointments. The SLT are responsible for tb¢ auihorizalion of spending the agreed operating budget and Ibe appoittÉmcnt of all staff, ¢x¢¢pl 8taff appointmcnt to the Senior Lcadcrship Team. The appointh)cnt of roles kn th¢ lull¢r musl illclude trust¢e's r¢pr¢s¢ntalion. Risk Mallagement: Tbe trustees bav¢ ov¢rall r¢sponsibility for en8uring tbal thc charity has in place ft number of systems alld ¢outt'ols that safeguard the work and asscts of the charity. Thcy are responsible for ensuiing tlmt: Th¢ charity is operating efficiently and ¢ffc¢tively. It's assets are safeguard¢d against unauthorised use or dispositioll. TtV8t¢es alld senior executive team arr a¢countable. Proper r¢¢ords arc maintained. FEnancial inforJJ)ation is a¢¢essible. reliable attd a¢cural¢. The ¢harity complies with relevaut ]aw5 and regulations. Th¢y idclltify and review the risks to which Ibe charily is exposed aud lo ensure approptiate Controls are in pla¢¢ Its provide reasonable assurallcc against fraud llnd erm.. PA8e 5
Neiv London Educational Tyust Ti'ustee5' Report (Incliiding Dii'ectors, Rq)ort) (continued) Foi. the Year Endeil 31 December 2023 The Executive TeamlSLT is responsible ond ae¢ountublc for the day-lo-day compliancc attd implcmenlation of tbe above. The pi'ocess and systems used within the chaiity for interiial controls ol'e designed to provide regular, reasonable La timely, bvt llot ubsolllte tt5suranc¢ against nJisstatCD]eJJt OT loss. Th¢y call illclud¢'. A strategic plan. Finan¢ial and mwug¢m¢nl i'eporls. Newslclter witllupdatcs on the work of NLET and any new ar¢as of work. Noll-finallcial performa]J¢e illdicators, quality assurattce, achieveinent alld outcomes. Delegation of authority and stSatiOn ofdulies. Regul41 and ¢onsistent id¢nlifi¢&liun and inanag¢m¢nt of risk8. Community and Businc5S: NLET proaclively illarkets Itself by ¢slablisbing ¢onstru¢liv¢ links with lo¢al and rcgiollal group$ and ¢harilies. We have establisbed partuersbip with the regional Chamber of Com]neice (West London Chamber of Collllnerce), which facilitates joillt work ott bdJaIf of w¢st Loudon busincsscs and rcsidenls. addition, we work witli doi.ens of cmploy¢rs ill Ib¢ regiou provEding in-work support to their cmployees. Thcse collaborativc partnerships and relationships are central to thc work of NLET. We pride OUe1veS in working across all cominunily groups in the region which supports our charity objectivcs. Stakebolder Re18tioDsbips'. As an ¢ducationaE tharity provtdÉDg a broad rangc of S¢TViCC8, NLET has ]nany slak¢holders. Th¢s¢ includ¢.' LearnerslParticipants. Staff M¢n)bctS. Businesses and Employers. Local Allthorities. Local CoAJvnunity Groups. Commissioners including Goveiillnent otyiees. Otber FE end Tiaining Pi'ovid¢rs. Professional Bodies. Subsidiary CompAni&g: Training tnnov&loi's Limited (registered office.. Sc¢ptr¢ Hoiise. 75-81 Siaines RoELd, Hounslow. London TW3 3HW) is a donknan¢ ¢ompany pur¢has¢d by the Trnst oll 31 July 2018. Its share$ are held by New London Educational Trust (NLED. Pa8e 6
Neiv Lonilun Educ*tional Trust Ti'uslees, Report (lllcluding Dii'ectovs, Report) (continued) For the Year F.ndeil 31 DeLembci' 2023 Statement of trustees, i'esponsibilitie5 The trustees (who are also diitctors of New London Educational Ti'ust for the purpose5 of company law. al'e respon5iblc for preparing the Trustees, Anuual Report and the fmattcial sthtcments in a¢¢ordaJkce with applicable law and United Kiilgdom AceouDtinB Standards (United Kingdotn Gencrally Accepted Aceoullling Pi'actice). Company law requires tbe ttusl¢¢s to prepare financial slalements for each financial year. Under ¢ompany law the tmstees must nol approve the fman¢ial statements unleu they are satisfied that tbey give a trLle and fair view of th¢ slal¢ of affairs of the charitable company uttd of the incoming resources and llppliefttion of resources, lllcluding Ihc income and expendilurc, of th¢ charitablE rompany for that p¢riod. In preparing these financial slatcnjcllts. Ihc ]ste¢S al'e required to.. s¢leet suitable &ccounting polieies and then apply them consistently. obserye the methods andprinciples in the ChttieS SORP 2019 (FRS 102). make judgemellls and esliiiiates Ihal ate icu80nable attd prnd¢nL stale whether applicttble UK Accounting Stand£lTds have been followed, subject to any malcrial d¢partur¢s disclos¢d and ¢xpluin¢d ill th¢ financkal stalements. and pr¢parc thc financial gtatcii)¢nts on the going coll¢¢rn basis uttless it 18 inapproprsale to presume tbal tbe charitable compauy will conliuuc in opcralion. The trustees are responsible foi. keepillg adeqiiale a¢¢ow)ting i'ecords that disclose with I'SOnable acciwacy at any timc the financial position of the charitable Company and enable them lo ¢nsure that Ib¢ fman¢ial slalements comply witb the Companic5 Aot 2006. Th¢y ai'¢ also responsible for safeguardin8 the asscts of Ihc chai'itttble company and hence for laking reasonable step8 for the prevention and detection of fraiid and other irregularities. In so far as thc trust¢es are aware: Ih¢re is no r¢l¢vanl audit information of which the charilablc company's auth'tor is illwwai'e. and tb¢ tni8tees l)avc tgtil all steps that they ought to have takell to make themselves aware of any r¢l¢van¢ oudit i]rfornMtion and lo ¢slabli5h that th¢ auditor is aware of that informotion. Appmved by the Board of Ttuslees and signed on its behalf by.. Mi.. Emmanu¢l Mcusah Afoley Trustee Dal¢: Pa8e 7
Nejv Lnn(lon Educational Ti'ust Indei)eiident Auditoi s Report Foy The Year Ended 31 Decetnber 2023 Indei)endent Auditor's Report to the Ti'uyteeii of NeTrY London Ediicatioual Trust Opinion W¢ have audited the financial statcmcnts of Ncw Lottdon Edu¢ational Trnsl (the 'Charily') for the year ended 31 December 2023 which coinprisc the statement of fmancial activitkes, the balanoe she¢t, the slal¢tnenl of cash flows alld the notes to the fillatt¢i&l statements, including a siunmary of 8ignifj¢ant accounting poli¢ies. Th¢ linancial reporting framcwork that has been applied ill tlieii. prcparation is applicable law and Ullited Kingdom AccounLillg Standards, including Financial Reporting Standard 102. Ihc Financial RcportillE Standard applicable in the UK and Republio of Ireland {United Kingdom Generally Accepted AoU1]lIng Pra¢lic¢). In our opinion the finallcial statgments.. give a In and fair view of Ibe slal¢ of Ib¢ Charitable Company's affaiLB as at 31 Dcccmber 2023 of its incoming resources applÈcaLion of resoiirces, for the year then ended. hav¢ been propcrly prepared in accordice with Untted Kingdotn Generally Accepted AOUntIng Practicc; and have been prepaa accordance iviih th¢ r¢quit¢meLts of th¢ Compalli¢s Acl 2006. Basis f()r QPilliDn W¢ wnductrd (Trur #udil in accordanc¢ wilh Internalional Siaudards OD Auditing (UK) (ISAS {UK)l and npplioable law. Our responsibiliti¢s under those standards ar¢ fi]rthei' described in the auditor responsibilities for tbe audit of the financial slalcmcnlg section DF our report. We are independent of the charity in accordaiice with tb¢ ¢thi¢al r¢quirem¢nls Ih&t are relevant to oiir audit of the f]llanctal 51alem¢nls in the UK, iti¢liiding th¢ FRC'S Ethical Standard, and wc hav¢ fulfillcd our oibrr ¢thi¢d responsibilities in accordance wiLh thcse rcquir¢ments. W¢ believe that the aiidit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to goillg coneern In audilAn&, th¢ fwancial slalemenls, we have concluded Ibat ilke trustees, use of the going concern basis of llecounting in the prcparatson of the fittwkcial st&tements is ap.Opri&te. Based on the work we have perForn)ed. we havc not identificd any matcrial un¢crtaintieg relating to ¢vent8 or conditions that. itidividithlly or colltiVely, may cast significant doubt on thc charity's ability to ¢onliniie as a going concern for period of at least tw¢lv¢ mDllths from wh¢n the fanCial statements are authoriscd for issue. Our respoS7b1I1ILeS and tbe respollsibilities of the trusl¢es with respect to going concern aTe desci'ibcd ill thc r¢l¢vallt section8 of this ieport. Other inforniatiDIi The othcr infomation ¢ompi'i8es the infon)Jation includcd in the trustee's a)Ual repo¢ other thatt the financial statements and oiir auditor's report thereon. The trLiStees are responsible for the other informatioll containcd within th¢ annual r¢port. Our opinion on th¢ fjnuncial statements does not cov¢r the othcr i]rform&tion and, except to the eXt¢t otherwise explicidy slated in ow rcport, we do not express any fonn of assuiallce conclusion tbereon. ir responsibility is lo read the other information and. in doittg so. consider whether Ibe oiber infornlation is mat¢rially incoJ$istellt witl) Éhe financial statements or our knowledg¢ obiaincd th¢ cour5G of tb¢ audit or othenvise appears lo be materially misslalcd. If w¢ id¢nlify sLi¢h mat141 inconsistencics or apparcnt JJJal¢rial mis$t&t¢tttellts, w¢ nre reqiiii'ed to detennine whether this gives ris¢ to a i]mterial misstatemellt in the finaDcial statements themselves. If, based on tjie work we have perfornied, we coll¢lude thai there is a materiat n)isstalement of this other iThforllDatsoll. we arc required to report tIt faet. We bave nothin8 to rworl in this r¢gard. Pa8e 8
New London Educational Ti'u5t Independent Auditnr's Repfrrt For The Year Elided 31 December 2023 Matters on which Ive are requiyed to i'epoi't by exceptio W¢ hav¢ noihijjg to r¢port ill respect of the following matters in r¢lalion to which the CKirities (Accoullts and Reports) Regulations 2008 require us to rcporl to you if, in our opinion.. the itiforniation given in tbe financial slatemeT]ts is inconsislent ill any tllalerial respect with the trustees, report. or the eharity has not been kept adcquatc records- or the fllwi¢i41 slal¢meiits are J]ot in agreement with the accounting records and r¢tums'. or w¢ have not r¢ceived all the information and ¢xplanation8 We tequii'e for our au(bt. Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities on pag¢ 7. the trustees are responsible for the preparation of the financial stal¢mcnls and for being satisfied that they give 2 tnLe and fair vicw, and for sueh internal colltrol as the trustees deteiininc is nec¢s$ary to ¢nablc the prepai'ation of finan¢ial slal¢D]¢llts that are free from aterial misslatetnent, wh¢thcr due lo fraud or error. Ill piepartng the f]nhnci&l statements. the trnst¢cs ar¢ i'espoJ]5ible for assessing the charity's ability to ¢ontillue as a going oncern, disclosillg, as applicable, matters i"elated to going conccrn and using the going conwn basis of aGcoulltiug unlc5S tkne ttustees either iDtcnd to liquidale the charity or to ¢cas¢ opcl'alions, or bave no realÉstic altenhativc but to do so. Auditor's I'esponsibilities for the audit of tbc nnCial statements We hav¢ been appoilllcd auditor ullder s¢ction 144 of th¢ Charities Act 201 l and i'eport in accordance with re8ulalions made iiDder section 154 of Ihal a¢t. Our objectives w'e to obthin r¢asouabl¢ assurance about wheiber the financial statem¢ttl$ as a wholc arc fr¢e froin material misstatement, whether diie to fi'aud oi. eÉror. and to issuc an auditor's i'eport that includes our opinion. Rcstsnnablc o$suiance is a high level of assiivance, but 18 nat u guarantcc that an audit conducted &n ac¢ordan¢E with ISAS {UK) will always detect a Inaterial misstatement wh¢ll it exists. Mi5Stateinents call arise from fraud or error alld are ¢onsidercd matcrial if, individiially or in the aggregalc. tb¢y could reasonably be expe¢l¢d lo Influ¢¢ thc economic decisioDs of users on the basis of these financial statements. Irregularitieg, including fraud, are instances of non-complEancc with laws and re8ulalions. We dcsign proccduTes in lille with our r¢5pon5ibilitsc5, Outlincd above. to detect matertal misstatements in re$p¢¢l of in"¢gulatitics, illclu¢thJ)8 fiaud. The ¢xt¢nt lo which our procedures are capable of dele¢ling i[SU1a[itiQS, including fraud, is as follows: our audit incliid¢d ass¢ssillg the ¢ntity's compliance with applicable laws and i.eIl2t10tt&, evaliiating the risk of material rnisstatement diie to fraud. ld perfonDing pi'ocedures designed io respond to those risks, inquirics with management and those chargcd with governance, testing .joun]al ¢4ktri¢s, revicwing significant accoullting estimates for pol¢nlial bias, and examining transactions and disclosures for ally indications of ii'reguiarities. A further d¢su'iplion of our rcspousibilities for the audit 0£ the fanCial statements is located on the Finattcial Reporting Collncil's website at: http.'Ilivww.fr¢.org.uWauditotsrespoi)sibililies. This des¢riplioll forms part of OUT auditor's report. Pag¢ 9
New Lon(loll Ei ducatiDliI)l Trust Independent Aiiditnr's Report For The Year Elided 31 Deeembei. 2023 Use of our rei)ort This rcport is rnade solely to the charity's trustees, as a body, In accordan¢¢ wit]1 Pai'l 4 of the Charities (Accounts and Reporls) Regulations 2008. Our audilwork has be¢tti1ndertell so that we D)iBhÉ $lat¢ to the charlty's tnjslees those mallcrs w¢ ar¢ required lo sÉat¢ to thcjn in all lluditor's repoit and foi. no other putposc. To th¢ fullest extent pennitt¢d by law, we do not accepl or assume responsibility to ai)yoll¢ oth¢r thall the ¢kniity and th¢ charity's trustees as o body, for our aiidit Ivork, for this repoil, or for the opinions we have foiin¢d. Ghafoor Ahmi)d Kbattak (Seiiior Statutory Aiiditor) For on behalf of Aecountax (UK) Ltd. StRtutory Auditor CharLered Certified Accountant and Rcgist¢red Auditors 21 Klliglitsbridg¢ London Fmglalld SWIX 7LY Dale- P&g¢ 10
Neiv London Educational Trust Statement of Financi41 ALtiYities Iiicluding Ittcome and Expeiidithre Account For The Yeai. Ellded 31 December 2023 Uni'estricted Fiinils 2023 Restricted Fulli15 2023 Total Total 2023 2022 Notes Inco¢ aii(l endoiymenls from,. Cliarilabl¢ activiti¢8 Oth¢r iti¢om¢ 204,539 15,709 966,591 1,171,130 15,709 2,090,167 23,876 Total income 220,248 966,S91 1,186,839 2,114,043 eii(litut'e' Chslrilable aetivili¢s 87,268 1,094,539 1,181,807 2.095,510 Net income for the yexr Ti?nsfer behyeen funils 132,980 (98,268) (127.948) 98,268 5.032 Net moveinent in fund5 34,712 {29,680) 18,533 Fund balancLS Ilt l J¥nu¥iT 2023 295,715 29,680 325,395 306,862 Fund balallces at 31 December 2023 330,427 330,427 325,395 Thts stat¢ment of fjnallcial a¢liviti¢s in¢liid¢s all gaitis alld losses re¢ogtii$ed in the year. All income and expelld]re derive from continuing activtties. The statemenl of financial ctIVIti also eomplies with the reqiiiremellts for an income and expenditure account under tIL¢ Compatiies Act 2006. The notes on pag¢s 14 10 24 fomi pai'l of th¢ fllhaocial slatcmculs. PoBell
Nesv London Educational Tk'ust Balonce Sbeet As #t 31 DeLember 2U23 2023 2022 Notes FIXED ASSETS Tangible assets io 102,183 102,183 115,552 Ilf,SS2 CURRENT ASSETS Dcbiors Cash al bank and in band 12 362,173 49,000 253,420 246,644 411,173 500,064 Creditors: Amolllits Falling Due Within One Year 13 (80,929) (138,221) NET CURRENT ASSETS 330344 361,843 TOTAL ASSETS LESS CURRENT LIABILrriES 432,427 477,395 Creditors: Amounts Falling Due Aftsr Moi Than One Year 14 (102,000) (152,000) NET ASSETS 330,427 325J95 llYCOME FUNDS Restrieted funds Is 29,680 295,715 Unrestrieted thnds 330,427 TOTAL FUNDS JJQ,427 325J9 The company is enliiled lo the cxeinplion from the audit i'equire]nellt colltained in section 477 of the Companies Act 2006, for Ihc ycar ¢nded 31 D¢¢ember 2023, alihoiigb an audit has becll ¢atried out under scctioll 144 of Ihc Charities Act 2011. The direcloTS aclfflowledge their responsibilities for complying with the requuEments of the Compallies Act 2006 witlL respect to accoullting records and the preparation of finalkcial slalemenls. These financial statements were approved by the Board of Trustees on 31 by; 2 C and were signed on its behaIf Mr. EmmaJLu¢I Mensah Afot¢y TTUStee Company registration nu]nber'. 06922966 Thc notes on pages 14 to 24 foirn part of these financial statements. Pag¢ 12
Neiv London Educalional Trust Statement of Cash Flows For The Ye41. Endeil 31 December 2023 2023 2022 Notes Cash l]oiv5 froin opcrating activities.. Net cash (iised ill) / generated from operations 16 (183,891) (183,891) 261,353 261,353 Cash floivs from investing nctivities: Purchase of tangible fjxed assets (13,753) (92,624) 1¥4ct casb used ill investin2 4etivities (13,753) (92.624) Net (decrease) l increase in cash #Jid cash equivaleiits (197,644) 168,729 Cash alld cash equivalents at beginning of year 246.644 77,915 Cash and cash equivalents Mt eDd of yef¢r 17 49,000 246,644 The notes on pages 14 to 24 form part of these flljancial statements. Page 13
Neiv London EduLation#l Triist Ntstes to the Fin&iicig1 St4temellts ri oi. Tlie Yexr Ended 31 Decembey 2023 l. Charity infoirynation New London Educatiollal Tivst Is a private compttny littiiled by guaruntee incorporated iii Eiigland und Wal¢s. Th¢ Tcgistered office is S¢¢pti'e HoEise, 7541 Siaines Road, How)8low, Londoll, TW3 3HW. 2. Afcoullting polici 2.1. B2$is of ijr¢i)aring the financial ststements The finanrial slalcm¢iils of the chai'ity have beei? prep&red in accordancc witb the charity's governing document, tbe Cotnpattics Act 2006, FRS 102 'Yb¢ Financial Reportillg Stalldai'ds applic1( ble ill th¢ UK w]d Rcpiiblic of Ireland" ("FRS 102") and the Charities SORP"Accounting R¢poElillg by Charities.. Ststcment of Reeomincllded Practice Eapplic&ble to cbarilies pr¢paring their accoiints in aceordanee with th¢ Fi]wcial Reporting Standard appli¢abl¢ i th¢ UK and Rcpublic of Jrcland (FRS 102) and th¢ Charities Act 2011. Assets and liiibiliti¢s ar¢ illtlially recognised at historic eosl of trallsaction valuc unless otherwis¢ slated in the relevant accoiinting policy or not¢. The finattcial stat¢nrnts arc picpared in sterling, which is the fieOI)l ¢utrcncy of the charity. Mon¢lary arnonIs in these fumncial statemcnts al'e rounded to thc nearest £. The charity mccls the de(ltiOn of g public benefit eutity u[1d FRS 102. 2.2. Going coDc£i'n At the time of approving th¢ fmallciat statements, the trnste h&ve a reasanable expectation thai the charity h3S adcqLiale resources lo continue in opci'ational cxistcncc for the foirseeable fiittw¢. Thu5, the Inistees continue lo adopt the going concern basis of arcounlillg in preparing the financial statement$. 2.3. Chai'itable funds Unreslrictsd fimds are available for usc at the discretion of th¢ Irust¢cs in furtherance of their charitable objeotives. Reslrlcted fiinds are SLibj¢¢t to spccifLC condilions by donur$ 48 Iv how they may be used. The purposes and use$ of th¢ r¢slTicl¢d funds al'e Set oiit in the llo8 to the fAnan¢ial stalcmcnts. Everymonih the charity will i'eceive tbe funds which mu51 bc used lo spend onsiipplying education. Once the charity has n)et its obligations for the tnonih, any suiplus ill funds will be alluralcd lo the unrestricted fiinds. A provision is included in tb¢ r¢slri¢led fiind account for any pol¢nlial fund cancellations. Endowmelll funds arr subject lo specific conditions by donors thai the ¢apilal must be maintained by th¢ ¢haiity. 2.4. Incomc In¢om¢ is r¢co8nis¢d wbell tbe cbarity is legally entitled to it aft¢r any pcrfonnance conditions have been meÈ, the amounts can be Measled rcliably, and it Is probable that Incon will be received. Cash donations are recogllised on receipt. Other donations are rccognised once the charity has been notifi¢d of the donatio unless perfoii*an¢c conditions require deferrol of lh¢ amoiwt IncoD]e tax recoverable in r¢lalion to donations received under Gift Aid oi. deeds of cov¢nan¢ is rccognised at the time of the donation. Legacics arc r¢cognised on i'eceipt or oth¢nvis¢ if Ili¢ charity has been notified of an imp¢nding dtstribution. th¢ aznounl is known, and receipt is expected. If the &mowit is not known. the legacy ts Ir¢al¢d as a ¢otJling¢nl assel. P&g¢14
Nejy IA)ndon EduLuti()n#l Tiwst Notes to the Financilll StAtemeiits Foi. The Yeai. En(led 31 August 21123 2.5. Expenditure Exp¢nditur¢ is recognised Ollcethere is a Icgal or cottsltuctive obligatioll to trangfereconomic benefit to a IILiTd paLty. it is probable that a trallsfer of economic b¢ll¢rlS will b¢ required in settleinelll, and thc amowt of the obligation call b¢ measured r¢liably. ExpeiiditUTe is classifi¢d by activity. The costs of each activity are made up of the total of dirccl Costs and shared costs, includillg support costs involved in undertaking cach aclivity. Dir1 Costs attributable lo a singlc activity are allocated directly to that activity. Sliared Costs whicli ¢onÉtibul¢ to than one &ctivity and support costs which are nol aitributablc to a singls activity arc appoitioned betweell those aetivities on a basis consisleiit with Ihc use of resoiirces. Centrlll staff eosls &n'e allocated on the basis of tiinc spclll, and d¢pr¢¢iation charges are allocalcd on th¢ portion oEth¢ asset's iise. 2.6. Voluiiteers In aecordance with the SORP, and in r¢cogDÉtion of the difficulties in placing a monctary value oll tb¢ contribution fi'om Vollteers. tbe contribiilion ofvolunteeiE is not included within the income of the charity. How¢Y¢r, th¢ tluslees value the significant colllribution mad¢ to the activities of the charity by unpaid voliu]Iccrs and this is dcscribed ttior¢ fully tn note 7. 2.7. Ta])gTble fixed osset5 Tangible fixed assets are inittally measured at¢ogtand subsequently measured atcostorvaluation, uel of d¢pr¢¢iation and %Y impairment losses. DepreciatiorL is F¢cogllis¢d so as to wiit¢ off the cost or valuation or assets less Iheirt¢sidual values over theiruseful lives on the tollowing bases.. Fixtures & Fittittgs ComputcrEqiiipm¢nt Leasehold improvements 200/0 rediicing balancc basis 20/0 reducing balallce basis 5 years 2.8. Impairment of fiIed a$5ets At each reporting clld dal¢, the charity reviews thc carying amouttts of itg langtble agsets to detennine whether theiE is any indicatioll that those assets b&v¢ suff¢r¢d an impainnent loss. If ally such illdicalion Exi51s, tb¢ r¢¢ov¢rable amounl of thc assct is cstimated in nrd¢r to deiermine the extent of the impairtJ]cot loss (if ally). 2.9. Cash and cash equiyalents Cash attd cash equivblents incliide cash 5n hand, dcposs14 held at ¢all with btLllks, othei. short-term liquid investmcnts wilh original mathrities of three months or less. alld ballk OVarafts. Bank ovci'th'afts are shown wiihin bon'owings in current liubilities. Page IS
New Loi)don Educational Ti'ust Notes to tlie Finullcial Statcmcnls For Tlle Year Ended 31 Dcccmbey 2023 2.10. Financial Instrllmenls . Financial assets Basic finan¢ial u$sels, incliiding debtors and oihcr r¢cBivables and cash aDd bunk balances, are initially rccog]Lised at trai)saction pi'ice, iittless Ihc art¥¢ment constittites a ftnallcing trallsaction, where th¢ traDsa¢lion is measurcd al the present value of thc future r¢ceipts discoullted at a mark¢1 rale of illteresl. Such assets are subsequently catri¢d at aOrtiSed cosl usillg thc effective interest method. Ai the elld of cach reporting peri(xl financial assets mellsiired at amortis¢d cost ar¢ assessed for objective evidence of ijnpairmenl. If au asset is impaii'ed tbe impaii'inellt loss is tb¢ difference betwe¢n the carrying mOunt alld th¢ presenl value of Ihc ¢stim21cd cash flows discounted at the asset's original effective int¢r¢sl rate. The impaim)cnl loss is i'ecognised in profit OT Ioss. If there is (k¢r¢as¢ in Ille impairnienl loss arising from an evenl (Kcurring aft¢r th¢ imp&irn]cnt was Yecogtiise(I Ibe iinpairniellt 1$ reversed. The revei'sal t8 sii¢b tbat the curiEnt cairying amovnt does not exceed what th¢ ¢airying amount woiild have been had the impaitment not preNiously been recognised. Th¢ impairm¢nt reversal is r¢coBlli8ed in profit oi. loss. Financial assets are der¢cognised when (a) the Colltractual lights to tb¢ cash floivs from the asset expire orare settled, or (b) sub$lantially Ldl the Tisks alld rcwards of Ihe 0e[ship of th¢ as.8et aye tronsferred to another paity or (o) despit¢ having r¢lained some sigllificalll risks and rewards of OWllCFship. Control of Ibe assct has bccn irÉSferred to anothcr paty who has the practical ability lo unlial¢IlY sell Lhe ass¢t to Illl unrelated tbird paity without iD]posffing additional restrietions. li. Fitianetal liabilities Basic finan¢ial liabilities, incliiditig cr¢dilors and other payables aff ¢lassified as debt, are illitially r¢¢ognised at 'aL48ction priee, unless the arrallgemenl constitutes u fa1]CIng tiansJction, where the dcbi instnunent is measured at the piEs¢nt value of the fiiture receipts dis¢oiinled at a Jnarket rate of inl¢r¢sf. Debt instsument8 are subsequently carricd at wnoitised cost, using the effcctivc inl¢r¢%l rate metbod. Fees paid on the establisbment of loan facilities ar¢ recognised as transaction Costs of the loan lo the extent that it is probllble that som¢ or all of the Facility will bc drawn down. tn this case, th¢ f¢¢ is deferred until Ibe diaw-dowtt occurs. To the extent there is no evidence that it is probable diat some or Jll ofih¢ facility will be drawn down, Ibe fe¢ 1$ ¢8pilalised as a prc-paymenl lor liquidity 5eiwice8 and omortised over thc period of th¢ facility to which it rcl81¢s. Tradc crcditorg air obligations lo pay for goods or services that have been acquir¢d in the ordillary ¢ours¢ of business from suppliers. Trade creditors arc clagsified 88 current liabililic5 rfpayinellt is due within one y¢ar or less. If not, they are prc5cnt¢d as non-currenl liabililiE8. Trnil¢ payables ar¢ re8]Sed tnitially at trallsactioll price and SUbSe(entlY measured at amortis¢d cost using tbe effeotive Interest mcihod. Derivalivcs, itt¢luding interest rate swaps and fonyard foreign excballge ¢Ollh.ts, ore notbasic fanCiaL ills¢rnments. D¢rivatives are initially recognised llt farr value on Ili¢ dak a deriyativc ctsntract is entered into and are subsequclltly re-lneasured at their fair value. Cbangcs in the fatr valiie of deyivativcs arc iE¢obmised in profit Or loss in finance costs or fillane¢ income as appropi'iatc, unless Ih¢y are included in a hedging anllngerllent. Finoneial liabilities ar¢ duE¢ognised when thc liability is exlknguished. that is when the eontTactual obliEation is dis¢barged. caucclled or expires. Page 16
Neiy Lond(bn EdUctio)lat Trust Note5 to the FinaDcial Statements For The Year Ended 31 December 2023 2.11. TaxAtioll The charity is exempt from tax on its charilable activities. 2.12. Emi)loy¢e5 benefits The cost of any llnused holidllyentitlement ig ttcognia&4 in tb¢ period in wht¢b the employee's gervtces are receiv¢(L Tcrmination bcDcfits are i'ccogniscd imlnediatcly as an expense when the charity is demonstrably con)mitted to l¢iminale the employment of an employee or lo provid¢ tenninatiott ixllefits. 2.13. Retirement bettefits Payments to defined eon¢ribiilion r¢tir¢m¢nl benefit s¢b¢m¢s ar¢ cliarg¢d as att ¢xp¢nse as Ib¢y fall due. 2.14. Critical ¢coUnting estima¢cs and assumptions En tbe applicalion of the cl)urily's aceoiinting policies, the trustees 8r¢ required to make judgements, estitnnles and assumptiolls about the carryEng amount of assets and liabilities that are not adIlY apparent from other sources. The ¢stimates and associal¢d assumptions air bas¢d on histDrical ¢XP¢Eicncc aThd oih¢r faclors that arc consid¢rcd lo b relevant. Actual r&siilts may dirrer from these estimates. Tlie estimates and iiwlerlying essiitnplions are revi¢wed on all ongoing basis. R¢visions lo a¢counting estitnatcs are rc¢ognised in the p¢ri(Ml in whi¢l) thc ¢%timatc 1$ i'cvi%cd ivlicrc thc rcvisiott affects only tl)at period, or in tbe period of Ibe revision alld futLU'e periods where the revision affects both CUllt and flltw'e perio(Ls. 2.1$. Pi'ovision Provisiolls are recognised when tbe charity bas aD obligation at the balance sheet date as a Lesult of a pasl event, it is probable that anoutfioiv of economio benefits wkll be required in Settlonentand the amoillltean be reliably esLiinated. Page 17
Neiy n(loll EdueAtional Trust Note5 to the Financimi Statements For The Year EIide(131 DeeLmber 2023 3. Clharilable actiJqties- income 2023 2022 Tuition income Test centre 1,069,037 102.093 2,011,505 78.662 1,171,130 2,090,167 Analysis by fund UllrcStrCted fuiids R¢5tri¢led fiinds 204,539 966.591 1,171,130 78,662 2,011.505 2,090.167 4, Othej. income 2023 2022 Otber in¢ome Rentd inconle 1,543 14,166 9,062 14,814 15,709 23,876 S, Charitable activities- expenditure 2023 2022 Staff ¢osls Depre¢i8tion Lcarnittg provid¢r Costs Rellt Rates Light and heat Repaii. and rcnewals CleRning Travcl costs AccounLilley fees ESFA clawbacks claim Loss on fixed assets disposal 714,615 26,230 242,376 90,000 21,508 14,798 7,764 7.316 1,713 4,067 900,304 19,047 624,384 186,289 23,882 13,421 11,726 7,368 1,429 4,103 175,311 891 1,131,278 1,993,912 Share of 8upporl costs (see note 6) 50,529 1,181,807 101,598 2,095,110 Analysis by fund Unr¢stricled Fluids Reslrieted funds 87,268 1094 539 93,685 2,001,825 2,09S.510 1,181,807 Pa8e 18
New Lon(Jon Educatio])al Trust Not¢5 to the FinaAici%l Ststements Foi. Tli¥ Yekr Ended 31 Decejnbcr 2023 6. Sui)poi't costs 2023 2022 Manageincnl co$ts Finance costs Governance costs 39,514 588 10,427 90.576 482 10,540 101,598 Governance costs lllclude auditors, Irinun¢ration of £7,800 {2O22.. £7,800) 7. The conti'iblltio]] of volunteers The volUnteS work tii'elessly to achieve the goals of the charity and theii. CODtribuliot] cannot be measured. 8. Trustees, i'emllneration Rnd benefits None ofihc trnstees (or any person connected with th¢m) r¢¢¢iv¢d any remulleralioD or benefits fi'om th¢ charity during the yeai.. 9. Employees Nllmber of employees The averagc nionthly niimber of enlployees during the year was.. 2023 2022 26 37 Employnkent costs 2023 2022 Wag¢$ and salaries Social S¢lty costs Other pcnsion Costs 648,860 53,451 817,994 67,725 714,615 900,304 No employees received emolumwls in ¢x¢¢ss of£60,000 in the year eJded 31 December 2023 (2022.. Nit). Page 19
Neiv London Educ#tioiial Tvust Notes to the FiDRllciAI StAtements Foi. The Year Ended 31 December 2023 10. Tangible fixed etS I&schol{l implVementS Fixtvi'¢ fittings Computei. eqiiipmciit Total Cosl As at 01 Jalluary 2023 Additions Disposals 68,160 6,226 75,082 295 68,560 7,232 (1,638) 211,802 13,753 (1,638) As at 31 D¢)b¢r 2023 74,386 75J77 74,154 223,917 Depreciation Ab ut 01 2023 Cliarge for the year Disposals 8,622 14,379 53,338 4,369 34,290 7,482 (74C)) 96,250 26,230 (746) As at 31 December 2023 23.001 57,707 41,026 121,734 Net Book Value Rate 20.00/ As at 31 December 2023 51,385 17,670 33.128 102,183 As at 31 D¢¢¢mb¢r 2022 59,538 21,744 34,270 115,552 11. Fi.Yfd assets iiivestments Other investments Cost oi. valuation At 01 January 2023 & 31 December 2023 5,000 Imi)#irment At 01 Janiiary 2023 & 31 December 2023 (5,000) Caiyying amount Ai 01 January 2023 & 31 December 2023 There were JK> investment assets outside of the UK. The ¢harity's inv¢stm¢llt at Ihe balatt¢¢ she¢t dat¢ in th¢ sharc capital of compani¢s include the following.. Training InllovAtors Limited Registered office.. Scepts'e Hoiise, 75-81 Stailles Road, HOUloW, tK>ndon, Unil¢d Kingdotn, TW3 3HW Nature of business.. Dormwit Class of sbare.. Ordinary /0 holding-. 100 Th¢ Ghwity has uol to 5011datC lh¢ a¢wuuls as th¢ subsidiary is (brJnaTJI and it would not materially affect the financial $tal¢m¢nls. Pa8e 20
Neiv Londou li ducatioiial TYu5t Notes to the FinanciAI St#temeMts Foi. The Ye#r Endeil 31 Deeember 2023 12. Debtors 2023 2022 Diie within one yegr TThgd¢ debtors Prcpaymcnls Otber debtors 231,117 90,000 2,056 323,173 208,178 6,242 214,420 Due After more thAn olle year Other debtorg 39.000 39.000 362,173 2S3,420 13. Cre(litoi3- Amoiints falljnE due svithiii one ycar 2023 2022 Trade creditOTS Othcr tax¢s md social security Other Creditors Accwals and d¢fwi'ed incoine 1,954 10,457 51,725 16,793 69,816 22,561 28.562 17,282 80,929 138,221 14. Creditoi's- Amounts falling due After mol-e than one yeir 2U23 2022 Other ¢redilors 102,0(M) 152,000 102,000 152,000 Other creditors include clawback claiEllS by thc Ediicatioll and Skil]s Fundillg Agency (ESFA) in relation to past apprellticeship letr$. Pa8e21
Lod0> EdllcxltDuAITTL15t Notes to the stAteen FTeyar 31 Dect]llber 2013 15. Rt51ridEd imcothefvudsof Ib¢¢borily wdlldefes¢¢icled fUa50¢1sIugtb¢ foUTriYill8Ull4lld¢a balaDoesofthnatiorysand8toDtshddolltrUst foT¥trtcift¢putpose.' hToYemontln fvnds ToYEnJeD*illfunds Incojue EzpelldttTe TrHtsxfEf$ IDcoJlle ExpeDJlthre T>4DsfÈr5 xl31 DeEetnbei' 2Q23 2fr22 2D23 EdD¢AtiOLalseThÈ¢es 25 I t4 539 Every ikn¢ttlhdK¢lig£ity iYjllrec¢iY¢ th¢ fundswlii¢hinyst wedt0spId (5ppI9¢duOatl0 Oll¢G Ihcckniryhas its obti8AiiOrts for thejllothh. Anywwjus iii fvn Il'iihb¢ alk¢rtied lo th¢uoresltiel¢d tsods, P¢ 22
New Londoll Educational Ti'ust Notes to the Financial Statements For Tlie Year Ende(131 Dccember 2023 16. Cllsh generxted from operationy 2023 2022 Swplus for the year 5,032 18.533 Adjuslmenls for.. Depreeiatiott of laugiblc fix¢d assets Loss on diswsal of fixed ussels 26,230 892 19,047 Movemeiit ill working capital (Increase) I decrease in debtors (D¢¢i'¢as¢) l in¢i¢48e in crcditors Cash (used in) I generated from opei*tion8 (108,753) (I07,2)( 2) (183,891) 3,786 219.987 261,353 17. Analysi?i of Changes in Det assets Asat January Asat December 2023 Cash flo 2023 Net casli Cash at bank and in hand 246,644 246,644 (197,644) (197,644) 49.000 49,000 Psge 23
Neiv London Edviational Ti'ust Notes to thc Financial Ststcments For Thc Ye#r Ellded 31 December 2023 l¥. Fijixncial instrumellt5 The Charity has the followtng fil¢[al inslnunents: Financial as5et5 At fail. value throiigli profit or loss 2023 2022 Finallcial A55et5 that Al'e Ilebt instyuments measured At Amortised eost Trade dFbtor5 Other debtors 231,117 41,056 208,178 39,000 272,173 247,178 2023 2022 Financial ligbitities measui'ed at amoj'tised cost Ti'ade creditors Other taxes and social s¢curity Otber ¢dItorS Ac¢rnals 1,954 10,457 153,725 15,578 69,816 22,561 180,562 16,155 181,714 289.094 19. Related party tt"ansactions The charity operates at Sceptre House 75-81 Stain¢8 Road, Hounslow, Londott, Uttited Kingdom, TW3 3HW. The property is owlled by a family member of tlie Director, Sujani Baddam. The charity inclied Iental costs of £90,000 (2022.. £180,000) diwillg the year. Pagc 24