# **REGISTERED COMPANY NUMBER: 07886477 (England and Wales) REGISTERED CHARITY NUMBER: 1146451**
## Report of the Trustees and
## Financial Statements for the Year Ended 31 December 2020
## for
## SIEVEMK Gateway Ltd
SIEVEMK Gateway Ltd
Contents of the Financial Statements for the Year Ended 31 December 2020
||Page|
|---|---|
|Report of the Trustees|4 to 9|
|Independent Examiner's Report|10|
|Statement of Financial Activities|11|
|Statement of Financial Position|12 to 13|
|Statement of Cash Flows|14|
|Notes to the Statement of Cash Flows|15|
|Notes to the Financial Statements|16 to 24|
|Detailed Statement of Financial Activities|25 to 26|
## SIEVEMK Gateway Ltd
Report of the Trustees for the Year Ended 31 December 2020
Registered Company number 07886477 (England and Wales)
Registered Charity number 1146451 Registered Office Holding Forth Christian Centre Bradwell Road. New Bradwell. Buckinghamshire
TRUSTEES Rev Olabiyi Ajala Kerrie Cheri Bradburn Stuart Burke Jenniffer Alison Gilzene Olaitan Ogunmoyela Jessica Oyakhire
ACCOUNTANT & INDEPENDENT EXAMINER Olusola Makinwa (MSc FCCA) Krypton Consulting Ltd Unit 6, Navigation House Town Quay Wharf Abbey Road, Barking IG11 7BZ
Bankers NatWest Bank 501 Silbury Boulevard Saxon Gate East Milton Keynes. MK9 3ER
Metro Bank One Southampton Road London WC1B 5HA
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## SIEVEMK Gateway Ltd
## Report of the Trustees
## for the Year Ended 31 December 2020
## **OBJECTIVES AND ACTIVITIES**
Our mission is to provide a gateway through which our community is inspired, mentored and empowered.
Our vision is that members of our community are inspired to realize their full potential Our values which are driven by our Christian faith are Hope, Inclusiveness, Partnerships and collaboration, Positive communication, Innovation and Excellence
## **Our Activities**
Our primary objective is to address the problem of educational underachievement among mostly BME young people in our local community by developing accessible and cost-effective programmes and seeking opportunities which will help them acquire employability skills and/or qualifications required for further education or career advancement.
In partnership with a wide range of firms and community organizations we continue to create opportunities to overcome obstacles such as poor language skills, a lack of role models, limited aspirations and low employability skill levels.
We seek to provide processes and bespoke projects that engage with the real needs of individuals and seek to provide individuals with the confidence, employability skills and the all-round development they need to reach their full potential wherever possible.
Our learning and mentoring programs are making a real difference to individuals, giving our participants real confidence. We continue to live out our mandate to - Creating Opportunities, Delivering Excellence and Changing Lives.
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SIEVEMK Gateway Ltd
## Report of the Trustees for the Year Ended 31 December 2020
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing Document**
SIEVEMK Gateway is a company limited by guarantee by its Memorandum and Articles of Association dated 13th March 2012. It is registered as a charity with the Charity Commission.
## **Appointment of Trustees**
Trustees are appointed on the basis of their individual skills and experiences for the position and need SIEVEMK Gateway has which they are able to fill or contribute to by their commitment to SIEVEMK Gateway and its vision, ethos, aims and objectives. They are met by all existing board members who will then agree and vote on the new appointment.
## **Trustee Induction and Training**
Newly appointed trustees are briefed on the company’s Memorandum and Articles of Association, the current Strategic Business Plan, and given an overview of the company’s recent financial performance. The functions of the board and its decision-making processes are also explained, as are their individual roles, responsibilities and legal obligations under both charity and company law. Each trustee is given a clear role and responsibilities and is expected to attend board meetings and the Annual General Meeting when arranged. Trustees are also encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
## **Organisation**
The board of trustees administers the charity and seek to meet regularly. Certain individuals have particular areas of expertise and therefore responsibilities such as Teaching, Legal, Finance, Fundraising, HR and PR. The employed Chief Executive Officer of SIEVEMK Gateway is appointed by the trustees to manage the day-to-day operations and has an agreed level of delegated authority for operational matters including vision, direction, finance, employment and performance related activity. The Chief Executive Officer is responsible for ensuring that the charity delivers the services specified and that key performance indicators are met.
## **Public Benefit Statement**
SIEVEMK Gateway has always and will continue to take its responsibilities of ensuring that its charitable activities contribute significantly to the lives of those we work with and specifically within the local areas in which those activities are undertaken. With reference to the Charities Act 2006, all our charitable activities are directed towards having a lifelong impact on the local area and these activities are undertaken to further our charitable purposes for the public benefit. The examples below are a testament of our commitment to the public benefit requirement.
## **Risk Management**
We continue to assess, review, monitor and plan for all risks which the organisation may face, now or in the future. Our Risk Management Strategy comprises a risk register of all aspects of the organisation and its activities, for each project we undertake, outlining possible risks that may occur, procedures to mitigate the risks identified and regular re-assessments both of the risks already outlined on the register and of project and activities for potential new risks. All projects and activities run by SIEVEMK Gateway undergo a risk assessment before they begin. This process leads to a heightened awareness to potential risk faced and assist with the development of robust contingency plans.
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SIEVEMK Gateway Ltd
## Report of the Trustees
for the Year Ended 31 December 2020
## **ACHIEVEMENTS AND PERFORMANCE 2020**
## **SIEVEMK Gateway and COVID-19**
The year started out well until the lockdown in March.
We had to shut down all services as the lockdown was announced.
The key achievements of our Learning Centre and Adult Learning Platform during this financial year despite the lockdown is summarised below: -
## **Learning Centre**
1. All our classes stopped except for our 11 Plus class that we moved online via Zoom.
2. Once lockdown was lifted, we were asked to run in-person sessions during the summer month for 35 pupils that were unable to engage with schooling during the lockdown.
3. We also moved our funded project- Breaking Limits online and 15 out of 20 adults were able to engage.
4. We continued to have weekly Zoom meetings with our Royal Springboard scholars and their family to offer support.
5. Our Key Stage 2 (years 3 to 6) in Mathematics and English classes continue to be well subscribed.
## **Adult Learning**
1. Our Breaking Limits project moved online.
## **Exam Centre**
1. Our exam centre was severely disrupted by COVID-19.
- a. Exam room was restructured to cater for social distancing in the room. We had to reduce our capacity from 8 to 4;a 50% reduction.
- b. As a result of the reduction, we stopped all Pearson VUE testing.
- c. AAT testing continued in June.
- d. OCR (GCSE and Vocational)- was provided for in the autumn for about 10 candidates.
## **FUNDRAISING ACTIVITIES**
Due to the COVID-19 disruption, we had to find new ways of running our services and supporting our learners and their families. More focus placed on promoting and increasing our supporter base via Localgiving.com
1. Bounce back loan - £40k
2. Social Enterprise Support Fund (SESF) - £40k
3. British and Foreign School Society (BFSS) approved a grant of £58k over 3 years but disbursed half yearly. This funding bid was written during the lockdown and its primary purpose is to help looked-after children attain after COVID-19.
4. Milton Keynes Community Foundation (MKCF) – £12K Top up funding for the RAC4LAC project funded by BFSS.
5. Localgiving.com- £6.2k- Supporters donating through the fiscal year
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SIEVEMK Gateway Ltd
## Report of the Trustees for the Year Ended 31 December 2020
||**Milestone Target**|**Measure**|**Outcome**|
|---|---|---|---|
|1|Ensure our values and|Above 70% positive|Delayed|
||vision are well|feedback from surveying||
||communicated to our staff|our service users and||
||and our service users can|staff||
||see them in action|||
|2|Secure funding to augment|Any funding achieved|Bounce back loan and|
||our normal income||furlough scheme|
|3|Creating opportunities|Placing pupils|One student processed|
||||even during COVID_19|
||||times|
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SIEVEMK Gateway Ltd
Report of the Trustees for the Year Ended 31 December 2020
## **Future Plans**
In pursuance of the charitable objectives, the trustees have identified and agreed the following plan for 2021.
**Objective**
## **Target/Measure**
- 1 Creating opportunities
- Increase the number of KS2-5 pupils on register from 130 to 150
- Increase the number of 11 plus pupils
- Double the number of adults in our Functional Skills classes (from 10 to 20)
- Engage up to 20 adults in the ‘Learning for Work’ project
- Provide Work Placements for at least 3 youths.
- • Place up to 2 pupils in our bursary programme with Royal Springboard
- 2 Delivering Excellence
- 3 Secure funding 4 Increase social output opportunities and income streams from new and existing SIEVEMK Gateway enterprises
- 5 a) Develop and implement our information management system
- b) Achieve relevant accreditation and recognition
- 6 New Home for SIEVEMK 7 SMK Gateway – Alternative Provision
- Achieve 90% attendance on average for KS2-5 pupils
- Achieve 90% pupil satisfaction
- • Big Lottery- ‘Complete core’ funding application • Capital project funding
- Internally organised fundraising
- • Develop our Social Enterprise platform
- Seek new business opportunities
- • Further develop our partnership with Royal Springboard Bursary Foundation
- 100% Completion
- Commence use of the database
- Complete Matrix Quality Standard
- Continue fundraising campaign
- Design new building
- Apply for planning
- Admit first set of students
- • Website completion
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SIEVEMK Gateway Ltd
Report of the Trustees for the Year Ended 31 December 2020
## **FINANCIAL REVIEW**
## **Financial position**
The charity recorded a net income of £64,670 (2019: £30,439). SIEVEMK Gateway's management have implemented robust budgetary controls and continue to monitor costs in an effort to effectively and efficiently fund the activities of the organization.
Incoming Resources - The total income for the year under review was £193,432, (2019: £173,462). This represents an increase in income of 11.51% on last year's income. This increase is a combination of additional income stream from SESF Grant General Gifts & Donations and Coronavirus Job Retention grant received during the period of nation al lockdown.
Expenditure - The total expenditure for the year was £128,761 (2019: £143,023). This represents ~~a 10.00%~~ reduction on the previous year's expenditure. Over 90% of our operational expenditure was spent on direct charitable activities.
## **Reserves policy**
The organization maintains sufficient Free Reserves to always cover its liabilities and commitments. SIEVEMK's reserves policy aims to ensure that the organization can maximize the value of its net income without incurring unnecessary risk. The general reserves provide a level of financial protection to SIEVEMK to mitigate against changing financial circumstances, such as downturn in income or unscheduled additional expenditure. The policy is reviewed in a strategic context annually, aiming to establishing an appropriate level of general reserves to meet potential short to medium term needs.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the Board of Trustees on ...................................................... and signed on its behalf
Olaitan Ogunmoyela
On behalf of the board of Trustees.
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## Independent Examiner's Report to the Trustees of SIEVEMK Gateway Ltd
## **Independent examiner's report to the trustees of SIEVEMK Gateway Ltd ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2020.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## Sholamakinwa
Olusola Makinwa (MSc FCCA) ACCA
Date: ....20/09/2021.........................................
10 | P a g e
SIEVEMK Gateway Ltd
## Statement of Financial Activities
## (Incorporating an Income and Expenditure Account) for the Year Ended 31 December 2020
|Unrestricted
Total
funds
Notes
£
**INCOME GENERATED FROM**
Income Generated
2
115,137
Grants Received
3
30,204
**Total**
145,341
**EXPENDITURE ON**
**Charitable activities**
5
Charitable Activity
128,762
Other
-
**Total**
128,762
**NET INCOME**
16,579
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
89,203
**TOTAL FUNDS CARRIED FORWARD**
105,782|31.12.20
31.12.19
Restricted
Total
funds
funds
funds
£
£
£
7,655
122,792
141,246
40,436
70,640
32,218
48,091
193,432
173,464
-
128,762
141,721
-
-
1,304
-
128,762
143,025
48,091
64,670
30,439
99,700
188,903
158,464
147,791
253,573
188,903|
|---|---|
The notes form part of these financial statements
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## SIEVEMK Gateway Ltd
## Statement of Financial Position
## 31 December 2020
|31.12.20
Unrestricted
Restricted
Total
funds
funds
funds
Notes
£
£
£
**FIXED ASSETS**
Tangible assets
11
16,409
-
16,409
**CURRENT ASSETS**
Debtors
12
7,054
-
7,054
Cash at bank
129,537
147,791
277,328
136,591
147,791
284,382
**CREDITORS**
Amounts falling due within one year
13
(47,218)
-
(47,218)
**NET CURRENT ASSETS**
89,373
147,791
237,164
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
105,782
147,791
253,573
**NET ASSETS**
105,782
147,791
253,573
**FUNDS**
15
Unrestricted funds:
General fund
105,782
Restricted funds:
PHF
-
BBO Projects
-
Grant - SEMLEP
8,225
Grant Restricted
89,570
Grant - SESF
40,000
Grant - BFSS
9,996
147,791
**TOTAL FUNDS**
253,573|31.12.19
Total
funds
£
9,996
29,254
154,696
183,950
(5,043)
178,907
188,903
188,903
89,203
7,655
(687)
4,130
88,602
-
-
99,700
188,903|
|---|---|
The notes form part of these financial statements 12 | P a g e
SIEVEMK Gateway Ltd
## Statement of Financial Position - continued 31 December 2020
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies’ regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Olaitan Ogunmoyela - Trustee
The notes form part of these financial statements 13 | P a g e
## SIEVEMK Gateway Ltd
|Statement of Cash Flows
for the Year Ended 31 December 2020
Notes
**Cash flows from operating activities**
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Net cash used in investing activities
**Change in cash and cash equivalents**
**in the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
2
**Cash and cash equivalents at the end**
**of the reporting period**
2|31.12.20
£
136,559
(2,063)
134,496
(11,178)
(11,178)
123,318
154,009
277,328|31.12.19
£
40,712
(5,379)
35,333
(3,072)
(3,072)
32,261
121,749
154,009|
|---|---|---|
The notes form part of these financial statements 14 | P a g e
SIEVEMK Gateway Ltd
## Notes to the Statement of Cash Flows
## for the Year Ended 31 December 2020
|**1.**
**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
31.12.20
£
**Net income for the reporting period (as per the Statement of**
**Financial Activities)**
64,670
**Adjustments for:**
Depreciation charges
4,764
Interest paid
2,063
Decrease/(increase) in debtors
22,200
Increase in creditors
42,862
**Net cash provided by operations**
136,559
**2.**
**ANALYSIS OF CASH AND CASH EQUIVALENTS**
31.12.20
£
Notice deposits (less than 3 months)
277,328
Overdrafts included in bank loans and overdrafts falling due
within one year
-
Total cash and cash equivalents
277,328
3.
**ANALYSIS OF CHANGES IN NET FUNDS**|
31.12.19
£
30,439
5,008
5,379
(1,043)
929
40,712
31.12.19
£
154,696
(687)
154,009|
|---|---|
|At 1/1/20
Cash flow
At
£
£
**Net cash**
Cash at bank
154,696
122,632
Bank overdraft
(687)
687
154,009
123,319
**Total**
154,009
123,319|31/12/20
£
277,328
-
277,328
277,328|
|---|---|
The notes form part of these financial statements 15 | P a g e
SIEVEMK Gateway Ltd
Notes to the Financial Statements for the Year Ended 31 December 2020
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
1. Freehold land and building non-depreciating asset
2. Motor Vehicles over 4 years useful economic life with nil residual value
3. Fixtures and Fittings over 4 years useful economic life with nil residual value
4. Church and Musical Equipment over 4 years useful economic life with nil value
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
16 | P a g e c o n t i n u e d . . .
SIEVEMK Gateway Ltd
## Notes to the Financial Statements
for the Year Ended 31 December 2020
**1. ACCOUNTING POLICIES (Cont’D)**
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Hire purchase and leasing commitments**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the period of the lease.
## **Pension costs and other post-retirement benefits**
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
17 | P a g e c o n t i n u e d . . .
SIEVEMK Gateway Ltd
## Notes to the Financial Statements - continued for the Year Ended 31 December 2020
|**2.**
**INCOME GENERATED**
Coaching & Consultancy Income
Other Income
Gift Aid
Donations
Printing
Examination Centre
Space Hire
**3.**
**GRANTS RECEIVED**
Grants: General/Awards for All
Grant - SEMLEP
Grants - Restricted
Grant PHF
Grant - Restricted SESF
Grants - Restricted BFSS
HMRC JRC Grant|31.12.20
£
22,406
(352)
2,506
37,878
427
59,926
-
122,792
31.12.20
£
7,790
8,225
(10,130)
(7,655)
40,000
9,996
22,414
70,640|31.12.19
£
81,685
824
1,750
13,190
10,075
32,922
800|31.12.19
£
81,685
824
1,750
13,190
10,075
32,922
800|
|---|---|---|---|
|||141,246||
|||31.12.19
£
10,303
4,130
10,130
7,655
-
-
-
32,218||
||||32,218|
## **4. CHARITABLE ACTIVITIES COSTS**
|Charitable Activity|Grant
funding of
activities
Support
Direct
(see note
costs (see
Costs
6)
note 7)
£
£
£
65,995
(1,564)
64,331|Totals
£
128,762|
|---|---|---|
18 | P a g e c o n t i n u e d . . .
SIEVEMK Gateway Ltd
## Notes to the Financial Statements - continued for the Year Ended 31 December 2020
|**5.**|**GRANTS PAYABLE**||||
|---|---|---|---|---|
||||31.12.20|31.12.19|
||||£|£|
||Charitable Activity||(1,564)|3,397|
||The total grants paid to institutions during the year was as follows:||||
||||31.12.20|31.12.19|
||||£|£|
||Charitable||(2,123)|2,373|
|**6.**|**SUPPORT COSTS**||||
||||Governance||
|||Management|Technology|Totals|
|||£|£|£|
||Charitable Activity|50,767|11,590|62,357|
|**7.**|**NET INCOME/(EXPENDITURE)**||||
||Net income/(expenditure)|is stated after charging/(crediting):|||
||||31.12.20|31.12.19|
||||£|£|
||Depreciation - owned assets||4,765|5,007|
||Printing and Production||830|5,649|
||Advertising||(525)|525|
## **8. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
19 | P a g e c o n t i n u e d . . .
SIEVEMK Gateway Ltd
## Notes to the Financial Statements - continued
## for the Year Ended 31 December 2020
## **9. STAFF COSTS**
|**STAFF COSTS**|||
|---|---|---|
||31.12.20|31.12.19|
||£|£|
|Wages and salaries|46,407|46,789|
|Social security costs|2,604|5,662|
|Teacher’s Fees|23,457|35,779|
||72,468|88,230|
||The average monthly number of employees during the|The average monthly number of employees during the|The average monthly number of employees during the|The average monthly number of employees during the|year was as|follows:||
|---|---|---|---|---|---|---|---|
|||||||31.12.20|31.12.19|
||Administration Staff|||||2|2|
||No employees received emoluments in|||excess of £60,000.||||
|**10.**|**TANGIBLE FIXED ASSETS**|||||||
||||||Fixtures|||
|||Freehold||
Plant and|and|Motor||
|||property||
machinery|fittings|
vehicles|Totals|
|||£||£|£|£|£|
||**COST**|||||||
||At 1 January 2020||-|13,727|4,078|12,100|29,905|
||Additions|11,178||-|-|-|11,178|
||At 31 December 2020|11,178||13,727|4,078|12,100|41,083|
||**DEPRECIATION**|||||||
||At 1 January 2020||-|7,033|3,826|9,050|19,909|
||Charge for year||-|3,114|126|1,525|4,765|
||At 31 December 2020||-|10,147|3,952|10,575|24,674|
||**NET BOOK VALUE**|||||||
||At 31 December 2020|11,178||3,580|126|1,525|16,409|
||At 31 December 2019||-|6,694|252|3,050|9,996|
20 | P a g e c o n t i n u e d . . .
SIEVEMK Gateway Ltd
## Notes to the Financial Statements - continued for the Year Ended 31 December 2020
|**11.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Accounts Receivable
Recoverable Loan
**12.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Bank loans and overdrafts (see note 14)
Accounts Payable
Social security and other taxes
Bounce Back Loan
Accountancy
**13.**
**LOANS**
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank overdrafts
**14.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**Restricted funds**
Grant - SEMLEP
Grant Restricted
Grant - SESF
Grant - BFSS
**TOTAL FUNDS**|31.12.20
£
814
6,240
7,054
31.12.20
£
-
5,382
740
40,000
1,096
47,218
31.12.20
£
-
Net
movement
At 1/1/20
in funds
£
£
89,203
16,579
-
8,225
99,700
(10,130)
-
40,000
-
9,996
99,700
48,091
188,903
64,670|31.12.19
£
25,704
3,550
29,254
31.12.19
£
687
2,199
407
-
1,750
5,043
31.12.19
£
687
At
31/12/20
£
105,782
8,225
89,570
40,000
9,996
147,791
253,573|
|---|---|---|
21 | P a g e c o n t i n u e d . . .
SIEVEMK Gateway Ltd
## Notes to the Financial Statements - continued for the Year Ended 31 December 2020
## **15. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
||Incoming|Resources|Resources|Movement|
|---|---|---|---|---|
||resources|expended||in funds|
||£||£|£|
|**Unrestricted funds**|||||
|General fund|145,341|(128,762)||16,579|
|**Restricted funds**|||||
|Grant - SEMLEP|8,225||-|8,225|
|Grant Restricted|(10,130)||-|(10,130)|
|Grant - SESF|40,000||-|40,000|
|Grant - BFSS|9,996||-|9,996|
||48,091||-|48,091|
|**TOTAL FUNDS**|193,432|(128,762)||64,670|
|**Comparatives for movement in funds**|||||
||||Net||
|||movement||At|
||At 1/1/19|in funds||31/12/19|
||£||£|£|
|**Unrestricted funds**|||||
|General fund|78,588||10,615|89,203|
|**Restricted funds**|||||
|PHF|-||7,655|7,655|
|BBO Projects|-||(687)|(687)|
|Grant - SEMLEP|-||4,130|4,130|
|Grant Restricted|79,876||8,726|88,602|
||79,876||19,824|99,700|
|**TOTAL FUNDS**|158,464||30,439|188,903|
22 | P a g e c o n t i n u e d . . .
SIEVEMK Gateway Ltd
## Notes to the Financial Statements - continued for the Year Ended 31 December 2020
## **15. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
||Incoming|Resources|Movement|
|---|---|---|---|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|151,548|(140,933)|10,615|
|**Restricted funds**||||
|PHF|7,655|-|7,655|
|BBO Projects|1|(688)|(687)|
|Grant - SEMLEP|4,130|-|4,130|
|Grant Restricted|10,130|(1,404)|8,726|
||21,916|(2,092)|19,824|
|**TOTAL FUNDS**|173,464|(143,025)|30,439|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
PHF
BBO Projects
Grant - SEMLEP
Grant Restricted
Grant - SESF
Grant- BFSS
**TOTAL FUNDS**|Net
movement
At
At 1/1/19
in funds
31/12/20
£
£
£
78,588
27,194
105,782
-
7,655
7,655
-
(687)
(687)
-
12,355
12,355
79,876
(1,404)
78,472
-
40,000
40,000
-
9,996
9,996
79,876
67,915
147,791
158,464
95,109
253,573|
|---|---|
23 | P a g e c o n t i n u e d . . .
SIEVEMK Gateway Ltd
## Notes to the Financial Statements - continued for the Year Ended 31 December 2020
## **15. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||Incoming|Resources|Movement|
|---|---|---|---|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|296,889|(269,695)|27,194|
|**Restricted funds**||||
|PHF|7,655|-|7,655|
|BBO Projects|1|(688)|(687)|
|Grant - SEMLEP|12,355|-|12,355|
|Grant Restricted|-|(1,404)|(1,404)|
|Grant - SESF|40,000|-|40,000|
|Grant- BFSS|9,996|-|9,996|
||70,007|(2,092)|67,915|
|**TOTAL FUNDS**|366,896|(271,787)|95,109|
## **16. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2020.
24 | P a g e
SIEVEMK Gateway Ltd
## Detailed Statement of Financial Activities
## for the Year Ended 31 December 2020
|Detailed Statement of Financial Activities
for the Year Ended 31 December 2020|||
|---|---|---|
||31.12.20|31.12.19|
||£|£|
|**INCOME GENERATED**|||
|**Income Generated**|||
|Coaching & Consultancy Income|22,406|81,685|
|Other Income|(352)|824|
|Gift Aid|2,506|1,750|
|Donations|37,878|13,190|
|Printing|427|10,075|
|Examination Centre|59,926|32,922|
|Space Hire|-|800|
||122,792|141,246|
|**Grants Received**|||
|Grants: General/Award for All|7,790|10,303|
|Grant - SEMLEP|8,225|4,130|
|Grants - Restricted|(10,130)|10,130|
|Grant PHF|(7,655)|7,655|
|Grant - Restricted SESF|40,000|-|
|Grants - Restricted BFSS|9,996|-|
|HMRC JRC Grant|22,414|-|
||70,640|32,218|
|**Total incoming resources**|193,432|173,464|
|**EXPENDITURE**|||
|**Charitable activities**|||
|Motor Expenses|3,008|3,630|
|Teachers' Fees|23,457|35,779|
|Printing & Production|830|5,649|
|Advertising|(525)|525|
|Utilities & Telephone|1,675|1,685|
|Travelling|158|1,848|
|Books & Teaching Materials|823|1,111|
|Examination Fees|19,143|5,947|
|Postage & Stationery|644|869|
|Computer Accessories|8,117|2,422|
|Miscellaneous Expenses|699|1,221|
|Office Expenses|5,903|6,514|
|Carried forward|63,932|67,200|
This page does not form part of the statutory financial statements 25 | P a g e
SIEVEMK Gateway Ltd
## Detailed Statement of Financial Activities
## for the Year Ended 31 December 2020
|Detailed Statement of Financial Activities
for the Year Ended 31 December 2020|||
|---|---|---|
||31.12.20|31.12.19|
||£|£|
|**Charitable activities**|||
|Brought forward|63,932|67,200|
|Administration|2,063|5,379|
|Subscriptions|(2,123)|2,373|
|Insurance|559|1,024|
||64,431|75,976|
|**Other**|||
|Vocational-NCFE, OCR, ASCENTIS|-|1,304|
|**Support costs**|||
|**Management**|||
|Payroll Expenses|46,407|46,789|
|Social security|(404)|2,032|
|Moving Expenses|-|12|
|Depreciation of Equipment|3,113|3,357|
|Depreciation of Fixtures and fittings|126|126|
|Depreciation of Motor vehicles|1,525|1,525|
||50,767|53,841|
|**Finance**|||
|Bank charges|1,210|1,168|
|**Information technology**|||
|Repairs & Maintenance|704|878|
|Gifts|60|1,903|
|Entertainment|-|656|
||764|3,437|
|**Other**|||
|Restricted: BBO Project- SH|-|250|
|Awards and Grants: BBO Project|-|438|
||-|688|
|**Governance costs**|||
|SMK new home: Consultancy|683|2,238|
|SMK New Home: Other|9,000|2,533|
|Training Costs|-|100|
|Accountancy|1,907|1,740|
||11,590|6,611|
|Total resources expended|128,762|143,025|
|**Net income**|64,670|30,439|
This page does not form part of the statutory financial statements 26 | P a g e