•IEDT] Industrial Cadets THE ENGINEERING DEVELOPMEN Annual report & Financial Statement for the Year ended 31 August 2021 Connecting young people with industry and inspiring STEM futures
| Pages | ||
|---|---|---|
| Strategic Report | 1-10 | |
| Trustees' Annual Report |
11-21 | |
| Independent Auditor's |
Report | 22-25 |
| Statement of Financial |
Activities | 26 |
| Balance Sheet | 27 | |
| Statement of Cash-Flows |
28 | |
| Notes to the Financial | Statements | 29-42 |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Total | Total | ||||
| Notes | Funds | Funds | Funds | |||
| K'000 | 6'000 | 6'000 | ||||
| INCOME | ||||||
| Donations and legacies |
2 | 415.5 | 415.5 | 490.2 | ||
| Charitable activities |
3 | 1,137.5 | 1,137.5 | 1,975.1 | ||
| Investments | 4 | 56.4 | 56.4 | 51.6 | ||
| Other income | 9 | 88.0 | 88.0 | 251.1 | ||
| TOTAL INCOME | 1,697.4 | 1,697.4 | 2,768.0 | |||
| EXPENDITURE | ||||||
| Cost of raising funds | 5 | 196.7 | 196.7 | 229.3 | ||
| Charitable activities |
6 | 1,645.4 | 1,645.4 | 2,564.6 | ||
| TOTAL EXPENDITURE | 1,842.1 | 1,842.1 | 2,793.9 | |||
| Net gains on investments | 11 | 230.0 | 230.0 | 19.7 | ||
| NET (EXPENDITURE)/INCOME | AND | |||||
| NET MOVEMENT | IN FUNDS | 85.3 | 85.3 | (6.2) | ||
| RECONCILIATION | OF FUNDS | |||||
| Total funds brought | forward | 1,146.2 | 1,146.2 | 1,152.4 | ||
| Total funds carried | forward | 61,231.5 | 51,231.5 | 61,146.2 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Notes | |||||
| 5'000 | 6'000 | 5'000 | 6'000 | ||
| FIXEDASSETS | |||||
| Tangible fixed assets | 10 | 14.1 | 56.2 | ||
| Investments | 11 | 1,621.2 | 1,583.0 | ||
| TOTAL FIXEDASSETS | 1,635.3 | 1,639.2 | |||
| CURRENT ASSETS | |||||
| Debtors | 12 | 364.0 | 270.7 | ||
| Cash at bank and in hand | 74.9 | 233.4 | |||
| TOTAL CURRENT ASSETS | 438.9 | 504.1 | |||
| LIABILITIES | |||||
| Creditors: Amounts falling due within one year 13 |
842.7 | 997.1 | |||
| NET CURRENT ASSETS | (403.8) | (493.0) | |||
| TOTAL ASSETSLESSCURRENT LIABILITIESI NET | ASSETS | ||||
| 17 | 51,231.5 | 61,146.2 | |||
| THE FUNDS OF THE CHARITABLE COMPANY | |||||
| 51,231.5 | 51,146.2 | ||||
| Unrestricted income funds |
|||||
| TOTAL CHARITABLE COMPANY FUNDS | 18 | 61,231.5 | 51,146.2 |
| Notes | 2021 | 2020 | ||||
|---|---|---|---|---|---|---|
| 5'000 | 6'000 | |||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
| Net cash (used in) operating | activities | 25 | (405.8) | (241.6) | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
| Dividends from investments |
48.2 | 51.6 | ||||
| Interest from investments | ||||||
| Proceeds from sale of investments | 200.0 | |||||
| Purchase of property, plant |
and equipment | (0.9) | (21.1) | |||
| NET CASH PROVIDED BYINVESTING | ACTIVITIES | 247.3 | 30.5 | |||
| Change in cash and cash |
equivalents | in | the year | (158.5) | (211.1) | |
| Cash and cash equivalents | at the beginning | ofthe year | 233.4 | 444.5 | ||
| Cash and cash equivalents | at the end | of | the year | 26 | 574.9 | 6233.4 |
| 2.DONATIONS | AND LEGACIES | Unrestricted | 2021Total | 2020 Total |
|---|---|---|---|---|
| 6'000 | 6'000 | 6'000 | ||
| onations | 5415.5 | 5415.5 | 5490.2 |
| 3.INCOME FROM CHARITABLE ACTIVITIES | 3.INCOME FROM CHARITABLE ACTIVITIES | Unrestricted | 2021Total | 2020 Total |
|---|---|---|---|---|
| F-'000 | 6'000 | 6'000 | ||
| Experiences | 299.8 | 299.8 | 619.0 | |
| projects | 354.7 | 354.7 | 848.2 | |
| Placements | 375.2 | 375.2 | 369.3 | |
| Industrial Cadets accreditations |
and development | 107.8 | 107.8 | 138.6 |
| 51,137.5 | 51,137.5 | 51,975.1 |
| 4.INVESTMENT INCOME | Unrestricted | 2021Total | 2020 Total |
|---|---|---|---|
| 6'000 | 6'000 | 6'000 | |
| Dividends | 48.2 | 48.2 | 51.6 |
| Profit on sale of investments | 8.2 | 8.2 | |
| 656.4 | 556.4 | 551.6 |
| 2021Total | 2020 Total |
|---|---|
| E'000 | E'000 |
| 196.7 | 229.3 |
| E196.7 | E229.3 |
| 6.ANALY | SIS OF EXPEN | DITURE ON CHARIT | ABLE ACTIV | ITIES | |||
|---|---|---|---|---|---|---|---|
| Events | |||||||
| Staff | Tutors | Courses | |||||
| costs | Travel | Recruitment | Supervisors | Workshops | |||
| E'000 | E'000 | E'000 | E'000 | E'000 | |||
| Experience | Days | 295.9 | 0.4 | 4.7 | 0.0 | 2.1 | |
| Projects | 432.6 | 0.3 | 0.2 | 0.0 | 1.9 | ||
| Year In Industry | 212.0 | 0.0 | 0.0 | 0.0 | 0.8 | ||
| Industrial | Cadets | 148.4 | 0.2 | 0.0 | 0.0 | 0.0 | |
| 2021Total | E1,088.9 | E0.9 | Eo.o | E4.8 | |||
| 2020 Total | E1,729.9 | E63.0 | E114.7 | ||||
| Running | Support | Governance | Total | ||||
| costs | functions | costs | expenditure | ||||
| E'000 | E'000 | E'000 | 60OO | ||||
| Experience | Days | 20.4 | 123.7 | 13.5 | 460.7 | ||
| Projects | 30.9 | 134.6 | 13.5 | 614.0 | |||
| Yearln Industry | 16.9 | 109.3 | 13.5 | 352.5 | |||
| Industrial | Cadets | 7A | 48.7 | 13.5 | 218.2 | ||
| 2021Total | E75.6 | E416.3 | E1,645.4 | ||||
| 2020 Total | E123.2 | E447.9 | E45.8 | E2,564.6 |
| General | Total | |||
|---|---|---|---|---|
| Support | Governance | Funds | ||
| E'000 | E'000 | E'000 | ||
| Staff costs Travel Recruitment |
294.8 1.2 0.0 |
51.5 0.1 0.0 |
346.3 1.3 0.0 |
|
| Running costs Marketing/Publicity Depreciation ICT |
4.0 4.9 43.0 98.7 |
0.7 0.0 0.0 0.0 |
4.7 4.9 43.0 98.7 |
|
| Professional Audit fees |
fees | 2.0 0.0 |
7.6 7.5 |
9.6 7.5 |
| E448.6 | E67.4 | E516.0 | ||
| Cost offundraising Expenditure on charitable |
32.3 416.3 |
13.4 54.0 |
45.7 470.3 |
|
| activities | ||||
| E448.6 | E67.4 | E516.0 |
| NET INCOME | FOR THE YEAR | ||
|---|---|---|---|
| 2021 | 2020 | ||
| E'000 | E'000 | ||
| This is stated | after charging: | ||
| Operating leases |
51.9 43.0 |
74.7 32.6 |
|
| Depreciation Professional Audit fees |
fees | 9.6 7.5 |
2.3 7.5 |
| TANGIBLE FIXEDASSETS | ||||
|---|---|---|---|---|
| Software | Computer | Office | ||
| &Website | Equipment | Equipment | Total | |
| f,'000 | K'000 | 6'000 | f,'000 | |
| Cost | ||||
| At31August 2020 | 300.5 | 142.4 | 17.8 | 460.7 |
| Additions | 0.9 | 0.9 | ||
| Disposals | ||||
| As at 31August 2021 | 300.5 | 142.4 | 18.7 | 461.6 |
| Depreciation | ||||
| At 31August 2020 | 264.6 | 128.6 | 11.3 | 404.5 |
| Additions | 28.8 | 11.1 | 3.1 | 43.0 |
| Disposals | ||||
| As at 31August 2021 | 293.4 | 139.7 | 14A | 447.5 |
| Net Book Values | ||||
| As at 31August 2021 | 57.1 | f2.7 | 54.3 | 614.1 |
| As at 31August 2020 | f35.9 | f13.8 | 56.5 | f56.2 |
| 11.INVESTMENTS | 11.INVESTMENTS | |||||||
|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||||
| E'000 | 6'000 | |||||||
| Market Value | ||||||||
| CCLA Charities | Common | Investment | Fund | 1,457.1 | 1,430.6 | |||
| CCLA Charities | Property | Fund | 164.1 | 152.4 | ||||
| Market Value | at the end | ofthe financial year | 51,621.2 | 61,583.0 | ||||
| Reconciliation | of Movement in Market |
Value of Investments | ||||||
| Market value at | the start | ofthe financial | year | 1,583.0 | 1,563.3 | |||
| Sale of investment at Market Value (March 2021) |
(200.0) | |||||||
| Profit on sale of | investment | (March 2021) | 8.2 | |||||
| Net gains on revaluation | of investments | at the end ofthe financial year | 230.0 | |||||
| Market Value at the end | ofthe financial year | 51,621.2 | 51,583.0 | |||||
| 2021 | 2020 | |||||||
| K'000 | E'000 | |||||||
| Cost | ||||||||
| CCLA Charities | Common | Investment | Fund | 911.2 | 1,052.2 | |||
| CCLA Charities | Property | Fund | 134.5 | 134.5 | ||||
| Cost at the end | ofthe financial year | 51,045.7 | 51,186.7 | |||||
| 2021 | 2020 | |||||||
| 12.DEBTORS | K'000 | 6'000 | ||||||
| Trade debtors | 245.0 | 145.3 | ||||||
| Other debtors and prepayments | 119.0 | 125.4 | ||||||
| 5364.0 | 5270.7 |
| 13.CREDITORS: | 13.CREDITORS: | Amounts falling due within one year |
||
|---|---|---|---|---|
| 2021 | 2020 | |||
| 6'000 | 6'000 | |||
| Trade creditors | 231.6 | 224.8 | ||
| VAT | 37.1 | 58.0 | ||
| Taxation | and Social Security | 17.1 | 17.7 | |
| Pension | scheme | contributions | 6.9 | 8.1 |
| Deferred | income (note 14) | 361.8 | 293.7 | |
| Accruals | 188.2 | 394.8 | ||
| 6842.7 | 6997.1 | |||
| 14.MOVEMENTS IN DEFERRED INCOME |
2021 | 2020 | ||
| 6'000 | 6'000 | |||
| Deferred | income at 1September 2020 | 293.7 | 245.1 | |
| Deferred | income | released during the year |
(293.7) | (245.1) |
| Income received | during the year and deferred | 361.8 | 293.7 | |
| Deferred income at31August 2021 | 6361.8 | 6293.7 |
| Financial | instruments measured at amortise |
d cost comprise the follow |
ing: | |
|---|---|---|---|---|
| 2021 | 2020 | |||
| 6'000 | 6'000 | |||
| Financial | assets that are debt instruments | (Trade Debtors) | 245.0 | 145.3 |
| Financial | liabilities that are debt instruments | (Creditors) | 419.8 | 619.6 |
| under n | on-cance | llable |
ope | rating | lea | ses | which expire | as follow | s: | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | ||||||||||
| E'000 | 6'000 | ||||||||||
| Premises - Licences to | occupy | expiring | between one | and five | years | 37.3 | 12.8 | ||||
| Office equipment | - expiring | between | one and five years | 1.3 | 3.7 | ||||||
| 638.6 | 616.5 | ||||||||||
| ANALY | SIS OF | NET ASSETS BETWEEN FUNDS | |||||||||
| 2021 | 2021 | 2020 | |||||||||
| General | Total | Total | |||||||||
| Funds | Funds | Funds | |||||||||
| 6'000 | 6'000 | 6'000 | |||||||||
| Tangible | fixed assets | ||||||||||
| Investments | 14.1 | 14.1 | 56.2 | ||||||||
| Current | assets | 1,621.2 | 1,621.2 | 1,583.0 | |||||||
| Current | liabilities | 438.9 | 438.9 | 504.1 | |||||||
| (842.7) | (842.7) | (997.1) | |||||||||
| Total Funds | |||||||||||
| 61,231.5 | 61,231.5 | 61,146.2 | |||||||||
| ANALY | SIS OF | CHARITABLE | FUNDS | ||||||||
| At | Incoming | Outgoing | At | ||||||||
| 01.09.20 | resources | resources | 31.08.21 | ||||||||
| Analysis | of Movements | in | Unrestricted | Funds | 6'000 | 6'000 | 6'000 | 6'000 | |||
| General | Funds | ||||||||||
| 1,146.2 1,927.4 |
1,842.1 | 1,231.5 | |||||||||
| Total Unrestricted Funds/Total |
Funds | ||||||||||
| 61,146.2 61,927.4 |
61,842.1 | 61,231.5 |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| 5'000 | 5'000 | |||||
| Net (expenditure)/ | income for the year | 85.3 | (6.2) | |||
| (as per the Statement of Financial Activities) | ||||||
| Adjustments | for: | Depreciation charges |
43.0 | 32.6 | ||
| Loss on disposal ofasset |
0.0 | 0.0 | ||||
| Gains on investments | (230.0) | (19.7) | ||||
| Dividends from investments |
(48.2) | (51.6) | ||||
| Profit from sale of investments | (8.2) | |||||
| (Increase)/Decrease | in debtors | (93.3) | 179.8 | |||
| (Decrease) in creditors |
(154.4) | (376.5) | ||||
| Net cash (used in) operating activities |
F(405.8) | 5(241.6) | ||||
| 26. | ANALYSIS | OF CASH AND CASH EQUIVALENTS | ||||
| 2021 | 2020 | |||||
| 5000 | 5'000 | |||||
| Cash at bank and in hand | ||||||
| 74.9 | 233.4 | |||||
| Total cash and cash equivalents | ||||||
| 574.9 | 5233.4 |