2021-07-31-accounts - Talent Engaged Academy

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TALENT ENGAGED ACADEMY

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] JULY 2021

CHARITY NUMBER: 1158559

TALENT ENGAGED ACADEMY 4 DELRENE ROAD SHIRLEY SOLIHULL B90 2HH

INDEX Page Legal & Administrative Details 1 Trustee’s Report 2-3 Independent Examiner’s Report 4 Statement of Financial Activities 5 Balance Sheet 6 Notes on the financial Statements 7 - 11

TALENT ENGAGED ACADEMY

LEGAL & ADMINISTRATIVE DETAILS YEAR ENDED 31[ST] JULY 2021

ADDRESS FOR CORRESPONDENCE

4 DELRENE ROAD SHIRLEY SOLIHULL B90 2HH

REGISTERED CHARITY NUMBER 1158559

GOVERNING DOCUMENT

CIO-FOUNDATION REGISTERED 15[th] SEPT 2014

TRUSTEES/ DIRECTORS

MS FAIZA AKMAL MR KASHIF IQBAL MR ANUJ TSCHANDHOK

PRINCIPAL BANKERS

BARCLAYS BANK 220 EALING ROAD WEMBLEY HA0 4QH

INDEPENDENT EXAMINER

FRESH FIRE ORGANISATION GENERATOR BUSINESS CENTRE 95 MILES ROAD MITCHAM CR4 3FH

TRUSTEES’ REPORT YEAR ENDED 31[ST] JULY 2021

The trustees are pleased to present their report for the year ended 31[st] July 2021 for the charity, Talent Engaged Academy with charity number 1158559.

The Trustees of the charity are: Ms Faiza Akmal Mr Kashif Iqbal Mr Anuj Tschandhok

The principal address of the charity is : 4 Delrene Road Shirley Solihull B90 2HH

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity governing document is a CIO Foundation constitution that was registered on 15[TH] Sept 2014.The Charity is governed by a board on which the trustees are represented. It meets regularly to review, plan activities and monitor the financial position.

OBJECTIVES AND ACTIVITIES

The Objects of the organisation are for the advancement of education for the public benefit of persons living in borough of Brent, Ealing and the surrounding area, in particular, but not exclusively the provision of free educational courses to people who are in financial hardship. The trustees confirm that they have had due regard to the guidance issued by the Charity Commission on public benefit before deciding what activities the charity should undertake.

ACHIEVMENTS AND PERFORMANCE

The Organisation continues to hold successful after school tuition classes for children needing support with 11 plus exam, primary and secondary school education and even A level students during the year. This year the organisation moved its classes online due to the pandemic and still saw an increase in the number of students attending and they have also increased the teaching staff to support this. This has produced positive results in the members of the community who benefited from the classes

FINANCIAL REVIEW

The income of the charity is above £315,000. This is a good amount for this year of the charity the costs have been well managed over this period. The organisation is still in a good position to manage its costs. The charity expects to clear the debt in the next few years. The main cost of the organisation was paying for the rent of its building and the rates as well as supporting the wages of the teaching staff who were contracted out self-employed teachers.

FUTURE PLANS

The charity plans to continue its operation by broadening the number of the beneficiaries that are able to access its services.

RESERVE POLICY

It is the policy of the Charity to maintain unrestricted funds, which are the reserves of the charity at about 3 months of unrestricted expenditure .This provides sufficient funds to cover any emergency expenditures that may arise from time to time. The charity will seek to maintain this level throughout the year.

RISK MANAGEMENT

The charity have assessed all the major risks to which the charity is exposed to, in particular those related to operations and finances of the charity, and are satisfied that systems are in place to mitigate exposure to major risks.

TRUSTEE RESPONSIBILITIES

Under the Charities Act 2011, the trustees are required to prepare a statement of accounts for each accounting year which gives a true and fair view of the state of the church. They are required to:

Select suitable accounting policies and apply them consistently.
Make judgements and estimates that are reasonable and prudent.
State whether the applicable accounting standards have been followed.
Prepare financial statements on an ongoing basis.

They are responsible for keeping proper records which disclose with reasonable accuracy the finances of the church at any time and to ensure that such accounts comply with the Charities Act 2011.They also have a responsibility to safeguard the assets of the church and to take reasonable steps to detect fraud or other irregularities.

Approved by the Trustees on 26[th] May 2021 and signed on their behalf by:

Independent Examiner’s Report To the Trustees

TALENT ENGAGED ACADEMY

I report on the accounts of the charity for the year ended 31[th] July 2021 set out on the following pages which have been prepared on the basis of the accounting policies shown in the corresponding pages.

Respective responsibilities of trustees and examiner

The trustees of the charity are responsible for the preparation of accounts: they consider that the audit requirement under section 144(2) of the Charities Act 2011 (the 2011 Act),does not apply. It is my responsibility to :

Examine the accounts under section 145 of the 2011 Act.
Follow the procedures laid down in the General Directions given by the Charity Commissioners made under section 145(5)(b) of the 2011 Act.
State whether particular matters have come to my attention.

Basis of Independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the church and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner’s statement

In the course of my examination, no matter has come to my attention;

(1) which gives me reasonable cause to believe that, in any material aspect, the trustees have not met the requirements to ensure that:
proper accounting records are kept( in accordance with section 130 of the 2011 Act
accounts are prepared which agree with the accounting records and comply with the accounting requirements of the 2011 Act: or
(2) to which , in my opinion , attention should be drawn in order to enable a proper understanding of the accounts to be reached

Chuks Ajuka BSc(Man),FICB PMDip FRESH FIRE ORGANISATION Generator Business Centre 95 Miles Road Surrey CR4 3FH

TALENT ENGAGED ACADEMY

Statement of Financial Activities for the year ended 31st July 2021

			Unrestricted	Total Funds	Total Funds
			Funds		2021	2020
Incoming Resources from			£	£	£
generated funds	Note
Donations and Legacie		2	285996		285996	252790
Investment income		3	0		0	0
			285996		285996	252790
Other Income
JRS Grant			29459		29459	20349
Total Incoming			315455		315455	273139
Resources
Resources Expended
Charitable activities in furtherance of objectives
Charitable Activities		6	324,481		324,481	314989
Other		4	0		0	300
Total Resources			324,481		324,481	315289
Expended
Net movement in funds			-9,026		-9,026	-42150
Reconciliation of Funds
Total Funds brought forward			-27076		-27076	15074
Total Funds carried forward			-36,102		-36,102	-27076

The above funds are all classed as to purpose All movements of funds and all recognised gains and losses are included above.

The notes on the accounts form part of these accounts.

TALENT ENGAGED ACADEMY Balance Sheet as at 31st July 2021

	Note	2021	2020
Fixed Assets		£	£
Tangible fixed assets	5	4462	5577
		___ ___
		4462	5577
		___ ___
Current Assets
Cash at bank and		20453	16299
in hand
Debtors & prepayments10		0	0
		20453	16299
Creditors:amounts falling due within one year
Creditors & accruals		0	0
Net Current Assets		20453	16299
Creditors:amounts falling due after one year
	9	61017	48952
Net Assets		-36102	-27076
Unresticted funds		-36102	-27076
TOTAL FUNDS		-36102	-27076

Approved by the Trustees on 26th May 2022 and signed on their behalf :

The notes on these accounts form part of these accounts.

TALENT ENGAGED ACADEMY

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[ST] JULY 2021

1.1 Basis of Accounting

These accounts have been prepared under the historic cost convention with items Recognised at cost or transaction values otherwise stated in the relevant note(s) to These accounts. The accounts have been prepared in accordance with:

The Statement of Recommended Practice: Accounting and Reporting by Charities Preparing their accounts in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014.

1.2 Going Concern: The accounts are prepared on a going concern basis.

1.3 The accounts present a true and fair view and no change have been made to the accounting policies adopted.

1.4 No changes to the accounting estimates have occurred in the reporting period

1.5 No material prior year error have been identified in the reporting period.

Recognition of Income

These are included in the Statement of Financial Activities (SOFA) when:

The charity becomes entitled to resources;
It is more likely than not that the trustees will receive the resources;
The monetary value can be measured with sufficient reliability.

Grants and Donations

Grants and Donations are only included in the SOFA when the general income recognition criteria are met (5.10 to 512 FRS102 SORP)

Tax reclaim on donations and gifts

Gift Aid receivable is included in the income when there is a valid declaration from the donor. Any gift aid amount recovered on a donation is considered to be part of that gift and is treated in addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

EXPENDITURE AND LIABILITIES

Liability Recognition

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

Grants and Support Costs

Support costs have been allocated between the governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

TALENT ENGAGED ACADEMY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[ST] JULY 2021

Creditors

The charity has creditors which are measured at settlement amounts less any trade discounts.

ASSETS

Tangible Fixed Assets for use by the charity

They are capitalised if they can be used for more than one year. They are valued at cost. The depreciation is calculated at 20% reducing balance method.

Debtors

Debtors are measured on initial recognition at settlement amount. Subsequently they are measured at cash.

TALENT ENGAGED ACADEMY

Notes to the accounts for year ended 31st July 2021

2 Voluntary Income

		Unrestricted	Unrestricted	Total funds
		Funds		2021	2020
	Income	£		£	£
	Donations	285996		285996	252790
	Other	29459		29459
	Total	315455		315455	252790
3	Investment income
		Unrestricted		Total funds
		Funds £		2021/£	2020/£
	Bank Interest		0	0	0
4	Other		2021	2020
	Professional and legal	fees	300	300
	Grants to Individuals < £1000		0	0
	Grants to Institutions		0	0
			______
			300	300
5	Tangible Fixed Assets		Equipment	Fix & Fitt		Total
	Cost		£	£		£
	At 01/08/2020		6923	2139			9062
	Additions		0	0			0
	At 31/07/2021		6923	2139			9062
	Depreciation
	At 01/08/2020		2406	1079			3485
	charge for the year		903	212			1115
	At 31/07/2021		3309	1291			4600
	Net Book Value at 31/07/2021		3614	848			4462
	Net Book Value at 01/08/2020		4517	1060			5577

TAELNT ENGAGED ACADEMY Notes to the accounts for the year ended 31st July 2021

Cost of Activities in	furtherance	of Charity's Objectives
	2021/£	2020/£
Rent of building	45833	72042
Telephone	6066	7801
Advertising	6997	9942
Insurance	532	156
Stationary	6869	1332
Bank charges	441	1786
Building rates	0	6752
Printing	0	2826
Pension	3920	2607
Consultancy services	24177	18500
Accounting services	4088	1167
Software	6572	9799
Materials	1384	5196
Travel	932	455
IT	5121	1929
PAYE	0	622
Cleaning	823	190
Depreciation	1115	1394
Office supplies	12149	24196
Recruitment costs	684	5080
Building renovation	51183	28285
Staff wages	122697	97286
Office rent	15646	15646
Light & Heat	7252
Total	324481	314989

TALENT ENGAGED ACADEMY Notes to the accounts for the year ended 31st July 2021

8 Staff Costs

The staff comprised of 35 contracted out teachers on self employment status and 3 full time employees on PAYE.

The CIO has no outstanding guarantees to third parties no any debts secured on the asstes of the CIO

9 Creditors: amounts falling due after one year

Independent examination Creditors Total	2021/£ 2020/£ 900 570 60117 48382
	61017 48952