Company Règistèrèd Numbèr.. 01812908 Charity Registernd Numbgr.. 299186 EAST LONDON ADVANCED TECHNOLOGY TRAINING (A Company Limited by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) CONTENTS Page Reference and Administrative Details of the Charity. its Tntstees and Advise Trusts8s' R8port 2-10 Statement of Trustsos, R•sponslbllltl•s Independent Audltors. Report on the Financlal Statsments 12-15 Consolidated Statem8nt of Financial Activities Consolldated Balan¢• Sheet 17 Charlty Balan¢• Sh••t 18 Consolldated Stat8m•nt of Cash Flows Nole8 to the Flnanclal Statements 20-43
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021 Trusts8S Lesley Ashman e$sandro Chiozzi Julie Feest Kevin Flood. Deputy Chair Coralie Poumel. Treasurer Matt Taylor Mani Vijayaraqhavan Malhangi Vikranth Cathy Walsh. Chair Natalie Wells (resigned 22 July 2021) CoMnY règ18tèr•d numbèr 01812908 Charity r8gSstored number 299186 R•gl$t•rèd officè 26Ck264 Kingsland Road London E8 4DG Kay Manag•m•nt Personnel Anthony Hamier Chief Executive Naima Elmangoun- Head of Vocatsonal Leaming Nafisah GrahanF8rown - Head of Life Skills and Community Independent audllors MHA Maclntyre Huds Statutory Audilor 6th Floor 2 London Wall Place London EC2Y SAU Bankors National Westminster Bank plc PO Box 10863 130 Whitechapel High Street London El 7PY Bank of Scotland 1416 Cockspur Street London SW1Y 5BL Soll¢ltors Russell-cooke LLP 2 Putney Hill London SW15 5BL Page 1
EAST LONDON ADVANCED TECHNOLOGY TRAINING {A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 The Directors, who also act as the Trustees of the Company for Charity law purposes, submit their Group annual report and the consolidated financial statements of East London Advanced Technology Training for the year ended 31 August 2021. The Directors confirm that ihe annual report and financial statements of the Company and the Group comply with current statutory requirements, the requirements of the Company's goveming document and the provi5ion5 of the Slalemenl of Recommended Practice ISORPI 'Accounling and Reporting by Charities,. Oryanisational structurg. governance and manapmont East London Advanced Technology Training IELATTI is a registered Charrty and company limrf(ed by guarantee govemed by a Memorandum and Artides of Asso¢iab"on dated 10 February 1984. The Charity is governed by a Board of Trustees vtho take responsibility for the strategic direction and quality of operations of the organisation and its people. Working closely with the Senior Management Team, the Board makes decisions through a detsiled knowledge of delivery. opportunrties 3nd risks garnered through three standing subcommittees vthich enable scrutiny of the three piimary business functions." Curriculum and Quality.. Finance and Facilities." and Business Developmenl. In order to ensure robust oversight of Safeguarding, the Board formulated a dedicated Safeguarding Commrttee in November 2019. The Subcommittees are chaired by Trustees and Include as members both Trustees and specialist advisors who contribute their skills and experience without tsknng on the full dub.es and responsibilities of trusteeship. Tru8t•e tralnlng and recrultmont The organisation has documented Trustee responsibilities and duties. Trustee$ Sign an agreement, with each period of tenure limited to three years, though extension Ihrough election is permitted. Trustees are recruited via advertisement In relevant newspapers and websrtes. as well as through word-of-moulh and largeled approaches through communrty organisalions. in particular ELBA'S Board Match programme which connects voluntary sector organisation$ with local business. Polenlial Trustees are invited lo fomial and informal activities prior lo appoinlmenl. Trustees also undertake training through away days and spe¢ifi¢ training events. The Board retains close links lo the Board of Haggerslon Neighbourhood Leaming Cenlre, ELATT'S subsidiary Charity. The chair of ELATT'S Board also ¢hairs HNLC'S Board. The HNLC was sel up in 2002 as a safeguard to ensure that in the event that ELATT faced closure, the HNLC could continue to make the property available to other charitable causes. Therefore, HNLC'S only activity is to provide permanent premises in Hackney for ELATT to run 115 charitable activities of training and education, and it does not employ rts own staff or have any other income other Ihan ils nI from ELATT. Voluntoors Volunteers are integral to ELATT'S charitable activities and ethos. In the past year, ELATT has had a team ol up lo 50 volunteers at any one ts"me, who have provided.. Adminislralion support Fundraising research and bid writing Classroom support as teaching assistants Facilitation of conversats'on clubs Please note that the finan¢ial value of volunleews is not Te¢ognised in the accounts. Our vlslon and mlsslon ELATT'S mission is 'to inspire people wth the skills they need to flourish in life and work,. Page 2
EAST LONDON ADVANCED TECHNOLOGY TRAINING {A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 Since ELATT started teaching East Londoners to build computers in 1984. we have been working b'relessly to tackle povety and social isolation in our cty by providing training and whole-person support for rnarginalised youn9 people and adults. Our vigion is lo make London a crty where everyone ean fknurish in their lives, no matter their age, background or circumstances. Mainstream education and support services do not meet the needs of many of the most vulnerable Londoners, locking them out of the skilled employment opportunitie5 that exist in our city and that offer financial security, stability and career development. That's why we work wth people who have been let down by mainstream education, including young people not in employment, education or training.. rebjgees, asylum seekers and migrants Wlth no access lo public lunds," and people with long lem mental and physical health issues, disabilrty, leaming difficulties or other barriers lo achievement. We are here to connect all the talented and a$pirab'onal Londoners have not had access lo the career opportunities they deserve nor the workplaces in our city that need them. Obl¢¢tlves and actlvltl•• Our formal Objects as revi8efJ in July 2010 a.. (i) Th8 education and training of young persons and adults in Hackney, rower Hamlets and other disadvantaged areas ol London in the skrfts essent1 lor adult 8nd working life, including inf0m>aln 8nd communications lechno109y. (li) The proVisn of advKe, guidance and SUPPDrt so Ihal such persons may benefit from education, training and employment. Our strategic objectives for the perh)d 2020~ 2023 are.. Mggtlng Needs: ELATT wll seek to provide frt-for-purpose training and educats'on, that meets the specific needs of those we aim to help. We will teach the skills they need, delivered in the ways they need, with the support they need. Enabllng Progrossion.. We wll focus on the social integration, personal independence and employment outcomes that our students need by building great relationships with our communities, employers and industry, delivering a curriculurn that communities and employers value. and enabling progression to further learning and training, Work experience. employment and apprenticeships. Funding and sustainability: We will seek to continue to provide high quality services, diversifying our sources of ndIng and increasing efficiencies, and contsnuing lo focus on the quality of our provision, which n turn improves our abilrty lo attract funding. We implement these objectives through our Leaming Model for personal development which combines classroom training, real world learning and one-tctrone support. Its elements are.. Grounded in the skills required lo live an independent and fulfilling lrfe in the modem age - English. Maths, IT, and a mindset of lifelong learning and the ability to work with and support others. Page 3
EAST LONDON ADVANCED TECHNOLOGY TRAINING {A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 Skillèd in practical and in4Iemand vocational areas including Web Design, Soffvlare Development, Computer Engineering, Digital Media Production, Games Design, IT and education professions. Involved in community through volunteering. communrty action or simply building supportive leaming communities. R8ady lo move on lo the next step. This can be employment or better pay. further study at college or university, community involvement and inlegralion. but overall developing the confidence and self-worth lo look ahead. Our work engages wth three groups of participants.. Adult rèturners aged over 19 such as Ayse. a single mother who was unemployed for fifteen years before enrolling on our Computer Engineering Pfogramme and moving into an Apprenli¢eship. Ayse now has a senior IT role in an internalional archileclural firm in the Cty of London. Slxth formors aged 16-19 such as Frankie who joined ELATT aged 17 and is now a univer511y graduate and SOare developer working for the Ministy of Justice. Refugees and mlgrants such as Salma. a marketing analyst from Sudan. Salma arrived in UK as a refu9ee and attended English and volunteering programme$ al ELATT as part of our New Roots inlegrats'on programme. Salma is now an office administrator and safely settled in London. Achl6v•mont8 and perfomiance In 2021 Our l•amers We supported a lolal o19SO learn•rn across all our courses.. 607 in Life Skills, 274 in vocation81 Courses and 69 in our 16-19 provision. These 950 indivi<Juals look 1598 qualfficats"on$ overall. passing 86% of them, desprte the challenges 8nd difficulties presented by the Covid-19 pandemic. Achl6v&ment 86% achievement (national rate 2020.. 87%) 99% retention Inalional rate 2020.. 93%) 87% pass rate Inalional rate 2020.. 93%) We are graded outstanding in all areas by Ofsted. Impa¢t In the year most impacted by the pandemic= 22% of our Adult Returners progressed into paid w)rk, 35% progressed into further learning and 44% took part in our professional mentoring programmes. 97% of our Sixth Form students progressed to fiJrther leaming at a higher level, including at ELATT and external colleges, 75% took part in our professional mentoring programme, and 22.fi progressed into apprenticeships or unwer5rty. Page 4
EAST LONDON ADVANCED TECHNOLOGY TRAINING {A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 61 % of our Life Skills students took part in Communty engagement activities, 41% took up volunteering for a local good cause, 48% progressed to further leaming, and 10% progressed to paid employment. The follo¥Mng table shows our targets and our outcomes for each of our key student groups in 2022021, wth our goals for 2021-2022. These figures show that where the pandemic impacted student performance most significantly was in progression to further leaming andlor employment in Adult Returners and Life Skills largely because at that stage of summer 2021 there were fewer available jobs and learning opportunitie5, as well as reticence amongst vulnerable sludents to tske up opportunities on health grounds and in qualification achievement for Sixth fomi students. which was pa"allY caused by administrative difficuffj'es during the pandemic from awarding body regulations. Adult returners 19+ Ko measure 2020-2021 ta gt 2020-2021 actual 2021-2022 oal$ Sludenl enrolmenls 240 274 240 Learning aim starts 360 415 320 Groundod I Sklll•d Qualifications achieved 85% 88% 90% Involv•d l Rèady Progression lo employment or further leaming 75% 57% 75% Young peopl•'8 programme¥ 16-24 Ko measurg 2020-2021 ta Ot 2020-2021 actual 2021-2022 oals Sludenl enrolmenlg 130 157 150 Learning aim starts 200 348 225 Groundod I Skillod Qualifications achieved 85% 71% 75% Involvgd l R•ady Progression lo employment or further leaming 85% 67% 80% Page 5
EAST LONDON ADVANCED TECHNOLOGY TRAINING {A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 Sixth fomi provision 16-19 lincluded within Young people's programmes 16-24 above) Ke measure 2020-2021 tar et 2020-2021 actual 2021-2022 oa15 Student enrolments 70 69 55 Leaming aim starts 100 185 120 Groundod I Sklll•d Qualifications achieved 80% 68% 80% Involv8d l Rèady Prog$s1On lo employment or further leaming 75% 97% 80% Llts Skllls: r•fugo08 and mlgrant provlsSon Ko moasur8 2020-2021 tar et 2020-2021 actual 2021-2022 oals Sludenl enrolmenls 600 607 800 Learning aim starts 680 998 950 Groundod I Sklllod Qualifications achieved 80% 88% 80% Involvgd l Roady Progression lo employment or further leaming 85% 58% 85% Meanwhile. ELATT'S subsidiary the HNLC wilinued to pr¢)¥ide premises to ELATT. Plans for futurg p8ri0ds Based on our successes and risks in 202(k2021 our priorities for the coming year are.. To continue lo encourage 30% of student5 to lake up long-term volunteering. To establish further employment mentoring opportunrties for young people and aduts special needs. To reach full implementation of our Pro Surte database across the organisation. including for Individual Learning Plans. To seek further diversty of fijnding and income through corporate giving and chantable trusts and foundations. To continue lo respond to student and employer need in the post-pandemic period in an agile, innovative and people<entred way. in¢luding optimising our balance of online and in-person delivery. Page 6
EAST LONDON ADVANCED TECHNOLOGY TRAINING {A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 Like many organisations across the UK, whether publi¢, private or non-profit, the coronavirus pandemi¢ presented serious challenges to our operabonal model and necessitated fast adaptation to many of our delivery methods. Our staff - teachers, support, Trustees and leadership alike responded wrth agility, innovation and delerminalion. In March 2020 we moved all our services online using Zoom and home- learning study packs. and in the 202(h2021 academic year we Issued many studen15 wlh the equipment and resources to parb'cipate in digrtal-based leaming 1142 laptops and smartphones, 21 data plans, 300 printed learning packs). successfijlly adapting our recruitment. assessment and enrolment process to be effective online. We also r&assessed our safeguarding and other key policies to remain fit.for-purpose for this new method of delivery. From September 2021, our Sixth Form provision relumed fvlly in-classroom, having been running al only a skeletal service level during 2022021. Adult Relumers and Life Skills classes are moving back into the classroom from April 2022. though we expect al least 50% of adult courses to remain online or partly online followng recent student feedback. Golng Concèrn ELATT'S Trustees have reviewed ¢)ur going concem Ststus. They have concluded that ELATT is suffi'cienuy financially robust lo remain a going concern over the nexi fv1ve months. in the knovledge that a number of our projects are grant-funded and secure until at least mid-2023. We have secured generous additional support from UBS. Wellington Weakh Management, Market Axess, Mimecast and the Nalional Lottery, and 80, ¢ombined with eontinued high levels of qualrty delivery, and in this way have both fvther diversffied our ncome and increased our reserves. Neverthele$$, Tru$tee$ are clear that. in common wth many organisatr'ons in the UK'S private and non-profit sector, the current economic and funding situalion poses a significant risk to our cashflow and ability lo build reserves. We have increased our ¢apa¢ity in the areas of adminislralion. fundraising, marketing and Sludenl support so that we are well prepared and equipped lo support the organisalion, ils staff and students throughout the coming months and years. Publlc Benefit The Director5 confim that they have complied th their duty lo have due regard lo the guidance on public benefit published by the Charity Commission in exercising their powers and duties. In particular. the Directors ensure that access lo ELATT'S leaming and support provision remains free of charge lo its students. Key Managefflent Personnel ELATT'S Key Management Personnel consists of its Chief Executive. Head of Vocational Learning. who is the organisation's senior manager responsible for adult retumer and young people's provision, and Head of Life Skills and Community, who is the organisation's senior manager responsible for refugee and migrant provision. The remuneration of Key Management is established through the Remunerab'on Sub Committee which consists of the Chair, Deputy-chair and Treasurer and which meets annually in December. The Remuneration Sub Committee has delegated authority from the Board of Trustees to consider pay of all staff n the light of. Cornparison of current pay levels against currenlty advert15ed relevant job adverts in relevant and comparable sectors and organisations. Benchmarking of current pay levels through the ACEVO Pay Survey for Ihe relevant year and through the hiring of Twenty-six Consulting, a specialist service to benchmark pay in the Charrty sector. Consideration of inflation and its impact on the cosl of living, wth particular reference to the London Living Wage. Performance and dutie5 and responsibilities of each Key Management Personnel. Affordabilty based on recent and forecast financial results. Page 7
EAST LONDON ADVANCED TECHNOLOGY TRAINING {A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 Trustees are not remunerated. Principal Risks The Trustees and Executive assess annually the major risks to the organi5ation. These are compiled in the Risk Register which scores all the risks to the business for likelihood, Impact and overall risk. The Register is reviewed each quarter by each of the subcommrttees. noting a¢b'on that has been tsken within the organisation to reduce likelihood and impact. This in tum is reported to and monitored by the main Trustee Board. The Charty's principal risks and actions lo mttigate these risks are". Risk Sudden loss of key staff OveNiew of actions to mltlgate Succession and contingency planning. Carehjl adherence to Covid-19 safety measures. Succession and contingency planning." diver5ificalion of income." bvilding of free reserves. Apply to the UK Shared Prosperity Fund once available to ensure replacement of EU funding once ESF ends in 2023. Due diligence and monitoring programme. Ensure security procedures are adequate at all times.. plan ahead lor upgrades to system. Implemenlalion of Financial Procedures and Policy,, ensure adequate insurance for evenlualilies. DBS enhanced disclosure for all relevant staff, tru5tee¥. visrtors and volunteers. Implementation of Safeguarding and Prevent policies including in the online environment. Implementation of H&S policy and risk management process,. ensure adequate insurance for evenlualilies. Ensure adherence lo all Covid-19 qUIreMents. Ensure compliance wth GDPR,. ensure adequate insurance for eventualities. Ensure ¢onsislenl and appropriate application ¢f the Equalty Act 2010 in regards lo student$, staff, volunteers and partners. Sudden loss of key funding Legal transgression al partner or subcontractor IT systems failure Fraud (financial or delivery) Safeguarding andlor Prevent lailure Health and safety failure Data protection failure Equality and diversty failure Financial review Desprte the coronavirus pandemic, ELATT produced very good financial resulis in 2020-2021. Although the pandemic caused substantial disruption to the learning process. the nature of our work - being almost exclusively education services direct lo those in need - has been able lo continue and the oiganisation has remained open online throughout. Combined with astute financial management, pro•active fundraising and careful managing of costs, ELATT was able to keep trading wthout fudoughing any staff and wthoul requiring a coronavirus business loan. In thi5 way, the Trustees have also been able lo lake important 5tep5 towards their reserves largel, which the Board see as essential in order lo enable the f[rtU agilrty of the organisalion. Page 8
EAST LONDON ADVANCED TECHNOLOGY TRAINING {A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 Wrth this backgroun¢J on contsnued success in delivery and income, the Trustees have Concluded that they have a reasonable expectats'on that the Charity has adequate resources to continue in operational existence for the foreseeable future. In particular, the Trustees took great encouragement from the fact that the Group achieved a surplus of £399,680 in 2020-2021. which has continued the improvement in the organisalion's financial position after a Ihree-year penod of high expenditure on the redevelopment of the building, and al the mid-way point of 2021-2022 believe that ELATT Can Continue lo generate a surplus in the new financial year. Accordingly, they continue to adopt the going cOrM basis in preparing the annual report and accounts. The HNLC continues lo perfom as expected. wth its sole income coming from fentsl of the property lo ELATT and rts main expenditure remaining the fvlfilment of the mortgage loan and its associated charges. Al the year end the Group held total reserves of £2,657,159 of which £1.030,439 are free re5erve5 (defined as unreslricled funds not held with Fixed Assets. mortgage debt or designated funds) which Continues lo show improvement towards the mid-range of this tsrgel since rts posl-building redevelopment work position n 2017-2018. The Charty does not fundraise directly with Ihe public. A minimal amount of unsolicrted donations were received in the year, therefo the Charrty does need to follow a fundraising standards scheme. Reserves Pollcy In a¢¢ordan¢e wlh the remmendatIonS of the Charity Commi$$i¢)n, the Reserves Policy is reviewed annually at the lime of receiving the audiled accounts. The Trustees are clear on why ELATT needs to hold adequate regeNes. This is order to.. Protect the organisalion from flucluabons in grant and contract income, mosl of vthich is fixed-term erther al one, two or three years. Ensure the organisation maintains heatthy working capital against a backdrop of grant income and paymenl-by-results conlracls, vthich in both cases often See arrears payments arriving 3 - 6 months after delivery lakes place. Invest in the infrastructure and skills wuld lo safeguard the ongoing sustsinability and capacty of the organisation. Have adequate cash in order to oversee a managed d¢)wn in the evenl of closure. In thi5 context the Board agreed a longer term goal to have betsyeen three and six months, running costs in free reserves las defined as unrestricted funds that are not held as designale<l funds, fixed assets or mortgage debt). At the year-end this target was £600.000 at the lower point and £1.200.000 at its highest. At the year-end free reserves amounted to £1,030.439 representing 5 month's running Costs. This reflects the proces5 01 rebuilding of ELATT'S free reserves following the substantial investment made into ELATT'S property in Hackney between 2016-2018, of which a Significant part1£249.9511 wa5 5elf-funded - despite this substsnlial outlay, ELATT'S reserves have built steadily since that lime. and ils cash holdings Increased. The Board remain strong in their Tesolve lo fulfil ELATT'S reserves policy and are determined to rebuild ELATT'S levels of free reserves foll0vng the building work through carefvl budgets"ng, expenditure monitoring and diversified fundraising. Thwee years since this work completed. ELAT[ have registered improving surpluses. increasing income wrthoul commensurately in¢a51n9 rts Cosl base. as well as making continued improvements to the student experience and faciltbes. Thefore. the tmstees are satisfied that ELATT is on track lo continue to achieve fijrther annual surpluses over the next years and through this to continue lo Increase ils general reserve level. Page 9
EAST LONDON ADVANCED TECHNOLOGY TRAINING {A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 The purpose of restricted fijnds is to signfy vthere the funder, donor or grant-making body have stipulated the exact nature of delivery and approved an expenditure-based system of drawing down the grant based on delivery of those activities. Subcontracting policy On some projects, ELATT acts as an intemiediary for the govemment and its agencies and lakes responsibilrty for management and quality assurance on these projects. Each of these projects has specific aims consistent with ELATT'S own charitable Objects, and the Charity meets these aims by applying a standard process in dealing wth partners. In 2020-2021 our main project using subconlraclors was our LotterylESF Building Better Opportunities project Working Wesl London. and our subcontracltsrs were Action West London and GOSAO. ApprtsyÉ*d by ard•r of the Members of the Board of Trustees and signed on ils behatf by.. Cathy Walsh Chair ol Trustees Dale,. o&oso022 Page 10
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) STATEMENT OF TRUSTEES. RESPONSIBIUTIES FOR THE YEAR ENDED 31 AUGUST 2021 The Trustees (who are also the Directors of the Charty for the purposes of company lawl are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accountsng Standards Iunited Kingdom Generally Accepted Accounting Piacticel. Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view ol the stale of affairs of the Group and the Chanty and of their incoming resources and application of resources. including their Income and expendrture. for that penthj. In Preparing these financial slalemenls, the Trustees are required lo". sele¢t suitable accountsng policies and then apply them consislenlly," observe the methods and principles of the Charities SORP IFRS 1021., make judgements and accounbng esbmates that are reasonable and Prudent., stsle whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going ¢oncein basis unless rt is inappropriate to presume that the Group and Charity wll continue in business. The Trustees are responsible for keeping adequate accountin9 records that Sre sufficient lo show and explain the Group and the Chanty's transactions and dis¢lose wlh reasonable accuracy al any lime the finan¢ial position of the Group and the Charity and enable them to ensure that the financial slalemenls comply wlh the Companies Act 2006. They are also responsible for safeguarding the assets Df the Group and the Charity and hence for taking reasonable slep$ for the preventson and deleclion of fraud and other irregylarilies. In so far as the Trustees are aware.. there 1$ no relevant audit infomiats'on of vthich the Group and Charity's auditor 1$ unaware.. and the Trustees have taken all steps that they ought lo have taken lo make themselves aware of any relevant audit information and lo establish Ihat the audrtor is aware of thal inlomiats'on. Approved by order of the Members ol the Board of Trustees and signed on its behalf by.. Cathy Walsh Chair of Tru51ees Dale." 0510512022 Page11
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF EAST LONDON ADVANCED TECHNOLOGY TRAINING Opinion We have audited the financial statements of East London Advanced Technology Training Ilhe 'Charityl and ils subsidiaries (the 'Group'l for the year ended 31 August 2021 ¥thich comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Ststement of Cash Flow5 and the related notes, including a summary of signrficant accounb'ng policies. The financial reporting framework that has been applied in their preparab.on is applicable law and United Kingdom Accounting Standards, including Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable In the UK and Republic of Ireland, (United l('ngdom Generally Accepted Accounling Practice). In our opinion the financial statements.. give a true and fair view of the state of the Group's and of the Charitys affair5 as al 31 Au9usI 2021 and of the Group's incoming resources 3n¢J application of resources. including rts income and expenditure for the year then ended., have been properly prepared in accordance United Kingdom Generally Accepted Accountin9 Practice,. and have been prepared in accordance %Mth the requirements of the Companies Act 2006 and the Charities Act2011. Bas18 for oplnlon We conducted our audit in accordance Intemabonal Standards on Audrting IUKI IISAS IUKII and applicable law. Our responsibilities under those stsndards a fvrther ¢Jescribed in the Auditors, responsibilities for the audit gf the financial statements section of our report. We are independent of the Group and Charity in accordance wth the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Elhieal Standard, and we have fulfilled our other ethical responsibilrties In accordan¢e wlh these requirements. We believe that the aut1il evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concem In auditing the financial statements, we have concluded that the Trustees. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not idenltfied any material uncertainties relating lo events or conditions that, individually or collecb'vety, may cast signrficant doubt on the Group's or the Charity's ability to continue as a going concem for a period of at leasl fv1ve months from when the financial statements are authori5ed for issue. Our responsibilities and the responsibilrties of the Trustees vAth respect to going concem are described in the relevant sections of this report. Page 12
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF EAST LONDON ADVANCED TECHNOLOGY TRAINING (CONTINUED) Other infom)ation The Trustees are responsible for the other infomiation. The othef infomiatron comprises the infomiation included in the Annual Report, other than the financial statements and our Auditors. Report thereon.our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwse explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. In conneth'on wth OUT audit of the financial statements, our responsibilty is to Tead the other information and. in doing so, consider whether the other inlormabon is materially inconsistent the financial statements or our knowledge obtained in the audit or otherwise appears to be materialty misstated. If we identify such material incon51Stencies or apparent malenal misstatements. we are required to determine whether there iy a material misslalemenl in the financial slalemenls or a malenal misslalemenl of the other information. If. based on the work we have performed. we conclude that there Is a material misstatement of this other infomialion, we are required to report that fact. We have nothing lo report in this regard. Oplnlon on othor matter8 prescrib•d by tho Companlos Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the inlormalion given in the Annual Report for the financial year for which thè financial stslemenls are prepared is consislenl Ihe financial slalemenls. the Annual Report ha5 been prepared in a¢cordan¢e wlh applicable legal requirements. Matters on wthlch are rgquSr•d to report by oxceptjon In the light of our knoedge and understanding of the Group and Charity and ils environment obtained in the course of the audrt. we have not identified material misstatements In the Trustees, Report. We have nothing lo report in respect of the followng matters in relatn lo vthich Companies Act 2006 requires us lo report lo you rf. in our opinion". the Group and Charity ha5 not kept adequate and sufficient accounting records, or Tetums adequate for our audit have not been received from branches not wsiled by us." or the Group and Charity financial statements are not in agreement %Mth the accounting records and returns,. or certain disclosures of Trustees, remuneration Splfied by law a not made,. or we have not received all the information and explanations we require for our audit,. or the Trustees were not enlilled to prepa the financial statements in accordan¢e wlh the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, Reptsrt and from the requiTemenl lo prepare a Strategic Report. Rasponsibiliti8s of Trust8eS As explained MO ful in the Stslement of Trustees. Responsibilrties. the Trustees Ivh)o a also the Directors of the Group and Chanty for the purposes of company lawl are responsible for the preparation of the fi'nancial statements and for being satisfied that they give a true and fair wew. and for such intemal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misststement, whether due to fraud or error. Page 13
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF EAST LONDON ADVANCED TECHNOLOGY TRAINING (CONTINUED) In preparing the financial stalemenls, the Trustees are responsible for assessing the Group's and Charity's ability to Continue as a going concem. disclosing. as applicable. matters related to going ¢oncem and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or Charity or to cease operations, or have no realisbc attemative but to do so. Audltors, r•sponslbllltl•s for tho •udlt of th• financlal stst•m•nts Our objectives are to obtain reasonable assurance about vthelher the financial statements as a whole are free from material misslatemenl, vh)elher due to fraud or error. and to issue an Auditors, Report that includes our opinion. Reasonable assurance Is a high level ol assurance. but is not a guarantee that an audit conducted in accordance wth ISA$ IUKI wll ay$ detect a material misslatemenl vthen il exists. Misslatemenls Can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularits'es, including fraud. are instsnces of non-compliance wth laws and regulations. We design procedures in line wth our responsibilities, oullined above, lo detect material misstatements in respect of irregularities, including fraud. The extent to our procedures are capable of detecting irregularities, including fraud is detailed below.. Obtaining an understanding of the legal and regulatory frameworks that the entity operates in, fo¢u$ing on those laws and regulations that had a direct effect on the financial stalemenls.. Enquiry of management lo identify any in$tsn¢es of known or su$peded instances ol fraud,. Enquiry of management and those charged with governance arcHJnd actual and potential litigation and claims., Enquiry of management about any instances of non•compliance with laws and regulations,. Reviewing the control systems In place and lesling the effectiveness of the Controls., Performing audrt work over the risk of management override of wntrols, in¢luding te$ling of joumal entries and other adjustments for appropriateness. evaluating the business rationale of Significant transaction5 outside the nom)al course of business and reviewing accounting estimates for bias," Reviewin9 minutes of meetings of those charged with govemance,. and Reviewng financial slalemenl disclosures and testsng lo suprK)rb"ng t1ocumentslion to assess compliance with applicable laws and gUlations. Because of the inherent limitations of an audit. there is a risk that wll not detect all irregularities, including those leading to a material misstatement in the financial statements or non<ompliance wilh regulation. This risk increases the more that compliance with a law or regulation 15 removed from the events and transactions reflected in the financial slatemenls. as we will be less likety to become aware of instances of non-compliance. The risk is also greater regarding irregulanb.es occurring due lo fraud ralher than error. as fraud involves intentional concealment, forgery. collusion, omission or misrepresentats'on. A further description of our responsibilities for the audit of the financial statements Is located on the Financial Reporting Council's websrte at." www.frc.or .uklauditorsres This description forms part of our Auditors, Report. Page 14
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF EAST LONDON ADVANCED TECHNOLOGY TRAINING (CONTINUED) Us8 of our report This report is made solely lo the Group and Charity's Members. as a body. in accordance vAlh Chapter 3 of Part 16 of the Companies Act 2006, and to the Part 4 01 the Chants'es IAccounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Group and Charity's Members those matters we are required to state to them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility lo anyone other than the Group and Charity's Members, as a body, for our audit work, lor this report. oi for the opinions we have fom)ed. Stuart M¢Kay BS¢ FCA DChA ISonSor Ststutory Audltorl for and on behalf of MHA Maclntyre Hudson Statutory Auditor London, United Kingdom Dale.. 1010512022 Page 15
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENOED 31 AUGUST 2021 Unrestricted lunds 2021 Restricted fund5 2021 Total funds 2021 Total funds 2020 Income from: Donations Charitsble activities Investments 96.993 1,374,398 55 96,993 2.772,276 55 134,804 2,657,323 228 1,397.878 Total income 1,471,446 1,397,878 2.869,324 2.792,355 Expgndlturg on: Raising funds Charitable activilieg 30,474 1.041,292 5.586 1,392.292 36,060 2.433,584 45,604 2,325,284 Totsl expendlturo 1,071,766 1,397.878 2,469,644 2,370,888 Not mov•mont In funds 399,680 399,680 421,467 Ro¢on¢lllatlon of funds: Total funds brought for¥Yard Net movement in lunds 2,257,479 399,680 2,257,479 399,680 1.8,012 421,467 Total funds carrl•d forward 2.657.159 2.657,159 2,257,479 The Consolidated Stslemenl of Finanoal Activib"es indudes all gains and losses e0gniSed in the year. All income and expenditure derive from continuing actiwb'es. The notes on pages 20 to 43 form part of these finanaal statements. Page 16
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Limitèd by Guarantèè) REGISTERED NUMBER: 01812908 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2021 2021 2021 2020 2020 Flxod as$•ts Tangible assets 13 1,843.591 1.884,418 1,843.591 1,884,418 Current a8S0t8 Debtors Cash al bank and in hand 15 21 323,479 1.230,383 346,604 903,839 1.553.862 1,250,443 Creditors.. amounts tslling due thin one year 16 1575,2341 1662,9171 Not current a8S•ts 978.628 587,526 Total assets less curront Ilabllltles 2.822,219 2,471,944 Creditors.. amounts falling due after more than one year 17 116S,0601 1214,4651 Totsl net assets 2,657.159 2,257,479 Group funds Restricted funds Unrestricted funds 18 18 2.657.159 2,257,479 Totsl funds 2.657.159 2.257,479 The Trusleeg acknovAedge their responsibil"e$ for cOMp.n9 wth the qU1mentS of the Companies Act 2006 th re$pert to a¢UntIng records and pp0[a'0n of ffinancial statements. The financial statements have been prepared in accordance the Provisions applicable lo enlilies subject lo the small companies regime. The financial statements were approved and avthorised for issue by the Truslees and signed on their behalf by.. Cathy Walsh Chair ol Trustees Date.. 0510512022 The notes on pages 20 to 43 form part of these financAal statements. Page 17
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Limitèd by Guarantèè) REGISTERED NUMBER: 01812908 CHARITY BALANCE SHEET AS AT 31 AUGUST 2021 2021 2021 2020 2020 Flxod as$•ts Tangible assets 13 604.148 621,208 604.148 621,208 Current a8S0t8 Debtors Cash al bank and in hand 15 323,479 1.20S,588 346,604 893,449 1.529.067 1,240,053 Creditors.. amounts tslling due thin one year 16 1728,3101 1802,2731 Not current a8s•ts 800.757 437,780 Total not assets 1,404.905 1,058,988 Charlty lund$ Reslricled funds Unreslri¢ted funds 1,404,905 1,058,988 Total funds 1,404.905 1,058,988 The Charity's net movement in funds for the year was £345.91712020- £355,459). The Trustees acknovAedge their responsibilities for Cornpng wth the quirementS of the Companies Aet 2006 wlh respect to accounting iecords and prepaiatson of ffinancHI ststements. The financial statements have been prepared in accordance the provisions applicable to entities subject to the small companies regime. The financial slalemenls were approved and authorised for issue by the Trustees and signed on their behalf by.. Cathy Walsh Chair of Trustees Date.. 0510512022 The notes on pages 20 to 43 fomi part of these finanaal statements. Page 18
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Note Cash Ilows from operating activibes Nel cash used in operating ath"vitses 20 468.367 462,774 Cash flows from Invostlng •ctivltle8 Investment income Purchase of tangible fixed assets 55 190,0681 228 {152,9801 13 Not cash used In InveSn9 actlvltbes 190.013} 1152,7521 Cash flows from financlng actlvltlo1 Repayments of borrowing Interest paid 17 139,4651 112,3451 151,8231 N•t cash usèd In Ilnanclng actlvltl•8 151,8101 151,8231 Chang• In ca#h and ca#h •qulvalents In y•*r Cash and cash equivalents al the beginning of the year 328.544 258,199 903.839 645,640 Cash and cash equlvalents at the end of th• year 21 1,230,383 903,839 The notes on pages 20 to 43 fonn part of these finanual stalemenls. Page 19
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 G•n•ral Inf0maOn East London Advanced Technology Training is a charitable company limited by guarantee and is registered wth the Charity Commission (Charity Registered Number.. 2991861 and the Registrar of Companies (Company Registration Number.. 018129081 in England and Wales. The address of the registered office is given in the Group and Charity infomation on page 1 of these financial ststements. The nature of the Group and Charitys operats'ons and principal ath'vities are detailed within the Trustees Report. The signrficant accounting pdicies applied in the pp3ratft ol these financial statements are sel out below. These policie$ have been consislenlly applied lo all years presented unless otherwise staled. A¢¢ountlng poll¢lo$ 2.1 8asls of preparatlon of financSal statsments The financial statements have been prepared in accordance wth the Charities SORP IFRS 1021- Accounting ant1 Reporting by Chanties". Stslement of Recommended Practice applicable lo charits'es preparing their a¢¢ounls in ac¢ordan¢e wlh the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. East London Advanced Technology Training meets the definrtion of a public benefit entity under FRS 102. The financial slalemenls have been pSented In sterling, %thich Is also the functional currency of the Group and a rounded to the nearest pound. The Consolidated Statement of Financial AcliVrtS ISOFAI and Consolidated Balance Sheet consolidate the financial 51atemenls of the Group and rts subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Chanty has taken advantage of the exemption allowed under sects'on 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activth'es in these financial statements. 2.2 Golng ¢on¢em The Trustees have assessed the use of going concem and have considered possible events or conditions that might cast significant doubt on the ability of the Group and Charity to continue as going concem. The TTustee5 have made this assessment for a period of al least one year from the dale of the approval of these financial slatemenls. The Trustees have concluded that there is a reasonable expeclabon that the Group and Charrty has adequate resour¢es lo Continue in operab'onal existence for the foreseeable future. The Gioup and Charity therefore continues to adopt the going concern basis in preparing its financial slatements. Page 20
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 A¢¢ounllng poll¢lo$ l¢onllnuod} 2.3 In¢omè rècognitlon All income is recognised once the Group has entrtlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. For donations lo be recognised the Group wll have been notified of the amounts and the Settlement dale in wrthng. If there are conditions attached lo the donation and this requires a level of performance before enlillemenl can be obtsined then income is deferre(l until those Conditions are fully met or the fuffillmenl of those condthns is vthin the Control of the Group and il 1$ probable that they will be fulfilled. The Group receiv govemment grants in respect of furthenng rts Charitab objectives. Income from government and other grants are recognised al fair value vh)en the Group has enlillemenl after any performance condrtions have been mel. il is pfobable that the income wll be received and the amount Can be measured reliably. If entitlement is not met then these amgunts are deferred. 2.4 Exp8ndlturn recognltlon All expendrture is accounted for on an accfuals bag1S 8nd has been clasgified under headings that aggregate all costs relating lo the category. Expenditure is re¢ognised once there is a legal or conslru¢tive obligation to tran$fer enOmiC benefil to a third paty, il 1$ probable that a transfer of economic benefits wll be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the lolal of direct costs and shared costs. Including 5UPPOrt costs involved in undertaking each activity. Direct costs attributable lo a single acbvity are alloealed direclty lo that activity. Shared eosls which contribute lo more than one a¢tJ'vity an¢J support $1$ whi¢h a not attributable lo a single activity are apportioned bets¥een those a¢tivrtie$ on a ba$1$ consistent wlh the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Expenditure on raising fvnds includes all expendrture incurred by the Group lo raise funds for ils charitable purposes and includes costs ol all fvndraising aclivilies events and non<haritsble trading. Expenditure on charitable ath'vities is incurred on directly undertaking the activth'es which further the Group'5 objectives, a5 well as any associated 5UPPOrt Costs. All expenditure ig inclusive of irrecoverable VAT. 2.S Intsrast recelvablg Interest on fvnds held on dep05rt is included vthen receivable and the amount can be measured reliably by the Group," thi5 is norrnalty upon noltfication of the interest paiij or payable by the instrtulion wth vthom the fijnds are deposited. 2.6 Taxation In accordance wth schedule 3 of the Charrties Act 2011 the Charity is considered to pass the lesls sel tsut in Paragraph 1 Schedule 6 Finance A¢1 2010 and therefo il meets the definrtion of a Charitable ¢ompany for UK Corporation tsx purposes_ It therefore does not $uffer lax on in¢r)me or gains applied for charitable purposes. Page 21
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 A¢¢ounllng poll¢lo$ l¢onllnuod} 2.7 Tangible fixed a¥Jets and dopreclatlon Invoices of £500 or more relatsng to the purchase of tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are inrtially recc#Jnised at $t. After recognition. under the cost model. tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into f(s intended working condition should be induded in the measurement of cost. Tangible fixed assets are camed at cost. net of deplatIOn and any provision for impaiment. Oeprecialion is not charged on freehold land. Depreciation is provided at rates calculated lo write off the cost of fixed assets. less their eslimaled residual value. over their expected useful lives. Each category ol as$el is Separated into ts different wmponents and then depreciated in line wlh the useful economic life of that component on Ihe following bases using the slraight-line method.. Long-term leasehold property Leasehold improvements over the term of the lease over the tem) of the lease or life of the asset Ibetsveen 5 and 50 years) 20%- 50% of co$1 each year Equipment, Computers and furniture Expenditure on leasehold improvements includes PreVelopMent Costs directly attributable to the property improvements being undertaken. 2.8 09btor¥ Trade and other debtors are rècognised at the seluement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.9 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments wth a short maturity of three months or less from the date ol acquisition or opening of the deposf( or similar account. 2.10 Llabllltles and provl$lons Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, rt is probable that a transfer of economic benefit wll be required in settlement, and the amount of the settlement can be eslimate(I reliably. Liabilities are recognised at the amount that the Group anticipates r( wll pay lo Settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured al the best estimate of the amoun15 required 10 settle the obligation. Vvhere the effect of the time value of money is material. the provision is based on the present value of Ihtsse amounts. discounted at the pre-tsx discount rate that reflects the risks specific to the liabilty- The unwinding of the discount is recognised in the Consolidated Statement of Financial Activrties as a rinance cost. Page 22
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 A¢¢ounllng poll¢lo$ l¢onllnuod} 2.11 Finan¢lal instrumènts The Group does not have a material holding in complex financial instruments. The Group only holds basic Financial Instruments. The financial assets and financial liabilities of the Group are as follows.. Debtors trade and other debtors (including accrued income) are basic financial In5trument5 and are debt Instruments measured at am0sed cost as detailed in Ntsle 15. Prepayments are not financial instruments. Cash at bank- is dassified as a basic finarrial instrument and is measured at face value. Liabilities - trade creditors. a¢cntsl$ and other creditors wll be classrfied as financial inytrumenls. and are measured at amortised cost as detailed in Notes 16 and 17. Taxation and social security are not included in the financial instruments disclosure. Defed income is not deemed to be a financial liability, a$ in the cash settlement ha$ already taken place and there is simply an obligation lo deliver charitable serwces rather than cash or another financial instrument. 2.12 Loasos Assets acquired under finance leases are capilalised and ¢Jepreciate(l over the shorter of the lease lemi and the expected useful lrfe of the as$el. Minimum lease payments are appgrtioned between the finance charge and the reducts'on of the outstanding lease liability using the effective interest method. The rellled obligations, net of fijlure ffinance charges, are included in credilory. 2.13 Pemlons The Group operates a defined conth'bLth'on pension Scheme and the pension charge represents the amounts payable by the Group to the fund in respect ol the year. 2.14 Fund accountlng General funds are UnStride funds sthich are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and 1¢h have not been designated for other purposes. Designated funds comprise unrestn.cted funds that have been sel aside by the Trustees for particular purposes. The aim and use of each designated fvnd is set out in the notes lo the financial statements. Restricted funds are fvnds which are to be used in accordance with specffic restrictions imposed by donors or vthich have been raised by the Group for particular purposes. The costs of raising and adminislenng Such funds are charged against the 5pectfic fund. The aim and use of each reslricled fund is set out in the notes to the financial ststements. Investment income, gains and losses are allocated to the appropriate fijnd. Page 23
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Crltl¢al a¢¢ountlng èstimatès and areas of Judg•mont Estimates and judgements are contsnually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting eslimales and assumpb'ons". The Group makes estimates and assumplions concerning the future. The resulting accounb'ng estimates and assumptions wll, by definth'on, seldom equal the related actual results. The estimates and assumptions that have a 5ignrficant risk of causing a material adjustment to the carrying amounts of assets and liabilrties within the next financial year are discussed below. The usefvl economic life ol tsngible fixed assets and thus, the depreciation rale$ applied Inme recognition of grants. Page 24
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Incom• Irom donations Unrestricted Restrictsd nds nds 2021 2021 Total fijnds 2021 Grants and donations 96,993 96,993 Unreslricled funds 2020 Reslriclèd funds 2020 Totsl funds 2020 Grants and donations 104,617 30,187 134,804 Page 25
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Incom• Irom charitsbl• a¢tlviti•s Unrestricted Restrictsd nds nds 2021 2021 Total fijnds 2021 In¢omo from charftabl• actlvltt•s- ¢urr•nt y•ar Asylum, Migration and Integratson Fund {AMIFI Big Lottery Fund Claire C¢Slins Consultancy Ltd Education and Skills Funding Agency Education, Health and Care Plan Funding Greater London Authority Groundwork ESF Community Granl London Borough of Hackney London Borough of Hounslow London Borough of Tower Hamlets London Building 8etter Opportunities Other ineome Paddinglon Development Trust ESF Communty Grant Paddinglon Development Trust.. SWEET Roma Support Group Sopra Sleria Digilearn UBS Business Solutsons University College London Youth Futures Foundation 14-16 Slalutory E(Jucalional Provider 616,782 200,508 616,782 200,508 s.000 302,536 321.173 713.193 37,221 6,2SO 6.653 $7.804 309,63S 487 34.868 56,017 8,316 10.000 49.207 350 5,000 302,536 321,173 644,744 88,449 37,221 6,250 6,653 57,804 309,635 487 34,868 56,017 8,316 10,000 49,207 350 12,268 12.288 23.988 23,9B8 Total 2021 1.374.398 1.397,878 2,772.276 Page 26
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Income from charftsblo a¢tlvltl•$ {¢ontlnwdl Unrestricted Restricted nd$ funds 2020 2020 Total funds 2020 Incomo from charitable activities- prior year Asylum, Migration and Integratson Fund {AMIFI Big Lottery Fund Education and Skills Funding Agency Education, Health and Care Plan Funding Greater London Authonty Groundwoth ESF Community Grant London Borough of Hackney London Borough of Hackney ZEN London Borough of Hounslow London Borough of Tower Hamlets London Building 8etter Opportunities Other income Paddinglon Development Trust.. ESF Communty Grant Paddington Development Trust.. SWEET Sl. James Place Foundation UBS Business Solubons University College Lontjon 14-16 Statutory EdUCatnal Provider 494,487 177,954 494.487 177.954 313,116 304,839 725.213 19.913 19,470 2.000 3.326 56,928 332,104 12.289 23,993 40,722 32.864 30.000 700 67,40S 313,116 304,839 602,103 123,110 19,913 19,470 2,000 3,326 ,928 332,104 12,289 23,993 40,722 32,864 30,000 700 67,405 Total 2020 1,305,778 1.351,545 2,657.323 Page 27
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Income from charftsblo a¢tlvltl•$ {¢ontlnwdl Included w((hin Income from charitable activibes is grant income from the followng Govemment sources.. 2021 2020 Asylum, Migration and Integration Furhd (AMIFI Big Lottery Fund Education and Skills Funding Agency Greater London Authonty London Borou9h of Hackney London Borough of Hounslow London Borough of Tower Hamlets 14-16 Slalutory Educational Provider 616,782 200.508 302.536 713.193 6,250 6,653 57,804 23.988 494,487 519,954 313,116 678,803 19,470 56,928 67,405 1,927.714 2,150,163 There were no UnfU111e{j conditions or other contingencies attached lo the govemmenl grants recognised above. Page 28
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Invo$tm•nt in¢om• Unrestrictsd nds 2021 Total fijnds 2021 Bank Interest rtteivable 55 55 Unrestricted funds 2020 Total funds 2020 Bank interest receivable 228 228 Expendlture on ral$lng lund• 2021 2020 Dlr•ct costs Stsff costs 30,474 23,620 30,474 23,620 Support costs Staff costs Depreciation Premises costs Office supplies Marketing Interest and bank charges Other staff costs Legal and professional Governance costs (Note 101 Other costs 1,951 1,668 758 7,675 4,938 3,890 1,416 1,082 74 354 309 286 93 151 1,558 560 791 5.586 21,984 36,060 45,604 In the previous year, £23.620 was allocated to unreslricted funds and £21,984 was allocated lo restricted funds. Page 29
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Analysis of •xp•nditurn on ¢harltabl• a¢tivltl•s - by fund Unrestricted Restrictsd funds funds 2021 2021 Total funds 2021 Training and educabon 1,041,292 1,392,292 2,433.584 Unreslricled funds 2020 Reslricled funds 2020 Total funds 2020 Training and education 965,S36 1.359,748 2.325,284 Analysls of •xpendltur• on ¢harltable a¢tlvllle$ - by ty Acti¥itie• und•rtaken dlre¢tly 2021 Support cMts 2021 Total funds 2021 Training and education 1,895,614 537,970 2,433,S84 Aclivrties undertaken directly 2020 Support costs 2020 Total funds 2020 Training and education 1.807.832 517,452 2,325,284 Page 30
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Analysis of 0Xnditur0 on ¢harltabl• a¢tivltl•s - by l¢ontinu•dl Analysis of support costs Tot*1 funds 2021 Total funds 2020 Staff costs Depreciation Premise5 costs Office supplies Marketing Interest and bank charges Other staff costs Legal and professional Governance costs (Note 101 Other costs 195,500 129,227 75,976 35,433 31,003 13,486 28,680 9,341 18,849 475 175,888 116,224 91.555 33.334 25,459 1.732 36.684 13,184 18,619 4.993 537,970 517.452 10. Govornan¢è costs 2021 2020 Auditor's remuneration- Audit services Auditorfs remunerab'on- Non-audit services Auditorfs remunerats'on- Over-accrual of prior year fees Independent Examinerfs remuneration IHNLC) 10,200 7,600 10,750 7,500 1.200 1,160 Total 19,000 19,410 Of the lolal govemance Costs. £18.849 (2020 - £18.619J were allocated lo charitable actiwlies - support costs and £151 (2020- £791) We allocated lo raising fvnds- support costs. Page 31
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 11. Staff ¢osts Group 2021 Group 2020 Charity 2021 Charity 2020 Wages and salaries Social securty costs Pension costs 1,486,810 134,607 68,292 1,326,057 118,977 60,104 1,486,810 134,607 68,292 1,326,057 118,977 60,104 1.689,709 1,505,138 1,689.709 1,505,136 The average number of persons employed by the Group during the year was as follows.. Group 2021 No. GfOUP 2020 No. Charlty 2021 No. Charity 2020 Ng. Employees 63 57 63 57 The number of employees vthose employee beneffts {excluding employer pension costs) exceeded £60,000 was.. Group 2021 No. Group 2020 No. In the band £60,001- £70,000 In the band £70,001- £80,000 The Trustees have considered the followng sts fall wthin the scope of the definition of Key Managernenl Per50nnel". the Trustees. the Chief Executive Officer. the Head of Vocational Learning and the Head of Life Skills and Communrty. The Trustees of the Group give their time voluntarily and are not remunerated. The lotsl employee benefrts paid lo the Key Management Personnel was £193.678 (2020- £181,609). 12. Tru$tse$' remuneration and expenyeg During the year. no Twslees received any remuneration or other benefils12020- £NILI. During the year ended 31 August 2021. no Trustee expenses have been incurred12020 - £NILI. Page 32
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 13. Tanglble flx•d ass•ts Group Long4erni Equipmen( l•a$¢hold Lfra$•hold flxtur•s and property improvemènts ritting$ Totsl Cost or valuation At 1 September 2020 Addition$ Disposals 820,000 1,440,120 20.536 290,S93 69,S32 178,9941 2,SSO,713 90,068 178,9941 At 31 August 2021 820,000 1,460,656 281,131 2.561,787 D•pr•clatlon Al 1 September 2020 Charge for the year On dispo$al$ 118,326 6,560 335,291 45,019 212,678 78,014 177,6921 666,295 129,593 177,6921 Al 31 August 2021 124,886 380,310 213,000 718.196 N•t book valu• At 31 August 2021 695,114 1,080,346 68,131 1.843.591 At 31 August 2020 701,674 1,104,829 77.915 1,884,418 Equipment, fixtures and fittings are an owned by the Charity. The long leasehold premises 15 owned by the subsidiary company INote 141. A charge is registered against the title of the leasehold property by the Department for Education and Skills in respect of a grant from UK-Online, a major contributor towards the purchase ol the premises, vthich secures the repayment of part or all of the grant should the assets not continue to be used for the purposes for which the grant was given. The granl received from UK-Online in 2004 wa5 £345.629. There is a further charge giStered against the property by the London Development Agency ILDAI, another major contributor towards the ptJr¢hase of the premises. This also secures the repayment of part or all of the grant should the assets not continue to be used for the purposes for which the grant was given. The grant received from the LDA in 2004 was £585,012. Page 33
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 13. Tanglble flx•d ass•ts l¢ontlnued) Charity Equlpm•n( Lèasèhold fixturès and Impro¥om•nts ritting$ T¢)tal Cost or valuation Al 1 September 2020 Additions Disposals 579,762 20,536 290,593 69,532 178,9941 870,355 90,068 178,9941 At 31 August 2021 600,298 281,131 881,429 Dgprg¢latlon At 1 September 2020 Charge for the year On disposals 36,489 27,812 212,678 78,014 177,6921 249,147 105,826 177,6921 Al 31 August 2021 64,281 213,000 277,281 N•t book valu• At 31 August 2021 536,017 68,131 604,148 At 31 August 2020 543,293 77,915 621,208 Page 34
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 14. Inv•stm•nt In subsldiary Haggerston Neighbourhood Learning Centre {HNLCI is a registered Charity (Charity Registered Number.. 10981291 and company limited by guarantee (Company Reglstered Number.. 046198491, with no share capital, East London Advanced Technology Training being its sole member. The chanlable objects of HNLC 15 the advancement of education and training of young people. HNLC was Incorporated on the 17 December 2002. The results and capital of HNLC Vre as follows.. 2021 2020 Income Admini$lr8lion costs 91,200 137.4371 91,200 125,1921 53.763 66,006 2021 2020 A99regale of reserves 1,252,254 1,198,491 1S. Dobtorn Group 2021 Group 2020 Charlty 2021 Charity 2020 Due wlthln one ye•r Trade debtors Other debtors Prepayments and accrued income 259.202 14,311 49,966 301,086 14,311 31.207 259.202 14.311 49,966 301,086 14,311 31,207 323,479 346.604 323,479 346.604 Page 35
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 16. Cr•ditors: Amounts falllng duo vthhin one y•ar Group 2021 Group 2020 Charity 2021 Charity 2020 Bank loans Trade creditors 51,811 32.739 41,871 126,133 31,439 209.237 11,861 47S,773 124,833 184,437 13,866 479,137 Amounts owed to group undertakings Other taxation and social security Accruals and deferred income 11.861 478,823 13.866 481,047 575,234 662,917 728,310 802,273 Group 2021 Group 2020 Charity 2021 Charity 2020 Dof•rred Income Deferred income al 1 September Re50urce5 deferred during the year Amounts released from previous periods 333.040 454,325 1333,0401 447,613 333,040 1447.6131 324,960 454,325 1324,9601 447,613 324,960 1447,6131 D•f•ffed Income 31 August 454,325 333.040 454.325 324,960 Deferred income comprises grant and contract income receive(1 or invoiced in the year lo be used in future accounting periods. 17. Crèditorn: Amounts falling duo after morn than one year Group 2021 Group 2020 Bank loans 165.060 214,465 A k>ng lem loan from Halrfax Bank of Scolland PLC vras obtsined by HNLC and is secured on the Group's property. £216.871 12020 - £256.336) in total was outstanding at the year end, split betsveen Creditors.. Amounts falling due wthin one year and Creditors.. Amounts falling due after more than one year. This loan was obtained lo help finance the purchase of. and V•vrks to. the Group's propety. Mortgage interest is shown in Note 9. The loan is seCud on the property. and repayable over 20 years from March 2006 at 2% over base rate. Page 36
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 18. Consolldat•d ststsm•nt of funds Statsmont of lunds - currnnt yaar Balance at 1 September 2020 Balance at 31 August 2021 In¢om• ExndItur• Unrestricted funds General funds 2.257.479 1,471.446 11,071.7661 2,657,159 Rgslrictsd funds London Borough of Houn51ow Big Lottery Fund London Borough of Hackney Youth Futures Foundation Paddinglon Development Trust.. SWEET Greater London Authority UBS Busine$$ Solutsons Paddinglon Development Trust.. ESF Community Grant London Building Better Opportunities Asylum, Migration and Integrats'on Fund IAMIFI Groundwork ESF Community Grant 6.653 200.508 6.250 12.288 56.017 68,449 49.207 {6.6531 1200.SO81 {6.2501 112,2881 156.0171 168.4491 149,2071 34.86B 309,635 134.8681 {309,6351 616.782 37.221 1616.7821 {37.2211 Total Restr5ct•d funds 1,397.878 11,397.87BI Total of funds 2.257.479 2,869.324 12,469.6441 2.657,159 Page 37
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 18. Statom•nt of lunds l¢ontinu•dl Statsmont of lunds - prior yaar Balance at 1 September 2019 Balance al 31 August 2020 Income Expenditure Unrestricted funds General funds 1,836,012 1.410,623 1989,1561 2,257,479 R•8trlctsd fund• Big Lottery Fund London Borough of Hackney BBC Children in Need Paddinglon Development Trust.. SWEET Greater London Aulhorty UBS Business Solutsons London Borough of Tower Hamlets London Building 8etter Opportunities Asylum, Migration and Integrats'on Fund IAMIFI Sl. James Place Foundation Groundwork ESF Community Grant Paddington Development Trust.. ESF Community Grant 177.954 19,470 30,187 40,722 123,110 30,000 S6.928 332,104 1177,9541 119,4701 130,1871 140,7221 1123,1101 130,0001 156,9281 1332,1041 494,487 32.664 19,913 1494,4871 132,8641 119,9131 23,993 123,9931 Totsl Re$trl¢ted fvnd¥ 1,381,732 11.381,7321 Totsl offvnds 1,836,012 2.792,355 12.370,686) 2,257,479 Page 38
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 18. Statsments of funds IcontInu> R8strictsd lund$ East London Advanced Technology Training IELATTI receives funding for ils charitable activities from a vanety of sources Including reslncled grants for specific projects. More detai15 of the overall aclivilie5 of the Group and Charity are sel out in the Tnjstees, Report. London Borou h of Hounslow The project helped female migrantslrefijgees address issues linked to isolation and poverty vhich were exacerbated by the COVID lockdowns, and supported women develop English and digital skills 10 stay engaged in their communib'es. The Big Lottery Fund supports a range of programmes designed lo help refugees and migrants in London learn English, volunteer, find employment and become active contributors to British society. The Lottery a150 SUPPOrted us with essential improvements lo our capital infraslruclure lo gupport the move lo online delivery during the pandemic, as well as assouated staff costs. This funds our Equal Voices projed in Hackney, a project run in partnership wth Crtizens UK which helps migrant women to campaign on issues of importance lo their local community. The grants from the London Borough of Hackney also include £2,000 towards a bike pool scheme for staff. Youth Futures Foundation This project supports ¢Jisadvanlaged young adurts wlh a programme of enrichment, employabilty and personal development running alongside vo¢*ional training. The projecl aims lo improve employabilty outcomes in the long terni for this group. Paddin lon Develo ment Tru81.. SWEET ELATT is a partner In SWEET, a project ftJnde(I by the Lottery Building 8etter Opportunf(ies Fund and managed by Paddington Development Twsl, to support BAME women who are far from the labour market into jobseeking and employment. Greater London Autho The GLA Small Projects and Equipment Fund supported ELATT'S continued refurbishment of our Kingsland Road cenlre. Including essential works lo make the venue Covid-safe, as well as supporting our investment in digital infrastructure and accessibility. The Young Londoners Fund provides support to young people at risk of exclusion from school and employment and is designed to inspire young people to slay within education and so reduce the risk of involvement in gangs. UBS Business SolutTons UBS supports ELATT'S New Rtx)Is programme in East and Wesl London, 1¢h addresses social isolation and educational disadvantage from migrant and refugee 5Men through language training, employability, community participation and volunteering. Paddin lon Develo ment Trust.. ESF Commun Grant Three projects to support the development of employabilty skills of refvgees and migrants in Central and West London. London Buildin Better O rtunities The London Building Better Opportunrties programme lunds Working West London, a multi-agency partnership led by ELArf that takes a holisb"c approach lo supporting unemployed relugees in Wesl London into work. Page 39
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 As lum Mi ration and Inte rab.on Fun AMIF AMIF supports third country national migrants to integrate in the UK through a package of English language training, community engagement activiti'es and volunteering. Groundwork ESF Communi Grant A programme lo support the development of employability skills 8nd integration of refugees and migrants in East London London Borou h of Tower Hamlets This project supports the integration of migrant groups in Tower Hamlets through ESOL classes, conversations club5 and volunteering activities in partnership with local busine55 such as Second Home. Sl. James Place Foundation This fund supports one-t¢)-one support, employabilty development and pastoral care for our sixth fomi Students. with match fvnding support from the Wellingt¢)n Foundati¢)n. Following the completion of the renovation works of the Kingsland Road Premises a review of the nature of this lund balance was ¢onducted. It was concluded that whilst the works were funded by grants received from the Greater London Authority. ClothvrkerS and the Charity's own funds. the terms on vthich the lundin9 was given have been complied vth. Therefo the restriction of the funds has been complied with. However in line wth the terms on %thich some of the funds were given means that should the charity sell the propety then the grants are suty'ecl lo a cla%*Jack. As Such a conb'n9ent liability has been disclosed in Note 23. Page 40
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 19. Analysis of net assets betWn lunds Analysis of not assats tsatn lunds - currnnt yoar Unrnstricted funds 2021 Total funds 2021 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 1,843,591 1.553,862 1575.2341 1165,0601 1,843,S91 1,553.862 575,2341 1165,0601 Total 2,657,159 2,657.159 Analys1$ of nèt asg0ts to•n fundg - prlor y•ar Unreslricled funds 2020 Total funds 2020 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 1.884,418 1,250,443 1662,9171 {214,465} 1,884,418 1,250,443 1662,9171 1214,4651 Total 2.257,479 2,257,479 Page41
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 20. R•¢on¢lllatlon of not mov•m•nt in funds to not cash flow from op•ratlng actlvltlos Group 2021 Group 2020 Net income for Ihe year {as per Statement of Financial Aclivrtiesl 399,680 421,467 Adjustments for: Depreciation charges Investment inwme Decreasellincreasel in debtors IDecreasellincrea$e in credrtors lexduding bank loan) Mortgage interest paid 13 130.895 1551 23.12S 197,6231 12,345 121,162 12281 1104,5251 24,89B 15 16 Net cash provldgd by oyratSng actlvltS0s 468.367 462,774 21. Analysls of cash and cash equlvalfrnts Group 2021 Group 2020 Cash al bank and in hand 1,230,383 903,839 Total cash and cash equlvalents 1,230,383 903,839 22. Analysis of N•t Debt At1 September At31 2020 Cash flov AUgt 2021 Cash at bank and in hand Debt due after 1 year Debt due wthin 1 year 903.839 1214.4651 141.8711 326,S44 49.405 {9,9401 1.230,383 1165.0601 {51.8111 647,S03 366,009 1,013,512 Page 42
EAST LONDON ADVANCED TECHNOLOGY TRAINING IA Company Llmltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 23. Contlngont liabllltlos The Group purchased and developed its leasehold premises with the financial assistsnce of the Department of Business, Innovation and Skills (originally registered at Department lor Education Skills) (via UK-Onlinel and the London Development Agency ILDAI. Both of these agencies placed ongoing reslriclion5 on the a35ef5 Use as well a5 a legal charge over the property. The grant received from UK- Online in 2004 was £345.629 and the grant received from the LDA In 2004 was £585.012. Should a decision be made lo sell the property a proportion of these fund$ would be repayable. At the year end il was not the Trustees intention to dispose of the propety and therefore no liability has crystallised. 24. L•a8• commltmonts In September 2002, Ihe Group leased premises al 28268 Kingsland Road on a 125 year lease. The annual commilment for the year as £91,200 (2020 - £91,200J. The premises were leased from ils subsidiary, Hag9erston Neighbourhood Leaming Centre. 25. Related party trnn8a¢tlons The Group is taking the exemption under paragraph 33.1A of FRS102 not to disclose intra-group transactions with fellow %•tholly owned subsidiaries and the parent company. There have been no other related paty transactions in the year, other than those disclosed in Notes 11 and 12. 26. Séction 37 dl8¢108urn Uniler Section 37 of the Govemmenl and Housing Act 1989. the Group is required to report specifically on grants of £2,000 or more from any lo¢al auihorities. In 2020. the Group received grants from the London Borough of Hackney, the London Borough of Tower Hamlets and the London Borough of Hounslow.. 2021 2020 London Borough of H8¢kney London Borough of Tower Hamlets London Borough of Hounslow 6.250 57,804 6,653 21,470 56,928 3,326 70,707 81,724 The above funds were fulty spent on salaries and project running costs. for the purposes specified by the funders. Page 43