CHARITY REGISTRATION NUMBER: 326993
LEIA EDUCATIONAL TRUST UNAUDITED FINANCIAL STATEMENTS
30 SEPTEMBER 2021
OPASS BILLINGS WILSON & HONEY LLP
Chartered Certified Accountants Numeric House 98 Station Road
Sidcup Kent DA15 7BY
LEIA EDUCATIONAL TRUST
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2021
| Pages | |
|---|---|
| Trustees' annual report | 1 to 2 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 to 10 |
LEIA EDUCATIONAL TRUST
TRUSTEES' ANNUAL REPORT
YEAR ENDED 30 SEPTEMBER 2021
The trustees present their report and the unaudited financial statements of the charity for the year ended 30 September 2021.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name LEIA Educational Trust Charity registration number 326993 Principal office 33-34 Devonshire Street London W1G 6PY THE TRUSTEES W Jenchner N Mellor D Warr (Retired 31 December 2020) I G Jones (Retired 16 November 2020) A D Stannah (Appointed 1 January 2021) Independent examiner M Finnis ACA, ACCA Numeric House 98 Station Road Sidcup Kent DA15 7BY
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trust governing document is in the form of a Deed made on 30 October 1985. The Trustees are appointed by virtue of the office they hold with LEIA, but need not to be restricted to office holders. The offices being President, Past-President and Managing Director, such appointments being made at the Association's Annual General Meeting.
Trustees are drawn from the Association's Board and have experience in fulfilling their obligations and will have received regular reports on Trust activity. In order to increase awareness of their responsibilities Trustee's attention is periodically drawn to the Charity Commission publication entitled 'The Essential Trustee'.
The Trust Manager has access to a wide range of expertise that exists within the framework of the Association (LEIA), the Manager reports to the Association's Managing Director who is a trustee. Trust activity is overseen by the Trustees to whom the Managing Director/Trustee reports at meetings which take place three times a year.
OBJECTIVES AND ACTIVITIES
The objectives of the Trust are the upholding and developments of standards of education, training and competence for those working within, or connected with, the lift and escalator industry and the promotion of such standards in the interests of employees and the public at large
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LEIA EDUCATIONAL TRUST
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 30 SEPTEMBER 2021
OBJECTIVES AND ACTIVITIES (continued)
In setting out the Trust's objectives the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit. Not only the enhancement of knowledge and expertise but also with regard to safe use of products and especially in providing guidance to assist owners in guiding the public in general. Certain copies of this guidance is now available on the Association's website and there are plans for this to be further developed.
The Trust's main activities, consistent with the furtherance of its objectives, fall into two principal areas:-
Management of education through Distance Learning, a course run by the LEIA Educational Trust - this can involve up to 300 students in any one academic year.
The development and management of training through Qualification Credit Framework (QCF) developed specifically for the lift and escalator industry in conjunction with the Education Achievement and Learning (EAL Ltd).
ACHIEVEMENTS AND PERFORMANCE
This year has again been challenging for both the Trust and learners owing to the COVID-19 pandemic. There are three intakes for Distance Learning courses each year - in January, May and September. A continued high level of uptake was seen as learners accessed our distance learning provision. We were able to support this demand and to continued to deliver end-tests away from a traditionally invigilated end-test at a test centre.
Following the revision of the LEIA Distance Learning unit "Introduction to Lift Technology" the revision of the unit "Fundamentals of Lift Technology" has been completed.
The learning materials for the latter unit are now used by the University of Northampton as part of its Certificate in Lift and Escalator Technology. This covers fundamental concepts of technology, electrical and electronic, and mechanical engineering in the context of the industry. This collaboration marks a new chapter in our long-standing relationship with the University.
All the courses, Distance Learning and NVQ for which the Trust has responsibility satisfy nationally established criteria and are structured to varying levels of achievement in order to meet wide range and need. They are available to all who may be interested and guidance is available through the Trust or in case of academic study the University of Northampton.
FINANCIAL REVIEW
The reserves at 30 September 2021 amounted to £505,820 (2020: 451,411)
The adequacy of the reserves policy is reviewed annually.
PLANS FOR FUTURE PERIODS
At the end of the year, we were in discussion with the University of Northampton over the development of new Distance Learning units aimed at supporting the future needs of learners throughout the industry.
The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by: 11 February 2022
A Stannah Trustee
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LEIA EDUCATIONAL TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
YEAR ENDED 30 SEPTEMBER 2021
I report to the trustees on my examination of the financial statements of LEIA Educational Trust ('the charity') for the year ended 30 September 2021.
RESPONSIBILITIES AND BASIS OF REPORT
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts g examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
M Finnis ACA, ACCA Independent Examiner
Numeric House 98 Station Road Sidcup Kent DA15 7BY
11 February 2022
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LEIA EDUCATIONAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 30 SEPTEMBER 2021
| 2021 | 2021 | 2020 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Charitable activities | 4 | 156,965 | 156,965 | 96,720 |
| Investments | 5 | 32 | 32 | 621 |
| --------------------------------- | --------------------------------- | ---------------------------- | ||
| Total income | 156,997 | 156,997 | 97,341 | |
| ================================= | ================================= | ============================ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 6 | 102,588 | 102,588 | 102,672 |
| --------------------------------- | --------------------------------- | --------------------------------- | ||
| Total expenditure | 102,588 | 102,588 | 102,672 | |
| ================================= | ================================= | ================================= | ||
| --------------------------------- | --------------------------------- | --------------------------------- | ||
| Net income/(expenditure) and net movement in funds | 54,409 | 54,409 | (5,331) | |
| ================================= | ================================= | ================================= | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 451,411 | 451,411 | 456,742 | |
| --------------------------------- | --------------------------------- | --------------------------------- | ||
| Total funds carried forward | 505,820 | 505,820 | 451,411 | |
| ================================= | ================================= | ================================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 10 form part of these financial statements.
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LEIA EDUCATIONAL TRUST
STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| CURRENT ASSETS | ||||
| Debtors | 11 | 31,669 | 17,206 | |
| Cash at bank and in hand | 527,152 | 504,300 | ||
| --------------------------------- | --------------------------------- | |||
| 558,821 | 521,506 | |||
| CREDITORS: amounts falling due within one year | 12 | 53,001 | 70,095 | |
| --------------------------------- | --------------------------------- | |||
| NET CURRENT ASSETS | 505,820 | 451,411 | ||
| --------------------------------- | --------------------------------- | |||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 505,820 | 451,411 | ||
| --------------------------------- | --------------------------------- | |||
| NET ASSETS | 505,820 | 451,411 | ||
| ================================= | ================================= | |||
| FUNDS OF THE CHARITY | ||||
| Unrestricted funds | 505,820 | 451,411 | ||
| --------------------------------- | --------------------------------- | |||
| Total charity funds | 14 | 505,820 | 451,411 | |
| ================================= | ================================= |
These financial statements were approved by the board of trustees and authorised for issue on ........................, 11 February 2022 and are signed on behalf of the board by:
A Stannah Trustee
N Mellor Trustee
The notes on pages 6 to 10 form part of these financial statements.
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LEIA EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2021
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 33-34 Devonshire Street, London, W1G 6PY.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
There are no significant estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Fund accounting
Unrestricted funds represent the funds of LEIA Educational Trust that are not subject to any restrictions regarding their use and are readily available for application on the general purposes of the Trust.
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LEIA EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 SEPTEMBER 2021
3. Accounting policies (continued)
Income from charitable activities
Income from charitable activities are recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
Donations and legacies
Donations are recognised in the accounts when the charity has been notified of the amount and the date the donation will be received, this is normally when a donation is received in the post or received into the charity bank account.
distribution. A legacy, in whole or in part, is only recognised in the accounts when receipt is considered probable and when the amount can be measured reliably by the charity. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Expenditure on charitable activities
Expenditure on charitable activities is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the activity. Liabilities are recognised as resources expended where there is a legal or constructive obligation committing the charity to the expenditure.
Governance costs
Governance costs are the costs that relate to the general running of the trust, as opposed to those costs associated with the strategic, as opposed to day-to-day, management of the trust's activities.
Financial instruments
The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
4. Charitable activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Enrolment distance learning | 147,592 | 147,592 | 87,416 | 87,416 |
| Sale of publications | 9,373 | 9,373 | 9,072 | 9,072 |
| NAEC royalties | 232 | 232 | ||
| --------------------------------- | --------------------------------- | ---------------------------- | ---------------------------- | |
| 156,965 | 156,965 | 96,720 | 96,720 | |
| ================================= | ================================= | ============================ | ============================ |
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LEIA EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 SEPTEMBER 2021
5. Investments
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Deposit account interest | 32 | 32 | 621 | 621 | |
| ============== | ============== | ============== | ============== | ||
| 6. | Expenditure on charitable activities | ||||
| Activities | |||||
| undertaken | Total funds | Total fund | |||
| directly | Support costs | 2021 | 2020 | ||
| £ | £ | £ | £ | ||
| Staff costs | 88,502 | 88,502 | 88,908 | ||
| Insurance | 606 | 606 | |||
| Artwork and printing | 2,076 | 2,076 | 30 | ||
| Course development costs | 2,562 | 2,562 | 7,374 | ||
| Invigilations | 6,000 | 6,000 | 3,359 | ||
| BTEC/IOSH registrations | 645 | 645 | 240 | ||
| Governance costs | 2,197 | 2,197 | 2,761 | ||
| --------------------------------- | ------------------------ | --------------------------------- | --------------------------------- | ||
| 100,391 | 2,197 | 102,588 | 102,672 | ||
| ================================= | ======================== | ================================= | ================================= | ||
| 7. | Analysis of support costs | ||||
| Independent | |||||
| examiner's fee | Total 2021 | Total 2020 | |||
| £ | £ | £ | |||
| Governance costs | 2,197 | 2,197 | 2,761 | ||
| ======================== | ======================== | ======================== | |||
| 8. | Independent examination fees | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial statements | 2,197 | 2,761 | |||
| ======================== | ======================== |
9. Staff costs and emoluments particulars of employees
The average head count of employees during the year was 2 (2020: 2). The average number of full-time equivalent employees during the year is analysed as follows:
| 2021 | 2020 | |
|---|---|---|
| No. | No. | |
| Management and administration staff | 2 | 2 |
| ============== | ============== |
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
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LEIA EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 SEPTEMBER 2021
10. Trustee remuneration and expenses
None of the trustees have been paid remuneration or has received other benefits from the Trust.
No trustee expenses have been incurred during the year.
11. Debtors
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Trade debtors | 31,669 | 17,206 |
| ============================ | ============================ | |
| Creditors: amounts falling due within one year | ||
| 2021 | 2020 | |
| £ | £ | |
| Trade creditors | 23,419 | 32,980 |
| Accruals and deferred income | 29,582 | 37,115 |
| ---------------------------- | ---------------------------- | |
| 53,001 | 70,095 | |
| ============================ | ============================ | |
| Deferred income relates to enrollments for the next financial year. | ||
| Deferred income | ||
| 2021 | 2020 | |
| £ | £ | |
| At 1 October 2020 | 35,051 | 20,523 |
| Amount released to income | (35,051) | (20,523) |
| Amount deferred in year | 27,154 | 35,051 |
| ---------------------------- | ---------------------------- | |
| At 30 September 2021 | 27,154 ============================ |
35,051 ============================ |
12. Creditors: amounts falling due within one year
13. Deferred income
14. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 | October 202 | 30 September | |||
| 0 | Income | Expenditure | 2021 | ||
| £ | £ | £ | £ | ||
| General funds | 451,411 | 156,997 | (102,588) | 505,820 | |
| ================================= | ================================= | ================================= | ================================= | ||
| At | At | ||||
| 1 | October 201 | 30 September | |||
| 9 | Income | Expenditure | 2020 | ||
| £ | £ | £ | £ | ||
| General funds | 456,742 | 97,341 | (102,672) | 451,411 | |
| ================================= | ============================ | ================================= | ================================= |
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LEIA EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 SEPTEMBER 2021
15. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2021 | |
| £ | £ | |
| Current Assets | 559,441 | 559,441 |
| Creditors less than 1 year | (53,001) | (53,001) |
| --------------------------------- | --------------------------------- | |
| Net assets | 506,440 | 506,440 |
| ================================= | ================================= | |
| Unrestricted | Total Funds | |
| Funds | 2020 | |
| £ | £ | |
| Current Assets | 521,506 | 521,506 |
| Creditors less than 1 year | (70,095) | (70,095) |
| --------------------------------- | --------------------------------- | |
| Net assets | 451,411 | 451,411 |
| ================================= | ================================= |
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