2021-08-31-accounts - Sunderland Engineering Training Association Limited

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			FINANCIAL STATEMENTS
		FOR	THE YEAR ENDED 31August 2021
CONTENTS
Charity Reference and Administrative Details Trustees' Annual Report (Including Directors' Report and Strategic Report)				Page 2 3
Independent Auditor's Statement of Financial Account	Report Activities (Including Income and Expenditure			10 15
Balance Sheet
Statement ofCash Flows				16
Notes to the Financial	Statements			17 18to 28

Mr David Bartell
Mr lan Scurfield
Mrs Gill Usher —resigned 01/10/21
Mr Stephen Clelland
Mr Andrew Ramsey —appointed	08/01/21

	Notes	2021	2020
Income and endowment from		f	f
Donations and legacies		0,106	41,578
Charitable activities Other trading activities Investments Other income		1,2 0,451 210 4,749 91	1,058,693 445 5,823
Total income and endowments ~Edit		1,3 5,607	1,106,539
Investment management fees Charitable activities Other —exceptional item Total Expenditure Net gains/(losses) on investments	7 8 12 13	2,164 1,1 3,369 996 1,1 6,529 4,989	2,238 1,063,277 34,094 1,099,609 (5,864)
Net income/(expenditure) and net movement in funds for the year		1,067	1,066
Reconciliation offunds
Total Funds brought forward Total funds carried forward		79,409 99,476	795,343 796,409

Cash flow for the year ended 31August 2021
	Not	2021	2020
Cash flow from operating activities	23	E 154,563	f 36,303
Cash flows from investing activities
Payments to acquire investments Receipts from sale ofinvestments Payments to acquire tangible fixed assets Receipts from sale oftangible fixed assets		(70,512) 71,498 (36,713) 91	(183,827) 183,280 (44,314)
Interest received
		137	128
Dividends received
Net cash provided by investing activities Cash flows from financing activities		4,612 (30,887)	5,695 (39,038)
Interest paid
Net cash outflow from financing
Net Increase/(Decrease) in cash and cash equivalents Cash and cash equivalents at 1September 2020 Cash and cash equivalents at 31August 2021		123,676 93,197 216,873	(2,735) 95,932 93,197
Cash and cash equivalents consist of
Cash in hand
		231	147
Cash held within investment portfolio Notice deposit (less than 3months) Cash and cash equivalents at 31August 2021		11,944 204,698 216,873	8,373 84,677 93,197

Sunderland	Sunderland	Engineering Training Association	Engineering Training Association	Engineering Training Association	Engineering Training Association	Limited	Limited
Notes tothe accounts for the			year	ended 31August 2021
Summary		ofsignificant accounting		policies		(continued)
1o.	Taxation
The charity		isan exempt charity	within the meaning				ofschedule 3of	the Charities Act 2011and isconsidered
to pass the		tests set out in Paragraph		1Schedule 6			Finance Act 201	and therefore	it meets the definition		of
a charitable		company for UK corporation			tax purposes.
2.	Grants
								2021		2020
									g	g
	JRSgrants re furlough		scheme					18,240		41,578
	Apprentice funding grant for own staff							2,000
	Kickstart grants							9,866
								30,106		41,578
3.	Income from charitable		activities
								2021		2020
								f
		Apprentice training						1,164,288		933,621
		Commercial training						126,163		125,072
								1,290,451		1,058,693
		Employer co-funding		fees		have	been
		reclassified as apprentice		training		rather	than
		commercial training	to more accurately reflect
		the facts. The prior	year	comparatives			have
		been restated.
4.	Income from other trading activities
								2021		2020
									E	f
	Sale ofboots and overalls									445
	Other							210
								210		445

Sunderland	Sunderland	Engineering	Engineering	Training		Association	Association		Limited
Notes	tothe accounts			for the year ended 31August 2021
S.	Income from		investments
											2021	2020
												6
		Income from listed			investments			—Dividends			4,612	5,695
		Interest receivable									137	128
											4,749	5,823
6.	Other income
											2021	2020
											f	E
		Profit on sale oftangible					fixed assets				91
											91
7.	Investment management					costs
											2021	2020
											E	f
		Investment		manager		fees					2,164	2,238
											2,164	2,238
	All the above			costs were attributable					to unrestricted	fund
8.	Analysis ofexpenditure				on charitable				activities
											2021	2020
											E	E
		Charitable	activities
		Activities undertaken				directly				9	720,408	631,649
		Support costs								1	442,961	431,628
											1,163,369	1,063,277
	All	the above		costs were		attributable			to unrestricted	fund

Activities undertaken	Activities undertaken	directly	directly
							2021	2020
							E	E
Unrestricted	costs
Other costs	relating		to	Charitable		activities
comprise
Gross wages and salaries							390,531	375,370
Employers' Nl							37,783	35,557
Platten Trust	wages						384	378
Pension contributions							43,507	43,975
Depreciation	of	assets		used	for	charitable	20,631	19,325
purpose
Materials and	consumables						22,779	29,176
Bought in services							116,745	71,638
Safety clothing	and	cleaning					24,358	18,117
Training courses and expenses							63,690	38,113
							720,408	631,649

Support costs
			2021	2020
			f	E
Governance			4,300	4,200
Finance			275	273
Information	technology		7,000	6,029
Human Resources			268,906	265,851
Depreciation			19,096	19,314
Office costs	(including	rental)	109,021	100,273
Pension contributions			23,477	23,546
Other			10,886	12,142
			442,961	431,628

Sunderland	Sunderland	Engineering Training	Engineering Training	Association	Association	Limited	Limited
Notes	to the accounts for		the year		ended 31August			2021
11.	Governance costs
											2021	2020
											f	E
		Trustee remuneration			and expenses
		Consultancy
		Auditor's remuneration									4,300	4,200
		Other
											4,300	4,200
	All ofthe above		costs were attributable				to	unrestricted	f	nds.
12.	Exceptional items
											2021	2020
											E
		Bad debt									996	34,094
											996	34,094
13.	Net gains/(losses)		on investments
											2021	2020
											E
		Realised Profit(Loss) assets held by income		on disposal funds		of	investment				(1,393)	(6,276)
		Unrealised (losses)/gains			on investment			assets			36,382	412
		held by income	funds
											34,989	(5,864)
14.	Analysis of staff costs, trustee remuneration personnel							and expens		s and	the cost of key management
											2021	2020
											E	f
		Gross wages and salaries									634,830	615,803
		Platten Trust wages									384	378
		Employers' Nl									58,084	54,843
		Pension contributions									66,984	67,521
											760,282	738,545

	There are no other related party transactions	There are no other related party transactions	in the rep	rting period.
15.	Staff numbers
	The average monthly headcount was 23(2020: the charity during the financial year amounted		21)and t to:	eaverage number ofstaff employed		by
				2021	2020
				f	E
	Lecturers and training	providers		15	13
	Management and admin staff			8	8
				23	21
16.	Net income/(expenditure) for the year
				2021	2020
	This is stated after charging:
	Auditor's remuneration			4,300	4,200
	Accountancy services provided	by the auditor		7,061	5,880
	Operating leases —equipment			4,085	3,895
	Depreciation			39,727	38,639
	Loss/(profit) on disposal oftangible fixed assets			(91)

Tangible Fixed Assets
	Freehold	Plant	nd	Fixtures and	Total
	Land and	machin	ry	fittings
	Buildings
	E
Cost
At 1September 2020	540,247	684,	27	207,745	1,432,619
Additions		32,	08	3,805	36,713
Disposals
At 31August 2021	540,247	717,	35	211,550	1,469,332
Depreciation
At 1September 2020	230,564	629,	8	137,657	997,769
Charge for year	11,855	20,	1	7,241	39,727
Disposals
At 31August 2021	242,419	650,1	9	144,898	1,037,496
Net Book Value
At 31August 2021	297,828	67,3	6	66,652	431,836
At 31August 2020	309,683	55,0	9	70,088	434,850

	2021	2020
	f	E
Market value at beginning ofyear	250,782	253,061
Disposals proceeds Acquisitions at cost	(71,498) 70,513	(183,280) 183,827
Cash movement Change in value in the year Market value at end ofyear	3,570 34,989 288,356	3,038 (5,864) 250,782
storical cost	1235,074	E228,329

Sunderland	Sunderland	Engineering Training Association	Engineering Training Association	Engineering Training Association	Limited
Notes	tothe accounts for the year ended			31August		2021
Fixed	asset	investments ( continued)
	Investments at fair value compromised
							2021	2020
							f	E
		Equities					155,377	122,605
		Asset allocation funds					31,184	35,833
		Alternative investments					11,915	10,295
		Fixed interest securities					75,448	71,187
		Money market investment					2,489	2,489
		Cash held within the					11,943	8,373
		investment portfolio
							288,356	250,782
20.	Debtors
							2021	2020
		Amounts falling due within one year					f	E
		Trade debtors					159,604	91,618
		Prepayments and accrued income					32,974	23,058
							192,578	114,676
21.	Creditors - amounts falling		due within		one year
							2021	2020
								f
		Trade creditors					21,613	20,726
		Taxation and social security					16,647	14,782
		Other creditors					19,862	17,789
		Accruals and deferred	income				69,101	35,426
							127,223	88,723
22.	Obligations under non-cancellable			operating		leases
	Future minimum rentals		payable	under non-cancellable			o crating leases are as follows:
							2021	2020
							E	f
		Within one year					4,594	2,272
		In two to five years					9,187
		In over five years
							13,781	2,272

Reconciliation ofnet income /	(expenditure)	(expenditure)	to net cash fl w from operating	activities
			2021	2020
			f	E
Net income / (expenditure) for year	/ period		194,067	1,066
Dividends received			(4,612)	(5,695)
Interest received			(137)	(128)
Depreciation and impairment oftangible		fixed assets	39,727	38,639
(Gains) / losses on investments			(34,989)	5,863
(Profit) / loss on disposal oftangible	fixed	assets	(91)
(Increase) / decrease in debtors			(77,902)	38,566
Increase / (decrease) in creditors			38,500	(42,008)
Net cash flow from operating activities			154,563	36,303