Registered number: 1802908 Charity number: 515473
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE
(A company limited by guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 10 |
| Independent auditors' report on the financial statements | 11 - 15 |
| Consolidated statement of financial activities | 16 |
| Consolidated balance sheet | 17 |
| Company balance sheet | 18 - 19 |
| Consolidated statement of cash flows | 20 |
| Notes to the financial statements | 21 - 37 |
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2022
| Trustees | L J Ducket |
|---|---|
| P McCooey | |
| L G Harman | |
| Company registered number 1802908 Charity registered number 515473 Registered office Unit 3 Louth Station Estate Louth LN11 0JT Company secretary P McCooey Chief executive officer I Dickinson Independent auditors Streets Audit LLP Chartered Accountants and Statutory Auditor Tower House Lucy Tower Street Lincoln LN1 1XW Solicitors Langleys Olympic House 995 Doddington Road Lincoln LN6 3SE Bankers Lloyds TSB Nottingham BSC 11 Low Pavement Nottingham NG1 7DQ |
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EAST LINDSEY INFORMATION TECHNOLOGY CENTRE
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2022
The Trustees present their annual report together with the audited financial statements of the Company for the year 1 August 2021 to 31 July 2022. The annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the group and the Company qualify as small under section 383 of the Companies Act 2006, the group strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
The group and the Company also trade under the names First College.
Objectives and activities
a. Policies and objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
It is understood that our services need to be beneficial in general and to a wide section of the community to comply with The Charity Commission. The charity's objectives as set out within the Memorandum of Association of East Lindsey Information Technology Centre are:
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The promotion and advancement of education and training of the public, including the long term unemployed to acquire vocational qualifications and work related skills as required by local employers and industries as well as meeting national government targets by means of both instructor led, self study courses and the provision of practical experience.
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The relief of unemployment for the public benefit in such a way as may be thought fit, including assistance to find employment.
Additionally set out within our business plan we have the following company objectives:
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To remain financially viable
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To provide high quality learning services
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To adhere to our customer service values
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To provide staff with a positive, rewarding and safe working environment
The company vision is to deliver high quality learning that raises participation and attainment while meeting the individual needs of learners through collaborative partnership working and employer engagement. First College is established to promote and provide for the advancement of the education and training of young persons and adults.
First College works closely with some 200 local employers and with Schools and Colleges of Further Education. First College primarily serves the East Lindsey area to the benefit of young people and adults with training, leading to the attainment of recognised qualifications and employment. First College is a member of the Association of Employment Learning Providers, which is the national body representing provider views. The Business Manager is on the Board of the Employment Skills Board of the Greater Lincolnshire Local Enterprise Partnership.
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EAST LINDSEY INFORMATION TECHNOLOGY CENTRE (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022
Achievements and performance
a. Review of activities
Planned Developments 2021/22 and results
Introduce personnel to the Restart contract as and when in accordance with the through flow of Learners and the Jobs22 contract.
We have been recruiting in line with recruitment of learners and in line with the template provided by the main contractor, Jobs22. In-year the staffing formula has been simplified to 1/68 participants for each employment coach and 1/12 support staffing. Our staffing ratio exceeds minimum staffing expectations.
Successful delivery of Restart contract including achievement of customer service standards and job outcome/sustainability targets.
Jobs 22 have implemented monthly deferral payments against all 9 Customer Service Standards (CSS). First College has had deferral applied for CSS1a and CS5, however all deferral monies have since been released. These CSS are monitored on a weekly basis, we are on target for reaching all CSS for the next 3-months.
The achievement of future job starts, and job outcomes is of concern given the quantity and quality of participant referrals. Currently we are running at 61% of job start target and 70% of job outcome target, this is not expected to change until early 2023 with the months of March, April and May historically being high achieving months.
Succeessful reapplication to the Register of Approved Training Providers (RoATP) following invite from ESFA.
We received confirmation we have been successful with our application to remain on the Register of Approved Training Providers on 22nd December 2021. The application was submitted in September, so it’s been quite a wait.
Successful outcome from Ofsted Monitoring/Inspection visit.
We have not had an OFSTED monitoring visit or inspection during 2021/2022 year.
Delivery of Apprenticeships to all employers through digital accounts.
All employers are now required to manage their allocated funding through digital accounts. We support our employers with their invitations to create their apprenticeship service accounts. Once opened only the employer can accept the Agreement and add confidential Payee details for their organisation. In partnership with the employer, we monitor their digital funding accounts to ensure all funding for training and assessment is received, and notify the employer of any anomalies.
Introduction of Soft Outcome targets at individual and team level.
No in-year progress, objective carried forward into 2022/23.
Continued use of Microsoft Teams and Zoom to engage with learners and employers at reduced cost
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EAST LINDSEY INFORMATION TECHNOLOGY CENTRE (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022
Achievements and performance (continued)
whilst finding new methods of working with learners throughout these disrupted times.
The business has successfully used Microsoft teams overall with occasional use of zoom in all activities including engagement with learners and employers. As the pandemic has subsided, we have a mix of face-toface and Microsoft teams activity however we are most likely to continue using Microsoft teams which is both cost saving and fit for purpose.
Enhance interest in First College via social media by upping the supply of content and staff sharing.
We have had a dedicated individual working on social media during the year and we have been getting a good steady stream of content from staff regarding success stories. Getting people to share social media is still quite challenging although there is a core number of people that do share everything that we put out. Quality of the posts has certainly increased in terms of its appearance as well as its content by using dedicated software.
E-Learning delivery mechanisms for all activities to remain under constant review.
Significant investment in e-learning mechanisms has been made by First College including BKSB, OneFile, SmartScreen etc. We have engaged with various learning platforms to provide additional learning opportunities for learners and staff through e-learning, these include health and safety, prevent, equality and diversity, British values, health and well-being, data protection, online safety and security etc. We are currently looking at Digital College courses that are inexpensive online learning opportunities.
Establish Online Learner Application / Enrolment processes.
No in-year progress, objective carried forward into 2022/23.
Achieve Cyber Essentials Plus
We successfully achieved cyber centrals plus on 11 March 2022. This will now be renewed each year working with Cyberlab and LCS- IT.
b. Fundraising activities and income generation
First College does not fundraise.
Financial review
a. Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
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EAST LINDSEY INFORMATION TECHNOLOGY CENTRE (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022
b. Reserves policy
The Charity holds reserves to ensure funds are available to maintain high quality training facilities, including up to date equipment and a safe working environment. In addition, reserves are held to ensure continuity in the event of a large variation in the net income and to bridge any cash flow problems. The Board aims to maintain an adequate level of reserves. This is expected to be 3 months running costs and the cost of a planned and managed closure of the Charity. The trustees review the reserve levels of the charity annually and are actively seeking ways to utilise the organisation’s reserves to advance the organisation relative to its business objectives.
The trustees have determined that the appropriate level or free reserves should be three months running costs and a planned closure which are estimated at £415,000. The reason for this is to provide sufficient working capital to cover delays between spending and receipt of grant income and to provide a cushion to deal with unexpected emergencies such as urgent maintenance or long term sickness where unforeseen costs are incurred.
The charity holds total reserves of £1,157,942 (2021: £1,055,404). Individually this is made up of unrestricted funds of £1,145,771 (2021: £1,042,563) and restricted funds of £12,171 (2021: £12,841). In the year ended 31 July 2022 the Trust made an overall surplus of £102,538 (2021: deficit of £65,165). At 31 August 2022 the Trust held sufficient reserves to meet the free reserves requirement.
Structure, governance and management
a. Constitution
East Lindsey Information Technology Centre is a registered charity, number 515473, and a registered company, number 1802908. Its governing document is its Articles of Association.
The company carries out its activities under the trading name of “First College”.
The financial statements comply with current statutory requirements and the company’s governing document and Statement of Recommended Practice Accounting and Reporting by Charities.
b. Methods of appointment or election of Trustees
The company may by ordinary resolution appoint a person willing to act as a trustee. For appointment at an AGM, formal notice is required as specified in the memorandum and articles. The existing trustees may appoint a person who is willing to act as a trustee. There is no maximum number of trustees but there must be at least 3 in office at any time.
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EAST LINDSEY INFORMATION TECHNOLOGY CENTRE (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022
Structure, governance and management (continued)
c. Organisational structure and decision-making policies
The registered office and names and addresses of advisers are set out on the Index page.
The Trustees during the year under review are set out on the Index page. No remuneration was paid nor expenses reimbursed to them during the year. However, some of the trustees represent companies that purchase training services from the company as disclosed in the notes to the accounts.
The Company’s premises are in Louth and Skegness. First College provides learning through its centres, outreach delivery and employers premises.
East Lindsey ITeC is sponsored by 4 local organisations. Each sponsor organisation provides up to two people to serve as directors and trustees on the East Lindsey ITeC Board. The Board sets policy, monitors progress and strives to provide good and sound governance.
The Senior Management function for First College has been deployed between two equal Senior Manager Roles, which report directly to the Board of Trustees. These are the Business Manager and the Learning Contracts Manager.
The Business Manager is responsible for leading company strategic planning and the implementation of policy, whilst ensuring that the company meets all legislative requirements including those related to personnel, charity commission, health and safety, safeguarding and equality and diversity. In addition, the Business Manager has responsibility for the company’s finance, administrative activities and the securing of new contracts/new opportunities.
The Learning Contracts Manager is responsible for the delivery of all learning operations of the college including contract delivery, as well as ensuring that the college meets all self assessment and quality requirements including internal and external audits and/or inspections. In addition, the Learning Contracts Manager supports strategic planning and the implementation of policy.
The First College organisational structure is based on the Learning & Business Function . The areas are Business, Early Years, Employability, Hospitality, ICT, Recruitment, Employer Engagement and School Meals. Each learning area has one person designated as a Team Leader. Team Leaders take a leading role in operational, performance and quality development matters.
The Catering Manager – First Meals is responsible for the delivery of school meals at two premises ensuring that quality is mirrored and maintained. The role includes working with schools to promote healthy eating in general and increase take up of school meals. Supporting the Food for life partnership and attending meetings to assist schools in becoming accredited themselves.
The Lead Internal Quality Assurer (LIQA) is responsible for ensuring that learning programmes, support provided to staff, processes and systems are continually monitored for maximum effectiveness and cross college consistency. The Lead Internal Quality Assurer will take a lead role in all matters relating to quality improvement including assessment, internal verification, awarding body liaison and ENVQ.
The Team Leaders/IQAs/QAs take a leading role in operational, performance and quality improvement matters ensuring cross-organisation consistency and standardisation. To take a leading role in all matters relating to quality improvement including assessment, internal quality assurance, awarding body liaison and e-learning. There is a team leader in each of the following areas; Business, Early Years, Hospitality and Recruitment.
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EAST LINDSEY INFORMATION TECHNOLOGY CENTRE (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022
Structure, governance and management (continued)
Working Groups
The organisational structure is supplemented and supported by Working Groups comprising of staff from various areas to concentrate on specific topics and tasks. Wide involvement by staff is welcomed and encouraged. The Working Groups listed here were active in 2021/22.
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Strategy Group
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Compliance Group
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Communication Group
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Quality Systems / Self Assessment and Inspection Working Group (QSWG)
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Internal Quality Assurance and Assessment Standardisation Group
Strategy Group
The Strategy Group is led by the Business Manager and comprises of the Learning Contracts Manager and Finance Manager. The Strategy Group considers operational and strategic issues. It consults and liaises with Staff, Managers and Trustees as appropriate.
Internal Quality Assurance Assessment and Standardisation Group
The Learning Development Manager/Lead IQA leads this group, which is responsible for ensuring best practice and standardisation across the whole college with all internal quality assurance and assessment processes. The group is attended by all Internal Quality Assurance staff.
Compliance Group
The Compliance Group exists to ensure the company remains legal in relation to all areas affecting our business. The group consists of the Business Manager and the Personnel Adviser. The group maintain all policies relating to these areas. The Business Manager will bring some other legal obligations to the meeting where appropriate, these can include Employment Law, GDPR, Company Law and Charity Commission rules and regulations. The Business Manager is responsible for all staff employment conditions which include the contents of the Staff Handbook and the policy documents. These other policy documents are also reviewed within the Compliance Group.
Communication Group
The Communication Group exists to ensure that there is an ongoing and clear understanding of contracts performance, quality assurance and other factors affecting First College. The group will review and discuss contract performance, financial performance, delivery in accordance with Contract, Inspectorate and External Body requirements, self assessment, business support including marketing, legal obligations, infrastructure including premises and IT. The Learning Contracts Manager will lead on matters relating to the learning function of First College and the Business Manager will lead on matters relating to the business function of First College. The Learning Contracts Manager and the Business Manager will agree agenda items in advance of meetings. The Learning Contracts Manager will chair the meetings. Attending the meetings will be all teams leaders.
Quality Systems / Self Assessment and Inspection Working Group (QSWG)
The Quality Assurance Manager leads this group which keeps First College up to date on best practice in quality related matters. Maintain the QMM. The group takes a leading role in all matters relating to self- assessment, audit, action planning and external inspection, whilst liaising closely with the Internal Quality Assurance Assessment and Standardisation and Compliance Groups.
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EAST LINDSEY INFORMATION TECHNOLOGY CENTRE (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022
Structure, governance and management (continued)
Equality and Diversity
The Board will consider Equality and Diversity issues at its Board Meetings on an ongoing basis and will annually review all policies and other communication that relate to Equality and Diversity.
Data Protection
The Board will consider Data Protection issues at its Board Meetings on an ongoing basis and will annually review all policies that relate to Data Protection.
Safeguarding
The Board will consider Safeguarding issues at its Board Meetings on an ongoing basis and will annually review all policies that relate to Safeguarding.
Note: Other Staff Groups and/or forums are brought together from time to time to address matters that may require a specific input; these can include Marketing etc.
Board Committee
Remuneration Committee
A selected group of Trustees and the Business Manager carry out an annual review of staff terms and conditions of service including salary, pension and travel arrangements that will be applied to all staff (including key management) annually. Any amendments required during the year as a result of a change in performance or job content are enacted by the Business Manager (working with in a +/- 10%) and reported to the Committee. The Board will follow Remuneration Committee recommendations.
d. Policies adopted for the induction and training of Trustees
On appointment, all new trustees will be provided with the following documents:
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Memorandum of Association
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Articles of Association
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Charity Commission Guidance CC3 - Responsibility of Charity Trustees
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The latest Strategic Business Plan and a copy of the latest Financial Statements
e. Financial risk management
The Trustees have assessed the major risks to which the Group and the Company are exposed, in particular those related to the operations and finances of the Group and the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
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EAST LINDSEY INFORMATION TECHNOLOGY CENTRE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022
Plans for future periods
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Successful outcome from OFSTED inspection/inspection visit.
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Update Staff internal recruitment practices to include electronic application methods and initial Occupational Health Assessments.
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Successful outcome from Matrix reassessment.
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Successful outcome from investors in People reassessment.
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Successful outcome in reassessment for Cyber Essentials Plus.
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Successful submission to new ESF a workforce data collection portal.
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Introduction of soft outcome targets at individual and team level.
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More direct working with employers for the purpose of gaining employment for customers including part time work.
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Introduce working procedures to ensure our learners and employees engage with and feedback into the ESFA’s learner and employer ‘Find an Apprentice’ feedback portals.
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Develop a new clear strategy for working with larger employers such as ELDC and PSPSL to avoid losing business to competitors.
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Prepare for introduction of new ESFA independent training provider financial assurance framework.
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To develop a clear budget for participant spend on Restart to get value for customers and avoid clawback.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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 of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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EAST LINDSEY INFORMATION TECHNOLOGY CENTRE (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.
Auditors
The auditors, Streets Audit LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ P McCooey Trustee Date: 17 May 2023
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EAST LINDSEY INFORMATION TECHNOLOGY CENTRE (A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EAST LINDSEY INFORMATION TECHNOLOGY CENTRE
Opinion
We have audited the financial statements of East Lindsey Information Technology Centre (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 July 2022 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the company balance sheet, the consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 July 2022 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
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EAST LINDSEY INFORMATION TECHNOLOGY CENTRE (A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EAST LINDSEY INFORMATION TECHNOLOGY CENTRE (CONTINUED)
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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the Trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
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the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
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the parent charitable company financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report.
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EAST LINDSEY INFORMATION TECHNOLOGY CENTRE
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EAST LINDSEY INFORMATION TECHNOLOGY CENTRE (CONTINUED)
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
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EAST LINDSEY INFORMATION TECHNOLOGY CENTRE (A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EAST LINDSEY INFORMATION TECHNOLOGY CENTRE (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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the engagement partner ensured that the engagement team collectively had the appropriate competence,
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capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the company through our commercial knowledge and experience of the charity and sector in which it operates;
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, SORP 2015 (FRS 102), taxation legislation, data protection, anti-bribery, employment;
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
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reviewed Trustee meeting minutes for evidence of appropriate decision-making and management controls.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation and claims; and
There are inherent limitations in our audit procedures described above. The more removed that laws and
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EAST LINDSEY INFORMATION TECHNOLOGY CENTRE (A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EAST LINDSEY INFORMATION TECHNOLOGY CENTRE (CONTINUED)
regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company'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 to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Robert Anderson FCA (senior statutory auditor)
for and on behalf of Streets Audit LLP
Chartered Accountants and Statutory Auditor
Tower House Lucy Tower Street Lincoln LN1 1XW
26 May 2023
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EAST LINDSEY INFORMATION TECHNOLOGY CENTRE
(A company limited by guarantee)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2022
| Note Income from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investments 6 Total income Expenditure on: Raising funds 7 Charitable activities 8 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2022 £ - - - - - - 670 670 (670) 12,841 (670) 12,171 |
Unrestricted funds 2022 £ 2,728 1,124,925 324,997 68 1,452,718 313,507 1,036,003 1,349,510 103,208 1,042,563 103,208 1,145,771 |
Total funds 2022 £ 2,728 1,124,925 324,997 68 1,452,718 313,507 1,036,673 1,350,180 102,538 1,055,404 102,538 1,157,942 |
Total funds 2021 £ 103,049 741,970 262,626 60 1,107,705 248,866 924,004 1,172,870 (65,165) 1,120,569 (65,165) 1,055,404 |
|---|---|---|---|---|
The Consolidated statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 21 to 37 form part of these financial statements.
Page 16
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE
(A company limited by guarantee) REGISTERED NUMBER: 1802908
CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2022
| Note Fixed assets Tangible assets 13 Current assets Stocks 16 Debtors 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 19 Unrestricted funds 19 Total funds |
1,811 276,455 871,196 1,149,462 (187,277) |
2022 £ 195,757 195,757 962,185 1,157,942 1,157,942 1,157,942 12,171 1,145,771 1,157,942 |
1,488 378,117 585,588 965,193 (124,649) |
2021 £ 214,860 |
|---|---|---|---|---|
| 214,860 840,544 |
||||
| 1,055,404 | ||||
| 1,055,404 | ||||
| 1,055,404 | ||||
| 12,841 1,042,563 |
||||
| 1,055,404 |
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 17 May 2023 and signed on their behalf by:
P McCooey Trustee
The notes on pages 21 to 37 form part of these financial statements.
Page 17
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE
(A company limited by guarantee) REGISTERED NUMBER: 1802908
COMPANY BALANCE SHEET AS AT 31 JULY 2022
| Note Fixed assets Tangible assets 13 Investments 14 Current assets Debtors 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets |
368,672 765,526 1,134,198 (172,016) |
2022 £ 195,757 3 195,760 962,182 1,157,942 1,157,942 1,157,942 |
480,669 470,042 950,711 (110,170) |
2021 £ 214,860 3 |
|---|---|---|---|---|
| 214,863 840,541 |
||||
| 1,055,404 | ||||
| 1,055,404 | ||||
| 1,055,404 |
Page 18
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE
(A company limited by guarantee) REGISTERED NUMBER: 1802908
COMPANY BALANCE SHEET (CONTINUED) AS AT 31 JULY 2022
| Note Charity funds Restricted funds 19 Unrestricted funds 19 Total funds |
2022 £ 12,171 1,145,771 1,157,942 |
2021 £ 12,841 1,042,563 |
|---|---|---|
| 1,055,404 |
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ P McCooey Trustee Date: 17 May 2023
The notes on pages 21 to 37 form part of these financial statements.
Page 19
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE
(A company limited by guarantee)
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2022
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets Net cash used in investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 21 to 37 form part of these financial statements |
2022 £ 292,505 68 (6,965) (6,897) - 285,608 585,588 871,196 |
2021 £ (194,135) 60 (8,215) (8,155) - (202,290) 787,878 585,588 |
|---|---|---|
Page 20
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
1. General information
As set out in the trustees' report, East Lindsey information Technology Centre is an incorporated charity registered in England and Wales. The address of their registered office is First College, Unit 3, Louth Station Estate, Louth, LN11 0JT.
These financial statements have been prepared in sterling, which is the functional currency of the entity.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
East Lindsey Information Technology Centre meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The consolidated statement of financial activities (SOFA) and consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of financial activities in these financial statements.
2.2 Going concern
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 21
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will 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 total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the consolidated statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the consolidated statement of financial activities as the related expenditure is incurred.
2.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.7 Tangible fixed assets and depreciation
Tangible fixed assets costing £1,000 or more 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 initially recognised at cost. 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 its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
| Freehold property | - 4% straight line (land is not depreciated) |
|---|---|
| Short-term leasehold property | - 10% straight line |
| Office equipment | - 25% straight line |
| Computer equipment | - 33% straight line |
Page 22
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
2. Accounting policies (continued)
2.8 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the consolidated statement of financial activities.
Investments in subsidiaries are valued at cost less provision for impairment.
2.9 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.10 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.11 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.12 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the consolidated statement of financial activities as a finance cost.
2.13 Financial instruments
The Group 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 23
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
2. Accounting policies (continued)
2.14 Pensions
The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.
2.15 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 24
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
3. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2022 | 2022 | 2021 | |
| £ | £ | £ | |
| Government grants | 2,728 | 2,728 | 103,049 |
Government grants relate to the Covid-19 pandemic and include business support grants in addition to grants under the Coronavirus Job Retention Scheme.
4. Income from charitable activities
| Unrestricted funds 2022 £ Adult Income 720,344 Youth Income 369,937 Commercial training and services 34,644 Total 2022 1,124,925 |
Total funds 2022 £ 720,344 369,937 34,644 1,124,925 |
Total funds 2021 £ 290,346 379,359 72,265 741,970 |
|---|---|---|
Page 25
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
5. Income from other trading activities
Income from non charitable trading activities
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2022 | 2022 | 2021 | |
| £ | £ | £ | |
| School Meals Provision- First Meals Limited | 324,997 | 324,997 | 262,626 |
6. Investment income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2022 | 2022 | 2021 | |
| £ | £ | £ | |
| Investment income - local cash | 68 | 68 | 60 |
7. Expenditure on raising funds
Other trading expenses
| Unrestricted funds 2022 £ First Meals - operating costs 156,817 First meals- recharge of staff costs 156,690 Total 2022 313,507 |
Total funds 2022 £ 156,817 156,690 313,507 |
Total funds 2021 £ 126,868 121,998 248,866 |
|---|---|---|
Page 26
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
| 8. Analysis of expenditure on charitable activities Summary by fund type Restricted funds 2022 Unrestricted funds 2022 £ £ Charitable Activities 670 1,036,003 Total 2021 829 923,175 9. Analysis of expenditure by activities Activities undertaken directly 2022 Support costs 2022 £ £ Charitable Activities 922,300 114,373 Total 2021 787,389 136,615 Analysis of direct costs Charitable Activities 2022 £ Staff costs 807,681 Materials and purchases 41,314 Subcontract tutors 48,851 Staff travel 6,303 Trainee allowances 11,849 Telephone 6,302 Total 2022 922,300 |
Total 2022 £ 1,036,673 924,004 Total funds 2022 £ 1,036,673 924,004 Total funds 2022 £ 807,681 41,314 48,851 6,303 11,849 6,302 922,300 |
Total 2021 £ 924,004 |
|---|---|---|
| Total funds 2021 £ 924,004 |
||
| Total funds 2021 £ 682,630 46,733 45,796 2,907 150 9,173 787,389 |
Page 27
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
9. Analysis of expenditure by activities (continued)
Analysis of support costs
| Depreciation Rent and rates Light and heat Repairs and renewals Advertising Staff travel and training Printing, postage and stationary Telephone Insurance Legal and professional Governance costs - Audit fees VAT absorbed Sundry Hire of equipment Loss on disposals Bad debt provision Total 2022 |
Total funds 2022 £ 26,068 9,192 8,128 35,521 1,514 4,549 4,501 1,437 4,353 4,008 4,590 4,435 6,479 158 - (560) 114,373 |
Total funds 2021 £ 29,893 16,847 4,963 30,587 1,706 3,530 3,672 - 4,427 13,126 4,104 14,667 7,908 - 313 872 136,615 |
|---|---|---|
10. Auditors' remuneration
- The auditors' remuneration amounts to an auditor fee of £3,700 (2021 £3,600) , and accountancy, taxation and support services of of £2,450 ( 2021 - £2,350 ).
Page 28
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
11. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
Group 2022 £ 846,666 69,711 47,994 964,371 |
Group 2021 £ 707,496 52,963 44,169 804,628 |
Company 2022 £ 707,189 60,716 39,776 807,681 |
Company 2021 £ 601,762 44,659 36,209 |
|---|---|---|---|---|
| 682,630 |
The average number of persons employed by the Company during the year was as follows:
| Group | Group | |
|---|---|---|
| 2022 | 2021 | |
| No. | No. | |
| All staff | 41 | 41 |
No employee received remuneration amounting to more than £60,000 in either year.
The key management personnel of the charity are the Business, Contracts and Finance Manager. The total employee benefits paid to the 3 members of key management personnel including national insurance and pension contributions (2021: two members) was £175,064 (2021: £133,599).
12. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 31 July 2022, no Trustee expenses have been incurred (2021 - £NIL) .
Page 29
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
13. Tangible fixed assets
Group and Company
| Cost At 1 August 2021 Additions At 31 July 2022 Depreciation At 1 August 2021 Charge for the year At 31 July 2022 Net book value At 31 July 2022 At 31 July 2021 |
Freehold property £ 572,829 - 572,829 383,411 12,316 395,727 177,102 189,418 |
Short-term leasehold property £ 92,568 - 92,568 92,568 - 92,568 - - |
Office equipment £ 177,256 3,229 180,485 164,389 5,553 169,942 10,543 12,867 |
Computer equipment £ 269,048 3,736 272,784 256,473 8,199 264,672 8,112 12,575 |
Total £ 1,111,701 6,965 1,118,666 |
|---|---|---|---|---|---|
| 896,841 26,068 922,909 |
|||||
| 195,757 | |||||
| 214,860 |
Page 30
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
14. Fixed asset investments
| Company Cost or valuation At 1 August 2021 At 31 July 2022 Net book value At 31 July 2022 At 31 July 2021 |
Investments in subsidiary companies £ 3 |
|---|---|
| 3 | |
| 3 | |
| 3 |
15. Principal subsidiaries
The following were subsidiary undertakings of the Company:
| Names | Company | Principal activity | Principal activity | Class of | Holding |
|---|---|---|---|---|---|
| number | shares | ||||
| First Meals Limited | 10729159 | School meal provision Ordinary | 100% | ||
| The Big Idea (Lincolnshire) CIC | 08158999 | Dormant | Ordinary | 100% | |
| The financial results of the subsidiaries for the year were: | |||||
| Names | Income | Expenditure | Net assets | ||
| £ | £ | £ | |||
| First Meals Limited | 324,997 | (324,997) | 1 |
The financial results of the subsidiaries for the year were:
The net assets of First Meals Limited at the year end were £1 and the net assets of The Big Idea (Lincolnshire) CIC were £2. The Big Idea (Lincolnshire) CIC was dormant throughout the current and previous year. The registered office of the susidiairies is Unit 3 Louth Station Estate Louth Lincolnshire LN11 0JT.
Page 31
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
16. Stocks
| Group | Group | |
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Raw materials and consumables | 1,811 | 1,488 |
17. Debtors
| Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income |
Group 2022 £ 200,538 - 44,960 30,957 276,455 |
Group 2021 £ 318,667 - 33,137 26,313 378,117 |
Company 2022 £ 160,132 132,625 44,958 30,957 368,672 |
Company 2021 £ 282,336 138,885 33,135 26,313 |
|---|---|---|---|---|
| 480,669 |
18. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
Group 2022 £ 32,759 81,124 8,236 65,158 187,277 |
Group 2021 £ 19,541 71,895 6,826 26,387 124,649 |
Company 2022 £ 22,598 78,033 8,236 63,149 172,016 |
Company 2021 £ 13,394 65,233 6,826 24,717 |
|---|---|---|---|---|
| 110,170 |
Page 32
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
19. Statement of funds
| Statement of funds - current year Balance at 1 August 2021 £ Unrestricted funds General Funds 1,042,563 Restricted funds Learning and Skills Council 8,626 Traineeship Bursary 4,215 12,841 Total of funds 1,055,404 |
Income £ 1,452,718 - - - 1,452,718 |
Expenditure £ Balance at 31 July 2022 £ (1,349,510) 1,145,771 (670) 7,956 - 4,215 (670) 12,171 (1,350,180) 1,157,942 |
Expenditure £ Balance at 31 July 2022 £ (1,349,510) 1,145,771 (670) 7,956 - 4,215 (670) 12,171 (1,350,180) 1,157,942 |
|---|---|---|---|
| 7,956 4,215 12,171 |
|||
| 1,157,942 |
General Funds - consists of funds for the use in the general futherance of the charitable objectives.
Restricted funds - Learning and Skills Council - constitutes a balance previously donated to be used in respect of the renovation of the Ida Road Property. This is being reduced in line with depreciation of the property.
Restricted funds - Traineeship Bursary - represents a balance for providing training grants.
Page 33
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
19. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds Restricted funds Learning and Skills Council Traineeship Bursary Total of funds |
Balance at 1 August 2020 £ 1,106,899 9,305 4,365 13,670 1,120,569 |
Income £ 1,107,705 - - - 1,107,705 |
Expenditure £ Balance at 31 July 2021 £ (1,172,041) 1,042,563 (679) 8,626 (150) 4,215 (829) 12,841 (1,172,870) 1,055,404 |
Expenditure £ Balance at 31 July 2021 £ (1,172,041) 1,042,563 (679) 8,626 (150) 4,215 (829) 12,841 (1,172,870) 1,055,404 |
|---|---|---|---|---|
| 8,626 4,215 12,841 |
||||
| 1,055,404 |
20. Summary of funds
Summary of funds - current year
| Balance at 1 August 2021 £ General funds 1,042,563 Restricted funds 12,841 1,055,404 |
Income £ 1,452,718 - 1,452,718 |
Expenditure £ Balance at 31 July 2022 £ (1,349,510) 1,145,771 (670) 12,171 (1,350,180) 1,157,942 |
|---|---|---|
Page 34
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
20. Summary of funds (continued)
Summary of funds - prior year
| General funds Restricted funds |
Balance at 1 August 2020 £ 1,106,899 13,670 1,120,569 |
Income £ 1,107,705 - 1,107,705 |
Expenditure £ Balance at 31 July 2021 £ (1,172,041) 1,042,563 (829) 12,841 (1,172,870) 1,055,404 |
|---|---|---|---|
21. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Current assets Creditors due within one year Total |
Restricted funds 2022 Unrestricted funds 2022 £ £ - 195,757 12,171 1,137,291 - (187,277) 12,171 1,145,771 |
Total funds 2022 £ 195,757 1,149,462 (187,277) 1,157,942 |
|---|---|---|
Analysis of net assets between funds - prior year
| Tangible fixed assets Current assets Creditors due within one year Total |
Restricted funds 2021 £ - 12,841 - 12,841 |
Unrestricted funds 2021 £ 214,860 952,352 (124,649) 1,042,563 |
Total funds 2021 £ 214,860 965,193 (124,649) 1,055,404 |
|---|---|---|---|
Page 35
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
22. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the year (as per Statement Activities) Adjustments for: Depreciation charges Dividends, interests and rents from investments Loss on the sale of fixed assets Increase in stocks Decrease/(increase) in debtors Increase in creditors Net cash provided by/(used in) operating activities 23. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents 24. Analysis of changes in net debt Cash at bank and in hand |
of Financial At 1 August 2021 £ 585,588 585,588 |
Group 2022 £ 102,538 26,068 (68) - (323) 101,662 62,628 292,505 Group 2022 £ 871,196 871,196 Cash flows £ 285,608 285,608 |
Group 2021 £ (65,165) 29,893 (60) 313 (457) (200,798) 42,139 (194,135) Group 2021 £ 585,588 585,588 At 31 July 2022 £ 871,196 871,196 |
|---|---|---|---|
Page 36
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
25. Pension commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £47,994 (2021: £44,169). Contributions totalling £6,559 (2021: £5,146) were payable to the fund at the balance sheet date and are included in creditors.
26. Operating lease commitments
The Group and the Company had no commitments under non-cancellable operating leases at 31 July 2022.
27. Related party transactions
Some of the trustees are mutual directors for companies that purchase training services from the company. The services provided are not on preferential terms.
Creditors:
Lincolnshire County Council - £46,654 (2021: £99,820) with a balance outstanding of £5,090 (2021: £13,576)
Debtors:
Duncan & Toplis - £2,248 (2021: £400) with a balance outstanding of £348 (2021: £Nil) Public Sector Partnership Services Ltd - £212 (2021: £221) with a balance outstanding of £152 (2021: £128)
Page 37