Registered numbgr: 1802908 Charity number: 515473 EAST LINDSEY INFORMATION TECHNOLOGY CENTRE TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 •L)MFTS 27A)4r2024 CAP*NIES HtJJSÉ A11 33
EAST UNDSEY INFORMATION TECHNOLOGY CENTRE CONTENTS Page Reference and adminislrative detalls of Ihe Company. its Trustee$ and advls•rg Trustees. report Independent auditors, report on the financial statements Consolidated statgmgnt of financial aclivities 10-14 15 Consolidated balance sheel 16 Company balance sheet Consolidated statement of cash flows 17-18 19 Notes to the financlal slatements 20-35
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2023 Trustees L J Duckel P Mccooey L G Harman Company registered number 1802908 Charity registered number 515473 Registered office Unit 3 Lovth Station Estate Ljth LN11 OJT Company secretary P McCoY Chief executive officer I DkinsOn Independent auditors Streels Audil LLP Chartered Accountants and Slalulory Audrtor Tower House Lucy Tower Slreet Lincoln LN1 1XW Solicitors Langleys Otympic House 995 Doddinglon Road Lincoln LN6 3SE Bankers Lloyds TSB Nottingham BSC 11 Low Pavement Nottin9ham NG1 7DQ Page 1
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2023 The Trustees present their annual report together wrth the aLidrted financial statements of the Company for the year 1 August 2022 to 31 2023. The annual report serves the purposes ol both a Trustees. report and d1CtOrS. report under company L3w. The Trustees confimi th the annual report and financial statements of rhe charitable company comply wrth the eurrenl stalulory reqU1MentS, the requiremen15 of the charrtable company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable lo charilies preparing their aoUnt$ in accordance with the Financial Rewtin9 Siandard applicable in the UK and Republic of Ireland IFRS1021 (effective 1 January 20191. Since Ihe group and Ihe C¢)mpany qualfy as small under seclion 383 01 the Companies Acl 2006, the group strategic report require(1 of medium and large companies under Ihe Companies Act 2006 Islralegic Report and Directors, Report) Regulations 2013 has been omitted. The group and the Company also Irade under the names First Colkge. Objectlves and acllvltles a. Pollcies and objectlves In setting objectives and planning fN aclivilies. the Trustees have given due wnsideralion lo general guidance published by the Charty Commission rdatiNJ to public benefil. including the guidance 'PUbl benefit.. running a charity {PB21'. 11 is understood that our serwces nee<1 to be beneficial In general and to a wde section ol the community lo eomply wth The Charity Commission. The charity's objectives as set out within the Memorandum of Association ol East Lindsey Information TechnolfYJy Centfe are". 1. The pr¢)motion and advancement of educalKJn and trainin9 of the publ¢. including the long term unemployed lo acquire vc¢ational qualificatKJns and work related 5ki115 a5 required by tocal employers and industries as well as meeling nalional government targets by means of both instructor led. self study courses and the provision of practical experience. 2. The relief of unempbymenl for the publt benefit in such a way as may be thought frt, including assistance lo find employment. Addrtionalty sel ¢JJl wrthin our business plan we have the fc41owing company objectives.. 1. To remain financially viable 2. To provide hh quality learning serwces 3. To adhere lo our customer semce values 4. To piowde staff wÉth a posrtive, rewarding and se wthing environment The company vision is to deliver high qualrty leaming that raises participation and attainment while meeting the individual n&eds of learners through colLAborative partnership working and empk)yer engagemenf. First College is established.to promote and provide for the advancement of the education and training of young persons and adulis. First College works closely wlh some 21JO kxal employers and with Schools and Colleges of Further Education. First College primarity serves the E8s1 Lindsey area lo the benefrt of young people and adults with training, leading to the attainment of recogni5ed qualifications and employment. First College is a member of the Association of EmployTnenl Learning Provsders. which is the national body representing provider views. The Business Manager is on the Boaid ol the Employment Skilb Boaid of the Greater LiroIShIre Lc¢al Enterprise Partnership. Page 2
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 Achievements and performance a. Review of activities Planned Oevelopments 2022123 and results Successful outcome fmm OFSTED inspection /inspection vislL Inspected by OFSTED March 2023 and graded GOOD. Update Staff inlemal recruitment pra¢ti¢es to include electroni¢ appllcation methods and initial Occupational Health Assessments. Carried fOard lo the new fin8neial year. Successful outcome from Alatnx rnassessmenf Full $uc¢e$sful reassessment June 23 Suecesslul outcome from investors in people reassessment. We have decided as a business lo no longer continue wth this award. Successful outcorne in rea$Sement lor cYberEen?ls Plus. Cyber Es5enlb*s was reaccrediled 4th January 2024 and Cyber Essentials Plus w8$ reaccredited 3rd April 23. Successful submission to new ESF a worfrforce dats Collection portal. The submission was c¢ynpleled $u¢¢essfulty. Introduction olsoft outcome taryets at individual and team level. Carried forward lo the new finaneial year. More dlrect working with Employers for the purpose ol gaining employment for customers including part time worfr. All EMplOent coaches delivering Restart work direclly wilh Employers. Introduce working procedures to ensurn our leamers and employees engage with and leedback into the ESFA'S leamer and employer'Find an Appientice. leedbackportals. Currently graded 3.6 lout of 41- Excelknl. Develop a new clear strategy for working with larger employers such as ELDC and PSPSL to avoid losing business to competitors. Staff have insured Iheir Vdorking relationships are conslarbl wrth the larger employers. Prep8r• Ityintroduction of new ESFA independent training pmvider flnancial assurance Iramework. Delayed by ESFA Page 3
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 Achievements and pgrforniance {continuedl To develDP a clear budget for participant spend on Restart to get value for customers and avoid ¢lawback. Time has been invested in looking at the expenditure streams attaching lo the participants journey through the Restart program. Increased investment wll both positively impact the participant as well as reducing the potential for clavh)ack. b. Fundraising activities and income generation First College does not fundraise. Flnancial revlew a. Going concem After making appropriate enquiries. the ITustees have a reasonable expeclalion Ihal the company has adequate resources to continue in opera110nal existen lor the foreseeable future. For this reason they continue lo adopt the going concern basis in preparing the financkil slalements. b. R•servos policy The Charity holds reserves to ensure funds aTe available to maintain high qualrty training facilities. including up to date equipment and a safe working environment. In addition. reserves are held lo ensure continuity in the event of a large variation in the net income and to bridge any cash flow problems. The Board wms lo maintain an adequate level ol reserves. This is expecte<l to be 3 months running costs and the ¢ost ol a planned and managed closure of the Charity. The trustees review the reserve levels of the charity annually and are actively seeking ways lo ulilise the organis*ion's feserves lo advance the organisaln relalNe lo rt5 bu5ine55 objeclives. The Iruslees have delemine(i thal the appropriale level or free resetves should be three months running cost5 and a planned closure which are estimated at £518,000. The reason for this is to prowd¢ sufficient working caprtal lo cover delays belween spending and receipt of granl Income and to provide a cushion lo deal wil unexpected emergencies such as urgent mainlenance or kn9 teim 5knesS where unforeseen St$ are incurred. The charity holJs total reserves of £798,934 {2022'. £1.157.942}_ Individualty this is made up ol unre51ricted funds of £787.43312022.' £1.145.7711 and ieslricted funds of £11.501 12022. £12,171). In the year ended 31 July 2023 the Trust made an overall deficit of £359,007 12022". surplvs of £102.538I. Al 31 August 2023 the Trust held sufficient reserves lo meet the free reserves requirement. Slwcture, 90¥gmance and management a. Constitution East Lindsey Infomiation Technology Cenlre is a registered charity. number 515473. and a registered company. number 1802908. Its goveming document is its Article5 of Association. The company carries out ils aclivrtie5 under the trading name of "First College". The financial statements comply with current statutory reqU1MentS and Ihe companWs gOVerng document and Statement of Recommended Praeliee Acccmjnting and Reporting by Charities. Page 4
EAST UNOSEY INFORMATION TECHNOLOGY CENTRE TRUSTEES. REPORT ICONTINUEO) FOR THE YEAR ENDED 31 JULY 2023 Structure, governance and management {continued) b. Methods of appoinlmenl or elKtion of Trustees The c¢Jmpany may by ordinary resolLrtion appoint a person willing lo act a5 a Iruslee. For appointment al an AGM, formal notice is required as specrfied in the memorandum and articles. The existing Irusle8s may appoint a person who is willing to ad as a ITuslee. There is no maximum number of trustees bul there must be at least 3 in office al any lime. c. Oryanisational structure and deci$ion-making policies The registered office and names and addresse$ of advisers are set out on the Index page. East Lindsey ITeC has three Truslees. one of whom is the Chaimian. The Board sels policy. monitors progress and slfives lo provide good and sounij governance. The Trustees during the year under review are sel oul on the Index page. No remuneration was paid nor expenses reimbursed lo them duriro the year. However. Some of the Iruslees represent mpan*S that purchase training services from the company as disclosed in the notes to rhe accounts. The Company's premises are in Loh and Skegness. First Colkge provKles learning.Ihrough ils cenlres, outreach delivery and employers premises. East Lindsey ITeC is sponsored by 4 l¢xal organisalions. Each Sponsor organisalion provides up lo two people to serve as directors ancl trustees on the Easl Lindsey ITeC Board. The 8oard sets pOIy, moniiors progress and strives to provide good and sound governance. The Senior Management function for First College has been deployed betsveen fv40 equal Senior Manager Roles. which report directly lo the Board of Trustee5. These are the Business Manager and the Learning Contracts Manager. The Business Manager is Sponsible for leading company Strateg planning and the implemenlalion of policy. whilst ensuring that the company meets all legislative requirements including those related to personnel. char11y commission, health and safely, 5afeguardin9 and equality and diversity. In addition, the Business Manager has responsibility for the companws finan, •Jministralive xtivilies and the sKurirKd of new ContraCtnW OpportunitS. The Leaming Contracts Managèr is responsible for the delivery of all learning opèrations 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 andlor inspections. In addition, the Learning Contracts Manager supports strategic planning and Ihe implementation of policy. The First College organisalional structure is based on the Learning & Business Function. The areas are Business, Early Years, Empksyabilrty. Hospilalty. Recruilmenl. and School Meals. Each learning area has one person designated as a Team Leader. Te 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 al two premises ensuring that quality is mirrofed and maintained. The role includes working with Schools lo promote heallhy eating in general and increase take vp of schwl meals. Supporting the Food for lrfe partnership and attending meetings to assisl schools in bee¢Jming accredited Ihem5elve5. The Lead Inlemal Quality Assurer ILIQAI is responsible for ensuring that learning programmés, support provided to staff. processes and syslems are conlinvally monitored for maximum effectiveness and cross college consistency. The Lead Internal Quality Assuier wll lake a lead role in all maliers relating lo quality improvement includin9 assessment. internal verrfication. awarding body liaison and ENVQ. Page S
EAST UNDSEY INFORMATION TECHNOLOGY CENTRE TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 JULY 2023 Structure, governance and management Iconlinuedl The Team LeadersllQAslQAs lake a adIng role In operalK>nal. pertomiance and quality mprovemenl matters ensuring cross-organisation consistency and standardi5ation. To take a leading role in all matlers relating to quality impfovemenl including assessment, Internal qualrty assurance. awardin9 body liaison and e•learning. There is a team leader in each of the follong areas". Business, Earty Years. Hosprtality and Recrurtment. Working Groups The organisalional structure is 5upplemenled and supported by W01n9 Groups wmprising of staff from various areas to concentrate on specilic topics and task5. Wide invofvement by staff is welcwed and encouraged. The Vvorking Groups listed here were active In 2022123. Strategy Group Compliance Group C¢)mmunicalion Group Quality Systems I Sell Assessment and Inspection Working Group IQSWGI Internal Quality Assurance anfj Assessment Standardisation Group Strategy Group The Strategy Group is led by the Business Manager arKI comprises ol the Learning Contracts Manager and Finance Manager. The Strategy Group considers operational and stregK issues. It Consults and liaises wrth Staff, Manageis and Trustees as appropriate. Internal Quality Assurance Assessment and Stsndardisation Group The Learning Development ManagerlLead IQA lead5 thi5 group, which is responsible for ensuring best practice and standardisation across the whole college with all intemal quality assurance and assessment processes. The group is allended by all Intemal Qualrty Assurance staff_ Compllance Group The Compliance Group exi515 to ensure the company remains legal in relation lo all Breas affecting our business. The group consists of the Business Manager and the Personnel Adviser. The group maintain all po11cies relating to these areas. The Business Manager wll bring some olher legal obligations lo the meeting where appropriate. Ihese can include Employment Law, GOPR, Company Law and Chaflty Commission rules and regulations. The Business Manager is responsible lor all siaff ernployment Conditions which include Ihe conlenls of the Staff Handbook and the ptY documents_ These other polKy documents are also reviewed within Ihe Compliance Group. Communl¢ation Group The Communiealion Group exists to ensure Ihat there an ongoing and ear undersianding of Contracls perfomance, quality assurance and other factors affeding First College. The group will revw and discus5 contract performance, financial performance, delNery in accordance wilh Contracl. Inspectorate and External Body requirements, self assessment, business support including markelsng, legal obligations. infrastructure including premises and IT. The Learning Contracts Manager wll lead on matter5 relating to the leaTning function of First College and the Business Manager will lead on mters relating to the busines5 funclv)n of First College. The Learning Contracts Manager and the Business Manager will agree agenda items in advance ol meetings. The LearnNI9 Contracts Mana9ef wil chaii the meetings. Attending the meelirws will be all teams leaders. Quality Syslems I Self Assessment and Inspection Working Group {QSWG} The Quality Assurance Manager leads Ihis group which keeps First College up lo dale on best practice in quality related malters. Maintain the QMM. The group takes a leading role in all matter5 relaling lo setf- assessment. Pa9e 6
EAST UNDSEY INFORMATION TECHNOLOGY CENTRE TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 Stru¢lure. govemance and management Iconllnuedl auéil, action planning and external inspection, whilst liaising closety Yh the Inlemal Quality Assurance Assessment and Slandardisalion and Compliance Groups. Equality and Diversity The Board will consKler Equalrty and Divers¢ty issues al rts Board Meetings on an ongoing basis and will annually review all policies and other communication that relale to Equality and Diversty. Data Protectlon The Boar¢J will consider Data Protection issues al rts Board Meelings on an ongoing basis and will annualty review 811 policies that felale lo Data Protection. Safeguarding The Board will ConseT Safeguar(Jing issues at rt$ Board Meetings on an ongoing basis and will annually review all policies that relate to Safeguardin9. Note". Other Staff Groups an0[ fonjms are brought together from tme to time to address matters that may require a specific input", these can include Marketing etc. 8oard Committeg Reffluneration Committee A selected group of Trustees and the Business Managef cary ¢)Ut an annual revw of staff terns and conditions of service including salary. pension and travel arrangements that will be applied to all staff lineludin9 key managemenll annual. Any amendments required during the year as a result of a change in performance or job conlenl are enacted by the Business Manager (working wrth in a +l- I0%1 and reported to the Committee. The Board will follow Remuneration Committee recommendation5. d. Pollcies adopted for Ihe iniluction and training of Trustees On appointment, all r¥ Iruslees wll be provided wilh Ihe fdk)wing documents.. Memorandum ol Associalion Articles of Associafi Chanty Commission Guidance CC3 - Responsibilty of Charty Trustees The latest Strategic Business Plan and a copy of the latest Financial Statements e. Financial rlsk managernent The Trustees have assessed the major risk5 to whh the Group and the Company are exposed, in partCUlar those related io the operations and finances of the Group and the Company. and are satisfied that systems and proce(Jures are in place to m((ige exposure to the major risks. Pa9e 7
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 JULY 2023 Plans lor future periods Update Staff internal recfuthent practices to include electronic application methods and initial Occupational Health Assessments Successfijl outcome from Matrix reassessrnenl Successful outcome in reassessment for Cyber Essentials and Cyber Essentials Plus Successful submission lo new ESFA workforce data collection portal Introdudion of soft oulc¢yne largets at individual and team level Complele a program of redecoration and general tidwn9 up of the Ida Road premises Carry out a survey of employers and schools in relation to their needs Establish CUrruluM learning groups lor 8(ner$ from ¢Jay one of leaming Establish 5y51ems for electronic learning for retention and storage 10. Update all telephone systems where required al cenlres lo cloud based from ISDN Statem9nt of Trnstees. responsibilities The Truslees Iwho are also the directors of the Company for the purposes of company lawl a responsible for preparing the TfUStees' report and the financial statements in accordance with applicable law and Unrted Kingdom Accounting Standards {Unrted Kingdom Generalty Accepted Ac¢oLJnling Praclicel. Company law requires the Truslees lo prepare financial siatements for each financial . Under company law. the Trustees musl not appfove the financial slalements unless they are satisfied Ihat they give a true and fair view of the slate ol affairs of the Group and the Company and of their incoming resources and applicalitsn of resources. including their Income and e¥pendrture, for that period. In pParing these financial statements, the Trustees afe required to.. select 5uilable accounting policies and then apply Ihem ¢onsistenlly'. observe the melhfyjs and principles of the Charities SORP IFRS 102}.' make judgmenls and accounting eslimales that are reasonable and prudent", slate whether applicabbe UK Accountin9 Standards {FRS 1021 have been followed, subjecl lo any material departures disclosed and explained in the linancral 51atemenls", prepare Ihe financial statements on the going concern basis unless it is inappropriate to presume that the Group will conlinue in business. The Trustees are fesponsiwe for keeping adequate a¢¢ounling records that are sufficienl to show and explain the Group and the Companls tran58¢tions and dis¢lose with reasonable accuracy al any time the financial position of the Group and the Company aftd eftable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assels of the Group and the Company and hence for taking reasonable slep5 for the prevention and detection of fraud and olher irreguiarrties. Dlsclosure of inforn)alion to auditors Each of the per50n5 who are Trustee5 at the time when Ihi$ TnJstees' report is approved has confirmed that.. so far a5 that Trustee is aware, there is no relevant audit inform*ion of which the charitable group's auditors are unaware, and that Trustee ha5 taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit infomalion and lo establish that the charilable group's audrtors are aware of that information. Page 8
EAST UNDSEY INFORMATION TECHNOLOGY CENTRE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 Auditors The audrtors. Streets Audit LLP, have indicated their willingness to continue in offe. The designated Tnjslees will propose a motion reappointing the aLKlitots al a meetin9 of the Trustees. Approved by order of the members ol Ihe board of Trustees signed on their behaw by". PMCC Trustee Dale. 22 April 2024 pe9
EAST UNDSEY INFORMATION TECHNOLOGY CENTRE INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF EAST LINDSEY INFORMATION TECHNOLOGY CENTRE Opinlon We have audiled the financial statements of East Lindsey Information Technology Centre Ilhe 'parenl charitable company'l and its subsidiaries lthe 'group'l for the year ended 31 Juty 2023 which comprise the consolidated statement of financial activiti'es, the consolklated balance sheel. the company balance sheet. the consolidated slalemertt of cèsh flovls and the relate(I notes. including a summary of sMJnificant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financol Reporting Standard 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland. Iunited Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statements.. give a true and fair wew of Ihe stale of the Group's and of the parent charitable companys affairs as al 31 July 2023 and of the Group's incoming sOurCeS and applKalion of resources, including ils ine¢Jme and expenditure for the year then ended". have been properly prepared in accordance wrth Unrted Kingdom Generally Accepted Accounting Practice,. and have been prepared in accoidance wrth the qUirementS of the Companies Act 2006 and the Chanties Act 2011. 8asis for opinion We conducted our audit in accordance 1h Intemalional Standards on Auditing (UK} IISAS IUK)} and appIable law. Our responsibilities under those stsndards are further described in the Auditors. respon5ibililie5 for the audit of the financial slalements seclion of our report_ We are Independent of Ihe Group in accordance with the ethical requirements that are relevant 19 our audit of the financial ststemenls in the United Kingdom, including the Finaneial Reporting Council's Ethrcal Standacd, and we have fulfilled our other ethical responsibilitres in accordance wilh these requifements. We believe that the audit evidence we have obtained is sufficient and appropriate to prowde a basi5 for our opinion. Conclusions relating to going concern In auditing the financial statemenls. we have concluded Ihat the Trustees. use ol the going Concern basis of a¢¢ounting In the preparation of the financial statements Is appropriate. Based on the work we have performed. we have nol Klentrfied any material uncertainties relating lo evenls or condf(it)ns that. individualty or ColtiVely, may cast si9nrficanl doubt on the Group's or the parent charitable companWs ability to continue as a going concem for a per(od of al least twelve months fr¢>ll when the ftTran¢ial statements are authorised foi Issue. Our responsibilities and the re5pofb5ibilities of the Trustees th respect to going concem are described in the ielevant sections of this report. Page10
EAST UNDSEY INFORMATION TECHNOLOGY CENTRE INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF EAST UNDSEY INFORMATION TECHNOLOGY CENTRE {CONTINUEDI Other information The other information comprises the infomialion included in the ann(Jal report olher than the financial statements and our auditors. report th8reon_ The Tfusiees are Sponso for the other infomiation contained within the annual report. Our opinion on Ihe financial statements does nol cover the other infocmalton and. except lo the exlenl olhewse expliciily slated in our report. we do not express any form of 35surance eonclusion Ihereon. Our responsibility is lo read the othef information and. in doing so, conSKler whether the other information is materially inconsislenl with the financial slatements or our knovAedge obtained in the course of the audit, or otheiSe appears lo be malerialty misslated. 11 we Klentrfy such malerial Inconsi51encie5 or apparenl material misstatements. we are required to detemine whether Ihis gives rise to a material misstatgmenl in the financial stalemenls Ihemselves. If. based on the work we have perfomied, we conclude that there Is a material misstalemenl of this other Infomation, we are cequired lo report that fact. We have nothing lo report in this iegard. Opinion on other matters prescribed by the Companies Aet 2006 In our opinion, based on the work undertaken in the course of the audit-. Ihe infofmation given in the Trustees. report for the financial year for whh the financial statements are prepared is consislent with the financial statements. Ihe Trustees. report has been prepared in accordance wrth applicable legal requirements. Matters on which we are required to report by exeeption In the Ipht of our knO%edge and understsnding of Ihe charitable company and its environment obtained in the course of the audit, we have not hlenlrfied material missLements in the Trustees. report. We have nothing lo report in respect of the f01b).ng matters in relatK)n to which Companies Act 2006 requires us to report lo you if, in our opinion" the parent eharrtable company has not kept adequate and sufficient accounting records, or returns adequate lor our audil have nol been received from branches nol visited by us," or the parent charitable company financial slalements are not in a9reement with the acLtnting records and relurns.. or certain di$¢k)$ures of Trustees. remunerati¢)n specrfd by law are not made.. or we have nol received all the Information and explanations we require for our audit.. or the Trustees were not entille(J lo prepare the financial statements in accordance wrth the small companies regime and lake advanlage of the small companies. exemptions in preparing the Trustees, report and from the requirernenl lo prepaie a Strategic report_ Page11
EAST UNDSEY INFORMATION TECHNOLOGY CENTRE INDEPENOENT AUDITORS. REPORT TO THE MEMBERS OF EAST UNDSEY INFORMATION TECHNOLOGY CENTRE ICONTINUEDI Responslbililies of Irustees As explained more fulty in the trustees. responsibilities slalement. the Tru51ees (who are also the directors ol the charitable company for the purposes ol company law) ale responsible for the preparation of the financia slalemenls and for being 5a115fied Ihat they gtve a true and fair vw, antl for such inlemal control as the Trustee5 deleTmine is necessary lo enable the preparatn of finaneKal slalements thal are free from material misslalemenl. whether due to fraud or error. In preparing the financial slatemenls. the Trustees are responsible for assessing the Gioup's and the parent charitable company's ability ¢0 continue as a going concem, disclosing, as 8pplicable, matters related lo gorng concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the Group or the parent charitable MpanY or lo Cease operations, or have no realistic attemalive but Its do so. Page 12
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF EAST LINDSEY INFORMATION TECHNOLOGY CENTRE ICONTINUEDI AudFiors' responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance aboLrt whether the financial statements as a whole are free from material misslalement, whether due lo fraud or error, and to issue an audrtors. report that includes our opinion. Reasonable assurance is a high level ol assurance. bul is not a guarantee that an audit conducted in accordance wrth ISAS (UK) wll aVaYS detecl a material misslalemenl when it exisls. Misslalemenls can arise from ffaud or error and are considered rf. in¢JivIdual or In the aggregate, they could reasonably be expected lo influence the ec(0mle decisions ol users taken on the basis of these financi81 slatemenls. Irregularrties, including fraud, are instances of non-cclnpliance yh law5 and regulations. We design procedures in line with our responsibilities, outlined above. lo delect material misstatements in respect of irregularities, including fraud. The extent to which our procedure5 are capable of detecting Irregularih"e5, including fraud is delaikd below.. the engagement partner ensured that the engagement team ¢olleclivety had the appropriate competence. capabilities and skills to identrfy or recognise non-compliance wth applicable laws and regulations," we idenlified the laws and regulations applicable to the company through our commercial knowledge and experience of the charity and secloi in which il operales". we focused on specific laws and regulations which we consKlered may have a direct material effect on the financial statements or the operalions ol Ihe company. including Ihe Companies Act 2006, SORP 2015 IFRS 1021. taxation legislation. data proteclion, antbribery, employment., we assessed the extent of compliance wth the laws and regulations identrfied above through making enquiries of management and inspecting legal correspondence.. and identified laws and regulations were communicated wthin the audit team regularly and the team remained alert to inslances of nOn-MpIonCe Ihroughout the audrt. We assessed the susceptibilty of ihe CoMpanS statemenls to material misslalement, inclLhJing obtaining an urKlerslandiro of fraud mKJht (xcur. by.. making enquiries of management as lo ere they eonsidered there was susceplibility lo fraud, their knowledge ol actual, suspected and alleged fraud, and consKlering the internal conlrols in place lo mitigate risks of fraud and nonwcomplianee wrth laws and regul*ions. To 8d¢Jress the risk of fraud through management kn"8s and override of controls, we.. perfomied analyiical procedures to entIfy any unusual or unexpected relationships., tested journal entries lo identify unusual tranSaCtn$", assessed whelher judgements and assumption5 made in determining the aCc(nting estimates sel out in Note 2 were indicative of potenlial bias. and investigated the rationale behind Signifant or unusual Iran$a¢tions. reviewed Trustee meeting minutes for evidence of appropriate decisiofvmaking and management conlrols. In response to Ihe risk of irregularities and non-compliance wrth laws and regulations, we designed procedures which ineluded. but were nol Iwnrted to". agreeing financial statement disclosures to undertying SUPPOrting dctumentation,. reading Ihe minutes of meetings ol those charged wlh governance", enquiring of management as lo aclual and potenlial1rt1galion and claim5". and There are inherent limi(alions in our aLKlit prccedures described above. The more removed Ihal laws and regulations are from linan¢ial transactions. the less likety rt is that we woukl beeome aware of non-compliance. Auditing standards also limrt the audit procedures required lo identify non-compliance with laws and regulations Page13
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF EAST LINDSEY INFORMATION TECHNOLOGY CENTRE ICONTINUEDI to enquiry of Ihe directors and other management and the inspeclion of re9ulatory and legal correspondence, if any. Material misslatwments that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusn. A further description of our responsibilities for the audit of the financial stalemenls is located on the Financial Reporting Councifs website at.. www.frc.or kl udrtorsres This descripl*)n fomis part ol our auditors. report. Use of our report This report is made scAely lo Ihe charilable companls members. as a body, in accordance wth Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustee5, as a body. Part 4 of the Charrties IA¢counls and Reports) Regulations 2008. Our audit work has been undertaken so thal we might slate to Ihe charitable company's members Ihose matters we ale required to stale to Ihem in an auditors. report and for no other purpose. To Ihe fullest exlenl permitted by law, we Oo nol a¢¢ept or assume responsibilty lo anyone other than the charilable company and 115 members. as a bo<ly. for our audit work. for this report, or for the opinion5 we have formed. Robert Andèrson FCA (senior ststutory auditor) IOF and on behalf of Streets Audit LLP cttdrted Accounlanls and Ststutory Auditor Tower House Lucy Tower Street Lincoln LN1 1XW Dale-. 2610412024 Page 14
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE CONSOLIDATED STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JULY 2023 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Total nds 2022 Not9 Income from.. Donalions and legac5 Charitable aclivilies Olher trading aeliwlies Investments 2. 728 1, 124,925 324,997 68 1.035,393 326,656 72 1.035,393 326,656 72 Total in¢ome 1.362.121 1.362,121 1,452. 718 Expenditure on: Raising funds Charitable activities 333.433 1.387.025 333,433 1,387,695 313,507 7,036,673 670 Total expenditure 670 1.720.458 1,721.128 1,350, 180 Net movement in funds 1670) 13S8.3371 13S9,007} 702,538 Reconciliatlon of funds- Total funds brought forward Net movement in funds 12.171 16701 1,145.771 1358.337} 1.157.942 13$9,0071 7,055,404 702,538 Total funds carried forward 11,501 787,434 798,935 1, 157,942 The Consdidated statement of financK?l aclivrties inclLKles all gains and losses recognised in the year. The notes on pages 20 10 35 f¢)m part of these financial statements. Page 15
EAST UNOSEY INFORMATION TECHNOLOGY CENTRE REGISTERED NUMBER: 1802908 CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2023 2023 2022 Note Fixed assets Tangible assets 175.180 195, 757 175.180 195,757 Current assets Stocks Debtors Cash al bank and in hand 16 17 1.8S9 275.372 623,187 1,811 276.455 8T1. 196 900.418 1. 149,462 Creditors.. amounts fling due wthin one year 18 1276.6641 (187,278) Net Current assets 623.754 962, 184 Total assets less currenl liabilitbes 798,934 7, 157,941 Net assets excluding pension asset 798,934 1, 757,947 Total net assels 798,934 1. 157, 94 7 Charity funds Reslricle(I funds Unrestricted funds 19 19 11,501 787,433 12.171 1. 745, 770 Total funds 798.934 1, 157,947 The Truslees acknowwge their responsibilrties for ep1"n9 wrth the requiranenls of Ihe Act with respKI to 8ecounling records and preparation of financial slalements. The financial stalemenls have been prepared in accordance with the provisions appluble to enlrties subject to the small companies regime. The financial statements were approved and authorised lot is5 by the Trustees on 22 April 2024 and signed on their behall by.. PMCC Trustee The notes on pages 20 lo 3S form part of these financial slalements. Page 16
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE REGISTERED NUMBER: 1802908 COMPANY BALANCE SHEET AS AT 31 JULY 2023 2023 2022 Note Fixed assgts Tangible assets Inve51mentS 13 14 17S.180 195, 757 175,183 195, 760 Current assets Debtors 17 366.923 528.737 368,672 765,526 Cash al bank and in hand 895.660 1. 134, 198 Credilors.. amounts falfig due within one year 18 1266.9951 (172,076) Net current assets 628,665 962, 182 Total assets less Current Ilabilities 803.848 1, 157,942 Net assets excluding pension asset 803.848 1, 157,942 Total net assets 803.848 1, 157,942 Page 17
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE REGISTERED NUMBER.. 1802908 COMPANY BALANCE SHEET ICONTINUEDI AS AT 31 JULY 2023 2023 2022 Note Charily funds Reslricled funds Unrestricle(I funds 19 19 11,501 792,347 12,171 1, 145, 771 Total funds 803.848 1, 157,942 The Companls net movement in funds for the year was £1354.0941 (2022- £102,538J. The Trustees acknowledge their responsibilities for cOMp.n9 %Wth Ihe requirements of the Act with respect lo accounting records and preparation ol financial slalemenls. The financial slalemenls have been prepared in accordance with the provisions applicable lo enlilies subject to the small companies regime. The financial statements were approved arKI aulhorised fot issue by the Trustees and Signed on their beh81f by. PMCC Trustee Dale.. 22 April 2024 The notes on pages 20 10 35 fomi part of these financial slalements. Page 18
EAST UNDSEY INFORMATION TECHNOLOGY CENTRE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023 2023 2022 Cash flows from operating activities Nel cash used in operating acliwties 1248.081) 292, 505 Cash tlows from investing activStles Dividends, interests and rents from investments Purchase of tangib fixed assets 72 68 (6,965J Nel cash provided byllused inl Investing activities 72 16.8971 Cash flows from financing activities Net cash provided by financing activitie$ Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 1248.0091 28S,608 871,196 585,588 Cash and cash equivalents at the end of the year 623,187 877, 796 The notes on pages 20 10 35 fom part of these financial slatements Page 19
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 JULY 2023 General infonnation As sel out in the trustees. port. East Lindsey inlomiation Te¢hnolc4Jy Centre is an incorporated charity registered in England and Wales. The address of their regrsleied office is Fir51 Coltege. Unrt 3, Louth Slalion Estate. Louth, LN11 OJT. These financial statements have been prepared in slerling. which is Ihe functKJnal currency of the enlily. Accounting policies 2.1 Basis of preparation of financial statements The financial slalements have been prepared in accordance with the Charities SORP IFRS 1021 Accounling and Reporting by Charities". Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard aPpIable in the UK and Republ of ITeland IFRS 1021 {effedive 1 January 2019}, the Financial Reporting Standard applicable irh Ihe UK and Republ of Ireland IFRS 1021 and the Companie5 Act 2006. East Lindsey Information Technology Centre meets the de[inrtn of a public benelrf( enlrty under FRS 102. Assets and liabilities are inifially recognised at histor?1 cost OT transaction value unless otherwise stated in the relevant accounting policy. The consolKlated statemenl of financial activities ISOFAI an¢J consolidated balance Sheet con501idale the financial slalements of the Company and it$ subsKliary undertaking. The results of the subsidiary are consolKlaled on 3 line by line basis. The Company has taken advantage of the eXempln allowed under section 408 of the Companies Act 20C6 and has not presented ils own $talement of finan¢ial activrties in these financial slalements. 2.2 Going con¢em The Iruslees assess whether the use of going concem is approprièle i.e. whether there are any material uncerlainlies related to events or C0ndrtnS that may cast significanl doubl on the abilily of the charrty to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year Ir¢)m the date of authorisation for issue of the financial 51alemenls and have conclude¢J that the charity has adequate resources to continLTre in operational existence lor the foreseeable future and there are no material uncertainlie5 about the charity's ability lo continue as a going concem. thus Ihey continue to adopt the going concem basis of accounting In prepanng the financial siatements. 2.3 Income All income is recognised once the Company ha5 enlrtlemenl lo the income. it 1$ probable that the income will be rèceived and the amount of Income receivable can be measured reliably. Grants are included in the consolidated statement ol financial actiwties on a reCvable basis. The balance of income received for specific purposes bul not expended during the period is shown in the relevant fun¢Js on the balance sheet. Where income is r1Ved in advance of enlillement of receipl. its recognition 15 deferred and included in creditors as deferred income. Where enlillemenl occurs before inc¢)me is received. the incfxme is accrued_ Income tsx e0verable in relatn to investment income Is recognised al the lime the investrnenl income is ieeavable. Page 20
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accounting policies Icontinuedl 2.4 Expenditure Expenditu is recognised once Ihefe ts a legal or constructrve obligatth lo transfer economic benefit to a third party, it 15 probable that a transfer of economic benefits wll be required in settlement and the amount ol the oblpalion can be measured reliabty. Expenditure 15 classified by aclivrty. The costs of each actimty are made up of the lotal of direct cosls and shared costs, including support costs involved in undertaking each actiwty. Direel Costs attributable lo a single activty are allocated directly to that acliwty. Expenditu on charitable activities ts incufred on direclty undertaking the aclrwlies which furthef the Group's objeclives. as well a5 any as50cialed support costs. All expenditure is inclLssive of Irrecoverable VAT. 2.5 Governmenl grants Government grants relating lo tsnglb fixed assets are Irealed as deferred income and released lo the Consolated statement of financial aclivrties over the expected useful lives of the assets concerned. Other grants are Crediled to the consolidaled statement of financial a¢livilie$ 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 liably by the Group.. this is normalty upon rKJlification of the interest paid or payable by Ihe institution with whom the funds are deposited. 2.7 Tangible fixed assets and deprlatIOn Tangible fixed assets costing £1,000 or more are capitalised and COgnised when future economic benefit5 are probable and the cost or value of the asset can be measured relrdbly. Tangible fixed as5els are lnrtia1 recconised at cost. After recognition, under Ihe cost model. langible rixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs Incurred to bring a tangible fixed asset inlo rts Intended working eondilion shoLbld be included in the measurement of cost. Depreciation is charged so as lo alkle the cost of tsngible fixed assets less their residual value over their estimated useful lives. using the straht-1le method. Oeprecialion is prowded on the foll(Ming bases.. Freehokl propety Short-lemi leasehold propety Office equipment Computer equipment 4'A slraighl line {land is not depreciated) 10Qk slraighl line 250A straight line 33% slraighl line Page 21
EAST UNDSEY INFORMATION TECHNOLOGY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accounting policies (continued 2.8 Investments Fixed assel investsments are a fomi of financial instrument and are inilialty recognised al their transaction cost and 5ubsequentty measured at fair value al the balance sheel date. unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses. whether realised oi unrealised, are combined and pseIe0 as 'GainsllLossesl on investments. in the consolidaled 51atemenl oi financial aclivth"es. Investments in sUbspJiaS are valued at cost kss provision for impairment. 2.9 Stocks Stocks are valued at the IcA¥er of c05t and net realisable value after making due allowance f¢r obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable ovetheads. 2.10 Debtors Trade and other debtors a reCniSed al the seltlement amount after any Irade discount offered. Prepaymen15 are valued at Ihe ¥Aounl prep3NI nel of any trade discounts due. 2.11 Cash at bank and in hand Cash al bank and in han(J includes cash and short-lerm highty liquid investments with a short malurily of three months or less from the dale of affjuisilion or opening of the deposit or simiLar account. 2.12 Liabilitles and provisions Liabilrties are recognised when there is an oblwjalion al the balance sheet date as a lesull of a past event, it is probable that a transfer of econom benefit wll be required in settlement. and the amount ol the settlement can be eslimaled reliabty. Liabilities are recognised at the amounl that the Company anlicipales it will pay lo sellle the debt or Ihe amount it has received as advanced paymenls for the goods oc semces it musl provide. Provisions are measured at the best estimate of the amounts required to settle the Obligatn. Where the effect of the time value of money is material. the provision Is based on the present value ol those amounts. discounted at the pre-tax dioUnt rale that refiects the risks specthc lo the IBbility. The unwinding of the d5s¢0unt is fecognised in the ¢onsoli%Yaled statement of financial aclivilies as a finance cosl. 2.13 Financial instruments The Group only has financial assets and financial Irabilrties of a kind that qualty as basic financial instruments. Basic financial Instrumenls are initially recognised al transaclion value and subsequently measured al their settlement value wrth the exception of bank loans which are subsequently measured al amortised cost using the effectwe interest method. 2.14 Pensions The Group operates a defined ntribUtIOn pension seheme the penS)n charge represen15 the amounts payable by the Group to Ihe fund in iespecl of the year. Page"22
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accounting policies (continued} 2.15 Fund a¢¢ounting General funds are unrestricted funds vknich are available for use al the discretion of Ihe Trustees in furtherance ol the general obje¢tives of the Group and which have not been designated lor tsther purposes. Reslricled funds are lunds which are lo be used in accordance with specrfic reslriclions Imposed by donors Of which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the speethc fund. The aim and use of each restricted furKI 15 set out in the notes lo the financial 51alements. Investment income. gains and bsses are alo¢ated to the appropTiate fund. Income from donations and lega¢ies Unrestrlcted funds 2023 Total funds 2023 Total funds 2022 Government grants 2, 728 Government grants relate lo the Cowd-19 pandern and include business support grants in addition lo grants under the Coronavirus Job RetentK)n Scheme. Incomè from charitable a¢livities Unrestricted funds 2023 Total funds 2023 Tol81 funds 2022 Adult Income Youth Income Commercial training and services 704,849 304,053 26,491 704,849 304,053 26,491 720, 344 369. 937 34,644 Total 2023 1.035,393 1,035.393 1, 124, 925 Pagè 23
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Income from other trading activities Income from non charitsble trading activities Unrestricted funds 2023 Total funds 2023 Total lunds 2022 Sale5 326.656 326,6S6 324. 997 Total 2022 324.997 324,997 Investment income Unreslricted funds 2023 Total funds 2023 Tot81 funds 2022 Investment income- Iccal cash 72 72 68 Total 2022 68 Expenditure on ralsing funds Other tradlng expenses Unrestricted funds 2023 Total funds 2023 Tolal funds 2022 First Meals- operating costs First meals- recharge of 51aff costs 166.811 166,622 166,811 166,622 156,817 156,690 Total 2023 333,433 333,433 313,507 Page 24
EAST UNDSEY INFORMAnON TECHNOLOGY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Analysis of expenditure on ¢haritable activities Summary by fund type Restricted Unrestricted funds fund5 2023 2023 Total 2023 Total 2022 Charil8ble Activities 670 1,387.025 1,387,695 1,036,613 Total 2022 670 1,036,003 1,036, 673 Analysis of expenditure by activities Activities undertaken directly 2023 Support costs 2023 Total fund5 2023 Total lund5 2022 Charitable Actiwties 1,271.211 116.484 1.387,695 1.036.673 Total 2022 922.300 114.373 1.036. 673 Analysis of dirèct cost$ Charitable Activities 2023 Total funds 2023 Tolal funds 2022 Staff costs Materials and purchases Subconlracl tutors Staff travel Trainee allowances Telephone 932,547 59,328 42.326 8.053 220,881 8.076 932,547 59,328 42,326 8.053 220,881 8.076 807,681 41,314 48,851 6.303 Y1,849 6,302 Total 2023 1.271.211 1,271,211 922,300 Page 25
EAST UNDSEY INFORMATION TECHNOLOGY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 JULY 2023 Analysis of expendilurn by activities (continued) Analysis of support Costs Total funds 2023 Tot81 funds 2022 Depreciation Rent and rates Lighl and heal Repairs ènd renewals Advertising Staff travel and Iraining Printing., poslage and stationary Tdephone Insurance Legal and professional Governance costs- Audit lees Bank charges VAT absorbed Sundry Bad debl provision 20.576 8,698 11,126 37.202 1.171 4.563 3.305 2.117 6.584 5.714 6,142 101 26,068 9,192 8. 128 35.521 1.514 4,549 4,S91 1.437 4.353 4.008 4.590 j i 4,$64 4,S97 24 4,435 6,637 (560J Total 2023 116.484 114,373 10. Auditors, remuneralion The auditors. remuneration amounts to an audrtor fee of £4,900 (2022 - £3,700), and accountancy, taxation and support serVeS of of £2.45012022- £2,4501. 11. Slaff costs Group 2023 Group 2022 Company 2023 Company 2022 Wages and salaries Social security costs ConlribulK)n lo defined conlribulion pension schemes 966.363 79.340 846.666 69,711 818,243 69,758 707. 189 60, 776 53.466 47.994 39, 776 1.099.169 964.371 932,547 807, 681 Page 26
EAST UNOSEY INFORMATION TECHNOLOGY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 11. Staff costs Icontinuedl The average number of persons employed by the Cc*rtpany during the year was as follows". Group 2023 No. Group 2022 No. All 51aff 33 41 No employee recewed remunefalion amounting to more than £60.000 in either year. The key management personnel of the chanty are the Business and Contracts Manager. The total employee benefits paid lo the 2 members of key management personnel including national insurance ané pension conlribultons {2022'. members) was £147,14712022". £136,249). 12. Trustees. remuneiation and expenses During the year, no Trustees received any remuneration or other benefils (2022- £NIL). During the year ended 31 Juty 2023. no Trustee expenses have been incurred (2022- £NILJ. Page 27
EAST UNDSEY INFORMATION TECHNOLOGY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 13. Tangibk fixed assets Group and Company Short-tem leasehold Office property equipment Freehold property Compuler equipment Total Cost At 1 August 2022 572.829 92.568 180,484 272,784 1,118,665 At 31 July 2023 572,829 92.568 180.484 272,784 1,118,665 Depreciation Al 1 August 2022 Charge for the year 395.727 12.316 92,568 169,941 3,571 264,672 4,690 922,908 20,577 Al 31 Juty 2023 408.043 92.568 173.512 269,362 943,485 Net book value Al 31 Juty 2023 164,786 6,972 3,422 175,180 Al 37 July2022 777, 102 10,543 8,712 195, 757 Page 28
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 14. Fixed asset investments Investments in subsidiary Companles Company Cost or valuation At 1 August 2022 At 31 Juty 2023 Nel book value Al 31 July 2023 Af 31 July 2022 1 S. Principal subsidiaries The lolb)wing were subsidiary undertaking$ of the Company". Names Company number Principal activity Class ol shares Holding First Meals Limited The Big Idea {Lincolnshirel CIC 10729159 08158999 School meal provis)n Ordinary Dormant Ordinary 1000 100Q The financial results of the subsidianes fc¥ the year were". Names Income Expenditure Surplusl IDefi¢itl for thè year Net assets First Meals Limile 326,656 1331.5691 14,9131 14,9151 The nel assets ol FiTSt Meals Limrted al the year end We -£4,915 and the nel assets of The Big Idea (Lincolnshirel CIC were £2. The Big Idea (Lincolnshirel CIC wa5 d¢Jnnanl throughout the current and previous year. The wislered offe of the sUSlairieS is Unit 3 Louth Stal*)n Estate Louth Lincolnshire LN11 OJT. Page 29
EAST LINOSEY INFORMATION TECHNOLOGY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 16. stocks Group 2023 Group 2022 Raw materials and consumables 1,8S9 7,811 17. Debtors Group 2023 Group 2022 Company 2023 Company 2022 Due wlthin one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 192.501 2CQ,538 186,833 100,000 46,452 33,638 160. 132 132, 625 44,958 30,957 46,454 36,417 44,960 30,957 275,372 276,455 366,923 368, 672 18. Creditots: Amounts falling due within one year Group 2023 Group 2022 Company 2023 Company 2022 Trade creditors Olhef taxation and social secunty Other creditors Accruals and deferred inct)me 14.SM 49.123 7.163 205.834 32. 759 81, 124 8,237 65, 158 9,924 45.738 7,165 204.168 22,598 78,033 8. 236 63.149 276,664 187.278 266,995 172,016 Page 30
EAST UNDSEY INFORMATION TECHNOLOGY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 19. Statement ol funds Statement of funds - current year Balance at 1 August 2022 Balance at Income Expenditure 31 July 2023 Unrestrict•d funds General Funds 1.145.770 1,362.121 11,720.4581 787,433 Restrlcted funds Learning and Skills Counc Traineeship Bursary 7.956 4.215 {6701 7,286 4,21 S 12.171 {6701 11,501 Total of funds 1,157.941 1,362,121 11.721.126) 798,934 General Funds - consists of funds for the use in the general futherance gf the charitable ots'ectives. Restricted funds - Learning and Skills Council - constilLrtes a balance previousfy donated lo be used in respecl of the renovation of Ihe Ida Road Propety. This is being reduced in line wrth depreciation of the property. Restricted funds - Traineeship 8ursary- represents a balance for Pfoviding training grants. Page 31
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 19. Statement of funds Icontlnuedl Statement of funds- prior year Balance at 1 August 2021 Balance al Income Expènditure 31 Juty 2022 Unrestri¢ted funds General Fund5 1,042,562 1.452, 718 (1,349,510) 7, 145, 770 Restricted funds Learning and Skills Council Tfaintreship Bursary 8.626 4.215 {670J 7,956 4,215 12,841 (670J 12.171 Total of funds 1,055.403 1,452, 718 (1,350, 180) 1, 157.94 1 20. Summary of funds Summary of funds- current year Balance at 1 August 2022 Balance at Income Expenditure 31 July 2023 General funds Re51ricled funds 1,145,770 12.171 1.362,121 11.720,4581 16701 787,433 11,501 1.157.941 1.362,121 11.721,1281 798,934 Page 32
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 20. Summary of funds Icontinuedl Summary of funds- prloryear Balance at 1 August 2021 Balancg al Income Expendlturo 31 July 2022 General funds 1.042,562 12,841 1.452. T18 (1,349,510) (670) 1, 145, 770 12,171 Restrrted funds 1,055,403 1,452. 718 (1,350, 180) 1, 157,941 21. Analysis of net assets between funds Analysis of net a$$et$ between fund$ - Current year Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due wthin one year 175,180 868,917 1276.664) 175,180 900,418 1276.6641 11,501 Total 11,501 787.433 798,934 Analysis of net assets between funds- prior year Reslricfed Unrestricted funds lunds 2022 2022 Tol81 lunds 2022 Tangible fixed assets Current assets Creditors due within one year 195,757 1, 137, 291 (187, 278) 195. 757 1. 149.462 (187,278) 12,171 Total 12,171 1, 145. 771 1. 157,942 Page 33
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Reconclliatlon of net movement In lunds to net cash flow from operating activities Group 2D23 Group 2022 Net incomelexpenditure for the year (as per Statement of Financial Acliviliesl (359,007) 102,538 Adjustments for.. Depreciation charges Dividends. interests and rents from investrnen15 Increase in st¢xks Decrease in debtors Increase in creditors 20,$77 172) 26,068 (68J (323) 101, 662 62, 628 1,083 89,386 Net cash provided byllused inl operat¢ng activilies {248.081 292,505 23. Anatysis of cash and cash equivalents Group 2023 Group 2022 Cash in hand 623,187 871, 196 Total eash and cash equivalents 623.187 871, 796 Analysis of Changes in net debt At 1 August 2022 Cash flows Al 31 July 2023 Cash al bank and In hand 871,196 1248.009) 623,187 871.196 248,009} 623,187 Page 34
EAST LINDSEY INFORMATION TECHNOLOGY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 25. Pension cornmitments The group operates a ¢Jefined contribution pension scheme. The assets of the scheme are held separately Irom those of the group In an independently administered fund. The pension cost charge represents contributions payable by the group lo the fund and amounted to £53.444 12022.. £47,994>. Contributions lolalling £6,147 12022.. £6.5591 We payab to the fund at the balance sheet d*e and are included in credrtors. Operating18as8 commitsnents The Group and the Company had Commthents under non<ancellable opefalin9 leases at 31 July 2023. 27. Related party transactions Some of the trustees are mutual directors for companies that purchase trainin9 services from the comp8ny. The seNices provKled are not on preferentkAI terms. Duncan & Toplis of which P McC¢)oey is also a director receNed training $ervi¢es from ELITEC amounting to income of £21212022". £2.2481 with a baL4nce outstanding of £Nil12022." £3481 Public Seelor Partnership Services Ltd of which L J Duckel is chief executive officer were provided Training service5 amounting to income of £16012022.. £2121 wth a balance oulslanding of £Nil 12022". £1521 at the year end. Page 35