| Page | |||
|---|---|---|---|
| Report ofthe Trustees | 1 | to | 12 |
| Report ofthe Independent Auditors |
13 | to | 14 |
| Statement ofFinancial Activities |
15 | ||
| Balance Sheet | 16 | ||
| Cash Flow Statement | 17 | ||
| Notes to the Cash Flow Statement | 18 | ||
| Notes to the Financial Statements | 19 | to | 27 |
| Detailed Statement ofFinancial Activities | 28 | to | 29 |
| 2020 | 2019 | |||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||||
| fund | funds | funds | funds | |||||
| Notes | ||||||||
| INCOME AND ENDOWMENTS | FROM | |||||||
| Charitable activities |
||||||||
| ESFA and similar activities | 1,587,235 | 60,500 | 1,647,735 | 1,208,600 | ||||
| Miscellaneous other |
activities | 36,002 | 36,002 | 86,856 | ||||
| Subcontractors | 140,001 | 140,001 | 181,565 | |||||
| Youth Employment | Initiative | 104,508 | 104,508 | 102,444 | ||||
| Investment income |
946 | 946 | 1,407 | |||||
| Total | 1,868,692 | 60,500 | 1,929,192 | 1,580,872 | ||||
| EXPENDITURE ON | ||||||||
| Charitable activities |
||||||||
| ESFA and similar activities | 1,620,724 | 60,500 | 1,681,224 | 1,271,678 | ||||
| Subcontractors | 124,066 | 124,066 | 154,330 | |||||
| Youth Employment | Initiative | 104,508 | 104,508 | 102,443 | ||||
| Other | 500 | 500 | ||||||
| Total | 1,849,798 | 60,500 | 1,910,298 | 1,528,451 | ||||
| NET INCOME | 18,894 | 18,894 | 52,421 | |||||
| RECONCILIATION | OF FUNDS | |||||||
| Total funds brought | forward | 885,964 | 885,964 | 833,543 | ||||
| TOTAL FUNDS CARRIED FORWARD | 904,858 | 904,858 | 885,964 |
| 3~1Jul | 2020 |
||||||
|---|---|---|---|---|---|---|---|
| 2020 | 2019 | ||||||
| Unrestricted | Restricted | Total | Total | ||||
| fund | funds | funds | funds | ||||
| Notes | |||||||
| FIXED | ASSETS | ||||||
| Tangible | assets | 12 | 29,594 | 29,594 | 30,457 | ||
| CURRENT ASSETS | |||||||
| Debtors | 13 | 187,613 | 187,613 | 293,172 | |||
| Cash at | bank and in hand | 902,563 | 902,563 | 754,356 | |||
| 1,090,176 | 1,090,176 | 1,047,528 | |||||
| CREDITORS | |||||||
| Amounts | falling due within | one year | 14 | (214,912) | (214,912) | (192,021) | |
| NET CURRENT ASSETS | 875,264 | 875,264 | 855,507 | ||||
| TOTAL | ASSETSLESSCURRENT | ||||||
| LIABILITIES | 904,858 | 904,858 | 885,964 | ||||
| NET ASSETS | 904,858 | 904 030 | 885,964 | ||||
| FUNDS | 16 | ||||||
| Unrestricted funds |
904,858 | 885,964 | |||||
| TOTAL | FUNDS | 904,858 | 885,964 |
| ITEC NORTH EAST LIMITED | ITEC NORTH EAST LIMITED | |||||
|---|---|---|---|---|---|---|
| CASH FLOW STATEMENT | ||||||
| for the Year Ended 31Jul | 2020 | |||||
| 2020 | 2019 | |||||
| Notes | ||||||
| Cash flows from operating | activities | |||||
| Cash generated from operations |
169,707 | ~41,482) | ||||
| Net cash provided by/(used |
in) operating | activities | 169,707 | ~41,482) | ||
| Cash flows from investing | activities | |||||
| Purchase oftangible fixed |
assets | (22,446) | (12,247) | |||
| Interest received | 946 | 1,407 | ||||
| Net cash used in investing | activities | ~21,800) | ~10,840) | |||
| Change in cash and cash |
equivalents | in | ||||
| the reporting period |
148,207 | (52,322) | ||||
| Cash and cash equivalents | at the | |||||
| beginning ofthe reporting |
period | 754,356 | 806,678 | |||
| Cash and cash equivalents | at the end | of | ||||
| the reporting period |
902,563 | 754,356 |
| RECONCILIATIO ACTIVITIES |
N OF N |
ET INCOME TO NET CASH FLOW FROM O | PERATING | |
|---|---|---|---|---|
| 2020 | 2019 | |||
| f. | ||||
| Net income for the | reporting | period (as per the Statement ofFinancial | ||
| Activities) | 18,894 | 52,421 | ||
| Adjustments for: |
||||
| Depreciation charges |
23,309 | 20,915 | ||
| Interest received | (946) | (1,407) | ||
| Decrease/(increase) | in debtors | 105,559 | (37,814) | |
| Increase/(decrease) | in creditors | 22,891 | ~75,597) | |
| Net cash provided | by/(used | in) operations | 169,707 | ~41,4S2) |
| ANALYSIS OF CHANGES IN NET FUND | S | ||
|---|---|---|---|
| At 1.8.19 | Cash flow | At 31.7.20 | |
| Net cash | |||
| Cash at bank and in hand | 754,356 | 148,207 | 902,563 |
| 754,356 | 148,207 | 902,563 | |
| Total | 754,356 | 148,207 | 902,563 |
| 2020 | 2019 | |||||
|---|---|---|---|---|---|---|
| Deposit account interest | 946 | 1,407 | ||||
| INCOME FROM | CHARITABLE ACTIVITIES | |||||
| 2020 | 2019 | |||||
| Activity | ||||||
| ESFA income | ESFA and similar activities | 829,620 | 931,352 | |||
| College income | ESFA and similar activities | 237,822 | 183,820 | |||
| Other sales | ESFA and similar activities | 400 | ||||
| Grants | ESFA and similar activities | 40,354 | ||||
| Employer co-investment |
ESFA and similar activities | 9,547 | 19,928 | |||
| Employer incentive |
payments | ESFA and similar activities | 60,500 | 73,500 | ||
| PP income | ESFA and similar activities | 346,443 | ||||
| TV income | ESFA and similar activities | 123,049 | ||||
| Other sales | Miscellaneous other |
activities | 36,002 | 86,856 | ||
| Subcontractors | Subcontractors | 140,001 | 181,565 | |||
| Youth Employment | Initiative | Youth Employment | Initiative | 104 500 | 102,444 | |
| 1,926,246 | 1 579,465 | |||||
| CHARITABLE ACTIVITIES | COSTS | |||||
| Direct | Support | |||||
| Costs (see | costs (see | |||||
| note 5) | note 6) | Totals | ||||
| ESFA and similar activities | 1,672,934 | 8,290 | 1,681,224 | |||
| Subcontractors | 124,066 | 124,066 | ||||
| Youth Employment | Initiative | 104,508 | 104,508 | |||
| 1,901,508 | 8,290 | 1,909,798 |
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Trustees' remuneration |
etc | 70,253 | |||
| Staff costs | 1,137,617 | 832,700 | |||
| Hire ofplant and machinery | 1,539 | 2,158 | |||
| Subcontractors | 124,066 | 154,330 | |||
| Insurance | 6,130 | 5,637 | |||
| Telephone | 9,678 | 8,665 | |||
| Postage and stationery | 9,504 | 11,169 | |||
| Advertising | 9,913 | 16,914 | |||
| Sundries | 4,163 | 6,315 | |||
| Training purchased |
131,489 | 22,163 | |||
| Trainees' expenses | 8,722 | 17,439 | |||
| Tuition/course fees |
and | registration | 154,583 | 85,246 | |
| Disallowed VAT |
34,262 | 26,924 | |||
| Stafftraining | 3,900 | 6,768 | |||
| Rent and rates | 76,695 | 83,S58 | |||
| Cleaning | 3,568 | 3,838 | |||
| Repairs and renewals | 15,900 | 13,257 | |||
| Motor and travel | 26,447 | 32,215 | |||
| Legal and professional | 1,086 | 3,404 | |||
| Bank charges | 354 | 383 | |||
| Trade subscriptions | 27,115 | 16,987 | |||
| Consultancy fees |
7,301 | 5,163 | |||
| Employer incentive |
payments | 60,500 | 73,500 | ||
| Professional fees on |
potential | acquisition | 23,666 | ||
| Depreciation | 23,310 | 20,915 | |||
| 1,901,508 | 1,520,201 | ||||
| SUPPORT COSTS | |||||
| Governance | |||||
| costs | |||||
| ESFA and similar activities | 8,290 | ||||
| NET INCOME/(EXPENDITURE) | |||||
| Net income/(expenditure) | is stated aAer charging/(crediting): | ||||
| 2020 | 2019 | ||||
| Auditors' remuneration |
4,950 | 4,950 | |||
| Depreciation - owned |
assets | 23,309 | 20,915 | ||
| Hire ofplant and machinery | 1,539 | 2,158 |
| TRUST | EES' REMUNERATION AND BENEFITS |
||
|---|---|---|---|
| 2020 | 2019 | ||
| Trustees' | salaries | 62,400 | |
| Trustees' | social security | 7,853 | |
| 70,253 |
| STAFF COSTS | STAFF COSTS | ||||
|---|---|---|---|---|---|
| 2020 | 2019 | ||||
| Wages and | salaries | 1,038,938 | 814,707 | ||
| Social security costs | 80,576 | 76,504 | |||
| Other pension costs | 20,103 | 13 742 | |||
| 1,139,617 | 904 963 | ||||
| The average | monthly | number ofemployees | during the year was as follows: | ||
| 2020 | 2019 | ||||
| Management | 7 | 7 | |||
| Teaching and learning |
17 | 13 | |||
| Recruitment | 4 | 4 | |||
| Information | technology | I | I | ||
| Administration and accounts |
4 | 4 | |||
| Quality | 2 | 2 | |||
| 35 | 31 |
| The num | ber ofemployees whose employee benefits |
(excluding employer pension costs) exceeded |
S60,000 |
|---|---|---|---|
| 2020 | 2019 | ||
| f60,001 | - f70,000 | I | 1 |
| NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31Jul 2020 |
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31Jul 2020 |
||||
|---|---|---|---|---|---|
| 10. | COMPARATIVES | FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |||
| Unrestricted | Restricted | Total | |||
| fund | funds | funds | |||
| INCOME AND ENDOWMENTS FROM | |||||
| Charitable activities |
|||||
| ESFA and similar activities | 1,135,100 | 73,500 | 1,208,600 | ||
| Miscellaneous other |
activities | 86,856 | 86,856 | ||
| Subcontractors | 181,565 | 181,565 | |||
| Youth Employment | Initiative | 102,444 | 102,444 | ||
| Investment income |
1,407 | 1,407 | |||
| Total | 1,507,372 | 73,500 | 1,580,872 | ||
| EXPENDITURE ON | |||||
| Charitable activities |
|||||
| ESFA and similar activities | 1,198,178 | 73,500 | 1,271,678 | ||
| Subcontractors | 154,330 | 154,330 | |||
| Youth Employment Initiative |
102,443 | 102,443 | |||
| Total | 1,454,951 | 73,500 | 1,528,451 | ||
| NET INCOME | 52,421 | 52,421 | |||
| RECONCILIATION | OF FUNDS | ||||
| Total funds brought | forward | 833,543 | 833,543 | ||
| TOTAL FUNDS CARRIED FORWARD | 885,964 | 885,964 |
| 12. | TANGIBLE FIXEDASSETS | |||||
|---|---|---|---|---|---|---|
| Fixtures | ||||||
| Office | and | |||||
| equipment | fittings | Software | Totals | |||
| COST | ||||||
| At 1 August 2019 |
120,225 | 16,773 | 2,700 | 139,698 | ||
| Additions | 22,446 | 22,446 | ||||
| At 31 July 2020 | 142,671 | 16,773 | 2,700 | 162,144 | ||
| DEPRECIATION | ||||||
| At 1 August 2019 |
96,872 | 9,669 | 2,700 | 109,241 | ||
| Charge for year | 21,638 | 1,671 | 23,309 | |||
| At 31July 2020 | 118,510 | 11,340 | 2,700 | 132,550 | ||
| NET BOOK VALUE | ||||||
| At 31 July 2020 | 24,161 | 5,433 | 29,594 | |||
| At 31 July 2019 | 23,353 | 7,104 | 30,457 | |||
| All fixed assets are used for charitable | purposes. | |||||
| 13. | DEBTORS:AMOUNTS FALLING | DUE WITHIN ONE YEAR | ||||
| 2020 | 2019 | |||||
| Trade debtors | 4,649 | 5,224 | ||||
| Other debtors | 8,452 | 4,917 | ||||
| VAT | 669 | 2,600 | ||||
| Accrued income | 158,037 | 263,913 | ||||
| Prepayments | 15,806 | 16,518 | ||||
| 187613 | 293,172 | |||||
| 14. | CREDITORS: AMOUNTS FALLING DUE | WITHIN ONE YEAR | ||||
| 2020 | 2019 | |||||
| Trade creditors | 52,108 | 22,691 | ||||
| Social security and other taxes |
15,173 | 16,627 | ||||
| Other creditors | 4,065 | 3,846 | ||||
| Accrued expenses | 143,566 | 148,857 | ||||
| 214,912 | 192,021 |
| 2020 | 2019 | |||||||
|---|---|---|---|---|---|---|---|---|
| Within one year | 13,925 | 43,832 | ||||||
| Between one | and five years | 49,264 | ||||||
| 13,925 | 93,096 | |||||||
| 16. | MOVEMENT IN | FUNDS | ||||||
| Net | ||||||||
| movement | At | |||||||
| At 1.8.19 | in funds | 31.7.20 | ||||||
| Unrestricted | funds | |||||||
| General fund |
885,964 | 18,894 | 904,858 | |||||
| TOTAL FUNDS | 885,964 | 18,894 | 904,858 | |||||
| Net movement | in funds, included | in the above are as follows: | ||||||
| Incoming | Resources | Movement | ||||||
| resources | expended | in funds | ||||||
| Unrestricted | funds | |||||||
| General fund | 1,868,692 | (1,849,79S) | 18,894 | |||||
| Restricted funds |
||||||||
| Employer Incentive |
Payments | 60,500 | (60,500) | |||||
| TOTAL FUNDS | 1,929,192 | ~1,910 298i | 18,894 | |||||
| Comparatives | for movement | in | funds | |||||
| Net | ||||||||
| movement | At | |||||||
| At 1.8.18 | in funds | 31.7.19 | ||||||
| Unrestricted | funds | |||||||
| General fund |
833,543 | 52,421 | 885,964 | |||||
| TOTAL FUNDS | 833,543 | 52,421 | 885,964 |
| Incoming | Resources | Movement | |||
|---|---|---|---|---|---|
| resources | expended | in funds | |||
| Unrestricted funds |
|||||
| General | fund | 1,507,372 | (1,454,95 1) | 52,421 | |
| Restricted funds |
|||||
| Employer | Incentive | Payments | 73,500 | (73,500) | |
| TOTAL | FUNDS | 1,5S0,872 | ~),528,451) | 52,421 |
| Net | ||||
|---|---|---|---|---|
| movement | At | |||
| At 1,8.18 | in funds | 31.7.20 | ||
| Unrestricted | funds | |||
| General fund | 833,543 | 71,315 | 904,858 | |
| TOTAL FUNDS | 833,543 | 71,315 | 904,858 |
| Incoming | Resources | Movement | ||
|---|---|---|---|---|
| resources | expended | in funds | ||
| Unrestricted funds |
||||
| General fund |
3,376,064 | (3,304,749) | 71,315 | |
| Restricted funds |
||||
| Employer Incentive |
Payments | 134,000 | (134,000) | |
| TOTAL FUNDS | 3,510,064 | ~3,438,749) | 71,315 |
| ITEC NORTH EAST LIMITED | ITEC NORTH EAST LIMITED | |||||
|---|---|---|---|---|---|---|
| DETAILED | STATEMENT OF FINANCIAL ACTIVITIES | |||||
| for the Year Ended 31Jul | 2020 | |||||
| 2020 | 2019 | |||||
| INCOME AND | ENDOWMENTS | |||||
| Investment income |
||||||
| Deposit account | interest | 946 | 1,407 | |||
| Charitable activities |
||||||
| ESFA income | 829,620 | 931,352 | ||||
| College income | 237,822 | 183,820 | ||||
| Other sales | 36,402 | 86,856 | ||||
| Subcontractors | 140,001 | 181,565 | ||||
| Grants | 40,354 | |||||
| Youth Employment | Initiative | 104,508 | 102,444 | |||
| Employer co-investment |
9,547 | 19,928 | ||||
| Employer incentive |
payments | 60,500 | 73,500 | |||
| PP income | 346,443 | |||||
| TV income | 123,049 | |||||
| 1,928,246 | 1,579,465 | |||||
| Total incoming | resources | 1,929,192 | 1,580,872 | |||
| EXPENDITURE | ||||||
| Charitable activities |
||||||
| Trustees' salaries |
62,400 | |||||
| Trustees' social security | 7,853 | |||||
| Wages | 1,036,938 | 750,307 | ||||
| Social security | 80,576 | 68,651 | ||||
| Pensions | 20,103 | 13,742 | ||||
| Hire ofplant and | machinery | 1,539 | 2,158 | |||
| Subcontractors | 124,066 | 154,330 | ||||
| Insurance | 6,130 | 5,637 | ||||
| Telephone | 9,678 | 8,665 | ||||
| Postage and stationery | 9,504 | 11,169 | ||||
| Advertising | 9,913 | 16,914 | ||||
| Sundries | 4,163 | 6,315 | ||||
| Training purchased |
131,489 | 22,163 | ||||
| Trainees' expenses | 8,722 | 17,439 | ||||
| Tuition/course fees and registration |
154,583 | 85,246 | ||||
| Disallowed VAT |
34,262 | 26,924 | ||||
| Stafftraining | 3,900 | 6,768 | ||||
| Rent and rates | 76,695 | 83,858 | ||||
| Cleaning | 3,568 | 3,838 | ||||
| Repairs and renewals | 15,900 | 13,257 | ||||
| Motor and travel | 26,447 | 32,215 | ||||
| Legal and professional | 1,086 | 3,404 | ||||
| Bank charges | 354 | 383 | ||||
| Trade subscriptions | 27,115 | 16,987 | ||||
| Consultancy fees |
7,301 | 5,163 | ||||
| Carried forward | 1,794,032 | 1,425,786 |
| for the Year Ended 31 | Jul 2020 |
|||
|---|---|---|---|---|
| 2020 | 2019 | |||
| Charitable activities |
||||
| Brought forward | 1,794,032 | 1,425,786 | ||
| Employer incentive |
payments | 60,500 | 73,500 | |
| Professional fees on |
potential | acquisition | 23,666 | |
| Office equ ipment | 21,638 | 19,332 | ||
| Fixtures and fittings | 1,672 | 1,583 | ||
| 1,901,508 | 1,520,201 | |||
| Other | ||||
| Bad debt write off | 500 | |||
| Support costs | ||||
| Governance costs |
||||
| Wages | 2,000 | 2,000 | ||
| Auditors' remuneration |
4,950 | 4,950 | ||
| Trustees indemnity |
insurance | 1,340 | 1,300 | |
| 0290 | 8,250 | |||
| Total resources expended | 1,910,298 | 1,528,451 | ||
| Net income | 18,894 | 52,421 |