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|---|---|---|---|
|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|
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||||||||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|
##
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||||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|
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|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|
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||||||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|
##
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|||||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|
##
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##
|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|
##
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##
|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|