| Page | |||
|---|---|---|---|
| Report ofthe Trustees | 1 | to | 12 |
| Report ofthe Independent Auditors |
13 | to | 15 |
| Statement ofFinancial Activities | 16 | ||
| Balance Sheet | 17 | to | 18 |
| Cash Flow Statement | 19 | ||
| Notes to the Cash Flow Statement | 20 | ||
| Notes to the Financial Statements | 21 | to | 29 |
| Detailed Statement ofFinancial Activities | 30 | to | 31 |
| forthe Year | Knded31 Jul 20 |
21 | ||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| Unrestricted | Restricted | Total | Total | |||
| fund | funds | funds | funds | |||
| Notes | ||||||
| INCOME AND ENDOWMENTS FROM | ||||||
| Charitable activities |
||||||
| ESFA and similar activities | 1,511,205 | 37,500 | 1,548,705 | 1,647,735 | ||
| Miscellaneous other activities |
3,912 | 3,912 | 36,002 | |||
| Subcontractors | 282,332 | 282,332 | 140,001 | |||
| Youth Employment Initiative |
99,863 | 99,863 | 104,508 | |||
| Investment income |
63 | 946 | ||||
| Total | 1,897,375 | 37,500 | 1,934,875 | 1,929,192 | ||
| EXPENDITURE ON | ||||||
| Charitable activities |
||||||
| ESFA and similar activities | 1,413,805 | 37,500 | 1,451,305 | 1,681,224 | ||
| Subcontractors | 233,636 | 233,636 | 124,066 | |||
| Youth Employment Initiative |
99,863 | 99,863 | 104,508 | |||
| Other | 500 | 500 | 500 | |||
| Total | 1,747,804 | 37,500 | 1,785,304 | 1,910,298 | ||
| NET INCOME | 149,571 | 149,571 | 18,894 | |||
| RECONCILIATION | OF FUNDS | |||||
| Total funds brought | forward | 904,858 | 904,858 | 885,964 | ||
| TOTAL FUNDS CARRIED FORWARD | 1,054,429 | 1,054,429 | 904,858 |
| ITECNORTH EASTLIMITE | ITECNORTH EASTLIMITE | D | ||||
|---|---|---|---|---|---|---|
| BALANCE SHEET | ||||||
| 3~1Jul | 2021 | |||||
| 2021 | 2020 | |||||
| Unrestricted | Restricted | Total | Total | |||
| fund | funds | funds | funds | |||
| Notes | ||||||
| FIXED | ASSETS | |||||
| Tangible | assets | 12 | 21,172 | 21,172 | 29,594 | |
| CURRENT ASSETS | ||||||
| Debtors | 13 | 139,556 | 139,556 | 187,613 | ||
| Cash at | bank and in hand | 1,314,685 | 1,314,685 | 902,563 | ||
| 1,454,241 | 1,454,241 | 1,090,176 | ||||
| CREDITORS | ||||||
| Amounts | falling due within one year | 14 | (420,984) | (420„984) | (214,912) | |
| NET CURRENT ASSETS | 1,033,257 | 1,033,257 | 875,264 | |||
| TOTAL | ASSETSLESSCURRENT | LIABILITIES | 1,054,429 | 1,054,429 | 904,858 | |
| NET ASSETS | 1,054,429 | 1,054,429 | 904,858 | |||
| FUNDS | 16 | |||||
| Unrestricted funds |
1,054,429 | 904,858 | ||||
| TOTAL | FUNDS | 1,054,429 | 904,858 |
| ITECNORTH EASTLIMITED | ITECNORTH EASTLIMITED | ||||||
|---|---|---|---|---|---|---|---|
| CASH FLOW STATEMENT | |||||||
| for the Year Ended 31Jul | 2021 | ||||||
| 2021 | 2020 | ||||||
| Notes | |||||||
| Cash flows from operating | activities | ||||||
| Cash generated from operations |
417,428 | 169,707 | |||||
| Net cash provided by operating |
activities | 417,428 | 169,707 | ||||
| Cash flows from investing | activities | ||||||
| Purchase oftangible fixed | assets | (5,369) | (22,446) | ||||
| Interest received | 63 | 946 | |||||
| Net cash used in investing | activities | (5,306} | (21,500} | ||||
| Change in cash and cash | equivalents | in the | |||||
| reporting period |
412,122 | 148,207 | |||||
| Cash and cash equivalents | at the beginning | of | |||||
| the reporting period |
902,563 | 754,356 | |||||
| Cash and cash equivalents | at the end | ofthe | |||||
| reporting period |
1,314,685 | 902,563 |
| NOTES TOTHE CASH FLOW STATEMENT for the Year Ended 31Jul 2021 |
NOTES TOTHE CASH FLOW STATEMENT for the Year Ended 31Jul 2021 |
NOTES TOTHE CASH FLOW STATEMENT for the Year Ended 31Jul 2021 |
NOTES TOTHE CASH FLOW STATEMENT for the Year Ended 31Jul 2021 |
|||||
|---|---|---|---|---|---|---|---|---|
| RECONCILIATION | OFNET INCOME TO NET CASH FLOW FROM OPERATING | ACTIVITIES | ||||||
| 2021 | 2020 | |||||||
| Net income | for the | reporting | period {asper the Statement ofFinancial | |||||
| Activities) | 149,571 | 18,894 | ||||||
| Adjustments | for: | |||||||
| Depreciation | charges | 13,791 | 23,309 | |||||
| Interest received | (63) | {946) | ||||||
| Decrease in | debtors | 48,057 | 105,559 | |||||
| Increase in creditors | 206,072 | 22,891 | ||||||
| Net cash provided | by | operations | 417,428 | 169,707 | ||||
| ANALYSIS | OF CHANGES | IN NET FUNDS | ||||||
| At | 1.8.20 | Cash flow | At31.7.21 | |||||
| Net cash | ||||||||
| Cash at bank | and in | hand | 902,563 | 412,122 | 1,314,685 | |||
| 902,563 | 412,122 | 1,314,685 | ||||||
| Total | 902,563 | 412,122 | 1,314,685 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Deposit account interest | 63 | 946 | |||
| INCOME FROM | CHARITABLE ACTIVITIES | ||||
| 2021 | 2020 | ||||
| Activity | |||||
| ESFAincome | ESFA and similar activities | 757,840 | 829,620 | ||
| College income | ESFA and similar activities | 330,651 | 237,822 | ||
| Other sales | ESFA and similar activities | 400 | |||
| Grants | ESFA and similar activities | 40„354 | |||
| Employer co-investment | ESFA and similar activities | 17,613 | 9,547 | ||
| Employer incentive | payments | ESFA and similar activities | 37,500 | 60,500 | |
| PP income | ESFA and similar activities | 162,477 | 346,443 | ||
| TV income | ESFAand similar activities | 213,159 | 123,049 | ||
| Kickstart | ESFAand similar activities | 29,465 | |||
| Other sales | Miscellaneous other activities |
3,912 | 36,002 | ||
| Subcontractors | Subcontractors | 282,332 | 140,001 | ||
| Youth Employment | Initiative | Youth Employment Initiative |
99,863 | 104,508 | |
| 1,934,812 | 1,928,246 | ||||
| CHARITABLE ACTIVITIES | COSTS | ||||
| Direct | Support | ||||
| Costs (see | costs (see | ||||
| note 5) | note 6) | Totals | |||
| ESFA and similar activities | 1,442,975 | 8,330 | 1,451,305 | ||
| Subcontractors | 233,636 | 233,636 | |||
| Youth Employment | Initiative | 99,863 | 99,863 | ||
| 1,776,474 | 8,330 | 1,784,804 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| Staffcosts | 950,592 | 1,137,617 | ||
| Hire ofplant and machinery | 1,539 | 1,539 | ||
| Subcontractors | 233,636 | 124,066 | ||
| Insurance | 6,978 | 6,130 | ||
| Telephone | 11,257 | 9,678 | ||
| Postage and stationery | 4,844 | 9,504 | ||
| Advertising | 15,394 | 9,913 | ||
| Sundries | 9,105 | 4,163 | ||
| Training purchased | 140,865 | 131,489 | ||
| Trainees' expenses | 9,596 | 8,722 | ||
| Tuition/course fees and |
registration | 141,947 | 154,583 | |
| Disallowed VAT |
17,848 | 34,262 | ||
| Stafftraining | 22,778 | 3,900 | ||
| Rent and rates | 90,222 | 76„695 | ||
| Cleaning | 2,330 | 3,568 | ||
| Repairs and renewals | 36„900 | 15,900 | ||
| Motor and travel | 6,514 | 26,447 | ||
| Legal and professional | 492 | 1,086 | ||
| Bank charges | 302 | 354 | ||
| Trade subscriptions | 17,595 | 27,115 | ||
| Consultancy fees |
4,450 | 7,301 | ||
| Employer incentive payments |
37,500 | 60,500 | ||
| Professional fees on potential |
acquisition | 23,666 | ||
| Depreciation | 13,790 | 23,310 | ||
| 1,776,474 | 1,901,508 | |||
| SUPPORT COSTS | ||||
| Governance | ||||
| costs | ||||
| ESFA and similar activities | 8,330 | |||
| NET INCOME/(EXPENDITURE) | ||||
| Net income/(expenditure) | is | stated after charging/(crediting): | ||
| 2021 | 2020 | |||
| Auditors' remuneration |
4,950 | 4,950 | ||
| Depreciation - owned assets | 13,791 | 23,309 | ||
| Hire ofplant and machinery | 1„539 | 1,539 |
| STAFF CO | S | TS | ||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| Wages and | salaries | 860,340 | 1,038,938 | |||
| Social security | costs | 74,845 | 80,576 | |||
| Other pension | costs | 17,407 | 20,103 | |||
| 952,592 | 1,139,617 | |||||
| The average | monthly | number ofemployees | during the year was as follows: | |||
| 2021 | 2020 | |||||
| Management | 6 | 7 | ||||
| Teaching and | learning | 15 | 17 | |||
| Recruitment | 3 | 4 | ||||
| Information | technology | 1 | 1 | |||
| Administration | and accounts | 4 | 4 | |||
| Quality | 2 | 2 | ||||
| 31 | 35 |
| 2021 | 2020 | ||
|---|---|---|---|
| f60,001 | - f70,000 | 1 | |
| $70,001 | - f80,000 |
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| fund | funds | funds | |
| INCOME AND ENDOWMENTS FROM | |||
| Charitable activities |
|||
| ESFA and similar activities | 1,587,235 | 60,500 | 1,647,735 |
| Miscellaneous other activities |
36,002 | 36,002 | |
| Subcontractors | 140,001 | 140„001 | |
| Youth Employment Initiative |
104,508 | 104,508 | |
| Investment income |
946 | 946 | |
| Total | 1,868,692 | 60,500 | 1,929,192 |
| EXPENDITURE ON | |||
| Charitable activities |
|||
| ESFA and similar activities | 1,620,724 | 60,500 | 1,681,224 |
| Subcontractors | 124,066 | 124,066 | |
| Youth Employment Initiative |
104,508 | 104,508 | |
| Other | 500 | 500 | |
| Total | 1,849,798 | 60,500 | 1,910,298 |
| NET INCOME | 18,894 | 18,894 | |
| RECONCILIATION OF FUNDS |
|||
| Total funds brought forward | 885,964 | 885,964 | |
| TOTAL FUNDS CARRIED FORWARD | 904,858 | 904,858 |
| TANGIBLE FIXEDASSETS | ||||
|---|---|---|---|---|
| Fixtures | ||||
| Office | and | |||
| equipment | fittings | Software | Totals | |
| COST | ||||
| At 1August 2020 | 142,671 | 16,773 | 2,700 | 162,144 |
| Additions | 5,369 | 5,369 | ||
| At 31July 2021 | 148,040 | 16,773 | 2,700 | 167,513 |
| DEPRECIATION | ||||
| At 1 August 2020 | 118,510 | 11,340 | 2,700 | 132,550 |
| Charge for year | 12„478 | 1,313 | 13,791 | |
| At 31July 2021 | 130,988 | 12,653 | 2,700 | 146,341 |
| NET BOOKVALUE | ||||
| At 31July 2021 | 17,052 | 4,120 | 21,172 | |
| At 31July 2020 | 24,161 | 5,433 | 29,594 |
| DEBTORS:AMOUNTS FALLING DUE WITHIN | ONE YEAR | |
|---|---|---|
| 2021 | 2020 | |
| Trade debtors | 7,474 | 4,649 |
| Other debtors | 7,032 | 8,452 |
| VAT | 2,118 | 669 |
| Accrued income | 102,943 | 158,037 |
| Prep ayments | 19,989 | 15,806 |
| 139,556 | 187,613 |
| CREDITORS | : AMOU | NTS F | ALLING DUE | WITHIN | ONE YEA | R | |||
|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | ||||||||
| Trade creditors | 82,820 | 52,108 | |||||||
| Social security | and other | taxes | 13,639 | 15,173 | |||||
| Other creditors | 3,243 | 4,065 | |||||||
| Accrued expenses | 321,282 | 143,566 | |||||||
| 420,984 | 214,912 | ||||||||
| LEASING AGREEMENTS | |||||||||
| Minimum lease |
payments | under | non-cancellable | operating | leases fall | due as follows: | |||
| 2021 | 2020 | ||||||||
| Within one year | 13,925 | 13,925 | |||||||
| MOVEMENT | IN FUNDS | ||||||||
| Net | |||||||||
| movement | At | ||||||||
| At 1.8.20 | in funds | 31.7.21 | |||||||
| Unrestricted funds |
|||||||||
| General fund | 904,858 | 149,571 | 1,054,429 | ||||||
| TOTAL FUNDS | 904,858 | 149,571 | 1,054,429 | ||||||
| Net movement | in funds, | included | in the above are as follows: | ||||||
| Incoming | Resources | Movement | |||||||
| resources | expended | in funds | |||||||
| Unrestricted funds |
|||||||||
| General fund | 1,897,375 | (1,747,804) | 149,571 | ||||||
| Restricted funds | |||||||||
| Employer Incentive Payments | 37,500 | (37,500) | |||||||
| TOTAL FUNDS | 1,934,875 | (1,785,304) | 149,571 | ||||||
| Page27 | continued | . |
| Comparatives | for move | me | nt 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 | ||||
| Comparative | 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 | (1,849,798) | 18,894 | ||||
| Restricted funds | |||||||
| Employer Incentive Payments | 60,500 | (60,500) | |||||
| TOTAL FUNDS | 1,929,192 | (1,910,298) | 18,894 | ||||
| A current year 12months | and prior year 12months | combined | position is as follows: | ||||
| Net | |||||||
| movement | At | ||||||
| At 1.S.19 | 1Ilfunds | 31.7.21 | |||||
| Unrestricted | funds | ||||||
| General fund | 885,964 | 168,465 | 1,054,429 | ||||
| TOTAL FUNDS | 885,964 | 168,465 | 1,054,429 |
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| Unrestricted funds |
|||
| General fund | 3,766,067 | (3,597„602) | 168,465 |
| Restricted funds | |||
| Employer Incentive Payments |
98,000 | (98,000) | |
| TOTALFUNDS | 3,864,067 | (3,695,602) | 168,465 |
| for the Year Ended | 31Jul 2021 |
||
|---|---|---|---|
| 2021 | 2020 | ||
| INCOME AND ENDOWMENTS | |||
| Investment income |
|||
| Deposit account interest | 63 | 946 | |
| Charitable activities |
|||
| ESFA income | 757,840 | 829,620 | |
| College income | 330,651 | 237,822 | |
| Other sales | 3,912 | 36,402 | |
| Subcontractors | 282,332 | 140,001 | |
| Grants | 40,354 | ||
| Youth Employment | Initiative | 99,863 | 104,508 |
| Employer co-investment |
17,613 | 9,547 | |
| Employer incentive |
payments | 37,500 | 60,500 |
| PP income | 162,477 | 346,443 | |
| TV income | 213,159 | 123,049 | |
| Kickstart | 29,465 | ||
| 1,934,812 | 1,928,246 | ||
| Total incoming resources | 1,934,875 | 1,929„192 | |
| EXPENDITURE | |||
| Charitable activities |
|||
| Wages | 858,340 | 1,036,938 | |
| Social security | 74,845 | 80,576 | |
| Pensions | 17,407 | 20,103 | |
| Hire ofplant and machinery | 1,539 | 1,539 | |
| Subcontractors | 233,636 | 124,066 | |
| Insurance | 6,978 | 6,130 | |
| Telephone | 11,257 | 9,678 | |
| Postage and stationery Advertising |
4,844 15,394 |
9,504 9,913 |
|
| Sundries | 9,105 | 4,163 | |
| Training purchased | 140,865 | 131,489 | |
| Trainees' expenses | 9,596 | 8,722 | |
| Tuition/course fees and registration |
141,947 | 154,583 | |
| Disallowed VAT | 17,848 | 34,262 | |
| Stafftraining | 22,778 | 3,900 | |
| Rent and rates | 90,222 | 76,695 | |
| Cleaning | 2,330 | 3,568 | |
| Repairs and renewals | 36,900 | 15,900 | |
| Motor and travel | 6,514 | 26,447 | |
| Legal and professional | 492 | 1,086 | |
| Carried forward | 1,702,837 | 1,759„262 |
| for the Year Ended 3 | 1Jul 2021 |
|||
|---|---|---|---|---|
| 2021 | 2020 | |||
| Charitable activities |
||||
| Brought forward | 1,702,837 | 1,759,262 | ||
| Bank charges | 302 | 354 | ||
| Trade subscriptions | 17,595 | 27,115 | ||
| Consultancy fees |
4,450 | 7,301 | ||
| Employer incentive |
payments | 37,500 | 60,500 | |
| Professional fees on |
potential | acquisition | 23,666 | |
| Oftice equipment | 12,478 | 21,638 | ||
| Fixtures and fittings | 1,312 | 1,672 | ||
| 1,776,474 | 1,901,508 | |||
| Other | ||||
| Bad debt write off | 500 | 500 | ||
| Support costs | ||||
| Governance costs |
||||
| Wages | 2,000 | 2,000 | ||
| Auditors' remuneration |
4,950 | 4,950 | ||
| Trustees indemnity | insurance | 1,380 | 1,340 | |
| 8,330 | 8,290 | |||
| Total resources expended | 1,785,304 | 1,910,298 | ||
| Net income | 149,571 | 18,894 |