##
##
|||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|