Charity iegistration number 519259 IEngland and Wales) Cornpany reg15tratlon number 02045777 ITEC NORTH EAST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
ITEC NORTH EAST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Mambars G Brown G Wood 88cr8tary T Wilso Senlor management T Wllson Chlef gxeculve offi¢er Charlty numbgr (England and Wal•sl 519259 Company nUMr 02045777 Registered office Ile¢ House Hilton Road Aycliff8 Business Park N8Wton Aycliffe County Durham DL5 6EN Audltor Mullen Sioker Limited Mullen Stoker House Mand818 Buslnass Park Belrnont Industrial Estate Durham DH11fH Bankers HSBC Bank PIC Isaddler St, Durham) 1 Saddler Street DLJrham Unilad Klngdorn DH13NR
ITEC NORTH EAST LIMITED CONTENTS Page Trustees report Statemènt of Trust8gs r85ponslbllllles 13 Indèpandent 8udllor's report 14-16 Statement ol financial activities 17 Ba18nce sheol 18 Ststemenl of cash flows 1S Not8s lo thè financial stat•m8nls 2Q-30
ITEC NORTH EAST LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JUL Y 2024 Th8 Membars present Iheir annual report and ffinancial stat8rn8nt5 fDr the yearend8d 31 July 2024. The trustee$ who a ejsts non-e)te¢utive ditorS of the ¢herity for the purposes of the Comp8nie8 A¢t 2006. present their report with the financial staletnents ol the charity lor the year ended 31 July 2024. The trustees have adopted the piovisions of Accounting and RepDrting by Charities". Staterllent of Recotnrnended Practi applicable to charits.es preparing thelr accounts In accordance with the Financial Reporting Standard eppllcable In the UK and Republic ol Iieland IFRS 1021 18ffective 1 January 20191. Objo¢tiV•8 and a¢liviti&$ For over 40 years ITEC North East Lirniled has operated as an inspirational charily acros¢ th8 North Easl with 3 slralegical placed trdinin9 facilities in Newton Aycliffe. Gateshead 3nd Middlesbrough employing 35 staff. The Gateshead facility was closed during 2020 as a consequence of the COVIO-19 pandemic following a sharp reduction in training volume In 2023124 tliv Middlflsbiough c8nir8 closed primarily du to unsuslainablv financial pressures assoLiatt>d willi Ihe ongoiiiy cost ol living crfsis. In particular the signilleant escalation of énèrgy and ovèrall opèratlngldirèet costs. Our charitable cornpani's object and principal acb'vity continues to be the provision of Apprenticeship training lo young persons and adults in the digital sector, ils as>ocialed SLJpply chains and related vocational areas, enmpOsSIng the adminislralion, managom8nl elc. This provision has expanded over re¢enl yèars lo incluclo Digital, IT. Cyber and Al. Our classrwm based st(Jdy activities include eoYat>l1itY skills. Maths. English, IT, and Digital Marketing. all of which are funded primarily through the Department lor Education IOfEI. or devolved combined authority areas. In setting our objèctivès and planning our actpiitiès, thè trustees ha8 givèn cèrelul consl&rAtion to thé Charfty Commission'8 general guldancé on publ1¢ benefll and lo Ils suppleménl8ry publle btnelll guid3ne8 on fee charging. Our vision 1$ Ihal all ol ourlgarneig reach their full polenlial. Our repulalion lor promoting learning opportunity and employability wll be outstandinq. Wè am recoqnisèd throuohout th8 NDrth East as a provld8r of choic8 amongst18arnèrs. ernployer5 and olher key stakeholder, Our mission is lo btr Ihg North East's lea¢Jing providgr ol innovative, skills-ba$od vocational *du¢¥tion 8n¢J trainKig. Working wlth our employèrs and partnèrs our vlslon Is to d8llv8r to our18arn8r's outstandlng tralnlng and pèrsonal support so that th8y are.. l - Inspired to Bohieve Iheir individual persongl and qualification targets, gainin9 confidence. self-belief and reaching their lull polenllal. T- Trained by lalonled 8¢ad8mi¢ staff who are experts in their fields lo ensure1è8mers pr%>Jress into sustsinabl$ employment andlor further education as a result ol the skills and knowledge daveloped. E Enlhusi8sli¢ and pc¢iliv& oboul their lulure, Buying irlo th¢ bgnelils ol'lilelong1garnin9' and making posilivo conlribulion lo their employer. C - Challenged and supported by selling high standards lor ourselves and enctsuraging high aspiraiions in our leamers. We viill provide high levels of SUPPDrt lor both leamers and staff to achieve. The charltable cornpany'5 contlnulng straleglc oblectlves whllsl InsratIonal are rea115tlc and dellverable, Our strat•glc alms.. Strive to achieve Oulsl8nding Te8chiro, Learning and As5e55ment leading to Outstanding oulcomes for learners. Place the learner at the centre of our decision making process responding proactively lo meet their individual needs ond aspirations ensuring an Oulslanding Learner Experience. strengthen and develop partnership5 With employers and partner organi5ations to create a sustainable future for ITEC North East Llrnlted. Re¢ruit, develop ond ret$in highly compelent and oulstanding staff who can toke forword ITEC'S vision. Maintain organisational excellence in g0veman, quality assurance, culture and financial health and resources for le8rning.
ITEC NORTH EAST LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 strlvo to achlevg Outstsndlng T¢a¢hlng, Loarnlng arKI Ass9$5mont leadlng to Out5tandlng QUt¢omos for learners. Our strategy lo achieve this aim is lo equip learn&is with the skills most valued in the modern econorny. LearneT8 are able to iork ind8pen¢J8ndy and b8 8ffecliv& in th8ir us8 of di9ltal technolo9y. English and Malhs. Leam8rs hav8 hi9h aspirations and are able lo demonstrate leam work, (vtnmunicalion. Innovation 8nd a deep underst8nding of how they leam and their SP8cialism. Keen to protect the environment and promote equality and diversity. Al ITEC North East Limited leaching, learning and assessment locuses on deeper learnin9 that leads to transferable skills. We ar8 grad8d accordingly through our own seff-assessment and OFSTED. Employer5 and 18arners grad8 US P051tively lor the quallty ar thelr eXperIen oy ITEC and for 1he srandard5 achleved, as seen In the 5kllls and comFeience ol our learners Pla¢& lh¢ 19omgr al tho ¢gntr• ol our d•¢l$lon moklng pro¢o$$ r&$pondlng pro4¢tlv•ly to mg01 th•lr Indlvlduol n99d$ and a5plratlons ensurlng an outstandlng learner exrIenCe. ITEC North Easl Llmil leamers will exp8rlenc8 &clivitSes. process6s and énvironments that wlll engagè and Inspifts them lo id8ntify and progress lo their personal goals and careers. All aspects ol their contact with ITEC will enhance achievement. progrèssion and learnlng. In or<Jer la achieve this, services, adrninistration and slaff will wark tagether in Ilie interests ol leamers. building a culture ol gspiration, eX¢ellen and personal responsibility. The Learners will receive effective support and be inspired whilst on ernploygr or ITEC faGilitigs1garning gXP9rign¢g will be Ih310l fg91ins $af9, being SUPPQrt9d lo inlgract gffgrlivgly with stsff and pggrs. L8arngrs will d8velop a8 PpIe, gain und8rstanding of other culluras, lead hgallhy lif85tyles, 8nd learn from and respe¢l oach other. Sirength•n and d•vtrlop partn•rnhip$ with •mploy•rn and partner organi8ation$ to ¢r•ats a 8u8tainabl¢ futur• for ITEC North East Llmlted. Our strategy to achieve this aim 15 to develop excellent pariner5hip5 with both employers and partner organisations to ensure we meet the needs ol key regional priorities. We have built a reputation in key specialisms that are impDrtanl lo our local econorry and labour market. We offer excellent advice and iuidance to learners, employers, pariner organisations and parents about the local economy, training opts'ons and employer options. Vbe will provide training lo th• un8mploy8d in th8 skills, atlilud•s and 8xp•clats'ons ol 8mploy•rs to Iransillon l•arn8rs into work. W• will work with employars to d8v8lop Ilrst class Irainlng to mèèt Ihèlr nèèds, support sklll shortag8s, and thè upskilling of Ihalr 8xistlng workforce. R•¢ruit. dev•lop and r•tain highly ¢omp•t•nt and outstanding $taff who ¢an tak• forward ITec'$ vision. fo achi¥ve our strat8gy airn we recruit, r8tain and develop the very best statt. Vje maintain and improve staff and or9anisational arr8ngement5 Ih8¢ will 5UPPOrt exllence in leaching and leBrning, and service delivery. We always aim lo be an excellent èmploy¥r bocaus8 staff who f881 valu8d, ara productiv• and •ff#ctiv8 ¥mploy•8s, and bocaustr w8 b•li8v8 that staff ar• entltl8d to a lalr and supportive 8nvironmnt in r#turn lor hard work, dèdlcation and mgults. W8 provld Iralning, d8vèlopmant and suppcrt for staff to enhance their skills and knowledge to meet the ever changing dernands in the sector and to support slaff lo achiéve Ihtr èxcallgnt siandard that lèam#rs 8xp&ct and d&sorv•. Wo davelop a sustainablo and flèxiblè siaffing modtrl that enables athievernenl of OLJr aims and addresses the challenges of the public sector funding cuts. Wherè gavlngs havè to be made, we aim lor a lair and transparent process through genuine consullats'on and parknership working. Maintain org•ni$ational •x¢•ll•n¢• in Bov•mane•, quality a$guran¢•. ¢ullur• and finan¢i•l h•411h and r•$our¢•* for Igamlng. GoYemanc•: To achi0 our stralagy alm w8 8nsur8 Gov•manc¥ is locuss•d on thè organisallon's purpos8 and on outcomes for communities and learners. ITEC seeks lo perfomi effectively both as individuals and as a team and continues to oevelop the capacily and capability lo be highly effective. We promote values for the whole organisation and behave with int¥grity. taking informed transpar6nl decisions and rnanaging risk. We hold188ders and managers lo account for Ihe ITEC'5 ptsrformanct, angaging wllh stak&hold&rs and making accountability real.
ITEC NORTH EAST LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Culturg.. To 8chieve our strategy aim we ensure culture is forged through collective beliefs, values and routines of an organi881ion and evid&nl in its sIILLtures and th8 bèhaviour$ of $tafl and leadèrs. ITEC is committed 10 8 sal ol values that und8rpin the cullur8'. • Recognising individuality Resp&cl Integrity Professionalism Challenge and innovate Ad3Ptability Quallty Assurance: OLJr strategy is achieved by ensuring quality assurance and improvement is the responsibility of the vihole busingss. Wg ¢reate and suslain quality syslerns Ihal support 6x¢&llen¢e in Teaching, Le8min9 and Assessment ITLAI and all olhgr services whgrever and when8v8r they are offer8d by ITEC North Easl Limited. Our quality systems, service5 and processes are supportive, informative. accessible, and driven by the use and analysis ol robust data that is used to identify arga$ ol both &xc¢llgn¢g an¢J those in no&d ol furlhgr ¢JoY$lopm¢nl, Ensuring Ihat thg oul¢Dm¥s ol quolily pro¢trsses are us&d to inlorrn and support improvgmenl. and lo rnonilor and ensuro cornplgtion of itnprov8rnont plar)s. WE contlnug to d8V81op and manage qualrty processes that are effective and efficienl in identifying our progress towards excellence. and communicate the oul¢om¢s of th&80 eff¢¢livoly lo inform improv¢m9nl. Financial HEalth and iesource# for Leirners: To achieve thi5 strategy we allocate the financial rep4)urces required lo support and advance excellent success rates and learner and employer satisfactr'on,. lo support staff lo feel valued and reali%e the vision lor ex¢ellen¢g,' lo promote ITEC'S roputslion and profile through Industry ro18vanl rgsourc8$', and to provicle oppy)rtunities lor growth. We align our delivery activity to m8el our objectives and ensure il 15 tailor rnade lo successfully support local business8s in various growth sectors with a ran and volume of education and Iraining provision. This includes bul is nol limited to Customer service, n)enlal heallh & wellbeing, manulacluring, health & social care, IT. digital marketing and cyber security. We also successfully deliver functional skills programmes up to level 2 which are inlegrat8d with employability skills ansuring learners can gain accredited qualilicatlDns bul also with Iha primary purposé that thèy gain mèaningful employmant andlor progress lo further Iralnlng. Our activity 3150 indudes recruiting and supporiing those most disadvantaged within our CDmmunity. We underslJnd the compl¢x np¢d$ of individuals living In thg ar¢a Qui ¢arg¢t 9roup in¢lud¥$ young p¢opl¢ 16-18., long teim ungmploy¢d, and people with di5abililies (including learning dilficullie51- lone parents.. older workers150+; NEET group,. BME groups,. Ih05e o of work bul not claiming benefits and individuals with basic skills needs or lowlno qualilicaiions. We make good use of LMI and loeAI knedge to ensure Ihgt our strBtegy airns and SelveS are fil for purpose. do not duplicate, remain ¢urr8nl, relevant and ol impact and conlribulg lo achiev&m¥nl of NELEP slral8gi¢ ams, We understand the soLial and economic Indicators and policies that steer prionlies lor our activity and have used them to lorrnulale our oelivery activity plans. ITEC North East Limit was awarded both the Pathway and Routèway Youth Employmènt Inltiatlve IYEII programmès. Thè YEI Programme 15 parl-funded by the European Social Fund IESFI 8S Part ol the 2014-2020 lext 20241 European Slruclural and Inveslmenl Funds Growth Programmtt in England wth Iha Departmtrnt forwork and Pensions IDWPI as Iht Managing Authority. Tees Valley Pathway delivers innovative solutions lo young people aged 16-29 who are slru931ing to achieve or progress into a positive destination. It will also support those young people lurihest away from the labour market by provKling Ih9m with the skils they need lo gel into work and offei a flexib18 learning and skills fund. Tees Valley Rouleways delivers tailored routeways for young people aged 16-29 to assist them in enlering into priority growih sectors including Advanced Manufacturing, Digilal, Logistics, Low Carbun and Health and Soaal Care through a range of 8¢tivities such as volunteering, intemships, traineeships and apprentiTrships.
ITEC NORTH EAST LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 ITEC North Ea51 hav8 also d81iver£d other ESF initiative5 including Skn115 Support lor the Workforce ISSWI, North East A¢hieve5 INEAI and Communities Work ICW). SSW is a progr8rnme which involves the developmeni and delivery of bespoke skills support lo increase the skill levels of ernployed individuals. including basic skills n88ds, and FnGouragg wogr85sion', partiGularly in SMES and Micro businesses, again, aligned lo the LEP priorities and sectors. NEA is a programme to train and supporl people into worf( by providing 6 monlhs of post-programme interactions lo support progiession into work and continued18arning. oncs in gtnployrn8nt. Progratnm8s dev8lop vocational skills aligned to) ernploymenl demand, as well as relevant functional and employability skills. CW is a programme providing vocation81, ernployability and fun¢lional skills developrnent 10 support progression towards and into èmploymènVvolunl$aringllaarning. CoMrnen¢iw in mid-2(r24, ITEC North Ea81 was awarded UK Shared Prosperity Fund IUKSPFI fuDdino locusino on 'people and skills. to address locd economic needs. UKSPF aims lo boost adult core skills, support individuals into work 01 furth6r gducaJon, and 1111 Idenlifigd skllls gaps Ihrough tailored bespok8 training pro9iamrn8s, floxlble dfjllvory m¢lhods, and partnerships with local providgrs lo drive local economic growth and iTnprove life chances. All ol the above programmes further support ITEC'S above objectives. W$ consld9r Ihg lollowln9 crllgrio when rn9a$urlng succ9$$ In the rgportSn9 Pg110d'. Imp8¢1 Measures Outcome An8lyglS Quality Standards Salaty Standards Mg9ling the ngeds of IoGg1 industry Workforce upskilling Equality ond diversity need Economic Growth Règional social valu8 IRSVI Cultural irnpaGt Impact Moasur•s We use Impact moasurgments lo quanllly and asses8 the achievement ol oul¢Dmg8 wllhin our current delSvery wg monitor pariicip8lion, retention, achievement. progression, cuslotner satisfaction targets and a range of qualily rneasures. Improv•m•nt: Wè use th&s8 Impact mèasures throughoul tha lèarnorloLJrnay lo Id8ntlfy, loracast and Improve learn¢rs progre85 by e,g. providing additional pastoral sUPPOrt if attendance In the work place is an issue. Outcome Analysls We use target outcomes lo maasur8 pgrforn)ancg for Inelviduals, teams and thg company as a part of our contlnuous irnprov8rnent proc855. These includ8 participab'on, retention, achi8vetnent, progre55ion, cuslotner satisfaction target5 and a rang8 of quallly m8asur85. Improv•m8nt= Results help us to produce our annual self-ass8ssment report ISARI and develop ntrw Quality Improvemenl Plan IQIPI that enabltrs us lo make judgements on our provision and identify the areas we aim to improve and the actiong required, gnd is the key fo¢us lor development activity in the ¢oming year. Quollty Stsndard$ We build a range ol quality standards into our largets e.g. Quality ol teaching and learning and Persal Development, Behaviour and Welfare, these Standards lorrn Ihe basis ol our SAR. Improvernent- As a part ol our continuous improvernent process ISARIOIPI these standards are reviewed monthly and the results are used lo inf(m improvement e.g. quality of leaching and embedding of new technology inlo practice.
ITEC NORTH EAST LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Safety Stsndards A range of Health and Safety and safeguarding standards ar8 U$8d within ITEC &.g. we undertak& a health and Safely ass8ssm8nt of all 8mploy8r pr8mis&s bf>for8 8nlering into an a9r88m8nt for appr8ntice training, includin9 id8nlification of safeguarding policies and mtsre recently the sexual h818ssment policy within the workplace. Improv•m•nt: Thg monitoring and rvi8w of th&s8 standards, for &xamplg informs and improvas th8 18v81)f support an employer can provide to an apprentice. Meetlng the Needs of Local Industry We undertake a thorough busines5 needsllraining need5 analysis ITNAI when we engege with employers to identify their r8quirements and where most value can be gained e.g. correctly identifying their IT skills gaps and agreeing the most effective way to deliver'orf the job, training. The delivery ol the TNA is conlinu¢xJsly reviewed throughout the Learners Joumey. Improvement: The idents'lication and review ol the outcome largels lIhin th8 TNA enables us to irnprove.. Cu&turTl¥I i¥ldllL)nshSps Rgsponslventrss lo local 8lr81gglc prtortlles. Bespoke Apprenticeship programmes for employers Workforce UpsklllSng Each 8mployor has a TNA compl8t8d wlth them and aach18arner has Mairfx appfov8d InfDrmalion Advlc8 and Guldanc8 IIAGI and a d&signal¢d tutor. This 6nables ITEC lo understand and prèpare lor their le8ming journey and prepare a r8ng8 01 outcomè moasurès that includès th8 slrenglh$, barriers and skills gaps that èn)ployers and learn8rs hav8 e.g. rang8 of slafl iithout certain le¢hni¢81 ¢ornpelence. Improvèm•nt.' ¢orre¢l idenlilicalion and agreement of Worf¢for upskilling outcome tn8asures enablgs ITEC embed these measur88 within their ts)nlinuous IproVeMeNt prwe88 for monitoring and review. This review enables ITEC lo improve its service by.. Continuously raflning th8lr d8liv8ry to tha •mploy8r and18arn8r. Delivering addil¥Jnal value to Ihg employgr Ihrtsughoul dgliv91y that tnay deliver g.s. grealer1gv$ls of efficigncy and productivity. Equallty and Dlv•rslty Ng Our delivery gng8ges a diverse and repres&nlaliv¥ group of learners. As a part ol our E&D delivery vwe deliver equal opwirtunity lor all and have identified Dignrty, Safeguarding. British Values and Welfare all key outcorne targ8ts. They are promoloé ond emb¢dd4d in $es$ions onsurin J a ¢urture of mutual rg$pe¢l. Improv•m•nt: During pwgrgss r&vi$ws, progress Is trackd and revléwed and tutors Improvè their plannd larnlng s#sslonslmatrlals lo r8fiècl thè Idèntlfid r8ouir*d improvernenls. The wider impact of this irnprovemenl raises the apprentice's awareness of E&D and how to conlribute lo wider soaely and1118 in Britain. During th8 rgporting period ITEC str8ngth8ned E&D comrnittn8nts Ihtough our astablishod Equality, Diver51ty & Inclusion IEDII plan combined with the appointment of a dedicated EDI Champion lo rèinforcè mèssa$ with learners. employer & 51aff through 9eneralion of resources, key messages and delivery of CPD. E¢onomi¢ Growth Wp have idg.ntifigd key strategic relationships and areas of high ecomIC growth sectors across the region as key outcome targets that ar8 planngd, monitor8d and r$vi8wed as a part ol our performanca manag•m8nt process. Improv•m8nl= By delivering uur outcome targets ITEC delivers strategically relevant training to employers in high growth sectors, this enables the following improverrents lo be m8de.' Enhances leamerfs capacity and creab'vily, opportunities, and satisfaction at worf< Empower learners to devel)p their lull capacities and seize ernploymenl and social opportunities Rais8 producllvtty ol workars ol trnterprises Contribute lo btyjsl lulure innovation and developtnent Encourage dOS(1C and foreign inveslmenl. by having a high skilled workforce
ITEC NORTH EAST LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Reglonal So¢lal Valu• (RSVI The RSV delivery is wid8 r8nging across Ihe NE. We are awsre of the govemments locus and region&1 priority Iow8rd8 the young8r a98 group and thos8 frorn disadvanta98d t>ackgrounds. W8 id8nlifi8d a nLJmb8r of outcom& m8asures @.9. r8cruit 18 18 yi old5 and NEETS from di58dvanlaged backgroun¢s. to support this and drive behaviour to improve our contribution to the NE'S RSV. Improvement.. ITEC'S focus on RSV will Improve learners, lrfe d)ances, empow&r18amers lo develop to their full ¢apacilies and redwe the NEET levels in the NE. Culiural Impact The cultural Impact of our training Is measurecj by tracking and reviewing, Iwa surveys and 1=1 reviews), a nUMr ol employgr and learner outcome largels,. atbludes, valuas, and behaviours. Improvom•nt.. By empowering le8mers via high quality apprenticeship delivery they are able to irvprove and make an irnpaGt on their larnile5. friends, communitie5, life chance5 and career. The company produces strategicjdevelopment plans (currently 2024_281. These include an accommcda1ion strategy and risk analy81$ and an annual d&iaI16d flnanclal budget wllh the dIreOr$ rnonilorlng p6rforman¢e agabnsl plans. In 2023-24 the 2020-24 strategic plan was finalised with 33 0139 success measures graded green, 6 amber and O red. Management and Board are pleased lo report thal the chBrilable company generally met its specific objectives for 2023-24. STRATEGIC REPORT Achievement and Performance The maiorits, ol our eonlracts continue lo perfomi w811 durfng such unpreced8nled Ilmes followlng Ihe COVID-19 Pandemic and th8 ongoing cost ol living crisis. These include our programmes funded via thè European Social Fund IESFI and UK Shar8d Prosperity Fund IUKSPFI. Our YEI Programm8 which is part-lunded by the Europ8an Social Fund as part of the 2014-20201oxtondèd in 20241 Europèan Slruetural and Investment Fund£ Growth Programm• In England with tho Dopartrnent lor Work and P•nsions IDWPI as th8 Managing Authority. Also, our AEB (Adult EduCatiC Budg•tl contract across T88s Vallèy fundéd vla Tèès Va118y Comblned Authorlty 2023.24 furthèr supports our charitabl8 oblèctiv@s Govgrnrngnl policy h38 a signiliGanl Inlluencg on tre work we do as a Iraining provider. Following Ghenges lo funding methodology, compelilDn rernains evermore fi'erce to secure long term lund5 to support learners & enployers, In addition, the hlgh prolile closure of a number of18rge iralnlng provlder8 has seen the gxpgciaiions posgd by exigrnal bodies IEbFA, DIE. ESF. Olsledl measurably increase under new avdil regimes and inspection frameworks. the COVID Pandetnic naturally brought about addilional challenges many o11Nhich have c4)ntinued Into 2023-24 e.g. mental healtr impacts, cost of living and finan¢i81 barritrrs. R¢¢gnl Ir9nds show a shrinking FE provider lands¢ap$. driv9n by funding cuts. complian¢g burdens, and policy shifts Conlr8c15 8re reviewed evermore frequently with further measures introduced in 2021-22 suth as the Apprenticeship Axountability Framework which was further refined in 2023-24 with thresholds reduced. UnderperformanGe i¥ dealt witr swiftly. typically with the removal or re(luclion in over811 conlr8du81 vgluos. Although some Il$xibililie8 were given for the challenge5 brought about by the COVID Pandetnic, these were short-livgd with the expectation ol'business as normal, fvorn August 2021 despite further challenges into and beyond 2023-24 connected with the spiralling cost of living crisis. Sadly, despite lar exceeding national average rates year in and year out lor kei KPIS such as achievernent rates, the attaSnmenl ol hSgh gradas, progresslon rates, ltsamer tISfaCtIOn, snd those measures laid out In tha appr8nllt8$hlp acLuuiitdbilily Irdiviework, ITEC were grddeLI 'Requires Ityiprovemont, by Olsl¥d iri Auyusl 2U23. Th8 itnpact ol th8 Ofsted judggtn8nt on the m8ntal health and wellbging of staft was significant with a nUMr unabl• to go through the process a94in and consequently leaving the bu5ine55. To sUPPOrt all staff including leaders, professional services were rel8ined (KILN Associate51 lo provide ongoing counselling 5ervice5 and wellbeing workshops. In respect ol the business, delivery of Adult provision was largely paused for thè period Septernber 2023 to January 2024 Yihilsl a full review ol adult strategy was compltsttrd, inclusive of ITEC and Subconlracled provision. This process while IMrtant in addressing Otsted judgements did in ilsell aGe furiher financial pressures on the bu8ines5 lor example a temporary pause in AEB delivery, allowing a full-scale review lo ensure IDng-tem sustainability and (r)mpliance. In addition having $u¢¢ossfully 8ts¢ured UKSPF and TdCA Aduh Skn119 Funé ¢¢ntr8ds, 80me are under1ts8s favourable t&rm8 (due to Olsled grade restrictionsl and the ability to continue to deliver or bid for contracts where a minimum Olsled judgernent is required.
ITEC NORTH EAST LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 During th8 period S8Ptember 2023 to January 2024 the 18atn al ITEC worked hard to rev18w and str8nglhen quality assurance processes to align to our revised post Ofsted strategy. 8nd to ensure that positive impact could be demonstrated moving forward in readiness for Olsted's moniloring visil A robust Post Ofs¢od Quality Improv¥mgnl Plan wa$ also d¢v¢lopgd vihich is acces5ibl8 to and regularty revi8w8d by all key stakeholders. In June 2024 ITEC received an Ofsled monitoring visit and positively all 4 Ihernes of enquiry were recorded as'signfficant progress,, an achievement gained by less than 5Q/g of prowders nationally. We continue to recruit sub<ontractors to d8liv&r Drovisi<)n which complements our core business activrty, our current subcontr8clor is.. Trade Tech Northem Lirnited- Enty to employment in the North East (priority sectors construction, engineering, As much of the company's Core work is based on employevs premises or online., employers and learners are attracted from across the whol8 ol Ihe North East region. Our slated aim lor engag8ment with employers is lo Strengthen and develop partnerships with employers and partner organisations lo create a sustainable luiure for ITEC.. Th8 Gornpany produGe5 51r8t8gicldeveloptnenl plans (Gurrently 2024-281. Thes9 include accornmcda0n slralegy 8nd rI6k analysis and an annual detailed financial budget with the directors rnoniloring perforrnance against Ise plans, The onset ol the COVID-19 Pand10 in March 2020 nalurally impacted ITEC NE'S norm81 business Dperalions, those ol our employers, and wider stakeholders, The managernenl team including the board was pleased lo report that Ihe charitable company generally aIntaINed ils SP6CAlic objectives for 2023-24. Two key addendums were added lo Ihe strategic plan in Septernber 2021 ICOVID 19 Panthmic & Safeguarding) and July 2022 (Cost of Living Cnsisl the latter of which remained highly rglevanl In 2023-24. SuccesslAchiev•m•nl Rat•s Apprenticeship achievement rates lor ITEC NDrth East have broadly remained slatic over the last year as a consequence ol the COVID-19 pandemic, and the ?ngoing ¢osl of living Crisis. National Averages release¢ in 22123 did as expected main low, with only 1n181 improv8rnents in gom8 areas. In March 2023 Ilie Minister for Skills. Apprenticeships and Higher Education (Rt Hon Rotert Hallon MPI wrote ID the FE sector setting out the Government'5 pled9e to Increase national 8¢hievemenl rates lo 67010 by 2025. ITEC North East were proud lo report that Dur own 8¢hievemenl fates have Consisienlly re)mdined above the Government's target throughout the period 20121- 22124, and have therefore mel the Government'$ pledge ahead ol the 2025 target. Additionally, ITEC North East achièvement rates remain al least 109kn above national average across all Key performance Indlcalors other than on8 small ar&a of undorp8rform8ncg. and these ¢onslslenlly hlgh levels ol performance therefore c(nlinue to suggest that we have navigated the pandemic, and the ongoing cost of living crisis, more suc¢esslully than most other providers. Appr#ntic•s contlnu• to achiev# highly al ènd point assessmènt by achièvlng grad8s of marlt and dlsilnction. A 3-y8ar trene Is evidenced with ITEC North East being consislenlly above the n81ional average. 23124 high grade rates did decline slightly ue lo a chang¥ in assessment criteria by the Awarding organisation IAOI, how•v#r. acticns war¥ swiftly impl¥m#nt#d and positive impact by way ol an upw¥d change of direction In addrtion to achieving highly, a larye proportion of apprentices sustained ernployrnenl and ol Ihose apprentices, nearly half gained in work progression and over 90Qk ol Ihose apprentices seen a pay rise, all largets well above the nal'onal averages rasptrctively. The over811 pr(pJressKJn ral8 lor adult provision remains vgry good. All Iralnlng conllnugs lo be delivared In a cla8groom Settlng or onlino, we continue to introduce new piovislon. and where possiblo learners suffering from digital and other forms poverty wtrre supported lo achieve. As slalad above our NEA, CW, UKSPF, YEI Routeway and Pathway provision continued lo deliver well againsl outputs and we rem&n one ol the top performing providers within the area, Loarnor Numbers The company has constantly targeted growth in apprenticèghip nLJmbers howeiier in 23124 there was a minirn21 dècrease Targeted as a year of signific8nl recovery, regrettably the ongoing ¢ris1 of living crisis, record high inflation, uncapped enersy pnces, significant increasas in cosl of goods I services all stiflad our employer's capabilities to recruit and retain staff.
ITEC NORTH EAST LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 ITEC North East and our subcontractors have support8d over 500 learners in our pr8-8rnpIoym8nt and in work wogratnrnes, ensuring leamers develop strong practical skills. Our prcgrammes are very successful, relevant. meet industry needs and addr8ss local and regional priorities. We align our offer to meet th8S8 nèèds and provid8 training in sactor specific arga$ in vihich 18arners can find 8rnploym8nt. Thi5 18ad5 to extrernely high ret8ntion and overall outcotn8 fdles on all of wr programmes. Despite difficult times. to retain the overall numbers ITEC has achieved was seen as a huge suc¢ess, parlicularly with a large proportion of our laarnèrs progrgssing inlo furthar studiès, èmploymant or voluntary work. Conlracts Ivalues & New Prograrnmes In 23124 ITEC North east were SUCssI1 In meelSng the rnaln oblectSves of our Tees Valley Gornblnecj Authorlry Adult Educatlon Conliact by supportSng 55Yo ol l*amerg into K)rk or furthèr studies. Supporting pmployers within the region through the development anrl upskilling ol their worf¢for¢es, ITEC were successful in securing Uk Shared Prosperity IUKSPFI contracts eornmencing in July 2024. Th• UK Shir•d Prosperity Fund foeuses on bolslaring tho skill$ ef th? employid and those at risk of r•dundarte5' Wlthin Central and North Durham. The pnmary purp05815 lo 0fi8r accrediled and non-accr8diled leaming rd8vant to loral companies and 9rowih 5ector5. The contract itill be achieved trrough direcl eng&gBment with employers to understand their Specific business ne6d$ and subsequently develop tailored training programmes and qualilicalions fcf Iheir ernploye6S. Addlllongl fundSn9 will bo utllis¢d t¢ dgvglop skSll¥d workbr¢gs wllhln Gounly Ourhom, locuslng on ktry gro se¢lors $u¢h as the low carbon ecorK)my. transport and logistics, digital and creats've. tourism and leisuie. advanced rnanulacluring. construction. The contraot will support unemployed or economically active residen15 aged 19+ within Counly Durham, with parflcular emphasls on those closest lo the labour market or wllh a ¢ondillonal gmploymenl offer Conlnggnl on obtalning specific qualifications. Flnanclal r•vl•w The ¢harit8ble eA)rnpany reported 8 deficit for the year on unrestricted funds ol £-337,746 12023 '. £10,951). In¢oming rasourcas from Charilablg 8¢livilie$ for the ytsar wara £1,373,738 ¢omp8rgd lo £1,996,6091oi the previous yaar. R&8ourcg8 expended from charitable activities were £1,711.484 for Ihe year compared to £1,985,658 in the previous year. Inv•stm•nt Polley and Obl•ctlv•i Th8 dli8¢lors hav6 ¢on$Sdtrrèd th8 most approprlalts way for Invesllng cash resour¢68 and have dedded Ihal term bank epL>sils meet their requirements ol a reasonable rale ol retum, without capital risk, and predictable acc8ssibilily lo the runds. The directors review this policy tsn a regiilar basi& Resews poliGy The directors consider Ihot a sensible level ol free reserves thJl the charilable company needs to hold Ilhose reserves not invested in fixed as58ls or d8signated for particular purposes) shoukl equal8 lo thre8 months of operating expenditur8, a5 IS quite nomial In other concerns. Tlis policy would Iherelortr Indlcats a 18vel ol about E427,000 and at 31 July 2024 Ir## reserves amounted to £831.63012023,'£1,152,4081.
ITEC NORTH EAST LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Futuro Dovolopments This report continues lo be published in a ¢lirNale of unprecedènted Changè and ¢halleng6, coupled with ongoing difficult economic circumstanc&s followin9 th8 aftermath of Iha COVID-19 pand8mic, and th8 spiralling cost of livin9 crisis, both of ihich continue to ¢re8le un¢erlainties and impact across sector These unrErtainties are likely to continue into the fvture wilh the global instability created by the continuing invasion of Ukrainè by Russla, racord high inflation, unpradictablg fuel & energy costs, the disruption 10 global supply chains, political unr8sl both lor8ign and nalional. Th8 negats'v8 impacl lo tx)th hou58hold5 and bu51ll8S585 can be 58en through m8asures such as the Increase use or rood banks, dlglt81 poverty opllcs. Increase rnenlal heaifh referral, frequency of workforce slrlkes. buslnèss downsizing I rèdundancy ratss. Directly relating to our sector we note the end lo ESF funding in 2023, many of which are projects that are eiiher lully or part funded. Cornpglilion is fierce io secure future funding, particularty wlh many dassroom Sed providèrs becorning 'accidental expp.rts' in dplivpring online as a result ol the COVID-19 pandemic. This has alkjwed prOverS to tender lor funding outside ol their usu81 ttprInt, eilher 818 regional or n81ion81 level. We note organisations such 85 the Association of Employment and Learning Providers IAELPI demanding that ministers tak$ urgent action lo prevenl'lolal collapse. of the training system in the wake of rnultip16 and Mcreasing numbers of providers èxiting th8 publlcly fundèd training sector. AELP clte a.rfCl stomi. of rislng costs, r8duc8d adult 8ducation budg8t IAE81 contraets, thè end to the train6&ship programmès ¥nd real-16rms Cuts to ¥pprentieè$hip lunding bands pushing tha seettsr to the brink of lolal collaps8. The longstanding underfunding ol appr@nlic8ship standards conllnues. with no inflationary uplift nnouncèd In tha Autumn 2024 Budget. For examp18, th8 L3 Buslness Admln Standard r8malns prfcèd al £S.000 y81 should now be £6,337 in 81 l&mis Core Inflation remains around 30/0, Wlth 5enrice ¢osls still elevated. We are 8b50rbing Increased expenditure across rent, ulilili8s. supplies, registrations and salaries in some cases we have seen rises as high as 18.1,. Undgr tre ngw Labour Goveinmenl (July 20241 further cuts lo an alieady stralned adult 8ducation buJget are wldely expected, in addition lo no planned increase to apprentlC85hip funding bands. We recognis8 Ihat future challenges will continue to drive change throughout our sector. h)wever we continue lo invest in areas that excel and target resc)urces to SUPPDrt these areas. During 231243 ITEC North East invest1 in new systems lo ¢dve &fficl8n¢ies, remty¢o redund8ncl8s and Improve Liser exp8rSen¢g lor learnars, omployers and $18ff, The introduction of Aptem LearnerlEmployerlFunding MIS has allowed ITEC to strengthen the onboarding pro¢es$, improve ovorsight ol laarnof an¢J linan¢ial progros$, and more clceely involvg employers in tho llaboratIV9 ¢Joveloprn9nl of knowledge, skills and tRhaviour5. The Breathe PIR support syslem was rolled out to all staff and was well received in further driving forward our EFuality, Diversity & Inclusion commitmenis. The syslern provides a self service portal allowing staff and leaders lo rnainlain clear overslghl ol perform8n¢tr managemanl Sncluding staff altendan¢8tholid8y8/slaff rgcognilion too18 eg. via kudosl sicknass patterns I wellbeing checks eg bumoul trigger, hold regular supportive and constructive 1-1 Meetings, CPD, open dialogue on the agreement ol objectivesl actions, Bnd to identify training needs by way ol slafl develoFment and progression. Th¥g slonifieant dècisions wlll support ITEC North East In aehlvln9 our stalèd alms for 8ngaqm¥nl with èmployrs 1'SIngthen and develop partnerships with employers and partner organisalions to create a sustainable future for ITEC'I and our learners I"Place th8 learnèr at tho C8ntro tsf our decision making process resp¢Jndlng proactively to m88t their individual need5 and aspirations ensuring an outstanding learner experience.). Changing Policy Context for Ski11s- The charrtable comnY continues lo be funded by the Governtnent wa the Departmenl for Eduootion IOfEI. Chan9¢S to 9ov¢rnm¢nt polioy ov¢r th¢ pr¢c¢ding four y¢4rs has significantly altr¢d our inwmo sireams. Almost all of our previous in¢ome was se¢ui8d from the ESFA in tho form of Apprenticeship ané Adult Education Funding. Reductions in public seclor funding and changes lo the way in which apprenticeships are funded have seen ITEC NE diversify their income streams into other areas of worf<ing following successful bids for Skills Suppcrt for the Workftrr¢e ISSWI, North East Acki8V88 INEAI, Cornmunitles Work ICWI. Kicksiart. UKSPF and devolv8d Adull Education Funding. In addition. we have succ&ssfully engaged with large Levy ?aying employers following changes to funding in 2015. which has further minimised our reliance on public funds. The introdLJ¢lion of the new conlracis and Sub¢ontr8cling have played an irvportanl part in growing the business lumover and profrt8bilily.
ITEC NORTH EAST LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Throughout 2019120 and in response lo the COVID-19 pandetnic, ITEC tran51tion8d all delivery IApprenliceship & SIK)rt Prograrnmes) to Adobe Connecl online platforms to ensure that where possible learner5 could Continue in training & ¢ovelopmenl. In 2020121 an Online Learning Strategy was introduced 10 build on tsur strengths and adaress areas for development. The Strategy continues to focus on four k8y Bims.. Leamers, Stsff. Enhanc8 Practice, Inlrastrudure. Continuecl inv8slmenl in the develupm8nt of our staff & resources ensures Ihat the18arning experience is comparative to that receiw8d in a traditional classroom. During 2022123 the slrat8gy movej forward considerably with the rolloul ol digital (Google) classrooms lor short provision, production of digital content, on boarding of new systems such as Microsoft Teams and Hubspot. In 2023124 the rollout of Aptèm str¢ngthon8d our abllitlgs to dtrllvgr onlin$. provldg roal tlmg MIS a¢css$ lolgarners and Iholr gmploygrs, Id9nllfy and targ818rga8 for irnpro¥etn8nt, and remain cornplianl through the produfjtion of digital compliance docutngnlalion. The continual upskilling of OLJr own work foroc has r•rcolcd a culturc whcrcby staff cmbrocc digltnl tcchnob9lC8 nllowing dclivcry lo leke placg on line or classroom b8s$d, and whore systgms or pro¢essgs Can quickly be refingd lo add lo tho overall Stakeholder exp8rience and drive standards. Feedback trom both leamers, employer5 and 8taff in 23124 was exGellenl, and in 8lmost all cases maIn in excess o190°/. During 22123 variations of the L2 Digital & IT Skills prograrnmes were created tD rneet employer demand suoh as IT Work Ready, IT Di9ltal Explortrr, and Business Data Essentials. In 23124 tollowing a Sharp risè In Artilieial Inl8lligenc8 18¢hnologiés such as ChatGPT and Gemini, bespoke employer led programmes ;BELPSI were developed for the business. education and marketing sectors to upskill workforces and embed emergin9 technology into bLJsiness operations. We anticipaie this momentum wlll galhtsr pace and provlslonal plans arg thor8for8 In p18ce lo qulckly respond lo employer demand In Ilelds Such as data, analylics, finance and sales. Our VideoTilg platfoirn introduced frorn 2020r21 cc)nlinugs from slrpnglh lo slrenglh in 2023124, This onling platforrn offgrs over 150 short Ilypically <2 hour51 self.sludy course5 in area5 such as Digital, Busine55. Health & Wellbeing and Personal evelopmenl,. all courses are made available for free lo existing learners. The platform is ¥'ery well received through our work wlth thè un8mployad allowing parlicipanls to 8nhanca C. Vs in speaallsl ar8as such as manulacturlng, health and saf8ty, food and drink. Our strategy, whilst inspirational, 18 realistic and delwera?le. The strategy will enable ITEC NE lo develop a5 an independent training proirider and build an outstanding portfolio of study. Our strategic priorikn'es for 2024-28 ar¢ lo.. Striva to achlèv8 Outstanding T8achlr@. Leamlng and Ass8ssm8nt18adlng to OLJtstandlng Oulcomgs lor18arn8rs. PIAr.é> Ihft IpHrn&r al IhF> CtrI c)f nijr dgr.i8inn tnHking prorAss rF>8pnnding prnAr.llvIY la Ihflir individ1j1 and gspirotions ensuring an Oulslanding Legrn¢r Experience. Stren9then and develop partnerships with Èmployers and partner organ5sations to create a sustainable futu lor ITEC NE. Recruit, develop 8nd ret£in highly cornpelenl Jnd outstanding staff who can t8ke forward ITEC'5 V15ion, Maintain organisational excellence in govemance, culture. qualily assurance and financial health and resources for learning. All of these change5 highlighted above will irnpacl upon ITEC'S stralegy and will require u5 to make ayjuslments to proctrssas, $lructures and olh¥r aioas ol our op8ralion. The stratagy will enable ITEC NE lo d¥velop as an independent training provider and build an outstanding portfolio of study. 10-
ITEC NORTH EAST LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Structure. 9ovemanc• and management Govemlng Document ITEC North East Limit is o company limited by guoranlcc, govcrncd by its Memorandum ond Articlcs of Association datcd 12th August 1986. as atll8nded by sp8ual r8501utions dated May 1992, October 1994, January and August 1999. F8bruary 2006 and Septernber 2019. The cornp2ny's registration nurnber is 02045777. 11 is registered as a charity with the Charily Commission, number 519259. There are currently four members, each Of whom agree to contribute £1 in the event of the charitable cotnpany winding up. S Bellwood G Brown G Wood (Resigned 20 September 20241 R•crultm•nt and Appolntment of N•w Trusteès Th8 number and skills ol th& trustees are regularly r&view8d and gaps identified. Existing m8mbers then approach suitable candidates who ore Inwled to atiend trustees, rneetings, inilially as observers, before being formally invited lo join the board following discussion arKI r6lerences. Th8 808rd ol Trustees impl8m&ni$ a lair rtscruilrllenl process involving provision of information on the role and skills required and a formal application pro5$ for all inlerested parties. Organlsatlonal Structur• Th8 Board consists 013 Non-Ex8culiv8 Dir&ciors, and a Ch18f Ex8cullv• Offic8rIsr8taryl. Thè Board ar8 elacted by th8 membershlp. The Board havg responsibility for the strateoi¢ dirè¢lion and poli¢y of Ihe company and ensurina Il meels16g81 raquirgmènts. In addition to quart811y m881ings th8 Board m&81 ragularly to r8vkgW 8Xt8rnal dgv8lopments. stra18gy, Ilnanc8 and lundralsing issu8s. Th8 Board have appolnled staff lo und8rtak8 th8 day to day runnlng of thè organlsaiion led by th8 Chief Exe¢ulive Ofllcer deleg8ted lo man89e Ihtt day-1048y oper8tlons ol the organlsailon. The Senior Management Te8m, led by the Chief Execulive Officer, oversees development and operations, reviews performance infomialion, makes financial ecisions wthin the agreed annual budget and prepares reports and recommendations lor the Board of Trustees. The Chief Executive Officer 15 also re5pon5ible for ensuring the implemenlalion ané progress loward5 tre outcomes identified in the 2024-28 Strategic Business Plan. The responsibility of deputising lor the Chief Executive Officer was reviewed and now this is a sharad responsibility acrogs th¥ Sgni?r Managomgnl Team. ITEC'S w$ll astablishèd Optrralional Managèmnl Toam monitors perforyDance across progratnrnes and (Jelivery activities and encourag85 information casca¢ing. sharing and r.m8s.nroAniqAlinnAI wrjrkino in Additinn tn rpoiilAr gpnp.ral 9trff mp.plinos Tr¥inino knnwlpdgp qhRrino qp8qinn$ with Operational Manag9monl Tgam h¥s la¢ilita19d grg81gr synergy with S$nior M¥nag&mtrnl Team and this will continue. The Chlef Ex8cullve Officer SuPped by a s&nlor mana9trmenl team Comprlslng of Head of Operallons IR&slgned Feb.20241, Head ol Qualily & Subcontractors. Head ol Business Support and Performanc8. Th8 laller end ol the year (July 20241 A Head ol Marketing & Sales post was successlLJlly recruited. Assessment and training delivery is provided by a tearn 110 a$s88$orsifulor¥ aloiig wllli a ct)nliallseU adiiilnislrt)Iloii lJi)cl 01). Bu811)ess d*sveloyiTlel)l ai)d einpluytrr ¥f)y&g¥iiient activity is provid1 by a l¥dlll 012 business (Jevelopiiienl consulldlltslledd gtrnerdlor5. Induction and Training of New Trustees All Trustees heve an indLJclion whKh covers their legal obligations under charity and company18w, summaries of the Memorandum and Articles ol Association, roles and r8sponsibililie8, organi8alit>nal reporting slructur&s and staff structures, health and safely policy and prowJure8 information. Trustees have also had policy inductions on Confidenkn'alily, Equality an(J Diversity, Health and Safety and Quality. Individual reviews with Trustees are held annually with the Chair lo identify specific training neads and in ordor to enable Trusl&es lo share troughl and suggestions around govom8nce arrangements. Further training has been delwered lo Trustees in relation to prevent awareness with internal development sessions held throughout the year. All members re¢eive Cherity Commission publiG8tions in iyder to keep thern up to date wlh their role and r8sponsibililies. 11
ITEC NORTH EAST LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Pay Pollcy lor S•nlor Slaff The Irusle8s consider tha Senior Man8gemenl Tearn to fortn the key management p&rsonn&l of the tharily, in chargè ol dir8clin9 and controlling, runnin9 and op8ratin9 th8 charity on a day to day basis. Th8 pay of th8 S8nior staff is r8view8d annually 8nd normally increased in accordance with inflaty"on. The trJstees benchmark 8gainsl pay levels in olher similar organisalions and ehanties. Accommodatlon Stratègy The company considers that all ils currenl leases offer good value for money and are fil fcr purpose. The1è8se for ITEC Houso, Hillon Road, Newion Ayclifftr DL5 6EN ¢ommenced from 1 st Seplembor 2022, The18ase term ks 1st September 2022 ta 31st August 2029. ITEC may terminale the Lease by serving a Break Natica on the Landlor(J al least six rnonths befo th¢ Break Date of 1 sl September 2027. Audltor In accordancè with thè company's articl•s. a r8solution proposing that Mull8n Slok8r LSmi18d be r8appoint8d as auditor of lh8 company will be pul al a Generdl Mgeling. Tha Truslaos r•port was approvad by thè Board ol Mèmbèrs. G Brown Tru8toè 30 Aprfl 2025 12-
ITEC NORTH EAST LIMITED STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 JUL Y 2024 Th8 Membars, who are also the dir8clors of ITEC North East Lirnit8d lor th8 purpose of campany law, are r85ponsible for preparing the Trustees Report and the financial slatements in accordance with applicable18W and Unrted Kingdom A¢¢ounting Slandards junited Kingdom G¢norally Atcepted Accounting Pradi¢o1. Company law requires the M8mbers lo prepare financial statements lor each financial year which give a true and fair vi8w of the slate of affairs ol the Charity and of the incoming resDurces and application ol resources, including the incorne and expenditure, ol the charitable oompany for that year. In pi8paring these financial statetn8nts. the Metnbers ale 18quired tD'. select suitable accounting policies and then apply them con51Stently,' observe the rnelhods and principles in the Charities SORP.. make judg8rn11Iils and asliiTialds that are r&asoiiablv and prudent.. state whether applleable UK Accounting Standards havè b88n followéd. subl•ct to any rnat8rial d•partur•s dlsclosed and ¢xplained in the financial stalomonts., and prepare th8 financial 51at8tn8n15 on the going concern basi$ unlèss 11 is inappropdata lo presum8 Ihal Ihe Charfty wlll Continue in operation. The Members responsible for keepln9 adequate 8e¢ountlny rècords Ihol disclo$8 with esonab1È 8¢cur8¢y 81 any lime thè finaneial position of Ihe Charity and enabl8 thèrn to onsurè that the finaneial $latam8nt4 comply wlh tho Cothparti8$ Ael 2006. Thèy ar8 also rèsponslble for safèguarding th8 asséts of the Charity and hénce lor laking rèasor)abl& steps for th prevèntion and clelection ol Ir8ud and other Irregu18rllies In so far as thè trust88s ar• awar8'. the is no relevant audit Information of which the ¢hariiable ¢omp8ny's 3udilors are unaware., 8nd thè trustees hav8 tak8n all sl8ps that thay ought to hav& lak•n lo rnak• thems81v8s awar8 ol any r8levanl audil Snformalion and to 8Stabllsh that Iha audltors are aware of that Inforrnatlon. 13-
ITEC NORTH EAST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ITEC NORTH EAST LIMITED Oplnlon Wts h8V& 8udited the finan¢ial stslamènls ol ITEC North East Limited Ilhe 'Charity'l for the year ended 31 July 2024 whi¢h compri88 th8 Stat8menl of financisl activi1188, th8 balance sheet, th8 Stat&m8nt of cash flows and not•s to the financial slatements, induding significanl a¢¢ounling policies. The financial reporting framework th81 has been applied In their prgpar81ion is applicabb18w and Uniled Kingdom Accounting Siandardg. including Financial Reporting Slandaid 102 The Financial Reporting Standard applicable in tha UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Pradi¢el. In our opinion, the financial staternenls.. give a true and lair view ol the slate ol the charitable company's affairs as at 31 July 2024 and ol ils incoming resoLJr¢es and application ol resources, lor the year then ended: havg b&8n prop8rly preparad In accordance with Unlled Klngdom Generally Ace8pled Accounllng Practl¢,' and hav& been prapared in a¢¢crd8nce with Ihts requir&mgnts of th& Compani68 A¢1 2006. Basis for opinlon We conducted our audrt in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our rgsponsibililitrs und9r thosg standards are lurthgr dgs¢ribgd in tho Audilors r&sponsibililies for th$ au(lil of the finon¢i&l stalgments section ol our report. We are independent of the Cliarity in accordance with the ethical requirements that are rèlevant to our audit ol the linanc4al statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other elhi¢al responsibilili8s in accordancg wilh these rgquiremenls. We beligve that the audit evidence we have obtained 1$ sufficient arNJ appropriate lo provide a ba515 lor our opinion. Con¢lu81on$ r•latlng to golng ¢¢n¢¢m In audrting Ihe financial statements, we have concluded that the Tru51ees use of the going concern basis of accounting in the pr8paration of Ihe financial stat8m8nls Is appioprialo. Based on tl work we h8ve perfomed, we have not identified any m8teri81 un¢ertainlies rèlating lo events or conditions that, individually or colleclivoly, may cast significant doubt on the Charity's ability to continu• •1 • going concgm for a period ol st least twelve months fr(Yn when the financial statements are authorised for issu&. Our responsiblli118s and tha r8sponsibillli8s ol th• M8mb8rs wllh r8VCt to golng concern ar8 d8scrlb8d In th8 relovant sèctions of this report. othar Infomiatlon Th8 olh#r Inlormallon comprls#s th# Infomation includèd in th* annual rtrport othèr than lh# financlal stalemants and our auditor's report Ihereon. The Members are responsible for the other information ¢ontainÈd within the annu81 report. Our opinion on the linancial slatem8nts does not cover the olher infomiation and we do not express any lorm ol assurance conclusion Ihttraon. Our responsibility is to read tho Oth information and, In dolng su, consldar wh8lhttr Ihtr oth8r inlormation is malgrially incrjnsistent with the flnancial %t8lÈments or our Knowl9¢ Dbtsined In the coursè of the 8iJdll, or otherwise app¥ars lo b• materially misstated. If wè Idenlily such materlal inconsislenci8s or apparent rnal8ri81 misslat•mtrnls, w• ar8 required to determing wh8ther thi5 giv#5 rise lo a mat8rial mis51at8rn8nl in the financial stat8m8nts th8mselves. If, bas8d on the work we have performed, we conclude thal there is a materi81 miss18ternent of this other inforrnation, w8 are required to r¥port that fact. We have nothing to report in this regard. Mattern on which we are required to report by ex¢eplion We have nothing to report In respect of the Idlowing matters in r8lalSon to whlch th8 Companl•s Act 2006 r•qulr•5 US to rsport lo you rf, in our opinion.. Ihg Inlom)aWon slven In Ihe nn8n¢lal $101gmgnts Is Inconslsient In any maigrlal r8spact wSth 1he Trusiees rgpon,, or sufficienl a¢counting records have not been kept,. or Ihe fin8noal statements are not in agreemeni with the accounting re¢ords- or we have not received all the information and explanations we require forour audit. or Gertain disclosures of trustee5' remuneration required by law are nol rnade. 14-
ITEC NORTH EAST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ITEC NORTH EAST LIMITED ResponslbllStles of Members As exp18ined more full. in the slalemenl of fruslts&8 rèsponsibililitss. the Members, who are al80 the dire¢lors of tha Charity for th8 purpose of cornpany law, ar8 r8sponsibl8 for th8 pr8paratioN of the financial 8tat8rn8nts and for being satisfied that they give a true and fair view. and for such internal contrc)l as Ihe Members detemiine is necessary lo enable the preparation of financial statements that are fr88 Irorn fflalgrial rnisstalemenl, whgiher due lo fraud or error. In prep81ing the financial statements, the Members are responsible for assessing the Charity's ability to continue as a going cCern, disclosing, as ppli¢able, mallers reloled lo going ¢on¢ern and using the going concern basis of a¢¢ounling unless the Memb¥s either inl8nd to liouida1e the charil8b18 corvpany or lo cease op8ralions. or have no rg8li$lic allemalive bul lo do so. Audltor's responslbllltles for the audlt of the Ilnanelal statements We have been appointed as auditor under sIlDn 144 01 the charitS Act 2011 and report in accordance with the Act and relevant regulations mede or having effect Ihereunder. Our objecb'ves are lo obtain reasonable assurance aboul whether Ihg fi'nancial slatetll8nts as a whole are fro0 fro ma18rial misstatement, whelher due to fraud or errar. and lo issue an auditorfs report that includes our opinion. Reasonable assuran-e is a high lev910l as$uran¢o but is not ¥ guarantgs Ihal an audit ¢ondu¢l$d in a¢¢ordanc¥ with ISAS IUKI will aayS dotg¢t a Tnaterial mi53talement il exist5. Mi33tatementS Gan arise frarn fraud or error and are Gon5idered rnalerial if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions ol users taken on the basis ol the$$ financial slalomgnls. The extent to which our procedures are capable ol detecting irregularities, includin9 fraud, is detailed below. Enquiry ol man8gemenl. tr05e charged with governance and the enlily's solicilor8 arourf 8clu818nd potential lilig81ion clairns. Enquiry ol enlily staff in tax and compliance funotions to identify any instances of non-compliance 1th laws and regulations. Revi&wing minutes ol meetings ol those charged with governance Reviewing financial stalernenl disclosures and le¥ling ID SUPPOrting documentaiion lo assess ¢ornpl'8nce wilh appli¢¥blg laws and regula.OnS. Auditing the risk ol managem8nt override ol controls. includin9 through lesling joumal entries and olh8r adjustments lor appropriateness, and evaluating the business ralionale ¢f significonl transactions outside the nom)81 oourse of business. A further description ol our responsibilities is available on the Financial Reporting Council'5 website at.. https'.Ilww Irc.org.uklauditorsresponsibilities. This description forms part of ow auditor's report. Uso of our r¢port This report is made $ol&ly lo tho Charity's m$mbors, as a body, in 8¢¢ordonce wlh Chapter 3 of Par116 of the Companigs A 2006. Our audit work has been undertaken so that we might state lo Ihe charity's members those matters we are required lo slate to them in an auditor's report and for no olher purpose. To the fullest extent permitted by law, we do not acpt or assurne rgsponsibilily ID anyone other than the charity and the charrty's rnembgts as a body. for our audit work. lor this report. or for the opinions we have lomied. 15-
ITEC NORTH EAST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ITEC NORTH EAST LIMITED Mr Nail Mull&n IS8nior Statutory Auditor) For and on behall of Mu118n Slok81 LSmi18d, Sialulory Auditor Chartgred A¢countsnls Mullen Stoker House Nlandale Busines5 Park Belmont Industrial Estate Durham DH1 1TH 30 April 2D25 Mullen Stok8r Llmlted Is 8llglble for appolntmènt as alldir of thè Charlly by vlrtuè of its 8llglblllty for appolntmènt as audltor of a cornpany under Section 1212 Df the Cornpanies Act 2006. 16-
ITEC NORTH EAST LIMITED STATEMENT OF FINANCIAL ACTtVlTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JUL Y 2024 Unrestri¢t•d funds 2024 Unr•8tri¢ted fundg 2023 Notes Incom• from= Charitable activitie5 ESFA and similar aclwilès Subcontractors Yniith Employment Initk2tive Ilscellaneou5 alhèr adivites 1,oe7,989 225,922 1,709.895 199,896 70.235 9.828 9,105 Invgstmgnts 10,152 6,755 Total Incom• 1,373,738 1,996.f Expenditure on: Charitable activ185 ESFA and Sirnilar aclwiles Subcontractors Youlh Ernploymenl Inili4live 1,519.449 1g2,035 1,745,486 189.935 70.235 Total charltable expendliure 1,711,484 1,985,656 Total •xp•ndllurn 1,711,484 1.985.658 N•t Incom*ll•xp•ndltur•l and mov•m•nt In 1337,7401 10,953 R•con¢lllallon of funds.. Fund b81ances 811 August 2023 1,230,287 1,219,334 Fund balances at 31 July 2024 892,541 1.230.287 Th9 $talgrnent of financial aclivili99 includgs all gains onol10ssgs r9cogni$gd in ygar. All in¢orne gxpendilure d9riVg frorn continuing aclivilies. 17-
ITEC NORTH EAST LIMITED BALANCE SHEET AS AT31 JUL Y202d 2024 2023 Not9¥ FlxÈd 8gse18 Intangibl8 assets Tangible asyet5 11 12 16,527 44,384 28,194 49.683 60,911 77,877 Currgrit assgts Debtors Investments Cash at hank and in hand 13 14 151,403 267,333 601.478 438,023 267.333 648,306 1,020,214 1,353,662 Crgdllors= )mounts lallln9 du• wlthln on• year 15 1188,5841 1201,2521 N•t currant ass•ts 831.630 1,152,410 Total a88•ts1088 ¢iirront liabilitlO8 892,541 1,230.287 The lund5 of tho Charlty Unr8sirict8d lunds 17 892,541 1,230,287 892,541 1,230,287 Thè financial slatem8ntS Waré approv8d by thé Members on 30 April 2025 G Brown Trustee Company registration number 02045777 (England and Wlalesl 18-
ITEC NORTH EAST LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JUL Y 2024 2024 2023 Notss Cash flows from operatlng actlvltl•s Cash absorbed by oper8lion8 21 147,8151 1495,8321 Invèstlng actlvlt5•8 Purchase of langibltt fixed assets Procesds from disposal of invaslmenls Investment income received 19.1051 130,3801 1267,3331 6,755 10,152 Net Catsh gtnaratèd frtsmllus•d in) investing a¢tivitiè# 987 1298,Wl Not ¢a$h g•nor¥td from fln8n¢lng a¢tlvltl•$ Net decreaie in c8h and catsh equivalent8 146,8281 1792,7961 Cash and cash equivalents al beginning of year 648.306 1,441,102 Cash and cash •quSvalgnls at •nd of y•4r 601,478 648,306 19-
ITEC NORTH EAST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JUL Y 2024 Ac¢ountSng pollcle8 Ch8rity infowmation ITEC North East Limit8d Ss a prlvate company limiled by guarant88 Incorporated in England and Walos. The regisl8rèd office is Itac House Hlllon Road, Aydiffa Buslnèss Park, Nèwlon Aycliffa, County Durham, DLS 6EN. 1.1 A¢¢ountlng convontlon The financial stalements have been prepared in accordance ivith the Charity'5 governing document, the Cornpanies Act 2006, FRS 102'The Finanaal Reporting Standard applicable in the UK and Republic of Ireland. and the Charities SORP 'Accounling and R8Forting LTry Charilies.. Slal8ment ol ReconifftenLled Praciice applicable to chanlies preparing Ihalr accounts in accordance wilh the Flnancial Reporting Standard applicabl6 in the UK and Republlc ol Ireland IFRS 1021 The Charbly Is a Publ Benefll Éntity as defin8d by FRS 102, Th8 Ilnancial sla16ments aro preparod In 51•rllng, whlch15 tho lunctlonal currency ol th8 CharSty. Monotary amounts In th8sa financlal stAl8m8ntS 8 round8d to thè naar8St £. The linan¢ial st8lements hove been prepared under the hislori¢o1 cost convenl'on. The prin¢ip81 ac¢ounting poli¢ies adoplad are sel out below, 1.2 Golng ¢on¢¢m Al the Iirne of approving the financial slalernenls, the Members have a reasonable expectation that the Charity ha8 adequate resources to continLJe In operational exislence tor the toreseeable lulure. Thus the Members ¢ontinue to adopt the going con¢8rn basis o18c¢ounling in piop8ring Ihg linanaal slalenionl8, 1.3 Charllabl• fundy Unreslri¢led funds are available for use 81 the discretion of the Mernbers in furtherance of Iheir ¢horiloble objectives. Re8tricl8d lunds are subject lo specffjc conditions by donors or grantors 8$ lo how they may be used, The are no restricted funds in th8 curr8nl or the previous y•ar. 1.4 Incornfy Incorne is recognised when the Charity is legally entitled lo il after any pertormance conditions have been rnel, the arnounls can be me8sured reliably, and it is probable that incorne will be received, Cash donations are recognised on recglpt. Olhei don81ion8 are recognis&d once the Charity has been nolrfied of ihe duri<iliuii, uriletsb perfuriTldllLe Luridiliufis rtt4uire Ikferrdl vf tIIv <llTiuuril. liiwrri¥ Itlx reLuvei<ible iri rBlÉtiL)ri lu duiidlivii received under Gift Aid or deeds of covenanl is recognised at the lime ol Ihe don81ion. 1.5 Expenditure Exp8ndllur8 is OgnIsed onca thare Is a legal orconstructlvè ObligaOn to translgr gconomlc bon81 to a thlrd party, It 13 probeble that q tranBfer ol eGonomiG bgDgffi't8 will be requirEd in 8gtUetngnt, and the arnount of the obligab.on be measured reliably. Expenditure Is cla5sili8d by activity. Th8 Costs of 8ach activity are rnade up of the total of direct costs and shared cos15, induding support ¢0sts involved in underlaking each aclivity. Direct costs attributable to a single activity are allocated dirgdly to that activity. Shaiad costs which contributè to mora than onè 8divily and guppDrt costs which artr nol attributable to a single aclivily are apportioned between those aclivities on a basi5 consistent with Ihe use ol resources. Central staff costs are allocated on the basis of time spent. and depciall0n charges are allocated on the portion ol the assd's usa. -20-
ITEC NORTH EAST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 A¢¢ounting policies Icontinutdl 1.6 Intangiblo fixod assots tsther ththn goodwill Intangihle assets acquired separately from a business are recognised at cost and are subsequently rneasured al cost less ac¢umuloled 8mortisalion and aCmUlated impairm$nl los$8s. Amortisotion is recognised so as to wriie off the cost or vgluation of a&sets less thèir SId1 values over their usefvl liv68 on 1he following bas&s'. Software 3 years slrdighl line basi5 1.7 Tan9lbla flx•d aB80ts TangSblg Ilxed assets ar& Inttially moasured al cost ond sub$6quonlly measurgd al cost or valuallon, nel ol depr¢¢lolion and any impairm8nl1058es. Depre¢i8tion Is r8¢ognisgd 50 8$ to writa ofi the eosl or valuation ol assets less ihglr residual v81ues over Ihelr uselul livès on Ihe followirtg ba$ès'. L8as6hold irnprovèments Otrice Equiprnenl Fixtures and ffillings 7 y8ars slraight Ilne basls 3 years slraigl)t line basis 8 year5 slraighl line b8515 The gain or105S arising on the disposal of an 855et is determined as Ihe difference belween the sale proceeds and the carrying valua ol th8 asset, and Ss r•cognls8d In slat8m8nl of financial actr'vili8S. 1.8 Impalrm•nt of flx•d as9•tg At Oach rèporting end d8tè, Ihe Charity raviews thè carrying 8mount8 of ils tangibla and intangibl8 88get8 to delarminvj whether there 1$ 8ny indic8tK)n that those 8ssels have suffered an impaiiment loss. If any such indic8tion exists, the rècov8rab18 amojnl of th8 ass8t 15 8slimaled in oid8r lo d818rmin8 th• •xt8nl ol th8 impairmant loss lif any). 1.9 Cash and cash •qulval•nt$ Cash and cash equivalents include cash in hand, deposits hdd ai call wth bank$. olhei short-lerm liquid investments with original maturities (>1 three months or less, and bank overdrafts. Bank ovtsrdrafts arts shown within btsrrowings in 1.10 Flnanclal Instruments The Charity has ele¢ted lo apply the provisions of Seclion 11 'B8si¢ Financial Inslruments, and Se¢tr'on 12 '01her Financial InstrurNents Issues, of FRS 102 to all of rts financial insiruments. Flnanclal instrumerits are rocognlsed Sn the Charll/'s belancg 8h991 when Ihg Charfly becomes party to the contractual provisions of the Instrument. Financlal assets and liablllll&s arg c>ffsel, wllh th& net amounts presgnl8d In the finaTrclal glalerngnls, when there ig a legallv enforceable right lo sel off the recognised amounts and there is an intention lo sellle on a nel basis or lo realise Ihe asset and seiiie Ihe liablity simultaneously. B•$i¢ fin4n¢4T•I •$$•ts Basic financial assets, which include debtors and cash and bank balances, are inits'8lly measured al transaction price induding transaction eosts and are subsequently carried at amortised cost using the effective interest method unless the arrangemenl congtilules 8 lin8neing transaction, wh&re the Irans8Clion Is Measured al the prtssenl value of the future receipts discounted al a market rale of inler3sl. Financrdl assets classified as receivable wthin one year are not gmorti8p(l. 21
ITEC NORTH EAST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 A¢¢ounting policies Icontinutdl Basie financial lithbiliti&$ Basic financial liabilities, including creditors . are initially CognIsed at transaction wce unless the arrangement constilultrs a linan¢ing tran¢tIon, where the dgbl instrument is measurod at tho prgsenl value ol th8 lul(Jre paymenls discounted al a market rale of interest. Financial liabilities classified a5 payable within one year are not arnortised. Dgbt inslrutn8nts ar8 subggqugntly carrigd at arnorti$8d cost, using thg £ff9CtIVg Int9r8$1 ratF mgthod. Trade creditors are obligations to pay for goods or $ervi¢es Ihot have been acquired in the ordinary course of opgrations from suppliers. Amounts payable ar8 tsSIfied as current liabilities il paytnenl is du8 Wrthin on8 ye¥1 or1g9S. If not. they are presented as non-wrrenl liabilities. Trade creditors are recognised initially al tran5aation price and subsc.quontly rneasured al amortisod cosi using the effoctivo inlorosl rnclhod. DwKognltlon of IlnanGlal Ilabllltles Financial li<ibilikn'es are derecognised when the Charlly s contractual obligations expire or are d15charged or cancelled. 1.11 Employee beneflts Th8 CL)St ol any unusad holiday èntitl8menl Is r•cognis8d in th8 Parlod In which th8 amploy8•'s s8tvic8s aré raceived. 1.12 R•llr•m•nt bon•lltg Payffnls lo delhèd ¢onlr1lIlorn r8llr8mènl benefll s¢hèm88 are char98d as an 8xpen8e 88 Ihay fall dua, Crltlcal accounllng e5tlmates and ludgernent In the appli¢8tr'on of Ihg Cherily's accounts'ng pollcvas, the M¥mbers aro r&quired lo make ludgements. esllmales and assumptions abcul the carrying amount of asset5 and liabilities Ihal are Dot re8dily appBrent from other sources. The 8stlrnates and associat8d assumpllons ar8 bas8d on hislorlcal •xp&rt8nco and oth8r factors that ar8 consld8r8d to b8 ralèvanl. Actual i#sults may diff•r from ths¥ *slimat•s. Th8 8slima185 and und¥rl)qng assumptions aré revi•d on an ongoing basis. Rsvisions to accounting •slimat8s ar• r8cogni5ed in the period in which Ihe 851imale is revi58d wher8 the r8V15K)n aff8Ct5 only Ihat period, or in the p8riod ol the revision and futu pericas whère the revlsion 8ffÈcls both eurrenl and future perlods. -22-
ITEC NORTH EAST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Income from clwrltable actlvltles Unréstrieted nds 2024 UnroJtri¢tod fund$ 2023 ESFA and slfflllar JGllvlt85 ESFA Income 577,851 106,002 3,719 400.417 434.023 810,350 14,010 451,512 College Income Employer co.investment Tees Valley Income 8ub¢ontra¢tors Subconlraclorg 225,922 199,896 Youth Employm¢nt Inltlatlvo Other income 40,570 70,235 mis11ant0us oth•r a¢livit•* Other income 9,105 9,828 1,3e3,586 1,989.854 In¢om• from inv•8tments Unrestricted Unrestricted funds lunds 2024 2023 Interest receivable 10,152 6,755 -23-
CO J (n EJ tD I n ?J < R cn > co 4 4 D (D Q ID C> ¢7> ) cn jl to (n L 10 ts> ¢7> C¥ 0 c vi Qn -4 ( 0 ts> ro (J ¢7> in Ul
ITEC NORTH EAST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Support costs allocat to acUvltl•s 2024 2023 Governance Gosls 18,345 14.962 AnatyMd be8•. ESFA and slmilar a¢VIt&S 14,2 N•1 movfrmont In funds 2024 2023 The net mDvem8nt In funds Is staigd after charglngll¢redlllngi'. Fees payab18 lor ih8 audit of the charity's financial slalernenls Depreciation of owned tangible Iixgd a55el3 Amot1isalion of inlangible assels 10,000 14,4fj4 11.667 10,LX 14.974 Mamb•rs Non9 of Ihg Mgrnb9rs lor any persons conngct9d wllh Ihoml rgcglvgd gny rgrnungrgllon or bgnollis from Ihg Char during the y?8r. 12023.- £NIll Employms Th8 av8rag• monthly number ol omploy88s during the year was.. 2024 Numbgr 2023 Numbor Managèmenl Teaching and Leaming Recruilmenl Administalion and AcLounl Qualily 15 Total 25 29 Employment costs Wag8s and salailgs Social security costs Other pension costs 753,606 71,137 17.918 790,486 6CJ,g36 16,352 842,661 876,774 -26-
ITEC NORTH EAST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Employ•¢$ Icontinutdl Staff costs of £2,000 12022 £2,000) hove been 8llocated to support cosis Thè nurnb&r of 8mploy8*s whosa annual remuneration was morg than £60,000 is as follows.. 2024 Nurnbpr 2023 Number £60,001- £70,000 £7Q,OD1 - £80,000 10 Taxation Thè Charity is eximpt from laxalion on its aetivitie8 b8¢ausè 811 ils ineornè is applied lor ¢harilabltt purposes. 11 Intan9lbl• flx•d oss•ts so1Te Cost Al 1 August 2023 an¢J 31 July 2024 35,CK)O Amortisation and impaim)ent Al 1 August 2023 Atnortisation charged loi the ygar 11,66T At 31 July 2024 18.473 Carrylng amount At 31 July 2024 16.527 Al 31 July 2023 28.194 -27-
ITEC NORTH EAST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 12 Tanglble flxed assets Leosehold lrnprovernenlb Qffl¢e Equipment FkKtur¢s and fltllngs Totol Cost At 1 August 2023 Additlons 9,750 62,364 8,508 40,231 657 112,345 9,165 Al 31 July 2024 9.750 70,872 40,888 121.510 Dgpreciation and impairm?nt At 1 August 2023 Depreciation ¢hoiged in the year 1,393 1.393 44,176 9.311 17,093 3,760 62.662 14,464 At 31 July 2024 2,786 53,487 20,853 77.126 Carrylng amount At 31 July 2024 6,964 44.284 Al 31 July 2023 8,357 18,168 23,138 49.683 All fixed assets we used for charitable purposes. 13 Door$ 2024 2023 Amount8 falllng due wlthln one year.. Tratlè dabtor¥ Other deblurs Prepaymen15 and accrued income 1,985 129.057 20,361 26.181 382.988 28,856 151.403 438,023 14 Currnnl a68•t investments 2024 2023 Unlisted inStMntS 267,333 287,333 Thts currtrnt asset invastmtrnl is a UK bank bond -28-
ITEC NORTH EAST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 15 Credllors.. amounts falllng due wlthSn one year 2024 2023 Other taxation 8nd social 8ecurily Trade creditors Other creditors Accruals and deferred Incon)e 19,202 99,676 3,056 17.302 48,514 121 13J,315 188.584 201,252 Retirement benefv"t Schernes 2024 2023 D•llned ¢ontrlbutlon $¢h9mOS Charge to profit or loss in resped ol defined ¢ontribulion schemes 17.918 16.352 The Charity operates a defined contribution pension 5cherne lor 811 qUali.g employees. The ass913 of the schgme are held Separately from those of the Charily in an independently adrninistered fund. 17 Unr••trlct•d funds Thg unrgslrSct9d funds ol th¢ ¢harlty comprisg Iho unoxp9ndgd b?1onc9$ 01 dongtlons and gronts whlch org nol subjgct lo specific Gondilion5 by donors an¢J 9ranlors 85 lo how they Nay be used, These irKludg des19nalgd fun¢J5 which have been Sel aside out ol unrestricted lund5 by the Iruslees for specific purposes. At 1 August 2023 In¢omlng resources R•sourco9 At 31 July 2024 expended Gengral lundg 1.230,287 1,373,738 11,711,484) 892,541 Previou8 year.. At 1 AuguBt 2022 Incoming rgsourcos Re8ourceB At 31 July 2023 9xp8ndgd General fund5 1.219.334 1,996,609 11,985,656) 1,230,287 -29-
ITEC NORTH EAST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 18 Operatlng leg49e commltments Al the reportlng ènd dat• the Charity had outstandSng commilmonis for futur8 mlnSmurn lea58 Ymnts undar non-cancellable op8raling leas88, which fall du8 as follows.. 21124 2023 Withln on8 yaar Between and five year5 72,000 144,000 73,400 216,CQO 210,000 289.400 19 Ev•nts aft•r th• r•portlng dat• Slnce the balonce sheet date, CompanSe$ Hguse hos been norsfled to dSscharge Ihe ¢ebentU ¢horge. Thls was a fixed and floab'ng charge dgbpnlure hekj over Ihg assets of thg organisalion. The d£bgnlure was security on a bank loan irnposod on 13 Octobor 2005. The loan has been repaid in lull wilhin previous accounts'ng periods 20 R¢lJt¢d porty tran8J¢tlons There were no related party transactions for the year ended 31 July 202412023 .' Nil) 21 Cah abgorbed by operatlc4n 2024 2023 (Dglicltllsurplus tor tha year 1337,7461 10,953 Adjustments lor- Investrmenl incorne r8eognised in stalemtsnl ol financial activities Depreciation and impairtn8nt of tangible fixad asset8 110,1511 26,130 16,7551 21,780 Mov•m•nts Sn worklng capital.. Decre8sollincre8SCI In debtors (Dgcreasel in crgdilors 286,620 112,6681 1266,0571 1255,7531 Cash absorbod by opgratlons 147,8151 1495,8321 22 Analysls of changes In net fund8 The Charity had no material debt during the year. -?o-
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