Charity registration number 801260 Company registration number 02326382 (England and Wales) 

| | 

| 

H { 

| | | | 

# MTC LEARNING ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 



i | | Hi | | 

| | t | | | 

i t i | | | j | 

j } 

i i | 

## MTC LEARNING 

## LEGAL AND ADMINISTRATIVE INFORMATION 

Trustees Dr L Mccalman Ms H Mccafferty **Mr** MT Whe Na **e** lerem Charity number 801260 Company number 02326382 Registered office Alison House, First Floor 638 High Road Leytonstone England E11 3DA Auditor 268MUSBATH AccountantsROAD, LimitedREGUS OFFICE 146 SLOUGH ENGLAND SL1 4DX 



| \H | | | | 

| 

{ i 

q i | i ! [ [ | | 

## MTC LEARNING 

|CONTENTS|||
|---|---|---|
|ee|ee|ee|
|Trustees report|Page<br>1-3||
|{independentauditor'sreport|4-6||
|Statement offinancial activities|7||
|Balancesheet|8||
|Statementofcash flows|9||
|Notestothefinancialstatements|10-17||





| 

| 

| } | | | i | | i 

i : 

! ; 

## MTC LEARNING TRUSTEES REPORT (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 JULY 2023 

## The trustees present their annual report and financial statements for the year ended 31 July 2023. 

Thefinancial financialstatementsstatementsand complyhave beenwith preparedthe charity'sin accordance(governing document],with the accountingthe Companiespolicies Actset2006 and out in note“Accounting1 to the and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of freland (FRS 102)" (effective 1 January 2019), 

## Objectives and activities 

In setting our objectives and aims the trustees have given careful consideration to the Charity Commission's guidance on public benefit. The Charity is committed to provide, promote and assist in the provision of education and training, including vocational training and the special needs of migrant workers {including refugees) and their families. 

## Significant activities; 

MTC Learning continued to arrange suitable academic training for migrant and refugee communities. The charity has renewed its contracts with educational establishments. All incoming resources from training activities during the year derived from these contracts. Public The benefit trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. 

Achievements and performance Significant activities and achievements against objectives Charitable activities The trustees are pleased with the achievements of the charitable activities to date, but would like to expand the training opportunities where possible beyond those currently in place in order to further accommodate the projected rise in the numbers. 

## Internal and external factors 

The trustees have made a full assessment of the internal and external factors that may affect these financial statements and do not deem any factors material enough to have an impact, 

## Financial review 

## Reserves policy 

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to the annual expenditure of the charity. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given fo ways in which additional funds may be raised. The charity needs these ready funds to commence new courses and also to meet the financial! commitments under property rental agreements, and under contracts of employment. The trustees consider that the level of reserve funds reduces risk to the stakeholders of the charity going forward. 

The charity considers that the present level of funding is adequate to support the continuation of training courses in operation for the medium term, to allow for fluctuation in public funding of adult learning and colleagues. The trustees therefore consider the overall financial position of the charity to be satisfactory, 

This level of reserves has been maintained throughout the year, 

Plans for future periods MTC learning considers that it is well placed to be able to meet the demands for the training opportunities which are available. 

| 

| 



. 

i | i ' | i | | 

| | | ; | i 

} | 

I 

| 3 i i 

| | 

## MTC LEARNING 

## TRUSTEES REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 

The board of trustees has examined the level of reserves required by the charity in view of the main risks to the organisation. In the trustees! view, the reserves provide the charity with adequate financial stability and the means for it to meet its charitable objectives for the foreseeable future and to invest in the long-term viability and development of the Charity. The free reserves have been designated as follows: 

1. Working Capital (unrestricted reserves): £520,422 2. Lagat Fees: £40,270 3. Business development consultancy: £100,000 45 **.** StaffIT and Communicati Commitment C **o** stsn Reserve:for upcoming £50,000salary review: £75,000 

## Designated Total: £785,692 

Structure, governance and management 

The charity is a company limited by guarantee and controlled by Its governing documant, the memorandum and articles of association. 

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Dr L Mccaiman Ms H Mccafferty Mr M Naeem Mr T Wheeler 

## Recruitment and appointment of trustees 

There has been an average of 4 trustees throughout the period. Any new appointments are at the recommendation of the board. In accordance with the articles of association, all trustees will retire at the forthcoming annual general meeting and, being eligible, will stand for re-election. 

## Induction and training of new trustees 

Alt new trustees are given, in the view of the board, sufficient training and have enough knowledge of their specific field to understand the nature of the charity and fully comply with the charity's current views of Its progression. They are required to ensure that they are aware of both their legal and professional responsibilities under charity and company law. 

## Organisational structure 

## eS oe ete 

—————— -2- 



| | | | | | | | | | 

i | | | 

| | 

| | 

## MTC LEARNING 

TRUSTEES REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 a Statement of Trustees responsibilities The trustees, who are also the directors of MTC LEARNING for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial yearwhich give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year, 

In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP: - make judgements and estimates that are reasonable and prudent; 

- State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

-will preparecontinue thein financialoperation.statements on the going concern basis unless it is Inappropriate to presume that the charity 

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities, 

Auditor In accordance with the company's articles, a resolution proposing that MUS Accountants Limited be reappointed as auditor of the company will be put at a General Meeting, 


**----- Start of picture text -----**<br>
The Trustees report was approved by the Board ofTrustees. J<br>Dr L Mocalman : Mr T Wheeler<br>Trustee Trustee<br>22 April 2024<br>**----- End of picture text -----**<br>


: 

=o 



| | 

| ; ; | | | i | : | : i i | | | | i | | i | 

| 

## | MTC LEARNING INDEPENDENT AUDITOR'S REPORT | piTO THE TRUSTEES OF MTCte LEARNING Opinion 

We have audited the financial statements of MTC LEARNING (the ‘charlty’) for the year ended 31 July 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of freland (United Kingdom Generally Accepted Accounting Practice). 

- In our opinion, the financial statements: - give a true and fair view of the state of the charitable company's affairs as at 31 July 2023 and of its incoming resources and application of resources, for the year then ended; 

- - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- - have been prepared in accordance with the requirements ofthe Companies Act 20086. 

## Basis for opinion 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of __ the financial statements section of our report. We are independent of the charity In accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical! Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

Conclusions relating to going concern 

In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue, 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## Other information 

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon, The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon, Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves, If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

## We have nothing to report in this regard. 

Matters on which we are required to report by exception 

- We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: - therepon;informationor given in the financial statements is inconsistent in any material respect with the Trustees - sufficient accounting records have not been kept; or - the financiaj statements are not in agreement with the accounting records; or - we have not received ail the information and explanations we require for our audit. 

| | i 



| 

| i i | i | | I i | | | | | | i | | } } | i : ; ; i | | i i | 

: 

## MTC LEARNING INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MTC LEARNING 

## Responsibilities explainedfor the morepurposeof trustees fuily in trusteesof company the statementlaw, of trustees fuily in trusteesof company the statementlaw, 

AscharityResponsibilities explainedfor the morepurposeof trustees fuily in trusteesof company the statementlaw, are of Trusteesresponsible responsibilities,for the preparationthe trustees,of the whofinancial arestatements also the directorsand for ofthe being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due fo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report In accordance with the Act and relevant regulatlons made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but Js not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or errorthe economic and are considereddecisions ofmaterial users takenif, individuallyon the basisor inof the these aggregate,financial theystatements. could reasonably be expected to influence 

irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. 

- Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, was as follows: + the engagement partner ensured that the engagement team collectively had the appropriate competence; +* capabilities and skills to identify or recagnise non-compliance with applicable laws and regulations: « We identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our commercial knowledge and experience of the sector; and 

- + we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the SORP, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation. 

We also considered potential fraud drivers: including financial or other pressures, opportunity, override of controls and personal or corporate motivations. We considered the programmes and controls that the charity has established to address risks identified, or that otherwise pravent, deter and detect fraud. Where the risk was considered to be higher, we performed audit procedures to address each Identified fraud risk. These procedures included testing journals, evaluating the business rationale of significant transactions outside the normal course of business and validating the appropriateness of Internal controls and significant accounting estimations based on our fraud risk criteria; 

- We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: + making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 

   - » considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

- To address the risk of fraud through management bias and override of controls, we: * performed analytical procedures to identify any unusual or unexpected relationships; » tested journal entries to identify unusual transactions; * assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and 

- + Investigated the rationale behind significant or unusual transactions. 

Bes 



| 

| | | 

| | | : | : | : 

| 

## MTC LEARNING 

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MTC LEARNING SR In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: »* agreeing financial statement disclosures to underlying supporting documentation; « enquiring of management as to actual and potential litigation and claims. 

We obtained understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those related to the financial reporting framework, tax regulations in the jurisdictions in which the charity operates. 

Based on this understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved: making enquiries of management, those responsible for legal and compliance procedures and reviewing other correspondence. 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. 

## Use of our report 

This report is made solely to the company's members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or Wa opinions we have formed. 

forMr Muhammad and on behalf Salar of MUS Arain Accountants FCCA (Senior StatutoryLimited Auditor) 24 [04/20/ ,, ia4 Chartered Certified Accountants and Statutory Auditor 268 BATH ROAD, REGUS OFFICE 146 SLOUGH ENGLAND SL1 4DX 



i i | 

| 

| || | | | | | 

| 

i 

i 

## MTC LEARNING 

## STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT 

## FOR THE YEAR ENDED 31 JULY 2023 

|||Unrestricted<br>funds|Unrestricted<br>funds|Restricted<br>funds|Total|
|---|---|---|---|---|---|
|||2023|2022|2022|2022|
||Notes|£|£|£|£|
|Incomefrom:<br>Charitable activities<br>Investments|3<br>4|394,728<br>6,063|349,192<br>232|195,607<br>-|544,799<br>232|
|Totalincome||————<br>400,791|—_—<br>349,424|—_—<br>195,607|ae<br>545,031|
|Charitable activities<br>Netincome/(expenditure)|5|520,422<br>(119,631)|283,520<br>65,904|256,558<br>(60,951)|540,078<br>4,953|
|Transfers betweenfunds||-|(2,391)|2,394|.|
|Netmovementinfunds<br>Reconciliationoffunds:<br>Fund balancesat<br>1August2022<br>Fund balancesat31July2023||(119,631)<br>905,323<br>red<br>785,692|63,513<br>847,810<br>Send<br>905,323|(58,560)<br>58,560<br>re<br>-|4,953<br>900,370<br>rt<br>905,323|



The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 

| | | 

-7- 



| i | | i | | | | 

| 

| 

i | 

| 

i 

| | ; | 

| j 

## MTC LEARNING 

## BALANCE SHEET 

## AS AT 31 JULY 2023 


**----- Start of picture text -----**<br>
||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|rcee|
|2023|2022|
|Notes|£|£|£|£|
|TangibleFixed assetsassets|10|2|856|
|Current assets|
|Debtors|41|82,722|217,434|
|Cash at bank and|in|hand|712,294|706,076|
|Creditors:|795,016|923,510|
|one|amounts falling|due within|12|
|year|9,324|19,043|
|Net current|assets|785,692|904,467|
|Total assets less current liabilities|785,692|905,323|
|The funds of the charity|
|Unrestricted|funds|785,692|905,323|
|785,692|905,323|
|The|
|company|is|entitled|to the exemption from the audit|requirement|contained|in|section 477|of the Companies Act|
|2006,|for the|year|ended|31|July|2023,|although|an|audit|has|been|carried|out|under|section|144.|of the|Charities|
|Act|2011.|
|The|directors|acknowledge|their|responsibilities|for|complying|with|the|requirements|of|the|Companies Act|2006|
|with|respect|to|accounting|records|and|the|preparation|of financial|statements.|
|The|members|have|not|required|the|company|to|obtain|an|audit|of|Its|financlal|statements|under the|requirements|
|of the|Companies Act 2006,|for the year|in|question|in|accordance|with|section|476.|
|These|financial|statements|have|been|prepared|in|accordance|with|the|provisions|applicable|to|companies|subject|
|to the small companies regime.|
|The|financial|statements were|approved|by the|trustees|on|22 April|2024|
|Ria)Dr|MC|Laven|
|L|Mecalman|MrT|Wheele:|,|saa|V|e|
|Trustee|Trustee|
|Company registration number 02326382 (England and Wales)|

**----- End of picture text -----**<br>


, 



| | 

| j | | | t | | | 

| | 1 { 

1 

| MTC LEARNING i STATEMENT OF CASH FLOWS | FOR THE YEAR ENDED 31 JULY 2023 | 


**----- Start of picture text -----**<br>
|||||||||
|---|---|---|---|---|---|---|---|
|Notes|2023|2022|
|£|£|£.|£|
|Cash flows from operating activities|
|Cash|generated|from/(absorbed|by)|15|
|operations|155|(184,769)|
|investing|activities|
|Investment income received|6,063|232|
|Net cash|generated|from|investing|
|activities|6,063|232|
|Net cash|used|in|financing|activities|-|-|
|Net increase/(decrease)|in cash and cash|
|equivalents|6,218|(184,537)|
|Cash and cash equivalents|at beginning of year|706,076|890,613|
|Cash|and|cash|equivalents|at end|of year|—712,294|—706,076|

**----- End of picture text -----**<br>


| 



| | | MTC LEARNING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 

| | | j i | ‘ j | | i || | i | : | 

| } j | | | | 

## 1 Accounting policies 

## Charity information 

MTC LEARNING is a private company limited by guarantee incorporated in England and Wales. The 1.1 registered office is Alison House, First Floor, 638 High Road, Leytonstone, E11 3DA, England. Accounting convention The financial statements have been prepared in accordance with the charity's {governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” ("FRS 102") and the Charities SORP “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial charityReportingis Standarda Public Benefit applicableEntity asin thedefined UK andby FRSRepublic102. of Ireland (FRS 102)" (effective 1 January 2019). The 

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. 

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below. 

1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 4.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 

## 1.4 Income 

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received, 

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 

## seenrlpen -10- 



: | | 

| 

i || | | | | |{ i i i | | : [ 

| 1 | | i 

## MTC LEARNING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 1 Accounting policies 


**----- Start of picture text -----**<br>
(Continued)<br>**----- End of picture text -----**<br>


- 1.5 Expenditure 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and supportconsistent costswith whichthe areuse notof attributableresources. toCentral a singlestaffactivitycosts areare apportionedallocated betweenon the thosebasis activitiesof time spent, on a basisand depreciation charges are allocated on the portion of the asset's use. 

1.6 Tangible fixed assets Tangible flxed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. 


**----- Start of picture text -----**<br>
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their<br>useful lives on the following bases:<br>Fixtures and fittings 20% on cost<br>Computers 33% on cost<br>Theand the gain orcarrying loss arising value of on the the disposalasset, and ofis anrecognised asset is determinedin the statement as the of difference financial activities. between the sale proceeds<br>**----- End of picture text -----**<br>


1.7 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated In order to determine the extent of the impairment loss (If any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts, Bank overdrafts are shown within borrowings in current liabilities. 

## 1.9 Financial Instruments 

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial instruments Issues’ of FRS 102 to all of its financial instruments. 

Financial Instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. 

Financial assets and liabilities are offset, with the net amounts presented In the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the Ilabilify simultaneously. 

Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest, Financial assets classified as receivable within one year are not amortised, 



| 

| | | | | | | : | : | | | | | j | | | | 

## | MTC LEARNING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 


**----- Start of picture text -----**<br>
||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|1|Accounting|policies|(Continued)|
|Basic financial liabilities|
|Basic|financial|liabilities,|including|creditors|and|bank|loans|are|initially|recognised|at|transaction|price|unless|
|the|arrangement|constitutes|a|financing|transaction,|where|the|debt|instrument|is|measured|at|the|present|
|value|of|the|future|payments|discounted|at|a|market|rate|of|interest.|Financial|Slabillties|classified|as|payable|
|within|one|year are|not amortised.|
|Debt instruments|are subsequently carried|at amortised|cost,|using the|effective|interest|rate method.|

**----- End of picture text -----**<br>


Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less, If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective Interest method. Derecognition[of][ financial][liabilities] Financial ltabilities are derecognised when the charity's contractual obligations expire or are discharged or 1.10 Employeecancelled. benefits 

- The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received, Termination benefits are recognised immediately as an expense when the charity is demonstrably committed 

- 1.11 to terminate the employment of an employes or to provide termination benefits. Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fail due. 

- 2 Critical accounting estimates and judgements 

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 


**----- Start of picture text -----**<br>
|<br>**----- End of picture text -----**<br>



**----- Start of picture text -----**<br>
|<br>**----- End of picture text -----**<br>



**----- Start of picture text -----**<br>
|<br>**----- End of picture text -----**<br>




| i H : | | i | i | | | | ; i | 

| 

| | | 

i | | | 

## MTC LEARNING 

## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 

FOR THE YEAR ENDED 31 JULY 2023 S heoepe deteeue 3 Income from charitable activities 

. 

## 4 


**----- Start of picture text -----**<br>
|||||||||
|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Total|Unrestricted|Restricted|Total|
|funds|funds|funds|funds|
|2023|2023|2023|2022|2022|2022|
|£|£|£|£|£|£|
|Charitable income direct training|
|Sale|of goods|-|-|.|a|*|.|
|Services|provided|under|
|contract|394,728|~|394,728|-|195,607|195,607|
|Performance|related|
|grants|-|-|-|349,192|-|349,192|
|394,728|-|394,728|349,192|195,607|544,799|
|es|ey|—|essaryererevoPCEEE®|——evnnnamanamies|een|

**----- End of picture text -----**<br>


## Income from investments 


**----- Start of picture text -----**<br>
|||||
|---|---|---|---|
|Unrestricted|Unrestricted|||
|funds|funds|;|
|2023|2022|i|
|£|
|interest receivable|6,063|232|||

**----- End of picture text -----**<br>




| | j | | i i i | | j || | i i | | | | | 

| | { i ] 

## MTC LEARNING 

## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 

## 5 Charitable activities 


**----- Start of picture text -----**<br>
|||||||||
|---|---|---|---|---|---|---|---|
|Gharitable|Charitable|
|Expenditure|Expenditure|
|Direct|Direct|
|training|training|
|2023|2022|
|co|
|Staff costs|282,742|296,818|
|Depreciation|and|impairment|856|856|
|TelecommunicationStaffing expense|3,4313,473|12,5943,138|
|Light &|heat|6,582|5,236|
|Insurance|13,487|11,739|
|Travel and subsistence|“|8,707|
|Awarding|body|fee|18,414|8,606|
|Consultancy|33,735|56,899|
|Rent|60,103|56,467|
|Bank charges|8,346|183|
|Other charitable|expenditure|67,436|56,741|
|498,605|516,984|
|Share|of support costs (see nate 6)|11,464|9,028|
|Share|of governance|costs|(see|note|6)|10,353|14,066|
|———|—|
|520,422|540,078|
|Analysis|by fund|
|Unrestricted|funds|520,422|283,520|
|Restricted|funds|.|256,558|
|6|Support costs|allocated|to|activities|
|2023|2022|
|Printing,|postage,|stationery|and|computer expenses|7,486|5,767|
|Advertising|3,978|3,261|
|Governance|costs|10,353|14,066|
|21,817|23,094|
|Analysed between:|
|Charitable activities|21,817|23,094|

**----- End of picture text -----**<br>


-14- 



| 

| 

| 

| | | | 

| 

f | | | | || | | | 

| 

| 

i H } | !| 

## MTC LEARNING 

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 

|6|Supportcostsallocatedtoactivities||(Continued)|
|---|---|---|---|
||Governance costs comprise:|2023<br>£|2022<br>£|
||Auditfees<br>Legaland professional|8,218<br>2,135|8,950<br>5,116|
|||eo<br>40,353|—_—<br>14,066|



## 7 Trustees 

None of the trustees (or any persons connected with them) received any remuneration or benefits from the 8 charityEmployees during the year. 

The average monthly number of employees during the year was: 

||2023<br>Number|2022<br>Number|
|---|---|---|
||10|10|
|Employmentcosts|2023<br>£|_—_<br>2022<br>£|
|Wages and salaries|250,787|261,851|
|Social security costs|21,716|25,619|
|Other pensioncosts|10,239<br>282,742|9,348<br>296,818|



## ThereRemuneration were no employeesof key management whose annual remunerationpersonnel was more than £60,000. The remuneration of key management personnel is £49,400 (2022: £49,400). 

## 9 ‘Taxation 

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 

## a 



{ | | 

| 

| | 

| | | | | 

| 

| i | | H | i | 

| 

3 | | i | | 

; | | | | 

} 

## MTC LEARNING 

## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 

|FORTHEYEARENDED31JULY2023<br>10<br>Tangible fixed assets|FORTHEYEARENDED31JULY2023<br>10<br>Tangible fixed assets||||
|---|---|---|---|---|
||Cost|Fixturesand <br>fittings<br>£|= Computers<br>£|Total<br>£|
||At1August2022<br>At31July2023|4,159<br>4,159|37,685<br>37,685|41,844<br>41,844|
||Depreciationandimpairment<br>At 1August2022<br>Depreciationchargedintheyear<br>At 31 July 2023|4,159<br>“<br>4,159|36,829<br>856<br>37,685|40,988<br>856<br>41,844|
||Carryingamount||||
||At31 July2022|-|856|856|
|11|Debtors||||
||||2023|2022|
||Amounts falling duewithin one year:||£|£|
||Tradedebtors<br>Otherdebtors||24,467<br>58,255|13,926<br>203,508|
||||82,722|217,434|
|12|Creditors: amounts falling duewithin oneyear||||
||||2023|2022|
||||£|£|
||Othertaxationandsocialsecurity||.|8,599|
||Othercreditors<br>Accrualsand deferred income||324<br>9,000|92<br>10,352|
||||——<br>9,324|19,043|



## 13 Unrestricted funds 


**----- Start of picture text -----**<br>
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are<br>not subject to specific conditions by donors and grantors as to how they may be used. These include<br>designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.<br>At 4 August Incoming Resources Transfers At 31 July<br>2022 resources expended 2023<br>£ £ £ £ £<br>General funds 905,323 400,791 (620,422) . 785,692<br>**----- End of picture text -----**<br>


- 16 - 



MTC LEARNING 

| | | | : | | { | 1 | : | | 

} | i i 


**----- Start of picture text -----**<br>
||||||||||
|---|---|---|---|---|---|---|---|---|
|NOTES TO THE|FINANCIAL STATEMENTS|(CONTINUED)|
|eT|
|FOR THE YEAR|ENDED 31 JULY2023|
|13|Unrestricted funds|(Continued)|
|Previous|year:|At|1 August|Incoming|Resources|Transfers|At 31|July|
|2021|resources|expended|2022|
|General|£|£|£|£|£|
|14|Related|fundsparty transactions|841,810|349,424|(283,520)|(2,391)|905,323|
|There were no disclosable|related|party transactions during the year (2022|- none).|
|16|Cash generated from operations|2023£|2022£|
|(Deficit)/surpus|for the year|(149,631)|4,953|
|Adjustments|for:|
|Investment|income|recognised|in statement of financial|activities|(6,063)|(232)|
|Depreciation and impairment of tangible fixed assets|866|856|
|Movements|in working|capital:|
|Decrease/(increase)|in|debtors|134,712|(170,199)|
|(Decrease) In creditors|(9,719)|(20,147)|
|Cash generated from/(absorbed|by) operations|185|(184,769)|
|16|Analysis|of changes|in|net funds|

**----- End of picture text -----**<br>


The charity had no material debt during the year. 

~17-