Charity registration number 801260 Company registration number 02326382 (England and Wales) MTC LEARNING ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
MTC LEARNING LEGAL AND ADMINISTRATIVE INFORMATION Trustees Dr L Mccalman Ms H Mccafferty Mr M Naeem Mr T Wheeler Charity number 801260 Company number 02326382 Registered office Alison House, Flrsl Floor 638 High Road Leylonslone England E1130A Auditor MUS Accounlanls Limited 268 Bath Road, Regus Office 146 Slough SL14DX
MTC LEARNING CONTENTS Page Trustees report Independent audilovs report Statement of financial activities Balance sheet Statement of cash flows Notes to the financial statements 10-17
MTC LEARNING TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JULY 2024 The trustees present their annual report and financial statements for the year ended 31 July 2024. The financial slalemenls have been prepared in accordance with the 8c¢ounling policies sel out in note 1 to the financial statements and comply with the charity's Igoverning documenll, the Companies Act 2006 and Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charitie5 preparing their accounts in a¢cordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" leffeclive 1 January 2019). Objectlves and actlvltles In setting our objectives and alms the trustees have given careful consideration to the Charlty Commlsslon's guidance on public benefit. The Charity Is commilled lo provide, promote and assist in the provision of education and training, including vocallonal tralning and the special needs of migrant workers (including refugees) and their families. Slgnlflcant a¢tlvltles: MTC Learning continued lo arrange suitable academlc Iralnlng for mlgranl and refugee communities. The charity has renewed ils contracts with educational eslablishmenls All Incomlng resources from Iralning activities during the year derived from these contracts. Public benefit The Iruslees have paid due regard to guidance issued by the Charity Commlsslon In deciding whal activities the charity should undertake. Achlevements and performance Significanl 8clivilies and achi8vgm8nls against obj8cliv8S Charltable actlvltles The Iruslees are pleased wllh the achlevemenls of the charitable activllies to dale, bul would like lo 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 Ihal may affect these financial statements and do not deem any factors material enough to have an impact, Flnanclal revlew R8S8IV8s policy 11 is the policy of the charity Ihal unreslricled funds which have not been designated for a specific use should be maintained at a level equivalent lo Ihe annual expenditure of the charity. The trustees consider that reserves al this level will ensLFre that, in the event of a significant drop in funding, they will be able lo continue the charity's current activities while consideration is given to ways in which additional funds may be raised. The charity needs these ready funds to commence new courses and also lo 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 ¢onslders Ihat the present level of funding is adequat8 to support Ihe conlinualion of training courses in operation for the medium term, lo allow for fluctuation in public funding of adult learning 8nd colleagues. The trustees th&refore consider the overall financial position of the charity lo be satisfactory. This level of reseNes has been maintained throughout the year. Plans for future period5 MTC learning considers that il is well placed lo be able to meet the demands for the training opportunities which are available.
MTC LEARNING TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 The board of trustees has examined the level of reserves required by the charity in view of the main risks to the organisalion. In the trustees, view, the reserves provide the charity with adequate financial stability and the means for it lo meet its charitable objectives for the foreseeable future and to invest in the long-lerm viability and development of the Charily. The free reserves have been designated as follow5.' 1. Working Capital lunreslilcled reseNes).' £450,00 2. Legal Fees: £20,000 3. Busin@ss development consultancy.. £80,000 4. IT and Communication Reserve.. £50.000 Deslgnated Total: £600,000 Structurei governance and management The charity is a company limited by guarantee and controlled by ils governing documenl, 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 dale of signature of the financial slalemenls were., Dr L Mccalman Ms H Mccafferty Mr M Naeem Mr T Wheeler Recruitment 8nd 8ppointment of frustg9s There has been an average of 4 trustees throughout the period. Any new appointments are al the recommendation of the board. In accordance wSlh the artlcles of association, all trustees will retire 81 the forthcoming annual g8neral meeting and, being eligible, will sland for re-election. Inductlon and tralnlng of new trustee5 All new trustees are given, in the view of the board, sufficient trainlng and have enough knowledge of Ihelr speclfic rield to understand the nature of the charity and fully Comply with the ¢harily's current views of ils progression. They are required lo ensure that they are aware of both their legal and professional responsibilities under charity and company law. Org8nis8tion81 slruGture
MTC LEARNING TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 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 requir8S the trustees to prepare financial slalements for each financial year which give a true and fair view of the slate 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 slalemenls, the Iruslees are required lo.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estimates thal are reasonable and prud8nl', sla18 whelh8r applicable UK Accounllng Standards have been followed, subject lo any material departures disclosed and explained in the financial slalemenls., and prepare the financial slalements on the golng concern basis unless It is inappropriate lo presume that the charity will continue in operation. The trustees are fesponslble for keeping adequate accountlng records that disclose with reasonable accuracy al any tim& the financial position of the Charity and enable them to ensure that the financial slalemenls comply with the Companles Act 2006. They are also responsible for safeguarding the assets of the charity and hence for laklng reasonable steps for the prevention and detection of fraud and other irre9ularilies. Audltor In accordance with the company's articles, a resolution proposlng that MUS Accounlanls Llmited be reappolnted as auditor of the company wlll be pul at a General Meeting. The Trust ort was approved by the Board of Trustees. Dr L Mccalman Trustee eel Trustee 17 April 2025
MTC LEARNING INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MTC LEARNING Opinion We have audited the financial slalemenls of MTC LEARNING (the 'charity') for the year ended 31 July 2024 which Comprise the slalemenl of financial aclivilies, the balance sheet, the statement of cash flows and notes lo the financial statements, including significant accounting polici&s. 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 8pplicabl8 in the UK and Republic ol Ireland (United Klngdom Generally Accepted Accounting Practice). In our oplnlon, the financial slalemenls.. give a true and fair view of the slate of the charitable company's affairs as at 31 July 2024 and of ils incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Pracllce; and have been prepared In accordance with the requirements of the Companies Acl 2006. Basls for oplnlon We conducted our audit In accordance w51h Inlernallonal Standards on Auditing (UK) (ISAS (UKI) and appllcable law. Our responsibilities Ltnder those standards are further described in the Auditorfs r8sponsibililios for the audil of Ihe financi81 slaf8m8nls seclion of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK. including the FRC'S Ethical Standard, 2nd we have fulfilled our other ethical responsibililles in accordance with these requirements. We believe that the audit evldence we have obtalned Is sufficient and appropriate lo provide a bas15 for our oplnlon. Concluslons relatlng to golng concern In auditing the financial slatemenls, we have concluded that the Trustees use of the going concern basls of accounting in the preparation of the financlal statements Is approprlate. Based on the work we have performed, we have not Identified any material uncertalntles relallng to events or conditions that, individually or collectively, may cast significant doubl on the charity's ability lo continue as a golng concern for a period of al least twelve months from when the financial slalements are aulhorised for issue. Our responsibilities and the responsibilities of the Iruste8s wllh respect to golng concern are descrlbed In Ihe relevant sections of this report. Other Informatlon The other information comprises the information included in the annual report other than the financial statements and our audilols r8POrt Ihereon. The trustees are responsible for Ihe 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 Ihereon. 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 idenlify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise lo a material misslatemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misslalement of this other information, we are required to report Ihat fact. Wè have nothlng to report in thls regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation lo which the Charities (Accounls and Reports) Regulations 2008 require us lo report to you if, in our opinion: the information given in the financial slalements is inconsislenl in any material respect with the Trustees report-, or sufficient accounting records have not been kept. or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit.
MTC LEARNING INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MTC LEARNING Responsibllities of trustees As explained more fully in the slalement of Trustees responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of Ihe financial statements and for being satisfied that th@y give a true and fair view, and for such internal Control as the Iruslees determine is necessary to enable the preparation of financial slal@menls that are flee from material misstatement, whether due lo fraud or error. In preparing the financial slalemenls, the Irusteos are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Iruslees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative bul to do so. Audltor's responsibilities for the audit of the financlal statements We have been appointed as auditor under section 144 of the Charitles Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether Ihe financial statements as a whole are free from material misslalemenl, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance Is a high level of assurance bul is not a guarantee Ihal an audit conducted In accordance with ISAS (UK) will always dele¢l a material missl8lemenl when it exists. Misstalemenls can aris8 from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influenc8 the economic decislons of users taken on the basis of these financial slalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures In line with our responsibilities, outlined above, lo delect material misslalemenls in respect of irregularities, including fraud. The extent lo whlch our procedures are capable of detecting irregularities, including fraud, 15 detailed below. Our approach to Idenlifylng and assesslng the rlsks of materlal misslatemenl In respect of Irregularities, Includlng fraud and noncompliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collecllvely had Ihe appropriate competence., c8pabililies and skills to identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable lo the Charity through discussions with Irustees 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 slalem@nts or the operations of Ihe charity. Including the SORP, laxalion legislation 8nd data protection, anli-bribery, employment, environmental and health and safety legislation. We also considered potential fraud drivers.. including financial or other pressures, opportunity, override of canlrols and personal or corporate motivations. We Considered the programmes and conlrols that the charity has established lo address risks identified, or that otherwise prevent, deter and delecl fraud. Where the risk was considered lo be higher, we performed audit procedures lo 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 eslimalions based on our fraud risk criteria; We assessed the susceptibility of the company's financial slalem&nts to material misstatement, including obtaining an understanding of how fraud might oc¢ur, by.. making enquiries of management as to where they considered there was susceptibility to fraud, Iheir knowledge of actual, suspected and alleged fraud,. and considering the internal Gonlrols 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 lo identify any LFnusual or unexpeGted relationships., tested journal entries to identify unusual Iransaclions-, assessed whether judgements and assumptions made in determining the accounting estimates set out in nole 2 were indicative of potential bias.. and investigated the rationale behind significant or unusual transactions.
MTC LEARNING INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MTC LEARNING In response to the risk of irregularili&s and non-compliance with laws and regulations, we designed procedures which included, bul were not limited to.. agreeing financial slalemenl disclosures to underlying supporting documentation., enquiring of management as to actual and potential Illigation and claims. We obtained understanding of the legal and regulatory frameworks that are applicable lo the company and determined that the most significant are Ihose related lo the financial reporting framework, tax regulations in the jurisdictions in which the charity operates. Based on this underslandlng we designed our audit procedures lo Identify non-compliance with laws and regulations. Our procedures involved.. making enquiries of management, those responsible for legal and compliance procedures and reviewlng other correspondence. There are Inherent Ilmllalions In the audit procedures described above. We are less likely lo become aware of instances of non.complian¢e with laws and regulations that are not Closely related to events and transactions reflected in the financial slalements. Also the risk of not delecling a material mlsslalemenl due lo fraud Is higher than the risk of not delecling one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, mlsrepresenlalions or through collusion. A further description of our responsibilities Is avallable on the Financial Reporting Councll's webslle al.. hllPS'.11 www.frc.org.uklaudilorsresponsibililiès. Th15 description forms part of our auditor's report. Use of our report This report is made solely lo the company's members, as a body, In accordance with section 391 of the Companles Act 2014. Our audit work has been undertaken so that we might slate lo the company's members Ih05e matters we are required to slate to them in an audilorfs report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the company and the company's members as a body, for our audit work, for this report, or for Ihe opinions we have formed. Mr Muhammad Salar raln FCCA (Senlor Ststutory Auditor) for and on behalf of MUS Accountants Llmlted Chartered Certlfled Ac¢ountants and Statutory Auditor 268 Bath Road, Regus Office 146 Slough SL14DX
MTC LEARNING STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2024 Unrestrlcted Unrestricted fundg funds 2024 2023 Note5 Income from: Charitable activities Inveslm8nls 241,075 10,919 394,728 6,063 Total Income 251,994 400,791 Expendlture on: Charitable activilles 423,086 520,422 Total exp&ndlture 423,066 520,422 Net expendltura and movement In funds (171,072) (119,6311 Reconclllatlon of funds: Fund balances at 1 August 2023 785,692 905,323 Fund balances at 31 July 2024 614,620 785,692 The statement of financial activities Includes all galns and losses recognised in the year. All income and expenditure derive from continuing activities.
MTC LEARNING BALANCE SHEET ASAT31 JULY2024 2024 2023 Notes Current assets Debtors Cash al bank and In hand 11 153,676 488,889 82,722 712,294 642,565 795,016 Creditors: amounts falling due withln one year 12 (27,945) (9,3241 Net current assets 614,620 785,692 Net assets excludlng penslon Ilablllty 614,620 785,692 The funds of the charlty Unr8slric18d funds 614,620 785,692 614,620 785,692 The company Is entitled to the exemption from the audit requirement conlalned In sectlon 477 of the Companles Act 2006, for the year ended 31 July 2024, although an audit has been carried out under section 144 of the Charities Act2011. The directors acknowledge their responsibilities for complylng wlth the requirements of the Companles AGI 2006 with respect lo accounling records and the preparation of financial slatemenls. The members have not required the company lo obtain an audit of ils financial slalements under Ihe 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 fin ial stat enls were approved by the trustees o 17 Aprll 2025 Dr L Mccalman Trustee Trustee Company registration number 02326382 (England and Wales)
MTC LEARNING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Notes Cash flows from operating actIvIeS Cash (absorbed byllgeneraled from operations 17 (234,3241 155 Investlng actlvltles Investment income received 10,919 6,063 Net ¢ash generated from Investlng actlvltles 10,919 6,063 Net cash used In flnanclng actlvltlos Net Idecreaselllncrea88 In cash and cash equlvalents {223,405) 6,218 Cash and cash equivalents al beginning of year 712,294 706,076 Cash and cash equlvalents at end of year 488,889 712,294
MTC LEARNING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 A¢¢ounting policies Charity information MTC LEARNING is a private company limited by guarantee incorporated In England and Wales. The registered office Is Alison House, First Floor, 638 High Road, Leyionstone, E113DA, England, 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's Igoverning document], the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in th8 UK and Republic of Ireland I'FRS 102") and the Charities SORP "Accounting and Reporting by Charities: Slalemenl of Recommended Practice applicable lo charities preparing Ihelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 {effeclive 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial slalements are prepared in sterling, which is the functional currency of the charity. Mon8tary amounts In these financial slalements are rounded to the nearest £, The financlal statements have been prepared under the historical cost convenllon, Imodified to Includ8 th8 revaluation of freehold properties and to include investment properties and certain financial instruments at fair valuel. The principal accounting policies adopted are set out below, 1.2 Golng concern Al the lime of approving the financial slatemenls, the trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus Ihe trustees continue to adopt the going concern basis of accounting in preparing the financial slalemenls, 1.3 Charltable funds Unreslricled funds are available for use at th8 discretlon of the twstees In furtherance of their charitable objectives. Reslricled funds are subject lo specific conditions by donors or grantors as lo how they may be used. The purposes and uses of the reslricled funds are set out in the noles lo the financial slatemenls. 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 il after any performance condltions have been mel, 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 re¢ognlsed at Ihe tlme of the donation. Legacles are re¢ognised on recelpt or othemise 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 Irealed as contingent assèt. 10
MTC LEARNING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Accounting policies Icontlnued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefil to a third party, it is probable that a transfer of economic benefits will be requlred in settlement, and the amount of Ihe obligation can be measured reliably. Expenditure is classified by aclivily. 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 altribulable to a single activity are allocated directly lo that activity. Shared costs which contribute to more Ihan one activity and support costs which ar& not attributable to a single activity are apportioned between those activities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Tangibl& fixed assets Tangible fix@d assets are inltlally measured 81 cost and subsequently measured at cost or valuation, nel of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuatlon of assets less thelr residual values over thelr useful lives on the following bases.. Flxtures and fillings Computers 20ts on Cost 33Ph on ¢051 The galn or loss arlslng on the disposal of an asset Is determined as the difference between the sale proceeds and the carrying value of the asset, and Is recognised in the slalemenl of financial activities. 1.7 Cash and cash equlvalents Cash and Cash equivalents include cash in hand, deposits held al call wlth banks, other short-term liquid Investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Flnanclal Instruments The charity has elected to apply the provlslons of Sectlon 11 '8aslc Flnancial Instrumenls, 8nd Section 12 'Olher Flnanclal Inslrumenls Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in th8 charity's balance sheet when the charity becomes party lo the contractual provisions of the inslrumenl. Financlal assets and Ilabilitles are offset, with the nel amounts presented in the financial statem8nls, when there is a legally enforceable right to set off the recognised amounts and there is an intention to sellle on a net basis or to realise the asset and settle the liability simultaneously. Baslc flnanclal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement conslitules a financing transaction, where the transaction is measured al the present value of the future receipts discounted al a market rate of interest. Financial assets dassified as receivable within one year are not amortised. 11
MTC LEARNING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Accounting policies (Continued) Baslc financlal Ilabllltles Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement constitutes a financing transaclion, where the debt instrument is measured al the present value of the future payments discounted at a market rale of interest. Financial liabilities Classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rale method. Trade creditors are obligations to pay for goods or services Ihal have been 8cquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one y@ar or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially 81 transaction price and subsequently measured at amortised cost uslng the effective interest method. Derecognltlon of flnanclal Ilabllitles Flnancial liabilities are derecognised when the charity's contractual obllgallons explre or are discharged or cancelled. 1.9 Employee beneflts The cost of any unused holiday enlillement Is recognised in the period in whSch the employee's services are recelved. Termlnallon benefils are recognised Immediately as an expense when the charity Is demonstrably commllled to terminate the employment of an employee or lo provide lermlnalion benefits. 1.10 Retlrement benellts Payments to defined conlributlon retirement benefit schemes are charged as an expense as they fall due, Crltlcal accountlng estlmates and Judgements In the application of the charity's accounting policies, the trustees are required lo make ludgemenls, estlmales 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 fadors th81 are considered lo be relevant. Actual results may differ from Ih8S8 estimates. The estimates and underlying assumptions are reviewed on an ongoing basls. Revisions lo accounting estimates are recognised in the period in which the estimate is revised where the revision affects only thal period, or in the period of the revision and future periods where the revision affects both current and future periods, Income from charitable activities Unrestricted Unrestricted funds funds 2024 2023 Charitable income direct training Services provided under contract 241,075 394,728 12-
MTC LEARNING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Income from investments Unrestrlcted Unrestricted funds funds 2024 2023 Interest receivable 10,919 6,063 Charitsble activities Charitsble Charltable Expenditure Expenditura Dlre¢t Direct tralnlng tralnlng 2024 2023 Staff costs Depreciation and Impalrmenl Staffing expense Telecommunication Light & heat Insurance Awardlng body fee Consultancy Rent Bank charges Other charitable expenditure 226,659 282,742 856 3,431 3,473 6,582 13,487 18,354 33,735 60,103 60 10,443 6,164 3,815 11,027 12,574 7,615 32,409 51,433 80 5,531 357,287 433,266 Share of support costs (see note 61 Share of governance Costs (see note 6) 56,698 9,081 76,803 10,353 423,086 520,422 13-
MTC LEARNING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Support costs allocated to activities 2024 2023 Printing, postage, stationery and computer and other expenses Advertising Governance costs 56,698 72,825 3,978 10,353 9,081 65,779 87,156 Analysed betrNeen: Charitable activities 65,779 87,156 2024 2023 Governance costs comprlse: Audit fees Legal and professional 9,081 8,218 2,135 9,081 10,353 Net movement In funds 2024 2023 The nel movement In funds Is slated after charglngll¢reditingl'. Fees payable for the audit of the charity's finan¢lal statements Depreciation of owned tangible fixed assets 9,081 8,218 856 Trustee8 None of the trustees (or any persons connected with Iheml received any remuneration or benefits from the charity during Ihe year. Employees The average monthly number of employees during the year was: 2024 Number 2023 Number 10 14-
MTC LEARNING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Employee5 (Continued) Employment Costs 2024 2023 Wages and salaries Social security costs Other pension costs 192,253 21,697 12,709 250,787 21,716 10,239 228,659 282,742 There were no employees whosè annual remunerallon was more than £60,000. Remuneratlon of key management personnel The remuneration of key management personnel is £49,400 (2023.. £49,400). 2024 2023 Aggregate compensallon 49,400 49,400 10 Taxatlon The charlty Is exempl from laxatlon on Ils activities because all ils income Is appli8d for charitable purposes. 11 Debtors 2024 2023 Amounts falllng due wlthln one year: Trade debtors Other debtors Prepaym8nls and accrued Incom8 11,167 137,356 5,153 24,467 58,255 153,676 82,722 12 Creditors: amounts falling due within one year 2024 2023 Notes Other taxation and social security Deferred income Other creditors Accruals and deferred Income 2,555 9,875 6,515 9,000 13 324 9,000 27,945 9,324 15-
MTC LEARNING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 13 Deferred In¢ome 2024 2023 Other deferred income 9,875 Deferred income Is Included In Ihe financial slalements as follows.. 2024 2023 Oeferred Income Is Included within.. Current Ilabllilies 9,875 Movements in Ihe year.. Deferred income at 1 August 2023 Resources deferred in the year 9,875 Deferred Income at 31 July 2024 9,875 14 Retlrement beneflt scheme8 2024 2023 Deflned contrlbutlon 8chemes Charge lo profit or loss in respect of defined contribution schemes 12,709 10,239 The charlty operates a defined contrlbullon penslon scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity In an independently admlnlstered fund. 15 Unrestrlcted funds The unrestricted funds of the charity comprise th8 unexpended balances of donations and grants whlch are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been sel aside oul of unrestricted funds by the trustees for specific purposes. At 1 August 2023 Incomlng rasources Resources expended At 31 July 2024 General funds 785,692 251,994 (423,066) 614,620 Previous year: At 1 August 2022 Incoming resources Resources expended At 31 July 2023 General funds 905,323 400,791 (520,422) 785,692 16-
MTC LEARNING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 16 Related party transactlons There were no dis¢losable related party transactions during the year {2023 - none). 17 Cash generated from operations 2024 2023 Deficit for the year (171,072) 1119,631) Adjustments for.. Investment income recognised in statement of financial activities Depreciatlon and impairment of tangible fixed assets (10,9191 (6,0631 856 Movemenls in working capital.. {Increase)Idecrease in debtors Increaselldecrease) in creditors Increase in deferred income 170,954) 8,746 9,876 134,712 19,719) Cash (absorbed by)Igenerated from operatlons 1234,324) 155 18 Analysls of changes In net funds The Charity had no materlal debt durlng the year. 17