BCS, The Chartered Institute for IT Annual Report and Consolidated ...

BCS, The Chartered Institute for IT
NOTES (continued)
i-2-K Limited
The wholly-owned subsidiary i-2-K Limited, which is incorporated in the United Kingdom, provides
services to Blue Chip and government clients to implement and manage a Continuous Professional
Development (CPD) programme. The Institute owns the entire issued share capital of two ordinary
shares of £1 each.
The trading operations of i-2-K were transferred in to BCS during the prior financial period therefore
there have been no profit generating transactions processed through i-2-K in the year.
A summary of the trading results is shown below:
- 40 -
12 months
ended 31
August 2010
16 months
ended 31
August 2009
Summary profit and loss £000 £000
Turnover - 897
Cost of sales and administrative expenses - (436)
───── ─────
Net profit - 461
───── ─────
The assets and liabilities of the subsidiary were:
Fixed assets - -
Current assets 7 47
Creditors: amounts falling due with one year - (40)
───── ─────
Total net assets/(liabilities) 7 7
───── ─────
Aggregate share capital and reserves 7 7
───── ─────
21 Financial activities of the charity
A summary of the financial activities undertaken by the Institute is set out below:
12 months
ended 31
August 2010
16 months
ended 31
August 2009
£000 £000
Gross incoming resources 20,325 26,364
Total expenditure on charitable activities (19,933) (27,372)
Designated fund expenditure (2,149) (3,226)
Governance costs (789) (507)
Investment income 191 1,130
───── ─────
Net outgoing resources (2,355) (3,611)
Total funds brought forward 12,140 15,751
───── ─────
Total funds carried forward 9,785 12,140
───── ─────
Represented by:
General funds 8,898 8,239
Designated funds 887 3,901
───── ─────
9,785 12,140
───── ─────