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2022-12-31-accounts

REGISTERED COMPANY NUMBER: 02670451 (England and Wales) REGISTERED CHARITY NUMBER: 1007188

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31st December 2022

for

INSULATION ENVIRONMENTAL TRAINING TRUST LIMITED

INSULATION ENVIRONMENTAL TRAINING TRUST LIMITED

Contents of the Financial Statements for the Year Ended 31st December 2022

Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 11
Detailed Statement of Financial Activities 12 to 13

INSULATION ENVIRONMENTAL TRAINING TRUST LIMITED

Report of the Trustees for the Year Ended 31st December 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2022. The trustees have adopted the provisions of Accounting 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 Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity was established to promote and advance, for public benefit, the education and training of persons employed or intending to be employed in the thermal insulation industry and other related industries, both in the UK and elsewhere. This includes research into matters relating to training for employment in the thermal insulation and other related industries and to publish and disseminate any useful results of such research for the public benefit and is in accordance with Charity Commission guidance on public benefit.

Significant activities

The activities of the charity include the donations of funds to the Thermal Insulation Contractors Association for the purchase of training equipment for the training of apprentices and operatives in the thermal insulation industry and the undertaking of end point assessments for the Thermal Insulation Contractors Association and its members.

Public benefit

The Trustees have had regard to the guidance issued by the Charity Commission on public benefit and believe that they are acting accordingly.

Grantmaking

The charity achieves its objectives by making grants as and when required to the Thermal Insulation Contractors Association who uses the funds to invest in new equipment and facilities for use in the training of apprentices in the thermal insulation and related industries as and when required.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The charity has undertaken end point assessments for the Thermal Insulation Contractors Association (TICA) and its members on a not for profit basis. In prior years it has made grants to TICA for the benefit of its apprentices and it intends to continue to make grants in the future.

Investment performance

The charity earned £1,693 (2021: £817) of interest on its cash deposits during the year. The charity is still being affected by the declining deposit interest rates.

FINANCIAL REVIEW

Financial position

The charity holds £284,705 (2021: £307,040) of funds at bank. Of this £181,259 (2021: £179,679) is held in deposit accounts with 12 months notice. The charity will continue to invest its funds as prudently as possible and seek to fund new charitable projects in the training of apprentices in the thermal insulation industry.

Principal funding sources

The principal funding sources this year have arise from the provision of end point assessments for the Thermal Insulation Contractors Association and interest earned on cash deposits. The performance of these has been shown in detail in the charity achievements and performance statement above. Although deficits have been made in recent years,, the reserves are still very positive given the current economic conditions.

Investment policy and objectives

There is no formal investment policy for the charity but the trustees have acted to maximise investment income by investing in short term treasury deposits which earn a greater rate of interest with little risk involved. The trustees seek to maximise returns on investment income whilst ensuring minimal risk.

Page 1

INSULATION ENVIRONMENTAL TRAINING TRUST LIMITED

Report of the Trustees for the Year Ended 31st December 2022

FINANCIAL REVIEW

Reserves policy

The charity has no formal reserves policy but will continue to allow the cash funds to grow and donate reserves as and when required.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The company is governed by the Memorandum and Articles of Association incorporated on the 11th December 1991, amended by special resolutions on 4th December 2012 and 7th October 2019.

The company is a limited company, limited by guarantee, as defined by the Companies Act 2006. In the event of the company being wound up all members, or within one year after ceasing to be a member, are required to contribute an amount not exceeding £1.

Recruitment and appointment of new trustees

The recruitment and appointment of new trustees is governed by the Thermal Insulation Contractors Association to appoint the board of trustees by nomination from the members by election at the Annual General Meeting.

Organisational structure

The charity is controlled by the Thermal Insulation Contractors Association which considers itself the parent undertaking. Certain trustees of the charity are also members of the board of the Thermal Insulation Contractors Association. Decisions are made by the board of the Thermal Insulation Contractors Association and actioned by the trustees. The day to day management of the charity has been delegated to the company secretary by the trustees.

Induction and training of new trustees

The induction and training of new trustees is undertaken by the Thermal Insulation Contractors Association. A new trustee would usually be appointed upon the departure of an existing trustee at the discretion of the Thermal Insulation Contractors Association. There is no formal training for new trustees as duties are not complex but new trustees would be chosen with adequate knowledge and experience of the thermal insulation and related industries and the role of trustees within a registered charity.

Related parties

The Thermal Insulation Contractors Association has the power to appoint the board of trustees by nomination from the members by election at the Annual General Meeting.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02670451 (England and Wales)

Registered Charity number

1007188

Registered office

TICA House 34 Allington Way Yarm Road Business Park Darlington Co. Durham DL1 4QB

Page 2

INSULATION ENVIRONMENTAL TRAINING TRUST LIMITED

Report of the Trustees

for the Year Ended 31st December 2022

Trustees

J G Soady Mrs L J Bowes Mrs K A Mellor Ms A J Naylor Mrs S F Hudson (appointed 29/3/22) M Cockin (appointed 29/3/22) L Craig-Braddock (appointed 27/10/22)

Company Secretary

Ms M E Hill

Independent Examiner

Mitchell Gordon LLP 43 Coniscliffe Road Darlington Co. Durham DL3 7EH

COMPANY STATUS

The company is recognised by the Employment Department as an Industry Training Organisation for the Thermal Insulation Industry in the United Kingdom. As such it is supported by the recognised employers' association and trade unions for the industry, namely the Thermal Insulation Contractors Association, General Boilermakers (GMW Section) and Transport and General Workers Union.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 28th July 2023 and signed on its behalf by:

J G Soady - Trustee

Page 3

Independent Examiner's Report to the Trustees of Insulation Environmental Training Trust Limited

Independent examiner's report to the trustees of Insulation Environmental Training Trust Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2022.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

K M Gordon

Mitchell Gordon LLP 43 Coniscliffe Road Darlington Co. Durham DL3 7EH

28th July 2023

Page 4

INSULATION ENVIRONMENTAL TRAINING TRUST LIMITED

Statement of Financial Activities for the Year Ended 31st December 2022

31/12/22 31/12/21
Unrestricted Total
funds funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Other trading activities 2 118,800 -
Investment income 3 1,693 817
Total 120,493 817
EXPENDITURE ON
Raising funds
Other trading activities 102,247 35,141
Other 102,247
20,775		 35,141
-
Total 123,022 35,141
NET INCOME/(EXPENDITURE) (2,529) (34,324)
RECONCILIATION OF FUNDS
Total funds brought forward 289,754 324,078
TOTAL FUNDS CARRIED FORWARD 287,225 289,754

The notes form part of these financial statements

Page 5

INSULATION ENVIRONMENTAL TRAINING TRUST LIMITED

Balance Sheet

31st December 2022

31/12/22
Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
7
762
CURRENT ASSETS
Debtors
8
5,155
Cash at bank
284,705
289,860
CREDITORS
Amounts falling due within one year
9
(3,397)
NET CURRENT ASSETS
286,463
TOTAL ASSETS LESS CURRENT
LIABILITIES
287,225
NET ASSETS
287,225
FUNDS
10
Unrestricted funds
287,225
TOTAL FUNDS
287,225		 31/12/21
Total
funds
£
1,609
271
307,040
307,311
(19,166)
288,145
289,754
289,754
289,754
289,754

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 28th July 2023 and were signed on its behalf by:

J G Soady - Trustee

The notes form part of these financial statements

Page 6

INSULATION ENVIRONMENTAL TRAINING TRUST LIMITED

Notes to the Financial Statements

for the Year Ended 31st December 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting 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 Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared under the going concern basis of accounting.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Training equipment - 33% on cost Computer equipment - 33% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. The funds held by the charity are unrestricted general funds which can be used in accordance with the charitable objectives at the discretion of the trustees.

2. OTHER TRADING ACTIVITIES

EPA income

31/12/22 31/12/21 £ £ - 118,800

continued...

Page 7

INSULATION ENVIRONMENTAL TRAINING TRUST LIMITED

Notes to the Financial Statements - continued for the Year Ended 31st December 2022

3. INVESTMENT INCOME

INVESTMENT INCOME
31/12/22 31/12/21
£ £
Deposit account interest 1,693 817
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets 31/12/22
£
847		 31/12/21
£
734

4. NET INCOME/(EXPENDITURE)

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st December 2022 nor for the year ended 31st December 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st December 2022 nor for the year ended 31st December 2021.

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM Unrestricted
funds
£
Investment income 817
EXPENDITURE ON
Raising funds
Other trading activities 35,141
35,141
NET INCOME/(EXPENDITURE) (34,324)
RECONCILIATION OF FUNDS
Total funds brought forward 324,078
TOTAL FUNDS CARRIED FORWARD 289,754

continued...

Page 8

INSULATION ENVIRONMENTAL TRAINING TRUST

LIMITED

Notes to the Financial Statements - continued for the Year Ended 31st December 2022

7.
TANGIBLE FIXED ASSETS
Training
equipment
£
COST
At 1st January 2022 and
31st December 2022
680
DEPRECIATION
At 1st January 2022
243
Charge for year
224
At 31st December 2022
467
NET BOOK VALUE
At 31st December 2022
213
At 31st December 2021
437
8.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Prepayments
9.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors
Accruals and deferred income
10.
MOVEMENT IN FUNDS
Net
movement
At 1/1/22
in funds
£
£
Unrestricted funds
General fund
289,754
(2,849)
End Point Assessment
-
320
289,754
(2,529)
TOTAL FUNDS
289,754
(2,529)		 Computer
equipment
£
1,886
714
623
1,337
549
1,172
31/12/22
£
4,871
284
5,155
31/12/22
£
-
-
3,397
3,397
Transfers
between
funds
£
320
(320)
-
-		 Totals
£
2,566
957
847
1,804
762
1,609
31/12/21
£
-
271
271
31/12/21
£
15,357
835
2,974
19,166
At
31/12/22
£
287,225
-
287,225
287,225

continued...

Page 9

INSULATION ENVIRONMENTAL TRAINING TRUST LIMITED

Notes to the Financial Statements - continued for the Year Ended 31st December 2022

10. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
End Point Assessment
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
End Point Assessment
TOTAL FUNDS		 At 1/1/21
£
324,078
-
324,078
324,078		 Incoming
resources
£
1,693
118,800
120,493
120,493
Net
movement
in funds
£
(3,593)
(30,731)
(34,324)
(34,324)		 Resources
Movement
expended
in funds
£
£
(4,542)
(2,849)
(118,480)
320
(123,022)
(2,529)
(123,022)
(2,529)
Transfers
between
At
funds
31/12/21
£
£
(30,731)
289,754
30,731
-
-
289,754
-
289,754

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds Incoming
resources
£		 Resources
expended
£		 Movement
in funds
£
General fund 817 (4,410) (3,593)
End Point Assessment - (30,731) (30,731)
817 (35,141) (34,324)
TOTAL FUNDS 817 (35,141) (34,324)

continued...

Page 10

INSULATION ENVIRONMENTAL TRAINING TRUST LIMITED

Notes to the Financial Statements - continued for the Year Ended 31st December 2022

10. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
End Point Assessment
TOTAL FUNDS		 At 1/1/21
£
324,078
-
324,078
324,078		 Net
movement
in funds
£
(6,442)
(30,411)
(36,853)
(36,853)		 Transfers
between
funds
£
(30,411)
30,411
-
-		 At
31/12/22
£
287,225
-
287,225
287,225

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
End Point Assessment
TOTAL FUNDS		 Incoming
resources
£
2,510
118,800
121,310
121,310		 Resources
Movemen
expended
in funds
£
£
(8,952)
(6,442)
(149,211)
(30,411)
(158,163)
(36,853)
(158,163)
(36,853)

11. RELATED PARTY DISCLOSURES

During the year the charity had transactions with its parent undertaking, the Thermal Insulation Contractors Association (TICA):

An amount repayable on demand of £4,871 (2021: £835 due to) is due to the parent company at the year end.

Page 11

INSULATION ENVIRONMENTAL TRAINING TRUST

LIMITED

Detailed Statement of Financial Activities for the Year Ended 31st December 2022

31/12/22 31/12/21
£ £
INCOME AND ENDOWMENTS
Other trading activities
EPA income 118,800 -
Investment income
Deposit account interest 1,693 817
Total incoming resources 120,493 817
EXPENDITURE
Other trading activities
EPA miscellaneous costs 22,805 3,654
EPA subcontract work 61,540 10,586
EPA expenses 1,301 -
EPA accommodation 16,452 1,135
Meeting costs 149 200
Support costs 102,247 15,575
Management
Wages 13,714 12,925
Social security 1,312 1,154
Pensions 1,356 1,277
Finance 16,382 15,356
Insurance 1,303 1,144
Bank charges 180 165
Exchange rate variance 60 -
Information technology 1,543 1,309
Repairs and renewals - 151
Other
Training equipment 224 224
Computer equipment 623 511
Governance costs 847 735
Accountancy fees 2,003 1,919
Professional fees - 96
2,003 2,015

This page does not form part of the statutory financial statements

Page 12

INSULATION ENVIRONMENTAL TRAINING TRUST LIMITED

Total resources expended
Net expenditure		 Detailed Statement of Financial Activities
for the Year Ended 31st December 2022
31/12/22
31/12/21
£
£
123,022
35,141
(2,529)
(34,324)

This page does not form part of the statutory financial statements

Page 13