REGISTERED COMPANY NUMBER: 02670451 (England and Wales) REGISTERED CHARITY NUMBER: 1007188
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 December 2024
for
INSULATION ENVIRONMENTAL TRAINING TRUST LIMITED
INSULATION ENVIRONMENTAL TRAINING TRUST LIMITED
Contents of the Financial Statements for the Year Ended 31 December 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 12 |
| Detailed Statement of Financial Activities | 13 | to | 14 |
INSULATION ENVIRONMENTAL TRAINING TRUST LIMITED
Report of the Trustees for the Year Ended 31 December 2024
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 31 December 2024. 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 and industry competency 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 £8,397 (2023: £8,591) of interest on its cash deposits during the year.
FINANCIAL REVIEW
Financial position
The charity holds £334,945 (2023: £323,448) of funds at bank. Of this £196,840 (2023: £181,117) 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.
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INSULATION ENVIRONMENTAL TRAINING TRUST LIMITED
Report of the Trustees for the Year Ended 31 December 2024
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.
FUTURE PLANS
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.
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 IETTL Chair and its members to appoint the board of trustees from within the industry and wider stakeholders.
Organisational structure
The charity is controlled by the Board of Trustees. Certain trustees of the charity are also members of the board of the Thermal Insulation Contractors Association. Decisions are made directly by the board of the IETTL Trustees. The day to day management of the charity has been delegated to the Responsible Officer.
Induction and training of new trustees
The induction and training of new trustees is undertaken by the IETTL Chair with support and guidance from the TICA CEO. A new trustee would usually be appointed upon the departure of an existing trustee at the discretion of the IETTL Board. 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 a member to 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
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INSULATION ENVIRONMENTAL TRAINING TRUST LIMITED
Report of the Trustees for the Year Ended 31 December 2024
Trustees
J G Soady L J Bowes A J Naylor M Cockin L Craig-Braddock (resigned 24/12/24)
Company Secretary
L Freeland
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 21 August 2025 and signed on its behalf by:
L J Bowes - Trustee
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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 31 December 2024.
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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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, FCCA
Mitchell Gordon LLP 43 Coniscliffe Road Darlington Co. Durham DL3 7EH
21 August 2025
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INSULATION ENVIRONMENTAL TRAINING TRUST
LIMITED
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 December 2024
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies - Other trading activities 2 90,600 Investment income 3 8,397 Total 98,997 EXPENDITURE ON Raising funds Other trading activities 141,489 141,489 Other 25,204 Total 166,693 NET INCOME/(EXPENDITURE) (67,696) RECONCILIATION OF FUNDS Total funds brought forward 299,451 TOTAL FUNDS CARRIED FORWARD 231,755 |
Restricted fund £ 20,000 - - 20,000 - - - - 20,000 - 20,000 |
31/12/24 31/12/23 Total Total funds funds £ £ 20,000 - 90,600 71,400 8,397 9,023 118,997 80,423 141,489 45,869 141,489 45,869 25,204 22,328 166,693 68,197 (47,696) 12,226 299,451 287,225 251,755 299,451 |
|---|---|---|
The notes form part of these financial statements
Page 5
INSULATION ENVIRONMENTAL TRAINING TRUST LIMITED
Balance Sheet
31 December 2024
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 7 4,209 CURRENT ASSETS Stocks 8 13,014 Debtors 9 3,200 Cash at bank 314,946 331,160 CREDITORS Amounts falling due within one year 10 (103,614) NET CURRENT ASSETS 227,546 TOTAL ASSETS LESS CURRENT LIABILITIES 231,755 NET ASSETS 231,755 FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - - - 20,000 20,000 - 20,000 20,000 20,000 |
31/12/24 Total funds £ 4,209 13,014 3,200 334,946 351,160 (103,614) 247,546 251,755 251,755 231,755 20,000 251,755 |
31/12/23 Total funds £ 126 - 3,278 323,447 326,725 (27,400) 299,325 299,451 299,451 299,451 - 299,451 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
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INSULATION ENVIRONMENTAL TRAINING TRUST LIMITED
Balance Sheet - continued 31 December 2024
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 21 August 2025 and were signed on its behalf by:
L J Bowes - Trustee
The notes form part of these financial statements
Page 7
INSULATION ENVIRONMENTAL TRAINING TRUST LIMITED
Notes to the Financial Statements
for the Year Ended 31 December 2024
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 and 5 years on cost
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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.
continued...
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INSULATION ENVIRONMENTAL TRAINING TRUST LIMITED
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
2. OTHER TRADING ACTIVITIES
| 2. | OTHER TRADING ACTIVITIES | ||
|---|---|---|---|
| 31/12/24 | 31/12/23 | ||
| £ | £ | ||
| EPA income | 90,600 | 71,400 | |
| 3. | INVESTMENT INCOME | ||
| Deposit account interest | 31/12/24 £ 8,397 |
31/12/23 £ 8,591 |
|
| Miscellaneous income | - | 432 | |
| 8,397 | 9,023 | ||
| 4. | NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| Depreciation - owned assets | 31/12/24 £ 631 |
31/12/23 £ 636 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM | Unrestricted funds £ |
|---|---|
| Other trading activities | 71,400 |
| Investment income | 9,023 |
| Total | 80,423 |
| EXPENDITURE ON | |
| Raising funds | |
| Other trading activities | 45,869 |
| Other | 45,869 22,328 |
| Total | 68,197 |
continued...
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INSULATION ENVIRONMENTAL TRAINING TRUST
LIMITED
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted | ||||
|---|---|---|---|---|
| funds | ||||
| £ | ||||
| NET INCOME | 12,226 | |||
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 287,225 | |||
| TOTAL FUNDS CARRIED FORWARD | 299,451 | |||
| 7. | TANGIBLE FIXED ASSETS | |||
| Training equipment |
Computer equipment |
Totals | ||
| COST | £ | £ | £ | |
| At 1 January 2024 | 680 | 1,886 | 2,566 | |
| Additions | 4,295 | 419 | 4,714 | |
| At 31 December 2024 | 4,975 | 2,305 | 7,280 | |
| DEPRECIATION | ||||
| At 1 January 2024 | 680 | 1,760 | 2,440 | |
| Charge for year | 477 | 154 | 631 | |
| At 31 December 2024 | 1,157 | 1,914 | 3,071 | |
| NET BOOK VALUE | ||||
| At 31 December 2024 | 3,818 | 391 | 4,209 | |
| At 31 December 2023 | - | 126 | 126 | |
| 8. | STOCKS | |||
| Stocks | 31/12/24 £ 13,014 |
31/12/23 £ - |
||
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| Prepayments | 31/12/24 £ 3,200 |
31/12/23 £ 3,278 |
||
continued...
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INSULATION ENVIRONMENTAL TRAINING TRUST LIMITED
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Other creditors Accrued expenses MOVEMENT IN FUNDS Unrestricted funds General fund End Point Assessment Restricted funds SIG donation for apprentice accomodation TOTAL FUNDS Net movement in funds, included in the above are a Unrestricted funds General fund End Point Assessment Restricted funds SIG donation for apprentice accomodation TOTAL FUNDS |
At 1/1/24 £ 299,451 - 299,451 - 299,451 s follows: |
Net movement in funds £ (49) (67,647) (67,696) 20,000 (47,696) Incoming resources £ 8,397 90,600 98,997 20,000 118,997 |
31/12/24 31/12/23 £ £ 12,221 - 86,948 23,448 4,445 3,952 103,614 27,400 Transfers between At funds 31/12/24 £ £ (67,647) 231,755 67,647 - - 231,755 - 20,000 - 251,755 Resources Movement expended in funds £ £ (8,446) (49) (158,247) (67,647) (166,693) (67,696) - 20,000 (166,693) (47,696) |
|---|---|---|---|
11. MOVEMENT IN FUNDS
continued...
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INSULATION ENVIRONMENTAL TRAINING TRUST
LIMITED
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund End Point Assessment TOTAL FUNDS |
At 1/1/23 £ 287,225 - 287,225 287,225 |
Net movement in funds £ 2,918 9,308 12,226 12,226 |
Transfers between funds £ 9,308 (9,308) - - |
At 31/12/23 £ 299,451 - 299,451 299,451 |
|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds | Incoming Resources Movement resources expended in funds £ £ £ |
|---|---|
| General fund | 9,023 (6,105) 2,918 |
| End Point Assessment | 71,400 (62,092) 9,308 |
| 80,423 (68,197) 12,226 |
|
| TOTAL FUNDS | 80,423 (68,197) 12,226 |
12. RELATED PARTY DISCLOSURES
During the year, the Charity incurred the following transactions with Thermal Insulation Contractors Association (TICA), a related party by virtue of its ability to control the appointment of Trustees.
| 31/12/24 | 31/12/23 | |
|---|---|---|
| EPA income recharged | 90,600 | 71,400 |
| Wages recharged | 42,798 | 4,965 |
| Expenses recharged | 16,501 | 16,597 |
| Amounts owed to TICA | 86,948 | 23,448 |
All amounts are recharged with no mark up or charge.
No interest is charged on amounts owed and the balance is repayable on demand.
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INSULATION ENVIRONMENTAL TRAINING TRUST
LIMITED
Detailed Statement of Financial Activities for the Year Ended 31 December 2024
| for the Year Ended 31 | December 2024 | |
|---|---|---|
| 31/12/24 | 31/12/23 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 20,000 | - |
| Other trading activities | ||
| EPA income | 90,600 | 71,400 |
| Investment income | ||
| Deposit account interest | 8,397 | 8,591 |
| Miscellaneous income | - | 432 |
| 8,397 | 9,023 | |
| Total incoming resources | 118,997 | 80,423 |
| EXPENDITURE | ||
| Other trading activities | ||
| EPA miscellaneous costs | - | 3,058 |
| EPA subcontract work | 110,827 | 34,544 |
| EPA expenses | 30,895 | 1,509 |
| EPA accommodation | - | 5,142 |
| Meeting costs | - | 881 |
| Training costs | - | 735 |
| Bank interest | (233) | - |
| Support costs | 141,489 | 45,869 |
| Management | ||
| Wages | 11,537 | 14,234 |
| Social security | 2,354 | 1,316 |
| Pensions | 2,634 | 1,408 |
| Advertising | 67 | - |
| Finance | 16,592 | 16,958 |
| Insurance | 399 | 1,319 |
| Light and heat | 319 | - |
| Bank charges | 118 | 168 |
| Exchange rate variance | 105 | 15 |
| 941 | 1,502 | |
| Information technology | ||
| Repairs and renewals | 5,010 | 1,223 |
This page does not form part of the statutory financial statements
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INSULATION ENVIRONMENTAL TRAINING TRUST LIMITED
Detailed Statement of Financial Activities for the Year Ended 31 December 2024
| 31/12/24 | 31/12/23 | |
|---|---|---|
| £ | £ | |
| Information technology | ||
| Other | ||
| Training equipment | 477 | 213 |
| Computer equipment | 154 | 423 |
| Governance costs | 631 | 636 |
| Accountancy fees | 2,030 | 2,009 |
| Total resources expended | 166,693 | 68,197 |
| Net (expenditure)/income | (47,696) | 12,226 |
This page does not form part of the statutory financial statements
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