ENGINEERING SERVICES TRAINING TRUST LIMITED (a company Ilmlted by guarantee) Registered No. 02674888 Charity Registration No. 1007703 Annual report and financial statements For the year ended 29 February 2024
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Annual Report and Flnanclal Statements For the year ended 29 February 2024 CONTENTS Company Information Report of the Trustees Report ol lh8 Independeni Auditors 10 Statement of Financial Activities Balance Sheei 12 Statement of Ca8h Flows 13-18 Notes to the Financial Statements
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guaranlee) Annual Report and Flnanclal Statements For the year ended 29 February 2024 COMPANY INFORMATION Board of Trustees M C James S Chenia L C Gi118spie R J Grant (Appointed 13 November 2023) Secretary M C James Nominating Bodies The Building Engineering Services Association B&ESA Ltd Registered Office Old Mansion House Eamont Bridge Penrilh Cumbrla CA10 28X Company Number 02674888 Charity Reglstratlon Number 1007703 Independent Auditor Armstrong Watson Audit Limited James Watson House Montgomery Way Rosehill Carlisle CA12UU Bankers Lloyds TSB 6 Lowther Street Carlisle CA3 8DB Investment Fund Providers Cazenove Capital Management Schrcder & Co Limited 1 London Wall Place London EC2Y SAU
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company Ilmlled by guarantee) Report ot the Trustees For the year ended 29 February 2024 The Trustees submit their report together with the audited financial statements for the year ended 29 February 2024. The financial statéments comply with the Charities Aci 2011, the Companies Act 2006. the Memorandum and Articles of Association and the Accounting and Reporting by Charities: Statement of Recommended Practice applicablo to charitios preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FFIS102) (effective 1 January 20191- Name and Rgglslered Offlce of Charlty The name of the charity is Engineering Services Training Trust Limiled. Its registered office is: Old Mansion House, Eamont Bridge, Penrith, Cumbria, CA10 2BX and its principal operating address is: Rotherwick House, 3 Thomas More Street, Saint Kaiharine's & Wapping, London, E1 W 1 YZ. Consiitutlon and Reg181ratlon The charity was lormed as a company limited by guarantee on 31 December 1991 ', is governed by the terms of ils Memorandum and Articles ol Association., and is regisl8red with the Charity Commission. Objectives and Acllvllles The charity was established to promote and advance, for the public benefit. the education and training of persons employed or intending to be employed in building engineering seNic8s and related industries, in the UK and elsewhere. The Trustees conlirrn Ihal they have referred 10 the guidance coniained in the Gharity Commission's general guidance on public benefit when reviewing Ihe charity's aims and objectives and in planning its activities. The Trustees are satisfied thai the reported or expected benelils ol the funding the charity has provided me81 their required success criteria. Organl$allon of the Charlty The charily's operations are controlled by the Board ol Trustees, responslble for the legal, slatutory and financial obligations. In particular the Board is responsible for: the overall control, monitoring and review of the policies, responsibilities and activities of the charity., approval of specific quantifiable objectives In line wilh the aims ol the charily; approval of plans to meet objectives., monitoring progress lowards the objeclives., defining roles ol op8ralion in respeGt ol financial procedures, controls and limits of authority" and setting criteria and bgnchmarks lor investment lund policies and management. As the charity has no directly employed stall, supporl servic8s are provided as required by The Building Enginaering Sorvicgs Associaiion. In the opinion of the Trustees, the value of these seNices is not sulficiently material to require disclosure in the financial statements as a gift in kind.
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company lirnited by guarantee) Report of the Trustees For the year ended 29 February 2024 Trustees The Trustees of the charity (Juring the year were: S A Hardy (Resigned 25 January 2024) M C James S Chenia L C Gillespie R J Granl (Appointed 13 November 20231 The Trustees had no financial interest In either the charity or in any material contract during the year relating to the activities ol the charity. Key management p8rsonnel are deemed to be the Trustees. No Trustee receives any remuneration. Appolnimeni and Inductlon of Trustees Trust8es are appointed by the nominating bodies, The Building Engineering Services Association and B&ESA Limited, in accordance with the charily's Memorandum and Articles of Association, as and when required in order lo maintain an effeciive balance of knowl6dge and r818vant experience. In addition to general induction, training for new Trustees will be proviéed where necessary on charity, legal and financial matters. siatement of Tru$iees' Respon81bllltle8 The Trustees, who are also thg directors of Engineering Services Training Trust Limited lor the purposes ol company law, are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with the Companies Act 2006 and for being satisfied that th8 financial statements give a true and lair view. The Trustees aro also responsible for preparing thè financial slatemgnts in accordance with Uniied Kingdom Accounling Standards (United Kingdom Ggnerally AGcepted Accounting Practice). Company law requlres the Truslaes to prepare financial staiements for each linancial year which give a true and fair view of the slate ol affairs of the charity and ol the income and expenditure of the charity for that P8riod. In pr8paring these financial statements, the Truslees aro required to: select suitable accounting policies and then apply them consistently; make judgements and estimates thal are reasonable and prudent; slale whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statemenis., and prepare the financial statements on the going concern basis unless it is Inapproprlate to presume thai the charity will continue in business The Trustees are responsible lor keeping adequale accounling records that show and explain the charity's transactions, disclose with reasonable accuracy at any time the financial position of the Gharily, and enable them to ensure that the financial statements comply wilh Ihe Companies Act 2006. They are also responsible for safeguarding the assels of the charity and hence for taking reasonable steps lor the prevention and detection of fraud and other irregularities. Investment Powers The Memorandum and Articles of Association ol the charity place no restrictions on Ihe power of investment of the Trustees.
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company Ilmlted by guarantee) Report of Ihe Truslees For the year ended 29 February 2024 Rlsk Management In the opinion of the Trustees, the only major risk to which the charity could be exposed is that the value of its investments could reduce through significant market turmoil or by fraud. They believe that both of these issues are covered by the placement ol the charity's funds. other than working Gapital, with a repuiable fund manager selected afler careful review. The Truslegs are salisfied that internal risks, which could derive from the selection of projects or unauthorised bank payments have been minimised by the various policies, proc8dures and mandal8s which are in place and regularly reviewed. The Trustees continue lo assess the potential implications of the United Kingdom withdrawing from the European-Union,--Although there-is an appreciation that there is a level of uncertainty associated with this, no significant direct implicaiions are expected. Reservo$ Pollcy Accumulated funds are invested as oullined in the financial statements and the g&neral policy Is that returns on th8se investments will ba used to fund charitable aclivilies. Neither this, nor the capital benchmark which the Trust8es use to monitor reserves, is a financial limit and the policy of the Trustees is that, subject lo rigorous review criteria being mel, the charity's funds and reserves shoul(5 be used in a manner where and when they can provide maximum benelit within ils obj8Ctiv8s. The value of the Unrestricted General Fund at 29 February 2024 was £2,856,346 (2023: £2,877.7941. The Trusiees, capiial benchmark ai 29 February 2024 was £2,849,754 (2023,. £3,158,800 (based on RPI), rellecling a surplus of £6,592 (2023.. deficit of £281,006). Following advice from the charity's investment manager, Ihe trustees have changed the inflation basis from RPI to CPI in the year ended 29 February 2024 as they believe this is a more realistic bgnGhmark figure. Revlew ol Income and Expendiiure Th& charity's prlnclpal funding source Is the income whlch It receives Irom listed investments. Al £114,378, the investment income received was hlgher compared to the previous year's figure of £110,080. In the current year, the charity has provided funding of £130,000 {2023 £68,675). The Charity has lunded £105,000 to the Building Engineering Services Association for a compelence mapping project to define what ski118 employees require lo perform tasks in the industry. The charity has also funded £25,000 ol lunding to perform Apprenticeship standards reviews. Taking into account the overall total of grants provided or authorised in the year resulting in net expenditure before investment activily of £26,364 for the year (2023 - net income 01 £30,760). After a gain on investments of £4,916 (2023- loss of £24,326), there was a net decrease in funds of £21,448 (2023- increase £6,434). Revlèw of Developmpnls and Fuiuro Pro$peeis Th8 Trustees have decided that the charily will continue to act as a charity for the beDefit of training in building engineering services and other related industries. It will seek actively to support initiatives and projects Ihai are consistent wilh its Memorandum and Articles ol Association. This policy will be the subject of regular r8Vl8W to ensure that the most appropriate use ol the charity's funds is being made. Relaled partles Related party transactions are fully disclosed wilhin note 14 to the financial statements.
ENGINEERING SERVICES TRAINING TRUST LIMITED {a company limited by guarantee) Reporl of the Trustees For the year ended 29 February 2024 Publlc Beneflt statement The Trustees confirm that Ihey have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benelit guidance published by the Charity Commission for England and Wales. Inveslments Details of the investment transactions in the year are set out in note 9 to the linancial statements. Statem6ni as io Dlsclosure of Informatlon to Audiior In so far as the Trustegs are aware at the time of approvlng the Trusle8s' Annual R8POrt', there is no r8levant information, being information needed by the auditor in connection with preparing their report, ol which the charity's auditor is unaware, and the Trustees, having made 6nquiries of18llow directors and the charity's auditor that they ought to have individually taken, have each taken all steps that he/she is obliged to lake as a director in order io make themselves aware of any relevant audit informalion and to establish that the auditor is aware of that information. Audllor Armstrong Watson Audit Limited have exprèssed their willingness to continue in offic8. A resolution to reappoinl Ih8m in accordance with Section 485 01 the Companies Act 2006 will be put to thg annual g8n8ral me8tSng. This report has been prepared in accordance with the Small Companies regime of the Companies Act 2006. By order of the ard M C James Trustee Date: 11 September 2024
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Report of the Independent Auditors For Ihe year ended 29 February 2024 Oplnlon We have audited the financial statements of Engineering Services Training Trust Limited {the 'charitable company'l for Ihe year ended 29 February 2024 which comprise the siatement of financial aclivilies, the Balance sheel, the Slatemenl ol cash flows and the related notes, including a summary ol 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 ol Ireland, (United Kingdom Generally Accepted Accounting Practice), In our opinion the financial siaiemenls: give a true and lair view ol the slate of Ihe charitable company's affairs as ai 29 February 2024 and of its incoming resources and applicaiion of resources, including lis income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance wilh the requirements of the Companies Act 2003. Basls lor oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities lor the audit of the financial statements section of our report. We are independenl ol the charitable company in accordance with the ethical requiremonls thai are relevant to our audil ol the financial slalemenls in the United Kingdom, including ihe Financial Reporting Council's Ethical Standard, and we have lullilled our other ethical responsibilities in accordance with Ihese requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relallng to golng concern In auditing the financial slalements, we have concluded that the Trustees, use of Ihe going concern basis of accounting in the preparation ol the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to evenls or conditions that, individually or collectively, may cast significant doubl On the charitable company's ability to continue as a going concern lor a period of al least twelve months from when Ihe financial statements are aulhorised lor issue, Our responsibilities and the responsibilities ol the Trustees with respect to going concern are described in the relevant sections of this report. Other Informatlon The Trustees are responsible for the other information. The other information comprises Ihe inlormalion included in the Annual report, other than the financial slalemenls and our Auditors, report Ihereon. Our opinion on the financial statements does not cover Ihe other information and we do not express any form ol assurance conclusion thereon. In connection with our audil ol Ihe financial slalements, our responsibility is lo read the other information and, in doing so, consider whelher the other information is materially inconsistent with the financial slalemenls or our knowledge oblained in the audit or otherwise appears lo be materially misstated.11 we identily such material inconsistencies or apparenl material misstalements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement ol the other information. If, based on Ihe work we have performed. we conclude that there is a material misslalemenl of this olher information, we are required to report that fact. We have nothing to report in this regard.
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limiled by guarantee) Report of the Independent Audltors For the year ended 29 February 2024 Matters on whlch we are requlred lo report by excepllon In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if. in our opinion.. the information given in the Trustees, report is inconsistent in any material respect with the financial statements; or sufficient accounting records have not been kept. or the financial slalemenls are not in agreement with the aocounling records and returns; or we have not received all the information and explanations we require for our audit. Responslbllltles of trustoes As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation ol the linancial statements and for being saiislied that they give a tru8 and fair view, and for such internal control as the Trustees determine is necessary to enable thg preparation of financial statemen18 Ihat are fr88 from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters relatod to going concern and using the going concern basis of accounting unless th8 Truslees either Intend to liquidate the charitable company or to cease operations, or have no realistlc alternative but to do so. Audltors. responslbllltles for the audlt of th8 flnanclal statements Our objectives are to obtain reasonable assuranco aboLJt whelhgr the financlal statements as a whole are free from material misstaiem8nt, whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstalements can arise from fraud or error and are considered material il, individually or in the aggregate, Ihey could reasonably be @xpected to influence the economic decisions ol users taken on the basis of these financial siatemenis. Irregularities, incluéing fraud, are instances of non compliance with laws and regulations. We design procedures in lin8 With our responsibilities, outlined above, lo detect material misstatements in respecl of irregularities, including fraud. The extenl to which our procedures are capable of detecting irregularilies, including Iraud is detailed below: Auditor's Yesponsibllllles for Ihe audlt of the flnanclal statements Our objeclives are lo obtain reasonable assurance about whether the financial statements as a whole are Iree from material misstatement, whether due to fraud or error, and to issue an auditor's report thai includes our opinion. Reasonable assurance is a high level of assurance, bul is noi a guarantee that an audit conducted in accordance with ISAS {UKI will always detect a material misstatement when it exisis. Missiaiements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limiled by guarantee) Report ot the Independenl Auditors For the year ended 29 February 2024 Irregularilies, including fraud, are instances of non compliance with laws and regulaiions. We design procedures in line with our responsibilities, outlined above, to detecl material missiatemenls in respect of irregularities, including fraud. The extenl to which our procedures are capable of detecting irregularities, including fraud is detailed below.. The exlenl to whlch the audlt was consldered capable of delectlng Irregularllles Includlng fraud. Our approach to identifying and assessing the risks of material misstatement in respect ol irregularities, including fraud and non compliance with laws and regulations, was as follows: the engagement partner ensured thai ihe engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non compliance wilh applicable laws and regulaiions-, we identified the laws and regulations applicable io the company through discussions with directors and Other management, and from our commercial knowledge and experience of the sector; we assessed the extent ol compliance wilh the laws and regulations identified as key to the entity through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicaled within the audit team regularly and the team remained alert to instances ol non compliance throughout the audit. We assessed the susceptibility ol the charity's financial statements to material misstalemeni, including obtaining an understanding of how fraud might occur, by: making enquiries of management as lo where they considered there was suscepiibilily to fraud, Iheir knowledge ol actual, suspected and alleged fraud. considering the internal controls in place to mitigate risks of fraud and non compliance with laws and regulaiions- and reviewing Ihe key areas ol the financial statements most susceptible lo fraud whilst tailoring our audit plans. To address the risk of fraud through management bias and override ol controls, we: performed analytical procedures to identify any unusual or unexpected relaiionships. lesled journal entries lo identily unusual Iransaclions., investigated the rationale behind significant or unusual transactions. In response to the risk ol irregularities and non compliance with laws and regulations, we designed procedures which included, but were not limited lo.. agreoing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings ol those charged wilh governance., enquiring of management as to actual and polenlial liligation and claims., reviewing correspondence with the funding bodies and the charity's legal advisors; There are inherent limitations in our audit procedures described above. The more removed Ihai laws and regulations are from linancial Iransaclions, the less likely il is that we would become aware ol non compliance. Auditing standards also limit the audii procedures required lo identify non compliance with laws and regulations lo enquiry of the directors and other management and the inspection of regulatory and legal correspondence, il any. Material misstatements that arise due lo fraud can be harder to deteci than those thal arise from error as Ihey may involve deliberate concealment or collusion.
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Report of Ihe Independent Audltors For the year ended 29 February 2024 A further descriplion of our responsibilities lor the audit of the financial stalements is located on the Financial Reporling Council's websitg at: www.frc.org.ukJauditorsresponsibililies. This description forms part ol our Auditors, report. Use of our report This report is made solely to the charitable company's trustees. as a body, in accordance with Chapler 3 of Part 16 of the Companies Act 2006. Our audil work has begn und8rtaken so Ihat we might state to the charitable company's Iruslees those matters we are required to state lo them in an Auditors, report and for no other purpose. To the fullest 8xt8nl p8rmitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, lor our audit work, for this report, or for the opinions we have formed. Joanna 23, 2024 15.'56 GMT+ii Joanna Gray (Sonior Statutory Auditor) for and on behalf of Armstrong Watson Audit Llmit8d Chartered Accountanls and Statutory Auditor Rosehill Carlisle CAI 2UU Date 2310912024
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guaranlee) Statement of Financlal Aclivilies For the year ended 29 February 2024 Unrestrlcted Funds 2024 Unrestrlcted Funds 2023 Note Income Investment income 114,378 110,080 Total 114,378 110,080 Expendlture Raising funds Charitable activities 15,693} {135,049} {5,5371 173,783) Toial 1140,742) (79,320) Net lexpenditurel l income before gains and losses on investments {26,364) 30,760 Nei gains / (losses) on investments 4,916 (24,326) Nel movemeni In funds 121 ,448) 6,434 Fund balance brought forward 2,877,794 2,871,360 Fund balance carrled forward 11 2,856,346 2,877,794 All gains and losses recognised in the year are included above. The notes on pages 13 to 18 form part of these financial siaiemenls io
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limiled by guarantee) Balance Sheel as at 29 February 2024 Reglstered No 02674888 Not8 2024 2023 Flx8d assets Investments 2,819,166 2,704,274 Current assets Cash at bank and in hand 172,299 244,513 172,299 244,513 Llabllltle8 Creditors., amounts falling due within one year 10 1135,119) (70,993) Net currenl assets 37,180 173,520 Tolal assels less currenl Ilabllltleg 2,856,346 2,877,794 Funds Unrestricted Gen9ral fund (including revaluation reserve) 12 2.856,346 2,877,794 These financial statements have been prepared in accordance with the special provisions of the Companies Act 2006 relating lo small companies. The financial sla signed on its b ments were approved and authorised for issue by the board on 11 September 2024 and all. M C James Trustee Tho notes on pages 13 to 18 form part of these financial stalements li
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Statement of Cash Flows For the year ended 29 February 2024 Note 2024 2023 Cash flows from operatlng actlvltles Net movement in funds (21 ,448) 6,434 Increase I (Decrease) in creditors (Gains} I losses on investments 10 64,126 14,916} 1118) 24,326 Net cash Inflow from operatlng actlvltles 37,762 30,642 Cash flows from Investlng acllvltles Invesiment income reinvested in the fund Proceeds from sale of investments {114.378) 4.402 {110,0801 6,338 Net cash outflow from Invesiing aciivllles 1109,976) {103,742) Net decrease In cash and cash equlvalenls {72,214) (73,100) Cash and cash equivalents at the start of the year 244,513 317,613 Cash and cash equlvalenls al the end of the year 172,299 244,513 Cash and cash equlvalents conslsis of: Cash al bank and in hand 172,299 244,513 The notes on pages 13 to 18 form part of these financial statements 12
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Notes to the Financial Statements For Ihe year ended 29 February 2024 Accountlng Policles 1.1 Gonoral Informatlon Engin8ering Services Training Trust Limitgd ('the charity,) is a charitable company limited by guarantee incorporated in the United Kingdom and registered in England and Wales. The adéress of ils registered office is: Old Mansion House, Eamont Bridge, Penrith. Cumbria, CA10 2BX and its principal place of operation: Roth8rwick House, 3 Thomas More Street, Sainl Katharine's & Wapping, London, E1W 1YZ Tho charity was ostablished to promote and advance, for the public b8nefit, the education and trainlng of persons employed or intending to be employed in building 8ngin8ering services and related industries, in the UK and elsewhere. The Trustees confirm that they hav6 r8ferred to the guidance contained in th8 Charity Commission's general guidance on public b8n8fil when reviewing the charily's aims and objectives and in planning ils activities. These financlal staternents have been presented in pound sierling which is the functional currency of the charity. 1.2 Bas18 of Preparaiion The charity is a public benelit entity and the flnanclal statements have beèn prepared in accordance with Accounting and Reporting by Charities., Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (efleclive 1 January 2019) - (Charities SORP (FRS1021), the Financial Reporting Standard applicable in the UK and the Republic of Ireland IFRS102) and the Companies Act 2006. Assets and liabilities are initially recognised al historical cost, as modilied by the revaluation of investments to market value. 1.3 Inv88imeni Income Investment income is included in the Statement of Financial Activities when it Is éeclared by the investment manager. Bank interest is included in the Statement of Financlal Activities on a receivable basis. 1.4 Fund Ac¢ountlng Unrestricted goneral funds represent funds, which are expendable at th8 discretion of the Trustees Sn the furtherance ol the objects ol the charity. Such funds may be held in order to finance both working capital and capital investment. 1.5 Exp8ndilur8 and Irrecoverable VAT Expenditure is recognised once there is a legal or construclive obligation to make a paymenl to a third party, it is probable that settlement will be required and the amount ol the obligation can be measured reliably. Expenditure is classified under the following activity headings- Raising funds - investment managetnent fees., Grants payable amounts granted to individuals cr inslitutions in relation to th8 charity's primary purpose., and Other- amounts which do not lall into any other heading. 13
ENGINEERING SERVICES TRAINING TRUST LIMITED {a company limited by guarantee) Noles lo the Financial Slatements For the year ended 29 February 2024 1.6 Invesimenls Investments are a form of basic financial insirumenl and are initially recognised at their transaction value and subsequently measured at Iheir fair value as al the balance sheet date using the closing quoted market price. The Statement of Financial Activilies includes the net gains and losses arising on revaluation and disposals throughout Ihe year. All gains and losses are iaken to the Statement of Financial Aciivities as they arise. Realised gains and losses on investmenls are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent io the first day of the financial year. Unrealised gains and losses are calculated as tha dilference between the fair value at the year end and their carrying value. Realised and tjnrealised investment gains and losses are combined in the Statement of Financial Aciivilies. 1.7 Credltors Creditors are recognised where the charity has a preseni obligation resulting from a past event thai will probably result in the transfer ol funds lo a third party and Ihe amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their seitlement amounl. 1.8 Flnanclal Instruments Financial assets and liabilities are recognised when the charity becomes party to the contraclual provisions ol the financial instrument. The charity holds only basic linancial instruments, which comprise cash and cash equivalents, other payables, and Other financial instruments. Financial assets - classified as basic financial instruments Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities ol three months or less. Financial liabililies - classified as basic financial instruments Olher payables and loans and borrowings Trade and Other payables and loans and borrowings are initially measured al the Iransaction price, including any transaction costs, and subsequently measured al amortised cost using the elleclive interest method. Amounts that are payable within one year are measured at the undiscounled amount of Ihe cash expected lo be paid. 1.9 Crltlcal Accountlng Judgements and Key Sources of Estlmatlon Uncertalnty In applying the charity's accounting policies, the Trustees are required to make judgements, esiimales and assumptions in determining the carrying amounts ol assets and liabilities. The judgements, estimates and assumptions are based on the best and most reliable evidence available at the lime when the decisions are made, and are based on historical experience and other factors that are considered lo be applicable. Due lo the inherent subjectivity involved in making such judgements, estimates and assumpiions, the actual results and outcomes may differ. 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, if the revision affects only that period, or in the period of Ihe revision and future periods, if the revision affects both current and future periods. 14
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company Ilmlted by guarantee) Notes to the Flnanclal Stalemenls For the year ended 29 February 2024 1.10 Taxaiion The company is considered 10 pass the tests sel out in Sch. 6, para. 1 of Iha Finance Act 2010 and therefore it meets the definition of a charitab18 company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect ol income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxalion of Chargeable Gains Act 1992, 10 the extent that such income or gains are applied exclusively to charitable purposes. 1.11 Golng Concern The financial statements have been prepargd on a going concern basis. The Truste8s, having considered the financial position ol th& charity for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists thai may cast doubt about Ihe ability of the charity to continue as a going concern. Accordingly, the Trustees have a reasonable expectation thai the charity will continue in op9rational existence and thus they adopt the going concern basis of accounting in preparing the financial statements. 2 Investment Income Unreslrlcted 2024 Unr8stricled 2023 Distributions from UK listed investments 114,378 110,080 114,378 110,080 Ralslng Funds Unresirlcted 2024 Unrestrlcted 2023 Professional fees 5,693 5,537 Chariiable Actlvltles Unrestrlcied 2024 Unrestrithed 2023 Dlrect Cosis Grants payable Support costs Audit lees Bank charggs 130,000 68,675 4,867 182 4,926 182 135,049 73,783 Informatlon Regarding Trustees No Trustee receivecl or waived any remuneration, fees or expenses from the charity during the year {2023 - £nill. 15
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company Ilmited by guarantee) Notes to Ihe Fl nanclal Statements For the year ended 29 February 2024 Staff Cosls No staff costs were incurred directly by the charity during the year (2023 - £nill, The entity had no etnploye@s in the current or prior period. Corporatlon Tax Th8 chariiy is exempt from tax on income ané gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 8 (L088e8) l Galns on Investment asselg Unre8trlcted 2024 Unreslrlcted 2023 Realised {loss8s} I galns Unrealised gains l (losses) (2) 4,918 198 (24,524) 4,916 (24,326) Fix8d Asset Invesiment8 Unrestrlcted 2024 Unreslrlcled 2023 Llsled Investments (al valuaiion): Market value at 1 March Additions Disposals Net investment (loss) I galn 2,704,274 114,378 (4,402) 4,916 2,624,858 110,080 (6,338) (24,326) Markei value at 28 February 2,819,168 2,704,274 Cost at 28 February 2,378,205 2,268,231 Each ol the investments included in the above, represents more Ihan 50/0 ol Ihe total market value as follows at the end ol the period: Markel Value 2024 Market Value 2023 Cazenove Charity UCITS Fund Cazenove Charity NURS Fund 31.371. 896,252 66.961. 1,912,732 31.43Y• 904.540 62.54¥0 1.799.734 16
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company Ilmlted by guarantee) Notes lo Ihe Financial Statements For Ihe year ended 29 February 2024 10 Credltors falllng due wlthln one year Unresirlcted 2024 Unrestricied 2023 Grants payable Accruals 129,300 5,819 66,313 4,680 135,119 70,993 11 Analysls of Funds Unrestrlcted 2024 Unrestrlcled 2023 Unrestrlcted general fund Al 1 March Income Expenditure Investment gains I (losses) 2,877,794 114,378 (140,742) 4,916 2,871,360 110,080 (79,320) {24,3261 At 29 February 2,856,346 2,877,794 12 Analysis of Net Assets Unrestrlcied 2024 Unrestricted 2023 Unrestricted fund8 Investments Cash at bank Net current liabilities 2,819,166 172,299 (135,119) 2,704,274 244,513 170,993) 2,856,346 2,877,794 13 Flnanclal Inslrumenls Financial assets that aro debt Instruments measured at amortised costs: Unreslrlcled 2024 Unrestrlcted 2023 Cash at bank and in hand 172.299 244,513 14 Relaied Party Transaclions The Building Engineering Services Association {BESA) and its subsidiaries are considered by the Trustees to be related parties of the charity. During the year orants of £105,000 (2023- £68,675) were agreed lor projects wilhin BESA by the charity. At the year end, grants as yet unclaimed by BESA amounted lo £105,000 {2023- £65,400)- 17
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Notes to the Financlal Slatements For the year ended 29 February 2024 15 Legal Slatus of Ihe Charlly The charity is incorporated as a company limited by guarantee. having no share capital. In accordance with the Memorandum of Association, every member is liable to conlribut8 a sum of £1 in th8 event of the company being wound up. At 29 February 2024 and 28 February 2023 there w8r8 two members as follows: The Building Engineering Services Association, a registered trade and employers association operating in the United Kingdom. Certification ollice number 0431E. B&ESA Limited, a company registered in England 00852809, The Company is the parent company of a group of companies who oporale in the bu11ng seNices industry. Consolidated accounts for both entities are available from Old Mansion House, Eamont Bridge, Penrith, Cumbria, CA10 2BX. 16 Controlllng Party The Building Engineering Services Association IBESA) has the power io appoint six out ol a maximum of eight Trustees, The charity has no ultimate controlling party due to no individual having control over BESA. 18
ESTTL Ye 29.02.24 Signed not AR
Final Audit Report
2024-09-23
Created: 2024-09-23 By: Lauren Graham (lauren.graham@armstrongwatson.co.uk) Status: Signed Transaction ID: CBJCHBCAABAA67qD2o_cSM39wrY7zIlExRhpTZDq_w8X
"ESTTL Ye 29.02.24 Signed not AR" History
Document created by Lauren Graham (lauren.graham@armstrongwatson.co.uk) 2024-09-23 - 14:14:48 GMT- IP address: 62.89.135.74
Document emailed to Joanna Gray (joanna.gray@armstrongwatson.co.uk) for signature 2024-09-23 - 14:15:50 GMT
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Document e-signed by Joanna Gray (joanna.gray@armstrongwatson.co.uk) Signature Date: 2024-09-23 - 14:56:02 GMT - Time Source: server- IP address: 195.27.48.58
Agreement completed.
2024-09-23 - 14:56:02 GMT