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 bu1￿1ng 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