ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Registered No. 02674888 Charity Registration No. 1007703 Annual report and financial statements For the year ended 28 February 2025
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Annual Report and Financial Statements For the year ended 28 February 2025 CoNTETrS Company Information Report of the Trustees Report of the Independent Auditors 10 Statement of Financial Activities Balance Sheet 12 Statement of Cash Flows 13-18 Notes lo Ihe Financial Statements
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Annual Report and Financial Statements For the year ended 28 February 2025 COMPANY INFORMATION Board of Trustees M C James S Chenia L C Gillespie R J Grant Secretary M C James Nominaling Bodies The Building Engineering Services Association B&ESA Ltd Registered Office Old Mansion House Eamont Bridge Penrtlh Cumbria CA10 2BX Company Number 02674888 Charity Registration Number 1007703 Independent Auditor Armslrong Watson Audit Limiled James Watson House Montgomery Way Rosehill Carlisle CA1 2UU Bankers Lloyds TSB 6 Lowther Street Carlisle CA3 8DB Investment Fund Providers Cazenove Capital Management Schroder & Co Limited 1 London Wall Place London EC2Y SAU
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Report of the Trustees For the year ended 28 February 2025 The Trustees submit their report together with the audited financial slalements for Ihe year ended 28 February 2025. The financial statements comply with the Charities Act 2011, the Companies Acl 2006. the Memorandum and Arlicles of Association and the Accounling and Reporting by Charities= Slatement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effeclive 1 January 20191. Name and RegiSted Off ice of Charity The name ol the charily is Engineering Services Training Trust Limtled. Ils registered off ice is= Old Mansion House, Eamont Bridge. Penrith. Cumbria. CA10 2BX and its principal operating address is- ROtheiCk House, 3 Thomas More Street, Saint Katharine's & Wapping, London. E1W 1 YZ. Conslilution and Registration The chariiy was formed as a company limited by guarantee on 31 December 1991., is governed by the terms of its Memorandum and Articles ol Association- and is registered with the Charity Commission. Objectives and Activities The charity was established to promote and advance, for the public benefit. the education and Iraining of persons employed or intending to be employed in building engineering services and related industries, in Ihe UK and elsewhere. The Truslees confirm Ihat Ihey have referred lo the guidance contained in Ihe Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its activities. The Trustees are satisfied that the reported or expected benefits of the funding the charity has provided meet their required success criteria. Organisalion of the Charity The charily's operations are conlrolled by Ihe Board of Trustees. reswnsible for the legal, statulory and financial obligations. In particular the Board is responsible for: the overall control. moniloring and review of the policies. resF)onsibilities and activities of the charity., approval of specilic quantifiable objectives in line with the aims of the charity- approval of plans to meet objectives., monitoring progress towards the objectives. defining roles of operation in respect ol financial procedures, controls and limits of authority,. and setting criteria and benchmarks lor investment fund pjlicies and management. As the charity has no directly employed staff. support SeiceS are provided as required by The Building Engineering Services Association. In the opinion of the Trustees, the value of Ihese services is not sufficiently material to require disclosure in the financial statements as a gift in kind.
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Report of the Trustees For the year ended 28 February 2025 Trustees The Trustees of Ihe charity during the year were= M C James S Chenia L C Gillespie R J Grant The Trustees had no financial interest in either the charty or in any material contract during the year relating to the activities of the charity. Key management personnel are deemed to be the Trustees. No Trustee receives any remuneration. Appointment and Induction of Truslees Trustees are appointed by the nominating bodies, The Building Engineering SeNices Association and B&ESA Limited, in accordance wilh the charity's Memorandum and Articles of Association, as and when required in order to maintain an effective balance of knowledge and relevant experience. In addition lo general induclion, training for new Truslees will be provided where necessary on charity, legal and financial matters. Statement of Trustees, Responsibilities The Trustees, who are also the directors of Engineering Serwces Training Trust Limiled for the purposes of company law. are responsible lor preparing the Trustees, Annual Report and the linancial slalements in accordance with the Companies Act 2006 and for being satisfied that the financial slalements give a true and fair view. The Trustees are also responsible for preparing the financial statements in accordance with United Kingdom Accounting Standards (Uniled Kingdom Generally Accepted Accounting Practice}. Company law requires the Trustees to prepare tinancial slalements for each financial year which give a true and lair view of the slate of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial slatemenls. the Trustees are required lo= select suitable accounting policies and then apply them consistently- make judgements and estimates that are reasonable and prudent., stale whelher applicable accounling standards have been followed. subject lo any malerial departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriale lo presume that the charity will conlinue in business The Trustees are responsible for keeping adequate accounting records that show and explain the charity's transactions, disclose with reasonable accuracy at any time the financial position of the charily, and enable them to ensure that the financial stalements comply wilh the Companies Acl 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and delection of fraud and other irregularities. Inveslmenl Powers The Memorandum and Articles of Associalion of Ihe Charty place no reslriclions on Ihe power of investment of the Trustees.
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Report of the Trustees For the year ended 28 February 2025 Risk Management In Ihe opinion ol Ihe Trustees, Ihe 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 ol these issues are covered by the placement of the charity's funds. other than working capilal, with a reputable fund manager selected after careful review. The Trustees are satisfied that internal risks. which could derive from the seleclion of projects or unauthorised bank payments have been minimised by the various policies, procedures and mandates which are in place and regularly reviewed. The Trustees continue to assess the potenlial implications of the Uniled Kingdom wilhdrawing from the European Union. Although there is an appreciation that there is a level of uncertainty associated with this, no significanl direct implicalions are expecled. Resetves Policy Accumulated funds are invested as outlined in the financial statements and the general policy is that relurns on these investments will be used lo fund charf(able activities. Neilher Ihis. nor the capital benchmark which the Trustees use to monilor reserves, is a financial limit and the policy of the Truslees is that, subject to rigorous review criteria being met. the charity's funds and reserves should be used in a manner where and when they can provide maximum benefil wilhin its objectives. The value of the Unrestricted General Fund at 28 February 2025 was £3.045.56612024= 2,856,346). The Trustees, capttal benchmark at 28 February 2025 was £2,955,195 {2024: £2.849,7541.reflecling a surplus of £50,371 {2024.' surplus of £6,592). Review ot Income and Expenditure The charity's principal funding source is Ihe income which it receives from listed investments. At £118.465, the investment income received was higher compared to the previous year's figure of £114,378. In the current year, the charity has provided funding 01 £240,483 (2024 £130,000). The Charity provided £20,500 to the Building Engineering Setvices Association to support training iniliatives thai prepare individuals to engage with schools and deliver presentalions for Iheir NexlGen group. An addilional £26,500 was allocated to a separale school engagement project. The Charity also contributed £25.000 to support reviews of Apprenticeship Standards and awarded £168.483 to Youthbuild for its EquipD project. Taking into account the overall lotal of grants provided or authorised in the year resulting in net expenditure before investmenl activity of £135,555 for Ihe year12024- nel expenditure of £26,364). After a gain on inveslments of £320,22912024- gain of £4,916) and interest of £4,54612024 - £nil}, there was a net increase in funds of £189,22012024- decrease £21,448). Review of Developments and Future Prospects The Trustees have decided that the charity will continue to act as a charity for the benefit of training in building engineering services and other related induslries. It will seek aclively lo support initialives and projects that are consistent with its Memorandum and Articles of Association. This policy will be the subject of regular review to ensure thal the mosl appropriate use of Ihe charity's funds is being made. Related parties Related paty transactions are fully disclosed within note 14 to the financial statements.
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Report of the Trustees For the year ended 28 February 2025 Public Benefil slatement The Trustees confirm Ihal they have complied wilh Ihe requirements ol section 17 01 the Charities Acl 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Inveslmenls Details of the investment transactions in the year are sel out in note 9 to the financial slatements. Statement as to Disclosure of Infomialion to Auditor In so far as the Trustees are aware at the time of approving the Trustees, Annual Report- Ihere is no relevant information, being information needed by Ihe auditor in conneclion with preparing their report, of which the charity's auditor is unaware, and the Trustees, having made enquiries of fellow directors and the charity's auditor that they ought to have individually taken, have each laken all steps that helshe is obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of Ihal information. Auditor Armslrong Watson Audit Limiled have expressed their willingness to continue in office. A resolution to reappoint them in accordance with Section 485 of the Companies Act 2006 will be put to the annual general meeling. This report has been prepared in accordance with the Small Companies regime of the Companies Act 2006. By order of the Board M C James Trustee Date: 10 September 2025
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Report of the Independent Auditors For the year ended 28 February 2025 Opinion We have audiled the financial stalements of Engineering Services Training Trust Limiled (the '¢harilable company,) lor the year ended 28 February 2025 which comprise the Statement of financial activities, the Balance sheet, the Slatemenl of cash flows and the related noles, including a summary of 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 of Ireland, {United Kingdom Generally Accepted Accounting Praclice). In our opinion the financial statemenls= give a Irue and fair view of the state of the charitable company's affairs as at 28 February 2025 and of its incoming resources and application of resources. including its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounling Practice., and have been prepared in accordance with the requirements of the Companies Act 2003. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS {UKI} and applicable law. Our responsibiltties under those standards are further described in the Auditors, responsibilities for the audit of the financial slatements section of our report. We are independent of the charitable company in accordance wilh the elhical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with Ihese requirements. We believe Ihat the audit evidence we have oblained is suff icient and appropriate lo provide a basis for our opinion. Conclusions relaling to going concem In audiling ihe linancial slalemenls, we have concluded thal the Trustees, use of the going concern basis ol accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have nol identified any material uncertainties relating to events or conditions that. individually or collectively. may cast significanl doubt on the charilable company's ability lo continue as a going concern for a period of at least twelve months from when the financial statements are authorised lor issue. Our responsibilities and the responsibilities of Ihe Trustees wilh respect to going concern are described in the relevanl sections of this report. Other information The Trustees are responsible for Ihe other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors. report thereon. Our opinion on Ihe linancial slalemenls does not cover the other informalion and we do not express any form ol assurance conclusion Ihereon. In connection wilh our audit of the financial statements, our responsibility is lo read the other information and, in doing so. consider whelher the other information is materially inconsistent wilh Ihe financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identily such material inconsistencies or apparent malerial misstatemenls, we are required to determine whether there is a material misstalement in the financial statements or a malerial misstatement of the other information. If, based on the work we have performed, we conclude Ihal there is a malerial misstalemenl ol this other information, we are required to report that fact. We have nothing to retM)rt in Ihis regard.
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Report of the Independent Auditors For the year ended 28 February 2025 Matters on which we are required lo report by exception In Ihe light ol our knowledge and underslanding of the charilable company and its environment oblained 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 lo which Companies Acl 2006 requires us to report to you if. in our opinion= the information given in the Trustees. rewrt is inconsistenl in any material respect with the financial slalements., or sufficient accounting records have not been kept- or the financial stalemenls are nol in agreement with Ihe accounting records and returns- or we have nol received all the informalion and explanations we require for our audit. Responsibilities of trustees As explained more fully in Ihe Truslees, responsibilities statemenl, the Trustees (who are also the directors of the charilable company for the purposes of company law) are responsible for the preparation of the financial statemenls and lor being satisfied that they give a true and lair view, and lor such internal control as the Trustees determine is necessary to enable the preparation ol financial statements that are free from material misslalement. whether due lo fraud or error. In preparing ihe financial statemenls, the Truslees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidale Ihe charitable company or to cease operations, or have no realistic alternative but to do so. Auditors, responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance atM)ut whether the financial statements as a whole are free from material misstatement. whether due lo fraud or error, and to issue an Auditors, report Ihat includes our opinion. Reasonable assurance is a high level of assurance, but is nol a guaranlee that an audil 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 malerial 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 statemenls. Irregularities, including fraud. are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to delect material misslalements in respect of irregularities, including fraud. The exlenl to which our procedures are capable of detecting irregularities, including fraud is detailed below- Auditor's responsibilities for the audit of the financial stalements Our objectives are to obtain reasonable assurance about whelher Ihe financial statemenls as a whole are free from material misstatement. whether due lo fraud or error, and to issue an auditor's reporl that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audil conducted in accordance with ISAS {UK) will always detect a material misstatement when it exists. Misstatements 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 limited by guarantee) Report of the Independent Auditors For the year ended 28 February 2025 Irregularities, including fraud. are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misslalements in respect of irregularities, including fraud. The extenl to which our procedures are capable of detecting irregularities, including fraud is detailed below- The extent to which the audit was considered capable of detecting irregularities including fraud. Our approach to identifying and assessing the risks of material misstalemenl in respect of irregularities, including fraud and non compliance with laws and regulations, was as follows.. the engagement partner ensured thal the engagement leam colleclively had the appropriate competence, capabililies and skills lo identify or recognise non compliance with applicable laws and regulations., we idenlilied the laws and regulalions applicable to the company Ihrough 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 regulalions identified as key lo the enlity through making enquiries of management and inspecling legal correspondence., and identified laws and regulations were communicated within the audil leam regularly and the team remained alert to instances of non compliance throughout the audtt. We assessed the susceplibility of the charty's financial slalements lo material misstalement. including obtaining an understanding of how fraud mighl occur, by.. making enquiries of management as to where Ihey considered there was susceptibility lo fraud, Iheir knowledge of actual, suspected and alleged fraud., considering the internal controls in place to mitigate risks of fraud and non compliance with laws and regulations., and reviewing the key areas of the financial slalements most susceptible to fraud whilst tailoring our audil plans. To address the risk of fraud through management bias and override of controls, we- performed analytical procedures to identify any unusual or unexpected relalionships., tesled journal entries lo identity unusual transactions., investigaled the rationale behind significant or unusual transactions., In response lo the risk of irregularities and non compliance with laws and regulalions, we designed procedures which included, bul were not limiled to= agreeing financial statement disclosures to underlying supporting documentation- reading the minutes of meetings of Ihose charged with governance., enquiring ol management as to actual and potential litigation 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 thal laws and regulations are from financial Iransactions. the less likely it is that we would become aware of non compliance. Auditing standards also limil the audit procedures required to identify non compliance wilh laws and regulations to enquiry of the directors and other management and the inspection ol regulatory and legal correspondence. if any. Material misslalements Ihat arise due to fraud can be harder lo detect than Ihose that arise from error as they may involve deliberate concealment or collusion.
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Report of the Independent Auditors For the year ended 28 February 2025 A further descripiion ol our responsibilities for the audit of the financial statemenls is localed on the Financial Reporting Council's website at: www.frc.org.ukjauditorsresponsibilities. This description forms part of our Auditors, report. Use of our report This report is made solely to Ihe charitable company's Irustees, as a body, in accordance wilh Chapler 3 of Part 16 of the Companies Acl 2006. Our audit work has been undertaken so thal we might slale lo the charitable company's Iruslees those matters we are required to slate lo them in an Audilors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charilable company and its members, as a body, for our audit work. for this report. or for the opinions we have lormed. Joanna p 10, 2025 16=43=53 GMT+ll Joanna Gray {Senior Statutory Audilor) for and on behalf of Armstrong Watson Audil Limited Chartered Accountants and Statutory Auditor Rosehill Carlisle CA1 2UU Date
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Statement of Financial Activities For the year ended 28 February 2025 Unrestricted Funds 2025 Unrestricted Funds 2024 Note Income Investment income 118,465 114,378 Total 118,465 114,378 Expenditure Raising funds Charitable activities (8,6261 (245,394) 15,6931 {135,049} Total (254,020) {140,742} Nel expenditure before gains and losses on inveslments (135,555) {26,364} Interesl Receivable Net gains on investments 4.546 320,229 4,916 Nel movement in funds 189,220 {21,448} Fund balance brought forward 2.856.346 2,877,794 Fund balance carried forward 11 3,045.566 2,856,346 All gains and losses recognised in the year are included above. The notes on pages 13 to 18 form part of Ihese financial statements io
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Balance Sheet as at 28 February 2025 Registered No 02674888 Note 2025 2024 Fixed assets Investments 3.168.170 2.819,166 Current assets Cash al bank and in hand 37,704 172,299 37.704 172.299 Liabililies Creditors.. amounts falling due within one year 10 (160.3081 1135,1191 Nel curn1 (liabilities) l assets (122,604) 37,180 Total assels less current liabililies 3.045,566 2,856,346 Funds Unrestricted General fund (including revaluation reserve) 12 3.045,566 2.856,346 These linancial statements have been prepared in accordance wilh the special provisions of Ihe Companies Acl 2006 relating to small companies. The financial statements were approved and authorised for issue by the board on 10 September 2025 and signed on ils behalf. M C James Trustee The notes on pages 13 to 18 forrn part of these financial statements li
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Statement of Cash Flows For the year ended 28 February 2025 Note 2025 2024 Cash flows from operating activities Nel movemenl in funds 189.220 121,4481 Increase in creditors Gains on investments 10 25.189 {320,2291 64.126 14.916) Nel cash inllow from operating aclivilies (105,820) 37,762 Cash flows Irom investing activities Investment income reinvested in the fund Proceeds froffl sale of investments {118,4651 89.690 1114,3781 4,402 Net cash outflow from investing activities (28,775) {109,976} Nel decrease in cash and cash equivalenls (134,595) {72,214} Cash and cash equivalents al Ihe start of Ihe year 172,299 244,513 Cash and cash equivalents al Ihe end of the year 37,704 172,299 Cash and cash equivalents consisls of: Cash at bank and in hand 37,704 172,299 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 the year ended 28 February 2025 Accounting Policies 1.1 General Informalion Engineering Services Training Trust Limited ('the charity.) is a charitable company IiTniled by guarantee incorporated in the Uniled Kingdom and registered in England and Wales. The address of its registered office is= Old Mansion House, Eamonl Bridge, Penrith, Cumbria, CA10 2BX and its principal place of operation: Rotherwick House. 3 Thomas More Street. Sainl Katharine's & Wapping, London, E1W 1YZ The charity was established to promote and advance, for the public benefit, the education and training ol persons employed or intending to be employed in building engineering services and related industries, in the UK and elsewhere. The Trustees confirm that they have referred to the guidance contained in Ihe Charity Commission's general guidance on public benefil when reviewing the charity's aims and objectives and in planning its activities. These financial statements have been presented in wund sterling which is the functional currency of the charity. 1.2 Basis of Preparation The charity is a public benefit entity and Ihe financial stalemenls have been prepared in accordance with Accounting and ReF)orting by Charities.. Statement ol Recommended Practice applicable lo charities preparing Iheir accounts in accordance with the Financial Reporting Slandard applicable in Ihe UK and Republic of Ireland IFRS1021 (effective 1 January 20191- (Charities SORP {FRS10211, the Financial Reporting Standard applicable in the UK and the Republic of Ireland IFRS1021 and the Companies Act 2006. Assets and liabilities are inilially recognised al historical cost, as modified by Ihe revaluation of investments to market value. 1.3 Investment Income Investment income is included in the Statement of Financial Activities when it is declared by the investment manager. Bank interest is included in the Statement of Financial Activities on a receivable basis. 1.4 Fund Accounting Unrestricted general funds represent funds, which are expendable at the discretion of the Truslees in the furtherance ol the objects of the charity. Such funds may be held in order to finance both working capilal and capital investmenl. 1.5 Expendilure and Irrecoverable VAT Expenditure is recognised once Ihere is a legal or constructive obligation to make a payment to a third party. it is probable thal settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.. Raising funds- inveslment management fees- Grants payable- amounts granled lo individuals or inslitulions in relation to Ihe charty's primary purpose" and Other- amounts which do not fall into any other heading. 13
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Notes to the Financial Statements For the year ended 28 February 2025 1.6 Investments Inveslments are a form of basic financial instrument and are inilially recognised at Iheir Iransaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement ol Financial Activities includes Ihe net gains and losses arising on revalualion and disposals throughout the year. All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on inveslments are calculated as Ihe difference belween sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference belween the lair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. 1.7 Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the arnounl due lo settle the obligalion can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount. 1.8 Financial Instruments Financial assets and liabilities are recognised when Ihe charity becomes party lo Ihe contraclual provisions of the financial instrument. The charity holds only basic financial inslruments, which comprise cash and cash equivalents, other payables. and other financial inslrumenls. Financial assets - classified as basic financial instruments Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held wilh banks, and other short-term highly liquid investments with original maturities of three months or less. Financial liabilities- classified as basic financial instniments Otherpayables and loans and borrowings Trade and other payables and loans and borrowings are initially measured al the transaction price, including any transaclion costs, and subsequently measured at amortised cost using the effective inlerest method. Amounts Ihat are payable within one year are measured at the undiscounted amount of the cash expected to be paid. 1.9 Critical Accounting Judgements and Key Sources ol Estimation Uncertainty In applying the charity's accounting policies, the Trustees are required lo make judgements, estimates and assumptions in determining the carrying amounts of assets and liabililies. The judgements. eslimates 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 to the inherent subjectivity involved in making such judgemenls, estimates and assumptions, the aclual results and outcomes may differ. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounling eslimates are recognised in Ihe period in which Ihe estimate is revised, if Ihe revision affects only that period, or in the period of the revision and future periods, if the revision affects bolh current and future periods. 14
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Notes to the Financial Statements For the year ended 28 February 2025 1.10 Taxalion The company is considered to pass Ihe tesls sel out in Sch. 6. para. 1 of Ihe Finance Act 2010 and therefore it meets the definition of a charitable company lor UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respecl of income or capilal gains received within calegories covered by Pl. 11, Ch. 3 of the Corporation Tax Acl 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, lo the exlent that such income or gains are applied exclusively to charitable purposes. 1.11 Going Concern The financial statements have been prepared on a going concem basis. The Truslees, having considered the financial position of the charity for a period of al least twelve months from the date of signing these linancial slatements, have no reason to believe Ihat a malerial uncerlainty exisls that may cast doubl about the ability of the charity to continue as a going concern. Accordingly, the Trustees have a reasonable expectation that the charity will continue in operational existence and thus they adopt the going concern basis of accounting in preparing the linancial statements. Investment Income Unrestricted 2025 Unrestricted 2024 Distributions from UK lisled investmenls 118,465 114,378 118,465 114.378 Raising Funds Unrestricted 2025 Unrestricted 2024 Professional fees 8.626 5,693 Charitable Aclivities Unrestricted 2025 Unrestricted 2024 Direcl Costs Grants payable Support costs Audit lees Bank charges 240,483 130,000 4.733 178 4,867 182 245,394 135,049 Information Regarding Trustees No Trustee received or waived any rernuneration. fees or expenses from Ihe chartty during Ihe year {2024 - £nill. 15
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Notes to the Financial Statements For the year ended 28 February 2025 Staff Cosls No staff costs were incurred direclly by the charity during ihe year {2024- £nil). The enlity had no employees in the current or prior period. Corporation Tax The charity is exempt from tax on income and gains falling within seclion 505 of the Taxes Act 1988 or section 252 of the Taxalion of Chargeable Gains Acl 1992 lo the exlent that these are applied to its charitable objects. (Losses) l Gains on Investmenl assets Unrestricted 2025 Unrestricted 2024 Realised gains l (losses) Unrealised gains 10,235 309,994 121 4,918 320,229 4,916 Fixed Asset Investments Unrestricted 2025 Unrestricted 2024 Listed investments {at valuation): Market value at 1 March Additions Disposals Nel investment gain 2.819,166 118,465 (89,690) 320,229 2,704,274 114.378 14,4021 4,916 Market value at 28 February 3.168,170 2,819.166 Cost at 28 February 2,417,215 2,378.205 Each of the investments included in the above, represents more than 5 % of the total market value as follows at the end of Ihe period= Market Value 2025 Markel Value 2024 Cazenove Charity UCITS Fund Cazenove Charity NURS Fund 36.23/. 1.103.444 67.7/. 2.064.726 31 .37°/. 896,252 66.96 % 1.912,732 16
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Notes to the Financial Statements For the year ended 28 February 2025 10 Creditors falling due within one year Unrestricted 2025 Unrestricted 2024 Grants payable Accruals 154,288 6.020 129,300 5,819 160,308 135,119 11 Analysis of Funds Unrestricled 2025 Unrestricled 2024 Unrestricted general fund Al 1 March Income Expenditure Interest receivable Investment gains 2.856,346 118,465 (254,020) 4,546 320,229 2,877,794 114.378 1140.7421 4,916 Al 28 February 3.045,566 2,856,346 12 Analysis ol Net Assels Unrestricted 2025 Unrestricted 2024 Unrestricled lunds Investments Cash al bank Nel current liabilities 3,168,170 37,704 (160,308) 2,819.166 172,299 1135,1191 3,045,566 2,856.346 13 Financial Instrumenls Financial assets Ihat are debt instruments measured al amortised costs: Unrestricled 2025 Unrestricted 2024 Cash at bank and in hand 37,704 172,299 14 Related Party Transactions The Building Engineering Services Associalion (BESA) and ils subsidiaries are considered by Ihe Trustees to be related parties of the charity- During the year grants of £20.50012024: £105,000) were agreed for projects within BESA by the charity. At the year end, grants as yet unclaimed by BESA amounted to £121,000 (2024.. £105,000}. 17
ENGINEERING SERVICES TRAINING TRUST LIMITED (a company limited by guarantee) Notes to the Financial Statements For the year ended 28 February 2025 15 Legal Status of the Charity The charity is incorporated as a company limited by guarantee, having no share capital. In accordance with the Memorandum of Associalion, every member is liable lo conlribute a sum 01 £1 in the event of the company being wound up. At 28 February 2025 and 29 February 2024 there were Iwo members as follows.. The Building Engineering Services Associalion. a registered trade and employers associalion operating in the United Kingdom. Certification office number 0431E. B&ESA Limited, a company registered in England 00852809, The Company is the parent Company ol a group ol companies who operate in the building seNices industry. Consolidated accounts for both entities are available from Old Mansion House, Eamont Bridge. Penrith, Cumbria, CA10 2BX. 16 Conlrolling Party The Building Engineering Services Associalion (BESAI has the power lo appoint six oul of a maximum of eight Trustees. The charity has no ultimate controlling paty due to no individual having control over BESA. 18