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
CoNTETr￿S
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 RegiSte￿d 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-
ROthe￿iCk 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 Se￿iceS 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 cur￿n1 (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