REGISTERED COMPANY NUMBER: 03389705 (England and Wales) REGISTERED CHARITY NUMBER: 1068863
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Berringers LLP Chartered Accountants and Statutory Auditors Lygon House 50 London Road Bromley Kent BR1 3RA
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 March 2024
| Page | |||
|---|---|---|---|
| Reference and administrative details | 1 | ||
| Report of the trustees | 2 | to | 4 |
| Report of the independent auditors | 5 | to | 7 |
| Statement of financial activities | 8 | ||
| Balance sheet | 9 | ||
| Cash flow statement | 10 | ||
| Notes to the cash flow statement | 11 | ||
| Notes to the financial statements | 12 | to | 18 |
| Detailed statement of financial activities | 19 | to | 20 |
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
REFERENCE AND ADMINISTRATIVE DETAILS for the year ended 31 March 2024
| TRUSTEES | R J Clarke |
|---|---|
| F Harper | |
| A J Smith | |
| M Smith | |
| N R Smith | |
| A Wilson (appointed 1.4.24) | |
| COMPANY SECRETARY | Ms C Mason |
| REGISTERED OFFICE | Lygon House |
| 50 London Road | |
| Bromley | |
| Kent | |
| BR1 3RA | |
| REGISTERED COMPANY | 03389705 (England and Wales) |
| NUMBER | |
| REGISTERED CHARITY | 1068863 |
| NUMBER | |
| AUDITORS | Berringers LLP |
| Chartered Accountants | |
| and Statutory Auditors | |
| Lygon House | |
| 50 London Road | |
| Bromley | |
| Kent | |
| BR1 3RA |
Page 1
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
REPORT OF THE TRUSTEES for the year ended 31 March 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and policies
The National Electrotechnical Training Organisation (NET) is a company limited by guarantee and has charitable status.
Presently, NET's primary objective is to develop and maintain assessments of occupational competence and to ensure sufficient licensed centres to meet demand for the assessments. There are currently over 50 centres and these provide sufficient capacity and trustees regularly review the potential demand for additional centres.
Public benefit
Following the Government's implementation of the Charities Act 2011, the Trustees are cognisant of their responsibilities in demonstrating public benefit as set out in guidance provided by the Charity Commission. The Charity has and continues to demonstrate a number of areas of public benefit including and not limited to developing and maintaining the assessments of occupational competence required by the UK electrical and engineering industry, and supporting initiatives, such as SkillElectric in partnership with World Skills UK, which positively promote careers, best practice and skills. NET is a founding member of TESP, the Electrotechnical Skills Partnership, and provides funding to support a range of projects focused on supporting industry skills and careers.
ACHIEVEMENT AND PERFORMANCE
Review of the year
During the year NET generated income of £1,707,857 (2023: £1,378,292), paid out £1,182,124 (2023: £1,078,049) in costs and has total reserves carried forward of £2,103,066 (2023: £1,577,333). NET also received a restricted grant totalling £13,791 (2023: £11,944) towards the delivery and management of SkillElectric and associated accommodation costs.
The profile of assessments of occupational competence is improving, with an increase in recognition of the value of the assessment both as the end-point assessment component of an apprenticeship or vocational qualification and as a standalone demonstration of competence to industry recognised standards.
NET continues to deploy its charitable reserves in the development of new Assessments of Competence/End Point Assessments. During the year NET developed updated assessments of competence for the Installation/Maintenance Electrician and Domestic Electrician apprenticeships and Experienced Worker Assessments, and continues to invest in a range of free to use tools and support materials for candidates and training providers.
NET is a core member of The Electrotechnical Skills Partnership (TESP) and has provided funding support for the development of the Electrical Careers and TESP Website, funding for comprehensive industry labour market intelligence and production of careers support materials.
As the managing partner for the SkillElectric competition, NET continues to invest in further development of the competition and funds a dedicated part-time consultant to support this. All aspects of the competition were delivered on target.
During the year, NET operated in full compliance with the requirements of ESFA, and its agencies for NETs regulated End Point Assessment activity.
All NET activity and project delivery is monitored by trustees through the Operational Plan. The trustees are satisfied that during the year all projects within the operational plan have been delivered on target.
Page 2
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
REPORT OF THE TRUSTEES for the year ended 31 March 2024
ACHIEVEMENT AND PERFORMANCE
AM2/FICA Skills Test intellectual copyright
AM2 and FICA are the industry approved assessments of occupational competence (AoC) undertaken by advanced apprentices and others throughout the UK when qualifying as installation/maintenance and domestic electricians to industry recognised standards.
NET owns the copyright and the assets that are AM2 in their entirety and annually licenses the network of approved centres.
FINANCIAL REVIEW
Investment policy
Cash at bank above £25,000 is held on deposit. No other investments are envisaged.
Reserves policy
It is anticipated that the level of NET's activity in support of the licensed centre network and other initiatives will rise in the near future; NET has devoted resources to ensure this activity is properly supported and undertaken promotion and support activities, such as regular Centre Standardisation events, together with additional work on apprentice support and other initiatives, as necessary.
FUTURE PLANS
The network of licensed centres will be subject to review and, if necessary, development under NET's stewardship. Opportunities for the development of other relevant assessments of competence will be evaluated.
Work will be undertaken to evaluate how the Charity can best utilise its available resources in support of its objectives.
NET continues to review both the structure and content of its assessments and the support and services it provides to the licensed centre network, such as product development, marketing, PR and the development of web services.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
NET is a Company Limited by Guarantee and not having share capital. The parties signed the relevant Memorandum and Articles of Association on 13 June 1997.
Trustee recruitment and induction
Board meetings are held three times a year, subject to regular review.
The respective stakeholders nominate trustees to an agreed ratio. They are not required to submit to re-nomination. The position of Chairman changes at intervals.
Related parties
The three stakeholders in NET (UNITE, ECA and SELECT) have restated their commitment to the future of the organisation and their belief that its work is of importance to the industry.
AM2 and FICA remain the preferred, and only, assessments of occupational competence (AoC) recognised by employers and union alike. This is reflected in the prominent part they play in the grading process of the Joint Industry Board (JIB) and the Scottish Joint Industry Board (SJIB) and the Electrotechnical Certification Scheme (ECS).
Page 3
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
REPORT OF THE TRUSTEES for the year ended 31 March 2024
STATEMENT OF TRUSTEES' RESPONSIBILITIES Directors' responsibilities for the financial statements
Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the financial activities of the charitable company during the period and of their financial position at the end of the period. In preparing those financial statements, the directors should follow best practice and:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements:
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the charitable company and which enable them to ascertain their financial position and to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
So far as each of the directors is aware at the time the report is approved:
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there is no relevant audit information of which the company's auditors are unaware, and
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the directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Berringers LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on 10 January 2025 and signed on its behalf by:
N R Smith - Trustee
Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
Opinion
We have audited the financial statements of National Electrotechnical Training Organisation (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of financial activities, the Balance sheet, the Cash flow statement and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Report of the independent auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Report of the trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Report of the trustees has been prepared in accordance with applicable legal requirements.
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
Matters on which we are required to report by exception
In the light of the 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 Report of the trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic report or in preparing the Report of the trustees.
Responsibilities of trustees
As explained more fully in the Statement of trustees' responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free 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 related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the independent auditors 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. 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and error, we considered the following:
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the nature of the industry, control environment and business performance;
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results of our enquiries to management about their own assessment of the risks of fraud and error;
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the matters discussed among the audit engagement team regarding how and where fraud may occur in the financial statements and any potential indicators of fraud.
Our procedures to respond to risk include the following:
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reviewing the financial statement disclosures and testing to supporting documentation;
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performing analytical procedures to identify any unusual or unexpected areas that may indicate risks of material misstatement due to fraud or error;
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addressing the risk of fraud and error through management override of controls, testing the appropriateness of journals, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Paul Allan BSocSc FCA (Senior Statutory Auditor) for and on behalf of Berringers LLP Chartered Accountants and Statutory Auditors Lygon House 50 London Road Bromley Kent BR1 3RA
10 January 2025
Page 7
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 March 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 4 Direct charitable activities Investment income 3 Total EXPENDITURE ON Charitable activities 5 Direct charitable activities NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ - 1,667,711 26,355 1,694,066 1,168,333 525,733 1,577,333 2,103,066 |
Restricted funds £ 13,791 - - 13,791 13,791 - - - |
2024 Total funds £ 13,791 1,667,711 26,355 1,707,857 1,182,124 525,733 1,577,333 2,103,066 |
2023 Total funds £ 14,944 1,357,566 5,782 |
|---|---|---|---|---|
| 1,378,292 | ||||
| 1,078,049 | ||||
| 300,243 1,277,090 |
||||
| 1,577,333 |
The notes form part of these financial statements
Page 8
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
BALANCE SHEET 31 March 2024
| Notes FIXED ASSETS Intangible assets 12 Tangible assets 13 CURRENT ASSETS Debtors 14 Prepayments and accrued income Cash at bank CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 16 Unrestricted funds TOTAL FUNDS |
Unrestricted fund £ 15,331 14 15,345 115,681 153,825 1,939,249 2,208,755 (121,034) 2,087,721 2,103,066 2,103,066 |
Restricted funds £ - - - - - - - - - - - |
2024 Total funds £ 15,331 14 15,345 115,681 153,825 1,939,249 2,208,755 (121,034) 2,087,721 2,103,066 2,103,066 2,103,066 2,103,066 |
2023 Total funds £ 17,521 4,804 22,325 67,692 91,490 1,491,674 1,650,856 (95,848) 1,555,008 1,577,333 1,577,333 1,577,333 1,577,333 |
|---|---|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 10 January 2025 and were signed on its behalf by:
N R Smith - Trustee
The notes form part of these financial statements
Page 9
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
CASH FLOW STATEMENT for the year ended 31 March 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2024 £ 447,575 447,575 447,575 1,491,674 1,939,249 |
2023 £ 273,180 |
|---|---|---|
| 273,180 | ||
| 273,180 1,218,494 |
||
| 1,491,674 |
The notes form part of these financial statements
Page 10
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
NOTES TO THE CASH FLOW STATEMENT for the year ended 31 March 2024
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | OPERATING ACTIVITIES | OPERATING ACTIVITIES |
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| Net income for the reporting period (as per the Statement of financial | ||||
| activities) | 525,733 | 300,243 | ||
| Adjustments for: | ||||
| Depreciation charges | 6,979 | 6,979 | ||
| Increase in debtors | (110,324) | (20,346) | ||
| Increase/(decrease) in creditors | 25,187 | (13,696) | ||
| Net cash provided by operations | 447,575 | 273,180 | ||
| 2. | ANALYSIS OF CHANGES IN NET FUNDS | |||
| At 1.4.23 | Cash flow | At 31.3.24 | ||
| £ | £ | £ | ||
| Net cash | ||||
| Cash at bank | 1,491,674 | 447,575 | 1,939,249 | |
| 1,491,674 | 447,575 | 1,939,249 | ||
| Total | 1,491,674 | 447,575 | 1,939,249 |
The notes form part of these financial statements
Page 11
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024
1. ACCOUNTING POLICIES
Basis of preparation
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements follow the recommendations in the Statement of Recommended Practice: Accounting and Reporting by Charities (Charities SORP 2005). They have been prepared under the historical cost convention.
The principal accounting policies are set out below.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Intangible fixed assets
The intellectual copyright associated with the AM2 program has been amortised over ten years and is now fully amortised down to a carrying value of £1. The trustees believe the current value of the intellectual copyright is significant, but in accordance with FRS102, no active market exists and so the asset has not been revalued.
The computer software relates to the NETassess e-portfolio system. This has been amortised over ten years.
Tangible fixed assets
Assets are written off on a reducing balance basis at a rate of 33% per annum. An impairment review was carried out during the year by the trustees and no impairment was deemed necessary.
Fund accounting
The following definitions are based on SORP.
Unrestricted funds - are donations and other incoming resources received or generated for expenditure on the general objectives of the charity.
Designated funds - are unrestricted funds which have been designated for specific purposes by the directors. No designated funds are held.
Restricted funds can only be used for particular restricted purposes within the objectives of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
Page 12
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
2. DONATIONS AND LEGACIES
| 2024 2023 £ £ Grants 13,791 14,944 Grants received, included in the above, are as follows: 2024 2023 £ £ Find a Future - 11,944 LMI - 3,000 Other grants 13,791 - 13,791 14,944 The £13,791 grant consists of funds received from WorldSkills UK, a charitable organisation, towards the delivery and management of SkillElectric and associated accommodation costs. £13,791 was expended during the year. 3. INVESTMENT INCOME 2024 2023 £ £ Investment income 26,355 5,782 4. INCOME FROM CHARITABLE ACTIVITIES 2024 2023 £ £ Activity Licence Fees Received Direct Charitable Activities 440,223 412,188 Marking Direct Charitable Activities 1,182,220 912,320 Assessor training fees Direct Charitable Activities 34,665 24,963 Replacement Certificates & monitoring Direct Charitable Activities 10,603 8,095 1,667,711 1,357,566 |
2024 2023 £ £ Grants 13,791 14,944 Grants received, included in the above, are as follows: 2024 2023 £ £ Find a Future - 11,944 LMI - 3,000 Other grants 13,791 - 13,791 14,944 The £13,791 grant consists of funds received from WorldSkills UK, a charitable organisation, towards the delivery and management of SkillElectric and associated accommodation costs. £13,791 was expended during the year. 3. INVESTMENT INCOME 2024 2023 £ £ Investment income 26,355 5,782 4. INCOME FROM CHARITABLE ACTIVITIES 2024 2023 £ £ Activity Licence Fees Received Direct Charitable Activities 440,223 412,188 Marking Direct Charitable Activities 1,182,220 912,320 Assessor training fees Direct Charitable Activities 34,665 24,963 Replacement Certificates & monitoring Direct Charitable Activities 10,603 8,095 1,667,711 1,357,566 |
2024 2023 £ £ Grants 13,791 14,944 Grants received, included in the above, are as follows: 2024 2023 £ £ Find a Future - 11,944 LMI - 3,000 Other grants 13,791 - 13,791 14,944 The £13,791 grant consists of funds received from WorldSkills UK, a charitable organisation, towards the delivery and management of SkillElectric and associated accommodation costs. £13,791 was expended during the year. 3. INVESTMENT INCOME 2024 2023 £ £ Investment income 26,355 5,782 4. INCOME FROM CHARITABLE ACTIVITIES 2024 2023 £ £ Activity Licence Fees Received Direct Charitable Activities 440,223 412,188 Marking Direct Charitable Activities 1,182,220 912,320 Assessor training fees Direct Charitable Activities 34,665 24,963 Replacement Certificates & monitoring Direct Charitable Activities 10,603 8,095 1,667,711 1,357,566 |
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| 440,223 | 412,188 | |
| 1,182,220 | 912,320 | |
| 34,665 | 24,963 | |
| 10,603 | 8,095 | |
| 1,667,711 | 1,357,566 | |
The £13,791 grant consists of funds received from WorldSkills UK, a charitable organisation, towards the delivery and management of SkillElectric and associated accommodation costs. £13,791 was expended during the year.
continued...
Page 13
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
5. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | |||
|---|---|---|---|
| Support | |||
| Direct | costs (see | ||
| Costs | note 6) | Totals | |
| £ | £ | £ | |
| Direct charitable activities | 1,176,658 | 5,466 | 1,182,124 |
Included in direct charitable activities are project costs relating to SkillElectric totalling £242,915 (2023: £194,454),and £35,000 (2023: £22,322) relating to TESP.
6. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| Direct charitable activities | 866 | 4,600 | 5,466 |
7. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Auditors' remuneration | 4,600 | 4,300 |
| Depreciation - owned assets | 4,790 | 4,789 |
| Computer software amortisation | 2,190 | 2,190 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
During the year £nil (2022: £nil) was repaid to trustees as reimbursement for expenses incurred on the charity's behalf.
9. STAFF COSTS
| Wages and salaries Other pension costs |
2024 £ 71,669 5,965 77,634 |
2023 £ 68,351 7,778 |
|---|---|---|
| 76,129 |
The average monthly number of employees during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| Average number of employees | 2 | 2 |
No employees received emoluments in excess of £60,000.
continued...
Page 14
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
| 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 3,000 11,944 Charitable activities Direct charitable activities 1,357,566 - Investment income 5,782 - Total 1,366,348 11,944 EXPENDITURE ON Charitable activities Direct charitable activities 1,066,105 11,944 NET INCOME 300,243 - RECONCILIATION OF FUNDS Total funds brought forward 1,277,090 - TOTAL FUNDS CARRIED FORWARD 1,577,333 - 11. COMMITMENTS AND CONTINGENCIES National Electrotechnical Training Organisation had no capital commitments at 31 March 2024 n 2023. There were no contingent liabilities at either date. 12. INTANGIBLE FIXED ASSETS |
Total funds £ 14,944 1,357,566 5,782 1,378,292 1,078,049 300,243 1,277,090 1,577,333 or 31 March |
|---|---|
| COST At 1 April 2023 and 31 March 2024 AMORTISATION At 1 April 2023 Charge for year At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
Intellect Property Rights Computer Cost software £ £ 68,949 21,900 68,948 4,380 - 2,190 68,948 6,570 1 15,330 1 17,520 |
Totals £ 90,849 |
|---|---|---|
| 73,328 2,190 |
||
| 75,518 | ||
| 15,331 | ||
| 17,521 |
Page 15
continued...
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
12. INTANGIBLE FIXED ASSETS - continued
The intellectual copyright associated with the AM2 program has been amortised over ten years and is now fully amortised down to a carrying value of £1. The trustees believe the current value of the intellectual copyright is significant, but in accordance with FRS102, no active market exists and so the asset has not been revalued.
13. TANGIBLE FIXED ASSETS
| Equipment £ COST At 1 April 2023 and 31 March 2024 88,836 DEPRECIATION At 1 April 2023 85,411 Charge for year 3,415 At 31 March 2024 88,826 NET BOOK VALUE At 31 March 2024 10 At 31 March 2023 3,425 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors TESP VAT 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors Accrued expenses |
Computer software £ 331,283 329,904 1,375 331,279 4 1,379 2024 £ 58,681 32,506 1,390 23,104 115,681 2024 £ 61,901 12,797 46,336 121,034 |
Totals £ 420,119 |
Totals £ 420,119 |
|---|---|---|---|
| 415,315 4,790 |
|||
| 420,105 | |||
| 14 | |||
| 4,804 | |||
| 2023 £ 33,526 32,506 1,327 333 |
|||
| 67,692 | |||
| 2023 £ 77,558 10,950 7,340 |
|||
| 95,848 |
Page 16
continued...
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
16. MOVEMENT IN FUNDS
| At 1.4.23 £ Unrestricted funds General fund 1,577,333 TOTAL FUNDS 1,577,333 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 1,694,066 Restricted funds SkillElectric 13,791 TOTAL FUNDS 1,707,857 Comparatives for movement in funds At 1.4.22 £ Unrestricted funds General fund 1,277,090 TOTAL FUNDS 1,277,090 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 1,366,348 Restricted funds SkillElectric 11,944 TOTAL FUNDS 1,378,292 |
Net movement in funds £ 525,733 525,733 Resources expended £ (1,168,333 ) (13,791) (1,182,124 ) Net movement in funds £ 300,243 300,243 Resources expended £ (1,066,105 ) (11,944) (1,078,049 ) |
At 31.3.24 £ 2,103,066 2,103,066 Movement in funds £ 525,733 - 525,733 At 31.3.23 £ 1,577,333 1,577,333 Movement in funds £ 300,243 - 300,243 |
|---|---|---|
continued...
Page 17
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
17. TRANSACTIONS WITH DIRECTORS AND RELATED PARTIES
Included in consultancy fees is a charge from ECA of £40,442 (2023: £38,133) relating to a re-charge for time spent by an ECA employee carrying out work for the charity.
During the year the charity made sales of £54,173 (2023: £24,795) to JTL, a company with directors in common.
Contributions of £35,000 (2023: £22,322) were made to the running costs of TESP, a connected party due to stakeholders and directors in common.
Page 18
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2024
| INCOME AND ENDOWMENTS Donations and legacies Grants Investment income Investment income Charitable activities Licence Fees Received Marking Assessor training fees Replacement Certificates & monitoring Total incoming resources EXPENDITURE Charitable activities Wages Pensions Assessment Costs Office costs Travel and meeting costs Assessor conference Marketing and website costs Legal fees Professional fees SkillElectric project & event TESP project Other projects Technical consultants Project consultants Computer software Depreciation of equipment Depreciation of software Support costs Finance Bank charges Governance costs Auditors' remuneration |
2024 £ 13,791 26,355 440,223 1,182,220 34,665 10,603 1,667,711 1,707,857 71,669 5,965 84,655 43,321 13,553 8,386 60,366 7,390 159,948 242,915 35,000 287,504 149,007 - 2,190 3,415 1,374 1,176,658 866 4,600 |
2023 £ 14,944 5,782 412,188 912,320 24,963 8,095 |
|---|---|---|
| 1,357,566 | ||
| 1,378,292 68,351 7,778 84,716 38,733 3,912 18,654 53,568 1,128 134,660 194,454 22,322 62,759 371,118 3,849 2,190 3,415 1,374 |
||
| 1,072,981 768 4,300 |
This page does not form part of the statutory financial statements
Page 19
NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2024
| for the year ended 31 March 2024 | ||
|---|---|---|
| Total resources expended Net income |
2024 £ 1,182,124 525,733 |
2023 £ |
| 1,078,049 | ||
| 300,243 |
This page does not form part of the statutory financial statements
Page 20