**REGISTERED COMPANY NUMBER: 03389705 (England and Wales) REGISTERED CHARITY NUMBER: 1068863** ## **NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION** ## **FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2025** 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 2025** |||**Page**|| |---|---|---|---| |**Reference and administrative details**||1|| |**Report of the trustees**|2|to|5| |**Report of the independent auditors**|6|to|8| |**Statement of financial activities**||9|| |**Balance sheet**||10|| |**Cash flow statement**||11|| |**Notes to the cash flow statement**||12|| |**Notes to the financial statements**|13|to|19| |**Detailed statement of financial activities**|20|to|21| **NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION** **REFERENCE AND ADMINISTRATIVE DETAILS for the year ended 31 March 2025** **TRUSTEES** R J Clarke F Harper (resigned 1.4.24) 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 NUMBER** 1068863 **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 2025** 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 2025. 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. Page 2 ## **NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION** ## **REPORT OF THE TRUSTEES for the year ended 31 March 2025** ## **ACHIEVEMENTS AND PERFORMANCE** ## **Review of the year** During the year NET generated income of £1,858,458 (2024: £1,707,857), paid out £1,182,071 (2024: £1,182,124) in costs and has total reserves carried forward of £2,779,453 (2024: £2,103,066). NET also received a restricted grant totalling £19,115 (2024: £13,791) towards the delivery and management of SkillElectric and associated accommodation costs. NET continues to deploy its charitable reserves in the development of new content, systems and support materials for its Assessments of Competence/Apprentice Assessments. During the year, NET developed updated assessment content for the Installation and Maintenance Electrician apprenticeship assessment, together with preparation materials to support learners taking all versions of NET assessments. Guidance materials have been produced for learners taking the Experienced Worker Assessment and NET continues to invest in a range of free to use support tools. NET maintains a level of reserves to enable a speedy and robust response should ongoing industry and government requirements change, necessitating redevelopment of assessment content and supporting resources. As the managing partner for the WorldSkills UK SkillElectric competition, NET continues to invest in further development of the competition and funds a dedicated project manager to support this work. All aspects of the competition were delivered to target, with increased participation in terms of both the number of entrants and the number of training providers involved. 10 heats were held across the UK and NET developed an online resource to support the entry stage assessment. NET held a Celebration of Skills event in London, to showcase the competitors who had made it through to the UK finals, won or came second in a heat, or represented the UK internationally. Competitors attend alongside their employer, training provider, family and industry representatives to celebrate and showcase electrical skills and training. NET is a core member of The Electrotechnical Skills Partnership (TESP) and the main funding partner. During the year, in addition to funding operational activity, NET has provided support for: - Ongoing development of the Electrical Careers and TESP Websites - Industry surveys on provision of apprenticeships and work placements - Production of a new video for the "Rogue Trainers" campaign and advice and support for learners impacted by the - collapse of a major industry training provider - Updates to the online EAS Qualifications Guide - Developing of National Occupational Standards in new technology areas - Research to establish a cost base to seek an increase in apprenticeship funding bands - During the year, NET operated in full compliance with the requirements of the Department for Education/ESFA, and its - agencies for NETs regulated Apprentice 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. ## **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. Page 3 ## **NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION** ## **REPORT OF THE TRUSTEES for the year ended 31 March 2025** ## **FINANCIAL REVIEW** ## **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 4 ## **NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION** ## **REPORT OF THE TRUSTEES for the year ended 31 March 2025** ## **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: - select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent; - 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: - 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: - there is no relevant audit information of which the company's auditors are unaware, and - 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 26 January 2026 and signed on its behalf by: N R Smith - Trustee Page 5 ## **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 2025 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: - give a true and fair view of the state of the charitable company's affairs as at 31 March 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 Accounting Practice; and - 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 6 ## **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: - adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - 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. Page 7 ## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION** ## **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: - the nature of the industry, control environment and business performance; - results of our enquiries to management about their own assessment of the risks of fraud and error; - 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: - reviewing the financial statement disclosures and testing to supporting documentation; - performing analytical procedures to identify any unusual or unexpected areas that may indicate risks of material misstatement due to fraud or error; - 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. ## **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 26 January 2026 Page 8 ## **NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 March 2025** |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
£
**-**
**1,799,050**
**40,293**
**1,839,343**
**1,162,956**
**676,387**
**2,103,066**
**2,779,453**|Restricted
funds
£
**19,115**
**-**
**-**
**19,115**
**19,115**
**-**
**-**
**-**|**2025**
**Total**
**funds**
**£**
**19,115**
**1,799,050**
**40,293**
**1,858,458**
**1,182,071**
**676,387**
**2,103,066**
**2,779,453**|2024
Total
funds
£
13,791
1,667,711
26,355| |---|---|---|---|---| |||||1,707,857| |||||1,182,124| |||||525,733
1,577,333| |||||2,103,066| The notes form part of these financial statements Page 9 ## **NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION** ## **BALANCE SHEET 31 March 2025** |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
£
**13,141**
**1,691**
**14,832**
**99,517**
**134,250**
**2,653,203**
**2,886,970**
**(122,349)**
**2,764,621**
**2,779,453**
**2,779,453**|Restricted
funds
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**2025**
**Total**
**funds**
**£**
**13,141**
**1,691**
**14,832**
**99,517**
**134,250**
**2,653,203**
**2,886,970**
**(122,349)**
**2,764,621**
**2,779,453**
**2,779,453**
**2,779,453**
**2,779,453**|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| |---|---|---|---|---| 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 26 January 2026 and were signed on its behalf by: N R Smith - Trustee The notes form part of these financial statements Page 10 ## **NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION** ## **CASH FLOW STATEMENT for the year ended 31 March 2025** |Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Net cash (used in)/provided by investing 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**|**2025**
**£**
**716,490**
**716,490**
**(2,536)**
**(2,536)**
**713,954**
**1,939,249**
**2,653,203**|2024
£
447,575| |---|---|---| |||447,575| |||-| |||-| |||| |||447,575
1,491,674| |||1,939,249| The notes form part of these financial statements Page 11 ## **NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION** ## **NOTES TO THE CASH FLOW STATEMENT for the year ended 31 March 2025** |**1.**|**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM**|**OPERATING ACTIVITIES**|**OPERATING ACTIVITIES**| |---|---|---|---| |||**2025**|2024| |||**£**|£| ||**Net income for the reporting period (as per the Statement of financial**||| ||**activities)**|**676,387**|525,733| ||**Adjustments for:**||| ||Depreciation charges|**3,049**|6,979| ||Decrease/(increase) in debtors|**35,739**|(110,324)| ||Increase in creditors|**1,315**|25,187| ||**Net cash provided by operations**|**716,490**|447,575| |**2.**|**ANALYSIS OF CHANGES IN NET FUNDS**||| |**Net cash**
Cash at bank
**Total**|At 1.4.24
£
**1,939,249**
**1,939,249**
**1,939,249**|Cash flow
£
**713,954**
**713,954**
**713,954**|**At 31.3.25**
**£**
**2,653,203**| |---|---|---|---| ||||**2,653,203**| ||||**2,653,203**| The notes form part of these financial statements Page 12 **NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION** ## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025** ## **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 13 ## **NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025** ## **2. DONATIONS AND LEGACIES** |**DONATIONS AND LEGACIES**||| |---|---|---| |Grants
Grants received, included in the above, are as follows:
Other grants|**2025**
**£**
**19,115**
**2025**
**£**
**19,115**|2024
£
13,791| |||2024
£
13,791| The £19,115 grant consists of funds received from WorldSkills UK, a charitable organisation, towards the delivery and management of SkillElectric and associated accommodation costs. £19,115 was expended during the year. |**3.**
**INVESTMENT INCOME**
Investment income
**4.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Licence Fees Received
Direct Charitable Activities
Marking
Direct Charitable Activities
Assessor training fees
Direct Charitable Activities
Replacement Certificates & monitoring
Direct Charitable Activities||**2025**
**£**
**40,293**||2024
£
26,355| |---|---|---|---|---| ||**2025**||2024|| ||**£**||£|| |||||| |||||| ||**440,080**||440,223|| |||||| ||**1,303,375**||1,182,220|| |||||| ||**41,300**||34,665|| |||||| ||**10,295**||10,603|| |||||| |||||| ||**1,795,050**||1,667,711|| |||||| continued... Page 14 **NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025** ## **5. CHARITABLE ACTIVITIES COSTS** |**CHARITABLE ACTIVITIES COSTS**|||| |---|---|---|---| |||Support|| ||Direct|costs (see|| ||Costs|note 6)|Totals| ||£|£|£| |Direct charitable activities|**1,176,027**|**6,044**|**1,182,071**| Included in direct charitable activities are project costs relating to SkillElectric totalling £227,256 (2024: £242,915),and £22,565 (2024: £35,000) relating to TESP. ## **6. SUPPORT COSTS** |**SUPPORT COSTS**|||| |---|---|---|---| |||Governance|| ||Finance|costs|Totals| ||£|£|£| |Direct charitable activities|**1,044**|**5,000**|**6,044**| ## **7.** ## **NET INCOME/(EXPENDITURE)** Net income/(expenditure) is stated after charging/(crediting): ||**2025**|2024| |---|---|---| ||**£**|£| |Auditors' remuneration|**5,000**|4,600| |Depreciation - owned assets|**859**|4,790| |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 2025 nor for the year ended 31 March 2024. ## **Trustees' expenses** During the year £nil (2024: £nil) was repaid to trustees as reimbursement for expenses incurred on the charity's behalf. Page 15 continued... ## **NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025** ## **9. STAFF COSTS** |Wages and salaries
Other pension costs
The average monthly number of employees during the year was as follows:
Average number of employees
No employees received emoluments in excess of £60,000.
**10.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
-
**Charitable activities**
Direct charitable activities
1,667,711
Investment income
26,355
**Total**
1,694,066
**EXPENDITURE ON**
**Charitable activities**
Direct charitable activities
1,168,333
**NET INCOME**
525,733
**RECONCILIATION OF FUNDS**
Total funds brought forward
1,577,333
**TOTAL FUNDS CARRIED FORWARD**
2,103,066||**2025**
**£**
**74,010**
**6,108**
**80,118**
**2025**
**2**
Restricted
funds
£
13,791
-
-
13,791
13,791
-
-
-|2024
£
71,669
5,965
77,634
2024
2
Total
funds
£
13,791
1,667,711
26,355| |---|---|---|---| ||||1,707,857| ||||1,182,124| ||||525,733
1,577,333| ||||2,103,066| Page 16 continued... ## **NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025** ## **11. COMMITMENTS AND CONTINGENCIES** National Electrotechnical Training Organisation had no capital commitments at 31 March 2025 nor 31 March 2024. There were no contingent liabilities at either date. ## **12. INTANGIBLE FIXED ASSETS** |**INTANGIBLE FIXED ASSETS**|| |---|---| |Intellect
Property
Rights
Computer
Cost
software
£
£
**COST**
At 1 April 2024 and 31 March 2025
**68,949**
**21,900**
**AMORTISATION**
At 1 April 2024
**68,948**
**6,570**
Charge for year
**-**
**2,190**
At 31 March 2025
**68,948**
**8,760**
**NET BOOK VALUE**
At 31 March 2025
**1**
**13,140**
At 31 March 2024
1
15,330|Totals
£
**90,849**| ||**75,518**
**2,190**| ||**77,708**| ||**13,141**| ||15,331| 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** |**COST**
At 1 April 2024
Additions
At 31 March 2025
**DEPRECIATION**
At 1 April 2024
Charge for year
At 31 March 2025
**NET BOOK VALUE**
At 31 March 2025
At 31 March 2024|Equipment
£
**88,836**
**2,536**
**91,372**
**88,826**
**855**
**89,681**
**1,691**
10|Computer
software
£
**331,283**
**-**
**331,283**
**331,279**
**4**
**331,283**
**-**
4|Totals
£
**420,119**
**2,536**| |---|---|---|---| ||||**422,655**| ||||**420,105**
**859**| ||||**420,964**| ||||**1,691**| ||||14| continued... Page 17 ## **NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025** ## **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
**16.**
**MOVEMENT IN FUNDS**
At 1.4.24
£
**Unrestricted funds**
General fund
**2,103,066**
**TOTAL FUNDS**
**2,103,066**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
**1,839,343**
**Restricted funds**
SkillElectric
**19,115**
**TOTAL FUNDS**
**1,858,458**||| |---|---|---| |||| continued... Page 18 ## **NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025** ## **16. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |At 1.4.23
£
**Unrestricted funds**
General fund
1,577,333
**TOTAL FUNDS**
1,577,333
Comparative 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|Net
movement
in funds
£
525,733
525,733
Resources
expended
£
(1,168,333 )
(13,791)
(1,182,124 )|At
31.3.24
£
2,103,066| |---|---|---| |||2,103,066| |||Movement
in funds
£
525,733
-| |||525,733| ## **17. TRANSACTIONS WITH DIRECTORS AND RELATED PARTIES** Included in consultancy fees is a charge from ECA of £49,500 (2024: £40,442) 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 £53,537 (2024: £54,173) to JTL, a company with directors in common. Contributions of £22,565 (2024: £35,000) were made to the running costs of TESP, a connected party due to stakeholders and directors in common. Page 19 ## **NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2025** |**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
Computer software
Depreciation of equipment
Depreciation of software
**Support costs**
**Finance**
Bank charges|2025
£
**19,115**
**40,293**
**444,080**
**1,303,375**
**41,300**
**10,295**
**1,799,050**
**1,858,458**
**74,010**
**6,108**
**103,664**
**55,898**
**16,314**
**7,666**
**57,802**
**-**
**142,961**
**227,256**
**22,564**
**298,297**
**160,438**
**2,190**
**855**
**4**
**1,176,027**
**1,044**|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| This page does not form part of the statutory financial statements Page 20 ## **NATIONAL ELECTROTECHNICAL TRAINING ORGANISATION** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2025** |**DETAILED STATEMENT OF FINANCIAL ACTIVITIES**
**for the year ended 31 March 2025**||| |---|---|---| |**Finance**
**Governance costs**
Auditors' remuneration
Total resources expended
**Net income**|2025
£
**5,000**
**1,182,071**
**676,387**|2024
£
4,600| |||1,182,124| |||525,733| This page does not form part of the statutory financial statements Page 21