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2025-07-31-accounts

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JTL (A Company limited by guarantee) GROUP CONSOLIDATED FINANCIAL STATEMENTS

Company Registration No 03958541 Charity No 01080254 Year ended 31[st] July 2025

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JTL (A company limited by guarantee) Group Consolidated Financial Statements Year Ended 31[st] July 2025

Contents Page
No		 Page
No		 Page
No
Charity
Reference
and
Administrative Details		 3
Trustees’
Annual
Report (Including Directors’		 Report and Strategic Report) 4
Independent
Auditor’s
Report		 19
Consolidated
Statement
of
Financial		 Activities 22
Consolidated
Balance
Sheet		 24
Charity
Balance
Sheet		 25
Consolidated Statement of Cash Flows 26
Notes to the Financial Statements 27 – 49

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JTL

(A company limited by guarantee)

Group Consolidated Financial Statements

Year Ended 31[st] July 2025

Charity registration number 01080254 Company registration number 03958541 Trustees Sir John Low (Chair) J Allott R Clarke A Eldred S Fraser Whyte A Green J Lelliott OBE J Poulter C Prendergast (Appointed 14[th] July 2025) T Shelley E Staley (Resigned 20[th] March 2025) C Watt (Appointed 4[th] July 2025) Chief Executive C Claydon Registered Office Stafford House 120-122 High Street Orpington Kent BR6 0JS Professional Advisers Auditors Solicitors Menzies LLP Stone King LLP Magna House Boundry House 18-32 London Road 91 Charterhouse Street Staines-Upon-Thames London TW18 4BP EC1M 6HR Bankers Investment Managers Barclays Bank PLC 1 Barclays Wealth Management Churchill Place 1 Churchill Place London London E14 5HP E14 5HP

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JTL

(A company limited by guarantee)

Trustees’ Annual Report (Including Strategic Report)

Year Ended 31[st] July 2025

Structure, Governance and Management

The Trustees (who are also Directors of the charity for the purposes of the Companies Act) present their report and the audited financial statements of JTL (the charity and the group) for the year ended 31st July 2025.

Trustees of the Charity

The Directors of the charitable company are its Trustees for the purposes of charity law. The Trustees who have served during the year and to the date of this report are as follows:

Electrical Contractors’ Unite the Union Independent Association

Charitable Objects

The charity's objects set out in its Articles of Association are "to encourage training of persons employed in the electrical installation engineering industry and such other industries as the Trustees may decide".

The charitable company's principal activities during the year were the delivery of Advanced Apprenticeships in Electrotechnical and Plumbing and Mechanical Engineering Services.

Vision and Values

JTL's vision is:

To be the training organisation of choice to the building services engineering sector.

The company’s values are:

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JTL

(A company limited by guarantee) Trustees’ Annual Report (Including Strategic Report)

Year Ended 31[st] July 2025

Structure and Members

JTL is a charitable company limited by guarantee and was set up on 23[rd] March 2000. Formerly, the company operated as JT Limited which was incorporated in 1989. JTL's company registration number is 03958541 and its charity number is 01080254. The charity is governed by its Articles of Association.

The company's members are Unite the Union and the Electrical Contractors' Association. The members have a liability not exceeding £10 per member.

Recruitment and Training of Trustees

The Articles of Association entitle Unite the Union and the Electrical Contractors' Association to each appoint up to four Trustees and a further independent Trustee to be Chair. The Trustees may appoint up to a further four independent Trustees. The company is administered by the Board of Trustees, with the Chief Executive (appointed by the Trustees) managing the day-to-day operations of the charity.

Trustee recruitment is undertaken in accordance with the Articles of Association. Induction and training are provided by the management and company's professional advisors on a regular basis.

Related Parties

The principal transactions with related parties are with the Joint Industry Board for the Electrical Contracting Industry (JIBECI) and the Joint Industry Board for Plumbing and Mechanical Engineering Services (JIB PMES). This relates to the registration of all apprentices with the relevant Joint Industry Board for the purpose of receiving apprentice cards and cards recognising their craft competence at the end of the apprenticeship. The registration fees are agreed annually with the relevant JIB and formalised in an annual agreement signed by each organisation.

The arrangement is believed to provide added value to JTL apprentices and is subject to regular review by the JTL Board.

Compliance with Trustees' Duties under Section 172(1) Companies Act 2006

Trustees must act in the way they consider, in good faith, would be most likely to promote JTL's success to achieve its charitable purposes. The Trustees, in doing so, delegate day to day management and decision-making to the Chief Executive and other members of the Executive Leadership Team, who are required to act to further JTL's strategy and to ensure that activities are carried out in compliance with agreed plans and policies and external regulations and in accordance with JTL's values. The Trustees receive regular reports on JTL's performance and plans. In carrying out their duties, the Trustees have regard (amongst other matters) to:

The Trustees contribute proactively to JTL's strategic vision and five year strategy and annual business plan and regularly review the financial and quality plans. The long-term likely impact of the plans for

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JTL

(A company limited by guarantee) Trustees’ Annual Report (Including Strategic Report)

Year Ended 31[st] July 2025

JTL has been considered as well as the consequences of their decisions.

• The interests of the charity's employees

Trustees review the actions in place to promote staff health and wellbeing. JTL seeks to implement good people management to enable staff to fulfil their potential, with a specific focus on underrepresented groups and in line with equality, diversity and safeguarding principles.

JTL continually strives to make partnerships with suppliers, customers, and others more equitable, collaborative and with a view to gaining better value for money and improving the learner experience. Significant engagement took place during the year ended July 2025 with employers, learners and stakeholders to ensure that their expectations and interests are well understood and considered in future strategic and business development.

JTL has published its Corporate and Social Responsibility Statement on its website.

The organisational structure is designed to support a safe environment for all stakeholders that come in contact with JTL, especially employees and learners. JTL continues to invest and improve its safeguarding to ensure that it better protects all those with whom it works.

• Maintaining a reputation for high standards of business conduct

JTL strives to achieve its strategic goals; it seeks to demonstrate in all areas the same values that we wish to see in the people we work with and those we aim to influence. JTL's values and the behaviours, including a commitment to safeguarding, are embedded in its staff recruitment, induction, and appraisal procedures.

Governance and Key Management Personnel

The governance of JTL takes the form of a non-executive Board of Trustees which meets quarterly. In addition, there are formal Board Sub-Committees including Investment, Remuneration & Nominations, Audit and Risk, Quality, Standards & Safeguarding and Health & Safety. The Board has agreed formal Standing Orders for its own operation and formal Terms of Reference for each of the Sub-Committees.

Regular skills audits of Board members are conducted to ensure that, across its membership, it has a good understanding of all key areas of business undertaken by and relevant to JTL. The results are reviewed by the Board and the outcomes influence subjects for future training for Board members.

An independent external review of JTL’s Board effectiveness was conducted by Board Alchemy in 2025. The review found that JTL operates with a high standard of governance appropriate to its scale and charitable purpose. JTL adheres to the guidance provided by the Charity Governance Code and the Code of Good Governance for Independent Training Providers published by the Association of Employment and Leaming Providers (AELP). The external review has been received and considered by

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JTL

(A company limited by guarantee)

Trustees’ Annual Report (Including Strategic Report)

Year Ended 31[st] July 2025

the Board with any subsequent actions to be taken forward as agreed by the Board.

The Board delegates the day-to-day operations of JTL to the executive team through a formal Delegated Levels of Authority document which is reviewed periodically by the Board. The executive team is led by the Chief Executive supported by the Executive Leadership Team which consists of the following roles, each with responsibility for defined functions:

Key Management Personnel Remuneration

The key management personnel of the charity include the Trustees and the Executive Leadership Team. The Trustees of the charity give their time freely and are not remunerated.

The Chief Executive's remuneration is set annually by the Remuneration & Nominations Committee. The Remuneration & Nominations Committee is made up of the Chair and three other trustees nominated by the ECA, Unite the Union and the independent directors. It is the responsibility of the Remuneration Committee to set the pay of the Executive Directors.

The Remuneration Committee also has responsibility to consider the recommendation of the Chief Executive regarding the overall remuneration of the organisation. This recommendation is based on organisational and staff performance, market testing conducted by the Group Director of Finance & Corporate Services, Consumer Price Index data and feedback from the members on their likely pay awards. The decision of the Remuneration & Nominations Committee is then applied through a performance related pay process led by the Chief Executive and Executive Leadership Team.

Employees

The average monthly full-time equivalent number of employees of JTL for the year ended 31[st] July 2025 was 368 (2024: 370)

JTL communicates with its staff through a number of channels including regular executive vlogs, webinars, newsletters, Executive Leadership Team meetings, other manager and staff meetings, a staff forum and the intranet as well as regional staff conferences.

JTL ensures that no discrimination is shown on the grounds of any protected characteristics such as: race, colour, nationality, ethnic or national origin, gender, gender reassignment, religion or belief, sexual orientation, age, marital status including civil partnerships, pregnancy and maternity, caring responsibilities or disability (the latter is subject to the industry's safety requirements).

Rewarding everyone fairly, regardless of gender, is at the heart of the leadership team's agenda. However, women are under-represented in the building services engineering sector and assessors are required to be occupationally competent in their discipline, which currently limits the number of female applicants. Our gender split is currently 73% male and 27% female which reflects JTL's reliance

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JTL

(A company limited by guarantee) Trustees’ Annual Report (Including Strategic Report)

Year Ended 31[st] July 2025

on a nationwide team of predominantly male occupationally competent assessors.

JTL acknowledges its responsibilities in relation to tackling modern slavery and commits to complying with the provisions of the Modern Slavery Act 2015. The organisation understands that this requires an ongoing review of both its internal practices in relation to its labour force and, additionally, its supply chains. No labour provided to JTL in the pursuance of its services is obtained by means of slavery or human trafficking.

JTL is a Disability Confident Employer and actively seeks to attract and recruit disabled people by providing a fully inclusive and accessible recruitment process. All disabled people who meet the minimum criteria for our vacancies are interviewed. We are supportive of our employees who may become disabled during their employment; they are supported, and reasonable adjustments proactively offered as required. Training, career progression and promotion for all disabled persons employed by the company is encouraged. All employees and people working with JTL are expected to treat all people with respect and appropriate disability equality awareness briefings take place on a regular basis.

JTL has an obligation to meet the Prevent Duty requirements as defined by the Counter Terrorism and Security Act 2015. In meeting this duty, JTL has developed a training programme for all staff, has a Prevent strategy in place with its policies and key documents reflecting the Prevent Duty.

Aims and Objectives

The JTL Executive Leadership Team presented to the Board, who approved the five-year corporate plan, and underpinning one-year business plan. The three strategic objectives of the organisation for 2024/25 were:

The Trustees believe that JTL has made acceptable progress against its charitable objects and its strategic and business plan objectives.

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JTL

(A company limited by guarantee)

Trustees’ Annual Report (Including Strategic Report)

Year Ended 31[st] July 2025

Public benefit Statement

The Trustees have had regard to 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 within its core charitable objective of the advancement of education, in the form of advanced apprenticeship training, achieving high levels of success through the support and mentoring offered throughout the typically four-year apprenticeship period.

Given the many challenges facing society today, JTL continues to pay attention to mental health support for its learners, staff and others. JTL partners with the Electrical Industries Charity to offer targeted support for individuals in particular need.

The impact on beneficiaries is through the training of persons employed in, or wishing to enter, the building services engineering sector to obtain qualifications for life. In doing so this ensures the success and prosperity of the sector by supporting and improving an appropriately trained and skilled workforce. The high achievement rates of JTL apprentices are a good indicator of the effectiveness of its programmes and therefore the value for money obtained for the public purse.

JTL also continues to offer its employer grant schemes including an adoption grant for employers who take on apprentices who have been made redundant during their apprenticeship to help them complete their apprenticeship successfully.

JTL provides all its apprentices with access to our Learning Management System (LEDA), high-quality textbooks, learning materials and toolkits to support their progress and achievement without the need to incur the costs associated with such purchases.

JTL introduced LEDA in 2024 as a new digital learning resource. LEDA is an award-winning platform which has been developed by JTL to provide apprentices with access to learning resources from induction to bespoke apprenticeship resources including preparing apprentices for their end point assessment. Since the introduction of LEDA JTL has enrolled over 10,000 users with further development underway to create JTL Advance which will support CPD for all employers and apprentices through their career.

All apprenticeship courses are fully accessible and available free of charge to its learners, as the costs are met by the government and employers or are underwritten by JTL’s charitable funds.

JTL offers our apprentices a chance to stay in touch and continue their development through JTL Toolbox, a free online support package specifically aimed at employers and those who have completed or are near to completing their apprenticeship. Power Up is a CPD platform within Toolbox which offers free taster training sessions to electricians which will help them in their day-to-day job role and support their continued professional training need.

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JTL (A company limited by guarantee) Trustees’ Annual Report (Including Strategic Report) Year Ended 31[st] July 2025

Streamlined energy and carbon reporting (SECR)

In accordance with the requirement of the Companies (Directors Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 the Directors would like to disclose the following information for the period ending 31 July 2025:

31 July 2025 31 July 2024
tonnes CO2e tonnes CO2e
£ £
Scope 1 (direct emissions) – natural gas and company vehicles Scope 1 (direct emissions) – natural gas and company vehicles Scope 1 (direct emissions) – natural gas and company vehicles 200 230
Scope 2 (indirect emissions) – electricity Scope 2 (indirect emissions) – electricity Scope 2 (indirect emissions) – electricity 94 110
Scope 3 – Own User Vehicles Scope 3 – Own User Vehicles Scope 3 – Own User Vehicles 263 319
Total 557 659

An decrease in carbon output of 102 tonnes in 24/25 against23/24 is against a backdrop of an increase in our estate and a gradual phasing out of Petrol and Disel Company Cars. A total of a 46 Tonne reduction in carbon emissions can be attributed to energy reduction in buildings and cleaner cars enabled by the salary sacrifice car scheme. A further 56 tonne reduction is own user car tailpipe emmisions suggests that those who do not elect for a salary sacrifice car are self selecting cleaner vehicles

Methodologies used within the calculation.

The Group has used the actual KWH data from the monthly energy invoices it receives from suppliers and internally stored data on both company owned and employee own vehicles doing business miles and then applied the "Government conversion factors for the Group reporting" to calculate the CO2e content.

Energy efficient actions taken this year.

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JTL

(A company limited by guarantee)

Trustees’ Annual Report (Including Strategic Report)

Year Ended 31[st] July 2025

improved insulation and water consumption measures.

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

JTL Management

A Business Plan was agreed for 2024/25 which focused on embedding the new organisational structure to enable improvements in operations and ensuring high quality practices that delivered apprenticeships that are financially sustainable. This work was framed around the vision to be the training organisation of choice to the building services engineering sector and delivering the best learning experience for our apprentices and their employers.

JTL Statistics

During the year JTL:

JTL Centres and Subcontractors/ College Partners

JTL continues to fund subcontracted fees for its apprentices in training who do not attend a JTL centre to enable them to successfully complete the appropriate off-the- job learning elements of the apprenticeship. JTL employs occupationally qualified and competent field staff who regularly monitor, review and assess the apprentices' progress.

The new business model for JTL will continue to prioritise delivery of off-the-job learning from its own centres and where this is not possible, to work with preferred delivery partners where the quality is good, and it meets employer needs. JTL will continue to rebalance the use of subcontractors through increasing the utilisation of its own centres.

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JTL

(A company limited by guarantee)

Trustees’ Annual Report (Including Strategic Report)

Year Ended 31[st] July 2025

Quality

Quality is a key factor in evaluating the impact of our training on both employers and apprentices. The Education Inspection Framework, annual Self-Assessment Report and Quality Improvement Plan form a key foundation of JTL's quality activities, ensuring that our training programmes deliver a high-quality learning experience that benefits both apprentices and employers. In August 2023, JTL was reinspected by Ofsted and once again achieved a "Grade 2 - Good" inspection report. JTL's focus on the quality of its provision results in it continuing to have achievement rates well above the national average in its core disciplines of electrotechnical and plumbing.

In addition, JTL holds BS EN ISO 9001:2015 for quality management systems and Committed 2 Equality's Gold standard for Equality.

JTL employs a rolling internal audit and quality assurance programme which includes ongoing monitoring of delivery partners in line with the ESFA Subcontracting Standard as well as JTL’s quality standards.

Equality, Diversity and Safeguarding

JTL is committed to a policy of equality and diversity for everyone. No applicant for a training scheme place with JTL, apprentice, customer or member of staff shall knowingly receive less favourable treatment on the grounds of their protected characteristics, nor will any other condition or requirement that cannot be justified disadvantage them.

JTL is committed to safeguarding and promoting the welfare of children, young people, and vulnerable adults, and expects all staff to share this commitment. This commitment is further evidenced by JTL’s achievement of the Leaders in Safeguarding accreditation, which recognises the organisation’s strong safeguarding practices and culture. The building services engineering industry is generally regarded as a white, male industry and JTL continues to address this stereotyping through its growing apprentice ambassador scheme which sees existing female and ethnic minority apprentices working with schools and at careers events to promote the opportunities in the industry as well as to network with each other. Ambassadors have also taken to social media to promote the industry and benefits of apprenticeships.

FINANCIAL REVIEW

The JTL strategy set out by the Executive Leadership Team includes, as one of its three objectives, a strategic objective of achieving financial sustainability. This included specifically delivering improvement from the previous year and the aim being to break even by July 2025.

The principal funding source is the Department for Education. The charity uses this income source to further its aims and objectives including increasing apprentice learner numbers and enhancing and innovating its provision.

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JTL

(A company limited by guarantee) Trustees’ Annual Report (Including Strategic Report)

Year Ended 31[st] July 2025

The charity did not undertake any fundraising activities during the year, nor did it engage any professional fundraisers or commercial participators. As such, it is not subject to any fundraising regulation schemes.

Income from investments is generated via a responsible and ethical approach implemented by the Investment Managers, Barclays. The Consolidated Statement of Financial Activities for the year shows net income before net gains on investments for the year of £3,620 (2024: Loss £1,954,653) after losses on property revaluation of £455,148 (2024: £360,104).

Develop Training Limited a wholly owned subsidiary of JTL was disposed of on the 31[st] October 2024. During the 3 month period from 1[st] August 2024 to the 31[st] October 2024 total income generated during this period was £1,973,390 and expenditure totalled £1,779,889 resulting in a gain of £193,501. The subsidiary was disposed of on the 31[st] October 2024 for £4.3M

The revaluation reserve at the year-end was £2,633,068 (2024: £2,633,068). Net movement in funds for the year amounted to a gain of £3,937,709 (2024: gain of £1,646,802) after investment gains of £3,934,089 (2024: £3,625,859), and losses on property revaluation of £455,148 (2024: losses £384,508).

This resulted in a net asset position, all held as unrestricted funds as at 31st July 2025, of £46,912,906 (2024: £42,975,197). The Trustees are satisfied with the net asset position at the year end and are confident that sufficient funds are available to meet future needs.

For the charity alone, total income for the year amounted to £34,695,796 (2024: £37,599,799), with a net decrease in funds of £410,629 (2024: gain of £2,491,093). Total donations from CompEx Certification Limited under the Gift Aid scheme in the year to 31st July 2025 was £173,207 (2024: £277,071). The 2025 profit amount was not accrued at the end of the year following clarification of Financial Reporting Standard 102. The subsidiaries had total income for the period of £4,304,545 (2024: £10,278,790) and costs of £3,997,568 (2024: £10,710,325).

Audit and Risk Committee (ARC)

The Audit and Risk Committee was active throughout 2024/25. In addition to standard agenda items covering company and financial performance, internal and external audit activity and preparation of the financial statements, the Committee also considered a number of items in focus at its meetings

Investments

Under the Articles of Association, the charity has the power to make any investments which the Trustees see fit.

In terms of investment funds, JTL's objective is to achieve capital growth, whilst maintaining a balanced risk profile over the medium term and to deliver annual net gains to support the consolidated financial position, as set out in the five year strategy and annual business plan. JTL's funds are managed solely by Barclay's Wealth with funds invested on a medium risk profile.

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JTL

(A company limited by guarantee)

Trustees’ Annual Report (Including Strategic Report)

Year Ended 31[st] July 2025

In terms of socially responsible investing, regular discussions are held at the Board, JTL Investment Committee and with the investment managers regarding the approach taken on behalf of JTL. The Investment Committee is aware that the investments are managed by the charity department of Barclays who have an established ethical investing offering. This is made up of a 3-stage process that includes:

During the year, the overall return of the portfolio was 2.19% (2024 14.32%). The JTL portfolio has performed comparatively better than the ARC (Asset Risk Consultants) Sterling Steady Growth Charity Index which delivered a return of 6.09% (2024 10.49%) during the same period. Performance reflects market volatility and reduced investment levels due to withdrawals.

Subsidiaries

In addition to the investment funds, JTL has a wholly owned subsidiary, CompEx Certification Limited. Develop Training Limited, also a wholly owned subsidiary, was disposed of during the year.

CompEx Certification Limited

The principal business of CompEx Certification Limited is the operation of the CompEx Certification Scheme. The CompEx Scheme is the global solution for validating core competency of employees and contract staff of major users in the gas, oil and chemical sectors for both offshore and onshore activities.

CompEx Certification Limited has, under contract to the Engineering Equipment and Materials Users Association (EEMUA), managed and operated the CompEx Scheme since it was developed in 1994 and, in April 2014, acquired the Scheme from EEMUA.

Develop Training

Acquired in September 2019.

Develop Training is an accredited commercial course provider of compliance, technical, and safety training for the utilities and construction, healthcare, facilities management, and telecommunication sectors. The training provided has a direct relevance to the building services engineering sector and complemented JTL's apprenticeship output as well as offering CPD and upskilling opportunities to the sector's workforce. Since its acquisition in 2019 the company had been loss making.

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JTL

(A company limited by guarantee)

Trustees’ Annual Report (Including Strategic Report)

Year Ended 31[st] July 2025

A plan to turn around Develop Training Limited was implemented through strict financial management, rigorous governance and oversight from the JTL Board. This enabled significant improvements for the long term sustainability of Develop Training Limited and resulted in the company being acquired by RelyOn Nutec in November 2024 for £4.3M.

Reserves Policy

The general reserves of the group at 31 July 2025 were £46,912,906 (2024: £42,975,197) of which

£14,108,936 (2024: £15,450,210) is represented by tangible and intangible fixed assets. Free reserves, defined as excluding such funds attributed to these assets, were £32,803,970 (2024: £27,524,987).

The current reserves policy requires that unrestricted funds held by the charity should be more than six months £19,348,962 (2024: £24,487,920) and less than twelve months £38,697,927 (2024: £48,975,840) of the resources expended. After allowing for factors detailed in Charity Commission guidance for best practice, the charity's reserves are in line with this policy. At this level the charity would be able to continue to honour its commitments to employers and learners until appropriate alternative arrangements can be made.

The Trustees consider that in light of the above and the current economic climate, the amount in reserves is appropriate.

Principal Risks and Uncertainties

The Board ensures, through the specific delegation of responsibilities, that the Executive Leadership Team will manage significant business risks through a combination of risk identification, analysis, evaluation, control and action planning so as to contain risk within limits acceptable to the Board.

In line with JTL’s risk management policy and framework, risks are logged on JTL’s risk register and reviewed regularly. The most significant risks are then reviewed and discussed monthly by the Executive Leadership Team and quarterly by the Finance, Audit and Risk Committee and reported to the Board.

The most significant risks currently identified are:

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JTL

(A company limited by guarantee)

Trustees’ Annual Report (Including Strategic Report)

Year Ended 31[st] July 2025

Failure to meet the threshold requirements of the Apprenticeship Accountability Framework (AAF) leads to increased intervention by DfE including additional contractual conditions (e.g. restrictions on recruitment) up to and including contract termination. The Trustees have assessed these major risks and are satisfied that adequate steps are being taken to mitigate exposure and reduce the risks.

Plans for future periods

JTL's core business is delivering high quality apprenticeships to the building services engineering sector. In 2024, after consultation with employers, learners and stakeholders, JTL published its Corporate Strategy which will focus on three key priorities as follows:

Following the restructure JTL has taken significant steps towards achieving its strategic objectives. JTL continues to embed the new structure and consolidate the new practices it has identified to deliver quality outcomes for learners. JTL has maintained the position with regards to growth and will look to focus on developing and delivering for the apprentices before returning to growth next year. Whilst growth will be on a small scale in 2025/26 it will then accelerate in the following two years (years four and five of the strategic plan). At the same time, it remains committed to consolidating its provision on its traditional electrical market and reviewing how best to offer plumbing on a sustainable basis.

Furthermore, JTL intends to continue reviewing and improving its delivery strategy and will look to establish more of its own centres in target areas to best meet the needs of employers and learners. JTL remains committed to the implementation of a technology strategy and has set out a digital journey. This includes increased alignment and automation of systems and processes based around the LEAN principles.

As part of this restructuring and refocusing of its business, JTL will also continue to improve the Group dynamics in order to increase synergy between the businesses developing the shared services model through a central group services model. Training relevant to the post-apprenticeship sector of the workforce will be taken forward through JTL's training centres, addressing the known training and CPD needs of the electrical sector through greater targeting of its commercial course offerings. Governance control across the Group will also ensure that the quality, financial sustainability and innovation aspirations are driven forward across all group entities.

Underpinning everything will be the focus on the quality of provision and ensuring that the expectations of our customers, learners, funding bodies and the industry are not only met but exceeded. In doing this JTL also wants to be an enjoyable, fulfilling and exciting place to work, an organisation which people are proud to be part of and one which rewards excellence and achievement.

JTL continues to monitor external opportunities as long as these support the JTL objectives, ethos and the overall business strategy.

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JTL

(A company limited by guarantee)

Trustees’ Annual Report (Including Strategic Report)

Year Ended 31[st] July 2025

Going Concern

The Trustees have assessed the latest financial results and future forecasts to ensure the charity has adequate resources to continue in operational existence for the foreseeable future. The improvements to date and planned work going forward provide assurance on the financial sustainability of the group. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Trustees’ Responsibilities Statement

Trustees (who are also directors of JTL for the purposes of company law) are responsible for preparing the Trustees' Annual Report (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of their incoming resources and application of resources, including the income and expenditure of the charitable company and the group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and the group and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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JTL

(A company limited by guarantee)

Trustees’ Annual Report (Including Strategic Report)

Year Ended 31[st] July 2025

Disclosure of information to the auditors

We, the Directors of the company who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:

In approving the Trustees' Annual Report, we also approve the Strategic Report included therein, in our capacity as company Directors.

Auditors

Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Signed on behalf of the Board of Trustees

Sir John Low, Chair of the Trustees

Date: 17-Dec-2025

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JTL

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JTL

Opinion

We have audited the financial statements of JTL (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 July 2025 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, 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 Practice).

In our opinion the financial statements:

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 Group in accordance with the ethical requirements that are relevant to 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 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 Group's or the parent 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 other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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 course of 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.

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JTL (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JTL (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report including the Strategic report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation 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 Group's and the parent 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 Group or the parent 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 about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. 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.

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 misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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JTL (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JTL (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' report.

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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Janice Matthews FCA (Senior statutory auditor)

for and on behalf of Menzies LLP Chartered Accountants Statutory Auditor Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP

Date: 17-Dec-2025

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JTL (A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE) ACCOUNT FOR THE YEAR ENDED 31 JULY 2025

Note
Income from:
Charitable activities
4
Other trading activities
5
Investments
6
Total income
Expenditure on:
Raising funds
7,8
Charitable activities
Other expenditure
10
Total expenditure
Net income/(expenditure) before net gains on
investments
Net gains on investments
Net income/(expenditure) carried forward		 Unrestricted
funds
2025
£
33,928,414
4,304,545
468,588
38,701,547
3,997,568
34,245,211
455,148
38,697,927
3,620
3,934,089
3,937,709		 Continuing
operations
2025
£
33,928,414
2,331,155
468,588
36,728,157
2,217,679
34,245,211
455,148
36,918,038
(189,881)
3,934,089
3,744,208		 Discontinued
operations
2025
£
-
1,973,390
-
1,973,390
1,779,889
-
-
1,779,889
193,501
-
193,501		 Total
funds
2025
£
33,928,414
4,304,545
468,588
38,701,547
3,997,568
34,245,211
455,148
38,697,927
3,620
3,934,089
3,937,709		 As restated
Continuing
operations
2024
£
34,638,886
2,257,068
461,131
37,357,085
2,015,199
36,749,264
360,104
39,124,567
(1,767,482)
3,625,859
1,858,377		 Discontinued
operations
2024
£
-
7,905,594
-
7,905,594
8,092,765
-
-
8,092,765
(187,171)
-
(187,171)		 As restated
Total
funds
2024
£
34,638,886
10,162,662
461,131
45,262,679
10,107,964
36,749,264
360,104
47,217,332
(1,954,653)
3,625,859
1,671,206

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JTL (A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Note
Net income/(expenditure) brought forward
Transfers between funds
23
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
Losses on revaluation of fixed assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
3,937,709
-
3,937,709
-
3,937,709
41,948,543
3,937,709
45,886,252		 Continuing
operations
2025
£
3,744,208
(514,866)
3,229,342
-
3,229,342
43,683,564
3,229,342
46,912,906		 Discontinued
operations
2025
£
193,501
514,866
708,367
-
708,367
(708,367)
708,367
-		 Total
funds
2025
£
3,937,709
-
3,937,709
-
3,937,709
42,975,197
3,937,709
45,886,252		 Continuing
operations
2024
£
1,858,377
-
1,858,377
(24,404)
1,833,973
41,849,591
1,833,973
43,683,564		 Discontinued
operations
2024
£
(187,171)
-
(187,171)
-
(187,171)
(521,196)
(187,171)
(708,367)		 As restated
Total
funds
2024
£
1,671,206
-
1,671,206
(24,404)
1,646,802
41,328,395
1,646,802
42,975,197

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 27 to 49 form part of these financial statements.

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JTL (A company limited by guarantee) REGISTERED NUMBER: 03958541

CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2025

2025 2024
Note £ £
Fixed assets
Intangible assets 15 358,243 256,897
Tangible assets 16 13,750,693 15,193,313
Investments 18 31,109,710 30,288,623
Investment property 17 2,502,530 -
47,721,176 45,738,833
Current assets
Debtors 20 4,235,153 5,627,895
Cash at bank and in hand 1,918,725 1,480,339
6,153,878 7,108,234
Current liabilities
Creditors: amounts falling due within one year 21 (6,516,792) (9,336,353)
Net current liabilities (362,914) (2,228,119)
Total assets less current liabilities 47,358,262 43,510,714
Provisions for liabilities (445,356) (535,517)
Total net assets 46,912,906 42,975,197
Charity funds
Unrestricted funds 23 46,912,906 42,975,197
Total funds 46,912,906 42,975,197

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: s,24F72EF08E4B447... Sir John Low Chair of the Trustees

17-Dec-2025 Date:

The notes on pages 27 to 49 form part of these financial statements.

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JTL (A company limited by guarantee) REGISTERED NUMBER: 03958541

COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2025

2025 2024
Note £ £
Fixed assets
Tangible assets 16 13,750,693 14,826,658
Investments 18 31,109,712 30,420,626
Investment property 17 2,502,530 -
47,362,935 45,247,284
Current assets
Debtors 20 4,634,919 9,082,256
Cash at bank and in hand 1,673,250 1,251,556
6,308,169 10,333,812
Current liabilities
Creditors: amounts falling due within one year 21 (6,396,874) (8,006,674)
Net current liabilities / assets (88,705) 2,327,138
Total assets less current liabilities 47,274,230 47,574,422
Provisions for liabilities (445,356) (334,919)
Total net assets 46,828,874 47,239,503
Charity funds
Unrestricted funds 23 46,828,874 47,239,503
Total funds 46,828,874 47,239,503

The Company's net movement in funds for the year was £ (410,629) (2024 - £2,491,093) .

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

s,24F72EF08E4B447... Sir John Low Chair of the Trustees

Date: 17-Dec-2025

The notes on pages 27 to 49 form part of these financial statements.

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JTL (A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025

Note
Cash flows from operating activities
Net cash used in operating activities
26
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of intangible assets
Purchase of tangible fixed assets
Purchase of investment property
Payments to aqcuire investments
Receipts from sales of investments
Movement in cash held by investment managers
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
27,28		 2025
£
3,263,860
414,860
(182,392)
(2,576,586)
(22,530)
(7,436,796)
10,911,179
(3,933,209)
(2,825,474)
-
438,386
1,480,339
1,918,725		 2024
£
(627,626)
461,131
(157,546)
(3,350,499)
-
(3,689,935)
6,106,221
245,489
(385,139)
-
(1,012,765)
2,493,104
1,480,339

The notes on pages 27 to 49 form part of these financial statements

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JTL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

1. General information

JTL is a charitable company limited by guarantee and is incorporated in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

The address of the registered office is given in the charity information on page 3 of these financial statements.

The nature of the charity's operations and principal activities are delivering Advanced Apprenticeships in Electrotechnical, Plumbing, Engineering and Heating and Ventilating.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

JTL meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

2.2 Basis of consolidation

The financial statements consolidate the accounts of JTL and its wholly owned subsidiaries undertakings, CompEx Certification Limited and Develop Training Limited (up to 31 October 2024).

The charity has taken advantage of the exemption contained within Section 408 of the Companies Act 2006 not to present its own income and expenditure account.

2.3 Going concern

The trustees have assessed the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. Develop Training Limited, a subsidiary of JTL, was disposed of during the year thus eliminating future negative financial impact on the group

The trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. The trustees have concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing these financial statements.

2.4 Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. All funds received during the year were unrestricted.

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JTL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. Accounting policies (continued)

2.5 Income

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received, and the amount can be measured reliably. If entitlement is not met, then these amounts are deferred.

Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Interest income is recognised using the effective interest method and dividend income is recognised as the charity's right to receive payment is established.

Other income includes gains on disposals of tangible fixed assets, recognised upon completion of the sale.

2.6 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

2.7 Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at headquarters. Where support costs cannot be directly attributed to particular headings, they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

2.8 Freehold Land and Buildings

Freehold Land and Property is initially recorded at cost; it is then independently revalued every third year to reflect its fair value. Any gain in value is reflected in the carrying value of the asset and the revaluation reserve.

Any loss in value from cost or previous valuation is first charged against any accumulated gain in the revaluation reserve for that asset with any balance charged to expenses within the Statement of Financial Activities.

.

Freehold Land is recorded at cost and is not revalued or depreciated.

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JTL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. Accounting policies (continued)

2.9 Intangible assets and amortisation

Intangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Assets costing less than £1,000 individually are not capitalised and are expended within the year.

Amortisation is provided on all intangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life. During the year the amortisation rate applied was:

Computer Software

2.10 Tangible fixed assets and depreciation

With the exception of freehold property, tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Assets costing less than £1,000 individually are not capitalised and are expended within the year.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life. During the year the depreciation rates were:

Freehold property (Buildings only) - 2% straight line Short-term leasehold property - Over the term of the lease Motor vehicles - 25% straight line Fixtures and fittings - 10% - 25% straight line Computer equipment - 25% straight line Software / IT consultancy - 25% straight line

No depreciation is provided for on Freehold Land

.

2.11 Investments

Investments are recognised initially at fair value, which at year end is normally the transaction price excluding transaction costs. Subsequently, they are continuously measured at a mark to market at fair value with changes recognised in 'net gains or losses on investments' in the consolidated statement of financial activities if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Investments in subsidiaries are measured at cost less impairment.

2.12 Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the SoFA unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

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JTL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. Accounting policies (continued)

2.13 Provisions

Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

2.14 Leases

Rentals payable under operating leases are charged to the Consolidated statement of financial activities on a straight-line basis over the period of the lease.

2.15 Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

2.16 Termination benefits

Termination benefits are recognised as a liability and an expense when the company is demonstrably committed to either: terminating the employment of an employee or group of employees before the normal retirement date; or providing termination benefits as a result of an offer made to encourage voluntary redundancy.

The company is demonstrably committed when it has a detailed formal plan for the termination and is without realistic possibility of withdrawal. Termination benefits are measured at the best estimate of the expenditure required to settle the obligation at the reporting date.

2.17 Financial instruments

The charity holds basic Financial Instruments. The financial assets and financial liabilities of the Charity are as follows:

All other investments are classified as basic financial instruments and held at their fair value.

Financial Liabilities: Trade creditors, accruals and other creditors will be classified as financial instruments and are measured at amortised cost as detailed in note 20. Basic taxation and social security are not included in the financial instrument’s disclosure. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver charitable services rather than cash or another financial instrument.

2.18 Reclassification

In year ended 31 July 2025 the accounting treatment for grants from the Department for Education was amended to better reflect the substance of the transactions. In the prior a year an amount of both income and expenditure relating to these grants was recognised within Charitable activities, however the nature of these grants is such that they are not true transactions for the charity and they will only be recognised within a control account within the balance sheet. This change reduced prior year Charitable income and expenditure both by £1,541,400 and have a nil effect on the results for the year. There has been no affect on group reserves in respect of this adjustment.

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JTL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

3. Critical accounting estimates and areas of judgement

Judgements (apart from those involving estimates) have been made in the process of applying the following accounting policies that have had a significant effect on amounts recognised in the financial statements;

Critical accounting estimates and assumptions:

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are estimates and assumptions made by the trustees in relation to property valuations and the estimated useful lives of fixed assets that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4. Income from charitable activities

ESFA and Welsh Assembly income receivable
Other income receivable
Total 2024 as restated		 Unrestricted
funds
2025
£
33,034,737
893,677
33,928,414
34,638,886		 Total
funds
2025
£
33,034,737
893,677
33,928,414
34,638,886		 As restated
Total
funds
2024
£
34,274,197
364,689
34,638,886

Other income receivable of £893,677 (2024: £364,689) comprises of income from various sources including employer contributions, commercial courses, room hire, rental income, miscellaneous income and royalties.

5. Income from other trading activities

Income from non charitable trading activities

Trading income in subsidiaries
Total 2024		 Unrestricted
funds
2025
£
4,304,545
10,162,662		 Total
funds
2025
£
4,304,545
10,162,662		 Total
funds
2024
£
10,162,662

Page 31

Docusign Envelope ID: C58AC862-B82C-40D6-A221-E88D2764B53FDocusign Envelope ID: FDEC1BC4-7215-4362-AED5-FAE4CD4D1ECD

JTL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

6. Investment income

Dividends and interest from listed investments
Total 2024		 Unrestricted
funds
2025
£
468,588
461,131		 Total
funds
2025
£
468,588
461,131		 Total
funds
2024
£
461,131

7. Expenditure on raising funds

Fundraising trading expenses

Direct trading expenses
Direct trading expenses - wages and salaries
Fundraising trading expenses - NI
Fundraising trading expenses - pension costs
Support costs of trading
Total 2024		 Unrestricted
funds
2025
£
1,085,765
422,321
48,680
12,085
2,325,736
3,894,587
10,003,416		 Total
funds
2025
£
1,085,765
422,321
48,680
12,085
2,325,736
3,894,587
10,003,416		 Total
funds
2024
£
3,346,328
1,492,756
152,122
35,982
4,976,228
10,003,416

8. Investment management costs

Investment management fees
Total 2024		 Unrestricted
funds
2025
£
102,981
104,548		 Total
funds
2025
£
102,981
104,548		 Total
funds
2024
£
104,548

Page 32

Docusign Envelope ID: C58AC862-B82C-40D6-A221-E88D2764B53FDocusign Envelope ID: FDEC1BC4-7215-4362-AED5-FAE4CD4D1ECD

JTL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

9. Analysis of grants

Grants, Education and training
Total 2024 as restated		 Grants to
Individuals
2025
£
2,175
4,400		 Total
funds
2025
£
2,175
4,400		 As restated
Total
funds
2024
£
4,400

10. Other expenditure

Impairment Charge
Total 2024
See also note 16.		 Unrestricted
funds
2025
£
455,148
360,104		 Total
funds
2025
£
455,148
360,104		 Total
funds
2024
£
360,104

11. Analysis of expenditure by activities

Education and training
Total 2024 as restated		 Activities
undertaken
directly
2025
£
28,327,351
31,766,229		 Grant
funding of
activities
2025
£
2,175
4,400		 Support
costs
2025
£
5,915,685
4,978,635		 Total
funds
2025
£
34,245,211
36,749,264		 As restated
Total
funds
2024
£
36,749,264

Page 33

Docusign Envelope ID: C58AC862-B82C-40D6-A221-E88D2764B53FDocusign Envelope ID: FDEC1BC4-7215-4362-AED5-FAE4CD4D1ECD

JTL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

11. Analysis of expenditure by activities (continued)

Analysis of support costs

Education
and training
2025
£
Staff costs
4,357,810
Depreciation
63,643
Finance
3,392
Information technology
353,663
Office and other costs
814,868
Other staff costs
176,794
Governance costs
145,515
5,915,685
Total 2024
4,978,635
12.
Auditors' remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual accounts
Fees payable to the Company's auditor in respect of:
The auditing of accounts of subsidiaries of the Charity
Accountancy and tax services		 Total
funds
2025
£
4,357,810
63,643
3,392
353,663
814,868
176,794
145,515
5,915,685
4,978,635
2025
£
44,225
12,915
7,130		 Total
funds
2024
£
3,359,957
42,402
2,752
395,741
803,384
214,639
159,760
4,978,635
2024
£
40,945
21,360
7,900

Page 34

Docusign Envelope ID: C58AC862-B82C-40D6-A221-E88D2764B53FDocusign Envelope ID: FDEC1BC4-7215-4362-AED5-FAE4CD4D1ECD

JTL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

13. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2025
£
15,633,223
1,877,885
1,962,280
19,473,388		 Group
2024
£
18,162,813
1,958,655
2,004,307
22,125,775		 Company
2025
£
14,042,996
1,681,867
1,805,750
17,530,613		 Company
2024
£
14,232,599
1,568,165
1,821,880
17,622,644

During the year termination payments of £125,894 (2024:£224,719) were paid, of this £31,988 (2024: £41,278) was Develop Training Limited.

In addition redundancy and settlement costs of £91,850 were incurred in relation to the disposal of Develop Training Limited during the year.

Directors
Operations
Support		 Group
2025
£
3
297
92
392		 Group
2024
£
7
364
114
485		 Company
2025
£
2
258
89
349		 Company
2024
£
4
308
68
380

The average headcount expressed as full-time equivalents was:

Directors
Operations
Support		 Group
2025
£
3
292
89
384		 Group
2024
£
6
354
110
470		 Company
2025
£
2
254
85
341		 Company
2024
£
4
300
66
370

Page 35

Docusign Envelope ID: C58AC862-B82C-40D6-A221-E88D2764B53FDocusign Envelope ID: FDEC1BC4-7215-4362-AED5-FAE4CD4D1ECD

JTL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

13. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2025 2024
£ £
In the band £60,001 - £70,000 16 12
In the band £70,001 - £80,000 10 9
In the band £80,001 - £90,000 4 2
In the band £90,001 - £100,000 1 -
In the band £120,001 - £130,000 1 1
In the band £130,001 - £140,000 1 2
In the band £180,001 - £190,000 1 -
In the band £200,001 - £210,000 - 1
In the band £240,001 - £250,000 1 -

14. Trustees' and Key Management Personnel Remuneration and Expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the period, six trustees were reimbursed £1,798 (2024: 3 trustees, £472) for expenses relating to travel costs.

The Charity considers its key management personnel comprise of:

As noted above no trustees were remunerated during the year. The total amount of employee benefits received by key management personnel (Salary, Employer NI, Employers Pension, Benefit in Kind etc.) was £627,301 (2024: £888,336). Included within key management personnel last year were also Director of Learning & Innovation, Director of Policy & External Relations, Human Resources Director, Interim Director of Finance & Resources, and National Delivery Director.

Page 36

Docusign Envelope ID: C58AC862-B82C-40D6-A221-E88D2764B53FDocusign Envelope ID: FDEC1BC4-7215-4362-AED5-FAE4CD4D1ECD

JTL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

15. Intangible assets

Group

Cost
At 1 August 2024
Additions
Disposals
At 31 July 2025
Amortisation
At 1 August 2024
Charge for the year
On disposals
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024		 Computer
software
£
336,456
182,392
(20,000)
498,848
79,559
75,213
(14,167)
140,605
358,243
256,897		 Goodwill
£
24,001
-
(24,001)
-
24,001
-
(24,001)
-
-
-		 Total
£
360,457
182,392
(44,001)
498,848
103,560
75,213
(38,168)
140,605
358,243
256,897

There are no intangible assets within the parent entity.

Page 37

Docusign Envelope ID: C58AC862-B82C-40D6-A221-E88D2764B53FDocusign Envelope ID: FDEC1BC4-7215-4362-AED5-FAE4CD4D1ECD

JTL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

16. Tangible fixed assets

Group

Cost or valuation
At 1 August 2024
Additions
Disposals
Transfers to Investment property
At 31 July 2025
Depreciation
At 1 August 2024
Charge for the year
On disposals
Impairment charge
At 31 July 2025		 Freehold
property
£
13,549,991
942,567
(953)
(2,480,000)
12,011,605
360,104
186,101
-
455,148
1,001,353		 Short-term
leasehold
property
£
402,640
-
(402,640)
-
-
203,048
20,093
(223,141)
-
-		 Motor
vehicles
£
59,980
-
(59,980)
-
-
25,664
3,749
(29,413)
-
-		 Fixtures and
fittings
£
3,037,968
1,518,895
(447,816)
-
4,109,047
1,600,292
302,817
(263,989)
-
1,639,120		 Computer
equipment
£
438,701
103,124
(90,938)
-
450,887
224,696
92,045
(77,765)
-
238,976		 Software / IT
consultancy
£
529,446
12,000
-
-
541,446
411,609
71,234
-
-
482,843		 Total
£
18,018,726
2,576,586
(1,002,327)
(2,480,000)
17,112,985
2,825,413
676,039
(594,308)
455,148
3,362,292

Page 38

Docusign Envelope ID: C58AC862-B82C-40D6-A221-E88D2764B53FDocusign Envelope ID: FDEC1BC4-7215-4362-AED5-FAE4CD4D1ECD

JTL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

16. Tangible fixed assets (continued)

Group (continued)

Net book value
At 31 July 2025
At 31 July 2024		 Freehold
property
£
11,010,252
13,189,887		 Short-term
leasehold
property
£
-
199,592		 Motor
vehicles
£
-
34,316		 Fixtures and
fittings
£
2,469,927
1,437,676		 Computer
equipment
£
211,911
214,005		 Software / IT
consultancy
£
58,603
117,837		 Total
£
13,750,693
15,193,313

Page 39

Docusign Envelope ID: C58AC862-B82C-40D6-A221-E88D2764B53FDocusign Envelope ID: FDEC1BC4-7215-4362-AED5-FAE4CD4D1ECD

JTL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

16. Tangible fixed assets (continued)

Company

Cost or valuation
At 1 August 2024
Additions
Disposals
Transfers to Investment property
At 31 July 2025
Depreciation
At 1 August 2024
Charge for the year
On disposals
Impairment charge
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024		 Freehold
property
£
13,549,991
942,567
(953)
(2,480,000)
12,011,605
360,104
186,101
-
455,148
1,001,353
11,010,252
13,189,887		 Fixtures and
fittings
£
2,816,400
1,518,895
(226,248)
-
4,109,047
1,495,744
289,900
(146,524)
-
1,639,120
2,469,927
1,320,656		 Computer
equipment
£
371,857
103,124
(24,094)
-
450,887
173,578
89,191
(23,793)
-
238,976
211,911
198,279		 Software / IT
Consultancy
£
529,446
12,000
-
-
541,446
411,609
71,234
-
-
482,843
58,603
117,837		 Total
£
17,267,694
2,576,586
(251,295)
(2,480,000)
17,112,985
2,441,035
636,426
(170,317)
455,148
3,362,292
13,750,693
14,826,659

All fixed assets are initially recorded at cost. The freehold properties were last professionally revalued in the year ended 31 July 2024. One property has come into operational use in the year and therefore was revalued at year ended 31 July 2025, an amount of £455,148 has been recognised as an impairment charge within the Statement of Financial Activities.

The transfers represent properties leased to a subsidiary disposed of within the year, Develop Training Limited. Following this disposal, these properties are no longer occupied by a group entity and therefore no longer qualify for intra-group exemption under FRS 102 Section 9. Consequently, these properties have been reclassified from tangible fixed assets to investment properties, see note 17.

The Group has adopted a policy of revaluation for tangible fixed assets. Had these assets been measured at historic cost, the carrying values would have been as follows:

Group Group Company Company
2025 2024 2025 2024
£ £ £ £
Freehold property 8,320,113 10,314,297 8,320,113 10,314,297

Page 40

Docusign Envelope ID: C58AC862-B82C-40D6-A221-E88D2764B53FDocusign Envelope ID: FDEC1BC4-7215-4362-AED5-FAE4CD4D1ECD

JTL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

16. Tangible fixed assets (continued)

Included in the net book value of property displayed above are the following amounts ascribable to land:

Group Group
2025 2024
£ £
Freehold land 2,779,200 3,535,200

17. Investment property

Group and Company

Valuation
Additions
Transfers from tangible fixed assets
At 31 July 2025		 Freehold
investment
property
£
22,530
2,480,000
2,502,530

During the year, the charity disposed of its wholly owned subsidiary, Develop Training Limited, which previously occupied a number of properties leased from the parent charity. As a result of the disposal, these properties are no longer used for charitable or group operational purposes and have been reclassified as investment properties in accordance with FRS 102 Section 16.

The fair value of the reclassified properties at the date of transfer was £2,480,000, based on external valuation at the year ended 31 July 2024, the trustees consider this to be an appropriate valuation at the point of transfer on 31 October 2024.

Rental income from investment properties during the year, from the date of transfer, amounted to £158,935, and no direct operating expenses were incurred.

The trustees consider the reclassification appropriate given the change in use and the loss of group exemption under FRS 102 for intra-group leases.

Page 41

Docusign Envelope ID: C58AC862-B82C-40D6-A221-E88D2764B53FDocusign Envelope ID: FDEC1BC4-7215-4362-AED5-FAE4CD4D1ECD

JTL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

18. Fixed asset investments

Group
Cost or valuation
At 1 August 2024
Additions
Disposals
Revaluations
Movement in cash held by investment managers
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024
Company
Cost or valuation
At 1 August 2024
Additions
Disposals
Revaluations
Movement in cash held by investment managers
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024		 Investments
in subsidiary
companies
£
132,003
-
(132,001)
-
-
2
2
132,003		 Listed
investments
£
30,288,623
7,436,796
(10,911,179)
362,261
3,933,209
31,109,710
31,109,710
30,288,623		 Listed
investments
£
30,288,623
7,436,796
(10,911,179)
362,261
3,933,209
31,109,710
31,109,710
30,288,623
Total
£
30,420,626
7,436,796
(11,043,180)
362,261
3,933,209
31,109,712
31,109,712
30,420,626

Page 42

Docusign Envelope ID: C58AC862-B82C-40D6-A221-E88D2764B53FDocusign Envelope ID: FDEC1BC4-7215-4362-AED5-FAE4CD4D1ECD

JTL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

Principal subsidiaries

The following were subsidiary undertakings of the Company:

Names Company Registered office or principal Class of Holding
number place of business shares
Develop Training Limited (to 31 06115331 Derby Training Centre, Ascot Drive, Ordinary 100%
October 2024) Derby, DE24 8GW
CompEx Certification Limited 02336110 Stafford House, 120-122 High Ordinary 100%
Street, Orpington, Kent, BR6 0JS

The financial results of the subsidiaries for the year were:

Names
Income
£
Expenditure
£
Profit/(Loss)
for the year
£
Develop Training Limited (to 31 October
2024)
1,983,933
(1,993,380)
(9,447)
CompEx Certification Limited
2,339,084
(2,255,051)
84,033
Group and Company
2025
£
Investments at fair value comprise:
Equities
20,500,989
Securities
6,723,114
Cash within investment portfolio
3,885,607
31,109,710		 Net assets
£
-
84,035
2024
£
24,281,153
4,532,899
1,474,571
30,288,623

The fair value of listed investments is determined by reference to the bid (sale) price at close of business on the date of the valuation or fair value if the market value is unavailable.

19. Discontinued operations and disposal of subsidiary

On 31 October 2024, Develop Training Limited, a company that provides technical and safety training, was disposed of. This disposal ensured that JTL was able to continue to meet its charitable objectives. Consideration of £4,245,000 was received and a group gain on disposal of £3,571,828 has been recognised, which has increased group reserves. An intercompany loan balance of £455,903 was written off at this date. The income and expenditure from Develop Training Limited has been included as a discontinued operation within the Consolidated Statement of Financial Activities.

Page 43

Docusign Envelope ID: C58AC862-B82C-40D6-A221-E88D2764B53FDocusign Envelope ID: FDEC1BC4-7215-4362-AED5-FAE4CD4D1ECD

JTL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

20. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2025
£
2,923,459
-
169,737
1,141,957
4,235,153		 Group
2024
£
4,153,714
-
206,579
1,267,602
5,627,895		 Company
2025
£
2,640,878
792,527
169,737
1,031,777
4,634,919		 Company
2024
£
2,885,667
5,133,316
206,579
856,694
9,082,256

As at the year end, JTL was owed £792,527 (2024: £459,757) from CompEx Certification Limited.

21. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2025
£
1,837,834
488,176
322,269
3,868,513
6,516,792		 Group
2024
£
3,064,762
756,037
418,802
5,096,752
9,336,353		 Company
2025
£
1,778,719
488,176
278,743
3,851,236
6,396,874		 Company
2024
£
2,602,873
427,950
314,520
4,661,331
8,006,674

Deferred income relates to the license and apprenticeship fees being recognised over the period that they relate to.

Deferred income
Deferred income at 1 August 2024
Resources deferred during the year
Amounts released from previous periods		 Group
2025
£
1,035,415
399,918
(756,628)
678,705		 Group
2024
£
775,410
1,105,564
(845,559)
1,035,415

Page 44

Docusign Envelope ID: C58AC862-B82C-40D6-A221-E88D2764B53FDocusign Envelope ID: FDEC1BC4-7215-4362-AED5-FAE4CD4D1ECD

JTL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

22. Provisions

Group

At 1 August 2024
Additions
Amounts used
Company
At 1 August 2024
Additions		 Dilapidations
£
535,517
116,624
(206,785)
445,356
Dilapidations
£
334,919
110,437
445,356
23. Statement of funds
Statement of funds - current year
Unrestricted funds
General Funds
Revaluation reserve		 Balance at 1
August 2024
£
40,342,129
2,633,068
42,975,197		 Income
£
38,647,819
-
38,647,819		 Expenditure
£
(38,697,927)
-
(38,697,927)		 Gains/
(Losses)
£
3,987,817
-
3,987,817		 Balance at 31
July 2025
£
44,279,838
2,633,068
46,912,906

Page 45

Docusign Envelope ID: C58AC862-B82C-40D6-A221-E88D2764B53FDocusign Envelope ID: FDEC1BC4-7215-4362-AED5-FAE4CD4D1ECD

JTL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

23. Statement of funds (continued)

Statement of funds - prior year


Unrestricted funds
General Funds
Revaluation reserve		 Balance at
1 August 2023
£
38,670,923
2,657,472
41,328,395		 Income
£
46,804,079
-
46,804,079		 Expenditure
£
(48,734,328)
(24,404)
(48,758,732)		 Gains/
(Losses)
£
3,601,455
-
3,601,455		 Balance at
31 July 2024
£
40,342,129
2,633,068
42,975,197

24. Summary of funds

Summary of funds - current year

General funds
Summary of funds - prior year

General funds		 Balance at 1
August 2024
£
42,975,197
Balance at
1 August 2023
£
41,328,395		 Income
£
38,647,819
Income
£
46,804,079		 Expenditure
£
(38,697,927)
Expenditure
£
(48,758,732)		 Gains/
(Losses)
£
3,987,817
Gains/
(Losses)
£
3,601,455		 Balance at 31
July 2025
£
46,912,906
Balance at
31 July 2024
£
42,975,197

Page 46

Docusign Envelope ID: C58AC862-B82C-40D6-A221-E88D2764B53FDocusign Envelope ID: FDEC1BC4-7215-4362-AED5-FAE4CD4D1ECD

JTL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

25. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Provisions for liabilities and charges
Total		 Unrestricted
funds
2025
£
13,750,693
358,243
31,109,710
2,502,530
6,153,878
(6,516,792)
(445,356)
46,912,906		 Total
funds
2025
£
13,750,693
358,243
31,109,710
2,502,530
6,153,878
(6,516,792)
(445,356)
46,912,906

Analysis of net assets between funds - prior year

Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Provisions for liabilities and charges
Total		 Unrestricted
funds
2024
£
15,193,313
256,897
30,288,623
7,108,234
(9,336,353)
(535,517)
42,975,197		 Total
funds
2024
£
15,193,313
256,897
30,288,623
7,108,234
(9,336,353)
(535,517)
42,975,197

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Docusign Envelope ID: C58AC862-B82C-40D6-A221-E88D2764B53FDocusign Envelope ID: FDEC1BC4-7215-4362-AED5-FAE4CD4D1ECD

JTL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

26. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Gains on investments
Dividends, interests and rents from investments
Loss on the sale of fixed assets
(Increase)/decrease in debtors
Decrease in creditors
Impairment of fixed assets
Increase in provisions
Net cash provided by/(used in) operating activities
27.
Analysis of cash and cash equivalents
Cash in hand
28.
Analysis of changes in net debt		 Group
2025
£
3,937,709
676,039
75,213
(362,261)
(414,860)
413,852
1,392,742
(2,819,561)
455,148
(90,161)
3,263,860
Group
2025
£
1,918,725		 Group
2024
£
1,671,206
630,407
40,157
(3,623,292)
(461,131)
152,012
620,271
(86,003)
360,104
68,643
(627,626)
Group
2024
£
1,480,339
Cash at bank and in hand At 1 August
2024
£
1,480,339
1,480,339		 Cash flows
£
(3,806,614)
(3,806,614)		 Acquisition
and disposal
of
subsidiaries
£
4,245,000
4,245,000		 At 31 July
2025
£
1,918,725
1,918,725

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Docusign Envelope ID: C58AC862-B82C-40D6-A221-E88D2764B53FDocusign Envelope ID: FDEC1BC4-7215-4362-AED5-FAE4CD4D1ECD

JTL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

29. Operating lease commitments

At 31 July 2025 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Group
2025
£
620,863
729,169
1,063,144
2,413,176		 Group
2024
£
1,002,436
1,091,677
201,600
2,295,713		 Company
2025
£
620,863
729,169
1,063,144
2,413,176		 Company
2024
£
523,885
691,640
201,600
1,417,125

30. Related party transactions

JTL had the following transactions and year end balances with the Joint Industry Board for the Electrical Contracting Industry (“JIB”) which has as its constituent parties the ECA and Unite the Union.

Information about related party transactions and outstanding balances is set out below:

Outstanding
Expenditure balances
Joint Industry Board
For the year ending 31 July 2025 / Balance as at 31 July 2025 205,078 2,338
For the year ending 31 July 2024 / Balance as at 31 July 2024 226,357 120

Amounts payable to ECA includes the BUPA annual membership, plus additional services. Amounts payable to JIB relate to Electrotechnical and Plumbing Apprentice registration fees and Health & Safety Assessment fees.

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