REGISTERED COMPANY NUMBER: 07776138 (England and Wales) REGISTERED CHARITY NUMBER: 1144651 Chartered Accounlonts Report of the Trustees and Flnanclal Statements for the Year Ended 30 June 2024 Englneerlng Educatlon Scheme Wales Ltd Rodnor House Greenwood Ckxe Caidilf Gole Business Park Caidlrf CF23 8AA RegiSteretyiD ¢oiryonaudM VI UK ona lswi￿v0 I￿ o tong? OT ￿Vest￿￿1 bU5ff￿$S0clYth￿5 bv e I￿l￿the OT Atcountonl Englon(J on0W¢*S typu cnaneieoAct￿ntfjrnl1I 0 1tts¢ity n(yT*oI BPU Lla Ccmwny Nur￿1 3723948 egiS1e16d In All* ot Q*ClCrf9 ¢ Ciwjvthfiryn business potential unleashed Engineering Education Scheme Wales Limited (A Company Limited By Guarantee) Contents of the Financial Statements for the Year Ended 30 June 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activltles Balance Sheet Cash Flow Statement 10 Notes to the Cash Flow Statement Notes to the Financlal Statements 12 to 20 Engineering Education Scheme Wales Limited (A Company Limited By Guarantee) Report of the Trustees for the Year Ended 30 June 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 07776138 (England and Wales) Registered Charity number 1144651 Registered office Waterton Technology Centre Waterton Bridgend CF313wr Trustees R Elward B J Evans J R Evans- resigned 26 January 2024 R Kerton l Mabbett D Mccann GNutt D J Phillips T J Williams Chief Executive R Davies Independent Examiner Nicholas Matthew Toye FCA BPU Limited Chartered Accountants Radnor House Greenwood Close Cardiff Gate Business Park Cardiff CF23 8AA Bankers National Westminster Bank plc 9 High Street Abergavenny NP7 5SA Engineering Education Scheme Wales Limited (A Company Limited By Guarantee) Report of the Trustees for the Year Ended 30 June 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Trust Deed, held by the Charity Commissioners, states that the aim of the charity is to encourage young people in Wales to be better infomied, through relevant experience, about careers in engineering. Through value added" projects, additional to the normal curriculum, it is hoped that as a result of informed experience they will choose engineering as a career and, for those to whom it is relevant, a degree course in an engineering discipline. There have been no material changes in the status or policies of the charity during the period. Mission and Public Benefit Statement EESW is a registered charity and a company limited by guarantee and is in its 34th year of operation. The Scheme was set up to encourage school and college students to take an interest in STEM subjects and to consider careers in engineering and manufacturing, and now seeks to engage with young people from primary school age up to sixth fonn level. EESW interventions include a mix of short engagements and long-term projects and are designed to have lasting impact on learners. Approximately 700 sixth form learners are now participating each year and approximately 8500 pupils are involved annually across the Charity's various projects. One of the major challenges in the STEM sector is the need to encourage diversity and inclusion, and EESW has a focus on gender inequality. This is achieved through positive marketing of our activities and by offering a range of activities targeted specifically at females and by using role models to directly interact with young people. The project strands are fully inclusive and deliver STEM skills to different age groups in the key stages of young people's education. There are several projects which offer progression and continuity in STEM activities to encourage re-engagement of pupils throughout their academic lives. They aim to include involvement of external volunteers from industry & FEIHE organisations, as well as professional institutions to contextualise and enrich activities to raise aspirations and widen career horizons for students. The project will also be able to build, year on year, on young peoples, transferable employability and soft skills and help them to make more informed subject choices by offering progressive STEM opportunities. Our activities are also designed to give added value for pupils who are supported to enter for CREST awards. Young people gain a number of benefits through extended involvement in activities: Better understanding of the importance of STEM subjects for employment. Increased understanding of engineering and manufacturing. Enhanced understanding of maths and science through contextualised application. Real experience of team work and team leadership. Enhanced communication skills. Industry based problem solving experience Increased self-confidence and motivation. Engineering Education Scheme Wales Limited {A Company Limited By Guarantee) Report of the Trustees for the Year Ended 30 June 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Trustee and principal officers information The charity is organised and policy implemented via a director and a team of experienced educationalists and Chartered Engineers throughout Wales. There were four trustees meetings held during the year. The trustees of the Charity shall be subject to election or re-election at the Annual General Meeting of the Charity. In the event of any executive post within the Charity becoming vacant, the vacancy will be filled by the action of the trustees at a Special Meeting. Related parties The charity works closely with the Welsh Government, Engineering UK, the Spectris Foundation, the Institution of Engineering and Technology, the Institution of Mechanical Engineers and the South Wales Institute of Engineers Educational Trust. Risk Assessment The major risks to which the charity is exposed have been identified and mechanisms are in place to mitigate and monitor those risks. Any perceived risks are considered at the trustee meetings and any necessary actions are then implemented to reduce the risk areas of greatest concern. STRATEGIC REPORT Achievements and Performance Activities This financial year was the first year of the Charity operating following the end of the 13 year STEM Cymru projects funded by the European Social Fund which came to an end in June 2023. The main activity of the Charity during the year continued to be funded by the Welsh Government Education Directorate, in respect of the EESW Sixth Form Project, F1 in Schools project for secondary schools and Girls into STEM industry visits. Annual awards events took place for the EESW 6 Form Projects at Swansea Arena and Venue Cymru, Llandudno and F1 in Schools events were held at Denbigh High School in North Wales and St Fagan's Museum Cardiff. The South Wales venue was new this year, and all delegates including schools, companies and volunteer assessors were very impressed with the event overall and its attendance. EESW continued to ensure that the students could continue to gain CREST Awards for taking part in the projects. Replacement funding was sought by the EESW team for other projects previously funded by the European funding, and this was achieved through a successful Welsh Governmenl funding bid to the Innovation team for the F1 primary schools activity and funding received through Welsh Government's Tech Valleys programme for the Headstart activity which took place at the University of South Wales. We also received continued support from the Institution of Engineering and Technology for the First Lego League events for the 2023-24 academic year, and three events were held at the National Waterfront Museum in Swansea, St Fagan's Museum in Cardiff and at the annual EESW Awards and Presentation Day in Venue Cymru North Wales. Engineering Education Scheme Wales Limited (A Company Limited By Guarantee) Report of the Trustees for the Year Ended 30 June 2024 STRATEGIC REPORT Achievements and Performance Activities The Charity sought funding for its i2E in-school workshop activities through bids to the UK Shared Prosperity Fund and was successful in three local authorities of Ceredigion, Conwy and Wrexham through its Key Funds programme. Other funding received this year included a donation from the Spectris Foundation, funding form the Royal Society of Chemistry to introduce a chemistry element to the pilot Sustainable Farming project for primary schools, continued delivery of Engineering UK'S Big Bang at School programme and funding from the Pen Y Cymoedd Community Fund and National Grid to deliver wind turbine sessions. EESW also delivered a new pilot project through Csconnected to primary schools to introduce a basic knowledge of semiconductors. FINANCIAL REVIEW Reserves policy At the year end the Charity had unrestricted reserves equal to seven months, worth of expenditure (based on the total costs for the year to 30 June 2024). The Trustees, target is to maintain reserves equivalent to six to nine months, worth of expenditure. The Trustees review both the Charity's level of reserves and the reseples policy itself on a regular basis to ensure that the objectives of the Charity can be met. Investment policy The Charity invests surplus funds for short to medium term on the best terms available for the period of time for which the funds are available in major UK based financial institutions. Review of transactions and financial position The charity recorded a deficit of £59,192 during the year (2023 £48,331). Total incoming resources for the year were £490,874 (2023 - £887,992). STRUCTURE, GOVERNANCE AND MANAGEMENT FUTURE DEVELOPMENTS Whilst the organisation has continued to meet targets for funded activities, the Board will now need to closely consider any financial impact that the end of the UK Shared Prosperity Fund projects will have on the Charity. The Charity has reviewed its reserves policy and will closely monitor the impact of any changes in income expected for the year against expenditure. It is widely acknowledged that industry in Wales is currently undergoing significant changes, and whilst there are job losses there is still a future skills shortage which needs addressing. The Charity will continue to work towards this aim alongside other priorities, to assist with the challenges of creating a green economy and changing industry focus. Englnoering Educallon Sch•m• Wal•8 Llmlted (A Company Umft•d By Guarant•o) R•port of th• Trust••s for th• Y•ar Ended 30 Jun• 2024 STATEMENT OF TRUSTEES RESPONSIBILITIES The trustee8 (who are also the dlrectors of Englneerlng Educatlon Scheme Wale8 Ltd (A Company LlmSted By Guarantee) for the purp08e8 of company18w) are re8pon8lble for preparlng the Report of the Trustees and the financlal statements in 8¢cordance wlth applicable law and Unlted Klngdom Accountlng Stsndard8 {Unlted KINJdom Generally Accepted Accoundn9 Practlce). Company law requlres ts trustees to prepare Iln8n¢ial statements for each finanGlal year ¥thlth glve 8 true and falr vlew of the stste of affairs of the Gharltable company and of the Incomlng resource8 and appllcatlon of re80urce8, Induding the Income and expendtture, of the charltable company for that perlod. In preparfn9 those flnandal ststements, the trustee8 are requlred lo 86lect suitsble accountlng pollcle8 and then apply Ihem con818t&ntly; observe th8 m8thod8 8nd p￿ndpIeS In the Charty SORP; make Judgements and estlmates that are reasonable and prudent., prepare the financlal Ststements on the golng ooncem b8818 unl888 1118 Inappropriate to presume that the charttablè company wlll contlnue bu81ne88. The trv8tee8 are re8ponslble for keeplng proper a¢countlng records whlch dl8cIo8e wlth reasonable a￿UraCY at any tlme the financlal p081tlon of the Gharttable company and to enable them to ensure that the financlal 8tatement8 compty wlth the Compan168 Act 2006. They 8re a180 re8ponslble for 8afeguardlng the assets of the charltsble company and hence for tsklng reasonable 8tep8 for the preventlon and detedlon of fraud and other Irregularlll85. Report of th8 trustee8, Incorporatin 8tr8teglc report, approved by ordar of the board of tru8te88, 110112025 as tha company dlractors, on ............................ and 81gn8d on the bo8rd'8 behall by: D J Phlllips - Trustee Independent Examiner's Report to the Trustees of Engineering Education Scheme Wales Limited Chartered Accountants Independent examiner's report to the trustees of Engineering Education Scheme Wales Limited ('the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2024. Responsibilities an(1 basis of report As the charity's trustees of the Company (and also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'}. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your Charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145{5) (b) of the 2011 Act. Independent examiner's statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that l am qualified to undertake the examination because I am a registered member of ICAEW which is one of the listed bodies. ¢xlnor House I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe.. Gieenwooa Close Coidlll Gole Bu5ine&s Park Caidlff CF23 8A4 accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act., or the accounts do not accord with those records., or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have corne across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Nicholas Matthew Toye FCA ICAEW BPU Limited Chartered A egsteiÈ¢ to CQlryQn In UK 1ÈguhYÈd lty O tofw)s ot IDve5trwi by tre Ins1iiuie of Charteiea *£cr￿m￿lS ITr Wgl8s. countants Date.. 16ti125 bpu CMM*èd pLCO￿l(￿I5 ¢ O Iiaoiry rKyr*ol BPU Ltd ¢oFTWY 3123948 rwisitred n Waè5. A Iiy of aiie¢1vts IS Ov0&￿01È It(mir* business potential unleashed Engineering Education Scheme Wales Limited (A Company Limited By Guarantee) ststement of Financial Activities for the Year Ended 30 June 2024 2024 Total funds 2023 Total funds Unrestricted Restricted fund funds Notes INCOME FROM Grants and donations 204,172 286,702 490,874 887,992 EXPENDITURE ON Charitable activities 279,651 270,415 550,066 839,661 NET INCOME Transfers between funds (75,479) 22,793 16,287 (22,793) (59,192 48,331 Net movement in funds 152,686) (6,506) (59,192) 48,331 RECONCILIATION OF FUNDS Total funds brought forward 497,718 6,506 504,224 455,893 TOTAL FUNDS CARRIED FORWARD 445,032 504,224 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. Engineering Education Scheme Wales Limited (A Company Limited By Guarantee) Balance Sheet 30 June 2024 2024 2023 Notes FIXED ASSETS Tangible assets 17,590 20,429 CURRENT ASSETS Debtors Cash at bank 86,107 361,847 55,959 440,722 447,954 496,681 CREDITORS Amounts falling due wthin one year 10 (20,512) (12,886) NET CURRENT ASSETS 427,442 483,795 TOTAL ASSETS LESS CURRENT LIABILITIES 445,032 504,224 NET ASSETS 445,032 504,224 FUNDS Unrestricted funds Restricted funds 12 445,032 497,718 6,506 TOTAL FUNDS 445,032 504,224 The notes form part of these financial statements continued... Engln••rlng Educatlon Scheme Wal•8 Umltod (A Company Llmlt•d By Guarnnts•) BalanG• Sh••t . contlnu•d 30 Jun• 2024 The charltable company Is entttled to exempllon from audlt under Sectlon 477 of ts Compan188 Act 2006 fiy the year ended 30 June 2024. The members have not requlred the company to obtaln an audlt of Its financlal 818t8ments for the year ended 30 June 2024 in accordance wlth Sectlon 476 of the Companle8 Act 2006. The trustee8 acknO￿edge thelr responslbllttles for (a) en6urlng that the charltable company keeps accountlng record8 that comply wtth S8Ctlon8 386 and 387 of the Companles Act 2006 and {b} prepartng Ilnanclal 8tstem8nts whlch glve 8 true 8nd falr vlew of the 8tste of affalr8 of the charltable company as at the end of each flnanclal year and of Its surplus or deficit for each fln8ncl81 year In accordance wlth the requlrements of S6don8 394 and 395 and whlch Olh8pwlse comply wlth the requlrements of the Compan[68 Act 2006 relatlng to financl81 8t8tements, 80 far 88 appllc8ble to the charltable company. The flnanc181 statements were approved ty th6 Board of Tru8ts88 and author18ed for 188ue on ..I.*,01.12025 . and were 81gned on It8 behalf by. D J Phllllp8 - Tru8ts8 The notes fomi part of these flnandal statsm6nts coniinued... Engineering Education Scheme Wales Limited {A Company Limited By Guarantee) Cash Flow Statement for the Year Ended 30 June 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 68,537) 55,100 Net cash provided by operating activities 68,537) 55,100 Cash flows from investing activities Purchase of tangible fixed assets 10,338) 2,857 Net cash used in investing activities 10,338) Change in cash and cash equivalents in the reporting perlod Cash and cash equivalents at the beglnning of the reporting perlod (78,875) 52,243 440,722 388,479 Cash and cash equlvalents at the end of the reporting perlod 361,847 440,722 The notes form part of these financial statements 10 continued... Engineering Education Scheme Wales Limited (A Company Limited By Guarantee) Notes to the Cash Flow Statement for the Year Ended 30 June 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for the reportlng period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges (Increase) in debtors Increase in creditors (59,192) 48,331 13,177 (30,148) 12,073 60,010 65,314 Net cash provided by operations 68,537) 55,100 ANALYSIS OF CHANGES IN NET FUNDS At 117123 Cash flow At 3016124 Net cash Cash at bank 440 722 78,875) 361,847 440 722 78 875) 361,847 Totsl 440,722 78,875) 361,847 The notes form part of these financial statements continued. Engineering Education Scheme Wales Limited (A Company Limited By Guarantee) Notes to the Financial Statements for the Year Ended 30 June 2024 ACCOUNTING POLICIES Basis of preparing the financial statements 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. 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. Income is received from the Welsh Government, Europe, other institutions and public and private companies in order to aid the charity to to encourage students to move into science, technology, engineering and mathematics in relation to a potential careers option. 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. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Office equipment 33 % straight line Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. The notes form part of these financial statements 12 continued... Engineering Education Scheme Wales Limited (A Company Limited By Guarantee) Notes to the Financial Statements - continued for the Year Ended 30 June 2024 ACCOUNTING POLICIES - continued 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. GRANTS AND DONATIONS 2024 2023 Company sponsorslproject sponsorship Awards & presentation days Welsh Government Education Directorate STEM Cymru Project Miscellaneous income Community Renewal Fund Grant F1 Challenge Project Shared Prosperity Fund Grant IET Funding Engineering UK Tech Valleys Headstart Project Gwynt Y Mor Pen Y Cymoedd Spectris Other Grants 67,610 10,180 146,000 71,719 8,500 164,231 356,925 5,204 210,913 4,535 36,439 40,669 20,000 24,374 30,000 16,723 16,871 50,001 27,472 20,500 50,000 490,874 887,992 The notes form part of these financial statements 13 continued... Engineering Education Scheme Wales Limited (A Company Limited By Guarantee) Notes to the Financial Statements - continued for the Year Ended 30 June 2024 CHARITABLE ACTIVITIES Charitable activity operations 2024 2023 Staff costs Consultants, fees Depreciation Travel & subsistence Advertising, career publicity & recruitment Legal, professional & consultancy Office rent & rates Insurance Off ice equipment, maintenance & consumables Bank charges & interest Awards & presentation days, conferences & meetings Printing, stationery, telephone & computer costs Staff training 354,300 7,775 13,177 24,872 4,287 13,976 11,260 6,478 13,830 540 85,812 10,886 2,873 477,375 53,726 12,073 28,532 371 97,728 17,721 5,728 27,959 656 102,134 11,664 3,994 550,066 839,661 The legal, professional and consultancy fees includes amounts paid to the independent examiners as financial consultants for the charity. The amounts paid inclusive of vat for independent examiners service was £4,500 (2023 - £4,500) and for other financial services were £6,674 (2023 - £34,934). The notes form part of these financial statements 14 continued... Engineering Education Scheme Wales Limited {A Company Limited By Guarantee) Notes to the Financial Statements - continued for the Year Ended 30 June 2024 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after chargingl