Reglstered n￿)￿r. 5677191 Charlty number: 1153592 BOILER AND ENGINEERING SKILLS TRAINING TRUST (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 llllw wi *A8)02FCG* 2111212022 COMPANIES HOUSE A16 #167 BOILER AND ENGINEERING SKILLS TRAINING TRUST (A com￿nY limlled by guarnntee> CONTENTS Page Rèfer*Thce •nd admlnlslrntive detalls of the ¢harlty. Its trustees •nd ad¥lsers Trnstees. r•wl Indep•ndenl ¢x*mlnerfs report Statemenl of financial activltles Balance sh••t Notes to the r￿n¢la1 statemenls 8-17 The followin9 pays do fomi part of the $tatLltory finar￿la1 stslements.. D¢talled Incomè and exp¢ndilur• a￿Ount and $umrnari•s 18 BOILER AND ENGINEERING SKILLS TRAINING TRUST IA conwany limited by guaranlwl REFERENCE AND ADMINISTrATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022 Tn*t•es G NevAon. ch￿rrnan & Treasurer D Morgan, Secretary J H Cleary. BEST[ HLF Project Oirect¢y Ireswed 17 Noverwl)er 2022) K R Ashford (appointed 19 Apnl 20221 N R Beilby S Clews (appointed 1 June 2022) M Ellis R J Gam*tt H Harkett C Hal¢h (resigned 16 Jar￿ary 20221 W E HiltieT (r￿gned 16 January 2022) AOHunl J Re￿￿￿Off A J Semple D Wrigh( Company r•gi$t•r•d numhr 77191 Charity regist•r•d number 1153592 Regls¢•r•d offlce St. Lawrence CtwrL* Hall. St. LaW1w￿ Parish Chwch. Lavrtence Street. YORK Y010 3WP Company s•cr•lary O Morg A¢¢oufitsnts CY Thysk in¢orFMxating F¢oms*Y¢ & Co. 39 Westgate. THIRSK. Norlh Y(xkshire. Y07 1QR B•nk•rs National WestiThnster Bank Pk, 8 Market Pkice. Hudderskld. Wesl Yotslire. HD1 2AL HSBC, 7 Prospect Crescent. Harrcgate. North Yorkshire. HG1 1RN Solicitors RadclrftesLeBrasseur. 7th Fkny. 85 Ffeet Street. LONDON. EC4Y 1AE Pago 1 BOILER AND ENGINEERING SKILLS TIiAIIIING TRUST IA company limlt•d by gu￿Al**I TRU5TEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Twst¢e$ pr8sent thew annual le￿rt t(#3ether wilh the knial statements of the company for the period 1 Aprl 2021 to 31 Mar¢h 2022. The Tfustees conffifm that the Annual Reporf and financial statements of Ihe company comply with the current statutory requirements, the requirements of the companys govemin9 ocumenl and the provisions of the Staiement of Recommended PraclKe ISORP). applicable to charilie5 preparing their accounts in at£ord8nce wth the Financsal Rep￿￿'n9 Standard applicable in the UK and Repubkc of Ireland IFRS 1021 leffedive l January 2015) as amended by Update Bulletin 1 leffe¢tive 1 January 20151- Since the company quaIrf￿ as small under sedion 383. the Strateg￿ report required of medium and large companies under The C have an impact on the defvery of trainrng dwng the year but, throu9h finding new kncations and maintsining suilable restricbons. BEs￿s major full lime Iraining project. grant ndè(I by NLHF. was successfully completed wrfhin buthjel and timetab* agreed with NLHF. Continued financial support was rec8ived from the Heritage Raifway Asscciat40n, the National Traction Engine Trusl and through volunteer tbmo indudin9 BESTT Truslè&$. olher raitrway volunteets. and heritage sector partn&rs givwYJ timo to training and assessment. incI￿J￿ m8w•ng Iho woi¢¢t. b. REVIEW OF ACTivmES The defvery ol trainirMJ remotely.duiiThJ ￿ pandemic 98Vg thtr TN$l Va￿•)[e exp¢iianco. in¢fudlng new approaches lo assessment gf binees. as well as online teachirrfj. and a new course on boiler tubing was inlrodu¢ed based on 2 evenirrfJ sessions onlne ani1 a practtsl day at Hatch Steam EAgLneers in Swindon with trainin9 provided by Colin Hatch and Lav*Yertt Donaktson. A first Boiler Washout Examination course was held at North Ntyfolk RaiPway in January2022. Completion of the NLHF major pr48¢t was mark¢d by a $uccesslul day at Keighloy and Worth Valley Railway in whtch Sir Peter Hendy. Chaim)an of Netw￿ Rail. presented cornplekn cerb"ficales to the last group ol trainees on 11 August 2021. 53 ￿ar$ since Ihe last revenue eamfftg train haLtled by a sleam locomotive ran on 8riiish R8tl. In tem)s of other projects 8Esrr has conlinued the trainirwJ it can offer to MKlude reviews of Compelence MarwJement Systems. A further revièw was Ca￿*d OLrt for a south easl railway by Lawrence Donabdson. BES Training ConsLdtwt and the Project vras well recèived and ¥cknowWged. Page 2 BOILER AND ENGWEERING SKILLS TRAIIIING TRUST IA ¢ompany limit•d by guarants•) TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022 A more ambrtiou$ project wa5 Ihe RM3 IORR guidance) re¥iew of rail related operations (including tramway31 al Beamish Museum, Co Durham. Thi5 was BESTfs krgesl projed of thi5 We to dale and require¢J Gtose workirMJ with the clienl. The feport was well received and has provided a su¢cessfvl platfowm foT further Iraining and improved WOTking. 8ESTh is fftful to both Lawrence Donaldson and Paul Wilson for their work on th aSS￿￿￿eMl. FiTranclal revlew . GOING CONCERN After m8kirrfJ appropriate enqwries, the Tntstees have a reasonable expectaiion Ihal the Company has adequate resources to continue in operational existerte lor the foreseeable fvture. For this reason they rLJntinue lo adopt the going con¢orn basts in prepariny the financial statemènis. Further detaiLs regardbng the adoption of Ihe 9)ing concern basi5 can be found in the Accountsng P￿ICies. b. RESERVES POUCY The Trustees are conts"nuing lo take Steps to increase the Trust's reserve$. recoynising scale of the matched funding required for thE NLHF proi¢ct arvj lor the fvturo sustainability of BES77. For example a BES overhead is Charged on cost recovery COU￿$. Slfueturè. gov¢rnan¢è and manayment . CONSTITUTION The ¢ompany is registered as a thariiable company bmiled by 9u8rar>leè and was set up by a MemoT8ndum of Association on 17101120C6 as amended 23107r2013 .Charitable status was oblained on 3010812013 The Company 15 eonstiluted under a Memornndum of AssoualKM dated 17101r2006 as amend&J on 2310712013 and is a r8gislored ¢harity nurr*8r 1153592 Thè 0￿cts of the Charity we: 111 To we$erve for the public benefrt tradilw)nal ski115 in steam boler ¢onstTUCtitsn and maintenance by establishing and Sup[￿rtIr￿j the development of trainirrfj and educalion sthemes at)d assisting in resloration 121 To advance educalion ￿ the traditional skills of restoratwjn. maintenance, repair. inspection and conslwclion of steam boiters by provvJirwJ awsting in wovision of tra*￿Ag #i su¢h skilb and by such other moans 38 the trustees may determine. b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The mana9ement of the comparty is the responsibility of the Twstee$ Ththo are etedeij co-opted under Ihe lems ol the Articles ofAssociation. . ORGANISATIONAL STRUCTURE AND DECISION MAKING The direction of BEST aetivrties is thè responsibifity of thÈ Tnjsteès who m8et regularly throughoul the year. The managèment of the NLHF Project is th• responslts￿ty of Ihe BESTT Twstee is Propct Diractor and who Page 3 BOILER AND ENGINEERING SKILLS TRAINING TRUST (A company limited by guarante•) TRUSTEES. REPORT l¢ontinued) FOR THE YEAR ENDED 31 MARCH 2022 works ch)5ely with Th¢ BEST[ Ch￿￿nan and the TrawMrwJ Manager on the detailed management of the NHLF Project. . FUTURE DEVELOPMENTS With completirn of the NLHF Project. the main BESTh actNitses have been the development and offering of short courses an¢J competer)¢e managÈmenVRM3 Revbews for indrwdual heritage ¢lients. While BESTh has continued lo prowde these successfully. they are occasional and dependent on finding a suilable host location where thè course fils planned operations. In the current hKJhty uncertain economic situatuin planning in advan¢t is more than usually difficull and the heafth of the heritage sector as a whole is conceming with training often regarded as an expense that ¢an te defeThed. Nevertheless the Trust has managed to re¢over its costs in the proviston of these Courses. TRUSTEES. RESPONS181LmES STATEIIENT The Trustees {who are also directors of Boiler and Engineeftng skil￿ Training Trust for the purposes of company law) are respon&ble for preparing the Trustees. reK)Ort and Ihe finanrAal statements in accordance wth appl"cable law and United Kingdom Accounting Standards (United Kingdom Generalty Accepted Accounting PraclKe). Company requires Ihe Truslees to prepare fwHnaal slatements lor each finanaal year. Under company law U)e Tnjslees must not approve the financial stalements unless they are 5atistied that they give a true and fair view of the stale of affairs of the charilable company and of the incoming resources and application of resouf¢ÈS. including the income and expendrture. of the ¢harilable company for that period. In preparing these financial statements. Ihe Truslees a￿ req￿red to". seled svilat4e acrnuntir*J wlicie5 and then appty them consisknty, observe the methods and prin¢iples in the Charities SORP: makè judgments and a¢counb"ng estimates Ihat are reasonabb and prudentr, prepare the financaal stateTh*nts t)n the going concem basis unless il is inappropriate to presume that the charitable company con1￿￿￿ in operatKm. The Trustoes are reSpon￿tIe lor kgeping adequate accounth'ThJ records that are sufficient 10 show and explain the charitable companys transactions and disGlose with reasonable accura¢y al any lime the financial position of tho charitsble company and enable them to ensure Ihal Ihe financial stalements comply wilh the Companies Act 2006. They ar& also. resFrt)nsible for safeguardirKJ the assels of the Charitabk ￿MpanY and henc8 for taking Teasonable sleps for thg prevention and detection of fraud and other irregularitie5. .This report was approved by the Trustees. on 6 December 2022 and signed on tPEir behalf by G Newton G N¢wton Pagè 4 BOILER AND ENGINEERWG SKILLS TRAINING TRUST IA ¢ompany limit•d by gu•rantse} INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 IWtCH 2022 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BOILER AND ENGINEERING SKILLS TRAIMING TRUST Ilhe'¢ompanY) I report to the ctiwity Trustees on my examination of Ihe act￿Un￿ of ￿ company for the year ended 31 March 2022. This report 1$ made solety to the compan*s Truslees. as a body. in accordance with Part 4 of the Charthes (Accounts and Re[￿) Regulations 21)08. My %KJrk has been uThkrtaken so that I mighl slate to the companys TNslees those matters l am reqLJired to slate to Ihem in an lThkn)endent exarninerfs report and (tsr no Other purpos¢. To the fullest extent perrnitied by law. I do not a¢cepl or assume r¢spM$ibAty lo anstye othar than the company and the ￿Mpaft￿$ Twslees as a bc#Jy. for my work or for this reFQrt. RESPONSIBILMES AND BASIS OF REPORT As the Trustees of thè compary land its directors for the purposes of company law) you are responsible for Ihe PTeparali¢ffi ofthe accounts n accordance wilh the Tequrements of the Compan* Act 2006 fthe 2006 Ael'l. Having satisfied Ihat the accounts of the company are not required to be audite¢J under Part 16 of the 2006 Act and are eli9ible for inde￿ndent examinathm. I report in respect ol my examination of the companys a¢¢ounts carried oui under section 145 of the Charities Act 2011 Ilhe 2011 A¢t'). In carTring out my examinatK)n I have followed the Diredion$ given by Ihe Charity commiss￿ ￿￿on 145(5)Ib) of the 2011 Act. INDEPENDENT EXAMINER% STATEMENT I have Completed my examinalion. I can C(￿￿￿ that ￿ maffew5 have comt to my attentiffi in ¢onne¢tion wlh the examinalion 9iving ¢aLtse kn befwe: a¢¢oiintiry records ¥hEre not kept n respect ol Ihe cornp8ny as required by seclion 386 of th? 2006 Act., or Ihe accounts do not comply ￿th the accounbng require￿￿nts of sedion 396 of the 2006 Act other Ihan any requirernent that the auounts give a Itue and faiV Ity8w ￿leh is fW)t a matter considered as part of an indepertdent eXam1th￿l0n.' or Ihe accounts have nol been prepared in aC￿d￿ fmih Ihe meth(*ts and principles ol Ihe Statement ol Recornmended Praclice for acc(MJntir¥J and reptirting by eharities lapplicable to eharities preparing therr accounis in accordan￿ wilh the Fbnan¢ial ReportirKJ Standard aWicable in Ihe UK and Republic of Ireland {FRS 10211. I have no con¢¢ms and have ¢om¥ across no oth¥r matters in ¢onn8ction vAlh the examination to which atteftI￿n should be drawn in.this report in order lo enab￿ a proper Unde￿landry olthe aca￿llts lo be reached. Signgd= Daknd.. 6 De¢emb•r 2022 AKha Chartwed A¢cw)tant Cummins YouThJ {incoiporalry Feamside& Co) 39 Westgaie THIRSK YORK Y07 1QR Page 5 BOILER AND ENGINEERING SKILLS TRAINING TRUST {A company Ilmhed by guarantee) STATEMENT OF FINANCIAL AcTIV￿lEs INCORPORAllNG INCOME AND ExPEND￿vRE ACCOUhlT FOR TrIE YEAR ENDED 31 MARCH 2022 Unr•slrict¢d Restricted fvnd$ nds 2022 Totsl lunds 2022 Total lunds 2021 INCOME FROM: Donations and grants Other tsadirKJ ar3ivil*s Gift aid 15.IM8 17.453 5.566 25 208.525 4,156 S566 25 TOTAL INCOME 15.1148 23,044 212,681 EXPEND￿vRE ON: R¥isin9 funds Charilable aclivilies 11.519 1.8SS 15.048 26.567 1,855 224.494 1.770 TOTAL EXPENDrruRE 13J74 15.048 28.422 226,264 NET EXPENDITVRE BEFORE OTHER RECOGNISED GAINS AND LOSSES NET MOVEMENT IN FUNDS 15.378) 15.37•) 14378) 15.378) f13.583J f13,583J RECONCILIATION OF FUNDS: Total lun(Js brought forward 18.361 16.361 TOTAL FUNDS CARRED FORWARD 10.983 10,983 163 &1 The noles on pw 8 10 17 form of frk?nra￿ statements. Page 6 BOILER AND ENGINEERIMG SKILLS TRAINING TRUST (A company lim•l•d by gu¥Tant•e) REGISTERED NUMBER: $67T191 BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Note FIXED ASSETS Tangib￿ assels CURRENT ASSETS Debtors Cash al bank arKI in hand 145 14.492 21,636 13.243 13243 36.128 CREDm)RS: aftN)unts fauiry due within year 10 R369) (3,912) NET CURRENT ASSETS 10.874 32.216 TOTAL ASSETS LESS CURRENT L￿B￿rnES 10.983 32,361 CREDITORS: am(Kmls falh"rvJ due after more than one year 11 (76.OOOJ NET ASSETS 10.983 76.361 CHARITY FUNDS Unrestricted funds 12 10.983 16.361 TOTALFUNDS 10.983 16,361 The ¢omp8nls f#)ancièl"stslements have bgen prep8red li a￿K￿nCe ¥thilh thg trriions ap￿ICab￿ lo companies subj'ect lo the small companies regirne. The Trustees consider that the company is ent¥L￿ to exemption Irom the requiremenl lo have an audit Under provisions of sethy1477 of th¢ Companie$ Act 2Cw)6 llhe Act'l and memL*rs have nol required th8 company to an audit lor the year in question in acc￿dar￿ wilh secl*Jn 476 of the Act. The TfU3tees acknowledge their responsibilibes for cOmp￿r￿ wilh the Wuiremenls of ihe Companies Ad 2006 wth resréct to accountin9 records and the prewation of financial statements. The financial slateff*nts Ivere approved and aulmrised for issue by the Trustees on 6 Décembèr 2022 and ￿gned on t￿11 behalf. by. G Newton, ChairnHn The notes on pages 8 10 17 fcm part of these ffftan¢ial stalerrtrts. Page 7 BOILER AMD ENGINEERING SKILLS TRAINING TRUST {A ¢ompany limited by guarant•e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ACCOUNTIMG POLICIES 1.1 Basis of prèparalion offinan¢lal $t*m*nts The financial statements have been wepared in accordance ￿1th Ac￿Jntw￿ and Reportin9 by Charit*s'. Stslement of Recommend￿ pract￿ applicable to charities prÈpariffj Iheir 8¢counts in accordance Mth the Financial Reporting Slandard applicable in the UK and Republic ol Ireland IFRS 1021 leffeclive 1 January 20151- (Charities SORP IFRS 10211, the Financial ReportiThJ Standard 8pplirable in the UK Repubk of Irelartd {FRS 1021 and thè Coryanw Act 2006. and EngineeriThJ Skills Training Trusl meets Ihe definition of a public benefit entity Under FRS 102. Assets and liabilrfies are initialty re¢cwJnised at historical cost or lrnnsaclton value unless olhenwise ststed in tt* ￿k¥an1 a¢¢rnmling policy. 12 Comyny ststus The company 15 a company thmited by guarantee. The members ol the eomp•ny we the Trustees named on page 1. In the event of Ihe company ts6w￿ wound up. the Irabllity in re$pe¢t of the guarantèe is l¥nited to £1 per member of the o)mpar)y. 1.3 Fund accountbng General funds are Unrest￿ed funds whth are available for use al the disc￿￿0￿ ol the Trustees in lurtherance ol the general obpth'ves tsf the ¢ompany and whTrth have not been desi9nat¢d for other purposes. Restricted funds are funds V*thich are to be used in accordance with specffK restrictions imposed by donors or have been raised ty th¢ company lor par*"e￿at pulpow. The costs Of raising and administering ILfftds are Cha￿ed against the speafic fvnd. The aim and use ol reslricted lund 15 set out in the notes to the finanaal ststemenls. Page 8 BOILER AND ENGINEERING SKILLS TRWNING TRUST {A ¢omyny limiled by 9uar•nt••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EMDEO 31 klARCH 2022 ACCOUt4TING POLICES {¢ontinued) 1A In¢¢>me l income is recognised ono Ihe ￿MPanY has enbuement to the inttsme. it is probable that the come will be receNed and the amount of income receNabl¢ can be measured feliably. For kg#u'es. ents"tlement is taken as Ihe e3rkner of the dale on which either. Ihe company is 8Wè Ihal probate has been granted. the eslate has teen fmalised and notification has been made by th& executorls) to the Trust that a dislribution wll be Made, or %then a di5tribulion 15 received from the eslale. Receipt of a kgacy, kn whole or in parL is onty con$hJered probable when the amounl can bo meastsrèd ￿liab￿ and the company has toen notsfied of the execulorfs intention to make a distribulion. Where leg8¢ies have been nolified to the company. or the company is aware of the grants.ng of probate. and the criteria for income reGognitts￿ have not been mel, then the legacy 18 tr¢*ed ¥$ a contingent assel and di5cltssed rf material. Don*ed ￿lCe5 or facililies are Rcognised when Ihe company has control over the ilem, any condrtions asso¢iaied with the donated item have been met, the r￿lpt of economi¢ benefit from the use of Ihe company of the item is probable and thal ecor￿MIC benefit can be measured rel*bly. In aC￿rdanCe wilh the Charit*s SORP {FRS 102}. the general voluntèer Itm& of the FFiend$ 1$ not recognised and rofer to the Trustees. report for more infonnation about their contribution. On receipt, donated profession#1 seryice5 and donaled fafytities a￿ recogntsed on the basis of thg value of the grft to the company vku"¢h is the amount the company wrtMJld have been williryJ lo pay to obtain services or larililie5 of equsvalent econornK benefft on open market; a ¢orr¢$pDndin9 amount is then recognised in expenditure Trn the peiiod of receipl. [r￿rne tax recoverabkn in relaticrf) to donations received under Gift AKI or deeds of covenant is re¢ognised at the time of ihe donat*)n. Income recoverable in rela11c￿ to in¥eslmEnl income 15 re¢oJnised 81 the lime the investsneni Page 9 BOILER AND ENGINEERIP4G SKILLS TIiAINING TRUST (A company liM•t￿ by 9uaTants*) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ACCOUNTING POLICIES (contlDu•dl 1A Expendilure Expenditure is recognised ono the￿ is a legal or constructive obligatron lo transfer e￿￿OrnI¢ benefrt lo a Ihrrd paty. il is probable Ihat a transfer of eCor￿mie benefits will be required i seluement and the amount ol Ihe obl￿alKIn ¢an be measured reliably. Expenditure is ¢lassified by activity. The costs of each adNity a￿ made up ol the total ol direct cc6ts and shared cosls, I￿uding support Costs invofved in undertaking each adiwty. Direct costs 8ttribut8ble lo a sin91 a¢tiv¥ty are alkx8ied dirtctty to that aClNty. Shared costs whTrch contribute to more than one activity and support ¢osts are rKJl attribuiablè to a sing* activty are apportioned beh¥een Ihose activities on a basis consistenl with the use of resources. Central stsff ¢osls 8Te allocated orb tho basis of time spenl. aThl depre¢iaknn d￿rgeS allLxated on the Frtwbtr) of th& assel's use. Govemance costs are those incurred in connec￿￿ with adrnini5tr3tm￿ of Ihe company 8n*J Compliance with constitsjlwl and slatulory requ￿erneftts. Costs of ger￿fatirKj funds are costs i￿urred in attracting voluntary Ir￿rne, *KI those incurred in trading acti￿t￿5 that raise funds. CharIta￿e activibes and Govemance costs are costs incurred on thè cowrpanys edu¢alional operations. including support costs arvj costs rewing to Ihe sw¥emm Of￿ company apports'on8(1 to charilabk aclivities. 1ts Turno¥Èr Tumover ¢tynprises revenue recognised by the ¢orrwy in resF¢d of goods and $eThi¢es supplied during the year. exdusive of Value Added Tax. 1.7 Tangibl• fixed and d•pr•cl•lion All assets cosling than £100 are Capita￿sed. A rèview for impaifment of 8 fred asset 1$ carried out rf events or changes in circumstances indicate that the carrying value of any fLyed asset rnay noi be recoverab￿. Shortfalls beh¥e8n the ¢arryiny value ol fixed assets and Ihetr rÈcover8ble amounts arè recognised as impaim)ents. Impairment ktsses afe recognised in the slate￿nI of ￿￿￿181 acli¥ibes ￿K￿p(KatIng income arHI expenditure t>)unt. TaThJible fixed assets are rarried at cosl net of depreaatK•n and any proviSiDn for impairment. Depreclalion is prowded ai rates calculated to writè off the cost of fixed assets. tess estimated residual value. over their expected useful lives on the following base5: Office equipment Compuler equipment 15% Reducing baLa￿e 33.3% Straiyhl line 1.8 Interest v•cehab Interest on fund$ held on deposit is I￿lUded ￿en receivable and the amount Can be measured reliably by the company.. Ihi5 is nO￿nallY Upon notirrAt￿ of the interesl PaKI or Parab￿ by the Bank. Page10 BOILER AND ENGINEERING SKILLS TRAINING TRUST (A Company lim11￿ by guamtee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ACCOUNTING POUCIES Iconllnued) 1.9 D•btors Tfade and other debtots afe recL*3nised at the sett￿ment amount after any trade diswunl offered. Prepayments are valued al the affKJunt prepaid net of any trade discounts due. 1.10 Cash at Bank and Sn hand Cash al bank and in har#1 indudes cash and short term hKJhty kquid inveslments with a shori Ma￿lty of three Months or *ss from th¢ date of acquisilx)n or opening of thè deposil or similar account. 1.11 Llabllitles and provlsSons Liabilities a￿ recognised when there is aft 01￿19allOn at the Balance sheet dale as a resull of a pa51 event, il is probable Ihal a transfef of economic benefft be required in sett￿ment, and Ihe amount of Ihe Settlement can be esiimated feliably. Lwbi1rt￿S are recognlsed at the amount that the company anti¢￿ateS il will pay to Settle tr￿ debt or the amount it has received as advanced pa￿nentS for the gooJs or seM¢es It must provide. ProMsions are measured at the best estimale of the amounts required to settle Ihe oNwJation. Where the effect of the tlme value ol money 19 malerial, the provision is based on the present value of those amounls. dis¢ounled al the p￿taX di$counl rate that refleGts the risks specific to the Irabilty. unwindin9 of ￿ di$￿￿nI is recognrsed bmihin interest pardble and sittwLar charges. 1.12 Flnan¢ial instruments The Company r)nty has finanual assets and fM)8nci81 liabilitie5 of 8 kind that qualrfy a5 basic fin8ncial instruments. Basic financial instruments are initialty recc*Jnised at transaclion value and subsequently measured at their sellement value wrth the exception of bank which are subsèquenty wr*asuTed ai amortised cost using the effO¢tr￿ internst m¢thod. INCOME FROM DONATIONS AND LEGACIES Unr•strl¢t•d Rèstrfd•d funds fund$ 2022 2022 Total funds 2022 Tot81 funds 2021 Donation5 Grants: National Lottery Heritage Fund 1405 2,405 15,048 1S1)48 208,525 Total tknatI￿ and W¢ies 2.405 15.048 17,453 208.525 Totsl 2021 208,525 208.525 Pa9e 11 BOILER AND ENGINEERING SKILLS TRAINING TRUST (A ¢omp4ny limiied by gu•rant•el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2022 GOVERNANCE COSTS Unw•stricl•d funds R•strieted fvnds 2022 Total lunds 2022 Total funds 2021 Accountancy Independenl eXaTh¥￿￿ fee Sundry expenses TrustÈe$ expenses r￿mbur5ed Depreaatic￿- taThJibk fmed assets 200 310 909 36 300 150 895 25 310 1.855 1.855 1.770 AP4ALYSIS OF EXPENDmiRE BY EXPENDmiRE ffpE Oepreci*lon Other ¢•$ts 2022 2022 Total 2022 Total 2021 Costs ol ge￿lating income 26.567 26.567 218,427 Costs Of raislng funds 26.567 26,567 218.427 Expenditure on governance 1.819 1.855 2.811 21.306 28.422 221,238 Total 2021 221.208 227.238 TURNOVER The whole of Ihe tumver 1$ altritmrtable to the provision of bothmtth and steam engine repair In51ruclion All lymover ¥rw W5th￿ Iht United Kirwtsm. Page 12 BOILER AND ENGINEERING SKILLS TRAINING TRUST (A company limit•d by guaranl••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YE￿1 ENDED 31 IrtARCH 2022 NET INCOhlEI{EXPENDITURE> Thi$ is stsle(l after ch￿ging. 2022 2021 Depreciation of tangib￿ ffixed assets: - owned by Ihe charity AcrA)untan Independent ExarnIr￿￿ Fee 25 400 300 21JO During the year. no Tntstees ￿￿e1ve￿ any Trmunernkn"on12021- £NILI. During the year. no Trustees rec￿ed any benefits in kind {2021- £NIL). During ihe ￿r.lTwstees received re1rnt￿lSeMenI of expenses aNK)unting to £90912021 £8951 AUDtfoRS' REMUNERATION The Independent Examinerfs remvneration amounts to an #idependent Ex8miftalTron fee of £ 30012021 - £ 350). and a¢countaw of£ 4￿12021- £ SW). Page 13 BOILER AND ENGINEERING SKILLS TRAINING TRUST (A company limittd by gu•rnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 TAIIGIBLE FIXED ASSETS Office •quipm•nt Cost At l April 2021 and 31 March 2022 1,051 D•pr•¢Wlon At l Apiil 2021 Charge for the >ear 906 36 At 31 Marth 2022 942 Net book value At 31 Mar¢h 2022 109 At 31 March 2021 145 DE8TORS 2022 2021 Dv• withln ¢n• yw Grant re¢eivab 14.492 Du• wfthln om year Olher debtors 14.492 10. CREDrroRS: Amounts f•lling due TAlthln y••r 2022 2021 Olher creditors Accruals and defvred 712 3.200 2.369 2.369 3.912 Page 14 BOILER AND ENGINEERING SKILLS TRAINING TRUST (A company limited by guarnnt•e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 11. CREDITORS: Amounts falling aft¢r m¢ye than ono 2022 2021 Othef k)ans 16.000 Loans have been made by 312021:3)Truslees and were repaid duriT¥J the ￿ar. 12. STATEMEirr OF FUNDS STATEMEKf OF FUNDS- CURRENT YEAR Balance al 31 March 2022 Bal•ne• at 1 Aprll 2021 Income Expenditure Unre$tri¢tèd fvnds General Funds 1fj.361 7.996 113.3741 10.983 RestrIct•d funds NatyMal Lottery Hwi8ge FuThl 15.048 115.W) Tot¥1 of lunds 16.361 23,IM4 (28.422} 10,983 STATEMENT OF FUNDS - PRIOR YEWi Balance ar 31 M8rch 2021 . Balance at l April 2020 Transfe inlout Income Expenditufft General FurK 14.082 23.714 (2.811) (5.042) 29.943 R•stil¢t•d funds National Lottery Hentage Fund 213,385 (218.427) 5.042 Toial of funds 14.082 237,099 (221,238) 29.943 Pa9e 15 BOILER AND ENGINEERING SKILLS TRAINING TRUST {A company lirnlt•d by guar•nteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 SUMMARY QF FUNDS - CURRENT YEAR BalanG• at 31 March 2022 Balance at 1 Aprll 2021 Income Expèndlturè General funds Restri￿ed fur 16.361 7,996 15.048 113.3741 115.048) 10.983 16,361 23.044 128.422) 10,983 SUMMARY OF FUNDS- PRIOR YEAR Balance al 31 March 2021 Balance al Transfers i￿0￿1 IAW20 Incon* Expendhu General funds Restsicled funds 14.082 23,714 213.385 {2,811) (218.427) {5.042J 5.042 29.943 14.082 237,099 (221,238) 29.943 13. ANALYSIS OF NET A&$￿5 BEIWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FVNDS . CURRE14T YEAR Unr•strlcled Restrl¢ted funds fvnd$ 2022 2022 Total funds 2022 Tangible f￿ed assèts Currenl assets Creditors due wthin one ￿ar 109 13.244 12.370) 109 13.244 (2.3701 10.9BJ 10,983 Page 16 BOILER AND ENGINEERING SKILLS TRAINING TRUST IA ¢¢)mpaDy limit¢d by guarnntee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 13. ANALYSIS OF NET ASSETS BETWEEN FUNDS Itortinu•dl ANALYSIS OF NET ASSETS BEIWEEN FUNDS . PRIOR YEAR Unosfricled runds 30 Rsstrieted funds 2021 2021 Tangible fixed assets Debtor5 d¢Je after nK>Te than 1 Jvr Current assets c￿ttorS due %￿lh1n (Nle y&ar CredrtQFS due in rrKYe thhn 145 14.493 21.636 13.972J (16,OOOJ 1**93 21b3b (3.212) 16,361 p￿17